Dangote Archives - Page 4 of 7 - Oasis Magazine - Nigeria’s Trusted Online News Magazine

Olu Of Warri, Dangote, Elumelu Honored At Sun Man Of The Year Awards

Olu Of Warri, Dangote, Elumelu Honored At Sun Man Of The Year Awards

It was an array of the crème de la crème at the 2023 Sun Man of the year award with prominent Nigerians that have distinguished themselves...

Rising Cement Prices: David Umahi To Meet Dangote, BUA, Others Monday

News2 years ago

Rising Cement Prices: David Umahi To Meet Dangote, BUA, Others Monday

The Minister of Works, David Umahi has summoned cement manufacturers to a meeting on Monday to examine the issues surrounding the latest development. According to a...

S’African Dethrones Dangote As Africa’s Richest Man, Adenuga Moves To 10th

Africa News2 years ago

S’African Dethrones Dangote As Africa’s Richest Man, Adenuga Moves To 10th

Johann Rupert and family have emerged as the richest man in Africa, dislodging Aliko Dangote as the continent’s wealthiest man in a list released by Forbes...

IPMAN: Nigerians Will Smile Once We Begin Lifting Dangote Petrol The National President, Independent Petroleum Marketers Association of Nigeria (IPMAN), yesterday assured that Nigerians have nothing to worry about immediately the association begins to lift premium motor spirit (PMS) directly from the Dangote Refinery. He said with the sale of crude oil to the refinery in naira, Nigerians would be the better for it. Notwithstanding the IPMAN pronouncement, oil marketers, under the aegis of PETROAN (Petroleum Retail Outlets Owners Association of Nigeria), said they’ll go ahead on continuing the importation of fuel into the country. Nonetheless, Maigandi assured that there was no cause for alarm. He spoke with The Nation while reacting to reports that the Nigerian National Petroleum Company (NNPC) Limited, has officially ended its exclusive purchase agreement with Dangote Refinery, thereby opening up the market for other marketers to directly buy petrol from the 650, 000 barrels per day capacity refinery. Although neither NNPCL nor Dangote Refinery has confirmed nor denied report, the development signifies that NNPC will no longer act as the sole off-taker, allowing marketers to negotiate prices directly with Dangote Refinery.. “This is a welcome development for us (IPMAN), “Maigandi said, adding,“if NNPCL can buy directly, then why can’t we buy directly?; this thing about price shouldn’t be a concern. We are buying petrol at over N800 per litre from NNPC. I don’t want to say much about this but let’s see how everything works out. “The sale of crude oil in naira to Dangote Refinery I believe will make the price to be favourable. We, as IPMAN, are ready for business. Nigerians should not panic about the pricing because immediately we start lifting directly from Dangote Refinery given the naira sales regime, they will laugh, it is a promise,” Maigandi assured. According to him, the independent marketers, prior to yesterday, had not been buying Dangote petrol from the NNPCL because the association was awaiting at what price it would be sold to them. “All the while we haven’t been buying (Dangote petrol) directly from the NNPCL till now because we were still awaiting how they would sell the product from Dangote Refinery to us; so anyhow they want to sell to us is fine, but we prefer taking it directly from Dangote Refinery, that is the best option for us,” he said. The Chief Executive Officer, Center for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, however noted that there is need for more clarification from the NNPCL because it is glaring that as a matter of state policy, there is still some measure of subsidy in the current PMS pricing. This, he argued, was what created a situation where it was only the NNPCL that was buying petrol from Dangote Refinery ab initio and selling to other marketers at a rate that was marginally subsidized. According to Yusuf, it is important to now clarify whether government has now taken a decision to do away with subsidy and expose the citizens and marketers to the full elements of market forces. He argued that Dangote Refinery is a private business entity that obtained loans for its business and has to recoup and repay its creditors. Therefore, he further explained, if all marketers buy directly from Dangote, it means subsidy has been completely removed because it would be sold at market price. The CPPE boss also noted that with the recent policy of crude sale in naira to the refinery, it may be possible for the Dangote refinery to now sell to marketers directly at the same price NNPCL may have been selling to them. “If this can accommodate preserving the price NNPCL was selling to marketers, that will make up for the subsidy that had existed before and that will be great for all,” Yusuf said. Notwithstanding, he made it known that there is a need for policy direction on this development so that there is no confusion that may cause another round of petrol scarcity and create another confusion. “It is important to note that this is not a time to embark on a policy that will further increase the cost of goods and services because the citizens are already over stretched, businesses are suffering inflation is very high. “So from a social perspective, it is not a good policy decision to completely deregulate the prices of petrol at this time because of what Nigerians are going through. NNPC needs to speak out because the more they keep quiet then the more they create room for all manner of innuendos which could also create a lot confusion. It is advisable that government should sustain the marginal subsidy it is giving on petrol in the interest of the vulnerable in the society,” Yusuf said. Meanwhile, petrol marketers under the aegis of Petroleum Retail Outlets Owners Association of Nigeria (PETROAN) yesterday insisted they are currently negotiating to import 100,000 metric tons of the product monthly. According to the association, depending on the domestic refineries for petrol has crippled their businesses to the extent that only 500 out of over 6,000 retail outlets are still operational. The situation may liquidate their businesses and place them under the receivership of their lenders if they do not seek alternatives to Dangote Petroleum Refinery and Petrochemicals that is interested in the export market and the Nigerian National Petroleum Company Limited (NNPCL) that its Port Harcourt Refinery has failed to commence production at the August target. PETROAN President, Dr. Billing Harry made this known to The Nation. “We are exploring the possibility for us bringing our own product. We are advancing on that. We are trying to arrange to bring 100,000 metric tons per month,” he said, adding that the move is still in the pipeline. He explained that his association is tired of depending on the 650,000barrels per day Dangote plant, whose body language has indicated that the company is more interested in the export market. Aside from that, he said the refinery has kept them guessing for too long without communicating its terms of engagement to them. “That is the only option because we can’t depend on Dangote. Dangote clearly has his mind more focused on the export market,” he added. According to him, there was a speculation that the refinery has planned to sell the product to them directly. He wondered why the company refused to inform the marketers since it has the different associations phone numbers. He urged the refinery to partner directly with PETROAN, which has over 6,000 retail outlets. Harry said “NNPCL, from rumour, we are hearing NNPCL is saying he (Dangote) can deal with us directly. That is not the way to work. We should be able to talk to him (Dangote). We should be able to hear from him. There is no need to say we want to sell to you when you can reach us and we can agree or disagree instantly.” Meanwhile, Harry said it was surprising the marketers were yet to get an official communication about the pricing from the refinery. According to him, it was through the rumour mill the members learnt the refinery would sell petrol at N766 per litre. He said surprisingly, the refinery and NNPCL were yet to agree on one pump price. On how the state-owned NNPCL has dashed the high hope of commencing production from its Port Harcourt Refinery in August, he recalled the members were patriotically waiting for Dangote to produce its fuel but since the product cannot get to them they have to seek alternatives. His words: “PETROAN has been in the forefront of insisting that in-country refining of product should be the order of the day. “If we have a petroleum product that is refined in Nigeria and not being able to reach us in distribution, then we have to find alternative methods. “Port Harcourt Refinery we expected and anticipated that at least August we should have started doing public business, we didn’t see that and we also have not heard any definitive and productive business engagement. So when there is that situation, we have over 6,000 retail outlets, out of which number that is doing business is not up to 500. You can say that is a redundant business and before you know our financial partners will start calling for our retail outlets and therefore cripple us. So, if there is any option we can get we have to get it.” NATION

Politics2 years ago

Dangote Congratulates Ganduje On His Emergence As APC Chairman (PHOTOS)

Africa’s foremost businessman and the President of Dangote Industries Limited (DIL), Aliko Dangote, Friday congratulated the National Chairman of the All Progressives Congress (APC), Dr Abdullahi...

Dangote Refinery Comissioning: LASG Urges Residents To Plan Their Movement Around Lekki-Epe Corridor

News2 years ago

Dangote Refinery Comissioning: LASG Urges Residents To Plan Their Movement Around Lekki-Epe Corridor

… Charges LASTMA, Others On Effective Traffic Management Ahead of the proposed commissioning of the Dangote Refinery by President Muhammadu Buhari on Monday, the 22nd of...

Oasis Magazine – Nigeria’s Trusted Online News Magazine

All posts tagged "Dangote"

Olu Of Warri, Dangote, Elumelu Honored At Sun Man Of The Year Awards

Rising Cement Prices: David Umahi To Meet Dangote, BUA, Others Monday

S’African Dethrones Dangote As Africa’s Richest Man, Adenuga Moves To 10th

Dangote Congratulates Ganduje On His Emergence As APC Chairman (PHOTOS)

Dangote Refinery Comissioning: LASG Urges Residents To Plan Their Movement Around Lekki-Epe Corridor