More knocks on IOCs’ divestment approval as Dangote cuts fuel price

• Offers N899.50 per litre for festive season, credit purchases
• Coalition submits petition against Shell’s divestment to N’ Assembly
• Seek environmental restoration fund for Niger Delta cleanup
• Lokpobiri signs MoU to bring global standards to local petroleum training

While the Dangote Petroleum Refinery has made strides to ease transportation costs by lowering fuel prices and introducing innovative credit schemes for consumers, a contrasting issue has raised concerns among civil society groups and community leaders.

These stakeholders demand that President Bola Ahmed Tinubu reverse the approval of international oil companies’ divestment, arguing it jeopardises Nigeria’s environmental and economic future, particularly in the Niger Delta.

The unfolding debate unwittingly highlights the tension between short-term economic relief and long-term sustainability. Yesterday, the Dangote Refinery reduced the price of Premium Motor Spirit (PMS) to N899.50 per litre, down from N970 per litre, effective immediately.

The move, aimed at relieving transportation costs for Nigerians during the festive season, was announced by the refinery in a statement signed by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina.

In addition to the price reduction, the refinery introduced an offer allowing consumers to purchase an extra litre of fuel on credit for every litre bought with cash.

Chiejina stated that this innovative scheme is backed by bank guarantees from Access Bank, First Bank, or Zenith Bank and will be available at the refinery’s truck-loading gantry or Single Point Mooring (SPM) facility.

“To alleviate transport costs during this holiday season, Dangote Refinery is offering petrol at N899.50 per litre. Furthermore, consumers can buy one litre on credit for every litre purchased on a cash basis,” Chiejina said.

He also highlighted the company’s commitment to providing premium-quality petroleum products at competitive prices, noting that the refinery’s operations have positioned Nigeria to end its reliance on substandard imported fuel products that pose risks to human health, machinery and the environment.

The Dangote Refinery, with a capacity of 650,000 barrels per day, is the largest single-train refinery in the world. It is capable of meeting all of Nigeria’s refined petroleum product needs and producing a surplus for export.

As the holiday season approaches, the refinery expressed gratitude to Nigerians for their support and reaffirmed its mission to reduce economic pressures while ensuring access to cleaner and more efficient fuel products.

This came as civil society organisations, community leaders, and concerned Nigerians called on President Tinubu to reverse the decision to approve the divestment of international oil companies (IOCs) to the Renaissance Consortium.

In a petition submitted to the National Assembly, the groups argued that the divestment poses a threat to the Niger Delta’s people, Nigeria’s environmental and economic interests, and the nation’s social future.

The petition, led by Nnimmo Bassey of the Health of Mother Earth Foundation (HOMEF), specifically criticised the proposed sale of Shell Petroleum Development Company (SPDC)’s remaining shares to Renaissance Consortium.

The group, joined by other stakeholders, submitted the petition to both chambers of the National Assembly and contended that similar divestment moves by companies like TotalEnergies undermine Nigeria’s national interests.

“It is unfortunate that President Tinubu allegedly succumbed to pressure from Shell and its home government by ordering the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) to approve the sale of SPDC shares,” the petitioners stated.

The coalition urged the National Assembly to prevail on the president to halt all IOC divestment processes until issues of national concern are addressed. They demanded a transparent and inclusive review of Shell’s and TotalEnergies’ environmental and social liabilities before any divestment could proceed.

The petition also highlighted the need for consultations with state governments and communities in the Niger Delta, where oil and gas extraction occurs. According to the groups, these consultations must precede any further divestment to ensure local input and address longstanding grievances.

The coalition demanded that Shell, TotalEnergies, and other IOCs take responsibility for their environmental damage by funding comprehensive cleanup and remediation programmes across the Niger Delta.

They also emphasised the importance of regulatory independence, urging that the NUPRC be allowed to function without political interference. Additionally, they called on the federal government to respect the National Assembly’s resolution halting all IOC divestments.

Key recommendations from the petition included mandating new operators to prioritise environmental management and community welfare, creating an Environmental Restoration Fund, funded by Shell, TotalEnergies, and future operators, to address long-term environmental damage, and ensuring host communities benefit from profit-sharing agreements.

Others are requiring full disclosure of environmental liabilities and mandating cleanup plans before divestment, including gas flaring cessation and decommissioning plans in any divestment agreement, with timelines for ending harmful practices, and aligning divestment processes with Nigeria’s climate commitments by addressing carbon emissions related to divested assets.

The coalition includes notable organisations such as Social Action Nigeria, HEDA Resource Centre, Kebetkache Women Development and Resource Centre, Corporate Accountability and Public Participation Africa (CAPPA), Amnesty International, and Environmental Rights Action/Friends of the Earth Nigeria.

The petitioners warned that approving IOC divestments without addressing these issues could worsen environmental degradation and socio-economic inequality in the Niger Delta, while eroding Nigeria’s climate commitments and regulatory integrity.

They called on the federal government to ensure that future divestment processes protect national interests and prioritise sustainable development for oil-producing communities.

Meanwhile, the Petroleum Technology Development Fund (PTDF) has signed agreements with Scottish universities to facilitate knowledge transfer at the College of Petroleum and Energy Studies, Kaduna.

Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), signed a Memorandum of Understanding (MoU) on behalf of the PTDF with Robert Gordon University, Aberdeen, and the University of Strathclyde, Glasgow.

In a statement by Nneamaka Okafor, his Special Adviser on Media and Communications, Lokpobiri said the partnership highlights the Federal Government’s commitment to bridging the gap between global best practices and local capacity. The agreement provides a framework for academic exchange and technology transfer to enhance the academic and professional programmes at the Kaduna-based institution.

Lokpobiri noted that the initiative would enable the domestic training of scholars to global standards previously only available abroad. “By bringing these knowledge transfer programmes home, we are laying the foundation for a self-sustaining oil and gas sector driven by highly skilled Nigerians,” he said.

Ahmed Aminu, Executive Secretary of PTDF, also signed agreements with the two Scottish institutions to formalise their roles in the partnership. Aminu emphasised the importance of the collaboration, describing Robert Gordon University and the University of Strathclyde as long-standing partners that have hosted PTDF-sponsored scholars abroad.

“With these agreements, we are strategically bringing those experiences and expertise home, not only to develop in-country capacity but also to increase opportunities for more Nigerians to benefit from PTDF’s scholarship scheme,” he said.

Prof. Steve Olivier, Vice-Chancellor of Robert Gordon University, expressed optimism about the collaboration, noting that it would extend the university’s expertise directly to Nigeria. “This partnership will ensure that the College of Petroleum and Energy Studies becomes a hub for innovation and excellence,” he said.

Similarly, Prof. Jim McDonald, Principal of the University of Strathclyde, described the partnership as a transformative step for education and industry. “Together, we are building a brighter future for Nigeria’s energy sector,” he said.

The agreements represent a major milestone in PTDF’s reform agenda, aimed at fostering sustainable growth in the oil and gas sector. With these partnerships, the College of Petroleum and Energy Studies is set to become a centre of excellence, delivering world-class education and research to support Nigeria’s energy ambitions.

The PTDF, which is tasked with building capacity in Nigeria’s oil and gas sector, has consistently prioritised manpower development through the training of Nigerians with globally recognised expertise.