Tein Jack-Rich: Net Worth, Companies, and Wife of Billionaire
Tein Jack-Rich, Nigerian oil magnate, entrepreneur, and philanthropist, has a net worth over $1 billion. Learn about his companies, wife Elizabeth, and political journey.
Category : Oil Gas
Dangote Refinery May Cut Fuel Prices Again as Depots Undercut Rates
Dangote Petroleum Refinery may reduce petrol and diesel prices again as Lagos depots offer lower rates, intensifying competition in Nigeria's downstream petroleum market.
Petrol Up 600% in 3 Years Under Tinubu
Petrol price in Nigeria surged over 600% from N175 to N1,300-N1,400 per litre since May 2023, driven by fuel subsidy removal, forex reforms, and global oil shocks.
Dangote Refinery to Process 130 Crude Types, Challenge Global Giants
Dangote Refinery plans to expand crude processing from 40 to 130 grades, double capacity to 1.4 million bpd, and cut costs below $2 per barrel.
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Cameroon Refinery to Begin Fuel Output in December 2026
Cameroon's new Mboro refinery will begin fuel production in December 2026, meeting 22% of domestic demand and reducing reliance on imports.
Nigeria 2026: Highest, Lowest Cooking Gas Prices by State
NBS report shows Lagos, Katsina top cooking gas prices in April 2026, while Anambra, Ogun record lowest. Prices surged 13.73% month-on-month.
Oye Slams FG Energy Reforms as NNPCL Debt Hits N30tr
Dele Oye and NECA criticize Nigeria's energy reforms, citing N30.3 trillion NNPCL debt, high fuel costs, and unreliable power despite government claims of progress.
NNPC crude oil sales surge 37% to 23.65m barrels in April
NNPC reports 37% rise in crude oil sales to 23.65m barrels in April 2026, driven by higher production and improved facility uptime, while gas sales dip slightly.
Dangote Refinery Cuts Petrol and Diesel Prices
Dangote Refinery reduces petrol price by N25 per litre and diesel by N100 per litre, offering relief to consumers amid fluctuating fuel costs.
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FG Boosts CNG Capacity with New Gas Facilities Commissioned
President Tinubu commissions new CNG infrastructure in Abuja, Lagos, and Owerri to boost gas adoption for transportation, targeting one million vehicles.
Unions Reject AfDB, World Bank Mission 300 Plan
Labour unions in Nigeria and Africa reject the AfDB-World Bank Mission 300 electricity initiative, warning it may increase debt without delivering sustainable power.
Dangote Refinery Can Save Nigeria N15 Trillion Yearly
Dele Oye says Dangote Refinery can save Nigeria N15 trillion yearly in fuel import costs and generate $11 billion forex through local refining and exports.
Dangote Refinery IPO to Transform Nigerian Capital Market
Dangote Refinery's proposed IPO, valued at up to $50 billion, could raise $5 billion and reshape capital formation in Nigeria, offering naira shares with dollar-linked dividends.
Petrol, Diesel Prices to Stay High as Crude Oil Above $100
The IEA warns that rising global crude oil prices above $100 per barrel will sustain high fuel costs, worsening Nigeria's energy crisis with petrol over N1200 per litre.
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Nigeria Cancels $717.7m World Bank Power Loan
Nigeria cancels $717.7m undisbursed World Bank loan for power sector reform, citing unmet conditions and economic shifts like naira devaluation.
Private Depots Cut Petrol Price Below Dangote Refinery
Private depots in Nigeria reduce petrol prices below Dangote Refinery's gantry rate as global crude oil prices fall, offering cheaper options for buyers.
Energy security priority over rapid transition, says Oando CEO
Oando CEO Wale Tinubu says global energy security concerns and economic pressures are prioritising hydrocarbon supply over rapid energy transition, with demand rising in developing nations.
Dangote Refinery Cuts Nigeria's Fuel Imports, Boosts Forex
The Dangote Refinery is reshaping Nigeria's oil sector, reducing fuel import dependence and strengthening the economy, per the EIU.
Dangote Refinery Suit: AGF Leads Defence, NNPC Warns of Risks
The Federal Government, led by the AGF, defends against Dangote Refinery's suit to halt fuel import licences, with NNPC warning of energy security risks.
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Cooking Gas Price Hike Deepens Woes for Nigerian Households
Cooking gas prices rise again in Nigeria, with a 12.5kg cylinder now costing over N18,000. Experts warn of more increases, pushing families toward alternatives.
NNPC Cuts Petrol Prices as Depot Rates Fall
Several NNPC filling stations in Lagos reduce petrol prices to between N1,300 and N1,315 per litre, following depot rate cuts across Nigeria.
Chinese Firms May Control 51% Stake in Two Nigerian Refineries
NNPC Ltd is considering a partnership that could give Chinese investors a controlling 51% stake in the Port Harcourt and Warri refineries to revive operations and ensure long-term profitability.
Oil Prices Drop as US Proposes Peace Deal to Iran
Global crude oil prices fell to $102 per barrel amid hopes of US-Iran peace talks, easing supply disruption fears and stabilizing markets.
Over 41% of Electricity Consumers Still Without Meters
NERC reports over 41% of Nigeria's 12.31 million electricity customers remain unmetered, facing estimated billing. Metering rate improved to 58.57% in February 2026.
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Oriental News Summit to Focus on Oil Sector Decarbonisation
Nigeria's net-zero push by 2060 takes centre stage at the 2026 Oriental News Nigeria conference on decarbonisation in the extractive industry, featuring Sahara Group MD Kola Adesina as lead speaker.
Seplat Targets $1 Billion Dividend Payout, Eyes 200k bpd
Seplat Energy plans $1 billion dividend payout over 4-5 years and targets 200,000 bpd production after acquiring Mobil assets.
Otedola invests $100m in Dangote Refinery
Femi Otedola commits $100 million to Dangote Refinery IPO, selling Geregu Power stake, as investor demand surpasses $2 billion ahead of listing.
Nigeria's Stalled Oil Reserves and Illusion of Abundance
Nigeria's oil reserves have stalled, with only 59 years left, while gas may last 85 years. The country faces a critical need for diversification and investment.
Petrol Prices Stable at N1,275/L Amid Global Oil Surge
Petrol gantry prices remain at N1,275/L in Nigeria despite global crude oil surpassing $108 per barrel, while diesel and aviation fuel show mixed movements.
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Dangote Jet Fuel Cut to N1,650, Retail Still Near N2,000
Dangote Refinery reduced aviation fuel ex-depot price to N1,650 per litre, but airlines still pay up to N2,000 due to logistics, FX, and old stock.
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