Business

Dangote to sell his Refinery to NNPC, Shelves Plans for Steel Plant Amid Loggerhead with Nigerian authorities

The President and Chief Executive Officer (CEO) of Dangote Group, Aliko Dangote, said he is willing to give up ownership of his multibillion-dollar oil refinery to the state-owned energy company, NNPC Limited.

He 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.

“Let them (NNPCL) buy me out and run the refinery the best way they can. They have labeled 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,” Mr Dangote told PREMIUM TIMES in an exclusive interview on Sunday.

“We have been facing fuel crisis since the 70s. This refinery can help resolve 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, and 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

In another interesting turn of events, Africa’s wealthiest man has announced that the company will abandon its plans to enter Nigeria’s steel industry to avoid being branded a monopoly. Dangote disclosed this in a statement on Saturday while addressing
journalists at his refinery in Lagos. The business tycoon explained that the company’s board decided to avoid the steel industry to prevent accusations of attempting to monopolize it.

“You know, about doing a new business which we announced, the steel. 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. So we don’t want to go into that. Let other Nigerians go and do it. We are not the only Nigerians here. There are
some Nigerians with more cash than us. They should bring that money from Dubai
and other parts of the world and invest in our fatherland”

In June, Dangote said his company plans to delve into steel production shortly stating that he wants to ensure that every steel used in West Africa comes from Nigeria. However, following the recent spate of clashes between the Dangote group and the current Nigerian regime, the industrialist appears to be dialing back any attempts to expand his investments in the Nigerian economy.

Business

Retail Fuel price drops nationwide At MRS Stations

MRS Oil Nigeria Plc has announced a reduction in the retail price of Premium Motor Spirit (PMS), commonly known as petrol, across its stations nationwide.
The oil marketing firm disclosed on Monday, February 10, through its official X (formerly Twitter) account, that its stations in Lagos will now sell petrol at ₦925 per liter.

The move follows a similar price adjustment by its partner, Dangote Refinery, which recently lowered the ex-depot price to ₦890 per liter.

Beyond Lagos, MRS outlined region-specific pricing, with petrol selling at ₦935 per liter in the South West, ₦945 in the North, and ₦955 in the East.

The company assured consumers that the reduction would not compromise fuel quality.

“The prices may vary, but one thing stays the same—we give you high-quality fuel that keeps your engine running at its best,” the statement read.

MRS also urged customers to remain vigilant and report any stations selling above the new price.

“We are just a call or email away. Let us know if you notice any discrepancies,” the company added.

The price cut is expected to relieve motorists and businesses struggling with high fuel costs.

However, industry analysts say sustained reductions will depend on global crude prices and domestic refining capacity.

Business

Dominion City’s David Ogbueli Sets Up 1 Billion Naira Entrepreneurship Support Fund

Dominion City at its recently concluded 2025 Lagos Executive Leadership Retreat for Entrepreneurs & Career Professionals has set aside N1 billion to empower entrepreneurs. President of Dominion City Global, Dr. David Ogbueli made this public at the church’s Lagos headquarters.

The five-day retreat was geared towards equipping participants with the tools and mindset to improve their economic standing through wealth creation and innovation. At the retreat, participants—both onsite and online—numbering more than 1,000 were trained and fully exposed to addressing food security via pastoral farming, shifting agriculture, subsistence farming, and commercial agriculture; economic empowerment, discipleship, and spiritual growth; job creation; global migration and expansion; resource mobilization for business funding; and healthcare, among other topics.

The President of Dominion City Global, Dr. Ogbueli, who proposed a N1 billion support fund for entrepreneurs, stated that one of the goals of the empowerment retreat is to equip congregants with the skills, resources, and support necessary to succeed in business and their careers, thereby preparing them to further empower their immediate communities.

ALSO READ: Five Myths About CNG Cars Demystified

He emphasized the potential for exponential growth in businesses, calling for participants to achieve a 10-fold progression while advancing God’s kingdom. According to him, Dominion City is empowering God’s children to be problem-solvers and solution-givers, enabling them to turn societal problems into opportunities. Dr. Ogbueli also urged the church to embrace God’s principles and consistently provide solutions to societal problems to prosper.

“You have to give God something to work with. God’s blessings has to rest on something. You plant the seed, and God sends the rain, which brings the harvest. You are not going to prosper if you cannot find solutions to people’s problems. It is your information that will plant the seed. No amount of prophecy will guarantee the outcome if you don’t add your part to it. No matter what is prophesied to you, your choices determine the outcome,” he advised.

Meanwhile, Dr. Ogbueli called on churches to actively engage in structural economic development by empowering their members through entrepreneurship, ultimately contributing to the prosperity and well-being of society.

Some professionals addressed salient topics affecting the congregants and the nation’s economy, including Dr. Austine Maduka: “Kingdom Wealth Using Agriculture”; Mark Osang: “Discipleship and Spiritual Growth”; Alioha-Emmanuel Ihechi: “Cassava Farming and Processing”; Chidinma Okebalaman: “Global Migration/Positioning/Expansion”; and Dr. Jackie Ikeotuonye, CEO of BFA Integrative Health & Wellness Clinic: “Health and Cure.”

Others included Uzoma Ayodeji: “Attracting Grants for Social Enterprises: Practical Steps for Success”; John David: “Strategic Creativity: Organic Innovation for Accelerated Productivity in Business and Career Optimization”; and various other topics such as “Epidemiology and Control of Lassa Fever” and “Seeing and Owning the Future: The Future of Work.”

It will be recalled that Dr. David Ogbueli in December 2024 at his Abuja Headquarters personally disbursed N100,000 to over 100 church members while providing hundreds more with substantial cash gifts and food items.

Business

Communications Minister Hints At Upcoming Call and Data Tariff Increase

Minister of Communications and Digital Economy, Bosun Tijani has announced that prices are expected to rise by 30-60 percent.

The revelation comes days after Tijani confirmed that telecom services tariffs would increase, but not by the proposed 100 percent.

Tijani says the telecommunications sector relies heavily on investment to drive Nigeria’s economic growth. He said investors in the sector must continually invest in equipment to remain relevant, despite the challenges posed by inflation.

“The sector is about investment in infrastructure; the technologies are changing, so you have to keep investing in technology. Things like 3G will be decommissioned at some point because you have higher technology, so they have to keep investing in equipment. And we all know that there is inflation. For us, as we are protecting them, we want to keep importing capital in the sector. The foreign direct investment in our sector in the first quarter of 2024, driven by telcos, was close to $199 million; this is bigger than the entire inflow in 2023. We can’t get to a $1 trillion economy if mobile network operators are investing at a snail’s pace,” he stated.

Telecommunication operators have been advocating for approval to increase service tariffs, citing the rising inflation in the country. The implementation of key policies by the present administration, such as the removal of fuel subsidies and the unification of exchange rates, has significantly contributed to the increase in economic inflation across Nigeria.

Rejecting telecom operators’ calls for a 100% hike, Dr. Tijani emphasized that a moderate increase would balance affordability and sector growth.

“The telecommunications sector contributes over 16% to our GDP, employs thousands of Nigerians, and is vital to the digital economy. However, we must ensure services remain accessible while sustaining the sector’s viability,” Dr. Tijani explained.

He highlighted that the Nigerian Communications Commission (NCC) is leading a data-driven tariff review process, prioritizing consumer interests and long-term sector sustainability.

Addressing rural connectivity, the minister announced plans to deploy 90,000 kilometers of fiber-optic cables and construct telecom towers in remote areas through Special Purpose Vehicles (SPVs). He also noted Nigeria’s leadership in managing telecommunications infrastructure resilience, particularly in mitigating submarine cable disruptions.

Dr. Tijani reaffirmed the government’s commitment to harmonizing taxes, declaring telecom infrastructure a critical national asset, and holding operators accountable for service interruptions.