News
NNPC Seeks Bank Loan to Buy Equity in Dangote Refinery

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.
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.
News
IFC Invests in Lagos Free Zone to Support Industrial Growth and Economic Diversification

IFC has announced an equity investment of up to $50 million in Lagos Free Zone Company to support the development and expansion of Nigeria’s first deep-sea port-based, private special economic zone, the Lagos Free Zone.
This investment is designed to address critical infrastructure gaps, attract local and global businesses, and contribute to Nigeria’s economic diversification agenda.
The funds will support the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure.
Owned by Singapore based Tolaram,a diversified multinational group with operations across Africa, Asia, and Europe, Lagos Free Zone strategically integrated with the Lekki Deep Sea Port and will provide an integrated industrial ecosystem for efficient import and export operations, serving as a gateway for Nigeria’s integration into global value chains.
With Nigeria’s economy projected to grow by 3.7% by 2026, investments in infrastructure are vital to ensuring sustainable growth. When fully occupied, Lagos Free Zone is expected to create approximately 30,000 direct, indirect, and induced jobs, while contributing significantly to Nigeria’s GDP upon completion.
“This investment reflects IFC’s commitment to fostering inclusive economic growth and sustainable development in Nigeria. Lagos Free Zone is poised to become a transformative hub for industrial activity, driving job creation and enhancing Nigeria’s competitiveness in global markets.
“We are proud to partner with Lagos Free Zone in building the infrastructure necessary to attract global and local businesses, enabling Nigeria to achieve its full economic potential.” said, Dahlia Khalifa, IFC Regional Director, Central Africa and Anglophone West Africa.
The investment in Lagos Free Zone also reflects IFC’s commitment to sustainable development, with a focus on green infrastructure. Approximately 15% of the investment is earmarked for climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure.
“IFC’s support represents a significant and positive recognition of our vision to establish Lagos Free Zone as a world-class industrial hub. This investment allows us to scale up the existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria.
“Lagos Free Zone, integrated with Lekki Deep Sea Port, facilitates ease of doing business in Nigeria and supports the Federal Government of Nigeria’s drive for economic diversification and infrastructure development.
“We look forward to driving growth and delivering lasting impact through this transformative collaboration with the IFC”. Added, Adesuwa Ladoja, MD/CEO at Lagos Free Zone Company
Lagos Free Zone is already home to several manufacturing brands like Kellogg’s, Dano Milk, Colgate, BASF, ADM, and Tata International.
This investment aligns with Nigeria’s ongoing economic reforms and IFC’s strategic frameworks, including the World Bank Group’s Nigeria Country Partnership Framework (2021–2025) and its 2015 Climate Action Plan, both of which prioritize economic diversification, the development of competitive clusters, and investments in climate-resilient infrastructure.
By addressing infrastructure bottlenecks and enhancing connectivity, IFC’s investment in Lagos Free Zone will unlock new opportunities for businesses and strengthen Nigeria’s position as a regional economic leader.
News
NOTAP to Relaunch Fruit Juice Production Initiative

National Office for Technology Acquisition and Promotion (NOTAP) is set to revive the technology transfer project on fruit juice production.
This initiative, originally launched in collaboration with the Raw Materials Research and Development Council (RMRDC), is based in Paiko, Niger State, North Central Nigeria.
During a courtesy visit to the RMRDC headquarters in Abuja, Dr. Obiageli Amadiobi, director general, NOTAP hinted at this development while leading the office’s management team.
According to a statement provided to journalists by Solomon Nshem, deputy director, Public Relations, NOTAP, the fruit juice project, which began in 2019 with a pilot plant, has enormous economic potential for the country, particularly when domesticated in the six geopolitical zones of the country, and as such, needs to be revived immediately.
According to Dr. Amadiobi, the project will succeed and align with the current administration’s Renewed Hope Agenda, which aims to create wealth, jobs, and self-reliance for the country by combining the technological expertise of both organisations.
In accordance with Presidential Executive Order No. 5, the Director General also urged cooperation with the RMRDC on a number of its flagship initiatives, including the NOTAP Research Laboratory Upgrade Project, Intellectual Property Technology Transfer Offices (IPTTOs), the NOTAP Industry Technology Transfer Fellowship (NITTF), and the Database of Nigerian Professionals.
Prof. Nnanyelugo Ike-Muonso, director general, RMRDC, responded that he is impressed with the project’s concept but that an audit of the pilot plant’s status and a determination of the business operation requirements are necessary.
According to him, the council can also work with NOTAP to upgrade its labs, train RMRDC employees on intellectual property rights, and conduct research and development commercialisation drives with universities.
During the conference, it was decided that in order to ensure the project’s success and cooperation, both agencies’ employees must visit the Paiko site on-site for evaluation and other follow-up meetings
The partnership between NOTAP and RMRDC is anticipated to improve intellectual property creation, R&D commercialisation, technology transfer, and industry connections for research in order to accelerate the country’s technological progress.
News
Senate Expresses Shock over Billions of Naira missing from FG Coffers

Senate has raised the alarm that billions of naira have left the federal government’s coffers unaccounted for, with critical revenue-generating agencies refusing to honour its Summons.
The Senate has however expressed anger as these revenue-generating agencies undermine its summon to answer queries raised by the Office of the Auditor General of the Federation (OAGF) about financial transactions.
Addressing Journalists yesterday in Abuja, Senator Aliyu Ahmed Wadada, SDP, Nasarawa West, Chairman, Senate Committee on Public Accounts, explained that the unaccounted funds form part of the resources required for development, stressing that affected agencies needed to account in line with legislative provisions that empower the parliament to investigate them.
According to Wadada, the Auditor General’s report which was submitted to the Committee has unravelled rots in some agencies of government, that it takes only irresponsible parliament not to conduct public investigations, even as he was appalled at how these agencies conspire together and have taken the decision not to honour Senate Committees’ invitations.
The Chairman, Public Accounts Committee has named the Central Bank of Nigeria, Nigeria Customs Service, Federal Inland Revenue Service, FIRS, the Nigerian National Petroleum Company Limited, NNPCL as among the top government organisations that have vehemently refused to honour the Senate when invited.
Wadada has however threatened that the Senate would report heads of these agencies to President Bola Ahmed after another magnanimous opportunity.
Flanked at the briefing by all members of the Committee, Wadada said: “All efforts to get Nigerian Customs Service to the table to know how did this happen, what is the way forward. We are still where we were from the day before yesterday to now.
“The Central Bank of Nigeria, I have a course on one of the issues that I’ve got to do with Central Bank of Nigeria, I have a course to take it on the floor of the Senate.
“It is important for Nigerians to know, under the so-called Ways and Means. What happened under Ways and Means why Central Bank of Nigeria, debited borrower and credited borrower.
“Consolidated revenue funds account is government’s account. And the TSA is also the government’s account. And in charging the interest, instead of the interest to be charged to the treasury account, they went again ahead to charge the Treasury account.
“They went again ahead to Treasury account. charge Consolidated Revenue Funds account which now have amounted to over 6 trillion.”
According to him, there was correspondences between the Committee and Minister of Finance and Coordinating Minister of the Economy and the Debt Management Office, DMO because of the faulty documents which they were not ready to answer to and have been evasive, adding that the report of the Auditor General for the Federation which the affected agencies are running away from covers 2019 till date.
The chairman of the Committee disclosed that Nigeria Satellite Communications Limited had been invited nine times, but failed to appear, Nigeria Police Force; Nigeria Civil Aviation Authority, among others as snubbing Senate’s invitation.
- E-Business3 days ago
Firm Discovers New Crypto-stealing Trojan in AppStore, Google Play
- E-Business3 days ago
IBM Exits Nigeria and Ghana, Transfers Operations to MIBB
- E-Business3 days ago
UK Criminalises AI-Generated Child Abuse Images
- News2 days ago
NOTAP to Relaunch Fruit Juice Production Initiative
- Telecom3 days ago
Reps Begin Probe of Telcos Over Illegal NIN-SIM Linkage
- E-Financial2 days ago
FG Seeks Fresh $580m Loan from World Bank
- Telecom3 days ago
Zoho Corporation Expands AI Capabilities with New Zia Agents and Studio
- Telecom2 days ago
TUC Threatens Nationwide Strike over Telecom Tariff Hike