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WAIFEM: The Emergence of a Capacity-Building Powerhouse

Introduction For close to three decades now, the West African Institute for Financial and Economic Management (WAIFEM), has been making significant contributions towards the growth...
HomeNewsDangote Group to Withdraw N100 Billion Suit Against NNPCL, Others

Dangote Group to Withdraw N100 Billion Suit Against NNPCL, Others

Dangote Industries Limited (DIL) said it would withdraw a suit it had filed against the Nigeria National Petroleum Corporation Limited (NNPCL) and six other companies praying the court to restrain them from importing refined petroleum products.

Although the court had on Monday adjourned the case to January 2025, DIL said that by then, it would be in a position to formally withdraw the matter in court as the parties involved are in discussion since President Bola Tinubu’s directive on crude oil and refined products sales in Naira initiative, which was approved by the Federal Executive Council (FEC).

In the suit filed in September 2024, Dangote Petroleum Refinery and Petrochemicals, asked the Federal High Court, Abuja to void import licences issued to NNPCL and six other companies to import refined petroleum products, which Dangote Refinery is already producing locally without shortfalls.

The suit, registered as FHC/ABJ/CS/1324/2024 also sought N100 billion damages because the licences would allow the seven companies import petroleum products such as Automotive Gas Oil, AGO, and Jet Fuel (Aviation turbine fuel) into Nigeria, Despite the production of AGO and Jet-A1 that exceeds the current daily consumption of petroleum products in Nigeria by the Dangote Refinery.

In a statement in Lagos, the Group’s Chief Branding and Communications Officer, Anthony Chiejina said the case is not new, explaining that it originated from an issue that began in June and culminated in a filing on September 6, 2024. Chiejina said that the Group is withdrawing the suit because events, including the naira for crude sales, have overtaken it.

He stated that “no party has been served with court processes and there is no intention of doing so. We have agreed to put a halt to the proceedings.

“It is important to stress that no orders have been made and there are no adverse effects on any party. We understand that once the matter comes up in January 2025, we will be in a position to formally withdraw the matter in court.”