Dangote Petroleum Refinery has announced suspension of sale of petroleum products in naira.

This was announced in a notice sent to petroleum marketers, on Wednesday afternoon.

In the notice obtained by Ohibaba.com, the company said the decision is temporary, explaining why it took the decision.

“We wish to inform you that, Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira.

This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.”

“To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received.

As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.

Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud.

This is malicious falsehood. Our systems are robust and we have had no fraud issues.

“We remain committed to serving the Nigerian market efficiently and sustainably.

As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira.

We appreciate your understanding and cooperation during this period.”

A Federal High Court in Abuja has dismissed the objection raised by the Nigerian National Petroleum Company Limited (NNPCL) against the competence of a suit filed by Dangote Petroleum Refinery and Petrochemicals FZE (Dangote Refinery).

Dangote is seeking to void the licences issued by the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to some oil marketing companies to import refined petroleum products.

In its objection, the NNPCL challenged the jurisdiction of the court to hear the suit and urged the court to strike out its name from the suit on the grounds that it was not properly identified by the plaintiff.

It argued that the name, “Nigerian National Petroleum Company Limited,” being its registered name with the Corporate Affairs Commission (CAC), is not the one and the same entity the second defendant sued but the “Nigerian National Petroleum Corporation”.

Ruling yesterday, Justice Inyang Ekwo held that NNPCL’s objection was incompetent as it was filed in violation of Order 29 of the Federal High Court Civil Procedure Rules (FHCCPR), 2019.

Justice Ekwo also held that the NNPCL ought to have filed a defence in the form of a counter-affidavit to the plaintiff’s suit before raising an objection.

The judge averred that under the procedure in lieu of demurrer, any party is entitled to raise, by his pleading, any point of law, and that any point so raised may be disposed of by the trial court at trial or after the trial.

He explained that where a defendant seeks to challenge the jurisdiction of the court, it is the provision of Order 29 of the Federal High Court Civil Procedure Rules (FHCCPR), 2019, that would be applicable.Justice Ekwo added that the NNPCL failed to comply with the provision.

The judge held that the NNPCL, having not complied with the provisions of the FHCCPR 2019 could not be said to have filed a competent preliminary objection.

The President of the Dangote Group, Alhaji Aliko Dangote, has announced the recommencement of the reconstruction of the cement plant project located in Itori, Ewekoro Local Government Area in Ogun State.

Construction of the Itori plant project originally began on December 23, 2023, with an anticipated completion date in November 2026. Unfortunately, the project was pulled down on two separate occasions during the administration of the former Governor of Ogun State, Senator Ibikunle Amosun.

The ongoing plant project, which includes two new production lines with a combined capacity of 6.0 million metric tons per annum, complements the existing cement plant that has been operational for over a decade in Ibese, Yewa North Local Government Area.

On Monday, Mr. Dangote conducted a courtesy visit to Governor Dapo Abiodun’s office at Oke-Mosan, Abeokuta, as part of an inspection of the multimillion-dollar plant project.

During this visit, he reflected on the challenges faced in the past, noting that the site was dismantled twice by the previous administration. However, he expressed optimism about returning to the site, attributing this positive development to the current administration’s supportive and investor-friendly policies.

He stated, “Our factory at Itori was dismantled twice. When we made a second attempt, the demolitions extended beyond the factory to the surrounding fence, prompting us to withdraw. However, we are now back, and I assure you that the developments are impressive.”

Mr. Dangote further assured stakeholders that, upon completion, the Itori cement plant will significantly enhance the overall capacity of the company’s cement plants in the state, bringing the total to approximately 18 million metric tons per annum.

This positioning will designate Ogun State as the leading cement-producing region in Africa.

“With the contributions of other cement manufacturers in the state, Ogun is markedly ahead of other regions across Africa in terms of cement production,” he emphasized.

According to Mr. Dangote, Dangote Cement remains the leading cement producer in Africa, with a total capacity of 52.0 million metric tons per annum across the continent.

He highlighted that 70 percent of this production occurs within Nigeria, with the Obajana plant in Kogi State representing the largest production facility in Africa, accounting for 16.25 million metric tons per annum.

He concluded by stating that the investments in cement manufacturing have enabled Nigeria to achieve self-sufficiency in cement production, similar to the progress made in the fertilizer sector, with surplus production contributing to export markets and generating essential foreign exchange for the nation.