Nigeria in Talks to Extend Contract to Sell Crude to Dangote Refinery

Nigeria is in talks with the Dangote Refinery to extend a contract to sell crude in local currency to the plant, the biggest in Africa.

“Discussions are currently ongoing towards emplacing a new contract,” the Nigerian National Petroleum Company Ltd. said in a statement late Monday. The agreement, first signed in October, expires at the end of March.

It was put in place to reduce pressure on the naira and improve supply of crude to the giant Dangote Refinery, which has a capacity to process 650,000 barrels of crude daily.

At least 48 million barrels of crude has been supplied to the refinery since the agreement was signed and in aggregate more than 84 million barrels since its commencement of operations in 2023, the NNPC said.

By Ruth Olurounbi, Bloomberg

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Nigeria to appoint ambassadors, 18 months after worldwide recall

Nigeria's government has started vetting potential candidates to lead its more than 100 diplomatic missions, with appointments expected "very soon", 18 months after President Bola Tinubu recalled all ambassadors, sources familiar with the matter said.

Nigeria, Africa's most populous country and a key Western ally in the fight against Islamist insurgents in West Africa, has operated without ambassadors since September 2023.

The minister of foreign affairs has previously blamed a lack of funds for the delay in naming new diplomats.

A government source told Reuters that the issue "is being resolved" and "that means the appointment will be announced very soon."

Nigeria's security services were conducting background checks on possible appointees and had started sharing their findings with the relevant agencies within the presidency and legislature, an intelligence official told Reuters.

A spokesperson from the presidency referred questions to the foreign affairs ministry, which declined to comment. The sources declined to be named as they are not authorised to speak on the matter.

Since coming to power in May 2023, Tinubu has prioritised fixing Nigeria's struggling economy, with foreign policy taking a back seat, said a former ambassador who served in Africa and the United States.

The government has this year budgeted 302.4 billion naira ($198.30 million) to run its foreign missions.
The former Nigerian ambassador said he was informed by government officials that the issue of the absence of ambassadors in their countries had come up in discussions between Tinubu and some foreign leaders.

"Assurance had been given that they will soon be appointed," said the former ambassador, who declined to be named.

By Ope Adetayo, Reuters

Video - Nigerian designer shines at the Milan Fashion Week

Tokyo James made waves at Milan Fashion Week as models showcased his latest collection. This year, he broke tradition by staging the show in Lagos and live-streaming it to Milan.

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Health experts in Nigeria warn that the ongoing heatwave could worsen existing medical conditions, especially among vulnerable populations. The country's meteorological agency predicts temperatures will exceed 40°C in the upcoming months.

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Nigeria's anti-graft agency recovers nearly $30 mln in corruption probe

Nigeria's anti-corruption agency has recovered $28.88 million after launching an investigation into alleged fraud at a government ministry responsible for tackling poverty, a spokesperson said.

Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, was suspended in January less than six months after her appointment by President Bola Tinubu, who came to power last year on a promise to revive growth and fight corruption.

Economic and Financial Crimes Commission (EFCC) spokesperson Dele Oyewale said in a statement that the probe, ordered by the president, had uncovered a "system and intricate web of fraudulent practices".

So far, 32.7 billion naira ($28.43 million) and $445,000 had been recovered during the investigation into the activities of past and suspended ministry officials, he said.

"Investigations are ongoing and advancing steadily," Oyewale said.

The EFCC is also examining the potential misuse of COVID-19 funds, a World Bank loan, and loot recovered from former dictator Sani Abacha which was allocated to the ministry for poverty alleviation programs in Africa's most populous country.

The investigation extends beyond individuals, implicating banks that allegedly facilitated the fraud, he said.

"Banks involved in the alleged fraud are being investigated. Managing directors of the indicted banks have made useful statements to investigators digging into the infractions," Oyewale said, without providing details of the banks.

Nigeria has struggled for decades with endemic corruption among senior public officials. Despite being Africa's top oil producer and biggest economy, the country suffers widespread poverty, which many Nigerians blame on the political elite.

By Camillus Eboh, Reuters