Business
Petrol to roll out from Dangote Refinery next month
Petrol will roll out from Dangote Refinery next month, Dangote Group and Chief Executive Officer, Dangote Petroleum Refinery, Alhaji Aliko Dangote said yesterday.
According to him, the crisis over supply of crude from the International Oil Cooperations (IOCs)has been resolved following the intervention of the Nigerian National Petroleum Company Limited (NNPCL) and the federal government.
Addressing media executives during a tour of the Dangote Petroleum Refinery and Petrochemicals in Ibeju Lekki local government area of Lagos state, Dangote said that the crude supply challenge, which affected the supply of petrol from the refinery, was resolved last week.
Dangote expressed hope that the authorities and stakeholders will abide by the provisions of the Petroleum Industry Act, PIA.
He said that the refinery’s fertiliser unit would resume export in two weeks due to efforts to meet local demand this farming season.
This would give farmers more access to fertiliser for their farm products.
Dangote said that there was a massive request for fertiliser from Nigerians and the rest of Africa, so his group had no choice but to respond positively
He also lamented that the delay in securing a site for the Dangote Petrochemical Facility in Ogun State resulted in a $500 million loss for his conglomerate.
Dangote attributed the financial setback to the protracted process of acquiring Olokola land for a petrochemical facility on the $2.5 billion initial drawdown on bank loans.
He expressed disappointment over the bureaucratic hurdles encountered, which significantly impacted the project timeline and overall costs.
“The three years and eight months delay by Ogun State Government over Olokola land for petrochemicals facility costs us $500 million,” Dangote said.
He said a total of $25 billion investments have been made in petrol refinery and fertilizer plant by the Dangote group over the past 10 years.
Located in Lekki Free Zone, Lagos, Dangote Refinery is expected to produce, at full operations, approximately 50 million litres of petrol and 15 million litres of diesel daily, equating to 10.4 million tonnes of petroleum products annually.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.
The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.
The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.
The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.
The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.
Current status
The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.
As the case is pending before the court, the allegations remain subject to judicial determination.
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Business
CBN revokes 46 MFBs’ licences
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.
She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
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