Economy

NNPCL signs 10- year deal to supply gas to Dangote Refinery

Funso OLOJO

The NNPC Gas Marketing Limited (NGML), a subsidiary of the Nigerian National Petroleum Company (NNPC) Limited, has successfully executed a Gas Sale and Purchase Agreement (GSPA) with Dangote Petroleum Refinery and Petrochemicals FZE.

The agreement, signed by the Managing Director, NGML, Barr. Justin Ezeala and the President/CEO of the Dangote Group, Aliko Dangote on Tuesday at the Corporate Head Office of Dangote in Falomo, Lagos State, outlines the supply of natural gas for power generation and feedstock at the Dangote Refinery, in Ibeju-Lekki, Lagos State.

This major milestone is in line with President Bola Ahmed Tinubu’s policy of utilizing Nigeria’s abundant gas resources towards revamping the nation’s industrial growth and kickstarting its economic prosperity.

This development, which sees a huge investment of this nature penned with zero capital expenditure (CAPEX) outlay, has been described by many as unprecedented in the history of NGML or any gas Local Distribution Company (LDC) in the country.

Under the terms of the agreement, NGML will supply 100 million standard cubic feet per day (MMSCF/D), 50MMSCF/D being firm supply and the rest 50MMSCF/D, interruptible natural gas supply to the refinery for an initial period of 10 years, with options for renewal and growth.

This collaboration is a significant step toward ensuring the operational success of the Dangote Refinery and enhancing Nigeria’s domestic gas utilization.

NNPC Ltd., through NGML, its gas marketing subsidiary, continues to lead efforts in promoting the use of domestic gas to support industries and businesses nationwide.

The agreement represents a milestone for both NNPC Ltd. and Dangote Refinery, aligning with their shared commitment to boosting local production and providing vital products for the benefit of all Nigerians.

It is also a further proof of NGML’s unwavering commitment to business excellence and fulfilling NNPC Ltd.’s core mandate of ensuring Nigeria’s energy security through the execution of strategic gas projects across the country.

Economy

Dangote group remits N402.3 billion tax to government coffers in 2024

Gloria Odion

The Pan African Conglomerate, Dangote Industries Limited and its subsidiaries, have disclosed that it paid over N402 billion in taxes in 2024, making it the highest taxpayer in the country.

Dangote’s Chief Branding and Communication Officer, Anthony Chiejina, declared during a meeting with some senior media executives who visited him in his Lagos Office.

He said Dangote Industries Limited (DIL) and its subsidiaries, namely, Dangote Cement, NASCON, Dangote Packaging Limited among others, remitted a total of N402.319billion for the out-gone year as taxes as responsible business enterprises.

Recall that Federal Inland Revenue Service (FIRS) had in late 2024 recognised Dangote group and its subsidiary, Bluestar Shipping as the most tax compliant organizations in the country during its Special Day at the 2024 Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI).

The Federal Inland Revenue Service is Nigeria’s agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria.

Chiejina told his visitors that as a responsible business organisation, DIL and its subsidiaries have never shieded away from its obligations either to the government in the form of tax payment at all levels or to host communities in the form of Corporate Social Responsibility (CSR).

According to him, the Group’s corporate strategy has evolved just as its businesses have grown, matured and diversified into new sectors and regions over the last four decades.

He noted that Dangote Group has almost single-handedly taken Nigeria to self-sufficiency in cement and refined petroleum products and is expanding rapidly across Africa.

Dangote Group and its subsidiaries were recognised as number one most compliant in tax payment in the country, just as its subsidiary Dangote Cement, the country’s leading cement manufacturer, at another occasion won three awards at the FMDQ Gold Awards in Lagos as the most active business in the Foreign Exchange market.

Dangote Cement Plc was adjudged as the Largest Commercial Paper Quotation on FMDQ and Single Largest Corporate Debt Issue on FMDQ.

Also, Dangote Industries Ltd also emerged as the “Most active corporate in the foreign exchange market”.

Economy

Again, Dangote Refinery crashes petrol price from N890 to 825.

Funso OLOJO

The Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N65.00, from N890 to N825 per litre, effective from 27th February 2025.

According to the management of the Refinery, the price adjustment is is strategic designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season.

It is also meant to support President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.

Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians.

The latest adjustment marks the second price reduction of PMS in February 2025, following a previous decrease of N60.00 earlier in the month.

Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season.

“These reductions have positively impacted the overall cost of living, benefiting various sectors of the economy, and have also ensured that Nigerians did not experience the perennial fuel scarcity and price hikes typically associated with the yuletide season” the local refiner stated.

“Nigerians will be able to purchase the high-quality Dangote petrol at the following prices in all our partners’ retail outlets.

” For MRS Holdings stations, it will sell for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East respectively.

“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East.

“Dangote Petroleum Refinery assures the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.

” The company calls on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.

“This collective action will contribute to the broader economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and establishing the country as a leading oil export hub” the company concluded.

Economy

Dangote Refinery reduces ex- depot price of petrol from N950 to N890

Funso OLOJO

The Dangote Petroleum Refinery has an announced a marginal reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.

According to the official statement from the company, the strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices.

“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.

“In addition, Dangote Petroleum Refinery calls upon marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.

” This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub” the statement concluded.