FEATURES

FEATURES

The second term bid of President Bola Ahmed Tinubu, Monday, got a boost with the Founder, Tantita Security Services Limited, Chief Government Ekpemupolo (a.k.a Tompolo) and the Host Communities of Nigeria Producing Oil and Gas (HOSTCOM)  announcing the endorsement of Tinubu by the Niger Delta for a second term come 2027.

While contending that no leader anywhere in the world can build the future in four years, they said this had made it imperative to allow the president another four-year tenure.

 
 

HOSTCOM National President Dr Benjamin Styles Tamaranebi and other supporters of Tompolo, made the position known at a press conference in Abuja.

He said the decision was arrived at by the Niger Delta stakeholders following Tinubu’s track record in the last two years.

Tamaranebi said: “When he assumed office, oil production was plummeting, and debt servicing consumed nearly all revenue. Many doubted his ability to lead, but Tinubu rolled up his sleeves and got to work. In less than two years, the results speak for themselves.”

 

Declaring a ‘no vacancy’ stand in Aso Rock, they said their choice of Tinubu was informed by how the Nigeria leader halted the twin evils of oil theft and pipeline vandalism, which according to them, had made Nigeria’s economy comatose in the last 20 years.

Tamaranebi said:  “We, leaders and indigenes of the Host Communities of Nigeria Producing Oil and Gas in collaboration with our grand patron, High Chief (Dr) Government Ekpemupolo alias Tompolo, are fully endorsing and committed to supporting Asiwaju Bola Tinubu for re-election in 2027.

“We took this position after a thorough evaluation of Tinubu’s performance in less than two years of his first term and in obedience of clearly unambiguous directives of our patron, Ekpemupolo, who also scored “Mr President high in human development Indices, especially as they favoured the Niger Delta region and believed our President should remain in office till 2031 to enable him to conclude ongoing development initiatives across the six geopolitical zones of the country.

“The Tinubu administration is not just fixing the present; it is building the future. Alongside Tompolo, we endorse Tinubu for 2027. Our reason is simple: President Bola Ahmed Tinubu has delivered. He has steadied the ship. He has empowered local communities and needs more time to finish what he started.”

They further said: “For decades, oil theft and pipeline vandalism crippled our economy, devastating the lives of host communities. Through strategic partnerships with Tantita Security Services Nigeria Limited (TSSNL) and other security agencies, Tinubu has reduced oil theft to historic lows.

 

“Oil production has surged from a mere 600,000 barrels per day to 1.8 million. Nigeria is reclaiming its rightful place in the global oil market. More importantly, security in the Niger Delta has significantly improved, curbing crude oil theft and ensuring that resources serve the nation.

“Politics is about choices. In 2027, Nigerians must choose between continuity and chaos, between stability and the unknown.

“The future cannot be built in four years. It takes patience, persistence, and vision—qualities Tinubu has consistently demonstrated. His leadership has been a turning point for Nigeria, setting the nation on a path to prosperity. It is crucial to consolidate these gains rather than disrupt progress,” the group also noted.  

HOSTCOM also applauded the Tinubu administration for successfully implementing the Petroleum Industry Act (PIA), ensuring billions of naira flow into community trust funds for local development projects such as schools, hospitals, and water schemes in nearly 200 locations across the Niger Delta.

Tamaranebi, who cautioned against disrupting the ongoing initiatives said: “But stability requires time and continuity. A change in leadership now would bring uncertainty and risk reversing the progress made so far.”

They also listed the infrastructure development under the administration to include; “ Lagos-Calabar Coastal Highway, now under construction;     Sokoto-Badagry Highway,  set to enhance connectivity between the North and South-west;     East-West Highway, Benin-Warri Highway, Asaba-Benin Highway, and Abuja-Benin Highway, under construction or rehabilitation, and     Second Niger Bridge Access Road , officially flagged off last week.”

Additionally, the group acknowledged the administration’s focus on energy security, citing successes in the Dangote Refinery as well as the revival of the Warri and Port Harcourt Refineries.

The stakeholders who also commended Tinubu for signing the South-South Development Commission Bill into law, appealed to him on the ongoing political crisis in Rivers state, and urged all parties to embrace peace.

The HOSTCOM leader highlighted Tinubu’s economic policies and strategic reforms, particularly in tackling dwindling crude oil production and excessive debt servicing.

“When he assumed office, oil production was plummeting, and debt servicing consumed nearly all revenue. Many doubted his ability to lead, but Tinubu rolled up his sleeves and got to work. In less than two years, the results speak for themselves,” the communities said.

…On Rivers political crisis

While commending President Tinubu for signing the South-South Development Commission Bill into law, the stakeholders appealed for his intervention in the ongoing political crisis in Rivers state which recently led to the proclamation of emergency rule in the state.

“We want to seize this opportunity to appeal and beg Mr. President, as the father of the nation, to use his good offices to ensure an amicable resolution of the political imbroglio, which has engulfed River State. We urge Mr. President to prevail on the warring groups in Rivers State to sheathe their swords and embrace peace in the interest of the people.

 

“We know and trust that Mr. President has the capacity to restore peace and sanity in the crisis-torn state. We are convinced beyond a reasonable doubt that even his detractors are now better informed as he has silenced them and changed the landscape of our beloved country for good,” they pleaded.

At the media parley were Chairman Traditional Rulers of the People of South-South Chief Ese Omafuakpo; Chairman Council of Chiefs Chief Obong Udo and the Adua Tein 1 of Ijaw Izonbe Timi Alaibe.

The Police Service Commission (PSC) and the Nigeria Police Force have approved April 12, 2025 as the commencement date for the training of successful candidates in the ongoing 2025 recruitment of constables.

The head of Press and Public Relations at the PSC, Ikechukwu Ani, stated this in a statement weekend in Abuja.

He urged applicants who participated in the recently concluded medical screening, held from 26 February to 12 March, to check their application status.

He said such candidates must print their training call-up slip by logging onto the recruitment portal at https://apply.policerecruitment.gov.ng.

“The portal will be open from March 31.

“Successful candidates must report to their designated police training institutions on the date and time indicated on their call-up slip for documentation,” Ani stated.

He stated that the documentation period at training schools was scheduled for between 12 April and 19 April.

“Candidates who fail to report within this time frame will be considered to have declined the offer.”

He added that candidates must report in a clean white T-shirt and shorts.

The candidates are also to bring their training call-up slip, application form, submission slip, NIN slip, BVN slip, original and photocopies of certificates, and other required documents listed on the recruitment portal.

The PSC chairman, Hashimu Argungu, congratulated the successful candidates and urged them to dedicate themselves to ensuring the security of lives and property. (NAN)

… UBA FX Gains Dropped By N477.5bn

 

 

Nigeria’s first-tier banks are no longer celebrating bumper foreign exchange gains as the Central Bank of Nigeria has narrowed avenues for arbitration.

At least three tier-one banks suffered N1.16tn losses, while N477.5bn slashed United Bank for Africa’s (UBA) foreign exchange gains in the full year of 2024 as the spread between the official forex and parallel market rates fell below one per cent.

The tier-one banks that were most affected by the losses are Zenith Bank Plc, First Bank of Nigeria Holdco, Guaranty Trust Holdco, and United Bank for Africa.

Zenith Bank is the biggest loser in foreign exchange deals as the group suffered a foreign exchange revaluation loss of N1.1tn by the end of 2024, according to its full-year books analysed by THE WHSITER.

Out of the N1.16tn total loss declared by tier-one banks in 2024, Zenith Bank’s loss accounted for over 94 per cent during the period.

In the 2023 financials, Zenith Bank posted a staggering N358.1bn gain arising from foreign exchange revaluation. This was the period when the naira was rapidly declining.

Zenith Bank said, “The year witnessed significant volatility in the foreign exchange of naira against the dollar, from about N977/US$ in Q4 2023 to 1,535/US$ as of 31 December 2024.

“The CBN narrowed the spread between the various foreign exchange segments of the market, an indication of price discovery and improved market efficiency, thus reducing opportunities for arbitrage and speculation.”

First Bank Holdco posted a foreign exchange loss of N62.59bn in 2024.

Although the lender posted a loss, the N62.56bn was an improvement compared to N334.2bn foreign exchange loss that the group posted in 2023.

A breakdown showed that FBN posted a foreign exchange trading loss of N96.43bn, but the losses were reduced by a forex revaluation gain of N33.83bn, making the net forex loss to become N62.59bn in 2024.

Guaranty Trust Holding Company (GTCO) suffered an unrealised foreign exchange loss of N1.9bn in 2024 based on the company’s financials.

In 2023, the bank declared an unrealised foreign exchange gain of N74.5bn.

 

An analysis of the United Bank for Africa’s financial report for December 2024 shows that its “net trading and foreign exchange gain fell to N181.8bn from N659.3bn,” which it recorded in the 2023 full year.

This reflects a 72.4 per cent slash in the gains it made in 2023, when the naira depreciated by about 94 per cent following the introduction of a managed float.

A breakdown of UBA’s net trading and foreign exchange income showed that, unlike the N457.2bn posted as net fair value gain on derivatives in 2023, UBA suffered a shocking loss of N342.2bn in 20204.

This impacted the group’s net trading and foreign exchange income gain from the N659.3bn made in 2023 to N181.8bn in 20204.

In 2023, many banks posted huge foreign exchange gains. It is estimated that banks made a foreign exchange revelation gain of around N3.3tn in 2023.

Financial expert and the co-founder of Dairy Hills, Kelvin Emmanuel, had accused banks of using their foreign exchange position to speculate against the currency.

Kelvin said, “One important decision CBN took to stabilise the FX markets last year was to harmonise reporting requirements for foreign currency positions of (especially) tier 1 banks — these are open positions net of maturing foreign currency obligations.”

The CBN, led by Olayemi Cardoso, took a major step to defend the currency by introducing a policy limiting banks’ net open positions.

In January 2024, the Trade and Exchange Department of the CBN issued a circular dated January 31, 2024, limiting the Net Open Position (NOP) of overall foreign currency assets and liabilities of banks to not more than 20 per cent short or zero per cent long of shareholders’ funds unimpaired.

The Circular also directed banks whose current NOP exceeded 20 per cent short and zero per cent long of shareholders’ funds unimpaired by losses to bring them to the prudential limit in February of the same year.

Some insiders in the CBN alleged that as of the time of the circular, about five tier 1 banks had $5bn onshore that had been used to speculate on the currency against the zero per cent long and 20 per cent short that the new circular required.

On October 2, 2024, the CBN introduced the Electronic Foreign Exchange Matching System (EFEMS) for conducting foreign exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM).

“The masterstroke that has compelled and checkmated the banks is the transition from managed float to NFEM matching system (that’s completely electronic),” said Kelvin.

The CBN said the EFEMs would reduce speculative activities, eliminate market distortions, and give the CBN improved oversight capabilities to effectively regulate the market.

The media office of Natasha Akpoti-Uduaghan says her planned visit to Kogi central for the Eid-el-Fitr celebrations will proceed as scheduled.

In a statement on Monday, the senator’s media team dismissed speculation about a possible cancellation of the visit.

The team clarified that her office had made no such announcement and urged the public to disregard the rumours.

“We are pleased to confirm that Senator Natasha Akpoti-Uduaghan’s Sallah visit to Kogi Central senatorial district will proceed as planned,” the statement reads.

“Despite rumours circulating online, there has been no official announcement from our office regarding the cancellation of this visit.”

Akpoti-Uduaghan reaffirmed her commitment to engaging with her constituents and promoting unity within the senatorial district.

“As the senator representing Kogi Central, Natasha Akpoti-Uduaghan remains committed to engaging with her community and fostering a spirit of unity and cooperation,” the statement noted.

“Her dedication to the people of Kogi Central is unwavering, and she looks forward to celebrating Eid-el-Fitr with her constituents.”

The senator’s team also assured that all necessary arrangements have been made to ensure a smooth and joyous celebration.

“We would like to assure the public that all necessary arrangements are in place to ensure a successful and joyous event. We invite all members of the community to join us in marking this special occasion,” the statement added.

The clarification comes amid reports that the Kogi state government is allegedly attempting to prevent Akpoti-Uduaghan from visiting her constituents.

On Monday, the state government announced a ban on rallies and public gatherings, citing “credible security reports”.

In a statement, Kingsley Fanwo, commissioner for information, said the measure was taken to avert any security threats that could destabilise the state.

A former Governor of Ogun State, Ibikunle Amosun, has accused the senator representing Ogun West, Olamilekan Adeola, of project diversion.

Amosun revealed that a library project facilitated by Adeola in Abeokuta had a board tagged, ‘Renovation of Ake Pavilion Roofing and other Facilities, Ogun State’, a project facilitated by the ex-governor.

He argued that this indicates that there is a budget in the Federal Appropriation for the Ake Pavilion project, which is being diverted to an entirely different project.

Speaking via a statement by his media aide, Lanre Akinwale, on Monday, Amosun posited that the project in question has no connection to the ongoing construction of the Ake Pavilion project “being single-handedly funded” by him.

The statement reads, “Our attention has been drawn to a Library construction project at the Ewang Estate Extension, Abeokuta, facilitated by Senator Solomon Olamilekan Adeola.

“However, the project board erected at the site of the library project has a different inscription, tagged, ’Renovation of Ake Pavilion Roofing and other Facilities, Ogun State’.

“What this simply connotes is that there is a budget in the Federal Appropriation for the Ake Pavilion project, which is being diverted to an entirely different project. Otherwise, how could the facilitator of the library project inscribe a narration, entirely different from what he facilitated?”

Speaking further, he said, “For the avoidance of doubt, there is only one Ake Pavilion Project, and it is located at the Ake Palace Ground, Abeokuta. The project was conceptualised and designed as a tourist attraction centre by Senator Ibikunle Amosun during the twilight of his administration as Governor in 2019. The actual construction of the multi-functional Ake Pavilion started in 2020, and the project was never part of his constituency projects when he served as Ogun Central Senator (2019-2023).

“The Ake Pavilion project, which is 95 per cent completed, contains an impressive 3,000-capacity Amphitheatre with an open performance area of about 3,000sqm, 3 Nos Banquet Halls of varying capacities ranging from 100 to 500, a museum area showcasing the history of the four quarters (sections) of Abeokuta with shops for artefacts, books, Adire, administrative blocks, and other facilities, all financed by Senator Ibikunle Amosun through his personal resources.

“While Senator Amosun welcomes the facilitation of Federal Government-funded projects to Ogun State, it is essential to ensure that such projects are done with sincerity and without misrepresenting facts. We advise Senator Solomon Olamilekan Adeola to provide accurate information to the people of Ogun State, especially Abeokuta, regarding the library project he facilitated to Ewang Estate Extension.”

However, in a swift reaction, the Ogun West senator denied the allegation of project diversion.

Adeola’s spokesman, Kayode Odunaro, said, “There is no case of diversion of the project as insinuated based on the inscription on the signpost at the completed library project.”

He explained, “As stated in the statement of Senator Amosun, the inscription on the project is ‘Renovation of Ake Pavilion Roofing and Other Facilities, Ogun State. ’ For those not conversant with budgetary terminologies, the wordings ‘and other facilities, Ogun State’, shows that the project was not confined to Ake Pavilion alone. Indeed, it could include construction of roads, schools, library, etc in Ogun State as determined by the implementing agency and facilitator of the project in the budget based on the availability of funds.”

Odunaro conceded that there was a budget for the renovation of Ake Pavilion, which is still under construction.

The battle for survival in Nigeria is real and tough and it is a common trend for Nigerians to seek ‘greener pastures’ in technologically advanced and developed countries.

 

According to research, the highest-paying countries for skilled workers offers robust visa programs, attractive job markets, and promising futures. Due to the high demand for skilled workers in these countries, the salaries are also very attractive and rewarding, making them very attractive for these skilled and experienced workers to thrive. 

As these countries continue to evolve, they are expected to offer even more opportunities for skilled workers in high-demand sectors such as AI, Blockchain development, and sustainable development, with new positions emerging to meet the challenges of the future.

This article explores the top five highest-paying countries for skilled workers in 2024 with the published data on average salaries and discussed projections for 2025, per DAAD Scholarship.

Countries with highest salaries for skilled workers

5. Canada – $65,200 Average Salary

Canada ranks fifth with an average salary of $65,200. The skilled work visa program in Canada is the country’s Global Talent Stream (GTS) under the Temporary Foreign Worker Program. This program offers expedited work visa processing for skilled workers. In Canada, there is a high demand for healthcare professionals, IT specialists, skilled tradespeople, and early childhood educators.

Furthermore, by 2025, the country is expected to see a rise in demand for green energy technicians, AI engineers, and telemedicine professionals, as the country prioritizes sustainability and digital health initiatives.

4. Norway – $68,700 average salary

Norway offers an average salary of $68,700 and has become an attractive destination for skilled workers, particularly in engineering (Oil and Gas, Renewable energy), healthcare, and IT.

The country’s skilled work visa program, the Residence Permit for Skilled Workers, enables professionals to fill positions in sectors such as Engineering, Oil and Gas, Renewable energy, Health care, and IT.

In Norway, the projections for 2025 include an increased demand for electric vehicle infrastructure planners, smart city architects, and AI-powered automation specialists. The country’s commitment to sustainability and renewable energy continues to create a steady demand for Engineers and green technology professionals.

 

3. United States – $74,700 average salary

The United States of America remains a top choice for skilled workers, offering an average salary of $74,700 and the popular visa options for professionals include the H-1B skilled work visa program.

The U.S. continues to emerge as a top choice because of its innovation and technology, attracting global talent to Silicon Valley and beyond. While the H-1B visa is competitive, alternative pathways like the O-1 Visa for extraordinary abilities ensure access for top-tier professionals.

The skilled shortage occupations were there is a high demand for work include software developers, IT specialists, healthcare professionals, and skilled tradespeople (welders and electricians).

In 2025, it is projected there will likely be an increased need for AI engineers, robotics specialists, and data analysts as the U.S. invests in emerging technologies.


2. Luxembourg – $78,800 average salary

Luxembourg is renowned for its significance in finance and technology. The nation ranks second with an average salary of $78,800.

 

The country’s EU Blue Card program and Third-Country National Work Permit offer pathways for highly skilled professionals in various fields, such as financial analysts, IT specialists, engineers, and healthcare workers. The EU Blue card also simplifies the hiring of highly skilled professionals, and its competitive salaries make Luxembourg an attractive option for international talents.

It is projected that in 2025 Luxembourg would expand its skill shortage list, adding demands in fintech, renewable energy technology, and blockchain development.

1. Switzerland – $87,500 average salary

Switzerland remains the top destination for skilled workers in 2024, with an average salary of $87,500. The country offers several work permit options for skilled workers, including the L permit and B permits.

In the new year 2025, Switzerland is expected to see an increased demand for sustainability consultants, AI specialists, and green energy engineers as it advances its environmental initiatives.

BlackRock Chairman and CEO Larry Fink acknowledged in his 2025 annual letter that Bitcoin could challenge the U.S. dollar’s status as the global reserve currency.

“If the U.S. doesn’t get its debt under control, if deficits keep ballooning, America risks losing that position to digital assets like Bitcoin,” Fink wrote in BlackRock’s March 2025 letter.

The statement marks a significant shift from the head of the world’s largest asset manager, recognizing digital assets as potential alternatives to the dollar.

 
 

Throughout the letter, Fink mentioned Bitcoin seven times and the dollar eight times, signaling the growing relevance of digital currencies in financial discourse.

BlackRock’s letter frames Bitcoin as both an innovation and a risk, warning that if investors view it as a more stable long-term store of value than the dollar, it could undermine U.S. financial primacy.

Fink stressed that “two things can be true at the same time,” referring to both innovation and risk in digital asset development.

Beyond Bitcoin, Fink positioned tokenization as a transformative force for capital markets, likening it to the shift from postal mail to email.

He argued that tokenized assets could bypass financial intermediaries and democratize access to investments through fractional ownership and improved voting systems.

BlackRock also highlighted India’s digital identity system as a model for secure transactions, with over 90% of Indians verifying smartphone transactions—a benchmark for future tokenized economies.

MultiChoice, Africa’s leading entertainment provider and operator DStv, has warned shareholders to brace for tougher times as the company struggles in a challenging economic climate.

The pay-TV giant has suffered a sharp decline in its subscriber base, dropping from over 23 million to 19.3 million in less than two years.

According to NewsPoint Nigeria, sources said that a significant portion of the losses occurred outside South Africa, with over 84% of the affected users being DStv customers.

In an earlier statement, MultiChoice attributed the steep decline to economic pressures in key markets, particularly Nigeria. “The loss in the rest of Africa has been primarily due to the significant consumer pressure in Nigeria, where inflation has remained above 30% for the majority of the last 12 months and, more recently, due to extreme power disruptions in Zambia,” the company said.


The company’s latest voluntary operational update, released in preparation for its financial results for the year ending March 31, 2025, reinforces the severity of its current challenges.

MultiChoice noted that the “challenging consumer environment has resulted in a decline in subscribers and limited revenue growth,” underscoring the financial strain faced by the company.

This development came amid increasing regulatory scrutiny, with Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) recently filing charges against MultiChoice for allegedly violating local regulatory directives.

The Nigeria Security and Civil Defence Corps (NSCDC) has impounded a truck loaded with 70,000 litres of stolen crude oil in Port Harcourt, Rivers State.


This is contained in a statement signed by the NSCDC National Public Relations Officer (NPRO), Afolabi Babawale, yesterday in Abuja.

Babawale explained that the Commandant General’s Special Intelligence Squad (CGS SIS) had acted on orders to prevent incidents of pipeline vandalism, crude oil theft, and illegal dealings in petroleum products in the Niger Delta.


According to him, the CGS SIS responded swiftly to an intelligence tip-off and impounded a long caravan truck with an in-built tank fully loaded with stolen crude oil.

“The truck was spotted while in transit around Eleme flyover in Elelewon, Port Harcourt, and was subsequently impounded by the CGS SIS,” he said.

Babawale quoted the Squad Commander, AS Dandaura, who revealed that his team was quickly deployed to the crime scene.

“The truck was fully loaded with siphoned crude oil illegally drawn from vandalised wellheads and destroyed pipelines.

“However, the truck’s occupants fled as the operatives approached the scene of the crime.

“An investigation has been launched to track down the syndicate responsible for the act of economic sabotage.


“For the record, the exhibits recovered at the point of arrest include: A red-head and navy-blue container truck with 10 tyres (Reg. No. AGL574XY), containing approximately 70,000 litres of stolen crude oil,” he stated.

Babawale emphasised that once the investigation concluded, the NSCDC would seek the forfeiture of the truck and its contents in a court of competent jurisdiction.

He said proceeds from the sale of the assets would be remitted to the Proceeds of Crime Account (POCA).

The CGS SIS Commander further reiterated the squad’s commitment to waging an unrelenting battle against oil thieves and their sponsors, affirming that any suspects arrested would face the law after thorough investigations. (NAN)

There are indications that the naira-for-crude policy of the Federal Government may continue, as impeccable insider sources familiar with the development insisted on Monday that all parties involved in the deal would reconvene soon.

The first phase of the six-month deal involving the Federal Government, Nigerian National Petroleum Company Limited, and Dangote Petroleum Refinery ended March 31, 2025.

It has not been renewed, and the Dangote refinery has since stopped selling refined petroleum products in naira due to the non-renewal of the naira-for-crude deal.

This came as a report by S&P Global on Monday stated that the Dangote refinery processed approximately 400,000 barrels per day of crude oil in 2025 so far, with about 35 per cent of this supply being sourced from international imports.

 

This means the plant imported about 140,000 barrels of crude oil per day and a total of 12.6 million barrels in three months.

Commenting on the naira-for-crude policy, a senior government official familiar with the workings of the committee responsible for the deal told one of our correspondents that the government has not ruled out the policy.

“The initiative is going to continue because it is now obvious that the policy has a great impact on not just fuel prices, but also on other economic indices. It also positively impacted the FX rate.

 

“However, the committee is awaiting the Nigeria Upstream Petroleum Regulatory Commission’s submission on the task given to it as regards the policy. Once that is done, the next thing should be the way forward as regards the naira-for-crude policy,” the source, who spoke to one of our correspondents in confidence due to the lack of authorisation to speak on the matter, stated.

Recall that on October 1, 2024, the government commenced the sales of crude oil in naira to the Dangote refinery to improve supply, save the country millions of dollars in petroleum product imports, and ultimately reduce the pump prices of fuel.

NNPC recently stated that the Dangote refinery had received 48 million barrels of crude oil in naira under the deal. It also said a total of 84 million barrels of crude had been supplied to the refinery since it commenced operations in 2023.

NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, in a statement, explained that the initial deal was for six months and that discussions for the renewal of the agreement were currently ongoing, with the aim of establishing a new contract.

Meanwhile, the S&P report also revealed that the Dangote refinery had secured its first crude oil from Brazil and Equatorial Guinea, according to a company executive, as volatile domestic availability had added incentive to diversify its feedstock.

According to S&P Global Commodities at Sea data, Brazil’s Petrobras shipped the first cargo of Brazil’s Tupi crude to the refinery on March 26, delivering one million barrels of the medium sweet grade.

Supplies from Equatorial Guinea are yet to be dispatched, according to the ship tracking data, but will soon add to the growing list of crude grades being processed at the plant.

 

“We have started sourcing globally,” a refinery executive told S&P Global Commodity Insights. The official also confirmed that the company now counts Brazil and Equatorial Guinea among its global oil suppliers.

“Dangote has received roughly 400,000 b/d of crude oil in 2025 to date, of which around 35 per cent was imported internationally,” the S&P report stated, quoting data obtained from the CAS data.

Last year, the Dangote Chairman, Aliko Dangote, shared plans to run Brazilian crude at the plant back in July 2024 and said talks were underway with Senegal and Libya over potential supply routes.

However, as the refinery’s main trade partner and minority stakeholder, NNPC, has faced its challenges, the company could have new incentives to forge alternative supply links. Since the refinery began operating, NNPC has consistently underdelivered on supplies for Dangote.

After delivering around a third of some 300,000 b/d of discounted oil it had initially promised to the refinery, according to CAS data, the national oil company reduced its stake in the project from 20 per cent to 7.2 per cent in July.

In October, it agreed to begin supplying crude to Dangote in naira as part of an initiative to deflate Nigerian fuel prices and briefly became its sole supplier.

However, according to NNPC figures, the NOC delivered roughly 280,000 b/d of crude to Dangote in naira by March 10, falling shy of the 385,000 b/d agreed under the deal. The six-month deal officially ended on Monday, March 31, 2024.

 

Reacting, a Dangote executive who spoke to S&P Global expressed significant uncertainty regarding the future of a new naira-for-crude deal, stating, “We are not even certain if it will be renewed or if it will proceed at all.”

Besides challenges for NNPC, he argued that the obligation for Dangote to sell its oil products in naira under the deal had become a drag on its operations. He said that the refinery was left exposed to price fluctuations by pegging contract prices to dollar-based benchmarks and converting them into naira at the point of sale.

“It’s not commercially advantageous for us,” said the source. “When we buy in naira and sell in naira, the forex risk between the time of buying crude and selling the products may not be fully covered”.

According to trade sources and Nigerian port authorities, NNPC has allocated seven crude oil cargoes to deliver around 245,000 b/d to the Dangote site in April but has yet to agree on payment terms.

HURIWA reacts

The Human Rights Writers Association has called on President Bola Tinubu to ensure the continuation of the naira-for-crude deal between NNPC and local refineries, including the Dangote refinery.

The group warned that the termination of the deal could lead to sudden and indiscriminate hikes in pump prices of petroleum products, thereby exacerbating the hardships faced by millions of Nigerians.

 

HURIWA made the call in a statement signed by its National Coordinator, Emmanuel Onwubiko, who emphasized the need for a humane and compassionate government, while urging the President to quickly direct his economic team to reach a new agreement with local refineries.

“In the spirit of the Sallah celebrations and given the public shows of supplications to God by the President and other public office holders as part of the end of the fasting and lenting period, we are praying President Tinubu to direct his Coordinating Minister for the Economy and the Minister of Finance to transparently and rapidly reach agreement to continue the naira-to-crude-deal with local crude oil refineries including the Dangote Petroleum refinery.

“We make this public supplication and appeal because any alteration to this deal would mean excruciating hardships and the massive affliction of poverty on millions of the already suffering, struggling and multidimensionally poor households,” the statement read.

Onwubiko noted the economic impact of failing to renew the deal, adding that many small and medium-scale enterprises dependent on petrol-powered generators may be forced to close down, while private sector workers may face termination of appointments.

He further noted the impact of the deal on 133 multi-dimensionally poor Nigerians, noting that the World Bank had stated that several million more Nigerians had fallen into poverty due to the rising cost of living.

The group urged Tinubu’s government not to ignore “the expanding frontiers of mass poverty that any further hike in the pump price of petrol would bring unto millions of Nigerian already overstretched households.”

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