Business
Oil Giant, Oando Plc, Denies Importing Adulterated Fuel
Oando Plc has said it did not import adulterated Premium Motor Spirit into the country, in contrast to what the Nigerian National Petroleum Company Limited said on Wednesday.
The NNPC Group Managing Director, Mele Kyari, had said the national oil firm received on January 20, 2022, a report from its quality inspector on the presence of emulsion particles in PMS cargoes shipped to Nigeria from Antwerp-Belgium.
He said NNPC investigation revealed the presence of methanol in four PMS cargoes imported by its Direct Sale Direct Purchase suppliers namely MRS, Emadeb/Hyde/AY Maikifi/Brittania-U Consortium, Oando and Duke Oil.
But Oando, in a statement released to the Nigerian Exchange Limited on Thursday, said, “Following media reports listing Oando as one of four importers that supplied methanol-blended Premium Motor Spirits into the country, we hereby state that Oando did not import and supply PMS that was adulterated or substandard.
“The PMS supplied by Oando met Nigeria’s import specification. We are committed to working assiduously with the NNPC and industry to identify the root cause(s) of the subsequent contamination of the PMS supplied.
“We want to assure the public that Oando as a responsible corporate citizen would not partake in the importation, distribution, or marketing of substandard petroleum products.”
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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