Despite the windfall recorded in the last two months of 2026 due to a global oil price surge, Nigeria has, however, recorded a loss of about ₦2.2 trillion in projected oil revenue. While Brent crude prices have surged above $100 per barrel, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reveal that production fell …
Dangote Petroleum Refinery has announced a reduction in its gantry price of Premium Motor Spirit (petrol) from ₦1,275 to ₦1,200 per litre, reflecting a ₦75 cut. The refinery also adjusted its coastal price to ₦1,153 per litre. This downward adjustment comes despite heightened geopolitical tensions in the Middle East that have disrupted global crude oil supply, pushing …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has taken significant steps to boost the country's oil production, approving a major new exploration license while also streamlining the process for bringing idle wells back online. The Commission signed a Petroleum Exploration Licence (PEL) No. 5 agreement with a partnership led by SeaSeisGeophysical Limited and global data company TGS. According …
The Chief Executive Officer and Managing Director of the Dangote Petroleum Refinery, David Bird, has again raised concerns about the shortage of domestic supply of crude oil to the refinery. Bird said the 650,000-barrels-per-day refinery is only getting about 30 per cent of the expected crude supply for its feedstock under the Naira-for-crude deal. Bird, …
Despite a significant surge in revenue in Nigeria's power sector over the past two years, millions of citizens continue to endure erratic electricity supply, raising fresh concerns about the effectiveness of ongoing reforms and investments in the sector. Nigeria’s Minister of Power, Adebayo Adelabu, revealed that the sector’s revenue has more than doubled in the …
Nestlé Pure Life, a table water brand of Nestlé Nigeria, has been named the 2025 Product of the Year by LEADERSHIP Newspaper. A statement signed by Toju Egbebi, Corporate Affairs Manager, Nestél Nigeria, said the award recognizes products that have established the benchmark for performance, innovation, and influence in their category. The board of editors …
Africa's richest man, Aliko Dangote, has warned that Nigeria and the broader African continent will face severe economic consequences if the ongoing Middle East conflict continues to escalate. Speaking on Monday after a courtesy visit and Eid-el-Fitr homage to President Bola Tinubu at his Ikoyi residence in Lagos, Dangote cautioned that while Nigeria has no …
Air Peace has debunked reports claiming that the company, its Chairman, Allen Onyema, and Vice Chairman, Mrs. Alice Ojochide Onyema, are being sued by the Lagos State Government over tax evasion. In a statement released on Monday, March 23, Air Peace said neither the Onyemas nor the company has been served with any court summons …
The Dangote Petroleum Refinery has reached a major export milestone, shipping 456,000 tonnes of refined petroleum products to five African countries. This development follows the achievement of full production capacity of 650,000 barrels per day (bpd) in February by the refinery. Twelve cargoes of petroleum products were delivered to Côte d’Ivoire, Cameroon, Tanzania, Ghana, and …
Dangote Refinery has again raised its ex-depot price of fuel as crude oil surges above $110 per barrel in the international market. The continuous increase in prices signals more pressure in Nigeria’s fuel market. The 650,000 barrels per day refinery announced an increase in its ex-depot price of Premium Motor Spirit (PMS), also known as …
