NEWS
Insiders Refute Ojulari’s Interference with Award of Oil Blocks
Oil industry insiders have described allegations linking the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, to the recent award of oil blocks as ‘deliberately false, malicious and legally unsustainable.’
Those who know declared that Ojulari neither awarded nor participated in the award of any oil block or marginal field, stressing that neither Ojulari nor the NNPC Ltd has the statutory authority to allocate oil blocks or issue petroleum licences in Nigeria.
Under the Petroleum Industry Act (PIA) upstream licensing is administered by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) while the authority to grant a Petroleum Prospecting Licence (PPL) rests with the Minister of Petroleum Resources.
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Consequently, the sources said any suggestion that Ojulari personally awarded an oil block, influenced the allocation process or used his position to secure a field for any individual or company is not only unsupported by evidence but fundamentally inconsistent with the law.
“This allegation collapses under the slightest scrutiny,” a senior industry official said. “Ojulari did not conduct the bid process, evaluate applicants, select winners or award any oil block. He had absolutely no statutory role in the exercise. Those spreading this narrative know this, but they are deliberately misleading the public.”
They stated that powerful interests threatened by the reform programme of the NNPC Ltd’s leadership are allegedly behind a coordinated campaign to discredit Ojulari and force him from office, according to industry sources familiar with the developments.
The sources alleged that individuals whose commercial interests have been disrupted by Ojulari’s transparency drive, tighter financial controls and cost-reduction measures are supporting a group operating under the name Oil and Gas Professionals Forum (OGPF).
The group recently alleged that a company linked to Ojulari’s wife benefited from the award of a marginal oil field. However, it reportedly failed to produce corporate documents, beneficial ownership records, licensing papers or any other credible evidence establishing such a connection.
Industry insiders described the allegation as a calculated fabrication designed to stain Ojulari’s reputation, erode public confidence in his leadership and create artificial grounds for agitation against his continued tenure.
“This is not an innocent misunderstanding of the licensing process,” one source said. “It is a deliberate attempt to hold Ojulari responsible for an exercise over which he had no legal authority, no regulatory responsibility and no decision-making power.”
Sources said the attacks intensified as the NNPC Ltd’s leadership moved to improve transparency in commercial transactions, enforce financial discipline, reduce operating costs and review arrangements considered wasteful or inconsistent with the company’s commercial objectives.
They alleged that some individuals and companies that previously benefited from opaque transactions and weak institutional controls are fighting back because their interests have been affected by the reforms.
According to the sources, the strategy is to portray Ojulari as ethically compromised, weaken his moral authority and distract the NNPC Ltd leadership from implementing far-reaching institutional changes.
Since assuming office, the sources said Ojulari has pursued reforms aimed at repositioning the NNPC Ltd as a commercially driven, operationally efficient and globally competitive energy company.
“His leadership has prioritised cost reduction, improved production, stronger corporate governance, financial accountability and greater transparency across the company’s commercial operations.
“He has also demanded greater discipline in contracting and investment decisions, while seeking to eliminate waste, strengthen internal controls and ensure that commercial arrangements deliver measurable value to the company and the Nigerian people,” a source said.
Industry stakeholders said the measures have inevitably challenged entrenched interests accustomed to benefiting from questionable arrangements and weak oversight.
The insiders dismissed the claims against Ojulari as baseless, mischievous and politically motivated.
A senior company official, who requested anonymity because he was not authorised to speak publicly, said Ojulari had complied with the relevant asset-declaration and Code of Conduct requirements.
“The attempt to link his family to an oil-block award is false and can easily be tested against official corporate and licensing records,” the official said.
“More importantly, the GCEO of NNPC Ltd does not award oil blocks. The NNPC Ltd did not conduct the licensing exercise, and Ojulari neither selected nor approved any beneficiary. The allegation is therefore built on a false premise,” the source added.
Nigeria spent N952.15bn on imported Premium Motor Spirit, popularly known as petrol, in the second quarter of 2026, representing a staggering 989.4 per cent increase from the N87.40bn recorded in the first quarter.
The latest figures contained in the National Bureau of Statistics’ foreign trade report showed that petrol accounted for 6.60 per cent of Nigeria’s total imports of N14.42tn during the quarter, making it the country’s largest imported commodity.
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Despite the sharp quarterly increase, the value of petrol imports declined significantly year-on-year, falling from N2.83tn in the second quarter of 2025 to N952.15bn in Q2 2026, representing a 66.4 per cent reduction.
The surge in petrol imports came amid an ongoing dispute between the Dangote Petroleum Refinery and fuel importers and marketers over the continued importation of petrol despite rising domestic production.
The Dangote refinery had reportedly considered stopping petrol sales to major marketers that continue to import the product, citing concerns over the quality of imported petrol and the possibility of imported fuel being blended with its products.
Dangote also raised concerns over the lack of sufficient independent laboratory and quality-control infrastructure to verify the quality of imported petrol.
The refinery said imported petrol accounted for about 43 per cent of fuel supplied into the Nigerian market in July, adding that the issuance of import licences made it difficult to accurately plan production and inventory.
It said excess stock could eventually be exported if the situation continued.
However, fuel importers and marketers rejected the position, describing the move as an attempt to restrict imports. They challenged Dangote to provide evidence that imported petrol failed to meet Nigeria’s required quality standards.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that average daily petrol imports fell from 11.23 million litres in Q1 to 9.23 million litres in Q2, representing a 17.8 per cent decline.
However, imports increased sharply in June, reaching 18.1 million litres per day compared with 3.7 million litres per day in April.
At the same time, domestic petrol supply increased, with domestic refineries supplying 38.23 million litres per day in Q2, up from 34.57 million litres per day in Q1, representing a 10.6 per cent increase.
Consequently, the share of domestic refineries in Nigeria’s petrol supply rose from 75.5 per cent in Q1 to 80.5 per cent in Q2, while the import share dropped from 24.5 per cent to 19.5 per cent.
Industry data also indicated that imported petrol was more expensive than Dangote’s locally refined product.
According to the Major Energy Marketers Association of Nigeria, Dangote’s gantry price stood at N1,265 per litre, compared with an import-parity price of N1,310.64 per litre under the approved pricing benchmark.
This meant imported petrol was about N45.64 per litre more expensive.
The Independent Petroleum Marketers Association of Nigeria subsequently called on the Federal Government to halt petrol imports, arguing that import licences were resulting in higher prices and undermining domestic refineries.
Meanwhile, Nigeria exported N546.02bn worth of petrol in Q2 2026, up 20.67 per cent from N452.48bn in Q1.
Of the Q2 petrol exports, N416.78bn went to African markets, while N376.46bn was exported to West African countries.
Despite the increase in exports, Nigeria remained a net importer of petrol by value during the quarter, importing N952.15bn worth of the product against exports valued at N546.02bn—a difference of N406.12bn.
The higher import bill was also linked partly to international market conditions, as the period coincided with disruptions to global oil supplies and rising international fuel prices.
A building has collapsed in Wuse Zone 4, Abuja, just hours after the Development Control Department of the Federal Capital Territory Administration (FCTA) sealed the structure and directed occupants to vacate the premises.
The building reportedly collapsed at about 8pm on Monday, September 7, 2026, prompting an emergency response as personnel of the Federal Fire Service and other responders moved to the scene.
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Three ambulances were stationed at the location as rescue teams worked to determine whether anyone was trapped beneath the rubble and to evacuate any possible casualties.
The FCTA’s Development Control Department had earlier sealed the building and ordered occupants to leave the premises before the collapse.
The cause of the collapse remained unclear as of the time of the report, while rescue operations were still ongoing.
The incident has renewed concerns over the safety of ageing and distressed buildings in Abuja, particularly structures that have previously been flagged by regulatory authorities.
Further details on possible casualties and the circumstances surrounding the collapse are expected as emergency operations continue.
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has declared that Nigerians from all walks of life will have the opportunity to own stakes in the Dangote Petroleum Refinery through its Initial Public Offering.
Dangote made the statement on Monday during the official signing ceremony for the refinery’s IPO in Lagos.
“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” Dangote said.
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The IPO will see the refinery offer 4.1 billion ordinary shares at ₦525 per share, giving investors an opportunity to become shareholders in one of Africa’s biggest industrial projects.
The official application list is scheduled to open on September 14, 2026, and will close on October 9, 2026, after 25 days.
Investors can subscribe to a minimum of 100 shares valued at ₦52,500, with subsequent subscriptions available in multiples of 50 shares.
The landmark signing ceremony was attended by prominent figures in Nigeria’s business and financial sectors, including Zenith Bank Chairman, Jim Ovia, and Heirs Holdings Chairman, Tony Elumelu.
Located in the Lekki Free Zone, Lagos, the Dangote Refinery has a refining capacity of 650,000 barrels per day, making it Africa’s largest single-train refinery.
The refinery, which was commissioned in May 2023 after nearly a decade of construction, attracted an investment of approximately $20 billion.
According to details of the IPO, proceeds from the public offer will be used to support a major expansion of the facility, with the company targeting an increase in processing capacity to 1.4 million barrels per day.
If achieved, the expansion would make the facility the largest operating oil refinery in the world, surpassing India’s Jamnagar refinery complex.
At ₦525 per share, the refinery has an estimated market valuation of about $47 billion, while a fully subscribed IPO could increase the total market capitalisation of the Nigerian Exchange by an estimated 30 to 40 per cent.
The company has also proposed paying dividends in US dollars, with foreign exchange earnings from refined petroleum products and petrochemical exports expected to support the dividend plan.
The public offering follows a $2.5 billion private placement completed in July as Dangote Industries seeks to raise additional capital for the refinery’s expansion.
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