The Nation Newspaper

Category: Business

  • Treasury Bills sales peaked at N15.2tr in 2025

    Treasury Bills sales peaked at N15.2tr in 2025

    The sum of N15.2 trillion was realised by Central Bank of Nigeria from the bi-weekly sales of Treasury Bills via primary market auctions conducted in 2025 as part of an effort to support government short-term borrowing and liquidity management.

    Out of this amount, new borrowing was N1.50 trillion, according to Meristem Securities Limited, which said that the remaining amount was used to refinance the amount of Treasury bills that matured in the same year.

    The amount is the lowest in three years. In 2024, the Apex Bank net inflow from Treasury bills sales was N5.85 trillion after expired bills were refinance from N13.4 trillion total allotment.

    The average yield on Nigerian Treasury bills declined slightly to 17.72% as investors boosted their holding ahead of fresh government borrowing in 2026.

    The yield contraction was as a result of investors positioning in the short and belly of the curve in the secondary market after showing interest in long tenor at the main auction.

    The market traded mixed for the week with balanced demand. At the start of the week, trading was largely flat across the curve, with most maturities closing unchanged as investors traded cautiously resulting in minimal repricing across short- and mid-tenor bills.

    Read Also: Fed Govt to pay CBN’s N20tr overdraft with treasury bills

    By Tuesday, trading remained subdued at the short end, with rates across short- and mid-tenor bills closing flat amid cautious positioning.

    In contrast, long-dated bills attracted demand, led by the 03-Dec-26 which declined by 69bps to 16.20%, alongside yield compression on the 17-Dec-26 and 10-Dec-26 papers.

    Toward the close of the week, trading remained subdued, with yields across most maturities holding steady and only marginal adjustments observed at the long end, as investors maintained cautious, light positioning amid muted market activity.

    Overall, the market ended the period with a mild downward bias, as the average benchmark yield fell 4bps. Market is anticipated to trade in line with the available system liquidity.

  • ‘New tax laws to plug revenue leakages in oil, gas sector’

    ‘New tax laws to plug revenue leakages in oil, gas sector’

    An oil and gas expert, Ken Ife, has said that the country’s newly implemented Tax Act would curb revenue leakages in the oil and gas sector.

    Mr Ife, an energy development economist, said the tax would also free regulatory agencies to concentrate on oversight, performance monitoring and enforcement. He spoke in an interview with journalists on Sunday in Lagos, as the Nigeria Tax Act 2025 officially took effect on January 1, 2026.

    The tax laws signed into law in June 2025, represents one of the most sweeping fiscal reforms in Nigeria’s petroleum industry in decades.

    Mr Ife said the new law consolidates legacy statutes such as the Petroleum Profits Tax Act (PPTA) and fully integrates the Petroleum Industry Act (PIA) 2021 into a single, unified tax code.

    According to him, the Act repeals much of the fragmented tax regime, replacing it with a streamlined fiscal framework designed to improve transparency, efficiency and investor confidence. “For the oil and gas industry, upstream companies will still face a split tax structure,” Mr Ife explained.

    “This consists of Hydrocarbon Tax (HT) on profits from crude oil production and Companies Income Tax (CIT) on general corporate profits.” He said the hydrocarbon tax remains between 15 and 30 per cent, depending on licence type, while the standard CIT for large companies is set at 30 per cent, with a planned reduction to 25 per cent in subsequent years.

    “The drop from 30 to 25 per cent CIT is very encouraging to prospective investors and improves retained earnings for existing operators,” he said.

    Mr Ife identified the introduction of a 15 per cent Minimum Effective Tax Rate (ETR) as one of the most consequential changes for International Oil Companies (IOCs) and large indigenous firms.

    “This aligns Nigeria with the OECD’s ‘Pillar Two’ framework where a company’s effective tax rate falls below 15 per cent due to incentives or deductions, a top-up tax will apply to meet the threshold.”

    “This effectively blocks tax leakage and guarantees a minimum contribution from multinational groups,” he said. He also highlighted the introduction of a consolidated 4 per cent Development Levy on assessable profits, replacing several smaller levies, including the Tertiary Education Tax, NITDA Levy, NASENI Levy and the Police Trust Fund Levy.

    Read Also: House of Reps releases CTC of four Tax Laws to public

    “The positive aspect is that this 4 per cent levy applies only to profits subject to CIT and not to profits calculated for Hydrocarbon Tax purposes, offering some relief for core upstream operations,” he said.

    On energy transition measures, Mr Ife noted that a five per cent surcharge has been introduced on fossil fuel products such as petrol and diesel at the point of sale, in line with global practice. “This policy is currently facing resistance, and effective implementation of a 15 per cent ad-valorem tax on imported fuel may delay its full rollout,” he said.

    He added that clean energy products, including Compressed Natural Gas (CNG), Liquefied Petroleum Gas (LPG or cooking gas) and household kerosene, are exempt from the surcharge. Warning of potential downstream implications, he said: “The current competitive environment that has driven pump prices down to about N739 per litre could be reversed if the government pushes through the 5 per cent tax at the pump.”

    Addressing long-standing concerns over high production costs, Mr Ife said the reform introduces the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025. He said that under the scheme, companies that reduce operating costs below regulatory benchmarks can claim tax credits, allowing them to retain up to 50 per cent of the savings achieved.

    He added that the Act reinforces Nigeria’s gas strategy through new Gas Tax Credits (GTC) and Gas Tax Allowances (GTA) for greenfield non-associated gas developments, positioning gas as a transition fuel.

    On administration, Mr Ife noted that the newly established Nigeria Revenue Service (NRS) now has the exclusive mandate to collect all petroleum-related taxes and royalties.

    “This simplifies the interface for companies that previously dealt with multiple agencies such as the NUPRC and FIRS. More importantly, it reduces revenue leakages and allows regulatory agencies to focus squarely on regulation, monitoring, performance and enforcement,” he added.

  • IPMAN urges Dangote franchise stations to comply with pump price

    IPMAN urges Dangote franchise stations to comply with pump price

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday urged dealers that receive direct delivery from Dangote Petroleum Refinery to sell at N739 per litre.

    Its National President Alhaji Abubakar Maigandi, in a telephone interview, said: “We appeal to any independent market that gets free delivery directly from Dangote Refinery trucks to sell at the company’s price.”

    The refinery had last year purchased 4,000 Compressed Natural Gas (CNG) powered tankers for free delivery of petrol to the petrol stations it is partnering with.

    Last month, it reduced the refinery’s rate at designated retail outlets to N739 per litre nationwide.

    At the close of business in 2025, only MRS vended the product in accordance with the refinery’s rate.

    The Nation however reported that the other partners were yet to comply with the price because they had not received the free delivery from the refinery.

    Till yesterday, Maigandi said the other partners were still waiting for the free delivery from the refinery.

    Read Also: IPMAN reminds new NMDPRA boss of N190b bridging claims

    He also said they were yet to understand the new tax reform and how it would impact their sales.

    The IPMAN National President said consequently, the marketers were yet to make any adjustments in line with the tax.

    According to him, the major overriding feature of the petrol market across the country was the crashing pump prices.

    “We don’t know anything about the tax reforms and the changes we are expected to make. We are still waiting for things to unfold.

    “The only thing that is common in all the petrol stations in the country today is that pump prices are reducing,” said Maigandi.

  • PTAD disburses N55.9billion for pension arrears

    PTAD disburses N55.9billion for pension arrears

    The Pension Transitional Arrangement Directorate (PTAD) has successfully disbursed a total sum of N55.9 billion as monthly pensions and pension arrears to eligible Pensioners and Next-of-Kins of deceased Pensioners under the Defined Benefits Scheme (DBS) in December, 2025.

    In a statement signed by Olugbenga Ajayi, Head, Corporate Communications Unit, the payment covers N13,411,400,362.87 as monthly pensions across all operations pension departments, including Diaspora Pensioners, while N42,501,348,236.06 was paid as pension arrears.

    The statement read: “The arrears payment covers outstanding obligations arising from the N32,000.00 pension increment, as well as the 10.66 per cent and 12.95 per cent pension increments, in addition to other accrued pension arrears, gratuity, and death benefits owed to eligible beneficiaries.”

    It gave the breakdown of arrears payment across the pension departments as Police Pension Department (PPD), N5,881,592.00 paid to five pensioners. Customs, Immigration and Prisons Pension Department (CIPPD): N604,332,733.96 paid to 8,606 Pensioners, Civil Service Pension Department (CSPD),N16,362,359,730.91 paid to 71,643 Pensioners.

    Read Also: 2025: PTAD steadies pension payouts, faces old burdens

    “Defunct and Transferred Agencies Department (DTAD), N15,066,055,536.83 paid to 24,995 Pensioners, Parastatals Pension Department (PaPD). N7,808,635,906.98 paid to 25,718 Pensioners, Tertiary Education and Health Department (TEHD): N2,370,854,790.39 paid to 28,245 Pensioners. Gratuity and Death Benefits, N289,109,536.99 paid to eligible Next-of-Kin of deceased Pensioners.

    “With these payments, arrears resulting from the N32,000.00 pension increment have been fully liquidated across all pension departments, except for one month each outstanding for pensioners in the PaPD and TEHD.

    Speaking, the Executive Secretary of PTAD, Tolulope Odunaiya, stated that the payments reflect President Bola Tinubu’s unwavering commitment to the welfare of senior citizens, in line with the administration’s Renewed Hope Agenda.

    She further reaffirmed the Directorate’s commitment to clearing the remaining one (1) month arrears owed to PaPD and TEHD, while continuing to implement initiatives aimed at improving the welfare and overall well-being of DBS Pensioners.

  • Court grants EFCC interim forfeiture order in NNPC’s alleged fraud

    Court grants EFCC interim forfeiture order in NNPC’s alleged fraud

    A Federal High Court in Abuja has issued an order granting an  interim forfeiture of of N30,700, 000.00 the Economic and Financial Crimes Commission (EFCC) claimed was associated with an alleged fraud perpetrated by some senior officiala of the Nigerian National Petroleum Corporation (NNPC).

    Justice Emeka Nwite issued the order while ruling on an ex-parte motion, marked:FHC/ABJ/CS/2775/2025, filed by the EFCC and moved last Friday by its lawyer, Emenike Mgbemele.

    Justice Nwite held, in the ruling, that having considered all the material evidence placed before the court by the applicant, the application was meritorious and ought to be granted.

    The judge ordered the EFCC to publish the interim order of forfeiture in a national daily for interested persons to show cause, within 14 days, why the funds should not be permanently forfeited to the Federal Government.

    He then adjourned till January 22 for the EFCC to report its compliance with the order for publication.

    The EFCC, in a supporting affidavit, said the funds are currently lodged in EFCC’s Recovery Account with United Bank for Africa (UBA) in account number: 9058700029 with manager’s cheque name: M/C Draft Outstanding Account, be forfeited to the Federal Government.

    It stated, in a supporting affidavit, that the funds were discoverd while investigating allegations of fraudulent activities of some high profile officials of the NNPC as well as other criminal petitions brought to the commission.

    Read Also: EFCC to Bala Mohammed: Stop making wild claims of persecution

    The EFCC added: “In the cause of investigation and analysing some of the documents received from the bank, the name of Mr. Adamu Yakubu, a Bureau De Change (BDC) operator, featured prominently.

    “On September 2, 2025, Mr. Yakubu, whose name featured in the cause of investigation, was invited and he volunteered his statement.

     “Mr Yakubu submitted a ledger to the commission evidencing records of his transactions wherein the details of customers and the amount of dollars sold by them are recorded.

     “Upon analysing the entering in the ledger submitted by Mr Yakubu, it was revealed that over N4, 000, 000, 000.00 (Four Billion Naira) was transferred to the accounts of different individuals and companies on the instruction of one Mr. Ibrahim Sani, a staff of Federal Inland Revenue Services (FIRS).

    “It was discovered that the balance of N30.7 million sought to be forfeited was still in possession of Yakubu from the funds which he claimed was given to him by Mr Ibrahim Sani.

     “On the 15th day of September 2025, Mr. Ibrahim Sani, a staff of FIRS, whose name appeared on the ledger and who Mr Yakubu claimed owned the N30, 700, OOO (Thirty Million, Seven Hundred Thousand Naira Only) was invited and he volunteered his statement.

    “Mr. Ibrahim Sani gave statement on how he had been using Yakubu, the BDC operator, to be sending monies to different individuals and companies.

     “Mr.Ibrahim equally confirmed how he usually deposit huge amount of money (Dollars) with Mr Yakubu who in turn sends its naira equivalent to individuals and companies accounts provided by him.

     “Mr. Ibrahim neither ascertained nor verified the source of these monies, which he has been depositing with Mr. Yakubu for onward transfer to other people, which are reasonably suspected to be proceeds of unlawful activities.

    “Mr. Ibrahim, however, denied ownership of the N30.7 million found in Yakubu’s account as at the time of making his statement.”

    The EFCC further stated that Ibrahim claimed that Yakubu was not holding any of his money as at September 15, 2025.

    It added that Yakubu and Ibrahim denied ownership of the said N30.7 million found in the account of the former (Yakubu).

    The EFCC stated Mr. Yakubu has since raised four different managers’ cheques in the name of the EFCC Recovery Account in favour of the Federal Government of Nigeria.

    It added  that the source of the funds sought to be forfeited in the account of Mr. Yakubu “is proceeds of unlawful activities.”

  • FirstBank meets N500 billion regulatory capital requirement

    FirstBank meets N500 billion regulatory capital requirement

    First HoldCo Plc yesterday announced that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of N500 billion.

    This milestone was achieved following the completion of a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.

    This successful capitalisation underscores strong market confidence in FirstHoldCo Group’s business model, long-term strategy, and growth prospects. With a fortified capital base, FirstBank is positioned to accelerate its support for the real sector, enhance financial inclusion, and deliver innovative, digitally driven customer experiences.

    The recapitalisation strengthens the Group’s overall financial resilience, providing a robust platform for earnings growth through business expansion, technological innovation, and the pursuit of new opportunities.

    Read Also: FirstBank successfully completes N500b capital raise

    In March 2024, the CBN directed commercial banks to raise their capital base to a minimum of N500 billion within a 24-month period to bolster the Nigerian banking sector’s stability and capacity. FirstBank has now fulfilled this requirement well ahead of the regulatory deadline.

    In a related development, FirstHoldCo have expressed its desire to raise fresh funding and inject additional capital into the Group’s existing subsidiaries and new business adjacencies in 2026. This forward-looking commitment is aimed at further enhancing service offerings and facilitating strategic expansion.

    Commenting on the achievement, , Chairman of First HoldCo Plc, Mr. Femi Otedola, said: “On behalf of the Board, I extend our profound gratitude to our shareholders for their trust and unwavering support throughout this capitalisation programme. From the oversubscribed Rights Issue to the seamless Private Placement, investors have demonstrated resounding confidence in our strategic direction. Securing FirstBank’s capital base ahead of schedule is a testament to our collective commitment and positions us firmly for our next growth phase. We also appreciate the professional guidance of the CBN and SEC throughout this process.”

    Group Managing Director of First HoldCo Plc, Mr. Wale Oyedeji, added: “This successful capital raise is a pivotal milestone for FirstHoldCo. It provides us with the financial strength to execute our core strategic priorities: driving innovation, delivering superior customer value, and enhancing sustainable profitability. With this solid foundation, we are focused on accelerating performance, improving competitive returns, and delivering lasting value to all our stakeholders.”

  • Tantita strengthens security, acquires equipment

    Tantita strengthens security, acquires equipment

    Tantita Security Services, a security provider of Nigeria’s oil and gas installations, have contracted a hi- tech security company, Textron Systems, to deliver three uncrewed aircraft that would enhance the company’s capacity to carry out its surveillance operations on Nigeria’ s oil installations.

    Under the contract agreement, which was signed and sealed on December 29th, 2025, mandates Textron Systems, USA, to deliver  three Aerosonde Mk. 4.7 vertical takeoff and landing (VTOL) uncrewed aircraft systems (UAS) to the surveillance company.

    The systems will be delivered in a fully ITAR-Free configuration designed for ease of export to international customers.

    These aircraft will significantly enhance security operations for the protection of Nigeria’s vital oil and gas infrastructure.

    The sale also includes options for training and additional aircraft to support planned capability expansion, building on a previous Foreign Military Sale (FMS) contract to the country.

    Read Also: Itele expresses joy as ‘Koleoso’ tops Nigeria’s 2025 most searched series

    The Aerosonde Mk. 4.7 VTOL UAS offers a runway-independent configuration powered by Hybrid Quadrotor technology, enabling vertical takeoff and landing.

     Its proven performance and benchmark-setting reliability make it an adaptable solution for security operations across Nigeria’s high-risk sectors.

    “The Aerosonde Mk. 4.7 VTOL UAS is a mature, highly reliable, and industry-proven autonomous solution that will provide Tantita Security Services with transformational capability to execute their security operations,” said David Phillips, Senior Vice President, Air, Land and Sea Systems.

    “The Aerosonde system’s demonstrated performance and benchmark-setting reliability will enable the Tantita team to expand its capabilities to protect the oil and gas infrastructure essential to Nigerian security and prosperity.”

    This award builds on support the Aerosonde UAS family of systems have been providing to international customers over the last several years.

    The Aerosonde UAS offers multi-mission capability built upon a family of systems that have amassed over 700,000 flight hours in some of the world’s most challenging environments.

    The system has conducted operations across the globe and currently operates on over 10 U.S. Navy ships. The system is equipped for multiple payload configurations with both VTOL and fixed-wing options.

  • itel partners Pantone to unveil 2026 colour collection in Nigeria

    itel partners Pantone to unveil 2026 colour collection in Nigeria

    itel, a global tech empowerment brand, has partnered with Pantone, the world authority on colour standards, to introduce a limited-edition product collection inspired by PANTONE 11-4201 Cloud Dancer, the official Color of the Year for 2026.

    The partnership was announced in a statement signed by the Public Relations Supervisor of itel Nigeria, Simeon Shagba, who said the collaboration brings the bright white shade, symbolising freshness, energy and vitality into Nigeria’s growing tech and lifestyle space.

    According to the statement, Cloud Dancer, which has already gained global attention in fashion and design circles, has been incorporated into a range of itel accessories, including the itel Buds 5 earbuds, MagSnap 10C power bank and the Classic 2 Pro Hair Clipper.

    Shagba noted that the collection combines Pantone’s clean, luminous aesthetic with advanced functionality designed for young Nigerians.

    Read Also: Itele expresses joy as ‘Koleoso’ tops Nigeria’s 2025 most searched series

    He explained that the itel Buds 5 earbuds offer 32dB active noise cancellation, enhanced bass and up to 32 hours of playback, providing users with immersive audio for daily activities such as commuting and workouts.

    The MagSnap 10C power bank, he added, features magnetic snap-on charging for easy and efficient power boosts, packaged in a sleek and portable design, while the Classic 2 Pro Hair Clipper is precision-engineered to deliver sharp, professional grooming with minimal effort.

    “The collection seamlessly blends international trends with local flair, empowering Nigerian users to bring runway-inspired style into their everyday routines,” the statement said.

    itel also reaffirmed its position as a leading brand in emerging markets, noting that it operates in over 80 countries and ranks as the world’s number one smartphone brand under $75, as well as a top feature phone brand.

    “Cloud Dancer isn’t just a color, it’s a vibe. This launch merges technology, fashion and Nigerian energy for a fresh start to 2026.”

  • We’ll rebuild Kosofe for economic value, says commissioner

    We’ll rebuild Kosofe for economic value, says commissioner

    The Commissioner, Ministry of Waterfront Infrastructure Development, Hon. Dayo Bush Alebiosu, has described recent developments in parts of Kosofe Local Government Area, particularly Oworonshoki, as a deliberate and strategic urban regeneration initiative, aimed at restoring safety, economic value, and sustainable development to the waterfront communities.

    Speaking during a New Year media briefing with journalists at his residence in Lagos, Alebiosu recalled that Oworonshoki was once plagued by persistent violence and insecurity, noting that there was a time residents could not move freely from as early as 7pm due to frequent unrest and criminal activities.

    He explained that the intervention of government agencies, including the Lagos State Building Control Agency (LASBCA), followed due process, with notices duly served where necessary. The Honourable Commissioner emphasized his deep personal connection to Kosofe, describing it as his constituency and hometown by heritage.

    I understand the pain of the people because this is home to me. However, Oworonshoki is specially located, surrounded by water, and there is no reason why we cannot replicate the level of development we see on the Island right here,” he stated.

    Read Also: Economic template for total reset as tax laws take effect

    Alebiosu reiterated that he has never been a proponent of conventional poverty alleviation schemes that focus on the distribution of tools such as clippers and blending machines, stressing instead the importance of long-term, value-driven urban development.

    He recounted historical struggles over land regularisation in Kosofe, noting that areas once under government acquisition were regularised decades ago for minimal fees, which today have appreciated to significant economic value.

    “That is the power of structured development. What we are doing now is laying a foundation for future prosperity,” he said.

    The  Commissioner clarified that the demolition activities in Oworonshoki do not fall under the Ministry of Waterfront Infrastructure Development, but rather under the Ministry of Physical Planning and Urban Development.

    “I am not responsible for demolitions in Oworonshoki. That is not within my purview. However, I have intervened in my personal capacity,” he explained.

    He disclosed that he was present at the Lagos State House of Assembly when affected residents presented their case and further revealed that he, alongside friends, has established a foundation to assist in financing the relocation of families impacted by the demolitions.

    “Some mischief makers may be peddling false narratives, but I refuse to be distracted. My focus remains on delivering the dividends of this administration to the people.” Alebiosu stated.

    Highlighting ongoing and upcoming projects, the  Commissioner announced that channelisation works have been concluded in Agboyi–Ketu, with plans underway to officially launch the jetty in the area. He also revealed that the Bariga Jetty, approved by Mr. Governor, will be converted into a modern fish market, a move expected to boost local commerce and livelihoods. According to him, the regeneration effort will extend through the Ogudu and Bariga axis.

    “My strategy is simple: aim and fire, not shoot and hope. Regeneration is the future,” he declared.

    On environmental sustainability, he  reaffirmed the State Government’s commitment to protecting waterfront resources, particularly sand, through strict enforcement against illegal dredging.

    “We cannot survive with dredging, and we also cannot survive without sand. What is important is regulation, monitoring the volume of sand being pumped daily to protect our environment and future,” he concluded

  • Dangote Refinery’s production lines up, running, says company

    Dangote Refinery’s production lines up, running, says company

    • Firm dismisses shutdown claims, maintains N699/l gantry price

    Dangote Petroleum Refinery has re-emphasised that its production in the 650,000 barrels per day (bpd) capacity refinery in Ibeju-Lekki, Lagos state, remains ongoing, stable and uninterrupted irrespective of routine maintenance on specific units in the facility. The clarification was contained in a statement released by the Refinery management yesterday

    “Dangote Petroleum Refinery continues to operate at scale and retains the capacity to supply between 40 million and 50 million litres of Premium Motor Spirit (PMS) daily through January and February, subject solely to market demand. Current stock levels cover over 20 days of national consumption, effectively dispelling any concerns about supply,” the statement said. It  added that on January 4, the refinery produced 50 million litres of PMS and evacuated 48 million litres via its gantry.

    The refinery clarified that routine maintenance on specific units, including the Crude Distillation Unit (CDU) and Residual Fluid Catalytic Cracking (RFCC), does not interrupt overall production, owing to the sophisticated and integrated design of its processing units. Other critical units, such as the Naphtha Hydrotreater, CCR Reformer, and Hydrocracker, remain fully operational, producing PMS, Diesel (Automotive Gas Oil), and Jet A-1.

    “Dangote Petroleum Refinery confirms that it has consistently maintained adequate PMS availability for the domestic market. From December 16, 2025 to date, the refinery has loaded between 31 million and 48 million litres of PMS daily from its gantry, in line with prevailing market demand. These volumes are fully verifiable against depot loading records maintained by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in the normal course of its regulatory responsibilities,” the statement said.

    Read Also: Dangote -NMDPRA dispute: The real issues

    The refinery also reaffirmed its ex-gantry price of N699 per litre for PMS, available to all marketers and bulk consumers. It encouraged filling stations, large-scale users, and institutional buyers to patronise locally refined products, which are more affordable, reliable, and of high quality, rather than relying on imported alternatives.

    “By sourcing PMS locally at N699 per litre, marketers are better positioned to pass on price relief to consumers, enhance market stability, conserve foreign exchange, and support Nigeria’s broader economic recovery and energy security objectives,” the refinery said.

    Dangote Petroleum Refinery accused fuel importers of promoting false reports to justify recent, unwarranted increases in petrol pump prices, noting that such actions run counter to national interest and impose unnecessary hardship on Nigerians.

    According to the refinery, without domestic refining, petrol prices could rise to as much as N1,400 per litre in a post-subsidy environment, highlighting the stabilising role of local production.

    “Recent price movements further highlight an uncomfortable reality. In the absence of the Dangote Petroleum Refinery, fuel importers would continue to operate without restraint, with petrol prices potentially escalating to levels estimated at up to N1,400 per litre in a post-subsidy environment. The refinery’s operations have therefore served as a critical stabilising force in the downstream petroleum market,” the statement added.

    Reiterating its commitment to energy security and market stability, the refinery said it would continue supplying high-quality petroleum products, maintaining steady availability, and supporting Nigeria’s broader economic growth.

    “Dangote Petroleum Refinery will continue to act in the national interest by supplying high-quality, locally refined petroleum products while supporting Nigeria’s economic stability, energy independence, and industrial growth,” it concluded.