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NNPC Seeks Bank Loan to Buy Equity in Dangote Refinery

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Banks have commenced engagement with the Nigerian National Petroleum Corporation (NNPC) on how to lend the Corporation loan to acquire equity 20 per equity in the Dangote $19 billion Petroleum Refinery.

NNPC Seeks Bank Loan to Buy Equity in Dangote Refinery

The news about plans to buy equity in the refinery broke over two weeks ago.

But in an interview with Channels Television on Tuesday monitored by Malam Mele Kyari, group managing director (GMD), revealed NNPC will not spend the Federal Government funds to acquire the equity.

His words: “Even for this Dangote Refinery, we are not going to take our (Federal Government) money and buy it. They think we are going to take our money and pay for this refinery.

” We are go to borrow for the cash flow of this business. We know that this business is viable, it will work, and that it will return dividends. It has a cash flow that is sustainable because it is a refinery business.

“In the short term, it will continue to be sustainable. And that is why banks have come up to lend to us so that we can take equity”.

He said the NNPC and the banks have done all the international processes for evaluation of the refinery and they are comfortable with the value of the business.

Asked how much the equity is worth and whether it is already signed and sealed, he said: “Not at all. Our engagement that we have signed term sheets with the owner of the Refinery rehabilitation, I am not sure that Mr. Dangote is very happy with it.

“We are taking 20 per cent equity in the Dangote Refinery. There is a valuation process. This business is very regulated. It is an international business.

“No bank will lend money to you to you buy equity in a business of this scale if you have not followed the basic valuation process.

“The reality is that we have a valuation of this refinery about about $19 billion. I don’t have the exact figure. We haven’t closed on this to answer your question straight”.

He said there is a governance that includes the authority of the Federal Executive Council to close on the deal.

According to him, NNPC will be on the board of the Dangote Refinery as a shareholder and its books will be opened to the Corporation.

Kyari said: “Petroleum is priced in Naira in our country and you buy crude in dollars. It is a banking transaction between us and customers. The CBN is there to resolve. Nigerians will not pay for product in dollar. The banks will do the conversion”.

He recalled the NNPC commenced discussions with Dangote on the equity since December 2020, adding that the refinery will come to work by 2022.

He noted: “It is coming into production. What that will do is it will deliver over 50 million litres of gasoline into our market. We are also working on our refineries to make sure we fixed them.

” We have awarded the contract for Port Harcourt Refinery rehabilitation and ultimately we are going to close that of Warri and Kaduna very soon in July so that all of them will work contemporaneously”.

He foreclosed the possibility of suspending the payment of under recovery or subsidy of petrol price in July because the negotiation with the Organised Labour is still ongoing.

Asked to state the benefits accruable to Nigerians when local refineries become operational, he said it will result in the removal of N21 per litre freight cost from the Premium Motor Spirit (PMS) template.

He added there will be an advantage of proximity of products to the consumers since it is sitting on her soil instead of taking 14 days to arrive from Europe.

The GMD confirmed that the landing cost of petrol was N256 per litre last week.

He insisted that Nigeria does not consume up to 60million litres daily.


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NRS Boss Dismisses Fears of Political Weaponisation in Tax Reforms

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Dr. Zacch Adedeji, Chairman of the Nigeria Revenue Service (NRS), has allayed fears that the new tax reform framework could be weaponised by the Federal Government to target political opponents or individuals based on affiliation.

NRS Boss Dismisses Fears of Political Weaponisation in Tax Reforms

Dr. Zacch Adedeji

Adedeji, responding to concerns over potential selective enforcement or politically motivated tax scrutiny, insisted the reforms prioritise national interest, transparency, due process, and institutional accountability.

Addressing speculations on suppressing opposition voices ahead of elections, he said: “I think the question you will ask is that we need to commend the courage of Mr. President, that despite the fact that there is an election coming, he is courageous enough to continue on this path of statesmanship and not of politicians.”

The NRS boss explained that it would have been politically expedient to shelve the reforms during an election cycle, but President Bola Tinubu opted to strengthen the country’s fiscal foundation and economic governance.

He outlined that the agenda targets structural tax system weaknesses, enhances fairness, and fosters a simplified, predictable compliance environment to boost voluntary participation over coercion.

Adedeji attributed public scepticism to Nigeria’s history of perceived institutional misuse, but stressed the new framework minimises administrative discretion through rule-based processes, automation, accountability, and governance safeguards insulated from political influence.

According to him, the reforms emphasise taxpayer trust, linking taxes to visible public service improvements while expanding growth opportunities and sustainable public finances.

He reaffirmed the focus on economic stability, credible institutions, phased implementation, investment support, vulnerable group protection, and freedom from partisan interference.


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Court Sends Faleti, Ex-Lagos Director to Jail for Stealing ₦48.9m from Access Bank

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An Ikeja Special Offences and Domestic Violence Court on Monday sentenced Olawale Faleti, a former Lagos State Education director, to two years and five months’ imprisonment for stealing ₦48.9 million from Access Bank Plc.

Court Sends Faleti, Ex-Lagos Director to Jail for Stealing ₦48.9m from Access Bank

Justice Rahman Oshodi convicted Faleti, 64, on five counts of stealing after finding him guilty of charges filed by the Economic and Financial Crimes Commission (EFCC).

In his judgment, Oshodi said the offence was deliberate and sustained, noting that Faleti carried out repeated withdrawals despite knowing he had no authorisation to access the funds.

The judge added that the convict failed to show genuine remorse or fully accept responsibility for his actions.

“Financial institutions are the lifeblood of our economy and public confidence in them must be preserved,” Oshodi said, adding that “Those who attempt to defraud or steal from banks must understand that severe consequences will follow.”

While acknowledging Faleti as a first-time offender, the court said a custodial sentence was unavoidable.

The judge applied a 20 per cent reduction from the three-year maximum sentence, citing minimal restitution efforts as a mitigating factor.

Faleti was sentenced to two years and five months’ imprisonment on each of the five counts, with the sentences ordered to run concurrently.

The court directed that the sentence take effect from January 5, 2026, and ordered that Faleti’s biometric details and name be entered into the Lagos State Judiciary offenders’ registry.

After deducting ₦3 million already restituted, the court ordered Faleti to pay an outstanding ₦45.9 million to Access Bank Plc, directing the bank to notify the court upon full recovery of the funds.

Earlier, Mr Ahmed Dambuwa, EFCC counsel, told the court that Faleti dishonestly converted ₦48.9 million belonging to the bank by exploiting unauthorised access to an Access Bank credit card.

He said the card permitted withdrawals of not less than ₦43,000 per transaction, but a system glitch enabled Faleti to withdraw about ₦48 million during the COVID-19 pandemic in 2020.

One of the charges stated that between July 2 and July 10, 2020, Faleti converted ₦12.6 million for personal use, while another alleged that between May 22 and July 1, 2020, he converted ₦6.9 million, all property of Access Bank Plc.

The offences were said to contravene Section 287(1)(a) of the Criminal Law of Lagos State, 2015.


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974 Nigerians Face Imminent Deportation from Canada Amid Enforcement Surge

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974 Nigerians Face Imminent Deportation from Canada Amid Enforcement Surge – No fewer than 974 Nigerians are currently facing imminent deportation from Canada, according to official data from the Canada Border Services Agency (CBSA).

The affected individuals fall under the country’s “removal-in-progress” category, signifying that deportation proceedings have commenced but remain inconclusive, pending final arrangements such as travel documents. Between January and October 2025 alone, Canadian authorities deported 366 Nigerians, marking a significant uptick from previous years.

Of these, approximately 83 per cent comprised failed refugee claimants, while criminality accounted for about four per cent of cases. Nigeria emerged as the only African country in Canada’s top 10 nationalities for deportations in 2025, securing ninth position, while ranking fifth among those awaiting removal.

This contrasts sharply with 2023 and 2024, when Nigeria was absent from the top 10 deportation list, though figures reflect an eight per cent rise over the 2019 total of 339 removals.

Canada’s aggressive enforcement drive has seen nearly 400 foreign nationals removed weekly, culminating in 18,048 deportations during the 2024-2025 fiscal year at a cost of about $78 million.

The initiative draws support from an additional $30.5 million for removals and $1.3 billion for border enforcement, aimed at bolstering immigration controls amid pressures on housing, employment, and security.

Canada remains a prime destination for Nigerians outside the United Kingdom and United States, with over 71,000 acquiring citizenship between 2005 and 2024, alongside thousands arriving annually as students, workers, and permanent residents.

Under Canadian law, those issued enforceable removal orders must depart voluntarily or face enforced exit. The CBSA’s nationwide inventory lists 29,542 individuals in removal-in-progress as of late 2025, dominated by failed refugee claims at 15,605 cases. Nigeria’s 974 cases place it behind India (6,515), Mexico (4,650), USA (1,704), and China (1,430).

Immigration lawyers caution that passage of Bill C-12 could escalate deportations by imposing permanent bans on certain refugee claims and curbing late filings.

Authorities attribute the push to restoring system integrity, with non-compliance by refugee claimants driving most inadmissibility findings.


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