Business

Nigeria To End Fuel Imports As 650,000pbd Dangote Oil Refinery Takeoff

Published

2 years ago

May 22, 2023

Dangote Petroleum Refinery which commences production today, will help Nigeria transited from being the largest importer of these products to a net exporter.

Aliko Dangote, the President and CEO of Dangote Group, affirmed this during the inauguration ceremony of the plants by the outgoing President, Muhammadu Buhari, at the Lekki Free Trade Zone in Lagos.

“This project is just the beginning of a great journey, a milestone in a new and exciting trajectory for the downstream sector of Nigeria’s Oil and Gas Industry.

“It is our firm commitment that we will replicate in this sector, what we have achieved in the cement and fertilizer markets, where Nigeria transited from being the largest importer of these products to a net exporter,” said Dangote.

He disclosed that the first product of the refinery “will be in the market before the end of July, or beginning of August this year.”

He stated that given the 650,000 barrel per day processing capacity, the refinery is more than able to meet all of Nigeria’s domestic fuel consumption, which is about 450,000 barrels per day. This leaves the excess production of 200,000 bpd available for export.

” The group’s huge investment of over $18.5 billion in the oil and gas industry has been prompted by the desire to support and contribute our quota to the Federal Government’s sustained effort to transform our economy and properly position our country as the leading Nation in Africa, and a respected member among emerging economies in the world.

“Beyond today’s ceremony, our first goal is to ramp up production of the various products to ensure that within this year, we can fully satisfy our nation’s demand for high-quality products to enable us to eliminate the tragedy of import dependency and stop, once and for all, the dumping in our market of toxic sub-standard petroleum products,” he said.

He added that beyond the local market, the group intend to ensure that the plants are run at the highest capacity utilization and highest efficiency to enable us to export competitively to other markets, especially in the ECOWAS and the wider Africa Region in which 53 countries out of 55 are dependent on imports to meet their petroleum products demand.

Gratitude For Projects’ Supports
Dangote thanked President Muhammadu Buhari and Nigerians, for the immeasurable support his company got from the inception of the project to its completion.

“Well, what I want to share with Nigerians is actually to show my gratitude and that of the Dangote Group, for all the assistance that we got from the President, from the Federal Government of Nigeria, from even the President-Elect, because he also set the pace by creating the Lekki Free Trade Zone as part of his dream.
And also we want to thank Governor Fashola, Governor Ambode and Governor Sanwo-Olu; because they have given us all the assistance that we were looking for.

“We thank all Nigerians for giving us their support which is too numerous to mention,” he said.

Related Topics:Commissioning Dangote Refinery Lagos

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Business

UBA Modifies PoS, MONI App to Fastrack Digital Payments

“This next-generation PoS is not just a payment device; it’s a powerful tool that helps businesses stay competitive in a fast-paced economy.

Published

5 hours ago

April 14, 2025

OCHEFA

• UBA Group MD, Oliver Alawuba

The United Bank for Africa (UBA) Plc, has unveiled its upgraded Point of Sale (POS) Terminal as well as the UBA MONI App.

This is for the acceleration of digital payment landscape and empowering small and medium scale enterprises across Africa.

In a statement, UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, said: ” As a forward-thinking financial institution, UBA is always on the look-out for modern ways to improve their services and offerings, to give customers top-notch experiences while conducting their daily businesses.

He said: “At UBA, we are constantly innovating to provide seamless and secure payment solutions for businesses of all sizes.

The new UBA PoS and MONI App is designed to empower merchants and agency banking with instant settlements, real-time transaction tracking, and unmatched reliability – ensuring they can focus on growing their businesses with a trusted partner.

“This next-generation PoS is not just a payment device; it’s a powerful tool that helps businesses stay competitive in a fast-paced economy.

With UBA’s extensive reach and robust infrastructure, we are bringing convenience and confidence to every transaction.

With the upgraded MONI App, we are equally equipping our agents, many of whom serve smaller communities, with faster tools, greater transparency, and an enhanced user experience that will help them grow their businesses while serving millions of underserved customers”.

Business

NIS Begins Contactless Passport System in the Americas

The contactless system, which enables Nigerians living abroad to renew their passports without physically visiting passport offices for biometric enrollment, went live in the United States on April 11. Mexico, Brazil and Jamaica are scheduled to gain access on April 14.

Published

5 hours ago

April 14, 2025

OCHEFA

The Nigeria Immigration Service (NIS) has announced the expansion of its Contactless Biometric Passport Application System to several countries in the Americas.

In an official statement released yesterday, ACI AS Akinlabi, Service Public Relations Officer at NIS Headquarters in Abuja, confirmed that the service under Comptroller General Kemi Nanna Nandap is rolling out the next stage of implementation across Brazil, the United States, Mexico, and Jamaica this month.

“This expansion represents our commitment to innovative an efficient service delivery to Nigerians anywhere in the world,” said ACI AS Akinlabi, Service Public Relations Officer at NIS Headquarters in Abuja.

(BusinessDay)

Business

SGF Akume Heads New Board of Galaxy Backbone

” We are excited to work with a Board whose insight and guidance will be critical to our continued growth and national impact,” Adeyanju said.

Published

3 days ago

April 11, 2025

OCHEFA

The Federal Government, today , appointed a new Board of Directors for Galaxy Backbone Limited (GBB), after operating without a Board for over a year

The newly constituted Board of GBB is headed by Senator Dr. George Akume the Chairman & Secretary to the Government of the Federation.

Others include: Professor Ibrahim A. Adeyanju – Managing Director/CEO, Galaxy Backbone; Hon. Olusegun Olulade – Executive Director, Customer Centricity & Marketing; Mr. Olumbe Akinkugbe – Executive Director, Digital Exploration & Technical Services;Mr. Mohammed Sani Ibrahim – Executive Director, Finance & Corporate Services.Mrs. Rabi’ah Adamu-Waziri – Non-Executive Director (PTDF Representative)Mrs. Oluwakemi Babalogbon – Non-Executive Director (MOFI Representative)Mr. Abdulqadir Abubakar Maje – Non-Executive Director (Jigawa State Representative)Mrs. Margaret Ene Ebute – Non-Executive Director (Federal Ministry of Communications, Innovation & Digital Economy)Mrs. Adama Pindar – Company Secretary, Galaxy Backbone.

In a statement signed by the GBB Head of Corporate Communications, Chidi Okpala, the inauguration took place at the Office of the Secretary to the Government of the Federation (SGF) in Abuja and was presided over by Senator George Akume, who also assumes the role of Chairman of the Board.

Senator Akume said that the new Board’s goal is to make Galaxy Backbone a more “agile, responsive, and impactful” institution, and positioned it at the center of Nigeria’s public digital infrastructure and service delivery.

The Managing Director/CEO of Galaxy Backbone, Professor Ibrahim A. Adeyanju, who was appointed in February 2024 by President Bola Ahmed Tinubu, welcomed the Board members and provided a strategic update on the company’s trajectory.

Adeyanju revealed that GBB successfully developed and launched its Integrated Digital Transformation Strategy (IDTS) 2025–2028—a roadmap for modernizing Nigeria’s digital infrastructure and public service delivery.

“We are excited to work with a Board whose insight and guidance will be critical to our continued growth and national impact,” Adeyanju said.