New Dangote refinery in Nigeria to export first fuel cargoes

Nigeria's Dangote oil refinery has issued tenders to sell two fuel cargoes for export, the first from the newly commissioned refinery, trading sources with knowledge of the matter told Reuters.

The refinery, Africa's largest with a nameplate capacity of 650,000 barrels per day, was built on a peninsula on the outskirts of the commercial capital Lagos by the continent's richest man Aliko Dangote.

Nigeria has for years relied on expensive imports for nearly all the fuel it consumes but the $20 billion refinery is set to turn it into a net exporter of fuel to other West African countries, in a huge potential shift of power and profit dynamics in the industry. Dangote declined a Reuters request for comment.

The first cargo is 65,000 metric tons of low-sulphur straight run fuel oil, which Dangote has awarded to Trafigura and is due to load at the end of February, three of the sources said. Trafigura declined to comment.

At least one refiner said they had been offered the cargo by Trafigura without elaborating further.
The second tender is for about 60,000 tons of naphtha, three other sources said. Two of them added that the tender closes on Feb. 15. Loading details were not immediately available.

Sources told Reuters last week that the refinery was preparing to deliver its first fuel cargoes to the domestic market within weeks.

The two fuels on offer are typical products of running light sweet crude through a crude distillation unit (CDU) in a refinery without further upgrading capacity. It is expected to take months for upgrading units to be brought online, experts have said.

The refiner began buying crude in December last year and Nigeria's state-owned oil firm NNPC Ltd has been the main supplier. Dangote has also purchased some U.S. oil and is expected to receive 2 million barrels of U.S. WTI Midland in early March, according to LSEG and Kpler ship tracking.

By Ahmad Ghaddar, Reuters 

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Nigeria to clear debt, fix gas shortages in plan to end power woes

Nigeria plans to fix its chronic power woes by settling outstanding debts of about $2.16 billion to energy producers and tackling gas supply shortages to generating firms, the power minister said on Wednesday.

Africa's largest economy has 12,500 megawatts of installed capacity but only produces about a quarter of that, forcing households and businesses, including manufacturers to resort to diesel and petrol generators.

Power Minister Adebayo Adelabu told reporters on Wednesday that outstanding debts, inadequate gas supplies and ageing equipment were the key barriers hampering optimal power output.

Adelabu said power generators are currently owed 1.3 trillion naira ($858.65 million), in addition to a $1.3 billion legacy debt from a decade ago.

"Part of preparation to turn around and transform the sector is the settlement of existing outstanding debt obligations to the gas supply and power generation companies using partly cash payments and guaranteed debt instruments," he said.

Last week, Adebalu proposed a naira payment for gas sales to power plants as a solution to solve dollar shortages as costs are expected to balloon after a second currency devaluation in less than a year.

Natural gas is sold in dollars to power plants because investments tied to building gas processors and pipelines are priced and paid for in dollars.

Grid power is erratic in Nigeria, Africa's most populous nation. The grid collapsed on Feb. 4, causing a national blackout, and at least three times in 2023, which authorities blamed on technical problems. 

By Camillus Eboh, Reuters 

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Video - Nigerians adopt unbanked saving system amid mounting economic challenges

Thrift saving, commonly known as Ajoo in Nigeria, is deeply ingrained in the country's informal community culture. Participants contribute a fixed amount every month. The entire sum is then handed to one member until the cycle completes, empowering them to pursue their financial aspirations without going through the bank.

CGTN

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Government of Nigeria asks Interpol to place three Nigerians on watchlist over Buhari's signature forgery

The special investigator appointed by President Bola Tinubu has requested the International Criminal Police Organization (Interpol) to add three suspects to its watchlist for their alleged involvement in a $6,230,000 fraud.

The individuals in question are Adamu Abubakar, Imam Abubakar, and Odoh Eric Ocheme.

The federal government has filed extradition charges against the trio for allegedly forging the signature of former President Muhammadu Buhari and documents attributed to Boss Mustapha, the former Secretary to the Government of the Federation (SGF).

These documents were purportedly used to facilitate the payment of $6,230,000 from the Central Bank of Nigeria (CBN), ostensibly intended for foreign election observers, The Cable reported.

On February 12, 2024, the special investigator wrote a letter requesting Interpol to issue a red notice for the three suspects.

The letter reads:

“In the course of the Special Investigator’s assignment, Mr. Odoh Eric Ocheme, (a staff of the CBN) now at large and the other two accomplices, also now at large, were discovered to have conspired and forged documents in the name of the President, Federal Republic of Nigeria with which they stole about US$6,230,000 (Six Million, Two Hundred and Thirty Thousand Dollars, in cash, from the coffers of the CBN.”

On January 18, 2024, Judge Inyang Ekwo of the Federal High Court in Abuja issued a warrant of arrest against the three suspects.

Former CBN Governor Godwin Emefiele is also implicated in the alleged fraudulent payment of $6,230,000.

Mustapha stated on Tuesday that neither he nor former President Muhammadu Buhari authorized the disbursement of $6,230,000 to international election observers.

Mustapha testified as the second prosecution witness in the trial of Emefiele.

By Adekunle Agbetiloye, Business Insider Africa

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Disney's enticing limited series 'Iwájú' is set in a futuristic Nigeria

Journey to a world where nothing is as it seems with #Iwájú, an all-new limited series from Disney Animation and @Kugalimedia. All episodes are available February 28 on @disneyplus. 

“Iwájú” is an original animated series set in a futuristic Lagos, Nigeria. The exciting coming-of-age story follows Tola, a young girl from the wealthy island, and her best friend, Kole, a self-taught tech expert, as they discover the secrets and dangers hidden in their different worlds. Kugali filmmakers—including director Olufikayo Ziki Adeola, production designer Hamid Ibrahim and cultural consultant Toluwalakin Olowofoyeku—take viewers on a unique journey into the world of “Iwájú,” bursting with unique visual elements and technological advancements inspired by the spirit of Lagos. The series is produced by Disney Animation’s Christina Chen with a screenplay by Adeola and Halima Hudson. “Iwájú” features the voices of Simisola Gbadamosi, Dayo Okeniyi, Femi Branch, Siji Soetan and Weruche Opia.

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