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EXCLUSIVE: How Dangote Lied To Tinubu Over 500 Million Fuel Storage Claims, Lobbies For Fuel Subsidy, Pressures President To Force NNPC To Buy His Petrol At N990/Litre

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Aliko Dangote, the billionaire industrialist, reportedly misled President Bola Ahmed Tinubu regarding his fuel storage capacity, claiming to have 500 million litres available.

It was gathered that Dangote is charging ₦990 per litre for loading at his refinery, with a minimum purchase requirement of 1 million litres, all of which must be paid for in advance.

Sources privy to the recent discussions between Dangote and President Tinubu disclosed to SaharaReporters that Dangote misled the president during their meeting by claiming he had 500 million litres of fuel in storage.

“Delays in loading are common. If buying with a vessel, the minimum purchase is 15,000 metric tonnes (approximately 20 million litres) at ₦971 per litre.

“The total cost of chartering a vessel, port fees, and discharge to a private depot is about 60 naira per litre, making the landing cost for private depot owners 971 + 60 naira. This is the reason why private depots are not buying,” one of the sources said.

The source told SaharaReporters that as a result, no private depot owner can afford to compete with Dangote

“Femi Otedola has suggested that private depot owners should sell their depots as scrap, which highlights the struggles in the market,” the source said.

The source explained that the Independent Petroleum Marketers Association of Nigeria (IPMAN) is unable to purchase because they cannot afford to pay ₦990 million for 1 million litres of PMS.

“Dangote’s target is to sell to the Nigerian National Petroleum Company (NNPC) Limited, which will then sell to other distributors,” the source said.

One of the sources also revealed that Dangote urged President Bola Tinubu to compel NNPC to purchase fuel from his refinery.

However, President Tinubu reportedly clarified that NNPC would only make purchases if the pricing was deemed reasonable, emphasizing that Dangote should treat NNPC similarly to other oil companies like Total and 11 PLC.

When questioned about the volume of fuel he claimed to have, Dangote reportedly expressed uncertainty about the current naira-to-dollar exchange rate, stating that he was awaiting guidance from NNPC.

“NNPC doesn’t want to buy from Dangote because they must cover their costs while also making a profit, which could lead to higher prices for consumers. NNPC does not want consumers to pay more,” one of the sources said.

The source added that Dangote appears to be aiming for a subsidy and a monopoly; however, President Tinubu has removed the subsidy, creating an environment conducive to monopoly.

“Dangote’s target is subsidy and monopoly, unfortunately President Tinubu had removed subsidy and this would bring monopoly.

“At the recent meeting, Dangote misled the President, claiming he had 500 million litres in storage. When the President asked him why he was keeping such volume, he stated that he was unsure about the naira-to-dollar exchange rate and was waiting for NNPC to provide a rate.

“The President pointed out that as a smart businessman, he should not need to wait for guidance from NNPC regarding exchange rates.

“Dangote urged the President to force NNPC Retail to purchase his fuel, but the President clarified that NNPC should only buy if the price is right and that Dangote should treat NNPC the same way he would treat Total and 11 PLC (formerly Mobil Oil Nigeria),” the source said.

Ekwutosblog also learnt that the billionaire businessman also wanted the President to fix the foreign exchange rate to use but Tinubu declined.

One of the sources said, ” Dangote also wanted the President to fix the naira to dollar exchange rate and president refused and said ‘No’.”

Sources told SaharaReporters that African Export – Import Bank (Afreximbank) representatives also attended the meeting because the bank wants to become the settlement bank.

“The President of Afreximbank, Dr Benedict Okey Oramah is retiring next year from the bank, and he needs to protect his private investment in Dangote Refinery, just like former Central Bank Governor, Godwin Emefiele.

“Oramah and Zacchs Adedeji of the Federal Inland Revenue Service (FIRS) are doing everything possible to force NNPC to give foreign exchange discount and foreign exchange subsidy to Dangote. They are putting pressure on NNPC to give this foreign exchange subsidy and charge it to the federation account but NNPC is resisting that.

“They want NNPC to provide foreign exchange discounts and subsidies to Dangote, which NNPC is currently resisting.

“Now, plans are underway to push for the removal or sacking of NNPC management if they refuse to cooperate with them. They want to bring in a Kano man named Engineer Rabiu Suleiman,” the source added.

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Boris Johnson Says He Feels “Perfectly Safe” in Nigeria, Praises Imo State’s Progress

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Former British Prime Minister Boris Johnson has expressed confidence in Nigeria’s security, saying he feels perfectly safe during his visit to the country. His remarks come amid ongoing reports of insecurity in various parts of Nigeria, making his statement a notable endorsement of the nation’s stability in certain regions.

Johnson made the declaration on Thursday, December 4, 2025, while addressing participants at the Imo State Economic Summit 2025 in Owerri, the state capital. He acknowledged having read travel advisories and news reports highlighting security concerns prior to his trip but said his experience has been reassuring.

He said he feels perfectly safe in the country and emphasized that the summit environment and local hospitality contributed to his sense of security. He also asked the audience if they felt safe, receiving an enthusiastic affirmation.

During his visit, Johnson commended Governor Hope Uzodimma and the Imo State Government for their development initiatives, particularly efforts to provide 24-hour electricity. He highlighted the potential of Nigeria as a hub for innovation and economic growth, noting the opportunities presented by emerging technologies such as artificial intelligence.

While his statements have been welcomed by some as a boost to international confidence in Nigeria, analysts caution that the former prime minister’s experience reflects only a controlled and secure environment within Imo State. Several parts of the country continue to face challenges, including banditry, communal conflicts, and kidnappings.

Nonetheless, Johnson’s visit and remarks are significant, sending a positive message to investors and global observers about Nigeria’s potential for stability and progress. They also underscore the contrast between localized experiences of safety and broader security challenges across the country.

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Dangote to Uzodimma: Just show me where to invest

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Dangote

By Emmanuel Iheaka, OWERRI

The President of Dangote Group, Aliko Dangote has assured Governor Hope Uzodimma of Imo State that his group will be one of the biggest investors in the state.

Dangote gave the assurance at the opening session of the Imo Economic Summit 2025 in Owerri on Thursday.

The renowned Africa’s industrialist urged Uzodimma to indicate his preferred area of investment and forget the rest.

Dangote described the Imo governor as a personal friend of decades and commended him for providing enabling environment for investment.

“We will be one of your biggest investors in Imo. So, please tell me the area to invest and we will invest”, Dangote declared.

He called on entrepreneurs to always invest at home, adding that foreigners cannot drive the economy of any nation more than the nationals.

“What attracts foreign investors is a domestic investor. Africa has about 30 percent of the world’s minerals. We are blessed,” he submitted.

Dangote reiterated that his refinery was set to launch 1.4 million barrels per day capacity, the highest for any single refinery in the world.

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Fabergé egg given as Easter gift to mother of Russia’s last emperor sells for record £22.9m

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A diamond-encrusted Fabergé egg that Russia‘s last emperor gave to his mother as an Easter gift has sold for nearly £23million.

Tsar Nicholas II gifted the Winter Egg to Dowager Empress Maria Feodorovna in 1913, five years before he was murdered along with his wife and children after the Russian Revolution.

 

Tsar Nicholas II

Dowager Empress Maria Feodorovna

 

 

The egg went under the hammer at Londonauction house Christie’s yesterday.

An unnamed buyer stumped up £22,895,000, smashing the previous global record of £8.9million that was set in 2007 when the famous Rothschild Egg was sold.

Carved from delicate rock crystal, the Winter Egg is an icy-looking orb studded with around 4,500 rose-cut diamonds, and stands at only five-and-a-half inches (14 centimetres) tall.

Carl Fabergé, the master jeweller whose creations bedazzled Russia, created 50 Imperial Easter Eggs for the then-ruling Romanov family over a 31-year period, making them incredibly rare and valuable.

They were commissioned as Easter gifts in a tradition started by Tsar Alexander III in the 1880s.

Nicholas II, Alexander’s son, had an annual standing order for two Easter eggs to be made for his mother and his wife, until the fall of the Romanovs in the 1917 Russian Revolution.

A diamond-encrusted Fabergé egg that Russia ‘s last emperor gave to his mother as an Easter gift has sold for nearly £23million

 

Today, only 43 of the Imperial Easter Eggs remain, with seven missing.

The ‘exquisite’ Winter Egg had a pre-sale estimate of more than £20million.

Christie’s Margo Oganesian said: ‘Today’s result sets a new world auction record for a work by Faberge, reaffirming the enduring significance of this masterpiece.’

She added the sale celebrated ‘the rarity and brilliance of what is widely regarded as one of Faberge’s finest creations, both technically and artistically’.

The imperial eggs have enjoyed renewed interest on the art market in recent decades, mainly among wealthy Russians keen to acquire a piece of their country’s history.

Beyond its opulence, it is the ‘technique and craftsmanship’ that makes the Winter Egg exceptional, according to Ms Oganesian.

‘The Winter Egg is truly one of the rarest items that you can find,’ she explained. ‘It’s really hard to comprehend how Faberge created it.’

The egg and its base are sculpted from crystal featuring diamond-encrusted platinum snowflakes.

Carved from delicate rock crystal, the Winter Egg is an icy-looking orb studded with around 4,500 rose-cut diamonds, and stands at only five-and-a-half inches (14 centimetres) tall. Inside, it contains a bouquet of flowers made of white quartz anemones held by gold wire stems, gathered in a platinum basket

The egg and its base are sculpted from crystal featuring diamond-encrusted platinum snowflakes

 

Tsar Nicholas and his wife, Empress Alexandra, with their five children. They were all murdered in 1918

 

Inside, it contains a bouquet of flowers made of white quartz anemones held by gold wire stems, gathered in a platinum basket.

Like many other Romanov possessions, the egg bears witness to Russian history. It was transferred from Saint Petersburg to Moscow in 1920 after the revolution.

As with many other Imperial Eggs, it was sold by the Soviet government to generate foreign currency and was acquired by London jeweller Wartski between 1929 and 1933, according to Christie’s.

The Winter Egg was subsequently part of several British collections but was considered lost from 1975, the auction house said in an essay attached to the sale lot online.

‘For 20 years, experts and specialists lost sight of it until 1994, when it was rediscovered and brought to Christie’s for sale in Geneva,’ said Ms Oganesian.

Eight years later, in 2002, it was sold again for a record $9.6 million in New York.

 

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