Mr. Chikote said the development reflects the country’s drive toward renewable and alternative energy solutions.
He emphasized that under the leadership of President Hakainde Hichilema, the government is prioritizing strategic collaboration with private players to increase electricity generation and reduce load-shedding.
The Minister further noted that several energy investments are expected to mature soon, adding that the government remains committed to long-term solutions anchored in diversification and open access to transmission infrastructure.
“We must strengthen partnerships with the private sector because it plays a critical role in powering our economy,” he said.
GreenCo Managing Director, Mr. Wezi Gondwe, said the launch of the office complex comes at a crucial time when Zambia is facing electricity shortages, underscoring the company’s commitment to supporting the country through renewable energy trading.
The new GreenCo office complex is located along Independence Avenue in Lusaka, near Woodlands Mall.
Zambia: Energy Minister Launches GreenCo Power Solar-Powered Office Complex In Lusaka
GreenCo Power Services Limited, the Zambian entity of the Africa GreenCo Group, has commissioned its newly constructed office complex in Lusaka.
The head office complex, which is fully powered by solar energy, was officially launched by Zambia’s Minister of Energy, Makozo Chikote.
Speaking at the commissioning ceremony, Minister Chikote described GreenCo Power’s initiative as a significant demonstration of investor confidence in Zambia’s electricity sector and a testament to the government’s clear policy direction in support of private sector participation.
Mr. Chikote said the development reflects the country’s drive toward renewable and alternative energy solutions.
He emphasized that under the leadership of President Hakainde Hichilema, the government is prioritizing strategic collaboration with private players to increase electricity generation and reduce load-shedding.
The Minister further noted that several energy investments are expected to mature soon, adding that the government remains committed to long-term solutions anchored in diversification and open access to transmission infrastructure.
“We must strengthen partnerships with the private sector because it plays a critical role in powering our economy,” he said.
GreenCo Managing Director, Mr. Wezi Gondwe, said the launch of the office complex comes at a crucial time when Zambia is facing electricity shortages, underscoring the company’s commitment to supporting the country through renewable energy trading.
The new GreenCo office complex is located along Independence Avenue in Lusaka, near Woodlands Mall.
Mr. Chikote said the development reflects the country’s drive toward renewable and alternative energy solutions.
He emphasized that under the leadership of President Hakainde Hichilema, the government is prioritizing strategic collaboration with private players to increase electricity generation and reduce load-shedding.
The Minister further noted that several energy investments are expected to mature soon, adding that the government remains committed to long-term solutions anchored in diversification and open access to transmission infrastructure.
“We must strengthen partnerships with the private sector because it plays a critical role in powering our economy,” he said.
GreenCo Managing Director, Mr. Wezi Gondwe, said the launch of the office complex comes at a crucial time when Zambia is facing electricity shortages, underscoring the company’s commitment to supporting the country through renewable energy trading.
The new GreenCo office complex is located along Independence Avenue in Lusaka, near Woodlands Mall.
Ghana: Energy Minister Urges New NPG Board Members To Accelerate Ghana’s Nuclear Agenda
Ghana’s Minister for Energy and Green Transition, John Jinapor, has tasked the newly constituted Board of Nuclear Power Ghana (NPG) to fast-track the country’s long-standing ambition of adding nuclear energy to its power generation mix.
Addressing the new Board on behalf of President John Dramani Mahama, Mr. Jinapor said Ghana’s nuclear dream dates back to the era of Dr. Kwame Nkrumah, who first envisioned the development of nuclear power for national growth.
However, he noted that despite decades of planning, the country has yet to deliver a functional nuclear power programme.
“Since the days of Dr. Kwame Nkrumah, our country has aspired to develop nuclear power for electricity generation. Yet, despite decades of effort, this vision has not fully materialised,” Minister Jinapor said.
According to him, global experience has proven the importance of stable and affordable baseload energy for economic development. Nuclear power, he added, remains a reliable path toward achieving sustained industrial growth.
“Every country seeking sustained growth needs access to stable, affordable baseload energy, and nuclear power remains one of the most reliable pathways to achieve this,” he noted.
Mr. Jinapor urged the Board to “break new ground” and push the nuclear agenda beyond feasibility discussions toward concrete action.
“I have charged the Board to accelerate progress and deliver on the long-standing objective of adding nuclear power to our national energy mix,” he said in a post on Facebook.
The newly constituted Board of Nuclear Power Ghana is chaired by Emmanuel Appiah-Korang. Other members are: Ing. Samuel Boakye Dampare, Ing. Edward Obeng-Kenzo, Bernard Kofi Ellis, Benedict Kofi Wompeh, and
Nana Akyaa Amoah-Amissah.
Nigeria: TotalEnergies, Conoil Sign Deal To Swap Interests In OPL 257 And OML 136
TotalEnergies has signed a deal with Conoil Producing Limited (“Conoil”) to acquire 50% of Conoil’s operated interest in Block OPL 257, while Conoil will acquire TotalEnergies’ 40% participating interest in Block OML 136, both located offshore Nigeria, the company announced in a statement on Thursday.
If the transaction is completed, TotalEnergies’ interest in OPL 257 will rise from 40% to 90%, while Conoil will retain a 10% stake in the block.
Covering an area of about 370 square kilometres, OPL 257 is located 150 kilometres offshore Nigeria’s coast.
The block is adjacent to PPL 261, where TotalEnergies (24%) and its partners discovered the Egina South field in 2005. The field extends into OPL 257.
The company explained that an appraisal well for Egina South is planned for drilling in 2026 on the OPL 257 side, and the field is expected to be developed as a tie-back to the Egina FPSO, located approximately 30 kilometres away.
“This transaction, built on our longstanding partnership with Conoil, will enable TotalEnergies to proceed with the appraisal of the Egina South discovery—an attractive tie-back opportunity for the Egina FPSO. This fits perfectly with our strategy to leverage existing production facilities to profitably develop additional resources and to focus on our operated gas and offshore oil assets in Nigeria,” said Mike Sangster, Senior Vice-President Africa, Exploration & Production at TotalEnergies.
SONATRACH, SINOPEC Seal Deal For Arzew Refinery Project
Algeria’s national oil company, SONATRACH, has signed a contract with Chinese firm SINOPEC Guangzhou Engineering Co., Ltd for the construction of a hydrotreating and reforming unit for naphtha at the Arzew refinery.
The agreement was witnessed by the Minister of Hydrocarbons and Mines, Mr. Mohamed Arkab; the Chairman and Chief Executive Officer of SONATRACH, Mr. Nour Eddine Daoudi; as well as senior executives from both companies.
Under the EPCC (Engineering, Procurement, Construction and Commissioning) arrangement, the unit will be built by SINOPEC Guangzhou Engineering Co., Ltd and will cover an area of 5 hectares at the Arzew refinery.
The project is expected to be completed within 30 months.
With a processing capacity of 738,000 tons of heavy naphtha per year, the hydrotreating and reforming unit will increase the refinery’s gasoline production capacity from 550,000 tons to 1.2 million tons annually, thereby enhancing the country’s overall gasoline output.
SINOPEC Guangzhou Engineering Co., Ltd, a subsidiary of the SINOPEC Group, specializes in designing and constructing processing units in the oil and gas sector and provides engineering, procurement, and construction services.
The contract forms part of SONATRACH’s development plan to expand the refining sector and meet gasoline demand in the western and south-western regions of the country.
Ghana: Karpowership Ghana Awards Full Scholarships To 55 Students For The 2025/2026 Academic Year
Karpowership Ghana, one of the Independent Power Producers in the Republic of Ghana, has awarded full tuition scholarships to 55 brilliant but financially challenged engineering students at Takoradi Technical University for the 2025/2026 academic year.
The programme, which the company has been running since 2022, is designed to nurture the next generation of engineers and expand access to technical and vocational education in the Western Region.
The beneficiaries, drawn from the Mechanical, Electrical, and Civil Engineering departments, represent the programme’s largest and most diverse cohort to date.
The initiative forms part of Karpowership Ghana’s commitment to gender inclusion in STEM and follows the company’s MoU with the World Bank Women in Energy Network Africa (WEN-Africa) to help increase female representation in the energy sector across the continent.
The scholarship programme aligns with the United Nations Sustainable Development Goals—particularly SDG 4 on Quality Education and SDG 5 on Gender Equality—by improving access to higher education and promoting opportunities for women in engineering.
Speaking on the programme, Sandra Amarquaye, Communications Manager of Karpowership Ghana, said:“At Karpowership, we believe that no student should be denied an opportunity simply because of financial constraints. Supporting brilliant but needy students, especially in critical engineering fields, helps strengthen Ghana’s future workforce. With this cohort, we were intentional about increasing the number of female engineers from 7 to 14 to support our MoU with the World Bank Women in Energy Network Africa (WEN-Africa) and help achieve greater gender inclusion in the energy sector. Beyond covering tuition, we are offering career guidance, mentorship, and personal development opportunities to help students transition confidently into the world of work. Empowering them academically is important, but preparing them for successful careers is equally essential.”
Ms. Olivia Agyemang, Director of Academic Affairs and Scholarship Coordinator at TTU, commended the company for its consistent support. She said the scholarship scheme has been transformational for students and demonstrated a genuine commitment to empowering brilliant students who face financial barriers. She added that the support does more than pay fees—it changes lives and strengthens Ghana’s future workforce.
Beneficiaries also shared the immediate impact of the programme. Jessica, a top-performing female student and recent recipient of an international exchange placement in Germany, said: “Karpowership has relieved me of the stress of thinking about fees or dropping out. I studied very hard because of this support, and today I am the best female Mechanical Engineering student, selected for an exchange programme. I am truly grateful. Karpowership has restored my hope.”
Another beneficiary, Fauzia Ibrahim, expressed her gratitude, saying she was overwhelmed with joy and that the scholarship had reduced the burden on her parents and encouraged her to work harder. She added that it has given her peace of mind and motivated her to strive to become the best student.
The Karpowership–TTU Scholarship Scheme continues to stand as a testament to the company’s role as a sustainable partner in Ghana’s development, empowering young people with the skills and opportunities needed to contribute to the country’s socio-economic growth while nurturing the next generation of engineers.
Namibia: Oasis Set To Build 600,000 BPD Oil Refinery Valued At N$30billion
Namibia is set to host one of the biggest crude oil refineries in Africa after Dangote Refinery as Oasis Oil Refinery (Pty) Ltd has proposed a N$30 billion crude oil refinery outside Swakopmund.
The proposed 600,000 barrel per day capacity refinery would occupy between 100 and 250 hectares of open municipal land between the Swakop River plots and the railway line. Oasis consultant, Abraham Kanime, has begun engagement with community members.
Recently, he made a presentation on the project at a community engagement and confirmed that a full Environmental Impact Assessment is required. The project involves foreign partners, with government interest represented by Namcor.
Kanime said Swakopmund was selected largely because the site lies within a designated heavy-industrial zone with direct access to established road and rail links, proximity to the Port of Walvis Bay, and immediate coastal access for seawater abstraction.
“Namibia’s coastal position places it at a strategic point in the regional fuel-supply chain, especially for landlocked SADC countries that rely on Walvis Bay’s dry-port arrangements,” he said.
He added that a refinery at this location aligns with national industrialisation goals under Vision 2030 and the Harambee Prosperity Plan, while taking advantage of municipal land already earmarked for large-scale industrial development.
Nigeria: Engr. Ramat And The Future Of NERC: Separating Fact From Fiction
By Ibrahim Sani Shawai
In recent days, several comments have circulated about the Nigerian Electricity Regulatory Commission (NERC) and the nomination of Engr. Abdullahi Ramat Garba as its incoming Chairman. Some statements paint an unnecessarily gloomy picture of the sector and an oddly shallow understanding of his qualifications. Both deserve clarification.
One of the recurring claims is that Engr. Ramat is simply a former local government chairman. That description is often thrown around as if it covers his entire professional identity. It does not. Long before his public service journey, he was a trained and certified engineer with years of hands-on technical and administrative experience.
His profile blends engineering discipline, institutional management and a solid grasp of public accountability. Reducing all of this to one political role is inaccurate.
Some critics argue that NERC has endured two decades of weak leadership. Anyone who has seriously followed the sector knows this is not accurate. NERC guided Nigeria from a government-controlled electricity system to a privatized market.
It established tariff structures, licensing frameworks, customer protection rules and compliance mechanisms still in use today. These reforms required competence, not weakness.
Modern electricity regulation relies heavily on technology, automation, real-time data, digital complaint systems and market intelligence tools. This is where Engr. Ramat has a clear advantage.
One of the most overlooked aspects of his profile is his strong proficiency in Information Technology. This directly supports the type of leadership required in today’s electricity market. His IT-driven approach includes real-time digital monitoring of grid operations, automated regulatory workflows, improved customer service platforms, cybersecurity protections, smart metering reforms and predictive tools for early intervention. These are the same tools used by leading global regulators.
Some insist that the next Chairman must come from within the Commission. But internal experience alone does not guarantee innovation. Many countries deliberately bring in external leadership to encourage new thinking.
His recent interview on TVC also highlighted his temperament. He calmly distanced himself from protests at the National Assembly and stressed the need for the Senate to carry out its responsibilities without interference. His conduct reflects maturity and respect for institutions.
The current leadership’s tenure expires on 1 December 2025. The Electricity Act does not provide room for an acting Chairman afterward. Nigeria cannot afford a vacuum at the top of its regulatory framework. Timely confirmation and effective transition planning are essential.
Rather than fixating on negative narratives, Nigeria should focus on strengthening NERC through better funding, technical training, transparent decision making and data-driven regulatory tools. Our electricity challenges built up over decades and cannot be solved instantly, but steady progress is possible with the right leadership.
His nomination offers a chance to modernize NERC, rebuild investor confidence and strengthen consumer protections. It reflects an effort to inject new ideas and technological depth into one of Nigeria’s most important institutions.
Engr. Abdullahi Ramat Garba brings a rare combination of engineering competence and digital vision.
He deserves the opportunity to demonstrate it.
Shawai is a public affairs analyst and can be contacted via [email protected]
Global Renewable Energy Investment Hit USD 807 Billion In 2024
Global investments in the energy transition reached a new record of USD 2.4 trillion in 2024 – a 20% increase compared to the average annual levels of 2022/23.
About one-third of the total was directed towards renewable energy technologies, pushing renewable energy investment to USD 807 billion.
Despite this milestone, year-on-year growth in renewables slowed significantly. Annual investments increased by 7.3% in 2024, compared to 32% the previous year, according to a new report by the International Renewable Energy Agency (IRENA) and the Climate Policy Initiative (CPI).
The Global Landscape of Energy Transition Finance 2025 was released ahead of the UN Climate Conference COP30 in Belém, Brazil. It aims to inform the global finance dialogue and support delegations by tracking investments in renewable energy technologies and their supply chains, examining regional trends, and identifying finance sources and instruments.
The findings show that 96% of renewable energy investments went to the power sector, with global investment in solar PV hitting a record USD 554 billion in 2024, up by 49%.
Commenting on the report, Francesco La Camera, Director-General of IRENA, said:
“Investments in energy transition continue to grow but not at the pace needed to achieve the global goal of tripling renewable capacity by 2030. Funding for renewables is soaring but remains highly concentrated in the most advanced economies. As countries gather at COP30 to advance the ‘Baku to Belém Roadmap to 1.3 trillion’, scaling finance for emerging and developing countries is essential to make the transition truly inclusive and global.”
IRENA’s report shows that advanced and major economies can draw on domestic financial resources to fund energy transitions. In contrast, lower-income countries depend on external support due to underdeveloped financial markets, limited fiscal capacity, high capital costs, and debt vulnerabilities, among other constraints.
Globally, nearly half of total investment in 2023 was provided as debt, most of it at market rates. The remainder came through equity, while grants accounted for less than 1%.
The urgent need to mobilise investments, combined with the scarcity of impact-driven capital such as low-cost debt and grants, risks worsening existing debt burdens.
Mr. La Camera added: “IRENA has long called for smarter use of public funds to unlock private investment through risk-mitigation tools. Yet the heavy reliance on profit-driven capital is leaving developing countries behind. Where private finance won’t flow, the public sector must lead—backed by stronger multilateral and bilateral cooperation and scaled-up climate finance.”
The report also highlights that investment in energy transition supply chains and manufacturing remains critical but is highly concentrated. China accounted for 80% of global investment in manufacturing facilities for solar, wind, battery, and hydrogen technologies between 2018 and 2024.
Encouragingly, new factories are beginning to emerge outside advanced economies and China, expanding energy security and socio-economic benefits to other developing regions.
Overall, global investment in factories producing solar, wind, battery, and hydrogen technologies fell by 21% to USD 102 billion in 2024, driven by a significant drop in solar PV manufacturing investment. In contrast, battery factory investment nearly doubled to USD 74 billion, reflecting rising demand for storage in grids, electric vehicles (EVs), and data centres.
Foreign direct investment—through joint ventures, technology partnerships, and knowledge sharing—will be essential for strengthening international cooperation and expanding energy transition manufacturing in emerging and developing economies, including through South-South collaboration.
In addition, dedicated policies are needed to ensure these activities are conducted in a socially and environmentally sustainable manner and that their benefits are shared equitably.
Ghana: Gov’t Announces Steps To Take Over Springfield’s E&P Interest In WCTP Block 2
Ghana’s Ministry of Energy and Green Transition on Wednesday announced that steps have been initiated for a possible takeover of indigenous upstream player Springfield Exploration and Production’s (SEP) Afina-1X oil well in the West Cape Three Points Block 2 (WCTP2).
A statement issued by the Ministry, confirming the government’s decision, indicated that the upstream regulator, the Petroleum Commission, together with the Ghana National Petroleum Corporation (GNPC), has begun a procurement process to hire an independent technical consultant and a transactional advisor to advance the effort.
The mandate of the consultant and advisor includes conducting a comprehensive technical evaluation of the WCTP2 block, undertaking a full audit and verification of past expenditures, and preparing financial and commercial due-diligence reports. In addition, they are to carry out an independent valuation of Springfield’s interest.
According to the Ministry, the rationale behind this move is to help arrest the decline in crude oil production, which currently hovers around 150,000 bopd, down from over 200,000 bopd in 2019. The downward trend in output has been a major concern for industry players and energy analysts.
The Ministry believes this intervention is essential to prevent further delays to field development, unlock the block’s long-term economic value, sustain upstream activity and associated national revenues, and enhance Ghana’s overall energy security.
“With Ghana’s national crude oil production declining over recent years, coupled with uncertainties within the global energy transition, Government considers it urgent to advance the development of the WCTP2 resource base,” the Ministry stated.
Despite the ongoing process for a possible takeover of SEP’s interest, the Ministry assured that the government remains fully committed to deepening the participation of indigenous Ghanaian companies, strengthening national technical capacity and skills transfer, and ensuring that Ghana’s local content framework continues to guide upstream operations.
It further noted that the process is being carried out without prejudice to any ongoing investigations concerning SEP or its affiliated entities by the appropriate state institutions.
“Due process and institutional independence remain fully respected,” the Ministry added.
It would be recalled that the Afina-1X well, originally drilled in 2019, is located at a water depth of 1,030 metres and reaches a total depth of 4,085 metres.
The well uncovered a 65-metre-thick light oil reservoir, with 50 metres of net oil pay in high-quality Cenomanian sandstone formations. Additionally, 10 metres of gas- and condensate-bearing sands were encountered in Turonian-age formations at the structure’s edge.
Springfield E&P later claimed that the Afina-1X discovery straddles Eni’s Sankofa field, which is also located within the WCTP area, prompting the Ministry of Energy under the previous government to direct both companies to jointly develop the resource for the nation’s maximum benefit.
That directive resulted in contention between the two companies, with Springfield E&P filing a legal suit against Eni in Ghana, while Eni initiated a suit against Springfield E&P in London.
To ensure harmony in the upstream sector and restore investor confidence, President John Dramani Mahama, upon assuming office, reversed the directive—a decision subsequently confirmed by the Ministry of Energy and Green Transition in a statement to the media.
Following the reversal, Eni and its OCTP partners in September 2025, during the Africa Oil Week (AOW) in Accra, signed an MoU to invest US$1.5 million in their operations in Ghana.
This portal will keep readers updated on how the industry responds to this latest development.
Nigeria: Two People Convicted For Assaulting Kaduna Electric Staff
A Magistrate Court on Ibrahim Taiwo Road in Kaduna, Federal Republic of Nigeria, has convicted two individuals, Mahmud Mohammed and Mubarak Mohammed, for criminal conspiracy, assault, and causing bodily harm to a Kaduna Electric staff member who was performing official duties at Ungwan Shanu.
The court found the accused persons guilty and sentenced them to six (6) months’ imprisonment with an option of a ₦10,000 fine and one (1) month of community service under Section 240 of the Penal Code Law, 2017, for the offence of assault.
For the offence of causing bodily harm, the court sentenced them to one (1) year imprisonment with an option of a ₦50,000 fine and two (2) months of community service.
For criminal conspiracy, they were sentenced to six (6) months’ imprisonment with an option of a ₦20,000 fine and one (1) month of community service.
In addition, the convicts were ordered to pay ₦100,000 as compensation to the assaulted staff member.
While acknowledging the judgment, Kaduna Electric’s Head of Legal Department expressed concern that the option of fines may not serve as a sufficient deterrent for such serious offences against frontline utility workers.
“The conviction is a step in the right direction for the protection of law-abiding citizens and the critical workforce,” the Head of Legal Department stated in a statement issued by the company. “However, this outcome highlights a pressing need to critically review the penal code and the broader legal framework surrounding the Nigerian Electricity Supply Industry. The consequences for assaulting essential service personnel must be substantial enough to truly deter potential offenders and reflect the gravity of such acts, which disrupt essential services and endanger lives.”
The company reiterated its zero-tolerance policy toward any form of assault, intimidation, or harassment of its staff while they carry out their lawful duties.
“Customers and members of the public are reminded to seek redress for any grievances through appropriate and lawful channels,” the company advised.
South Africa: Court Charges Malusi Gigaba With Corruption Over Transnet Tender Deal
A South African court has charged former Public Enterprises Minister Malusi Gigaba with corruption related to a multi-billion-rand tender at Transnet, according to a report by SABC.
Gigaba appeared in the Palm Ridge Magistrate’s Court in Johannesburg alongside four other accused persons on Tuesday, November 18, 2025.
The case centres on the procurement of more than 1,000 locomotives valued at over R54 billion.
Transnet SOC Ltd is South Africa’s largest rail, port, and pipeline company, headquartered at the Carlton Centre in Johannesburg.
Turkish-Flagged LPG Tanker Struck By Drone Near Ukrainian Port
Another Russian overnight massive drone and missile attack on Ukraine has had some serious spillover effects, as the Turkish flagged LPG tanker “Orinda” carrying thousands of metric tons of liquefied petroleum gas was reportedly struck at the port of Izmail in Odesa.
The Turkish vessel was reportedly struck directly by a Russian drone, prompting the immediate evacuation of all 16 crew members, with no casualties reported. Other civilian vessels were also damaged, with firefighting and emergency crews quickly dispatch to try and contain the blaze. At least a dozen commercial vessels have previously been damaged in similar Russian drone attacks on the port.Romania is alarmed as the impacted port lies just across the border from the NATO country, and it has ordered the nearby village of Plauru along the Ukraine border to be evacuated.
OPEC Chief Accuses Media Of “Misrepresenting” 2026 Oil Outlook
OPEC does not project an oil supply surplus for 2026, the secretary-general of OPEC, Haitham al Ghais, told CNBC today, slamming the media for covering its Monthly Oil Market Report inaccurately.
“There was a misrepresentation by some media about our monthly market report,” al Ghais said, “specifically regarding the messages and a narrative that was being created out of reading some of our numbers. For example, things related to the market being in a surplus next year.”
Indeed, as Oilprice reported last week, OPEC said in its report that it expected the oil market to be in balance next year. The forecast was a revision of an earlier projection about a deficit, however, which prompted a selloff on oil markets and pushed international benchmarks lower.
The group said that oil production from non-OPEC countries would grow faster than expected, adding 1.3 million barrels daily to supply in 2026. Demand, OPEC said, would meanwhile grow at a rate of 1.6 million barrels daily, reaching a total of 106.2 million barrels daily.
In his talk with CNBC, Haitham al Ghais remarked that the Monthly Oil Market Report that OPEC produces is “very basic” and that there was “nothing complex about it”, possibly implying it was difficult to find the information contained in the report hard to understand or interpret, leading to inaccurate reporting.
Meanwhile, despite OPEC’s expectation of a balanced global crude oil market in 2026, analysts expect the group to keep adding production after a short pause at the start of the year, agreed at its latest meeting.
A survey that Bloomberg conducted among 25 traders and analysts earlier this month showed most of them expected more monthly additions to OPEC’s total, with only a handful anticipating a longer pause or even a reversal of the production policy.
Nigeria: Dangote Refinery Refutes Claims Linking Marketers’ Pump Price Cuts To Import Duty Suspension
Africa’s largest petroleum refinery, Dangote Petroleum Refinery, has dismissed reports suggesting that recent reductions in pump prices by oil marketers were driven by the Federal Government’s suspension of a 15 per cent import duty on petroleum products.
The company described the claim as misleading and inconsistent with market realities.
In a strongly worded statement issued on Monday, November 17, 2025, the refinery clarified that the adjustment in pump prices stemmed solely from its own decision to reduce ex-depot prices of Premium Motor Spirit (PMS) on November 6 — not from any government policy reversal.
According to the company, it slashed its PMS gantry price from N877 to N828 per litre, representing a 5.6 per cent reduction, and lowered its coastal price from N854 to N806 per litre.
These price cuts, it said, were publicly announced and widely reported across national media outlets well before oil marketers adjusted their pump prices.
Dangote Refinery stressed that the import tariff in question had received presidential approval from President Bola Ahmed Tinubu on October 21 for immediate implementation, but remained unimplemented at the time pump prices dropped.
Despite this, the company proceeded with its price reduction as part of its commitment to ensuring Nigerians benefit fully from domestic refining.
The refinery noted that since commencing operations, it has reduced prices more than seven times, absorbed logistics costs during festive seasons to maintain nationwide price uniformity, and helped end the recurring artificial fuel scarcity associated with the ember months.
It also countered claims that imported products are cheaper, insisting that most imported petrol — often falling below approved standards — has consistently been sold at higher pump prices than its premium-grade fuel. The company warned that allowing substandard imports encourages dumping, a practice that has historically crippled local industries, including Nigeria’s once-booming textile sector.
Dangote Petroleum Refinery reaffirmed its long-term commitment to Nigeria’s energy market, citing its more than $20 billion investment and its role in stabilising supply and moderating prices. The company stressed that it will not be deterred by the “short-term tactics” of speculative importers who enter and exit the market at will.
“Dangote Petroleum Refinery will continue to operate with integrity, transparency, and an unwavering commitment to Nigeria’s energy security,” the statement read, urging stakeholders and media outlets to rely on verified information in the interest of the public.