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Dangote Refinery Forced to Resell U.S, Nigerian Crude Cargoes over Glitches – Report

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Dangote oil refinery, indigenous oil refinery owned by Aliko Dangote, Africa’s richest man, is reselling cargoes of U.S. and Nigerian crude, four trade sources familiar with the matter said on Friday, according to a Reuters report.

Dangote Refinery Forced to Resell U.S, Nigerian Crude Cargoes over Glitches - Report

Aliko Dangote

Three of the sources indicated that the reoffer was linked to technical problems at the refinery.

However, a Dangote executive, when asked about the offers and market rumours of operational issues affecting the crude distillation unit (CDU), stated that the CDU is in operation.

The refinery, which began production in January, is set to become the largest in Africa and Europe upon reaching full capacity.

This could significantly alter the lucrative Europe-to-Africa fuel trade and transform Nigeria into an exporter of fuels.

Among the grades being offered were Nigerian Escravos and Forcados crude, as well as U.S. WTI Midland crude, according to the sources. Traders have reported that the plant has been importing several crude cargoes monthly.

While resales by refineries are rare, they are not unheard of, traders noted. Following the news, crude prices fell further, with Brent crude dropping as much as 2.5% towards $80 a barrel, before recovering to above $81 by 1700 GMT.

The 650,000 barrel-per-day refinery, built at $20 billion by Africa’s richest man Aliko Dangote, aims to reverse Nigeria’s reliance on fuel imports despite being Africa’s largest oil producer.

 


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Substandard CNG Cylinder is Recipe for Disaster- SON

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Standards Organisation of Nigeria (SON) has warned the public against the use of substandard and uncertified Compressed Natural Gas (CNG) cylinders.

 

The warning is coming in the wake of the unfortunate recent incident of CNG cylinder explosion at the NIPCO CNG Refueling Station in Benin City, Edo State.

In a statement, the organisation said it has put robust and effective regulatory measures in place to ensure that all CNG equipment and conversion kits conform to approved standards before being certified for public use.

“The conformity assessment schemes are designed to prevent the import, manufacturing, and use of substandard products,” it stated.

In addition, SON said it is collaborating with the Presidential Initiatives on CNG and other relevant government bodies to finalise the Nigerian Gas Vehicle Monitoring System (NGVMS) – a platform that will provide centralized monitoring and surveillance of CNG systems to ensure that only vehicles equipped with certified conversion kits can access gas at retail outlets.

“The NGVMS will also offer a database of approved CNG equipment and suppliers which will go a long way in preventing the substandard installations and further mitigating the associated risks.”

 

 

 


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Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

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Access Bank PLC has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).

In addition to this top honour, the Bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.

Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards. At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.

This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers. We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”

Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence. Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.

Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.

These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.

 


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iPower Revolutionizes Home Power Solutions with All-In-One Inverter

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iPower, a leader in alternative energy innovation, has unveiled its latest product—the iPower All-In-One (AIO) Inverter.

This cutting-edge inverter is set to transform energy management and accessibility with a complete, easy-to-install solution designed to meet modern power needs.

Now available on Konga at an unbeatable price, the iPower All-In-One Inverter combines convenience, efficiency, and flexibility, making it the ideal choice for homes, offices, and small businesses across Nigeria.

The iPower AIO inverter is designed as a plug-and-play energy solution, removing the need for complex wiring. Simply plug in your devices, and it’s ready for immediate use.

Its key feature—a robust, built-in lithium-ion battery—ensures reliable, long-lasting power storage. With its dual charging capability, the inverter supports both solar and electricity inputs, giving users the flexibility to stay powered in all conditions.

The product uses a powerful 2.5KW off-grid inverter paired with a 1.536KWh lithium-ion battery module. This plug-and-play design not only simplifies installation but also allows users to increase energy storage capacity as needed.

The compact design of the iPower All-In-One Inverter maximizes space savings, while its Smart Battery Management System (BMS) ensures safe and efficient battery performance.

Additionally, a built-in Wi-Fi module allows users to monitor system performance remotely, providing real-time updates on energy usage and battery status.

iPower AIO is built for optimal performance, featuring a Pure Sine Wave Output that provides smooth, reliable power, ideal for sensitive electronics. This design ensures stable electricity flow, protecting devices from sudden power fluctuations.

Additionally, the inverter includes a USB On-the-Go Function that enables direct device connectivity, adding convenience for users needing quick and reliable power access.

Offering flexibility in charging options, the inverter is compatible with both utility mains and generator inputs. It is also equipped with an anti-dust kit that shields internal components, enhancing durability and reliability over time. With advanced configuration settings, users can prioritize power sources and set AC/PV output usage timers.

The iPower All-In-One Inverter stands out with its user-centric design, built for durability, flexibility, and convenience. With safety and reliability at its core, the inverter ensures a continuous energy supply for diverse applications.

As with all iPower products, the All-In-One Inverter is designed to deliver maximally. For instance, the iPower Power 5kVA Inverter is a trusted choice for larger power needs, delivering consistent energy for high-consumption applications.

Additionally, the iPower 200Ah Inverter Battery provides extended backup power that complements iPower’s inverters, ensuring long-lasting performance during prolonged outages.

The iPower All-In-One Inverter is now available on Konga at the best price, offering exceptional value for a complete, ready-to-use energy storage solution. Embrace the future of energy with iPower and enjoy seamless power at your fingertips.


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