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S&P Global Tours Dangote Refinery, Says It Can Solve Nigeria’s Forex Problems; Catalyse Economic Development

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  • As Dangote reassures on the commencement of petrol production this July

 

International financial analytics corporation, S&P Global, has described the 650,000 barrels per day (bpd) Dangote Oil Refinery and Petrochemicals company as capable of resolving Nigeria’s foreign exchange (forex) issue and its huge pressure on the local Naira currency, while also catalysing the country’s economic development.

S&P Global, headquartered in Manhattan, New York City, disclosed this during an onsite visit to the Dangote Refinery at Ibeju-Lekki, Lagos as part of its sovereign credit ratings assessment of Nigeria. The team from the international rating agency were accompanied by officials from the Federal Ministry of Finance.

S&P noted that the largest single-train refinery complex in the world would bolster Nigeria’s oil sector and, more importantly, also have a positive impact on its growing economy.

Director and Lead Analyst, Sovereign and International Public Finance Ratings, S&P Global Ratings, Ravi Bhatia, who led the delegation to Lagos, said Dangote refinery would transform Nigeria into a net exporter of petroleum products. He added that this transformation is expected to boost revenue generation and alleviate the current pressure on the country’s foreign exchange reserves.

“It is a very impressive facility, able to process 650,000 barrels a day, when in full capacity. It is the largest single-train refinery complex in the world. It came out quite quickly. Nigeria is a big exporter of crude but has issues with importing refined fuels. So, there is a gap in the market where crude can be refined in Nigeria, save money that way, and potentially save some foreign exchange. This will be positive for the economy in the medium term. It looks positive from our assessment,” Bhatia said after an over four-hour tour of the facility.

Also, in a chat with the media, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, who led the team during the tour of the facility, reiterated that by harnessing Africa’s abundant crude oil resources to produce refined products locally, the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity. He also revealed that, as earlier promised, the company will start the production of premium motor spirit (PMS), this month (July).

Noting that products from the $20 billion facility are of high quality and meet international standards, Edwin said it can meet 100 per cent of Nigeria’s demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.

The S&P team commended the President of Dangote Industries Limited, Aliko Dangote, for integrating advanced technologies and quality control measures, including a state-of-the-art Central Control Unit ensuring smooth automation of operations.

Other members of the team of the international rating agency include the Associate Director, Sovereign Ratings, Maxmillian McGraw; Director, Corporate Ratings, Omegu Collocott; Senior Analyst, Bank Ratings, Charlotte Masvongo, and Director, Financial Services, Samira Mensah.

Currently operating at 350,000 barrels per day capacity, Edwin said the refinery is slated to scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulphur diesel.

He noted that the refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Oil, conforms to Euro V specifications. In addition, it is designed to comply with US EPA, European Union (EU) emission norms, the Department of Petroleum Resources (DPR) emission/effluent norms, and the African Refiners and Distribution Association (ARDA) standards.

While noting that most refineries were built by foreign companies, he said it is a thing of pride that a Nigerian company designed and built the world’s largest single-train refinery complex while acting directly as its own Engineering, Procurement, and Construction (EPC) contractor. The refinery also incorporates a self-sufficient marine facility capable of handling the world’s largest vessels.

“The refinery can produce the best quality products in the world, Euro V grade. It is one of the energy-efficient refineries and it is highly environmentally friendly. It is sophisticated with a high level of automation. The largest single train refinery in the world is 100 per cent designed, engineered, and constructed by a Nigerian company as EPC contractor,” he said.

Nigeria, one of the world’s leading oil-producing countries, exports all its crude oil for refining and subsequently imports refined products due to a lack of operational refineries. It is estimated that Nigeria imports at least 50 million litres of petrol per day to meet domestic demand.

According to data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2023, Nigeria spent approximately N12 trillion on the importation of petroleum products in 2023, including premium motor spirit (PMS), commonly known as petrol. This figure marks an 18.68% increase compared to the N10 trillion spent on fuel imports in 2022.

BIG STORY

Two Criminals Who Robbed, Attempted To Kill Lil-Kesh In Lagos Arrested In Kano

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The Kano State Police Command has confirmed the arrest of two suspects linked to an armed robbery and attempted murder case in Lagos.

In a statement issued on Saturday, the command’s spokesperson, SP Abdullahi Haruna, described the arrests as a major breakthrough made possible through intelligence gathering and community collaboration.

According to Haruna, the suspects — Mathew Adewole, 25, of Na’ibawa Quarters, and Mukhtar Muhammad, 31, of Unguwa Uku Quarters, Kano — were apprehended on September 11, 2025, at Na’ibawa Quarters.

During interrogation, Adewole reportedly confessed to assaulting one Lil-Kesh, a resident of Bera Estate, Chevron, Lagos, on August 19, 2025. The attack left the victim with severe injuries, including a deep neck wound.

Haruna further disclosed that the suspect compelled the victim to transfer ₦2,120,000 from his bank account via mobile phone to Muhammad’s account.

He added that, in line with directives from the Inspector-General of Police, Kayode Egbetokun, the Kano Command has been strengthening its intelligence network and deepening community policing to outpace criminal elements.

The police spokesperson noted that the suspects have since been transferred to the Lagos State Police Command for further investigation and prosecution.

Kano State Commissioner of Police, Ibrahim Bakori, praised the officers for their professionalism and acknowledged the role of the public in supporting police operations. He assured that the command will sustain efforts to maintain law and order across the state.

“The command remains committed to maintaining law and order, working closely with other security agencies and stakeholders to ensure a coordinated approach to combating crime,” the statement concluded.

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BIG STORY

How Police Tracked, Arrested Notorious Suspect John Samuel Who Shot, Robbed Gbenga Obama At His Epe Hideout

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Operatives of the Lagos State Police Command have arrested a notorious armed robber and alleged hired assassin, John Samuel, 28, at his hideout in Epe.

The suspect, who hails from Akwa Ibom State, was picked up on September 19, 2025, around 2:00 pm, after weeks of surveillance.

Report has it that Samuel — recently released from prison on August 18 after serving a six-year jail term for armed robbery — had, the same day, shot and wounded popular Lagos socialite Gbenga Obama at Gbajobi Street, Allen Avenue, Ikeja. He then robbed him of a gold necklace and other valuables in broad daylight.

Deputy Police Public Relations Officer, DSP Babaseyi B. Oluseyi, described Samuel as “vicious and notorious,” noting that he was known to shoot victims before dispossessing them of valuables.

Oluseyi said CCTV footage of the August 18 incident captured Samuel firing at Obama with an English pistol, before fleeing with an accomplice who waited on a motorcycle. Obama, who sustained serious gunshot wounds, has since been treated and discharged.

The suspect reportedly confessed to selling the stolen jewelry for ₦4 million — far below its market value. Police say efforts are ongoing to arrest other members of his gang.

Lagos State Commissioner of Police, CP Olohudare Jimoh, commended the operatives for their gallantry and assured residents that the suspect would be prosecuted after investigations.

The command reiterated its commitment to the safety of Lagosians, warning that “the state has no hiding place for criminals.”

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BIG STORY

Road To 2027: We’re Ready To Join APC, Says Kwankwaso, Gives Condition

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The presidential candidate of the New Nigeria People’s Party (NNPP) in the 2023 elections, Senator Rabiu Musa Kwankwaso, has expressed readiness to return to the All Progressives Congress (APC), but only on what he described as a “strong condition.”

Kwankwaso’s declaration ends months of speculation about his political future and has heightened tension within the ruling party and the wider political space.

The former Kano State governor made the remarks on Thursday while receiving Buhari Bakwana, a former political aide to ex-Governor Abdullahi Ganduje, who visited him alongside APC members from the 44 local government areas of Kano State.

He insisted that any talks of returning to APC or merging with it must clearly define what the NNPP stands to gain.
“If you are asking us to join APC, you must tell us what NNPP will gain,” he said.

Kwankwaso maintained that while the NNPP was open to discussions, it would not accept being “used and dumped.” He reminded the delegation of his role in establishing APC in 2013, saying he and his allies endured political persecution at the time.

“We have gubernatorial candidates in all the states and full structures nationwide. What will you offer them if we join?” he asked.
“We are ready to join APC under strong conditions and promises. We will not allow anyone to use us and later dump us.”

The former defence minister also recalled his frustrations with both APC and PDP in past alliances, accusing the two parties of breaching agreements.

“Eight years of APC under the immediate past President Muhammadu Buhari gave us nothing, not even appreciation. In PDP, we asked for just a zonal party chairman, but they refused. We left peacefully, and today we are strong and have integrity,” he said.

His latest statement contrasts with his earlier remarks at the NNPP National Executive Council meeting, where he had pledged to remain with the party despite swirling rumours of his impending defection.

Reacting to Kwankwaso’s comments, the State Secretary of APC in Kano, Hon. Zakari Ibrahim Sarina, said the party would welcome him back if he abides by party principles.

“Kwankwaso can’t come to APC to control the party that has national spread. Remember, APC is not NNPP, which he established and controls,” Sarina said.

“We are ready to welcome Kwankwaso back to APC because his return is an added advantage to the ruling party. Another reason the party will be willing to have him is the peace and tranquillity in Kano. We need social and economic development in Kano,” he added.

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