World News

The management of Dangote Refinery has announced that it is selling petrol at a reduced rate of N960 per liter for supply via ships and N990 per liter for supply via trucks. This statement was made by Anthony Chiejina, the refinery’s spokesperson, on Sunday. The announcement follows a dispute between Dangote and fuel marketers, with marketers claiming that imported petrol is priced lower than the refinery’s output. Responding to these claims, Chiejina clarified that the 650,000 barrel per day (bpd) refinery adjusted its pricing after the deregulation introduced by the national oil company, NNPC. Dangote Refinery noted that while NNPC…

Sunbet Sporting International Limited, a new and ambitious player in Africa’s fast-growing sports betting industry, has announced plans to launch in early 2025. Backed by the financial power of four prominent African billionaires, the platform aims to become Africa’s largest and most innovative sports betting service, seeking to transform how millions engage with sports across the continent. In a press briefing following a board meeting, Sunbet spokesperson Akin Adeshola Babatunde said the company’s substantial financial backing and skilled team would help it quickly scale and lead the market. “Our investors have played a crucial role in positioning Sunbet for success,”…

Balemaoil Producing Ltd., an indigenous global oil firm, has appointed Mr Ahmadu Sambo as its new Managing Director/ Chief Executive Officer to drive its transformation agenda. Engr Tein Jack-Rich, Founder/President Belemaoil Producing Ltd., said this in a statement in Abuja on Saturday. He said the company also appointed Mr Emmanuel Onos as its Chief Financial Officer to realise its shared vision He said that the company’s Board of Directors had carefully reviewed their rich credentials and found them deserving of the positions. He said Sambo, a former Group General Manager (GGM), Finances, NNPC, is joining Belemaoil with over 35 years…

IN a quest to change the narrative in the transport sector the Chief Executive Officer, CEO, Enviable Transport Service, Enviable Chukwuemeka Ituma, and Obi Cubana, a respected entrepreneur and business leader, have partnered to revolutionize the transport system in the country. This was made known by Ituma, while narrating how his vision and dream started on boosting the nation's transport system in order to ease movement of goods and persons. According to Ituma, since his days as an Okada driver in Umuahia, the Abia State capital while pushing his academic career as a student of Michela Okpara University of Agriculture,…

Nigeria’s petroleum importation from Malta surged significantly to $2.8 billion in 2023. Nigeria is one of Africa’s biggest oil-producing nations — but it lacks local refining capacity. Speaking at an event in May, Vice-President Kashim Shettima had said over $25 billion is expended on the importation of refined petroleum products yearly. The Nigeria National Petroleum Company (NNPC) Limited is the sole importer of petroleum products in the country. According to data from Trademap, a database on international trade statistics, between 2017 and 2022, there were no imports of the commodity from Malta — an island country in Southern Europe located…

President Brice Oligui Nguema of Gabon has invited the Chairman of Dangote Industries Limited, Aliko Dangote to invest in cement and fertiliser production in the country. According to a statement by the media office of Dangote Group, the billionaire was invited to explore investment opportunities in cement and fertiliser (urea and phosphate). “President Brice Oligui Nguema of Gabon has invited the President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote to invest in Cement and Fertiliser production in Gabon,” Dangote Group said. “The President urged Dangote to explore potential investment opportunities in the country’s cement and fertilizer…

Vice President of Dangote Industries Limited, Mr Olakunle Alake, on Saturday, addressed members of the House of Representatives after the lawmakers toured the refinery and the fertiliser plant. According to BusinessDay, he provided significant insights into the ongoing challenges and milestones of the Dangote Refinery project.     Here are four critical highlights from Alake’s briefing: Crude oil supply and forward sales Alake mentioned that the forward oil sales made by Buhari’s administration created hurdles for securing crude oil for the refinery. He pointed out the specific contractual obligations that limit access to crude oil, affecting the refinery’s operations. “The…