Business

Energy expert urges Tinubu to end petrol import, prioritise local refining

Published

4 months ago

February 14, 2025

Energy expert, Dan Kunle, has warned that the continued importation of petrol and diesel by the Nigerian National Petroleum Corporation (NNPC) Limited and certain marketers, despite the Dangote Petroleum Refinery’s capacity to meet domestic demand, is a disservice to the country.

Recent reports indicate that NNPC, Oil Marketers spent N5.5tn on petrol, diesel importation in four months.

Speaking on a programme on Arise TV on Sunday, Dan Kunle likened the massive importation of petrol and diesel by NNPCL and some marketers over the past four months to the notorious ‘cement Armada’—a scandal from the 1970s, during Nigeria’s oil boom, where hundreds of cement-laden ships flooded the ports, causing years of congestion.

Kunle expressed his disappointment that, despite President Bola Tinubu’s directive and the Federal Executive Council’s decision to allocate local crude oil to domestic refineries, relevant government agencies is blatantly disregarding these directives with no consequences.

He said: “I was expecting a transition following the Federal Executive Council’s decision in October 2024 to allocate local crude to domestic refineries, with Dangote Refinery being the key player due to its technical capacity.

“However, the situation hasn’t changed, and we’re still seeing a massive influx of imported fuel. It’s still a full import Armada, similar to the cement Armada. The level of imports we’re witnessing is unprecedented, raising serious concerns about what’s really going on. Is it an attempt to flood the market, introduce substandard fuel into Nigeria, and possibly frustrate Dangote Refinery?

“The mistake here is that Dangote Refinery is operational, already refining 550,000 bpd and producing high-quality products. This importation is completely unnecessary. It’s time to urge the president to act and end this petrol import racket once and for al.”

Kunle emphasised that it defies logic for certain individuals to continue pushing for imports, especially when countries like the United States are protecting domestic industries to boost their own economies. He added that the Dangote Refinery could ensure energy security, something the regulatory authorities have neglected for years.

He called on President Tinubu to demand a transition timetable from the relevant authorities outlining when Nigeria will shift from being an importer of refined products to a net exporter. Stressing that Dangote Refinery is a strategic national asset, Kunle urged the government to remove obstacles to its smooth operation.

He said: “The Dangote Refinery is a national strategic asset. There’s no need for a court case. The federal government should step in. We don’t need a legal battle; the government should ask the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA for a transition timetable to move us from importing petrol to self-sufficiency. If the president stays aloof, it will harm the country. No new investments will come if you treat an investment like Dangote’s as an enemy. The importers are the true enemies.”

Kunle stressed that with Dangote Refinery’s capacity and the reported revival of the Port Harcourt and Warri refineries, Nigeria should be transitioning from reliance on oil imports to becoming a net exporter of refined petroleum products.

Business

Lagos loses N4trn yearly to traffic congestion, moves to regulate tanker operations

Published

19 hours ago

June 13, 2025

Ekwutos Blog

The Lagos State Government has disclosed that the state suffers economic losses amounting to approximately N4 trillion each year due to persistent traffic congestion

This was revealed by the Special Adviser to the Governor on Transportation, Mr Sola Giwa, during a recent interview on TVC News.

He identified unregulated parking and the chaotic activities of tankers and articulated vehicles along key logistics corridors as major contributors to the problem.

In response, the government has announced the enforcement of an Electronic Call-Up (E-Call-Up) system, scheduled to take effect from Monday, June 16, 2025.

The initiative targets tankers and articulated vehicles operating along the Lekki-Epe corridor

Giwa explained that all truck operators entering Lagos to load or offload goods will now be required to register and book their movements through the E-Call-Up platform.

The system is designed to coordinate truck activities, eliminate indiscriminate roadside parking, and reduce traffic disruptions.

“Under the new system, tanker operators will be required to upload their Authority to Load, ATL, and pre-book assigned parking slots before arriving in Lagos.

The platform will also collect relevant cargo and travel data, supporting better logistical planning and enforcement.

Seven dedicated truck parks have been approved along the Lekki-Epe axis. These facilities will be equipped with restrooms, kitchens, electricity, and other basic amenities to support driver welfare and operational efficiency.

Giwa stated that the policy is the outcome of more than two years of stakeholder engagement and is a key part of the state’s broader efforts to reform its transportation system and build a more efficient and resilient urban environment.

Business

Arnold Ekpe: Nine things you need to know about new Chairman of Dangote Sugar

Published

2 days ago

June 12, 2025

Ekwutos Blog

Dangote Sugar Refinery Plc recently appointed Mr Arnold Ekpe as the new Chairman of its Board, effective 16th June 2025.

Ekpe’s appointment comes after the retirement of Alhaji Aliko Dangote as Chairman of the company on Wednesday.

Dangote’s retirement brought an end to a 20-year leadership of the company.

His retirement will take effect starting from June 16, this year, according to a statement issued yesterday by Company Secretary Temitope Hassan.

However, Ekwutosblog brings you seven things you need to know about Dangote’s replacement, Arnold Ekpe:

1. Ekpe is a seasoned finance professional with more than thirty years of experience in the corporate sectors and banking.

2. He was born in Aug. 1953 in Nigeria, and went to King’s College, Lagos, where he graduated in 1972 and later traveled to abroad for his tertiary education.

3. Ekpe attended the University of Manchester and earned a First Class Honours degree in Engineering as a Shell Scholar (1973–1976).

4. He later obtained an MBA from Manchester Business School (1977–1979).

5. Ekpe started his career in 1977 with Schlumberger SA as a Wireline Logging Engineer.

6. He joined Alcan Aluminium Nigeria as Executive Assistant to the CEO in 1979.

7. Ekpe then entered the banking industry in the early 1980s, starting at International Merchant Bank (an affiliate of First Chicago) as Head of Strategy.

8. He later became Group CEO of Ecobank Transnational Incorporated, a role he held until his retirement in 2012.

9. He has served as an Independent Non‑Executive Director at Dangote Sugar Refinery since 2024.

Business

‘No deal collapsed’ – Nigerian Govt breaks silence on forward crude oil sale

Published

2 days ago

June 12, 2025

Ekwutos Blog

The Federal Government has debunked reports suggesting the collapse of a proposed forward crude oil sale involving the Nigerian National Petroleum Company Limited, NNPCL.

This was as the government stated that no final decision has been made on the matter.

According to a statement by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, on Wednesday in Abuja, the government said it was aware of recent media speculation surrounding the deal, stressing that such commentary is premature and inaccurate.

“While market speculation is not uncommon in the context of ongoing economic reforms and transactions, no final decision has been announced by the Government.

“Commentary suggesting the collapse of any such initiative is unfounded,” the statement read.

The statement maintained that the forward sale of crude oil-an arrangement often used to secure financing by pledging future oil production-remains under consideration as part of a broader strategy to stabilise Nigeria’s economy.

“The government remains focused on deploying a range of innovative, transparent, and fiscally responsible financing strategies to optimise Nigeria’s oil assets, improve external liquidity, and strengthen macroeconomic stability,” Manga said.

The Federal Government expresssed its commitment to deploying innovative, transparent, and fiscally responsible financing strategies to optimize Nigeria’s oil assets, improve external liquidity, and strengthen macroeconomic stability.

The move is said to be part of the government’s ongoing economic reforms aimed at promoting economic growth and development.

The Finance Ministry also reassured stakeholders that any decisions regarding forward crude oil sales will be made with careful consideration and transparency.