DANGOTE REFINERY TO SUPPLY 60 MILLION LITRES OF PETROL WEEKLY TO IPMAN TO BOOST CRUDE IMPORTS. (PHOTO).

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 Dangote Refinery To Supply 60 Million Litres Of Petrol Weekly To IPMAN To Boost Crude Imports The Dangote Petroleum Refinery has reached an agreement to supply 60 million litres of Premium Motor Spirit (PMS) to the Independent Petroleum Marketers Association of Nigeria (IPMAN) on a weekly basis, which translates to 240 million litres per month. This comes as the $20bn Lekki-based refinery seeks to raise billions of dollars to import crude oil and increase production to reach its full capacity of 650,000 barrels per day. IPMAN National Publicity Secretary, Chinedu Ukadike, confirmed that the association is finalizing discussions with Dangote and expects to start lifting PMS from the refinery before the end of November. The agreement has already led to a drop in petrol prices by N10 to N15 due to increased competition in the downstream sector following deregulation. In the past 42 days, the Nigerian National Petroleum Company Limited (NNPC) and other marketers have imported over two bil
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THE WORLD BANK HAS UNCOVERED $32M IN UNACCOUNTED FUNDS WITHIN A NIGERIAN WARER SECTOR PROJECT, SPARKING CONCERNS OVER POTENTIAL EMBEZZLEMENT AND MISMANAGEMENT. (PHOTO).

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 The World Bank has uncovered $32 million in unaccounted funds within a Nigerian water sector project, sparking concerns over potential embezzlement and mismanagement.


According to the FY2024 Sanctions System Annual Report, the Bank’s Integrity Vice Presidency (INT) identified these discrepancies through a forensic review.


The missing funds, intended to improve water infrastructure, raised alarms, leading to interventions to protect the project’s integrity.


In response, the World Bank collaborated with the project team, including Nigeria’s Task Team Leader, Operations Manager, and Financial Management Specialist, to address the issue.

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