Business

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

Published

3 years ago

May 21, 2023

588 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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Business

Dangote Performs Opening Gong Ceremony At NGX, Present Facts Behind the Offer

Dangote brings his Dangote Petroleum Refinery’s IPO for listing on the exchange.

Published

1 hour ago

September 14, 2026

OCHEFA

8 Views

The trading floor of the Nigeria Exchange Limited (NGX) is agog this morning as billionaire industrialist,Aliko Dangote, declared opened trading activities for the day.

Dangote brings his Dangote Petroleum Refinery’s IPO for listing on the exchange.

He is currently making the Facts Behind the Offer Presentation and unpacking the numbers, the offer and the significance of this transaction for Nigeria and the continent.

Details soon..

Business

Naira Exchange Rates To Dollar, Pound , Euro… September 14

Published

2 hours ago

September 14, 2026

OCHEFA

9 Views

BLACK MARKET

US DOLLAR ₦1385

POUND (GBP) ₦1880

EURO (EUR) ₦1580

CANADIAN DOLLAR (CAD) ₦1000

SOUTH AFRICAN RAND (ZAR) ₦90

UAE DIRHAM (AED) ₦370

CHINESE YUAN (CNY) ₦190

GHANA CEDI (GHS) ₦100

Central Bank of Nigeria Rates

DOLLAR (USD)₦1326.52

POUND (GBP)₦1794.52

EURO (EUR)₦1540.22

SWISS FRANC (CHF)₦1627.83

JAPANESE YEN (JPN)₦8.64

CFA FRANC (XOF)₦2.34

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1811.58

CHINESE YUAN (CNY)₦197.74

SAUDI RIYAL (SAR) ₦353.20

SOUTH AFRICAN RAND (ZAR) ₦82.24

Business

Dangote Refinery’s IPO Officially Opens Today On NGX

Published

3 hours ago

September 14, 2026

OCHEFA

9 Views

Dangote Petroleum Refinery & Petrochemicals FZE today announced the commencement of its Initial Public Offering (IPO) to the investing public.

The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) Limited in Lagos.

The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.

The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.

The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa.

The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.

Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.

We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.”