Post #443

📺Nigeria’s Oil Dossier 📺 Who Profits from the Most Lucrative Sector of the Nigerian Economy All Nigeria’s oil industry is divided into 3 parts — each with its own heroes and villains: upstream production, oil processing, and the sale of petroleum products, including fuel imports from abroad. 🛢Production: ⏩ Production is dominated by foreign companies, although in recent years — following the exit of some foreign majors from onshore projects — an ever larger share of the market has been taken over by so-called “indigenous” firms owned by local elites. The most dynamic player among them is Heirs Energies, owned by Tony Elumelu, chairman of United Bank for Africa, who leverages his banking-sector connections to expand the company. Recently, Heirsacquired the largest stake in another local firm, Seplat. 🏭Refining: ⏩ In refining, the undisputed heavyweight is Aliko Dangote’s Dangote Oil Refinery, which is far ahead of all operating competitors and is, in effect, Nigeria's only refinery in its weight class. 🚩NNPC: ⏩ A significant role at every level is played by the state-owned NNPC, which manages the government’s stakes in upstream projects, owns a share in the Dangote refinery, operates several large refineries of its own, and runs a retail network. 💵Sale: ⏩ Finally, the import and sales segment features an entire constellation of local and foreign firms, including Oando Plc, owned by Wale Tinubu, a nephew of the sitting president, which is also active in oil production. More recently, Aliko Dangote himself has announced plans to enter the retail market as well. ➡️ Follow to stay informed - @devilsbelow