Connect with us

News

Dangote Accuses Oil Firms Of Selling Crude $2-$4/b Above Official Price

Published

on

The management of Dangote Industries Limited (DIL) has accused the trading arms of oil firms in Nigeria of selling crude oil cargoes at $2-$4 per barrel above the official market rate, making it difficult for the refinery to purchase local crude.

This is as the company has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its various interventions in the oil company’s crude supply requests from International Oil Companies (IOCs), and for publishing the Domestic Crude Supply Obligation (DCSO) guidelines to enshrine transparency in the oil industry.

Vice president, of Oil & Gas, Dangote Industries Limited,  Devakumar Edwin however said: “If the Domestic Crude Supply Obligation (DCSO) guidelines are diligently implemented, this will ensure that we deal directly with the companies producing the crude oil in Nigeria as stipulated by the PIA.”

Edwin insisted that IOCs operating in Nigeria have consistently frustrated the company’s requests for locally produced crude as feedstock for its refining process.

He highlighted that when cargoes are offered to the oil company by the trading arms, it is sometimes at a $2-$4 (per barrel) premium above the official price set by NUPRC. “As an example, we paid $96.23 per barrel for a cargo of Bonga crude grade in April (excluding transport). The price consisted of $90.15 dated Brent price + $5.08 NNPC premium (NSP) + $1 trader premium. In the same month, we were able to buy WTI at a dated Brent price of $90.15 + $0.93 trader premium including transport. When NNPC subsequently lowered its premium based on market feedback that it was too high, some traders then started asking us for a premium of up to $4m over and above the NSP for a cargo of Bonny Light”

“Data on platforms like Platts and Argus shows that the price offered to us is way higher than the market prices tracked by these platforms. We recently had to escalate this to NUPRC”, Edwin said and urged the regulatory commission to take a second look at the issue of pricing.

 Edwin’s response came against the background of a statement by the Chief Executive Officer of NUPRC, Engr. Gbenga Komolafe, in an interview on ARISE News TV said that “it is ‘erroneous’ for one to say that the International Oil Companies (IOCs) are refusing to make crude oil available to domestic refiners, as the Petroleum Industry Act (PIA) has a stipulation that calls for a willing buyer-willing seller relationship.”

Edwin noted that “The NUPRC has been very supportive to the Dangote Refinery as they have intervened several times to help us secure crude supply. However, the NUPRC Chief Executive was probably misquoted by some people hence his statement that IOCs did not refuse to sell to us. To set the records straight, we would like to recap the facts below.

“Aside from Nigerian National Petroleum Corporation Limited (NNPC), to date, we have only purchased crude directly from one other local producer (Sapetro).

All other producers refer us to their international trading arms.

“These international trading arms are non-value adding middlemen who sit abroad and earn margin from crude being produced and consumed in Nigeria. They are not bound by Nigerian laws and do not pay tax in Nigeria on the unjustifiable margin they earn.

“The trading arm of one of the IOCs refused to sell to us directly and asked us to find a middleman who would buy from them and then sell to us at a margin. We dialogued with them for 9 months and in the end, we had to escalate to NUPRC who helped resolve the situation,” Edwin stated.

According to him, “When we entered the market to purchase our crude requirement for August, the international trading arms told us that they had entered their Nigerian cargoes into a Pertamina (the Indonesia National Oil Company) tender, and we had to wait for the tender to conclude to see what is still available.

“This is not the first time. In many cases, particular crude grades we wish to buy are sold to Indian or other Asian refiners even before the cargoes are formally allocated in the curtailment meeting chaired by NUPRC.

“However, we would like to urge NUPRC to take a second look at the issue of pricing. NUPRC has severally asserted that transactions should be on a willing seller / willing buyer basis. The challenge however is that market liquidity (many sellers / many buyers in the market at the same time) is a precondition for this. Where a refinery needs a particular crude grade loading at a particular time then there is typically only one participant on either side of the market.

“It is to avoid the problem of price gouging in an illiquid market that the domestic gas supply obligation specifies volume obligation per producer and a formula for transparently determining pricing. The fact that the domestic crude supply obligation as defined in the PIA has gaps is no reason for wisdom not to prevail”, Edwin stated.

 

News

Visa Fraud Scheme Uncovered in Edo, 17 Victims Identified

Published

on

By

By Samson Adeyanju 

At least 17 prospective travellers have been identified as victims of an alleged visa fraud scheme involving two suspects from Igbanke in Edo State, according to a press statement issued on April 19.

The suspects, Promise Alika and Innocent Ogboin, were accused of posing as agents linked to the Ministry of Foreign Affairs Nigeria to defraud unsuspecting individuals seeking visas to Australia and European countries.

The statement, signed by Chief Jude Ogbekile, alleged that Alika misrepresented himself as a consultant or government representative and collected large sums of money from victims under the pretext of facilitating visa processing, appointment scheduling and guaranteed approvals.

Payments were reportedly made through a bank account operated by one Adamu Yusuf with Access Bank, raising further concerns about the structure of the scheme.

Preliminary findings indicate that victims were charged as much as ₦8 million for visa processing to Australia and similar amounts for European destinations, with additional payments allegedly demanded at various stages of the process.

According to the statement, victims were told that visa appointments would be scheduled after initial payments and that approvals would follow within weeks after biometric capture.

However, many of those who paid have reportedly been left stranded, while attempts to contact the main suspect have failed.

Although two individuals reportedly obtained visas under unclear circumstances, the majority of clients are said to have suffered financial losses running into tens of millions of naira.

There are also unverified claims that some parties linked to the operation are disputing about ₦37 million allegedly unaccounted for.

Authorities have since been alerted, and investigations are ongoing to determine the full extent of the fraud and bring those responsible to justice.

The public has been urged to avoid dealing with unauthorized agents and to process visa applications strictly through official embassy channels or accredited service providers.

Officials also warned that no individual has the authority to guarantee visa approvals or demand unofficial payments.

Continue Reading

News

Demonstrate ‘True Love in Action’, CWOAA President Urges Women

Published

on

By

By Samson Adeyanju 

The President of the Catholic Women Organization Abuja Archdiocese (CWOAA), Dr. Mrs. Nnennah Mabel Ilukwe, has called on women to embody genuine love through service, sacrifice and unity, as the group marked this year’s Mother’s Day celebration.

Speaking at the event held on April 19 under the theme “True Love in Action,” Ilukwe described motherhood as a vocation rooted in selflessness, compassion and unwavering support for family and society.

“Mother’s Day is not just about celebration but about recognising the contributions of mothers and addressing the gaps that hinder true equality,” she said, noting the steady progress women have made across various sectors despite lingering challenges.

She linked the theme to the broader global push for women’s rights, referencing the ideals of equality, justice and safety for women in both public and private spaces.

According to her, true love goes beyond words and must be expressed through consistent acts of kindness, presence and sacrifice.

Drawing from biblical teachings, including 1 Corinthians 13 and Luke 6:37, Ilukwe emphasised forgiveness, patience and truth as essential virtues for building strong families and communities.

She urged women to remain committed to truth, inclusiveness and mutual support, adding that love must be demonstrated through everyday actions such as caring for others, offering forgiveness and standing for what is right.

The CWOAA leader also used the occasion to call for unity among members following the recent archdiocesan elections that produced her as president. She described the period as a time for reconciliation, healing and collective growth.

“I operate an open door policy and urge all of us to join hands in love as we build together,” she said.

Ilukwe expressed appreciation to husbands, children and the Church for their support, stressing that their roles remain vital in strengthening families and advancing the mission of women within the Church.

The Mother’s Day celebration brought together women from across the archdiocese to reflect on their roles and renew their commitment to living out love through action, guided by the example of the Blessed Virgin Mary.

Continue Reading

News

Abuja Chapel Event: CAN Slams ‘Mischief Makers’ Over False Sultan Invite Claim

Published

on

By

By Samson Adeyanju 

The Christian Association of Nigeria (CAN) on Saturday issued a strong rebuttal, dismissing as false and provocative claims that the Muhammadu Sa’ad Abubakar was invited to serve as “Royal Father of the Day” at the proposed Ecumenical Chapel foundation ceremony at the Nnamdi Azikiwe International Airport.

In a press statement, CAN said it viewed the circulating reports and social media posts with serious concern, stressing that no such invitation was ever extended to the Sultan.

“We state, firmly and without equivocation, that no such invitation was extended to the Sultan by CAN. This claim is false,” the association said.

The body clarified that the controversial material did not originate from its office but was released by the Office of the Secretary to the Government of the Federation, distancing itself completely from the narrative.

Beyond denying the claim, CAN accused unnamed actors of deliberately twisting facts to inflame religious sensitivities and stir unnecessary tension.

“Beyond its inaccuracy, the narrative appears deliberately framed to provoke religious sensitivities and manufacture controversy where none exists. Such distortions are reckless and unacceptable,” the statement added.

The association reaffirmed its commitment to both the sanctity of Christian worship and peaceful coexistence among Nigeria’s diverse religious groups, warning that misinformation must not be allowed to undermine national unity.

“Truth must never be sacrificed on the altar of sensationalism,” CAN said, insisting that any suggestion linking the Sultan to the ceremonial role was entirely unfounded.

It urged the media and the public to act responsibly by verifying information before dissemination.

“Verify before amplifying, question before believing, and prioritise facts over virality,” the statement advised.

Reiterating its position, CAN maintained that the report was the handiwork of mischief makers and should be disregarded in its entirety.

Continue Reading

Trending

Betasusperabet girişradyoenerji.com.tr1xbetrulobetjojobet1wincanlı casino siteleribakırköy escortjojobetmeritbetgrandpashabetMeritkingsonbahis girişkulisbetkulisbetbahis sitelerideneme bonusu veren sitelerdeneme bonusu veren sitelerdeneme bonusu veren sitelerdeneme bonusu veren sitelerkralbetmavibetJojobetcasibomjojobetpiabellacasinoimajbetikimislijojobetMerit-kngtimebetbullbahisjojobetperabet girişcasibomcasibomtaraftarium24casibomonwinbahis forummarsbahisonwinbetciocasibominterbahismatbet girişpusulabet girişgrandpashabet girişgrandpashabetjojobetbetwoonromabet girişwbahis girişmatbetsekabet girişmatbetvdcasino girişligobetimajbet girişmatbet girişmatbet girişmarsbahis girişjojobetjojobetcasinoroyalbetsalvadorteosbetpalacebetbahiscasinoromabetgameofbetcratosroyalbetgameofbetgrandpashabetgrandpashabet girişsekabetcratosroyalbet girişgameofbetimajbet girişsekabet girişsonbahisamgbahisgameofbetbetbeybetgitromabet güncel girişbetgitgameofbetbetgitradissonbet resmi girişbetgitgameofbetgrandpashabet resmi giriş1wintambetbetsalvadorpusulabet girişnorabahisMarsbahismarsbahis girişroyalbetGrandpashabetjokerbetganobetmarsbahismarsbahis girişcasibom girişvdcasino girişholiganbetperabetyeni deneme bonusu veren sitelersafirbetJojobetJojobetbetgaranti girişjojobet girişJojobetMarsbahisJojobetJojobetJojobetJojobetJojobetCasibomCasibomyakabettimebettürk ifşajojobetpusulabet girişsekabet girişonlyfans leakextrabetextrabetcasibomHoliganbetHoliganbet