In other news

The crude-for-naira deal is scheduled to end on 31 March 2025 (initial deal was for 6months: Oct 2024 to March 2025).

I would have expected the FG and Ministry of Petroleum to get a deal over the line ASAP but the cabals might be 'pressing some buttons'.

We watch as things unfold...

KarlTom:
In other news

The crude-for-naira deal is scheduled to end on 31 March 2025 (initial deal was for 6months: Oct 2024 to March 2025).

I would have expected the FG and Ministry of Petroleum to get a deal over the line ASAP but the cabals might be 'pressing some buttons'.

We watch as things unfold...

I want to buy one drum of fuel to sell black market.
Dangote says he will stop selling to the Nigerian market once the deal ends as he cannot buy in dollars from abroad and sell to Nigerians in Naira.
Fuel price go soon go up

.

crownprince2017:


Exchanging words with illogical people online is a waste of time from my end because it's obvious some people brain is under there foot. Instead of following logics in discussions they go the insulting way probably because they are riff Raff's or senseless.

The truth is, a patriotic citizen put his/her country first over any personal interest.

Any tribe that destroyed national assets just to display his/her stupid temperament must be repel with serious consequences.

Still linking it to "tribe"
Damn, a slowpoke and more

Anyways it's expected, looking at the ilk of people that inhabit, and come from that "country" called NGR

A patriotic person would not use such words to describe their country men
It reeks of tribalism, and deluisonal tribal supremacy (apparently the strong suit of agbado miscreants)

Retarded lot

Mpeace:
I want to buy one drum of fuel to sell black market.
Dangote says he will stop selling to the Nigerian market once the deal ends as he cannot buy in dollars from abroad and sell to Nigerians in Naira.
Fuel price go soon go up

In that case, NNPC can be the sole buyer again in dollars and then they distribute to marketers in Naira.

GeneralDae:

In that case NNPC can be the sole buyer again in dollars and then they distribute to marketers in Naira.

It's such a disgrace that Dangote is not being supported to the max like should have been the case

If this was a Chinese company
The CCP will give Dangote EVERYTHING he needs

RodgersAkpafu:


It's such a disgrace that Dangote is not being supported to the max like should have been the case

If this was a Chinese company
The CCP will give Dangote EVERYTHING he needs

How is he not being supported? Oil prices are low and this is the time NNPC needs all the dollars it can get. If NNPC can give Dangote 70% of the crude he requires in dollars and then be the sole buyer of all of Dangote’s PMS, Diesel and AGO to at least 70% of Nigeria’s capacity, would that be a bad deal? Dangote would export up to 60% of his products as well when at full capacity.

I also need stocks to buy too this year plsss o

Akposkiz:
I also need stocks to buy too this year plsss o

DANGCEM
MTN
ARADEL
GUINNESS
PZ

RodgersAkpafu:


It's such a disgrace that Dangote is not being supported to the max like should have been the case

If this was a Chinese company
The CCP will give Dangote EVERYTHING he needs

The government needs what to do to stop alhaji from reducing the price of fuel .This is affecting thr importation cabal. Alhaji wants to put them out of business. This government is so terrible. It is so corrupt .And want to use hunger and poverty to reduce the people to pawn in thr political game.

Youngzedd:
So is the market going to ZERO?


Investors just don't like uncertainties. The FG handled this issue poorly.

Crude oil that we're running on deficit, we don't have enough to supply to the local refineries and we aren't meeting OPEC quota.

All these would have been avoided, but here we are.

I don't know why we cannot be proactive in this country.

They actually handled it "perfectly" - the way they wanted it

RodgersAkpafu:


It's such a disgrace that Dangote is not being supported to the max like should have been the case

If this was a Chinese company The CCP will give Dangote EVERYTHING he needs

I strongly believe the next phase of Naira for crude swap deal would definitely be longer probably through 2027 considering the success of the 6 months trial so far.

The challenge the committee would be trying to resolve would be figuring out what the benchmark of crude pricing for this deal would be (oil price in the world market should start to come down from here probably towards 60's or lower ), and figure out how to honour forward swaps arrangement the govt/ NNPC made with Nigeria's creditors.

The current administration know that needful must and would be done. As for support, Dangote refinery and local refineries are slowly getting the support they need in the face of multiplicity of greedy interest facing the oil n gas sector. That said, can more be done, of course yes! slow and steady Nigeria is progressing. Viva Nigeria!

Streetinvestor2:
The government needs what to do to stop alhaji from reducing the price of fuel .This is affecting thr importation cabal. Alhaji wants to put them out of business. This government is so terrible. It is so corrupt .And want to use hunger and poverty to reduce the people to pawn in thr political game.

Well, they are doing themselves

If I were them
I will strike a deal with dangote to list on the NSE
Buy the shares for cheap pre ipo (via proxies of course)

then give him all the support that he needs up to the point of IPO
then cash out massively from the value created

Win for my pocket
Win for dangote group
Win for Nigeria....


That's how corruption is practiced in Asia

TEMPORARY SUSPENSION OF SALES OF PETROLEUM PRODUCTS IN NAIRA

Dear Valued Customers,

We wish to inform you that, Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.

To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.

Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud. This is malicious falsehood. Our systems are robust and we have had no fraud issues.

We remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira.

We appreciate your understanding and cooperation during this period.
Thank you.

Management
19th March, 2025

Mpeace:
TEMPORARY SUSPENSION OF SALES OF PETROLEUM PRODUCTS IN NAIRA

Dear Valued Customers,

We wish to inform you that, Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.

To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.

Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud. This is malicious falsehood. Our systems are robust and we have had no fraud issues.

We remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira.

We appreciate your understanding and cooperation during this period.
Thank you.

Management
19th March, 2025

Na wa o

codeME:
I have some 150K till the end of the year, any suggestion on where to put it please

Maybe in your pocket for the time being until things stabilise...🤷

Nigeria's biggest Oil Pipeline resume operations after temporary shutdown..

* For those wey no allow us hear word...

https://businessday.ng/news/article/nigerias-biggest-oil-pipeline-restarts-amid-rivers-crisis/

https://www.nairaland.com/8373766/nigerias-biggest-oil-pipeline-restarts

Ok na

ojeysky:


They actually handled it "perfectly" - the way they wanted it

We live in a dog eat dog society.


It's unfortunate.

megawealth01:
Ok na

Dangote knows how to play the game.

Nice one.

GeneralDae:

How would you have wanted it to handle the Dangote refinery situation?

You're asking me a leading question. Not only did they handle it terribly—as if they had better solutions to the economic implications the refinery was supposed to bring to Nigeria—but they are still handling it badly. Currently, Dangote has ceased selling to Nigeria. Is this acceptable to you, or do you want to ask another amateurish question?

Abeg, where in that press release did they say they want to stop selling to Nigerians?

ositadima1:


You're asking me a leading question. Not only did they handle it terribly—as if they had better solutions to the economic implications the refinery was supposed to bring to Nigeria—but they are still handling it badly. Currently, Dangote has ceased selling to Nigeria. Is this acceptable to you, or do you want to ask another amateurish question?

UNITY BANK AGM RESOLUTIONS

https://doclib.ngxgroup.com/Listings-site/corporate-disclosure-site/Documents/UNITY%20BANK%20PLC%20-%20RESOLUTIONS%20AT%20AGM.pdf

1st line. 1st paragraph...

We literally buy in ₦

GeeKudi:
Abeg, where in that press release did they say they want to stop selling to Nigerians?

But the marketers who go to buy abroad buy in $. If they just buy it from Dangote instead? Petrol is an international commodity, you know.

KarlTom:
1st line. 1st paragraph...

We literally buy in ₦

Dangote Refinery To Save Nigeria $30bn In Forex Yearly, Says Emefiele


https://www.youtube.com/watch?v=FRpXSX3FC48&pp=ygUPI3NhdmVuaWdlcmlhbm93#bottom-sheet


Using USD to buy products produced in Nigeria is against the law of the land.


The FG should support Dangote Refinery with their full chest. Give this man 650k crude daily and end fuel importation.

Youngzedd:
Dangote Refinery To Save Nigeria $30bn In Forex Yearly, Says Emefiele


https://www.youtube.com/watch?v=FRpXSX3FC48&pp=ygUPI3NhdmVuaWdlcmlhbm93#bottom-sheet


Using USD to buy products produced in Nigeria is against the law of the land.


The FG should support Dangote Refinery with their full chest. Give this man 650k crude daily and end fuel importation.

That's if they truly love Nigeria above their selfish interests

Where do you want them to get this "650k crude daily" from?

Youngzedd:
Dangote Refinery To Save Nigeria $30bn In Forex Yearly, Says Emefiele


https://www.youtube.com/watch?v=FRpXSX3FC48&pp=ygUPI3NhdmVuaWdlcmlhbm93#bottom-sheet


Using USD to buy products produced in Nigeria is against the law of the land.


The FG should support Dangote Refinery with their full chest. Give this man 650k crude daily and end fuel importation.

ositadima1:


You're asking me a leading question. Not only did they handle it terribly—as if they had better solutions to the economic implications the refinery was supposed to bring to Nigeria—but they are still handling it badly. Currently, Dangote has ceased selling to Nigeria. Is this acceptable to you, or do you want to ask another amateurish question?

Did Dangote cease selling to Nigeria or he ceased selling to Nigeria in naira?

Well, I look at this from a different angle. The Government made the crude for naira deal for 6 months as a head start but the crude for naira deal while brilliant, also has its complications.

1) It doesn’t make Dangote liquid enough in dollars (which his business requires). The volume of naira transactions Dangote would then have to convert to dollars to import parts of the remaining crude he needs to run the refinery operations and service his debts also makes the whole exercise somewhat redundant.

2) Oil prices are now around $70 per barrel. At this point, the upstream sector wants all the FX they can get (and NNPC is not an exception) while the large refiners love it because they can purchase crude easily and get better margins (refining is a low margin business generally). In that sense, NNPC and IOC’s would easily supply Dangote if they get dollars. This is also good for us because not all the FX from Dangote’s exports comes to us because Dangote (at least for the moment) would have to send some out to service his debt to Afrexim Bank. While NNPC on the other hand, have a special account with the CBN, so dollars to NNPC flows to the CBN first before anything else is done with it.

3) There may be options of cheaper crude out there which importers can buy and which NNPC knows about due to their long years of connection and experience.

4) Dangote himself can import WTI crude from America which is cheap and his refinery can refine it which gives him the advantage.

Given all of these points, I can see why the Government paused the scheme for a while to study the loopholes if any and to see if it can be better.

NNPC don't even have the capacity to supply DR with crude at the moment because of the burden of the forward contracts being serviced. This is public knowledge but it is always very easy for Nigerians to curse and bash govt while ignoring all known facts. It is what it is.

The only way they can supply the local refining industry is via increased crude production. This in itself is not a walk in the park.

GeneralDae:

Did Dangote cease selling to Nigeria or he ceased selling to Nigeria in naira?

Well, I look at this from a different angle. The Government made the crude for naira deal for 6 months as a head start but the crude for naira deal while brilliant, also has its complications.

1) It doesn’t make Dangote liquid enough in dollars (which his business requires). The volume of naira transactions Dangote would then have to convert to dollars to import parts of the remaining crude he needs to run the refinery operations and service his debts also makes the whole exercise somewhat redundant.

2) Oil prices are now around $70 per barrel. At this point the upstream sector wants all the FX they can get and NNPC is not an exception while the large refiners love it because they can purchase crude easily and get better margins (refining is a low margin business generally). In that sense, NNPC and IOC’s would easily supply Dangote if they get dollars. This is also good for us because not all the FX from Dangote’s exports comes to us because Dangote would have to send some to service his debt to Afrexim Bank. While NNPC on the other hand, have their bank with the CBN, so dollars to NNPC flows to the CBN.

3) There may be options of cheaper crude out there which importers can buy and which NNPC knows about due to their long years of connection and experience.

4) Dangote himself can import WTI crude which is cheap and his refinery can refine it which gives him the advantage.

Given all of these points, I can see why the Government paused the scheme for a while to study the loopholes if any and to see if it can be better.

ositadima1:


You're asking me a leading question. Not only did they handle it terribly—as if they had better solutions to the economic implications the refinery was supposed to bring to Nigeria—but they are still handling it badly. Currently, Dangote has ceased selling to Nigeria. Is this acceptable to you, or do you want to ask another amateurish question?

What do you expect from someone who sole aim is to defend all rubbish from terrible government championed on Nigerian factors. The funny part na them dey suffer pass now as things be for street.