NEWS
US-Iran War Boosts Dangote Refinery’s Fortunes – Report
The Wall Street Journal has reported that billionaire industrialist Aliko Dangote is among the biggest beneficiaries of the disruption caused by the recent US-Iran conflict, with his $20bn refinery enjoying rising demand for refined petroleum products.
In a report published on Friday, the newspaper said Dangote was now reaping the rewards of the refinery after enduring years of delays and cost overruns that pushed the project’s cost to about $20bn.
“The huge refinery reached full capacity in February—just in time to supply the world with diesel, jet fuel and gasoline that doesn’t need to pass through the Strait of Hormuz.
“Surging demand for refined petroleum products has boosted Dangote’s wealth by some $4.86 billion since the start of the year, according to the Bloomberg Billionaires Index, bringing his net worth to about $34.8 billion.
“Dangote’s repeated bets on the rise of Africa’s middle class, from cement to sugar to salt, have helped the 69-year-old become the world’s 65th-wealthiest person,” the report read.
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It added that output from the refinery had risen by more than 70 per cent this year, driven by stronger demand for refined petroleum products.
The newspaper quoted Dangote Industries Group Vice-President, Devakumar Edwin, as saying the company plans to list the refinery on the Nigerian Exchange later this year, targeting a valuation of at least $50bn, while also pursuing a secondary listing, likely in New York.
According to the report, the energy market disruption triggered by the US-Iran conflict has benefited producers outside the Middle East, with Nigeria recording increased demand for its crude oil and refined petroleum products.
It added that the development had supported the naira and helped moderate domestic petrol prices.
Edwin also told the newspaper that demand for the refinery’s products had increased across sub-Saharan Africa, while exports of jet fuel to Europe had grown significantly this year.
He said the company plans to expand the refinery’s capacity to 1.4 million barrels per day by 2028, an investment expected to cost about $13bn.
The report stated that Dangote Industries is planning another refinery project in Lamu, Kenya, alongside a new port, with the project estimated to cost about $15bn and take about three years to complete.
However, the Wall Street Journal noted that securing sufficient local crude oil remains one of the refinery’s biggest challenges, saying the Nigerian National Petroleum Company Limited has been unable to supply the volumes required because of existing export obligations and oil-backed loan commitments.
The report added that Dangote also plans to expand its distribution network by acquiring vessels, establishing a distribution hub in Namibia and constructing a pipeline to supply refined products to landlocked African countries, including Zimbabwe, Botswana and Zambia.
Courtesy – The Punch
NEWS
Lokpobiri Inspects NCDMB Host Community Projects in Bayelsa
The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has visited some projects being executed by the Nigerian Content Development and Monitoring Board (NCDMB) across Bayelsa West District, reaffirming the Board’s commitment to the development and well-being of host communities.
The Minister, who is also the Chairman of the NCDMB Governing Council, was in Bayelsa on a personal engagement and took the opportunity to visit some of the NCDMB’s projects in Ekeremor Local Government Area, including the 1.24km Link Road 2 in Ekeremor Town, the 1.250km Link Road in Ekeremor Town, and a 378kWp Mini Solar Grid, among others.
The projects are part of the NCDMB’s corporate social responsibility initiatives aimed at providing critical infrastructure and making life more meaningful for people in its host communities.
’The NCDMB has continued to demonstrate its commitment to its established responsibilities, including its corporate social responsibility to host communities. These projects are targeted at improving the quality of life of our people and supporting sustainable development.”
READ ALSO: Citizens Agitation Threaten Resumption of Oil Exploration in Ogoniland
Lokpobiri expressed optimism that the projects would be completed and put to use in due course.
“I believe that, in due time, these projects shall be completed to offer the intended services to the public and deliver lasting benefits to the benefiting communities,” he stated.
The Minister commended the NCDMB for its interventions in the district and expressed confidence that the completed projects would contribute meaningfully to the socio-economic development of Bayelsa West.
NEWS
Citizens Agitation Threaten Resumption of Oil Exploration in Ogoniland
Citizens’ concerns over completion of ongoing negotiations before restarting oil production might be a clog in the wheel of the Federal Government’s plan for resuming oil activities in Ogoniland after 32 years.
This came to the fore because Ogoni people, under the platform of KAGOTE, representing Khana, Gokana, Tai and Eleme Local Government Areas, alleged that some oil-related activities may have commenced in parts of Ogoniland while the peace process with the Federal Government is still ongoing.
Speaking at a press conference in Port Harcourt on Tuesday, KAGOTE President, Chief Lesi Maol, said the development could undermine confidence in the dialogue process and create fresh distrust among the people.
Maol, however, commended President Bola Ahmed Tinubu for his commitment to addressing the longstanding concerns of the Ogoni people.
READ ALSO: Osifo Calls for Stronger Regulatory Stability for Oil, Gas Sector
He said KAGOTE recognised the Federal Government’s decision to establish the Ogoni Dialogue Committee (ODC) and appoint National Security Adviser, Mallam Nuhu Ribadu, as its chief negotiator as evidence of its commitment to finding a lasting solution to the Ogoni crisis.
The ODC was inaugurated by the Federal Government in January 2025 to engage Ogoni stakeholders on the conditions for the resumption of oil production, rebuild trust and strengthen relations between the communities and the government.
“We particularly recognise the integrity and distinguished public service record of the National Security Adviser and believe that the dialogue process, as conceived by the Federal Government, represents a genuine opportunity to achieve lasting peace and a mutually beneficial outcome for both the Ogoni people and the Federal Government,” Maol said.
He, however, expressed concern over what he described as the conduct of some members of the dialogue committee, saying their actions required urgent clarification to protect the credibility of the process.
“There is a growing apprehension among sections of the Ogoni population that certain oil-related activities may have commenced in parts of Ogoniland while consultations between the Federal Government and Ogoni stakeholders remain ongoing,” he said.
According to him, the absence of clear information from the ODC leadership has created uncertainty in the communities.
Maol said he had received several representations from concerned Ogoni communities but had been unable to provide definitive answers because of the lack of authoritative information.
KAGOTE therefore urged the ODC and Federal Government to clearly communicate the status of oil activities in Ogoniland to prevent misinformation, speculation and unnecessary tension.
He stressed that transparency would be critical to sustaining the fragile trust required to achieve a peaceful and mutually acceptable resumption of oil production in the oil-rich region.
NEWS
Osifo Calls for Stronger Regulatory Stability for Oil, Gas Sector
Regulatory uncertainty and overlapping mandates among government agencies have been identified as possible investments in Nigeria’s oil and gas industry.
The president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, expressed the view at the 5th PENGASSAN Energy and Labour Summit (PELS) 2026 in Abuja on Wednesday.
The labour leader called for a more predictable, transparent and efficient regulatory framework to attract investment and sustain growth in the sector.
He said the theme of the summit, “Strengthening Regulatory Frameworks as a Catalyst for Stability and Growth in Nigeria’s Oil and Gas Industry,” was deliberately chosen because investors require clear rules and predictability before committing capital to long-term projects.
He identified the Petroleum Industry Act (PIA) 2021 as a major milestone in the effort to reform the industry, but noted that subsequent alterations to the framework have created uncertainty among investors.
He expressed concern over the removal of some fiscal provisions from the PIA and their movement to the Nigeria Revenue Act, as well as the use of executive orders to amend provisions of the law.
He also raised concerns about overlapping responsibilities among the various institutions regulating the oil and gas industry, saying operators should not be subjected to repetitive approvals, multiple inspections or conflicting directives.
READ ALSO: Oando Tables Foreign Listing Before Shareholders
He said while regulation was necessary to protect workers, communities, investors and government revenues, it should not become an obstacle to investment.
Osifo urged regulators to streamline approval processes to enable operators to make timely investment decisions, noting that delays could affect new development plans, final investment decisions and production growth.
The PENGASSAN president also called for stronger protection of workers during acquisitions and divestments in the oil and gas sector. He said changes in ownership of oil and gas assets should not lead to workers losing their jobs, pensions, collective bargaining agreements and other established rights.
He equally warned against abuse of expatriate quotas, saying foreign workers should only be engaged where genuine skills gaps exist.
According to him, every expatriate engagement should be tied to measurable knowledge transfer and succession plans that would ultimately increase Nigerian capacity.
“These do not instill confidence or promote stability. Instead, they amplify uncertainty and disruption.
“What we require is not weak regulations. What we need is smarter regulations; regulations that understand commercial realities, embrace technology and eliminate unnecessary duplication.
“Capital is mobile and investors will naturally gravitate towards jurisdictions where there is clarity and efficiency.
“Licences and assets may change hands, but workers are not commodities to be discarded at will,” Osifo said.
Osifo further called for stronger enforcement of health, safety, environmental and local content regulations, stressing that increased oil production must not come at the expense of workers’ lives.
He also urged the government and industry stakeholders to accelerate investment in domestic refining, gas processing and LPG, CNG and LNG infrastructure, noting that Nigeria’s abundant gas resources could support power generation, petrochemicals, fertiliser production, transportation and industrialisation.
Osifo said Nigeria must go beyond recovering lost production and focus on unlocking new reserves, attracting fresh capital and sustainably increasing crude oil and gas output.
He called for stronger collaboration among government, regulators, operators and labour, saying sustainable investment and job creation could only be achieved through predictable policies, accountability and mutual respect.
“Without investment, there will be no project. Without projects, there will be no sustainable jobs. Without production, there will be no revenue. And without fairness and stability, none of these can endure,” he added.





