- Dangote Petroleum Refinery exported two jet fuel cargoes to Saudi Aramco, boosting output to 550,000 barrels daily.
- The Federal High Court will rule on Dangote Refinery’s suit against NNPC over import licenses on March 18, 2025.
- Following strong financial results, Oando Plc offers 1.28 billion additional shares worth N97.6 billion.
Dangote Petroleum Refinery has exported two jet fuel cargoes to Saudi Aramco, marking a significant milestone. The refinery, which started production in 2024, increased output from 350,000 to 550,000 barrels daily.
Aliko Dangote, President of Dangote Group, announced the export during a visit by the Nigerian Economic Summit Group (NESG) to the refinery and fertiliser plant in Ibeju Lekki, Lagos. He credited the refinery’s world-class standards and technology for driving the exports. “We are achieving our goals. Selling two jet fuel cargoes to Saudi Aramco is a proud moment for us,” Dangote said.
He emphasised the private sector’s role in solving Nigeria’s challenges through job creation. Dangote called for the protection of local industries, citing examples like the USA, China, and the Benin Republic, where governments restrict imports to boost domestic production. He noted that Dangote Cement contributes 52% of every naira it generates to the government.
Dangote also highlighted the challenges of setting up industries in Nigeria, where companies bear infrastructure costs such as power and roads. He argued that a flourishing private sector boosts government revenues and strengthens the economy.
NESG Chairman Niyi Yusuf commended Dangote’s efforts, stressing that Nigeria needs similar investments to reach its $1 trillion economy goal. “This refinery and fertiliser plant are monumental. Nigeria needs more projects like this to grow its economy,” Yusuf said. He highlighted the refinery’s potential to support Small and Medium Enterprises (SMEs) and create a better investment climate for entrepreneurs.
Court Sets March Date for Ruling on Dangote vs NNPC Case
The Federal High Court in Abuja has scheduled a March 18, 2025 ruling between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPC). Dangote Refinery is challenging the issuance of import licenses to NNPC and five other companies by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
NNPC’s lawyer, Mr Abimbola Ademola (SAN), urged the court to dismiss the case for lack of jurisdiction or remove NNPC from the suit. Dangote Refinery’s lawyer, Mr George Ibrahim (SAN), opposed the motion, urging the court to reject NNPC’s objection. The case will continue in March.
Oando Rewards Shareholders with N97.6bn Stock Dividend
Oando Plc, Nigeria’s leading integrated oil and gas company, will reward its shareholders with 1.28 billion additional shares worth N97.6 billion. The reward follows Oando’s 2024 unaudited financial results, which show a 45% revenue increase to N4.1 trillion. The company also posted a profit of N65.5 billion, a 9% rise from the previous year.
Oando’s 45th Annual General Meeting in December 2024 approved the decision to issue stock dividends. The company noted that shareholders will receive the additional shares at no extra cost. This marks Oando’s most considerable shareholder reward, reflecting its strong financial performance.