Dangote stocks decline amid merger denial, forex crisis

Dangote stocks decline amid merger denial, forex crisis

The recent decrease in the stock prices of the Dangote Group, which includes Dangote Sugar Refinery and NASCON Allied Industries, has been attributed to foreign exchange losses and the Securities and Exchange Commission’s decision to reject their merger request. Analysts suggested that the ongoing inflationary pressures and forex volatility have worsened these challenges. The depreciation of the naira has increased the cost of importing raw materials, further squeezing profit margins. […]

August 15, 2024 131

BUSINESS

Dangote petrol: Marketers wait as delivery date extended again

There are strong indications that the Dangote Petroleum Refinery may not roll out petrol on Monday in line with its earlier schedule. The President, Dangote Group, Alhaji Aliko Dangote, had last month projected that the refinery would begin the production of petrol between August 10 and 12, 2024.

August 12, 2024 23

BUSINESS

Dangote diesel sulphur triggers concern, marketers fault rejection report

The controversy surrounding the sulphur content in the Automotive Gas Oil, popularly called diesel, produced by the Dangote Petroleum Refinery, has yet to abate. Over the weekend, there were online reports alleging that the diesel recently supplied by the $20bn refinery contained high sulphur. This came as oil marketers stated that despite the allegations of high sulphur in Dangote diesel, no motorist or industrial consumer had registered any complaint against […]

August 5, 2024 51

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NEWS

Libya denies talks with Dangote refinery over crude supply

Libya’s National Oil Corporation has denied that it was in talks to supply crude oil to any refinery in Nigeria, including the Dangote refinery. This is coming following claims by some top refinery officials that the refinery was in talks with Libya for crude supply. But in a statement shared on its X handle on Sunday, the Libyan oil corporation denied negotiating or entering into talks regarding the crude oil […]

July 29, 2024 19 1

NEWS

Only NNPCL can buy Dangote petrol – IPMAN

No oil marketer is going to buy Premium Motor Spirit, popularly called petrol, from the Dangote Petroleum Refinery and sell at the prevalent pump prices at filling stations in Nigeria except the Nigerian National Petroleum Company Limited, operators in the downstream oil sector have declared. On July 15, 2024, The PUNCH reported that the President of Dangote Industries Limited, Alhaji Aliko Dangote, announced that the $20bn refinery was set to […]

July 29, 2024 21

BUSINESS

FG meets local refiners over pricing, faults Dangote

The Federal Government, on Tuesday, declared that there was no importation of dirty fuel into Nigeria, countering the recent position of an official of the Dangote Petroleum Refinery. It declared this after meeting with oil marketers and local refiners of crude oil in Abuja, where parties at the meeting discussed issues about refined products’ pricing, issues of competition and the importation of products that are produced in Nigeria. Also at […]

June 26, 2024 71

BUSINESS

Dangote petrol supply: FG may slash N6tn fuel import

•N520bn monthly fuel import expected to drop as Dangote begins supply June The Federal Government may cut its approximately N6.2tn yearly fuel import bill if the Dangote Petroleum Refinery begins the sale of premium motor spirit as promised by the Chairman of the Dangote Group, Aliko Dangote. Dangote, while speaking at the Africa CEO Forum Annual Summit in Kigali, Rwanda on Friday, assured Nigerians that following the laid-down plans of […]

May 20, 2024 20

BUSINESS

Dangote refinery gets valid operating licence soon – FG

The Federal Government, on Tuesday, announced that it was set to issue a fully valid operating licence to the 650,000 barrels per day capacity Dangote Petroleum Refinery. It announced this at the Stakeholders’ Consultation Forum on Midstream and Petroleum Host Community Development Trust Regulations organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja. The NMDPRA, an agency of the Federal Government, however, explained that though it had […]

May 1, 2024 63

NEWS

Dangote refinery ranked above 10 biggest European refineries

A financial data and media company, Bloomberg, has ranked the Dangote Refinery above the top 10 biggest refineries in Europe. According to data compiled by the business news platform, the refinery has more capacity than many European ones. The $20bn-worth refinery located in Lekki-Epe Expressway, Lagos State, can refine 650,000 barrels of petroleum products per day. The report sighted by our correspondent on Thursday stated that this is over 246,00bpd […]

April 26, 2024 42

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