The Nigerian National Petroleum Company (NNPC) has expressed interest in securing a permanent presence at the Dangote Refinery in Lagos, as part of a proposed crude oil supply deal, Devakumar Edwin, vice president of Dangote Industries Limited has said.

“NNPC has informed us that they intend to station a team of 6 to 10 people permanently at our refinery. They’ve asked us to provide office space for them since they will be supplying the crude, overseeing the production, and buying back the products in Naira,” Edwin said in a Twitter Spaces session organised by Nairametrics.

Edwin explained that talks with the NNPC are focused on a new crude supply model, in which the refinery would purchase crude from the government in Naira and sell PMS in the same currency, instead of using dollars.

He said that negotiations are still in progress, with key issues such as crude pricing and the Naira exchange rate yet to be settled.

“We are still in talks with the government about receiving crude in Naira. The discussions are ongoing, and nothing has been finalized yet. Some unresolved issues include the pricing of crude, the pricing mechanism, and determining the appropriate exchange rate for the Naira,” he said.

This change represents a major shift from the refinery’s initial business model as a free zone entity, which was intended to conduct transactions in dollars.

Edwin said that Aliko Dangote agreed to the federal government’s suggestion to sell NNPC products to the government in Naira, even though this could result in financial losses.

According to Edwin, Dangote said the critical need for foreign exchange and the deteriorating value of the Naira as key factors in his decision to proceed with the deal.

“Dangote intervened and said, ‘We are going to accept this because the country desperately needs foreign exchange, and the value of the Naira is deteriorating every day. I understand that I am going to take a loss – because, by the time we sell the product and convert it to dollars, the exchange rate may have worsened.’”

Edwin stated that in his commitment to the national cause, Dangote added, “I am willing to take this loss in the interest of the country. I don’t mind, the country is in bad shape. Someone has to take certain risks, and I am ready to face this loss, no matter how significant it may be.”

Glo-Djigbé Industrial Zone (GDIZ) is proud to announce the first export of ‘Made in Benin’ ready-to-wear clothing for the prestigious American brand, U.S. POLO ASSN..

A world-renowned brand, U.S. POLO ASSN. offers a wide range of clothing, accessories, travel goods, watches and shoes, available in over 130 countries.

This first shipment represents a significant step forward in the integration of GDIZ into the global supply chains of the ready-to-wear sector. The collaboration, which is expected to generate volumes of more than one million pieces over the next few years, is being carried out in partnership with INCOM S.P.A., which holds the licence for U.S. Polo Assn. on the European market. All garments shipped from GDIZ are destined for the European market via INCOM S.P.A.

Aimed at the Italian market, this first shipment includes a range of high-quality garments designed to U.S. POLO’s exacting standards, including:

• Hooded sweatshirts ;
• Polos;
• T-shirts.

This partnership with U.S. POLO ASSN. follows several other shipments already made for international brands such as the American brand The Children’s Place (TCP) and the French brand KIABI. The confidence shown by these international brands has strengthened GDIZ’s position as a key player in textile production in Africa.

Mr Létondji Beheton, Managing Director of the Société d’Investissement et de Promotion de l’Industrie (SIPI-Benin), expressed his enthusiasm at this important milestone: ‘This first export of “Made in Benin” clothing for U.S. Polo Assn. is not only a source of pride for GDIZ, but also for Benin as a whole. It is a testament to our growing capacity to produce high-quality textiles that meet international standards. We are delighted to see Benin take a significant step forward in the global ready-to-wear industry, highlighting our commitment to excellence and sustainable development’.

Francesco Gozzini, Production Director of INCOM Italy, underlined the importance of this partnership: ‘We are honoured to be working with Glo-Djigbé Industrial Zone (GDIZ) on this significant export of garments for the U.S. Polo Assn brand. This partnership is a testament to the quality and dedication present in Benin’s textile industry, which fits perfectly with our commitment to offer excellence in every product we offer to the European market. The craftsmanship and attention to detail in these garments reflect the high standards we maintain at INCOM. We look forward to continuing this fruitful collaboration and expanding our offering with ‘Made in Benin’ garments’.

FBN Holdings has sought to clarify the recent divestment from its Merchant Banking business.

According to the lender, all its businesses and entities apart from the Merchant Banking business are not included in the divestment deal.

It said, “We wish to clarify that all other entities and businesses listed below are not included in the divestment, and they remain subsidiaries of FBNH and are well integrated into the Group’s strategic focus.”

The subsidiaries are FBNQuest Capital Limited, FBNQuest Asset Management Limited, FBNQuest Trustees Limited, FBNQuest Funds Limited, and FBNQuest Securities Limited.

“We reiterate that the divestment pertains solely to FBNQuest Merchant Bank Limited, with no impact on the continued operations or strategic positioning of our other subsidiaries within the Group,” the bank stated in a release signed by Adewale L.O. Arogundade, Acting Company Secretary.