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JUST IN: Aliko Dangote Offers To Sell 650,000 BPD Oil Refinery To NNPC

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  • Says “Let them buy me out and run the refinery the best way they can”

 

Africa’s wealthiest man Aliko Dangote said he is willing to give up ownership of his multibillion-dollar oil refinery to the state-owned energy company NNPC Limited.

The billionaire spoke as a new dispute with one of the key equity partners in the plant heats up in the latest phase of a bitter row with regulatory authorities in Nigeria.

The 650,000 barrel-per-day refinery, which came to life last year after a decade of prolonged construction, cost $19 billion, more than double the initial estimate, promising to help wean Africa’s biggest oil producer off its reliance on fuel from overseas and save up 30 percent of the total foreign exchange spent on importing goods.

According to Permium Times, Mr. Dangote, on Sunday, said “Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way,”

“We have been facing fuel crisis since the 70s. This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery.”

The multisectoral investor’s big bet on oil and gas, which he ventured into following years of relatively stress-free dominance of Nigeria’s cement, salt and sugar industries, is turning out problematic in its early days.

Set for its first roll-out of petrol to the Nigerian market in August, the mammoth plant has been operating just above half its capacity since the January start of refining operations, constrained in part by difficulties in sourcing crude from international producers.

Dangote Refinery said those companies are either demanding outrageous premiums before agreeing to supply crude or simply claiming the product is unavailable.

NNPC, once a sweetheart of the refiner before the current dispute soured relations, had delivered only 6.9 million barrels of oil to the plant as of May since last year, according to S&P Global Platts, a tracker of supply data.

NNPC Limited has a supply deal with the company dating back to the commencement of operations and previously agreed to a 20 percent equity participation, the refinery saying only 7.2 percent has been fully paid for before the deadline issued to the company to acquire the stake.

Starving the refinery of the feedstock required to keep it running at present capacity means it has turned to countries like Brazil and the US to bridge the gulf in supply.

“As you probably know, I am 67 years old, in less than three years, I will be 70. I need very little to live the rest of my life. I can’t take the refinery or any other property or asset to my grave. Everything I do is in the interest of my country,” Mr Dangote said.

“This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery. At least the country will have high-quality products and create jobs,” he added.

Mr Dangote said the obstacles his refinery is facing seem to have vindicated friends and associates who conselled him to tread with caution as he pumped billions of dollars into the Nigerian economy.

“Four years ago, one of my very wealthy friends began to invest his money abroad. I disagreed with him and urged him to rethink his action in the interest of his country. He blamed his action on policy inconsistencies and shenanigans of interest groups. That friend has been taunting me in the past few days, saying he warned me and that he has been proven right,” the businessman said.

Last month, Devakumar Edwin, who serves as the vice president, oil and gas, at the Dangote Group accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of allowing marketers to import dirty fuel into the country.

That has drawn a reprisal from the main watchdog of Nigeria’s midstream and downstream operations whose chief, Farouk Ahmed, claimed diesel from the plant as well as the one from modular refineries like Waltersmith and Aradel contain high sulphur levels.

A high sulphur content in fuel could be injurious to vehicle engines and is known to be harmful to the environment in that it further heats up the fast-warming climate.

“The AGO quality in terms of sulphur is the lowest as far as West Africa’s requirement of 50 parts per million (ppm). Dangote refinery, as well as some major refineries like Waltersmith refinery, produce between 650 ppm to 1,200 ppm. So, in terms of quality, their quality is much more inferior to the imported quality,” Mr Ahmed told journalists last Thursday.

On Saturday, Mr Dangote debunked the claim during a tour of both Dangote Petroleum Refinery and the Dangote Fertiliser Limited complex by members of the House of Representatives, the Speaker of the House of Representatives, Tajudeen Abbas and other members.

The company in a statement said the representatives observed the testing of Automotive Gas Oil (diesel) from two petrol stations alongside Dangote Petroleum Refinery, praised the company for its significant investments and contributions to Nigeria’s development.

“The Chairman of the House Committee on Downstream, Ikenga Ugochinyere, and Chairman of the House Committee on Midstream, Okojie Odianosen, oversaw the collection of samples from the Mild Hydro Cracking (MHC) unit of Dangote refinery for testing of all the samples,” the statement said.

“Lab tests revealed that Dangote’s diesel had a sulphur content of 87.6 ppm (parts per million), whereas the other two samples showed sulphur levels exceeding 1800 ppm and 2000 ppm respectively.

“Dangote emphasised that these findings debunked claims made by Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Authority, who recently asserted that imported diesel surpasses domestically refined products. Ahmed had alleged that Dangote refinery and other modular refineries like Waltersmith and Aradel produced diesel with sulphur content ranging from 650 to 1200 ppm, a statement criticised by many Nigerians as a tactic to favour imported products over local ones.”

Mr Dangote openly challenged the regulator to compare the quality of refined products from his refinery with those imported, advocating for an impartial assessment to determine what best serves the interests of Nigeria.

On Saturday, the businessman announced plans to halt his investment in Nigeria’s steel industry to avoid being accused of monopoly.

“You know, about doing a new business which we announced, that is, steel. Actually, our board has decided that we shouldn’t do the steel because if we do the steel business, we will be called all sorts of names like monopoly. And then also, imports will be encouraged,” Mr Dangote said.

 

Credit: Premium Times.

BIG STORY

Troops Kill 24 Terrorists In Borno, Repel Kebbi Bandits

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Troops of Operation Hadin Kai have killed 24 Boko Haram/ISWAP terrorists in coordinated operations across Borno and Adamawa states.

The defence operations, which spanned between July 4 and 9, featured ambushes, clearance patrols, and close air support in Platari, Komala, Kawuri, Madarari, Leno Kura, Ngoshe-Gava, Ngoshe-Ashigashiya, Amuda-Gava, Bula Marwa, and Pambula, Ngailda, Manjim, and Wulle villages.

Also, the 223 Light Battalion successfully repelled a large-scale attack by over 400 bandits on Ribah town in Kebbi State.

The swift military response in Kebbi led to the neutralisation of several bandits, recovery of weapons, and return of normalcy to affected communities.

A statement by the Acting Deputy Director, Army Public Relations Headquarters, Theatre Command Operation Hadin Kai, Capt Reuben Kovangiya, on Thursday, said the operations in Borno involved a collaboration between land and air components of OPHK, Civilian Joint Task Force and hunters.

The statement read, “In continuation of the series of coordinated offensive operations across the North East Theatre of operations, troops of Operation Hadin Kai (OPHK), bolstered by close air support from the Air Component and collaboration with Civilian Joint Task Force and hunters, have carried out successful kinetic operations against Boko Haram/ISWAP terrorists in theatre between 4 to 9 July 2025, eliminating several terrorists.

“In one of the ambushes conducted at Platari on 4 July 2025, the gallant troops, while lying in wait, made contact with JAS/ISWAP terrorists mounted on bicycles moving from the Sambisa Forest axis to the Timbuktu Triangle.

“The terrorists were immediately subdued with heavy fire, leading to the neutralization of three terrorists.”

It added that “Following intelligence on movements of the insurgents around Komala general area, troops sprang another ambush on the terrorists, neutralising another fighter.

“On exploitation of the general area, troops recovered motorcycles and spare parts, knapsack sprayers, pesticides, and terrorists’ food items.”

The statement said troops conducted a night ambush on the same day at terrorists’ hideouts around the Kawuri general area in Konduga Local Government where they came into contact with the insurgents.

“Consequently, two terrorists conveying logistics were immediately eliminated, while others fled with gunshot wounds. Troops also recovered packets of salt, food seasoning, detergents, and other sundry items,” it said.

It added, “In the same vein, troops on 5 July 2025, intercepted terrorists attempting to access the Madarari Internally Displaced Persons (IDPs) camp in Konduga Local Government Area.

“The troops swiftly engaged the insurgents, killing one terrorist, while others escaped with traces of gunshot wounds. Troops subsequently recovered several rounds of ammunition during the exploitation of the area.

“In another development, troops conducted a fighting patrol to terrorists’ enclaves at Leno Kura. Resultantly, the troops came into contact with the insurgents and engaged them with simultaneous gunfire from different directions.

“Accordingly, three terrorists met their waterloo, while troops continued to exploit the area.”

It stated that “Furthermore, on 6 July 2025, troops carried out a night ambush at a suspected terrorists’ crossing point along the roads Ngoshe-Gava, Ngoshe-Ashigashiya, as well as Amuda-Gava areas. Troops made contact, and an insurgent was neutralised while others fled.

“On 7 July 2025, troops sprang another ambush following an intelligence report close to Sabsawa village. During the operation, troops made contact with terrorists’ logistics suppliers and successfully neutralised two insurgents.

“On the exploitation of the area, the gallant troops recovered bicycles, sacks of slippers, several torchlights, batteries, detergents, salt, and rubber shoes, amongst other sundry items.”

Speaking on the July 8 operations, the statement said, “Troops in conjunction with the Civilian Joint Task Force, under close air support provided by the Air Component of OPHK, conducted clearance operations at Bula Marwa, a known ISWAP/JAS enclave.

“In the course of the operation, the troops eliminated an insurgent and recovered a gun, and terrorists’ uniforms, while their life-supporting structures were totally destroyed.

“Additionally, troops, in a joint operation with hunters and the Civilian Joint Task Force, conducted a fighting patrol at terrorists’ hideouts at Pambula village in Madagali Local Government Area of Adamawa State.

“During the patrol, contact was made with JAS/ISWAP terrorists, who were immediately engaged with a high volume of fire, forcing the terrorists to disperse in disarray.

“Consequent upon the firefight, the troops neutralised a terrorist, recovering four motorcycles and his weapon. The determined troops continued exploiting the general area to rid it of any terrorist activities.”

Also on July 8, the statement said troops, at Bula Marwa, neutralised a terrorist fighter, while others fled, adding that a gun and terrorists’ uniforms were recovered.

“On 9 July 2025, troops in joint operations with the Civilian Joint Task Force conducted a clearance operation in the JAS/ISWAP enclave at Tangalanga and Bula Marwa.

“After a heavy firefight, three insurgents were eliminated. Terrorists’ life-supporting structures in the camp were also destroyed completely. Troops recovered six AK 47 rifles, 47 magazines and ninety rounds of 7.62mm ammunition during the exploitation of the area.

“In furtherance of the offensive operations, troops in conjunction with CJTF conducted an ambush at Ngailda, Manjim and Wulle villages, where contact was made with the insurgents.

“Following the contact, troops successfully eliminated six terrorists while others fled in disarray. Items recovered by the troops during exploitation included motorcycles and bicycles,” it added.

Reuben said the killing of 24 insurgents with close air support underscored the determination, collaboration, and concerted efforts by the troops of Operation Hadin Kai to ensure terrorists were placed on the back foot, to create a conducive environment for socio-economic activities to thrive in the North East region.

The Nigerian Army’s 223 Light Battalion, Zuru, also successfully repelled a large-scale attack by over 400 armed bandits on Ribah town in Danko Wasagu Local Government Area of Kebbi State.

The daring operation, which took place on Wednesday, saw the troops respond swiftly to the invasion, as they engaged the attackers in a fierce gun duel that lasted several hours.

Eyewitnesses described the scene as a battlefield, with the superior firepower and tactics of the army ultimately forcing the bandits to retreat in disarray.

Military sources confirmed that many of the bandits were neutralised during the exchange, while others fled with injuries, abandoning a cache of weapons and ammunition.

The Director of Security at the Kebbi State Cabinet Office, Alhaji Abdulrahman Zagga, while addressing newsmen on Thursday, lauded the courage and professionalism of the soldiers.

“The troops displayed uncommon bravery. Their swift response and combat efficiency turned what could have been a major disaster into a remarkable victory,” he said.

Zagga also applauded the Nigerian Air Force for its timely intervention and aerial support, which he said inflicted heavy casualties on fleeing bandits and disrupted their escape routes.

“The situation is now fully under control. The people of Ribah can breathe a sigh of relief thanks to the coordinated efforts of our security forces,” he added.

Intelligence reports suggested the attackers were part of the same criminal syndicate responsible for recent attacks in Niger State.

In a related development, troops from the Dukku Barracks repelled another bandit assault on Mera in Augie Local Government Area.

The attackers, identified as Lakurawa bandits, attempted to rustle cattle but met stiff resistance from the Nigerian Army, which forced them to flee empty-handed.

Reacting to the successful operations, Governor Nasir Idris commended the gallantry of the security personnel and reaffirmed his administration’s unwavering commitment to strengthening security across the state.

“These victories are proof that with sustained support and collaboration, our security agencies can defeat banditry and restore peace to our communities,” the governor stated.

Just two days earlier, a joint security operation in the same Danko Wasagu axis led to the rescue of six abducted persons and the recovery of stolen livestock.

Residents of Ribah and Mera expressed relief and gratitude, calling on authorities to maintain the current tempo to prevent future attacks.

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BIG STORY

“Your Turn Will Come To Leave Power” — El-Rufai Tells Political Office Holders

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Nasir el-Rufai, former governor of Kaduna, has reminded current office holders that their tenure is temporary, urging them to lead with fairness and keep in mind that “power is transient”.

Speaking in Abuja on Thursday during the public unveiling of Mohammed Bello Adoke’s memoir titled “OPL 245: The Inside Story of the $1.3 billion Nigerian Oil Block”, el-Rufai said Adoke, a former attorney-general of the federation and minister of justice, should be praised rather than targeted for his role in strengthening the nation’s democracy.

He noted, “Everyone knows that Mohammed Bello Adoke was one of those that stood and persuaded President Jonathan to actually concede the 2015 elections.”

According to him, “we should actually thank him as the APC government of 2015, not persecute him.”

Reflecting on his time in government, el-Rufai spoke about the betrayals that often come with public service.

He recalled, “About 12 years ago in this hall, I presented ‘The Accidental Public Servant’, which was a record of my experience in public service at the time, which showed how friends abandon you, betray you, and how those that you’ve been good to turn around against you.”

He continued, “And everyone told me I made a mistake, that I will never go near public service again. Because in Nigeria, when you are in government, you eat, you keep quiet, and you come back, and you remain silent.”

El-Rufai said he had no regrets about his service and believed Adoke had no reason to fear scrutiny.

“I don’t think I had anything to hide in public service, yes. I still don’t,” he said.

“And I know Bello Adoke has nothing to hide. So, you can write a book like that and hold your head high, because you know you did nothing wrong while holding public office.”

He encouraged today’s leaders to act with integrity and always remember how brief time in power can be.

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BIG STORY

Buhari Couldn’t Have Won 2015 Election Without Tinubu’s Strategic Support — Bayo Onanuga

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Bayo Onanuga, President Bola Tinubu’s special adviser on information and strategy, says the 2013 merger that led to the formation of the All Progressives Congress (APC) secured the “important votes” that helped former President Muhammadu Buhari win the 2015 presidential election.

During an interview with Arise TV on Thursday, Onanuga responded to comments made by former Secretary to the Government of the Federation (SGF), Boss Mustapha, who claimed that the APC merger added only three million votes to Buhari’s tally in the 2015 election.

The merger brought together the Congress for Progressive Change (CPC), the Action Congress of Nigeria (ACN), and the All Nigerian Peoples Party (ANPP).

Mustapha argued that Buhari had consistently polled over 12 million votes even before the merger, suggesting those votes formed the majority of the 15.4 million he received to defeat ex-President Goodluck Jonathan.

But Onanuga contended that despite those numbers, Buhari lacked sufficient presence in the south and required the support of the ACN to achieve the necessary electoral “spread.”

He noted that the ACN delivered the “important votes” Buhari needed from the southern region.

“It was clear to ACN, a very strategic arm of that alliance, that without additional support, there was no way Buhari could have won the election,” Onanuga stated.

“Yeah, he was getting 12 million votes if you put all the 19 states together, but in the south, Buhari was nowhere. Buhari needed the spread. ACN had six.

“Buhari got the votes he needed in those six states. They may not be in millions, but there were important votes.

“He won in all those six states, and he got more than 25 percent. At the end of the day, he won in about 25 states, more than the constitutional requirement of 24 states.”

Onanuga also said Buhari “never forgot the help that Tinubu rendered to him” and maintained that without Tinubu’s contribution, Buhari would not have become president.

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