Finance & Business
Fuel: Dangote May Disappoint Nigerians As Crude Shortage Threatens July Petrol Supply Takeoff

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Business Day-Dangote Oil Refinery’s highly anticipated foray into the petrol supply market in July could be delayed due to a shortage of crude oil, industry sources have revealed.
The 650,000 barrels per day (bdp)-capacity refinery, located in Lekki, Lagos, was slated to begin operations this July, aiming to significantly reduce Nigeria’s reliance on imported petrol.However, concerns are mounting that a lack of readily available crude oil could hinder Dangote’s ability to meet its petrol refining targets.
“The refinery is yet to receive the required volumes of crude oil needed to refine PMS for the July takeoff,” a source in the oil trading business said via phone.
Jide Pratt, country manager of Trade Grid, which supports a wide network of independent dealers across Africa, indicated that the Dangote refinery is unlikely to meet the July deadline.
“The issue of crude supply is still a major issue, and postulations on how the premium motor spirit (PMS) will be sold in USD are unattended to,” Pratt said.
He added, “A safe assumption may be August or September at best and December at worst.”
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“It’s clear that subsidy still exists and the possibility of selling to NNPC is reduced, as it currently has trade account receivables with traders in excess of 160 days. The Dangote Refinery is a commercial entity and will unlikely toe this line of credit sales with its running cost and interest payments,” Pratt said.
“Kalu Aja, a financial planning expert, questioned why Nigeria, the largest oil exporter in Africa, can’t produce enough oil for Dangote?
“If Dangote needs crude, Nigerian National Petroleum Company (NNPC) should support its 20 percent investment by giving Dangote its oil equity,” Aja said.Hector Igbikiowubo, publisher of Sweet Crude Reports, said the essence of having the NNPC refineries working is to guarantee energy security for the Nigerian state.
“The question now is, how come the NNPC isn’t allotting all of its 445,000 barrels per day to the Dangote Refinery for refining?” Igbikiowubo asked on Channels TV program.Efforts to reach Femi Soneye, chief communication officer of NNPC Ltd, proved abortive as he did not pick his calls.
NNPC Ltd, who holds a 20 percent equity in the project, has been widely expected to supply the bulk of Dangote’s crude demands, selling to the refinery due to its location in the Lekki Free Trade Zone. But this may be far-fetched.
In an interview with S&P Global Commodity Insights last year, Edwin Devakumar, vice president of Dangote Industries Limited, said that the NNPCL had committed its crude to other entities.
The Dangote Refinery VP did not disclose the other entities receiving the oil company’s crude, but the NNPCL had earlier disclosed in August 2023 that it entered into a $3bn crude oil-for-loan deal with the African Export-Import Bank.
The deal allowed the company to pledge future oil production to the bank as repayments for the loan.To date, Dangote Refinery has only taken delivery of Nigerian and US crude grades. Still, it could increasingly seek alternative term contracts with other supply sources as it scales production, traders have speculated.
“It’s not unexpected that they would seek to cover base requirements for the refinery through term business in the same way that some Indian refiners do with Middle Eastern crude,” said one source.
Nigeria’s position as a leading continental oil producer should logically confer the benefits of ample supply to its refiners.However, the reality is starkly different.
Nigeria currently boasts 25 licensed modular refineries. Five are operational, producing diesel, kerosene, black oil, and naphtha.Modular refineries are simplified refineries that require significantly less capital investment than traditional full-scale counterparts. About 10 are in various stages of completion, while the others have only received licences to establish.
The rest remains stalled due to the unavailability of crude and other issues.
“Only about five of our members have completed their refineries. The others are having a major challenge. This challenge is that the people who are supposed to finance them have not disbursed funding for construction because they want some level of guarantee,” Eche Idoko, publicity secretary, Crude Oil Refinery Owners Association of Nigeria, said.He added, “They want a guarantee that if they finish the refinery, they are going to get feedstock, which, of course, is crude oil,” Idoko said.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), on June 3, said it would mandate international oil companies (IOCs) to supply crude oil to Dangote oil refinery.
Olaide Shonola, spokesman of NUPRC, told BusinessDay that the commission is intervening to ensure the local sale of crude to Dangote and other refineries in the country.
Shonola stated this while reacting to a claim by president of the Dangote Group, Aliko Dangote, that the international oil companies are not ready to sell crude to the refinery.
“We’ve been intervening and intervening. I am sure you’re aware of a recent meeting that was held with them on domestic crude oil supply. We will keep engaging them, NUPRC has been doing that,” Shonola said.
“I can’t say we will force them. But as the regulator, we can mandate. And that’s what we are doing, giving clear directives that this must be done. We will just keep on engaging and you will agree with me that most of these things have to be planned. We will keep on engaging. We will do our regulatory function in that area,” she stated.Asked whether there would be sanctions, Shinola declined comments
Christian Wealth Principles
6 Biblical Money Foundations That Unlock Financial Freedom – What the Bible Really Says About Wealth
You will learn about Godly wealth principles and Christian money tips. It covers managing money, financial freedom and you will also explore Biblical investing, and blessings.

Introduction
Is money evil? Should Christians be rich? What does the Bible really say about wealth?
Many believers struggle with finances due to mixed messages. But Scripture provides clear wisdom about money management. In this post, discover 6 Biblical money foundations that help you enjoy wealth without guilt and handle finances God’s way. This will help you in Faith and finances. You will learn about Godly wealth principles and Christian money tips. It covers managing money God’s way as well as spiritual and financial freedom. You will also explore Biblical investing, tithing, and blessings.
Watch the full video breakdown on our Faith & Fortune Finance YouTube channel [embedded below].
___________________
1. God Owns Everything—We Are Just Stewards
Psalm 24:1 – “The earth is the Lord’s, and everything in it.”
God owns it all—your money, house, gifts, even your ideas.
You’re not the owner. You’re the steward.
Action Steps:
- Shift from ownership to stewardship
- Ask God how to manage what He’s entrusted to you
- Use wealth to glorify God, not just yourself
Quote:
“When we see money as God’s, we handle it differently—with purpose, peace, and power.”
2. Diligence and Hard Work Bring Prosperity
Proverbs 10:4 – “Lazy hands make for poverty, but diligent hands bring wealth.”
Financial laziness is mental, physical, and spiritual.
Avoid laziness in planning, learning, and building wealth.
Example: Oprah Winfrey built a global empire through diligence—not luck.
Biblical Application: Psalms 1:3 – “Whatever he does prospers.”
Faith + Action = Prosperity
Action Steps:
- Show up early. Learn. Network. Execute.
- Serve God in your work, not just in church.
- Work is worship when done with purpose.
3. Avoid Debt and Live Within Your Means
Proverbs 22:7 – “The borrower is slave to the lender.”
Debt leads to anxiety, stress, and missed opportunities.
God’s people are called to financial freedom.
Real-World Example:
Chris Hogan teaches the power of debt-free living in Everyday Millionaires. These everyday millionaires became wealthy by saving. They also budget carefully and avoid debt.
Action Steps:
- Budget with a plan, not emotion
- Buy only what you can afford
- Practice the “banana principle”: Don’t chase what’s ripe today but rotten tomorrow.
4. Tithing and Generosity Invite God’s Blessing
Malachi 3:10 – “Bring the whole tithe… see if I will not throw open the floodgates of heaven.”
Generosity invites God into your finances.
Real-World Example:
Bill Gates’ philanthropy helped eradicate diseases and feed nations. He gave to bless, and the blessing multiplied.
Action Steps:
- Tithe as an act of faith
- Give beyond money—give time, wisdom, love
- Be a blessing to others
5. Invest and Multiply What God Gives You
Matthew 25:14–30 – Parable of the Talents
God expects you to grow what He gives you. Don’t bury your potential.
Real-World Examples:
- Warren Buffet invests long-term with wisdom and restraint
- Ray Dalio succeeds through planning, research, and principles
Action Steps:
- Start small—just start
- Learn to invest: stocks, skills, businesses
- Multiply resources for Kingdom impact
6. Practice Contentment—Avoid the Love of Money
1 Timothy 6:10 – “The love of money is the root of all evil.”
Wealth is a tool, not a goal.
Real-World Example:
Dave Ramsey lives and teaches contentment after rebounding from financial failure. He preaches peace over pressure.
Action Steps:
- Be content with what you have
- Avoid comparison and consumerism
- Focus on eternal rewards over earthly riches
🎯 How to Apply These Biblical Money Foundations Today
✅ Recognize that God owns everything
✅ Be diligent and hardworking
✅ Avoid debt and impulse purchases
✅ Tithe and give generously
✅ Invest wisely
✅ Practice contentment daily
Watch Full Teaching on YouTube
👇Watch this full video breakdown with real-life case studies and extra teaching only on Faith & Fortune Finance:
Conclusion
God’s financial principles aren’t just spiritual—they’re practical. Apply them and you’ll see peace, purpose, and prosperity flow into every area of your life.
Finance & Business
As Nigerians Battle Pains Of Soaring Petrol Price
This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy.

BY IFEANYI MOGBOLU
The Daily Times-The latest fuel price hike in Nigeria is beyond frustrating. Every time we think it can’t get worse, it does, and yet again, ordinary Nigerians bear the brunt of it.
It’s like a never-ending cycle, where the government’s promises of reforms or stabilisation always end up as empty rhetoric. The cost of living is already sky-high, and now, with fuel prices rising again, transport fares, food prices, and basic commodities are bound to follow suit.
It’s enraging because it doesn’t feel like anyone is truly considering the everyday citizen who is struggling just to survive.
This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy. The subsidies are gone, and now we’re left in a situation where the prices of everything keep climbing, while salaries remain stagnant or non-existent for many.
The disparity between the elites and the masses is growing, and it feels like nobody in power truly cares about the suffering of the people.
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The anger isn’t just about fuel; it’s about the entire state of living. Nigerians are exhausted. There’s no sense of security; power supply is erratic, basic infrastructure is crumbling, and inflation is at an all-time high. How do we live like this? Every day is a battle to make ends meet, and the government seems utterly disconnected from the struggles on the ground.
It’s infuriating that while politicians and elites live in luxury, the rest of us are left scrambling for the bare minimum. The state of living is unbearable, and the lack of empathy or real action from those in power only adds salt to the wound.
There’s a deep sense of anger and betrayal that comes with seeing your country’s wealth mismanaged, while the people continue to suffer. It’s hard not to feel like we are constantly being taken for granted, pushed further into hardship without any hope of relief. Something has to give, because this state of affairs is unsustainable.
QUOTE:
The anger isn’t just about fuel; it’s about the entire state of living. Nigerians are exhausted. There’s no sense of security; power supply is erratic, basic infrastructure is crumbling, and inflation is at an all-time high. How do we live like this? Every day is a battle to make ends meet, and the government seems utterly disconnected from the struggles on the ground. It’s infuriating that while politicians and elites live in luxury, the rest of us are left scrambling for the bare minimum.
Finance & Business
Nigeria To Receive $5.600,000 From Bill Gates, For Health And Agricultural Reforms, GMOs
Alongside the activities surrounding the 79th United Nations General Assembly in New York, Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation leading to the announcement of the donation by the Foundation’s head of Global Development.

Bill and Melinda Gates Foundation is giving Nigeria through Vice President Kashim Shettima, a $5.600,000 funds to speedy up health and agricultural reforms in favour of the GMOs in Nigeria, and flood relief.
Through the Foundation’s head of Global Development Programme, Dr Christopher Elias, Bill Gates pledged $5 million grant approved for Lagos Business School and partners to develop the agricultural economics they called “industrial cassava” and $600,000 for flood relief in Borno State and other health sector initiatives.
Alongside the activities surrounding the 79th United Nations General Assembly in New York, Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation leading to the announcement of the donation by the Foundation’s head of Global Development.
Recall that on 4 September, Bill Gates had described the Nigeria’s economy as “stagnated” and proposed agricultural reforms for faster and increased growths in crops, fruits, vegetables amongst others to enhance nutritional values of the Nigerian citizens through the agricultural sector.
In that meeting Chaired by Vice President Kashim Shettima, Bill gates urged Nigeria to adopt “innovative crop varieties with shorter growing periods, higher yields, and better pest resistance” pointing to the GMOs to address the food crisis.
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Moreover, at the 79th UN General Assembly in New York, VP Shettima reaffirmed to the Bill and Melinda Gates Foundation, the commitment of the administration of President Bola Ahmed Tinubu prioritizing health, nutrition, and agricultural development in Nigeria’s national agenda.
In a statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said: “we are deeply committed to addressing the pressing developmental challenges facing our nation, particularly the significant malnutrition crisis”.
He emphasised the Federal Government’s dedication and urgently working to secure locations for maize production under the Telemaze programme.
VP Shettima, promising swift action to the Gate’s Foundation on import permits for certified seeds, the VP said, “We recognize the critical importance of food security and industrial agricultural development. The Cassava Accelerator programme, in particular, holds immense potential for our economy.
“We are pursuing a whole-of-government approach to digitisation and data exchange systems, which we believe will revolutionise our public services,” he added while reiterating the government’s focus and commitment to digital transformation.
“With the expertise” of Nigeria’s ministers, “and the continued support of partners like the Gates Foundation,” the nation remains confident in its “ability to drive meaningful change and improve the lives of all Nigerians.”
In his response, President of the Global Development Programme at the Gates Foundation, Dr. Christopher Elias, said the Foundation is burdened with worries of the severe flooding in Borno, and is “committed to supporting Nigeria in times of crisis.”
Speaking of Polio, the Foundation said, “We’re impressed by the national task force’s efforts to eliminate variant polioviruses by year-end,” Dr. Elias noted.
Also, President of Global Growth & Opportunity Division at the Bill & Melinda Gates Foundation, Rodger Voorhies, detailed plans for scaling up drought-tolerant maize production and advancing the Nigeria Cassava Investment Accelerator programme emphasizing that a $5 million grant has been approved for Lagos Business School and partners to develop the agricultural economics of industrial cassava.
In his words, “Industrial cassava presents a multi-billion-dollar opportunity for Nigeria,” Voorhees stressed.
He requested import permits for 5,000 metric tons of certified GMO maize seed to build a foundation seed system in Nigeria.
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