Oil & Gas - Abia ThinkTank News

Sep

2025

Nigeria’s Dangote Refinery Petrol Lands In US For The First Time

Business, Economy, FGN, News Flash, Oil & Gas

Nigeria’s Dangote Refinery Petrol Lands In US For The First Time Nigeria’s Dangote Refinery’s premium motor spirit, PMS, has arrived in New York, United States, for the first time. According to Reuters, Sunoco and Vitol organised the shipment on Monday. The delivery on the tanker, Gemini Pearl, marks a major milestone for the 650,000-barrel-per-day Dangote refinery. Reuters reported that an additional shipment of Dangote petrol, which Glencore sold to Shell, is planned to reach New York on September 19. The deliveries represent an important achievement for the $20 billion Ibeju Lekki-based refinery. Aliko Dangote, the President of Dangote Refinery, at…

Sep

2025

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By Abia ThinkTank

NUPENG Suspends Strike As Union Reach Agreement With Dangote Refinery

Business, News Flash, Oil & Gas

NUPENG Suspends Strike As Union Reach Agreement With Dangote Refinery The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has suspended its strike following an agreement with the management of Dangote Refinery to recognise workers’ rights to unionise. The deal was reached at a closed-door meeting convened by the Department of State Services (DSS) and attended by the Minister of Finance, Wale Edun and representatives of the Nigeria Labour Congress. Acting NLC General Secretary, Benson Upah, confirmed the outcome, while the Ministry of Labour said it would issue a formal statement soon. The resolution followed a conciliation meeting convened…

Aug

2025

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By Abia ThinkTank

Nigeria’s N54.99 Trillion Budget Suffers Setback As Oil Drops To $66 Per Barrel

Economy, News Flash, Oil & Gas

Nigeria’s N54.99 Trillion Budget Suffers Setback As Oil Drops To $66 Per Barrel The execution of Nigeria’s N54.99 trillion budget suffered a major setback as the crude price dropped to $66 per barrel from $70 per barrel, indicating a 5.7 percent decrease, yesterday. This was even as Nigeria’s oil output, including condensate and foreign exchange, stood at 1.8 million barrels per day and more than N1,500 per dollar, respectively. The nation’s budget was based on 2.06 million barrels per day (bpd), N1,500 per dollar, and $75 per barrel oil output, exchange rate, and oil price, respectively. However, in an interview…

Aug

2025

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NNPC CEO’s Fate Hangs In The Balance Over Deals With Atiku’s Son-In-Law

News Flash, Oil & Gas, Politics

NNPC CEO’s Fate Hangs In The Balance Over Deals With Atiku’s Son-In-Law The days of Bashir Bayo Ojulari as the group CEO of the Nigerian National Petroleum Corporation (NNPC) Limited are numbered, TheCable has been informed. Although there are reports that he has resigned, TheCable learnt from insiders that he has not thrown in the towel yet, “but only a miracle will keep him in office at this stage”. President Bola Tinubu, who appointed him to replace Mele Kyari only four months ago, is said to be “livid” over security reports on Ojulari’s activities so far in office. The NNPC…

Jul

2025

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NNPC Resumes Oil Drilling In Northern Nigeria

News Flash, Northern Nigeria, Oil & Gas, Politics

NNPCL Resumes Oil Drilling In Northern Nigeria The Governor of Gombe State, Inuwa Yahaya, said the Nigerian National Petroleum Company Limited (NNPC Ltd) has resumed crude oil drilling at a field in the boundary of Bauchi and Gombe states. Mr Yahaya said this at the ongoing two-day Interactive Session on Government-Citizens Engagement at the Arewa House, Kaduna. The forum, organised by the Ahmadu Bello Memorial Foundation, was to assess President Bola Tinubu’s administration’s performance in the northern region in the first half of the administration’s term. Mr Yahaya recalled how Mr Tinubu almost missed the flag-off ceremony of the oil…

Jul

2025

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Tinubu, APC Spent $18 Billion To Repair Refineries, Then Quietly Sold Them Without Audit – ADC Alleges

FGN, News Flash, Oil & Gas, Politics

Tinubu, APC Spent $18 Billion To Repair Refineries Then Quietly Sold Them Without Audit – ADC Alleges The African Democratic Congress (ADC) has demanded a full audit of Nigeria’s refineries, citing recent reports that allege that successive governments have spent nearly $18 billion on the rehabilitation of the three major refineries in the country. In a statement by the ADC’s national publicity secretary and coalition spokesperson, Mallam Bolaji Abdullahi, the party questioned whether the Tinubu administration has been deceiving Nigerians, having recently spent over $2.8 billion on the refineries, before declaring that they were moribund. The full statement read: The…

Jul

2025

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Nigerian Marketers Reduce Fuel Prices As FGN Shuts Down Economy In Honour Of Buhari

Abia State, Business, Economy, FGN, News Flash, Oil & Gas

Nigerian Marketers Reduce Fuel Prices As FG Shuts Down Economy In Honour Of Buhari Nigerian petroleum products marketers have announced a reduction of premium motor spirit prices, starting from today, Tuesday. This comes as the economy shuts down today owing to the public holiday declared by the federal government to honour ex-president Muhammadu Buhari. The national president of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed this to DAILY POST in an interview on Monday. According to him, the decision to cut the petrol price comes after members of IPMAN held a meeting in Abuja on Monday in…

Jul

2025

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NNPC Refineries May Never Work Again Despite $18 Billion Spent – Dangote

Economy, Business, FGN, Oil & Gas

NNPC Refineries May Never Work Again Despite $18 Billion Spent — Dangote The president of the Dangote Group, Alhaji Aliko Dangote, has said that Nigeria’s state-owned refineries, located in Port Harcourt, Warri, and Kaduna, may never operate properly again despite about $18 billion invested in their rehabilitation. Alhaji Dangote disclosed this while hosting members of the Global CEO Africa, who visited the Dangote Petroleum Refinery yesterday. He said the 650,000-barrel-per-day (bpd) refinery was constructed after the government of late President Umar Yar’adua declined to sell the refineries to him. He said, “The refineries that we bought before, which were owned…

Jul

2025

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Dangote Refinery Slashes Petroleum Price Below N850

Business, Economy, FGN, News Flash, Oil & Gas

Dangote Refinery Slashes Petrol Price Below N850 The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit, popularly known as petrol, from N880 to N840 per litre. Spokesman for the Dangote Group, Anthony Chiejina, confirmed the price adjustment to The PUNCH on Monday night, saying the new rate took effect on June 30. “PMS price has been reduced from N880 to N840 per litre effective 30th June,” Chiejina said. AttNews recalls that the Dangote refinery hiked the price of petrol to N880 as tension escalated during the 12-day crisis between Israel and Iran, raising the price of…

Jun

2025

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EFCC Arrests Ex-NNPCL Top Official For Alleged $7.2bn Fraud

Crime, Economy, News Flash, Oil & Gas

EFCC Arrests Ex-NNPCL Top Official For Alleged $7.2bn Fraud Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested a former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), Umar Isa, over an alleged $7.2 billion fraud linked with the rehabilitation of the Kaduna, Warri and Port Harcourt refineries. Also in the custody of the EFCC is Jimoh Olasunkanmi, a former Managing Director of Warri Refinery. Isa, as CFO, was in charge of the release of funds for the turnaround maintenance of the three refineries. Isa and all the key officials involved in the maintenance…