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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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Jonathan to Atiku: I don’t play God *I still achieved, though imperfect

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From Goodluck Jonathan, Nigeria’s former  President, came a mild rebuke to Atiku Abubakar, former Vice President, who in assessing the quality of his six-year tenure as Nigerian leader, all but dismissed him as “inexperienced.”

Atiku, a guest of Prime Time, a public affairs programme on ARISE NEWS Television, last week, told his host that Jonathan was inexperienced, saying his tenure was marked by notable missteps.

“I know Goodluck Jonathan very well. He is a decent young man, but also inexperienced, and I believe that contributed to his inability to manage the affairs of the country, particularly when he was faced with challenges,” Atiku, currently chasing the number one job the former President exited in 2015 for the seventh time, said.

But in a measured riposte at the 2025 Association of Retired Career Ambassadors of Nigeria awards ceremony in Abuja on Monday, Jonathan, while acknowledging that he must have made some mistakes, argued that errors were inevitably with human beings as only God could be perfect,

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Reacting to Atiku’s remarks, he told his audience: “So not too long ago, a very senior politician said, ‘Oh, Jonathan was too young and probably that’s why he made mistakes.’

“If I made mistakes, yes, nobody who becomes a governor or a president will say you did not make mistakes. Even when you promote yourself to the level of a god, you become a deity.

“All human beings must make mistakes. I became president in 2010 at the age of 53. I left in 2015 at the age of 58, and they say I was too young. Must it have been 100 years before I ran the affairs of the state?

“I’m talking to diplomats, so I can say that during my period, I knew what I did for us to appear in the UN Security Council two times… If I were so naive, I don’t think I would have been able to navigate through that process.”

Jonathan also spoke on regional affairs, warning that political instability remains a major obstacle to economic growth across West Africa. He stressed that without stable governance systems, meaningful development in the sub-region would remain elusive.

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“We cannot progress economically if we are very unstable societies politically,” he said.

Jonathan noted that while the founders of ECOWAS envisioned strong economic cooperation, persistent political crises have hindered progress, particularly in enforcing democratic standards among member states.

“That means that ECOWAS must interfere with the internal affairs of the states, and the issue of sovereignty becomes a problem,” he said.

Jonathan urged leaders in the region to work collectively towards stability, saying, “The heads of states of ECOWAS must continue to work together and agree on concrete terms and make sure that the sub-region is politically stable.”

He added that economic integration efforts would falter without solid democratic institutions and called on Nigerian diplomats to properly document foreign policy experiences for future leaders.

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Paying tribute to ECOWAS founders, including former Head of State Yakubu Gowon, Jonathan described the creation of the bloc in 1975 as a bold and necessary step toward regional unity and economic integration.

Gowon, who was also honoured at the event, recounted the origins of ECOWAS, linking its formation to post-war diplomatic engagements across West Africa.

According to him, “It was as a result of the various efforts of all Nigerians when we went through a very difficult period, and I had to go to the various countries to say thank you.”

He said discussions with regional leaders at the time led to a shared vision for broader cooperation.

“Why don’t we also think about having something that we can at least have in agreement for all of us when we are working together?” he said.

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Gowon emphasised that ECOWAS was the product of collective effort rather than individual ambition, crediting government institutions and civil servants for its success.

“This would not have been possible without the support of all the staff of the Ministry of External Affairs and the Ministry of Economic Development,” he stated.

He added that the recognition bestowed on him should be shared widely.

“The honour that is being done to me today should really go back to all the staff that worked so hard to make sure that this became a reality,” he said.

Also speaking, the President of the Association of Retired Career Ambassadors of Nigeria, Joe Keshi, highlighted the importance of honouring excellence in diplomacy, noting that the awards celebrate dedication and service to Nigeria and the continent.

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“Diplomacy is one profession where success is often invisible, reflected not by news coverage, but by maintained stability, prevented conflicts, cultivated partnerships,” he said.

Keshi noted that the event coincides with the 50th anniversary of ECOWAS, describing the organisation as “a bold experiment in regionalism,” and urged diplomats to adapt to evolving global challenges.

The Chief of Army Staff, Lt Gen Waheed Shaibu, also praised Gowon, describing him as a symbol of national unity and visionary leadership.

He said the recognition offers a chance to reflect on a legacy “defined by visionary leadership, courage, and unwavering commitment to the unity, stability, peace, and progress” of Nigeria.

Shaibu added that Gowon’s leadership reflected “patriotism, resilience, and a profound sense of duty,” while commending ARCAN for its continued contribution to diplomatic discourse and Nigeria’s global engagement.

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BREAKING: FG opts for open court trial of coup plotters against Tinubu

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After months of official hiatus, the Federal Government, on Tuesday finally got on the way with the trial of those fingered in the alleged plot to oust President Bola Ahmed Tinubu through a coup, including Timipre Sylva, former Minister of State for Petroleum.

The move, which apart from the former Governor of Bayelsa State, came with the filing of a 13-count charge before the Federal High Court, Abuja, against the alleged plotters including Mohammed Ibrahim Gana, a retired General in the Nigerian Army, Erasmus Ochegobia Victor, a retired Naval Captain, Ahmed Ibrahim, a serving police inspector, Zekeri Umoru, Bukar Goni, and Abdulkadir Sani.

Sylva, whose name surfaced as one of the plotters when the news first broke and believed to be the major financier of what would have led to another military government in Nigeria after the last ended in 1999, was listed as being at large – on the run.

The charge, filed on Monday by the Office of the Attorney-General of the Federation and signed by the Director of Public Prosecutions, Rotimi Oyedepo (SAN), accuses the defendants of offences ranging from alleged treason and terrorism to failure to disclose security intelligence and money laundering linked to terrorism financing.

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The prosecution alleged that the defendants conspired in 2025 “to levy war against the state to overpower the President of the Federal Republic of Nigeria”, an offence punishable under Section 37(2) of the Criminal Code.

The Federal Government further alleged that the defendants had prior knowledge of a planned treasonable act involving one Colonel Mohammed Alhassan Ma’aji and others, but failed to alert authorities.

Furthermore, the defendants were also accused, according to the charge, of, while “knowing that a treasonable act was intended to be committed, did not give information thereof with all reasonable despatch to either the President… or a peace officer.”

They were also accused of failing to take preventive steps and “did not use any reasonable endeavours to prevent the commission of the offence”.

Beyond treason, the defendants are facing terrorism-related charges of conspiracy under the Terrorism (Prevention and Prohibition) Act, 2022, as they “conspired with one another to commit an act of terrorism in the Federal Republic of Nigeria”.

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Inspector Ahmed Ibrahim and Zekeri Umoru were specifically accused of attending meetings linked to the alleged plot “in a bid to further a political ideology which may seriously destabilise the constitutional structure of the Federal Republic of Nigeria.”

The charge also accused the defendants of providing support for terrorism, alleging that they “knowingly and indirectly rendered support” to facilitate acts of terror.

The prosecution alleged deliberate suppression of intelligence, stating that the defendants “had information which would be of material assistance in preventing the commission of the act of terrorism but failed to disclose the information to the relevant agency as soon as practicable”.

Financially, several defendants were accused of handling funds linked to terrorism financing, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

Bukar Kashim Goni allegedly “indirectly retained the aggregate sum of N50,000,000, which forms part of the proceeds of an unlawful act, to wit: terrorism financing”, while Abdulkadir Sani allegedly retained N2m from a similar source.

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According to the charge, Zekeri Umoru “without going through a financial institution accepted a cash payment of the sum of N10,000,000″ and also retained an additional N8.8m suspected to be proceeds of terrorism financing.

Inspector Ahmed Ibrahim was also accused of taking possession of “the sum of N1,000,000, being part of proceeds of terrorism financing”.

Alleged Coup Plot, Protests

After the Federal Government cancelled the parade to mark Nigeria’s 65th independence anniversary on October 1, 2025, reports had claimed that the move was linked to an alleged coup attempt.

The Defence Headquarters (DHQ) dismissed the claims, however, saying the parade cancellation had nothing to do with the alleged coup attempt.

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In January 2026, the DHQ confirmed that there was an attempt to overthrow President Tinubu.

The DHQ Director of Defence Information, Samaila Uba, said investigations showed some military personnel were involved in the alleged coup plot.

According to Uba, the officers have been detained and would be arraigned before military judicial panels.

Last month, families of the military officers detained over the alleged coup plot appealed to Tinubu to allow the suspects to be tried in an open court.

Human rights activist Omoyele Sowore protested alongside the detained officers’ families. They also asked for access to the alleged coup plotters.

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ADC: Fight, scatter them! *Presidency goads Kogi lawmaker on Mark’s leadership

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From the seat of the Presidency, came what indicates a clear and open support for the camp in the African Democratic Congress (ADC) fighting David Mark, National Secretary and Rauf Aregbesola, National Secretary, respectively.

The signal came from Femi Gbajabiamila, Chief of Staff (CoS) to President Bola Tinubu, who practically threw his weight behind Leke Abejide, one of the arrowheads wedging the war that could see the main opposition party in Nigeria not presenting a candidate for next year’s presidential election.

Against the backdrop of allegations that Aso Rock has been fuelling the various crises in the major political parties, Gbajabiamila, former Speaker of the House of Representatives and a key ally of President Bola Tinubu, all but clearly stoked the fire by egging the Kogi lawmaker on to launch a fiercer onslaught against the Mark leadership.

Urging Abejide, who had sworn that he would do everything to ensure Tinubu’s re-election not to leave the ADC, through which he won his election to the National Assembly in 2023, but to stay back and fight rather than exiting the party, the ex-Speaker praised him for his resilience so far.

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Abejide, who on his own, has thrown his weight behind Nafiu Bala, former Deputy National Chairman of the ADC, now laying claims to Mark’s position was one of those sacked at the convention organised by the Mark group last week.

But Gbajabiamila, who used the Kogi lawmaker’s birthday celebration on Monday to announce his support publicly, while hailing his political trajectory and resilience, including winning his election under the ADC – a relatively less-fancied platform in 2023.

His words: “For a man to contest in a place like Kogi, under a relatively unknown party, and win back-to-back elections, it tells you who that man is. You did not only secure re-election but also helped expand the party’s influence by bringing in other candidates. You’re a committed party man and a fighter.

“My charge to you is to stay in that same party. Fight them. Scatter them. Hold on to your party. Do not abandon them. We like what you are doing. Hold on to your party. Do not abandon it. Continue what you are doing. Win your election there. Nobody can take your party away from you.”

After the hammer from the Mark group, alongside Kingsley Temitope, Obinna Norman, Kennedy Odiong, and Stella Chukwuma, over the allegation of anti-party activities, Abejide dismissed his sack as null and void, coming from a “suya convention.”

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