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Dangote Refinery to Import Crude from Brazil, America by August

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Dangote Refinery has concluded plans to supply crude oil from Brazil and the United States of America by August this year to complement it’s refining capacity.

Dangote Refinery to Import Crude from Brazil, America by August

Rabi’u Umar, chief commercial officer, Dangote Industries Limited, who stated this in Kano state, said that, the Nigeria National Petroleum Company Limited (NNPC), is supplying insufficient crude oil for its production demand, hence it is planning to source from Brazil and America.

He noted that, NNPC only supplies 33 percent of crude to the refinery, disclosing that it had to look elsewhere to source the remaining 67 percent to meet its production capacity.

He said the refinery, which has the capacity of refining 650,000 per day, could not depend on short supply from the Nigeria’s oil company.

“First of all the refinery is here in Nigeria. We have the crude oil here in Nigeria. We thought we would get the crude oil here and refined it here in our refinery for the benefit of the country and the citizens.

“Ironically, the country takes the crude oil overseas for refining while we have a refinery, one of the biggest in the world.

“So, we will not stay idle. We have to look for other sources to meet our production capacity. If we get the crude oil supply here in the country we have no reason to go overseas.

“Even now, we are planning to supply crude oil from countries like Brazil and USA,” he said.

Umar said the refinery had commenced supplies to foreign countries since February, disclosing that they receive orders from different countries for supply, especially aviation fuel.

The Chief Commercial Officer also revealed that the refinery needs 15 cargos of crude oil in September but NNPCL promised only 5 to it, lamenting that they see the government’s lackadaisical actions towards the refinery as sabotage.

According to him, the refinery should be celebrated and embraced by the government rather than painting it black as it is the biggest employer of labour with over 50,000 workers at the moment.

He emphasized that against the government’s false narratives, the refinery had started on a positive note as the quality of its refined products are would standard.

He said even the House of Representatives, under the leadership of the its speaker, visited the refinery, saw the difference and was satisfied with the quality of the products.

The official also said, “we are here to defend ourselves and all the government narratives are not true. We urge the people to take samples of our products to ascertain their quality.

“We will not be deterred by the government’s criticism. We will continue until we reach the promised land”.

Aliko Dangote, president of Dangote Group, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), alongside NNPCL, had been locked in a dispute, ranging from monopoly allegations to supply of crude for the refinery, substandard fuel imports and ownership of blending plants in Malta.

However, Dangote, in a new revelation, said for the $20 billion refinery to meet its production demand, it must look for other sources of crude oil supply overseas as the NNPCL allocation is insufficient.

 


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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

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Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday, March 3, 2026, arraigned two bank officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over an alleged $306,667.81 and €50,250 fraud before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

EFCC

The defendants, who are both top officials of FSDH Merchant Bank Limited, were arraigned on a 10-count charge bordering on alleged stealing and retention of stolen property to the tune of $306,667.81 and €50,250.
The petitioner, FSDH Merchant Bank Limited, alleged that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), from its Letters of Credit (LC) payable accounts.
Investigations revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts reads:
“That you, BAKARE OLADIMEJI SURAJUDEEN and JAMES OLUKAYODE IMOKWEDE, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), property of FSDH Merchant Bank Limited.”
Another count reads:
“That you BAKARE OLADIMEJI SURAJUDEEN AND JAMES Olukayode Imokwede sometime in 2021 in Lagos within the jurisdiction of this Honourable Court dishonestly took sum of $306,667. 81 (Three Hundred and Six Thousand, Six Hundred and Sixty Seven dollars, Eighty one cents) property of FSDH Merchant Bank Limited”.
The defendants pleaded “not guilty” to all the charges preferred against them.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, asked the court for a trial date and also prayed that the defendants be remanded in a Correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of the defendants and also urged the court to grant them bail on liberal terms.
They also prayed that the defendants be remanded in the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers of the defence seeking the remand of the defendants in the EFCC custody, saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum.
The court ordered that one of the sureties must be a relative, who is gainfully employed.
The sureties must provide evidence of tax payment in the last three years and must show proof of livelihood, with their residences verified.
The defendants were ordered to deposit their international passports with the court, and must not travel outside the country without the leave of the court.
The judge subsequently remanded the defendants in a Correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter till March 25, 2026, for the commencement of trial.

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AfDB Supports Francophone Africa Start-ups with €6.5M

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The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.

This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.

Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.

The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.

The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.

In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.


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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

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Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.

Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.

The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.

SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.

The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.

Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.

Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.


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