Business

Dangote Petrochemical will soon launch its polypropylene

When the raw materials are locally available, there will be many more people who will be willing to invest in the economy.

Published

1 year ago

March 17, 2025

OCHEFA

425 Views

The Dangote petrochemical plant located at Ibeju-Lekki, Lagos State, is set to introduce its polypropylene products into the local markets.

Polypropylene, a raw material made from petroleum-based thermoplastic polymers, is used for a wide number of different products, including plastic packaging, plastic parts for machinery and equipment, fibers and textiles, piping systems, chairs, and medical or laboratory use, among others.

Giving an update on the petrochemical plant in Lagos, Group Executive Director, Strategy, Capital Projects & Portfolio Development, Dangote Industries Limited, Devakumar Edwin, said that the Dangote Petrochemical will drive massive investment in the downstream industries, generating huge value addition in the country, creating employment, increasing tax revenues, reducing foreign exchange outflow, and increasing the country’s Gross Domestic Product.

“We have 77 types of polypropylene, which can go for different uses that we can produce from our petrochemical plant.

Currently, the plant is capable of producing about 900,000 tonnes of polypropylene per annum. Our Petrochemical plant should be the biggest in Africa.

“Right now, raw materials from polypropylene are imported into the country. There is no foreign exchange for manufacturers to import raw materials.

The Dangote Petrochemical plant is going to take care of this challenge. ” When the raw materials are locally available, there will be many more people who will be willing to invest in the economy.

So, it is not just the savings of foreign exchange from petrochemical products’ importation; the country’s downstream sector will also benefit hugely from the availability of petrochemicals in the country.”

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Business

BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

9 hours ago

June 30, 2026

Charles Flames

25 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

13 hours ago

June 30, 2026

OCHEFA

19 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”