Justice Akintayo Aluko, in an interim ruling, also barred the regulator, its officers, agents and representatives from sealing, shutting down, restricting access to, obstructing, suspending, disrupting, inspecting, supervising, sanctioning or otherwise interfering with the refinery’s operations pending the determination of the substantive application before the court.
The proposed measure could take effect as early as this week, subject to further consultations and possible intervention, according to sources familiar with the refinery’s position.
According to market data available to the refinery, imported PMS accounted for approximately 43 per cent of fuel supplied into the Nigerian market in July.
The development, it said, raises questions about the necessity of continued large-scale imports at a time when Nigeria has significantly expanded its domestic refining capacity.
The Dangote Petroleum Refinery has expanded its free petroleum products delivery initiative to Kano, Imo, Anambra and Nasarawa states, as it seeks to cut distribution costs for independent petroleum marketers and create room for lower petrol prices.
Aliko Dangote has offered East African countries a combined 30 percent equity stake in his planned refinery in Lamu, Kenya.
Kenya is considering a 10 percent stake worth about $500 million, while Ethiopia and Rwanda have also expressed...
Dangote Refinery raised wholesale petrol by ₦20 per litre to ₦1,185 as Brent crude passed $93.
Rising US-Iran geopolitical tensions triggered a five-day rally in international crude benchmarks.
Dangote’s gantry rate remains ₦5 to ₦15 cheaper than major...
Dangote Refinery has secured a $1 billion underwriting programme comprising a funded $600 million private placement and a further $400 million commitment linked to its planned IPO.
The programme strengthens the refinery’s capital-market position ahead of its proposed...
Dangote Refinery has secured a $400m underwriting commitment from Marob Strategies and Lilium Capital ahead of its planned IPO.
The commitment will only become effective when the IPO launches and remains subject to market, corporate and regulatory conditions.
...
Dangote Refinery is targeting up to $5bn from its proposed Nigerian IPO, which could become Africa’s largest public offering.
The final offer size, however, will depend on regulatory approval and the structure of the transaction.
The refinery’s recent...
An Akwa Ibom State High Court sitting in Uyo has dismissed a petition seeking the dissolution of a marriage that has lasted over 43 years, ruling that lack of love and mutual respect between spouses does not, on its own, constitute sufficient legal grounds for divorce.
