Thursday, May 29, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Oil communities in Nigeria declare support for Dangote amid dispute with regulators

Simon Osuji by Simon Osuji
July 28, 2024
in Business
0
Oil communities in Nigeria declare support for Dangote amid dispute with regulators
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

This threat issued by the group was directed to the Nigerian National Petroleum Corporation (NNPC) Limited and International Oil Companies (IOCs) amid the heated dispute between Aliko Dangote and Nigerian oil regulators.

Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) alleged that the Dangote Refinery, with a capacity of 650,000 barrels per day, was producing inferior-quality diesel and had devised plans to monopolise the downstream petroleum sector in Nigeria.

L-R: Chief Francis Inegbeniki; Group Chief Branding and Communications Officer, Dangote Industries Limited, Anthony Chiejina; His Royal Majesty,  King, Frank Okiakpe, Agadagba X of Gbaraun; Iyesere of Orhuwhorun Kingdom, Freeman Mac-Anthony; Vice President, Oil & Gas, Dangote Industries Limited, Devakumar Edwin; Executive Chairman/General Coordinator, Association of Nigeria Delta Monarchs of Nigeria (ANDON), HM King (Capt.) F. N. Okurakpo Odhe II; National President, Host Communities of Nigeria Producing Oil and Gas (HOSTCOM), HRM (Dr.) Benjamin Style Tamaranebi; and Senior General Manager, HSSE & Community Relations, Dangote Projects, Abdulrahman Zubauru during delegates from Host Communities of Nigeria Producing Oil and Gas (HOSTCOM) visit to Dangote Petroleum Refinery and Fertiliser in Lagos on Saturday, July 27, 2024.

Following the accusations, Dangote Industries Limited (DIL) released a statement accusing the regulators and IOCs of sabotaging their efforts to secure crude supply.

Aliko Dangote himself attended multiple press rounds, speaking about the lack of support from the government and challenges of doing business in the country.

In the wake of the ongoing dispute, HOSTCOM said it will renew agitation for greater autonomy and control of their natural resources if regulators continue their hostile attitude towards Dangote.

The group, comprising all the states producing oil and gas in Nigeria, expressed frustration over the billions spent on maintaining Nigeria’s refineries, which still rely heavily on imported refined products.

During a recent tour of the Dangote Refinery, HOSTCOM, led by the National President, Dr. Benjamin Tamaramiebi, alleged corruption within the oil and gas industry, orchestrated by influential cabals intent on maintaining the status quo.

The group subsequently threatened to publicly name these cabals if the situation did not improve.

“It is obvious why the existing Federal Government Refinery in Port Harcourt, Warri, and Kaduna can never work or operate maximally despite the billions of dollars spent on so-called Turnaround Maintenance over the years.

“It is now clear that some persons in government and outside government have been identified as the cabal holding Nigeria’s oil sector by the jugular. We have identified them, and we shall reveal their names to the people of Nigeria if this trend continues,” he said.

The group reaffirmed its commitment to working with Dangote Industries Limited to end the importation of lower-quality and costly refined products into Nigeria.

They also urged the Federal Government to support the Dangote Refinery and other domestic refineries, warning against any sabotage that could hinder progress towards self-sufficiency.

Related posts

Meet the organizers building Nigeria’s most ambitious Web3 event

Meet the organizers building Nigeria’s most ambitious Web3 event

May 29, 2025
Top 5 most produced crops in Kenya in its last fiscal year

Top 5 most produced crops in Kenya in its last fiscal year

May 29, 2025

Why is there a dispute between Aliko Dangote and oil regulators in Nigeria?

The dispute between Aliko Dangote and Nigerian regulators centres around his $20 billion oil refinery project. Here are the key points:

Dangote Refinery has started supplying petroleum products to the local market.

Quality Concerns: The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently raised concerns about the quality of diesel produced by Dangote’s refinery, alleging it is substandard and unfit for consumers.

Monopoly Allegations: Aliko Dangote has been accused of seeking a monopoly by requesting a ban on diesel imports to boost his refinery’s viability, leading to fears of market dominance.

Supply Issues: Dangote claims the state oil company has not honoured the deal to supply his refinery with 300,000 barrels of crude oil per day, which has impacted the refinery’s operations.

Source link

Previous Post

Nigerian couple arrested for running a prostitution ring in Dakar, Senegal

Next Post

Uncovering Magnetism’s Mysterious Role in the Galaxy

Next Post
Uncovering Magnetism’s Mysterious Role in the Galaxy

Uncovering Magnetism’s Mysterious Role in the Galaxy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Uganda Teams Up with China for Faster Internet Access

Uganda Teams Up with China for Faster Internet Access

2 years ago
An arms race with the advancements of large language models

An arms race with the advancements of large language models

10 months ago
EU Parliament hears DR Congo crisis is an “escalation”

EU Parliament hears DR Congo crisis is an “escalation”

3 months ago
Missouri American Water Completes Acquisition of Wood Heights Water and Wastewater Systems

Missouri American Water Completes Acquisition of Wood Heights Water and Wastewater Systems

2 years ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Matthew Slater, son of Jackson State great, happy to see HBCUs back at the forefront

    0 shares
    Share 0 Tweet 0
  • Dolly Varden Focuses on Adding Ounces the Remainder of 2023

    0 shares
    Share 0 Tweet 0
  • US Dollar Might Fall To 96-97 Range in March 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.