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BIG STORY

Dangote Sells Fuel Refined From Crude Oil Bought In Naira To Foreign Markets In Dollars — Bloomberg Report

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Investigation reveals that “businessman” Aliko Dangote has signed a contract with “Vitoil” for 5 cargoes of 38,000 metric tonnes per cargo.

One of them is the “CL Jane Austen” tracked by Bloomberg.

The Dangote Refinery has altered the federal government’s petrol supply plan as it began the sale of fuel in dollars to the foreign market, with a vessel (tanker/cargo) already having hauled the product from the refinery to waters off Togo.

The crude oil from which the product was refined was sold to the refinery established by Africa’s richest man in Naira through a government’s template that began in October.

The private refinery, a report by Bloomberg showed, has signed a contract with “Vitoil” for 5 cargoes of 38,000 metric tonnes per cargo.

Investigation by Bloomberg showed that the tanker named “The CL Jane Austen” recently loaded more than 300,000 barrels from Dangote.

The tanker sailed west, according to data from Vortexa, Kpler, Precise Intelligence, a port report, and ship-tracking data compiled by Bloomberg.

“It’s now floating off the coast of Lome, a popular area for ship-to-ship transfers,” the report added.

President Bola Ahmed Tinubu ordered the sale of crude oil to Dangote Refinery in Naira, an order that has been confirmed to have been implemented by the Nigerian National Petroleum Company Limited (NNPCL).

Meanwhile, the new fuel supply deal between Dangote Refinery, which benefited from the crude oil sale in Naira, and “Vitol” is being carried out in dollars.

While the shipment is tiny in the context of the global gasoline market, it signals the ramp-up of Dangote’s production and the potential to export significant volumes of gasoline beyond Nigeria, which could upend regional markets.

The refinery last month shipped its first seaborne fuel cargo to the nearby commercial hub of Lagos.

Whether large amounts of Dangote’s fuel output end up being exported remains to be seen.

A Dangote spokesperson didn’t respond to a request for comment.

Last month, Nigeria ended its state-owned oil company’s monopoly on buying the fuel from the plant for domestic use.

Meanwhile, the country continues to import fuel from Europe and the US.

It’s also not certain where the “CL Jane Austen’s” cargo will ultimately end up.

Although it’s off Togo, the area is often used for STS transfers, meaning the fuel could subsequently be taken elsewhere.

BIG STORY

Abia Governor Alex Otti Addresses Defection Speculation, Says “I Presently Have No Plan To Join APC”

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Alex Otti, the governor of Abia state, has denied claims connecting him to a potential defection to the All Progressives Congress (APC).

Reports had suggested that Otti recently met with Hope Uzodimma, the Imo governor, to discuss a possible move to the ruling party.

These claims emerged after Thursday’s national economic council (NEC) meeting at the presidential villa.

In a statement on Saturday, Ferdinand Ekeoma, special adviser to Otti on media and publicity, described the reports as “false, baseless and unfounded”.

The governor’s spokesperson stated that the alleged meeting was misrepresented and had no political significance.

“After the National Economic Council meeting on Thursday, April 24, Governor Otti and a few of his colleagues joined Governor Uzodinma to attend the birthday celebration of his twin daughters, an event that had nothing to do with politics,” he said.

Ekeoma suggested that Otti’s “rising profile and performance” as Abia governor might be fueling speculation and political projections from various sources.

He stated that decisions with long-term consequences would only be made in consultation with the people of Abia and the governor’s close associates.

According to him, Otti remains focused on governance and believes it is too early to allow 2027 politics to “distract from the mandate of service to Abians”.

“We wish to emphatically state that Governor Otti remains a member of the Labour Party and is presently not planning or discussing with anyone to defect to the APC or any other party,” he added.

In recent weeks, major opposition parties have lost several members to the ruling APC, with more governors and key party members reportedly planning to defect.

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BIG STORY

Osun Monarch, Pastor Plead Guilty To COVID-19 Fraud In US

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Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State, and Edward Oluwasanmi, a Nigerian pastor, have admitted guilt to charges related to COVID-19 relief fraud in the United States.

The two individuals could potentially face imprisonment.

It was gathered that Oba Oloyede, who works as an accountant and information system expert in the US, became the Apetu in July 2019.

The monarch and Oluwasanmi were apprehended in early 2024 for their involvement in a scheme to fraudulently acquire $4.2 million in COVID-19 relief funds.

They were charged with 13 counts, including conspiracy to commit wire fraud, wire fraud, conspiracy to defraud, money laundering, and engaging in financial transactions involving illegally obtained property.

They were brought before Justice Christopher Boyko of the US District Court of Ohio.

Court documents indicate that Oba Oloyede and Oluwasanmi, among others, fraudulently obtained $3.76 million from the US Paycheck Protection Programme and Economic Injury Disaster Loans scheme.

After approximately a year of legal proceedings, the two pleaded guilty to some of the charges and may be sentenced to prison.

On April 10, Oluwasanmi, through his lawyer Henry Hilow, pleaded guilty to counts one, 11, and 12 of the indictment.

These counts accused Oluwasanmi of using fraud proceeds to buy a commercial property at 422 South Green Road, South Euclid, Ohio, via wire transfer, and of transferring money into the Dayspring transportation brokerage account.

“Guilty plea entered to counts 1, 11 and 12 of the indictment. Plea agreement executed. Sentencing set for July 2, 2025, at 10am in Courtroom 9A. Defendant’s bond to continue with same conditions as previously ordered,” the court document stated.

On Monday, April 21, Oba Oloyede entered his guilty plea with the court.

The court scheduled Thursday, April 24, for the hearing of his pleas.

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BIG STORY

BREAKING: EFCC Arrests Famous Nigerian Musician Terry Apala For Naira Mutilation

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Justice Akintayo Aluko of the Federal High Court sitting in Ikoyi, Lagos, on Friday, April 25, 2025, remanded a musician, Terry Alexander Ejeh, otherwise known as Terry Apala, in a Correctional Centre for alleged “mutilation of the Naira notes.”

He was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Friday, April 25, 2025, on a one-count charge of “mutilating the Naira notes.”

The charge reads: “That you, TERRY ALEXANDER EJEH, on the 5th day of January, 2025, at La Madison Place, Oniru, within the jurisdiction of this Honourable Court, whilst dancing during a social event, tampered with Naira notes issued by the Central Bank of Nigeria by marching on the same and you thereby committed an offence contrary to and punishable under Section 21(1) of the Central Bank of Nigeria Act, 2007.”

He pleaded not guilty to the offence when it was read to him. In view of his plea, the prosecution counsel, S.I. Suleiman, prayed for a trial date and also urged the court to remand him in a Correctional Centre.

The defence counsel, Felix Nwabuda, informed the court of a bail application dated April 23, 2025 and prayed the court for a short date for the hearing of the application.

“Whilst praying the court for a short date for the hearing of the bail application, I will be craving the indulgence of the court to release the defendant to the defence. “We undertake to produce him in court. He will not evade hearing. He came in from the United Kingdom on April 23, 2025; and on the invitation of the EFCC, he came on his own.”

The prosecution counsel, however, opposed the application, saying, “ the application is alien and unheard of.”

“I urge the court to afford us the opportunity to look at the application and respond properly so that the court can make a well -informed ruling,” he said.

In a short ruling, Justice Aluko refused the application of the defence. Justice Aluko adjourned till May 5, 2025 and ordered the remand of the defendant in the Ikoyi Correctional Centre pending the determination of the bail application.

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