URBANEXPRESSLIVEURBANEXPRESSLIVEURBANEXPRESSLIVE
  • Home
  • Politics
    Politics
    “Followers who tell the truth, and leaders who listen to it, are an unbeatable combination.”— Warren Bennis
    Show More
    Top News
    Journalists Arrested: HURIWA Give Details of Victims Under Tinubu’s Govt
    August 27, 2024
    Obaseki’s Aides Resign, Dumps PDP
    September 8, 2024
    2024 UN General Assembly: Tinubu  Pulls Out, Says VP Shettima To Lead Delegation
    September 19, 2024
    Latest News
    Tinubu, PDP, Others On Same Page In Ideology of One Party State- Saraki
    June 13, 2025
    Why Seriake Dickson Picked Holes In Tinubu’s Speech, Accused Akpabio of Infringing On His Rights, Privileges
    June 13, 2025
    Durbar Restriction: Kano Govt Laments, Says ‘We’ve Lost Millions In Revenue
    June 8, 2025
    Abati Fires Back, Denies Ever Collecting Money From Wike, Places Disclaimer On Any That Does On His Behalf
    June 8, 2025
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
    • About Us
    • Contact us
    • Advertise
Search
  • Advertise
© 2024 Urbanexpresslive. All Rights Reserved.
Reading: ‘Recipe For Disaster is when Dangote Bid For Monopoly In Nigeria-Marketer Tells Court
Share
Notification Show More
Font ResizerAa
URBANEXPRESSLIVEURBANEXPRESSLIVE
Font ResizerAa
  • Home
  • Politics
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
Search
  • Home
  • Politics
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
    • About Us
    • Contact us
    • Advertise
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
URBANEXPRESSLIVE > web-Page > Politics > ‘Recipe For Disaster is when Dangote Bid For Monopoly In Nigeria-Marketer Tells Court
PoliticsTechnology

‘Recipe For Disaster is when Dangote Bid For Monopoly In Nigeria-Marketer Tells Court

urbanexpresslive
Last updated: November 6, 2024 4:28 pm
urbanexpresslive
Share
6 Min Read
SHARE

Taiwo Popoola

Three major oil marketers have told the Federal High Court in Abuja that the planned monopoly of the energy sector by Dangote Petroleum Refinery will spell doom for the country’s oil sector.

According to the oil marketers, Dangote’s plan to monopolize the oil sector is a recipe for disaster in the country.

The three marketers – AYM Shafa Limited, A. A. Rano Limited and Matrix Petroleum Services Limited – in their replies to a suit filed by Dangote Petroleum in a suit marked FHC/CS/ABJ/1324/2024, told the court that the plaintiff does not produce adequate petroleum products for the daily consumption of Nigerians and that there is nothing before the court to prove the contrary.

Dangote had in September 2024 sued the Nigeria Midstream And Downstream Petroleum Regulatory Authority (NMDPRA), Nigeria National Petroleum Corporaiton Limited (NNPCL), AYM Shafa Limited, A.A.Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited and Matrix Petroleum Services Limited.

In the suit dated September 6, 2024, Dangote prayed the court to declare that NMDPRA is in violation of sections 317(8) and (9) of the Petroleum Industry Act, PIA, by issuing licenses for the importation of petroleum products.

Dangote stated that such licenses should only be issued in circumstances where there is a petroleum product shortfall.

He also asked the court to declare that NMDPRA is in violation of its statutory responsibilities under the PIA for not encouraging local refineries such as Dangote Refinery.

But the marketers in their counter affidavit dated November 5, 2024, and deposed to by one Ali Ibrahim Abiodun, told the court that they are well qualified and entitled to be issued import licence by the 1st defendant to import petroleum products in Nigeria within the meaning of Section 317(9) of the Petroleum Industry Act.

They averred that vesting Dangote with the power of monopoly in Nigeria’s petroleum industry as it seeks vide the instant suit, will kill competitive pricing of petroleum products in the country, further deteriorate Nigeria’s critically ailing economy “and unleash untold hardship on Nigerians, all of which constitute a recipe for disaster in the polity”.

They told the court that if Nigeria puts all her energy eggs in one basket by stopping importation of petroleum products and allow Dangote to be the sole producer and supplier of petroleum products in the country, with liberty to determine the prices at which it supplies the products, the prices of petroleum products will continue to rise and energy security will elude Nigeria.

They said, “If Nigeria puts all her energy eggs in one basket by stopping importation of petroleum products and allowing the Plaintiff to be the sole producer and supplier of petroleum products in Nigeria, with liberty to determine the prices at which it supplies the products, the prices of petroleum products in Nigeria will continue to rise and energy security will elude Nigeria.

“AIn the event of any breakdown in or obstruction to the production chain of the plaintiff which stops it from producing, Nigeria will be thrown into energy crises as Nigeria does not have the reserves that would last it for the at least 30 days that it would need to order, pay for, freight and import refined products into tanks in Nigeria.

“Amidst the glaring absence of any credible and demonstrable proof that the Plaintiff refines and supplies adequate petroleum products for the daily use/consumption of Nigerians, giving the plaintiff (Dangote) judicial imprimatur to be the sole supplier of refined petroleum products to Nigerians, thereby encouraging monopoly in a major aspect of Nigeria’s oil industry, is a recipe for disaster in Nigeria’s energy sector.”

They further told the court that granting the reliefs sought by Dangote which solely aim at making him a monopolist in Nigeria’s petroleum sector, is a design to leave Nigeria and Nigerians at the mercy of the the company with respect to availability and cost of purchasing petroleum products in the country.

They also argued in their reply that they are fully qualified for the issuance of the import licences issued to them by the 1st defendant, as they duly met all the legal requirements for the issuance of such import licences, before same were issued to them.

“The import licences lawfully and validly issued to the defendants did not in any way whatsoever, cripple the plaintiff’s business or its refinery.

“The import licences issued to the defendants by the 1st defendant are in line with the provisions of Petroleum Industry Act, 2021, the Federal Competition and Consumer Protection Act, 2018 and other relevant laws,” the marketers stressed.

You Might Also Like

Presidency: Tinubu Never Asked CBN Gov, Cardoso To Resign

Propose Bill To Fine, Jail Voters; Nigeria Students  Slam NASS

Another tanker explosion has rocked Jigawa State.

Aisha Yesufu Tackles Former Kaduna State Gov, El-Rufai For Sharing Kperogi’s Article

Ndume Commends Tinubu For Declaring National Emergency On Food Security

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article All Engagements To Be Put on Hold-IGP Honours Gen Lagbaja’s Demise, Commiserates with Families
Next Article Defense Correspondents Mourn Demise of Late COAS, Lieutenant  Gen Lagbaja
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow
- Advertisement -
Ad imageAd image

Latest News

Enablement, indulgence and Hitler
Column June 13, 2025
Tinubu, PDP, Others On Same Page In Ideology of One Party State- Saraki
Discover Politics June 13, 2025
Serie A: How Lookman Nominated For  Atlanta’s Player of the Season
Urban Sports June 13, 2025
Club World  Cup:  Why We Don’t Care About Big Name-AI-Ahly’s Trezeguet Warns Messi, Others
Urban Sports June 13, 2025
Executive Master of Transport Management
//

UrbanExpressNews is Nigeria Most Reliable Online News, With Quality Pedigree of Writers made available on the online space.

Download Our App

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

info@urbanexpresslive.com

 

Follow US
© 2024 Urbanexpresslive. All Rights Reserved.
Welcome Back!

Sign in to your account