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NNPC filed a counter-affidavit in Lagos arguing Dangote refinery's petrol prices are significantly high and fluctuating, and that competition from imports must continue to protect consumers.
S&P upgraded Nigeria's sovereign credit rating to B from B-, specifically naming the Dangote Refinery's ramp-up to near full capacity as a key driver of the country's improving economic outlook.
Femi Otedola confirmed he sold his Geregu Power stake to fund a $100 million investment in the Dangote Petroleum Refinery IPO as demand for the offering approaches $2 billion.
Dangote Petroleum Refinery filed a new lawsuit seeking to cancel petrol import licences issued to six marketers and NNPC despite the refinery supplying nearly 80% of Nigerian fuel demand.
Seplat Energy posts $809.3 million Q1 revenue, up 350%, driven by higher crude and gas production.
Orjiako and Avuru are the founders of Seplat Energy.