Business
Shareholders Condemn Demarketing Of Dangote Refinery
Shareholders have risen in defence of Africa’s foremost industrialist, Aliko Dangote over the on-going petroleum product supply controversies.
They also criticised the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, for they described as deliberate attempt at demarketing Dangote Petroleum Refinery & Petrochemicals.
The shareholders under the aegis of Pragmatic Shareholders Association of Nigeria (PSAN) in a statement signed by its National Coordinator, Bisi Bakare, expressed dismay over the recent allegations from the petroleum regulatory agency regarding the quality of diesel produced by Dangote Petroleum Refinery.
READ ALSO: BREAKING: Otedola Rallies Support For Dangote
Biztellers reports that the NMDPRA boss, Ahmed has been facing the backlash after suggesting that the diesel produced by the $20 billion Dangote Refinery is of inferior quality compared to imports into the country.
Bakare commended Dangote for his visionary approach in establishing one of the world’s largest refineries in Nigeria.
She highlighted Dangote’s commitment to national development, stressing his patriotism and resolute character through substantial investments like the refinery.
In her words, “Dangote has ensured that the bulk of his business investments are local, contributing significantly to economic development through tax payments, extensive job creation, and consistent returns for shareholders.”
The shareholders group strongly condemned what they termed as “unwarranted efforts to demarket the refinery” by regulatory bodies.
They cautioned that such actions could deter both local and international investors and undermine government efforts to stabilise fuel prices and ensure availability.
“We must rally around Dangote Refinery,” Bakare urged, “to provide crucial support such as crude oil allocation, cooperation from international oil companies, and regulatory agency collaboration.”
She stressed the refinery’s potential to save Nigeria over 30% in foreign exchange currently spent on offshore refining, which could significantly alleviate the country’s foreign exchange challenges.
“As shareholders,” Bakare affirmed, “we remain steadfast in our support of Alhaji Aliko Dangote’s vision to bolster the nation’s economy and create more opportunities for our citizens.”
The PSAN is the latest to join the growing list of Nigerians rallying support for Dangote in the ongoing standoff.
Recall that other prominent figures and associations such as the President of the African Development Bank Group (AfDB), Akinwumi Adesina; billionaire businessman, Femi Otedola; federal lawmakers; former Vice President and 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar; former Anambra State governor and 2023 Labour Party presidential candidate, Peter Obi; the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA); and the Manufacturers Association of Nigeria (MAN), have all voiced their support for the Dangote Refinery.
Business
Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd
Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.
The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.
Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.
According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.
ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months
The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.
Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.
She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.
The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.
The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.
Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.
Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.
The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.
It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.
Business
FHC Orders NUPRC to Comply with PIA
Business
Local Firms Lead Revival of Idle Oil Wells – SPE
Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.
The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.
According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.
“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.
He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.
The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.
“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”
He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.
He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.
“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”
ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products
Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.
According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.
He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.
“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”
Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.
“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”





