News
Dangote announces crash in price of diesel
Dangote Petroleum Refinery, on Tuesday announced a further reduction of the price of diesel from N1,200 to N1,000 naira per litre, a move which is expected to induce a sharp impact on Nigeria’s production industry, suffering years of hiccups as a result of lack of steady power supply.
The latest development is coming on the heels of the 30 per cent reduction in the cost of the product, when the refinery located in Lagos, commenced operations three months ago, from N1,600 that was previously the market price to N1,200.
In confirmation of the expectations of Nigerians, buffeted by the years of economic crises, due to the rise in price of petroleum prices, had hoped to secure some respite by the coming of the Dangote fuel, since the country began to rely on imported products, after the tanks of the nation’s four refineries went dry due to lack of production, the significant reduction in the price of diesel, is seen as a good development with direct positive effect on the economy, particularly the reduction in cost of commodity products in the country.
The company had on January 13, 2024, announced production of diesel with a palpably elated Aliko Dangote, President of Dangote Group, thanking President Bola Ahmed Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of the project.
In a statement on its website to savour the historic moment, the company wrote: “We thank President Bola Tinubu for his support and for making our dream come true. This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to details. His intervention at various stages cleared all impediments thereby accelerating the actualisation of the project. We also thank the NNPC, NUPRC and NMDPRA for their support. These organisations have been our dependable partners in this historic journey. We also thank Nigerians for their belief and support in this project. We have started the production of diesel and aviation fuel, and the products will be in the market within this month once we receive regulatory approvals.”
“This is a big day for Nigeria. We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. This is a game changer for our country, and I am very fulfilled with the actualisation of this project.”
The refinery has so far received six million barrels of crude oil at its two SPMs located 25 kilometres from the shore. The first crude delivery was done on December 12, 2023, and the 6th cargo was delivered on January 8, 2024.
The Refinery can load 2,900 trucks a day at its truck-loading gantries. The products from the Refinery will conform to Euro V specifications. The refinery design complies with the World Bank, US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms. Employing state-of-the-art technology.
“I must extend our sincere appreciation to our Bankers and financiers, both local and offshore, who demonstrated a great deal of patience, in seeing us through many difficult times. In the same vein, we thank the Government of Lagos State, under the leadership of Babajide Sanwo-Olu, who has been incredibly proactive in ensuring that the many challenges we encountered in the course of executing this project were quickly resolved. I thank him immensely.”
“I also sincerely thank our host communities and their Traditional leaders for their sustained patience, forbearance, and admirable willingness to work with us to find amicable and win-win resolutions to the many issues we have had to deal with as the construction of this huge facility progressed. Our staff have also contributed so immensely to the success of this project. I thank them profusely.”
Seyi Makinde of Oyo State, Governor of Oyo State, on Thursday, finally threw his hats into the ring by declaring his intention to run for president in 2027, with a message – history beckons.
The governor, whose ambition has been a matter of speculations for months now and who had teamed up with forces angling to force President Bola Tinubu, out of power, told a teeming crowd in Ibadan on Thursday that time had come to reset Nigeria.
At a mega-rally to announce the alliance between the People’s Democratic Party (PDP), and the Allied Peoples’ Movement, (APM), Makinde, expressed worry over the dwindling fortunes of Nigerians, vowing to engage Nigerians to end the drift.
Hear him: “Without a multi-party system, there is no democracy. Where is our multi-party? Where do we go from here? We have been pushed to the wall.
“They calculated and self-opposition cannot unite but I am here to say that the opposition is the everyday Nigerian. This is the time for all us to ensure Nigeria works for us. This is the time to confront it fears. It is time to engage as citizens and not spectators.
“For the opposition political parties, this is the time to unite and work in unity and give our nation the much reset it needs. The time to reset Nigeria is now. Ibadan is the city of warriors. The first grand alliance is formed. The PDP and APM is formed. This handshake will allow us to field candidates from presidency to state Assembly. And so, I declare my candidacy for office of the president of Nigeria.”
Eyo Ekpe, a professor of cardiothoracic surgery at the University of Uyo Teaching Hospital (UUTH), on Wednesday, gave a detailed account on how operatives of the Economic and Financial Crimes Commission (EFCC) manhandled him on Monday.
He told reporters that he was at sea on why he should fall victim to the assault against his person and eventually arrested given that was not right person directly involved in the information the agency sought.
Some operatives of the EFCC who invaded the hospital, had whisked Ekpe away after firing teargas to scare away the workers, patients and visitors to the hospital, following what appeared like a fracas the ensued over what it claimed was a routine duty in the facility.
Ekpe, Deputy Chairman of the hospital’s Medical Advisory Committee (MAC), described how an operative had first entered his office to make inquiries on why the hospital was yet to give a response to an EFCC inquiry over a medical report linked to a suspect facing trial.
He detailed how he briefed the operative that the said response was being prepared and even went ahead to show him the draft of a letter in that regard, which needed to go through the gamut of official endorsement before being released.
Hear him: “The head of that internal medicine department looked at the report and also discovered that the name of the doctor that signed the report is not a member of staff of that department.
“I had prepared prepared a response to the EFCC on Monday, May 11, 2026, based on the findings. When the EFCC operative visited my office the next morning to collect the document, I told him that the response was ready in draft. I even showed him the draft, but told him that the document still needed approval from the Chief Medical Director (CMD) of the hospital before it could be officially signed and released.
“He pretended to have accepted that. He left, but later later returned with another armed operative and informed me that I was under arrest. I asked him why. I was not the one that issued the medical report. My name is not on the medical report. The report was not issued from my unit.
“But he said I would get the answer when I get to their office. I then asked him to at least wait for my staff member who I sent on an errand before joining them. But they refused.
“They started pushing me. They dragged me out of the office. Then I began to cry while they were dragging me. They had warned me not to speak. They had taken my phone. My cry as they were dragging me, attracted the workers to the scene, who enquired what was going on, but because they ordered me not to speak, I couldn’t say anything. They had their guns.
The members of staff of the hospital initially blocked them from taking me away. They then made a call. After that I saw many masked and armed men came violently, broke the protector, threatening the people that were around and people ran away.
“They picked some staff that were still by me. they dragged me and other staff, five of us into their van downstairs. By that time they discovered that the gate of the hospital were locked. So, they drove towards the gate and packed and the commotion continued. We were inside the van.
“I was so emotionally and psychologically traumatised that I couldn’t even look out of the vehicle to see what was happening outside. But I know that teargas and live bullets were shot. That’s all I can say for now.”
Joyce Abdulmalik, of the Federal High Court, Abuja, heard on Wednesday, how Zenith Bank raised alarm over the huge transaction in one of its branches by Abubakar Malami, former Attorney General of the Federation and Minister of Justice (AGF-MoJ).
The bank said it immediately filed a Suspicious Transaction Report (STR) in respect to the transactions, during its appearance in the ongoing trial of Malami, his wife, and son over allegation of massive looting of funds belonging to the Federal Government during his tenure.
Mashelia Bata, a compliance officer with the bank, who appeared as witness in the case, where Malami, et al, are facing a 16-count charge bordering on alleged money laundering to the tune of N8.7 billion, to which they pleaded not guilty, gave the testimony while being questioned on the bank’s roles in the matter.
Details of the testimony conveyed by the Economic and Financial Crimes Commission (EFCC), stated how the compliance officer who was cross-examined by Adebayo Adedeji, lawyer to the defendants admitted that the deposits in the account statements complied with the guidelines of the Central Bank of Nigeria (CBN).
Arguments had stretched when Adedeji, opposed Jibrin Okutepa (SAN), lawyer to the EFCC, who had asked the witness to explain the meaning of a suspicious transaction report, stressing that there was no ambiguity in the term.
However, Okutepa, in response, maintained that section 215(3) of the Evidence Act did not preclude him from re-examining the witness while urging the court to allow the question for proper explanation.
After Abdulmalik, agreed and overruled Adedeji, the witness told the court that banks were required to alert the Nigerian Financial Intelligence Unit (NFIU) about fund deposits coming in a repetitive pattern, adding: “Any deposition of funds seen in a pattern or repetitive, you must escalate it to the NFIU.”
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