A fire outbreak occurred on Wednesday at the Dangote Petroleum Refinery in the Lekki Free Zone, Lagos.

The incident, which took place at the refinery’s effluent treatment plant (ETP), was quickly contained without causing any injuries or significant damage.

In an official statement sent to the media, Anthony Chiejina, Chief Corporate Communications Officer of Dangote Group, assured the public that the situation is under control and there is no cause for alarm.

“We have swiftly contained a minor fire incident at our effluent treatment plant (ETP) today, Wednesday, 26th of June,” the statement read.

“There is no cause for alarm as the refinery is operating normally, and there are no recorded injuries or bodily harm to any of our staff on duty.”

The rapid response by the refinery’s emergency team ensured that the fire did not spread, and operations at the refinery were not disrupted.

The Dangote Petroleum Refinery, a major project of the Dangote Group, is crucial for Nigeria’s oil industry, aiming to reduce the country’s dependence on imported fuel and enhance its refining capacity.

The swift containment of the fire reassures stakeholders and the public of the refinery’s commitment to safety and operational excellence.

The Asset Management Corporation of Nigeria (AMCON) has reported a 212% increase in profits to N108.43 billion in 2023 from N34.73 billion in the corresponding period.

This financial performance was disclosed in a statement by Jude Nwauzor, Head of Corporate Communications at AMCON.

Despite navigating a tough macroeconomic landscape, AMCON managed to achieve substantial gains primarily driven by fair valuation increases on Eligible Bank Assets, which surged to N40.9 billion in 2023 from a significant loss of N187.9 billion in 2022.

The equity portfolio also saw substantial growth, expanding by 82% to N43 billion compared to N7.9 billion in the previous year.

According to the statement, AMCON attributed its significant trading gains to improved performance in the stock market.

Furthermore, the corporation successfully reduced its total liabilities from N6.282 trillion in 2022 to N5.739 trillion in 2023, largely due to repayments of a N500 billion loan from the Central Bank of Nigeria.

Highlighting its operational achievements, AMCON revealed that it achieved 89% of its revenue budget for 2023, with total recoveries amounting to N125.2 billion during the year.

The agency’s collections included N81.65 billion from various obligors, N17.8 billion from share sales, N15.5 billion from reinvestment income, N6 billion from property sales, N3.8 billion from dividend income, and N0.5 billion from rental income.

The leadership under Gbenga Alade, who was appointed in February and confirmed by the Senate in May, has been pivotal in steering AMCON through these challenging times.

The agency expressed confidence in continuing its positive trajectory in 2023, focusing on enhanced recoveries and efficient realization of value from forfeited assets in line with its mandate.

Established in July 2010 by an act of parliament, AMCON is mandated to stabilize Nigeria’s financial system by efficiently resolving non-performing loan assets of banks.

Over the years, it has played a crucial role in mitigating financial risks and promoting stability in the banking sector.

Speaking on the agency’s outlook for the future, AMCON affirmed its commitment to maintaining its strong performance and improving debt recoveries.

The statement emphasized the agency’s strategic focus on maximizing the value of assets under its management through effective disposal strategies and stringent operational controls.

“The positive financial results for 2023 underscore our resilience and strategic approach in navigating the complexities of the economic environment,” stated Gbenga Alade, the Managing Director of AMCON. “We remain dedicated to fulfilling our mandate of safeguarding the financial system and enhancing economic stability.”

Shane Harris, the Managing Director of ExxonMobil Nigeria, has reaffirmed the company’s commitment to its operations in Nigeria.

Addressing the speculation surrounding ExxonMobil’s proposed divestment of its 100 percent interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited, Harris made it clear that ExxonMobil is not planning to exit the Nigerian market.

Harris conveyed this assurance during a meeting with Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), in Abuja.

This meeting, highlighted in a statement released by Nneamaka Okafor, the Special Assistant on Media and Communications to the petroleum minister, emphasized ExxonMobil’s plans for significant new investments in Nigeria’s energy sector.

“During the meeting, Mr. Harris hinted at significant new investments that ExxonMobil is injecting into Nigeria’s energy sector,” the statement read. “He expressed confidence in the renewed relationship between ExxonMobil and the Nigerian government, assuring the government that the oil giant is not planning to leave Nigeria.”

Harris underscored the importance of ExxonMobil’s partnership with the Nigerian government, stating, “We are excited about the prospects these new investments bring. Our partnership with the Nigerian government is crucial for sustainable growth, and we look forward to continuing our collaboration as we have no plan to leave.”

In response, Lokpobiri reaffirmed the Federal Government’s commitment to enhancing production and fostering a conducive environment for investors in the energy sector.

He emphasized the ministry’s focus on creating collaborations and sharing innovative ideas with international oil companies.

“We are dedicated to ramping up production and ensuring a supportive environment for all investors by doing everything possible to maintain investor confidence in our country,” Lokpobiri said.

He also commended the ExxonMobil team for their commitment to the Nigerian oil and gas sector, noting that it aligned perfectly with the nation’s objectives.

“ExxonMobil’s planned investments are commendable and greatly appreciated. This renewed relationship is a testament to the mutual goals we share for the future of our energy sector,” the minister added.

The discussions between ExxonMobil and the Nigerian government also touched on the ministry’s support for international and independent oil operators.

Lokpobiri assured Harris of the government’s support, emphasizing the importance of creating a thriving environment for all stakeholders.

“We fully support ExxonMobil and other international oil companies, just as we do with independent operators. Our collaborative efforts are key to the sustainable growth of our energy sector,” Lokpobiri stated.

This development comes after months of uncertainty surrounding ExxonMobil’s assets in Nigeria.

On May 31, 2024, it was reported that Nigeria might add 480,000 barrels to its daily crude oil output as the Nigerian National Petroleum Company Limited (NNPC) and ExxonMobil moved towards resolving their disagreements over the sale of ExxonMobil’s assets to Seplat Energy.

The NNPC had signed a settlement agreement with ExxonMobil regarding the proposed divestment, following intervention by President Bola Tinubu to resolve the crisis that had led to substantial production losses.

Lokpobiri previously stated that Nigeria had lost about $30 billion over the past two and a half years due to the Seplat/ExxonMobil crisis, with a daily loss of around 480,000 barrels of crude oil.

Despite the challenges, the recent affirmations from ExxonMobil and the Nigerian government signal a renewed commitment to the country’s energy sector and a positive outlook for future collaborations and investments.