Nigeria’s pension industry is set for a major investment shift after the National Pension Commission (PenCom) approved a special waiver allowing Pension Fund Administrators (PFAs) to invest in the highly anticipated Dangote Refinery IPO. The move signals growing confidence in the refinery’s economic strength and its potential to reshape Nigeria’s industrial landscape ahead of what […]
Category: Energy
OPEC+ Moves to Restore 1.65 Million bpd Oil Cuts by September Amid Middle East Tensions
Key members of OPEC+ are pushing ahead with plans to gradually increase oil production quotas over the next few months, aiming to fully restore the 1.65 million barrels per day (bpd) cuts introduced in 2023 by September. The move comes as global oil markets attempt to balance tight supply conditions, rising geopolitical risks, and volatile […]
Dangote Refinery Set for Africa’s Biggest IPO With POS, Fintech Platforms for Retail Investors
Africa’s largest refinery, the Dangote Refinery, is preparing to revolutionize retail investing in Nigeria as it plans to deploy Point-of-Sale (POS) terminals, fintech platforms, and mobile technology for its highly anticipated public offering. The move is expected to make the refinery’s IPO one of the biggest and most accessible in African history, opening investment opportunities […]
Aliko Dangote Rejects NNPC Bid for Bigger Refinery Stake as Petrol Supply Hits ₦3.2tn
Nigeria’s richest businessman, Aliko Dangote, has revealed that the Dangote Group turned down an attempt by the Nigerian National Petroleum Company Limited to acquire a larger stake in the Dangote Petroleum Refinery. Speaking during an interview with the CEO of the Norwegian Sovereign Wealth Fund, Nicolai Tangen, Dangote explained that the decision was aimed at […]
Trump Considers Fuel Tax Cut as Oil Prices Hit $107 Amid US-Iran War
Americans are facing mounting economic pressure as petrol prices continue to climb following the escalating conflict between the United States and Iran. The crisis in the Middle East has disrupted global oil supply routes and pushed crude oil prices to $107 per barrel, deepening concerns over inflation and the rising cost of living across the […]
Dangote Targets $50bn Refinery Valuation Ahead of IPO as Expansion Plans Stretch Across Africa
Africa’s richest man, Aliko Dangote, is positioning his flagship refinery for a major leap into global capital markets, with the business targeting a valuation of up to $50 billion ahead of its planned initial public offering (IPO) expected later this year. The move signals growing investor interest in one of the continent’s most ambitious industrial […]
Jet Fuel Crisis in Europe Boosts Dangote Refinery Exports by 75% as Nigeria Gains Global Supply Role
Nigeria’s Dangote Petroleum Refinery is rapidly strengthening its position in the global energy market as Europe battles a severe jet fuel shortage triggered by geopolitical tensions in the Middle East. The crisis has forced European buyers to seek alternative suppliers, with Nigeria emerging as a major beneficiary. New data from energy intelligence platform Kpler shows […]
Nigeria Inflation to Hit 16% in April as Fuel Price Surge Drives Cost Pressures – FDC
Nigeria’s inflation rate is expected to climb to 16 percent in April 2026, up from 15.38 percent recorded in March, according to analysts at the Financial Derivatives Company (FDC). The economic advisory firm made the projection in its latest report, noting that inflationary pressure remains strong and could worsen further in the coming months. FDC […]
Nigeria’s Petrol Consumption Climbs to 51.1 Million Litres Daily in April Amid Rising Refinery Output
Nigeria’s daily petrol consumption surged to 51.1 million litres per day in April 2026, up from 47.3 million litres recorded in March, according to fresh data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority. The increase reflects growing fuel demand across the country as local refining activities continue to expand and reduce reliance […]
NNPC Remits $29m Crude Revenue to FAAC as NUPRC Collections Drop Amid NRS Transition
Nigeria’s state-owned oil company, the Nigerian National Petroleum Company Limited, has remitted $29.28 million in crude oil and gas export proceeds alongside N2.07 billion in gas revenue to the Federation Account Allocation Committee (FAAC) for April 2026. The disclosure was contained in the company’s March 2026 crude oil and gas proceeds report released ahead of […]
Dangote Refinery Supplies Nearly 80% of Nigeria’s Petrol Demand as Fuel Imports Drop 37% in April
Nigeria’s fuel market witnessed a major shift in April 2026 as the Dangote Petroleum Refinery supplied nearly 80 percent of the country’s petrol consumption, according to the latest report released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority. The development came as petrol imports into the country dropped sharply by 37 percent, signaling increasing […]
OPEC Oil Output Drops to 26-Year Low as Iran Conflict Disrupts Global Supply Chains
OPEC’s crude oil production has fallen to its lowest level in 26 years, reflecting major disruptions in global supply chains linked to the ongoing conflict involving Iran. According to a Reuters survey, total output dropped by 830,000 barrels per day in April, bringing production down to an average of 20.04 million barrels per day. The […]
NNPC and NUPRC Remit N322bn, $116.9m Under Executive Order 9 as Nigeria Boosts Oil Revenue Transparency
The Nigerian oil sector recorded a major revenue boost as the NNPC Limited and the Nigerian Upstream Petroleum Regulatory Commission collectively remitted over N322bn and $116.9m into the Federation Account within two months. The inflows followed the enforcement of Executive Order 9 signed by President Bola Tinubu, aimed at improving transparency and strengthening national revenue. […]
Dangote Targets $50bn Valuation for Refinery Ahead of Landmark Pan-African Stock Listing
Nigeria’s richest man, Aliko Dangote, is setting an ambitious target for his flagship energy project, as the Dangote Group pushes to value its refinery at $50bn ahead of a planned stock market listing. The move signals one of the most significant capital market events ever expected out of Africa. According to reports, the Dangote Petroleum […]
Nigeria Oil and Gas Sector Expansion: FG, Investors Push Offshore Growth, Refining Capacity, and Energy Reforms
Nigeria’s oil and gas sector expansion took center stage as President Bola Tinubu and top government officials joined global investors in Paris, France, and energy stakeholders at the Offshore Technology Conference (OTC) in Houston, United States. The meetings were used to position Nigeria as a competitive destination for energy investment while showcasing ongoing reforms in […]
Nigeria exported 485 million barrels of crude oil in 2025 amid rising refinery supply gap — NUPRC report
Nigeria exported about 485.44 million barrels of crude oil in 2025, representing roughly 82% of its total production, according to a new report from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The figures highlight the country’s continued dependence on global oil markets despite efforts to boost local refining capacity. The report showed that Nigeria produced […]
Oil Prices Surge Past $105 as Middle East Crisis Deepens Over Iran–US Standoff
Global oil prices climbed sharply on Monday as renewed tensions between the United States and Iran raised fears of supply disruptions from the Middle East. The rally came after U.S. President Donald Trump rejected Iran’s latest terms aimed at ending the ongoing conflict, deepening uncertainty in global energy markets. Benchmark crude prices reacted immediately to […]
Aliko Dangote Eyes East Africa Refinery, Demands Strong Anti-Dumping Laws
Aliko Dangote has revealed that any plan to build a major refinery in East Africa will depend heavily on the presence of strong anti-dumping laws aimed at protecting local industries from unfair foreign competition. The Nigerian billionaire businessman is reportedly considering a 650,000-barrel-per-day refinery project in Mombasa, Kenya, a move that could mirror the scale […]
NNPC Clarifies China Refinery Deal: No Fresh Spending on Port Harcourt, Warri Revamp Plan
The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified that its recently signed agreement with two Chinese firms for the rehabilitation of the Port Harcourt and Warri refineries does not involve any fresh financial spending or contract award. The company says the arrangement is strictly a preliminary framework aimed at exploring technical and investment […]
Nigeria Receives 164,000MT Imported Fuel Amid Fresh Petrol Import Licences and Supply Debate
Nigeria has recorded the arrival of about 164,000 metric tonnes of imported petroleum products, as new cargo vessels continue to berth across major ports in Lagos, Delta, and Cross River states. The development comes amid renewed fuel import licences issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), highlighting the country’s continued reliance […]
$7 Billion in Perfectly Timed Oil Trades Spark Insider Trading Investigation Fears
A wave of unusually well-timed oil trades totaling around $7 billion has triggered growing concerns over possible insider trading tied to developments in the Iran–U.S. conflict. The trades, which spanned Brent, WTI, gasoline, and diesel futures, were executed just minutes before key geopolitical announcements that sent oil prices sharply lower. Analysts say the timing and […]
US Imports $578.78m Worth of Nigerian Crude in Q1 2026 as Demand Slips
The United States imported $578.78 million worth of crude oil from Nigeria in the first quarter of 2026, marking a noticeable decline compared to the same period in 2025. According to data from the U.S. Census Bureau and the Bureau of Economic Analysis, this represents a drop of over $102 million or about 15 percent […]
Nigeria’s Power Crisis Deepens Despite 300% Tariff Hike as Consumers Pay More for Poor Supply
Two years after Nigeria introduced the controversial Band A electricity tariff system, many consumers say they are paying significantly more for electricity without seeing meaningful improvement in power supply. The tariff adjustment, which raised electricity costs by over 300 per cent for premium users, was expected to improve service delivery and strengthen the country’s struggling […]
Dangote Targets 20,000MW Power Expansion as He Pushes Bold Industrial Drive Across Africa
Africa’s richest industrialist, Aliko Dangote, has announced an ambitious plan to enter the power sector with a target of generating up to 20,000 megawatts (MW). The move is part of a wider strategy to tackle Africa’s energy deficit and accelerate industrial growth across the continent. Dangote revealed the plan during a high-level meeting with the […]
NUPENG Backs NNPC, Urges Transparency in Warri, Port Harcourt Refinery Revival MoU
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has expressed strong support for the efforts of NNPC Limited to revive the Warri and Port Harcourt refineries. However, the union is urging that the Memorandum of Understanding (MoU) guiding the rehabilitation process must be fully transparent and accountable to the public. In a statement […]
Lagos Estates Face Soaring Electricity Costs as Poor Grid Supply Forces Heavy Dependence on Expensive Diesel
Residents of gated housing estates across Lagos are experiencing a sharp rise in electricity costs, with monthly bills more than doubling—and in some cases tripling—due to worsening power supply from the national grid. Estate operators have increasingly turned to diesel-powered generators to fill the gap, pushing energy prices to unprecedented levels for middle-class households. In […]
Iran Cuts Oil Output Amid Storage Crisis as Geopolitical Tensions Shake Global Oil Markets
Iran has begun reducing its oil production as its storage facilities near full capacity, following a sharp slowdown in crude exports caused by ongoing conflict and disrupted shipping routes in the Gulf region. The development comes as tensions between the United States and Iran continue to shape global energy stability, with oil markets reacting nervously […]
U.S. Oil Export Surge Under Scrutiny as Gas Prices Jump Across All 50 States
The United States is facing growing scrutiny over its rising oil and fuel exports as gasoline prices climb sharply across all 50 states. The country has increasingly taken on the role of a global “swing supplier,” boosting shipments of crude oil, refined fuels, and liquefied natural gas (LNG) amid global shortages linked to the ongoing […]
Oil Prices Drop 11% as US–Iran Peace Deal Nears, Easing Global Supply Fears
Global oil prices experienced a sharp decline on Wednesday as Brent crude dropped about 11 percent, slipping below $100 per barrel. The fall came amid rising optimism that the United States and Iran are moving closer to a diplomatic agreement aimed at ending ongoing hostilities in the Gulf region. Market sentiment shifted after reports emerged […]
Dangote Refinery Exports Over 57 Million Barrels of Jet Fuel as Global Demand Surges
Dangote Petroleum Refinery has exported an estimated 57 million barrels of jet fuel between April 2024 and April 2026, marking a significant milestone in its growing presence in the global energy market. According to data from energy intelligence platform Kpler, shipments fluctuated across the period but eventually reached a peak of about 160,000 barrels per […]