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650,000 BPD Dangote Petroleum Refinery to be Commissioned On Monday by Buhari

Published

3 years ago

May 21, 2023

479 Views

President Muhammadu Buhari is set to Commission the 650,000 BPD Dangote Petroleum Refinery and Petrochemicals on Monday.

A statement by the Dangote Group states that the refinery will be churning out Premium Motor Spirit (PMS), diesel (AGO), aviation jet fuel and Dual-Purpose Kerosene (DPK), among other refined products.

Speaking about the magnificent plant, the CEO Dangote Petroleum Refinery and Petrochemicals, Sanjay Gupta, said “everything in this plant by way of size is the first. It is the largest single-train refinery in the world.

“There is no single column which can process 650,000 barrels per day anywhere else,” he humbly boasted.

The launch of this refinery is expected to take place in Lagos State.

The Special Assistant to the President on Digital and New Media, Tolu Ogunlesi in a tweet earlier in January noted that the “Dangote Refinery and Petrochemical complex in Lekki sits on land that is more than 3 times the size of Victoria Island”.

He added that the fertilizer plant was already producing.

Experts believe that the Dangote Refinery could help achieve macroeconomic stability in Nigeria, however, they say it cannot eradicate all the problems in Nigeria’s oil sector.

The plant which is arguably Africa’s biggest oil refinery and the worlds biggest simple-train facility will no doubt create more employment opportunities for Nigeria’s teeming population.

And while the refinery is a game-changer for the nation’s troubled oil sector, one that will increase human, labor, and capital stock productivity, the experts say Nigeria needs to use its oil revenues wisely, to create a better future, especially as the world is moving toward renewable energy technologies.

Related Topics:Buhari Dangote Refinery commissioning

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Naira Today Rates To Foreign currencies Monday, 22 June 2026

Black Market:
US DOLLAR (USD) ₦1, 400

Published

11 minutes ago

June 22, 2026

OCHEFA

1 Views

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,370.46

GREAT BRITISH POUND (GBP) ₦1,814. 76

EURO (EUR) ₦1,571.50

SWISS FRANC (CHF) ₦1,699.68

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦202.43

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,852.57

SAUDI RIYAL (SAR) ₦365.10

SOUTH AFRICAN RAND (ZAR) ₦83.11

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 400 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,860 Sell: ₦1,880

EURO (EUR) Buy ₦1, 585 Sell ₦1, 605

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Business

UPDATE : Polaris Bank Debunks Reports of 34 Deaths in Lagos Branch Fire

Published

3 days ago

June 19, 2026

Charles Flames

55 Views

Polaris Bank has strongly dismissed as false and misleading social media reports claiming that over 34 people died in a fire incident at its Broad Street branch on Lagos Island.

In an official statement, the bank confirmed that there were no casualties or fatalities recorded during the Thursday fire outbreak.

“The reports claiming that over 34 persons were feared dead are false and misleading. We confirm that there were no casualties or fatalities,” the bank stated.

The fire, which reportedly started from a vehicle in the building’s parking area, was swiftly contained by the Lagos State Fire Service with minimal damage to the facility. Operations at the branch are expected to resume normally soon.

The bank urged the public to rely on verified official information and disregard unconfirmed rumours circulating on social media.

This incident follows heightened public sensitivity to fire outbreaks in Lagos following previous tragic events in the area. Authorities have not yet disclosed the exact cause of the fire, but investigations are ongoing.