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Dangote refinery, solution to Nigeria’s forex crisis – global finance watchers

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International financial analytics corporation, S&P Global, has described the 650,000 barrels per day (bpd) Dangote Oil Refinery and Petrochemicals company as capable of resolving Nigeria’s foreign exchange (forex) issue and its huge pressure on the local Naira currency, while also catalysing the country’s economic development.

S&P Global, headquartered in Manhattan, New York City, disclosed this during an onsite visit to the Dangote Refinery at Ibeju-Lekki, Lagos as part of its sovereign credit ratings assessment of Nigeria. The team from the international rating agency were accompanied by officials from the Federal Ministry of Finance.

S&P noted that the largest single-train refinery complex in the world would bolster Nigeria’s oil sector and, more importantly, also have a positive impact on its growing economy.

Director and Lead Analyst, Sovereign and International Public Finance Ratings, S&P Global Ratings, Ravi Bhatia, who led the delegation to Lagos, said Dangote refinery would transform Nigeria into a net exporter of petroleum products. He added that this transformation is expected to boost revenue generation and alleviate the current pressure on the country’s foreign exchange reserves.

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“It is a very impressive facility, able to process 650,000 barrels a day, when in full capacity. It is the largest single-train refinery complex in the world. It came out quite quickly. Nigeria is a big exporter of crude but has issues with importing refined fuels. So, there is a gap in the market where crude can be refined in Nigeria, save money that way, and potentially save some foreign exchange. This will be positive for the economy in the medium term. It looks positive from our assessment,” Bhatia said after an over four-hour tour of the facility.

Also, in a chat with the media, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, who led the team during the tour of the facility, reiterated that by harnessing Africa’s abundant crude oil resources to produce refined products locally, the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity.  He also revealed that, as earlier promised, the company will start the production of premium motor spirit (PMS), this month (July).

Noting that products from the $20 billion facility are of high quality and meet international standards, Edwin said it can meet 100 per cent of Nigeria’s demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.

The S&P team commended the President of Dangote Industries Limited, Aliko Dangote, for integrating advanced technologies and quality control measures, including a state-of-the-art Central Control Unit ensuring smooth automation of operations.

Other members of the team of the international rating agency include the Associate Director, Sovereign Ratings, Maxmillian McGraw; Director, Corporate Ratings, Omegu Collocott; Senior Analyst, Bank Ratings, Charlotte Masvongo, and Director, Financial Services, Samira Mensah.

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Currently operating at 350,000 barrels per day capacity, Edwin said the refinery is slated to scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulphur diesel.

He noted that the refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Oil, conforms to Euro V specifications. In addition, it is designed to comply with US EPA, European Union (EU) emission norms, the Department of Petroleum Resources (DPR) emission/effluent norms, and the African Refiners and Distribution Association (ARDA) standards.

While noting that most refineries were built by foreign companies, he said it is a thing of pride that a Nigerian company designed and built the world’s largest single-train refinery complex while acting directly as its own Engineering, Procurement, and Construction (EPC) contractor. The refinery also incorporates a self-sufficient marine facility capable of handling the world’s largest vessels.

“The refinery can produce the best quality products in the world, Euro V grade. It is one of the energy-efficient refineries and it is highly environmentally friendly. It is sophisticated with a high level of automation. The largest single train refinery in the world is 100 per cent designed, engineered, and constructed by a Nigerian company as EPC contractor,” he said.

Nigeria, one of the world’s leading oil-producing countries, exports all its crude oil for refining and subsequently imports refined products due to a lack of operational refineries. It is estimated that Nigeria imports at least 50 million litres of petrol per day to meet domestic demand.

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According to data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2023, Nigeria spent approximately N12 trillion on the importation of petroleum products in 2023, including premium motor spirit (PMS), commonly known as petrol. This figure marks an 18.68% increase compared to the N10 trillion spent on fuel imports in 2022.

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Nnamdi Kanu seeks court order for immediate release 

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Mazi Nnamdi Kanu, the detained leader of the Indigenous People of Biafra (IPOB), has submitted a new application to the Federal High Court in Abuja requesting the dismissal of all criminal accusations and his unconditional release from custody.

The application, labeled “Motion on Notice and Written Address in Support” and dated October 30, 2025, contends that the charges lack legal foundation under Nigerian law, characterizing them as “no charge or counts cognisable within the corpus juris of the Federal Republic of Nigeria” and “a nullity ab initio for want of any extant legal foundation.”

READ ALSO: Nnamdi Kanu’s lawyer Aloy Ejimakor collapses in Kuje correctional centre 

Representing himself in the proceedings, Kanu based his application on multiple constitutional and legislative provisions, including Sections 1(3), 6(6)(b), and 36(12) of the 1999 Constitution, alongside the Evidence Act 2011 and the Terrorism (Prevention and Prohibition) Act, 2022.

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The IPOB leader requested the court to dismiss what he termed the “purported charge” in full, asserting that the prosecution’s case rests on legislation that no longer exists—namely, the Customs and Excise Management Act (CEMA), Cap C45, LFN 2004, repealed by Section 281(1) of the Nigeria Customs Service Act 2023, and the Terrorism Prevention (Amendment) Act 2013, repealed by Section 97 of the TPPA 2022.

Kanu argued that the repeal of these statutes renders the charges legally defective and contradicts the constitutional principle of legality outlined in Section 36(12) of the 1999 Constitution, which prohibits prosecuting individuals for offences not defined under current legislation.

He referenced the Supreme Court’s decision in FRN v. Kanu (SC/CR/1361/2022), where the highest court directed lower courts to acknowledge repealed or invalid legislation under Section 122 of the Evidence Act 2011. Kanu asserted that disregarding this mandate “renders all proceedings void ab initio,” referencing NNPC v. Fawehinmi (1998) 7 NWLR (Pt 559) 598.

The application additionally challenged the court’s authority regarding alleged offences purportedly committed in Kenya. Kanu pointed out that counts 1 to 6 in the charge sheet “contravene Section 76(1)(d)(iii) of the TPPA 2022,” which mandates certification from a Kenyan court establishing that such actions constitute crimes under Kenyan law before prosecution can proceed in Nigeria.

He contended that the prosecution’s inability to satisfy this requirement invalidates Nigeria’s extraterritorial jurisdiction and breaches Article 7(2) of the African Charter on Human and Peoples’ Rights.

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Citing Section 1(3) of the Constitution, Kanu insisted that any legislation or legal process conflicting with the Constitution is invalid, asserting that his ongoing prosecution and imprisonment lack constitutional legitimacy.

The IPOB leader also referenced previous judicial decisions, including Aoko v. Fagbemi (1961) 1 All NLR 400 and FRN v. Ifegwu (2003) 15 NWLR (Pt 842) 113, where courts invalidated convictions founded on non-existent criminal provisions.

Kanu requested the court to mandate that the prosecution provide a response limited to legal arguments within three days and to issue its decision by Tuesday, November 4, 2025.

He emphasized that his submission “hinges on pure questions of law derivable from the Constitution, the TPPA 2022, the Evidence Act 2011, and the court record,” making supporting affidavits unnecessary.

“The Defendant/Applicant has complied with this Honourable Court’s directive of 27 October 2025 by filing a comprehensive written address asserting that no valid or cognisable charge subsists against him, either under extant Nigerian statutes or any law recognized in Kenya,” part of the motion reads.

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Wike hails court ruling halting PDP national convention 

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Federal Capital Territory Minister Nyesom Wike has praised the judicial intervention that halted the Peoples Democratic Party’s National Convention, originally set for November 15th and 16th, 2025, calling it a sound legal determination.

Wike expressed this view during a Friday evening gathering of Concerned PDP Stakeholders held at his Abuja residence.

“Today, by the grace of God, the court has made a very wise decision, a very good decision. It cannot be business as usual. Those who have deceived members of our great party for too long must now understand that there are laws to follow.

READ ALSO:  Wike denies acting as Tinubu’s spokesman 

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“If you don’t follow the law, then there’s nothing we can do. There’s nothing we can do. It’s unfortunate that the National Convention cannot hold; the purported national convention,” the minister stated.

The Federal High Court in Abuja issued an order on Friday preventing the PDP from proceeding with its Ibadan convention pending further judicial determination.

Justice James Omotosho, presiding over case FHC/ABJ/CS/2120/2025, mandated postponement of the convention until the party demonstrates compliance with relevant provisions in Nigeria’s 1999 Constitution (as amended) and the 2022 Electoral Act.

The judge determined that the PDP had not properly executed Congresses throughout Nigerian states prior to organizing its convention.

Wike criticized the party’s leadership structure, specifically targeting the PDP Governors’ Forum, arguing that pride, abuse of authority, and procedural violations caused the convention’s collapse.

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“Leadership is key in everything you are doing. When people become arrogant enough to say that nobody matters, when they fail to recognise those who have sustained this party, then such leadership does not mean well for the PDP.

“On the one hand, it’s one of my happiest days. On the other hand, it’s one of my saddest days. So it’s like a mixed feeling. If you love your party, you will not be happy with what is going on in your party. So, on one part, we are happy that we have fought impunity on their part.

“We are not happy with the way our party is going. I’ve said it several times to my colleagues; it has nothing to do with any personal interest.

“The essence of opposition is to wrest power from the ruling party, and therefore opposition must put their house together and follow due process in order to give confidence to the public that we are here to do things differently

“The present Governors’ Forum, I’ve never seen anybody, head of a family, who will see his children dying and he will say, ‘I don’t care, let all of them die.’ I’ve never seen that anywhere,” he lamented.

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Attendees included PDP National Secretary Sam Anyanwu, former governors Samuel Ortom (Benue) and Okezie Ikpeazu (Abia), former FCT Senator Philip Aduda, and Rivers State House of Assembly Speaker Martins Amaewhule, among other party figures.

After delivering his remarks, the minister proceeded to private discussions with the assembled stakeholders.

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Dikko denies misuse of $1.2 million FIFA stadium fund in Kebbi

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Shehu Dikko, who chairs the National Sports Commission, has refuted claims that the $1.2 million FIFA allocation for Kebbi State’s mini-stadium construction was misused.

During a Friday appearance on Channels Television’s Politics Today program, Dikko clarified that the funds were never physically received by any Nigerian entity, explaining that FIFA maintains direct control over such project financing.

“That is where people are getting it wrong; no one collected the money. I’m not here to defend the NFF; they can defend themselves.

READ ALSO: Pinnick denies financial misconduct allegations over FIFA Goal project in Kebbi

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“But as the leader of sports in Nigeria, what happens to the NFF affects the entire sports ecosystem. So we need to set the record straight for people to understand how this works,” he said.

Dikko detailed FIFA’s operational framework, noting that the international body selects its own consultants, oversees contractual agreements, and compensates contractors without channeling funds through the Nigerian Football Federation (NFF).

“I was a manager of FIFA projects, and I know how FIFA works. Nobody collected the money because FIFA manages its projects directly. The NFF’s role is to provide the land and state what they want. FIFA then appoints consultants, goes through procurement, and pays the contractor directly to deliver the project,” Dikko said.

The NSC head emphasized that the project’s initial valuation dates back nearly a decade, explaining its approval came in 2015 with procurement processes starting the following year.

“This project is not $1.2 million of today. When it was approved in 2015, the value was about ₦300 million. That was what the project was worth at that time,” he explained.

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According to Dikko, complications with securing and documenting the land resulted in the foundation work and contract formalization being delayed until 2020, when FIFA’s selected contractor began construction.

“Before the project was signed, there was a public tender and procurement process. People just see a picture and assume it’s incomplete. That structure shown was only the first phase of the project,” Dikko stated.

The Birnin Kebbi facility, financed through FIFA’s Forward Programme, has attracted significant attention after drawing criticism regarding its construction quality and cost-effectiveness.

Public controversy intensified when FIFA featured the stadium in its social media imagery, triggering widespread disapproval and demands for official inquiry.

Dikko maintained that FIFA holds full accountability for project implementation, emphasizing that financial management adhered to transparent international protocols.

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The House of Representatives Sports Committee has launched an inquiry into how the NFF handles FIFA and CAF developmental funding, with particular focus on the Kebbi facility.

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