Business
Dangote Refinery Faces Two New Challenges Amid PENGASSAN’s Strike; Details Emerge
The trouble at Dangote Refinery has reportedly deepened as its petrol-producing unit has shut down
Amid the ongoing industrial dispute against Dangote Refinery by the Petroleum and Natural Gas Senior Association of Nigeria (PENGASSAN), the mega refinery has run into new challenges.
Also, data shows that the refinery is facing crude oil challenges as intakes slowed in September.
The refinery’s challenges are also compounded by industrial action as oil unions protest the sack of 800 Nigerian workers at the facility
Africa’s largest refinery is reportedly grappling with operational challenges as crude oil inflows drop sharply in September 2025.
Also, the facility’s petrol-producing unit and residual fluid catalytic cracker (RFCC) have allegedly broken down.
According to the petroleum product-tracking platform, PetroleumPriceNG, the failure to issue new pro forma invoices has triggered hoarding at the refinery, leading to higher petrol prices.
Recall that Legit.ng reported that the 650,000 bpd-capacity refinery increased its ex-depot prices for petrol to N860 per litre, up from N825.
Experts attributed the increase, which also affected other depot operators, to a rise in crude prices.
Meanwhile, crude intake into the mega refinery dropped sharply this month. Data from Vortexa shows that inflows dropped to about 250,000 barrels per day.
Energy policy analysts warn that if the scenario continues, it will be the lowest crude supply to the Lekk-based plant since September last year, when Fitch downgraded it and banks tightened finance lines, shrinking its ability to purchase crude.
With less feedstock coming in, the facility cannot run at optimal capacity, which is currently estimated at 500,000 barrels per day. Also, it shows Nigeria’s vulnerability as the world’s largest single-train refinery struggles to maintain stable production.
As crude supply dips, the RFCC has also gone offline for maintenance, with industry watchers speculating that the unit may not resume full operations until early October.
Meanwhile, the refinery has redirected more low-sulphur straight-run fuel into the export market. Data shows that exports hit 320,000 barrels per day this month, the refinery’s highest cargo shipment on record.
The shift may keep revenue coming, but it starves the Nigerian and African market of the much-needed petroleum product supply.
Experts say product inflows from other regions into West Africa have slowed to less than one million tonnes of petrol and blending components in September. The figure is reportedly below the year-to-date average and marks the weakest September arrival on record.
This means West Africa is receiving fewer petrol imports as Dangote struggles to stabilise operations. The squeeze increases the refinery’s dominance as its failure could have multiple ripple effects in the petroleum product market.
The production challenges have affected the downstream sector. In early September, the massive plant halted sales, promising to resume allocation later in the month.
Already, the delay has created panic, as marketers holding old stocks hoard them, selling at premium rates.
Reports say depot prices surged above Dangote’s N820 per litre ex-depot price of N820 to N870, while Wosbab Lagos recorded the highest daily increase at almost three per cent.
The situation at Dangote demonstrates that sheer size does not guarantee stability. The refinery’s challenges highlight Nigeria’s precarious balance between energy security and vulnerability to global oil volatility.
Every disruption quickly translates into inflationary pressures within the downstream market. For Dangote, the immediate priorities are clear: restore RFCC operations and ensure timely PFI issuance.
For Nigeria, the lesson is more profound: without enhanced upstream output and improved policy coordination, the aspiration of affordable, dependable petrol may remain elusive, even with Africa’s largest refinery.
Business
THE BAD LOANS THAT HAUNT ABIODUN ODUBOLA Ex-Chief Risk Officer and FirstBank’s Bad-Loan Scandal
There is something profoundly ironic about a man returning to narrate the history of an institution whose most troubled chapters unfolded while he occupied one of its most consequential offices. History, after all, is not an accommodating mistress. It does not surrender its memory to the convenience of those who wish to revise it, nor does it permit yesterday’s custodians to become today’s critics without occasionally demanding an account of their own stewardship. For Abiodun Odubola, former Executive Director and Chief Risk Officer of First Bank of Nigeria, that uncomfortable reckoning appears particularly relevant as he reportedly prepares to write about the institution he left in 2016.
The irony is difficult to overlook. For while Odubola may have much to say about FirstBank, the bank’s own financial records have an extraordinary story to tell about the years during which he presided over its risk-management machinery. It is a story written not in the comforting language of corporate reminiscence but in the unforgiving arithmetic of impaired loans, deteriorating credit quality, extraordinary provisions and a financial institution struggling to contain the consequences of exposures that had become deeply problematic.
At the centre of that story stands a former Chief Risk Officer whose professional responsibilities were as enormous as the institution he served.
Odubola was appointed FirstBank’s Chief Risk Officer in 2013 and elevated to its board as Executive Director in January 2014. By then, he was no stranger to the intricacies of credit administration, having previously headed the bank’s Credit Analysis and Processing Department. He understood the workings of its lending machinery, the architecture of credit approvals and the delicate intersection between commercial ambition and prudent risk management. Indeed, his own professional résumé, subsequently published on the website of Letshego Holdings, provides a striking account of the authority he wielded.
According to that document, Odubola exercised overall responsibility for FirstBank’s Risk Management Directorate and a credit portfolio exceeding ₦2 trillion. He possessed an individual credit approval limit of ₦2.5 billion and served on management and board credit committees whose approval limits extended to ₦15 billion and ₦59 billion respectively. These were not the privileges of a ceremonial executive. They placed him within the institutional framework through which substantial lending risks were evaluated, monitored and approved, even if final responsibility for particular facilities was shared among different officers and committees.
It is against this background that the deterioration of FirstBank’s loan portfolio assumes an especially troubling significance.
In April 2015, Odubola participated in an investor conference call during which analysts raised concerns about the bank’s exposure to vulnerable sectors of the economy, particularly oil and gas. Questioned about the possibility of rising non-performing loans, he expressed confidence that the institution’s credit quality would remain broadly manageable, projecting a non-performing loan ratio of between three and five per cent for the year.
It was an assurance that would be overtaken by events with devastating speed.
By December 2015, FBN Holdings’ non-performing loan ratio had surged to 18.1 per cent, compared with just 2.9 per cent a year earlier. In monetary terms, non-performing loans climbed from approximately ₦64.8 billion in 2014 to a staggering ₦353.5 billion in 2015. Impairment charges rose from ₦25.9 billion to ₦119.3 billion, while the group’s profit before tax collapsed from ₦94.1 billion to ₦21.5 billion.
The figures were startling, not merely because of their magnitude, but because they revealed just how far the institution’s actual credit experience had departed from the expectations publicly articulated by its chief risk executive.
Certainly, Nigeria’s economic circumstances were becoming increasingly hostile. Declining crude oil prices, the depreciation of the naira and weakening corporate cash flows inflicted considerable damage on borrowers across the banking industry. Yet economic turbulence alone could not explain away every question about FirstBank’s exposure concentration, underwriting discipline and the effectiveness of its internal safeguards.
In June 2016, Standard & Poor’s offered a particularly sobering assessment, identifying weaknesses in the bank’s underwriting standards and lapses in risk management. The international ratings agency disclosed that FirstBank’s 20 largest loans accounted for 43.5 per cent of its total loan portfolio at the end of 2015, while its two largest exposures were already non-performing.
For an institution of FirstBank’s pedigree, such concentration represented an uncomfortable vulnerability. For the executive entrusted with supervising its risk-management structure, it raised questions that cannot reasonably be dismissed as mere historical inconveniences.
And then came the departure.
In 2016, FBN Holdings publicly announced that Odubola would retire as Executive Director and Chief Risk Officer, effective June 30, ostensibly to pursue personal interests. The announcement carried the customary courtesies of corporate separation.
But an account provided to this publication, from someone claiming direct knowledge of the circumstances, disputes the suggestion that his departure was entirely voluntary. According to that account, Odubola was effectively dismissed amid concerns surrounding the bank’s deteriorating credit portfolio. Although this account has not been independently corroborated by dismissal records, and the bank’s official position remains that he retired, the circumstances of the transition warrant closer examination.
Particularly revealing is the language of FirstBank’s own financial disclosures. In its 2015 annual report, FBN Holdings acknowledged serious shortcomings in its risk-management performance and disclosed that a critical review of the culture and practices of the risk-management function had been undertaken. The group also announced structural changes intended to improve underwriting practices and rebuild a more resilient loan portfolio under new leadership.
Those were not casual observations. They were admissions by an institution confronting deep-seated weaknesses in one of the most sensitive areas of its operations.
The task of strengthening that architecture subsequently fell to a new generation of risk-management leadership, including Olusegun Alebiosu, who joined FirstBank as Chief Risk Officer in September 2016. By the end of that year, non-performing loans had risen further, with the ratio reaching 24.4 per cent, underscoring the scale of the legacy challenges confronting the bank.
Years later, FirstBank would publicly acknowledge significant improvements in credit underwriting, loan recoveries and the reduction of non-performing exposures under the restructured risk-management directorate. Such progress did not occur in a vacuum. It reflected the institution’s sustained effort to repair weaknesses exposed during an exceptionally difficult chapter of its corporate history.
All of which makes the prospect of Odubola writing about FirstBank an intriguing development.
There is nothing inherently objectionable about a former executive seeking to document his professional experiences or offering personal reflections on the institution he once served. Indeed, a properly researched account could provide valuable insight into the decisions, personalities and economic circumstances that shaped FirstBank’s fortunes. But the credibility of such an undertaking would depend considerably on its willingness to confront the difficult questions surrounding the author’s own years in office.
For when a bank’s loan portfolio deteriorates so spectacularly, the responsibility for explaining what went wrong cannot be confined to those who inherited the consequences. It must also engage those who helped oversee the machinery through which the risks were assessed and managed.
Dangote Group has announced fresh employment opportunities for qualified candidates across several departments at its refinery site.
The vacancies are listed under Dangote-Refinery as the business unit, with the location stated as Dangote Petrochemicals (DPRP) and the department identified as Refinery Site.
The available positions cover procurement, warehouse management, logistics, supply and material planning, compliance, information technology, sustainability and data analytics.
List of Dangote Refinery jobs The 24 positions advertised on the company’s careers platform are:
Industrial Hygienist
Sanitary Inspector
Employee Relations Specialist
Procurement Contract Specialist
Warehouse Team Lead – PPU
Warehouse Manager – PPU
Head, Supply and Material Planning
Head, Logistics & Road Safety Operations
Sales & Operations Planning Manager (S&OP)
Procurement Supplier Specialist
Compliance and Governance Lead
Contract Management Lead
Risk Management Lead (Supply Chain)
Governance and Compliance Specialist
Procurement Supplier Lead
Transport/Dispatch Manager – PPU
Transport/Dispatch Lead – PPU
System Administrative Officer
ESG & Sustainability Manager
ESG / Sustainability Analyst
Lead, System Administration
ISO Management System Coordinator
Data Analytics/System Analyst
Decarbonization Manager
Requirements for Dangote Refinery jobs
The requirements differ depending on the position, and applicants are expected to check the full job description for their preferred vacancy.
Several of the positions require relevant bachelor’s degrees, HNDs or specialised diplomas in fields such as engineering, supply chain management, logistics, business administration, environmental science, public health, information technology and related disciplines.
Some roles also require or favour professional certifications. Depending on the position, these may include certifications in supply chain management, logistics, quality management, information technology and other relevant professional fields.
Work experience is another major requirement, particularly for senior positions.
The experience requested varies from role to role, with some managerial and leadership positions requiring several years of relevant industry experience.
For example, the Warehouse Team Lead – PPU position requires relevant experience in warehouse, logistics or supply chain operations, while the Warehouse Manager – PPU role requires significantly more experience, including managerial exposure.
Applicants for technology-related positions may also need experience with SAP, ERP systems, databases, system administration, Microsoft Excel, Power BI, data analytics and system integration, depending on the vacancy.
For the ISO Management System Coordinator position, candidates are expected to have relevant academic qualifications and experience with international management standards.
The Sanitary Inspector role has more specialised requirements, including qualifications in sanitary inspection, environmental health or public health technology, with related experience preferred.
How to apply for Dangote Refinery jobs Interested candidates should visit the official Dangote careers platform and select the position that matches their qualifications and experience.
Applicants should carefully read the individual job description because the educational qualifications, professional certifications, technical skills and years of experience differ across the 24 positions.
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol by N5 per litre at its retail outlets in Lagos from N1,360 to N1,355.
Motorists in Lagos and Rivers now pay N1,355 per litre, making them the cheapest locations on NNPC’s updated price list. Abuja buyers are paying N1,370 per litre under the new arrangement.
NNPC petrol prices across Nigeria
Yobe has the highest petrol price at N1,435 per litre, followed by Niger State at N1,433.
Borno, Gombe, Nasarawa and Sokoto are all priced at N1,430 per litre, placing them among the states with the highest fuel prices.
Several south-western states fall within the lower price range. Ogun and Oyo both sit at N1,367, while Osun is priced at N1,358.
Akwa Ibom is at N1,360, just above the Lagos and Rivers rate.
In the south-east, Anambra, Enugu and Imo are each priced at N1,372, with Ebonyi slightly higher at N1,375. Abia is priced at N1,370, the same as Abuja.
Further north, Kaduna is at N1,400, Zamfara at N1,414, while Adamawa, Jigawa, Kebbi, Plateau and Taraba are all priced at N1,420. Bauchi and Kano share a rate of N1,385, while Benue is at N1,410.
In the South-South, Delta is priced at N1,379, Bayelsa and Edo at N1,380, and Cross River at N1,390. Kwara is at N1,375, while Kogi is priced at N1,390. The full breakdown of the new NNPC petrol prices per litre is as follows:
Lagos: N1,355 Rivers: N1,355 Akwa Ibom: N1,360 Osun: N1,358 Ogun: N1,367 Oyo: N1,367 Abia: N1,370 Abuja: N1,370 Anambra: N1,372 Enugu: N1,372 Imo: N1,372 Ebonyi: N1,375 Kwara: N1,375 Ekiti: N1,377 Ondo: N1,377 Delta: N1,379 Bayelsa: N1,380 Edo: N1,380 Bauchi: N1,385 Kano: N1,385 Cross River: N1,390; Kogi: N1,390 Kaduna: N1,400 Benue: N1,410 Zamfara: N1,414 Adamawa: N1,420 Jigawa: N1,420 Kebbi: N1,420 Plateau: N1,420 Taraba: N1,420 Borno: N1,430 Gombe: N1,430 Nasarawa: N1,430 Sokoto: N1,430 Niger: N1,433 Yobe: N1,435
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