January 2026 - Page 18 of 27

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DisCos billed customers N255bn, collected N210bn in October – NERC

Electricity distribution companies across the country billed customers a total of N255.19bn for power supplied in October 2025, but collected N210.92bn, leading to combined losses from unbilled energy and unpaid bills that continue to strain the liquidity of the power sector.

This is according to the latest commercial performance factsheet released by the Nigerian Electricity Regulatory Commission.

The NERC report showed that the 11 DisCos received electricity worth N303.85bn from the national grid in October, representing an 8.73 per cent increase over September. However, they were unable to fully convert the energy received into billable revenue, as the value of energy billed declined by 5.65 per cent to N255.19bn.

This left a gap of N48.66bn attributable to electricity supplied but not billed to customers during the month. As a result, industry-wide billing efficiency dropped to 83.99 per cent, a 2.45 percentage-point decline from September, meaning that more than 16 per cent of power delivered to DisCos was never captured in customer bills.

Despite the setback in billing, revenue collection performance improved. Total collections rose by 7.48 per cent month-on-month to N210.92bn, lifting collection efficiency to 82.66 per cent, up 1.40 percentage points from September. NERC explained that instances where collection efficiency exceeded 100 per cent in some DisCos were largely due to the recovery of outstanding debts from previous months.

However, even with the improvement in collections, the sector continued to record significant shortfalls.

Of the N255.19bn billed in October, DisCos failed to collect N44.27bn, compounding the losses from unbilled energy. Taken together, the weaknesses in billing and collection translated into a recovery efficiency of 82.49 per cent, reflecting the proportion of allowed revenue that was actually realised by operators.

The commission’s data showed that while the allowed average tariff for October stood at N116.25 per kilowatt-hour, the actual average collection dropped to about N95.85/kWh, representing a 1.23 per cent decline from September. This widening gap between regulated tariffs and realised revenue continues to fuel liquidity pressures across the electricity value chain, affecting remittances to the Nigerian Bulk Electricity Trading Plc and other market participants.

A breakdown of the October figures revealed sharp contrasts in performance across the DisCos. Ikeja Electricity Distribution Company delivered the strongest overall performance during the month.

It billed N41.26bn out of N43.72bn worth of energy received, achieving a billing efficiency of 94.36 per cent. The utility collected N42.11bn, exceeding its billings and pushing collection efficiency to 102.07 per cent, while recovery efficiency climbed to 108.17 per cent.

Eko DisCo also remained among the strongest performers, despite a slight deterioration in billing. It billed N40.29bn out of N42.10bn received, posting a billing efficiency of 95.71 per cent, though this was 3.33 percentage points lower than in September. It collected N37.67bn, resulting in a collection efficiency of 93.50 per cent and a recovery efficiency of 101.65 per cent.

Abuja DisCo received electricity valued at N46.32bn in October but billed only N38.93bn, translating to a billing efficiency of 84.05 per cent, a sharp 5.75 percentage-point decline from the previous month. Despite weaker billing, it posted a relatively strong collection efficiency of 88.35 per cent, collecting N34.39bn, while recovery efficiency stood at 88.30 per cent.

Port Harcourt DisCo billed 80.32 per cent of the energy it received, slightly lower than September’s performance. However, its collection efficiency improved to 87.07 per cent, and recovery efficiency rose to 82.97 per cent, placing it among the better-performing utilities in the southern region.

In contrast, several northern DisCos continued to struggle with deep commercial inefficiencies. Jos DisCo recorded the weakest overall performance in the market. Although its billing efficiency improved marginally to 84.89 per cent, it collected only N5.26bn out of N13.50bn billed. This left collection efficiency at just 38.98 per cent, down 18.19 percentage points, while recovery efficiency fell sharply to 42.28 per cent.

Kaduna DisCo posted a notable improvement in billing efficiency, which rose by 8.69 percentage points to 84.62 per cent. However, collections remained weak at 43.03 per cent, and recovery efficiency stood at 43.70 per cent, highlighting persistent commercial challenges.

Enugu DisCo recorded a deterioration in billing performance. Out of N26.11bn worth of energy received, it billed N20.95bn, resulting in a billing efficiency of 80.23 per cent, down 4.23 percentage points. Collection efficiency improved to 80.74 per cent, although recovery efficiency slipped to 77.67 per cent.

Ibadan DisCo showed one of the strongest improvements in collections. While billing efficiency declined slightly to 73.51 per cent, collection efficiency surged by 10.10 percentage points to 84.49 per cent, with N22.56bn collected. Recovery efficiency rose significantly to 74.16 per cent.

Benin, Yola, and Kano DisCos also remained in the amber zone for recovery performance. Benin DisCo billed only N19.84bn out of N30.38bn received, leaving billing efficiency at 65.32 per cent.

Its collection efficiency fell to 83.72 per cent, while recovery efficiency dropped to 65.16 per cent. Kano DisCo achieved one of the highest billing efficiencies at 98.05 per cent but collected just 58.67 per cent of its billings, with recovery efficiency at 68.65 per cent. Yola DisCo recorded billing efficiency of 66.03 per cent and a collection efficiency of 69.35 per cent, leaving overall performance fragile.

The October performance comes amid ongoing regulatory and structural reforms aimed at improving the financial sustainability of Nigeria’s power sector. NERC has repeatedly stressed the need for improved metering, reduction in energy theft, and stricter enforcement of commercial performance benchmarks.

Despite recent tariff adjustments and reforms under the amended Electricity Act, the latest data suggest that unresolved challenges in energy accounting, customer enumeration, and revenue protection continue to drain billions of naira monthly from the sector, raising concerns about the sustainability of ongoing reforms and the stability of the electricity market.

by admin — January 13, 2026 in Business 0

2027: If ADC don’t present Peter Obi, it’ll be worse than coming together – Ayo Fayose

Former Ekiti State Governor, Ayo Fayose, has said that the African Democratic Congress, ADC, risks political irrelevance if it fails to present former Anambra State Governor, Peter Obi, as its candidate ahead of the 2027 general election.

Speaking during an exclusive interview on Arise Television, Fayose described Obi as the major political attraction within the ADC, insisting that other figures in the party lack the capacity to generate significant electoral traction.

According to him, Obi remains the only factor capable of giving the party national relevance, adding that his political influence was evident during the 2023 elections when his emergence as the Labour Party presidential candidate helped the party secure seats in the House of Representatives despite its previously limited national presence.

Fayose argued that Obi’s appeal transcends party platforms, noting that he would attract similar support even if he contested on the platform of another lesser-known party.

He, however, clarified that he was not predicting whether Obi would win or lose the 2027 presidential election, but maintained that ADC’s fortunes would be worse than its current state if the party failed to field him as its candidate.

The former governor added that Obi remains central to ADC’s relevance in the 2027 electoral contest, warning that sidelining him would significantly weaken the party’s political standing.

He said: “Peter Obi is the life in ADC. I didn’t say there are no other human beings in ADC. I’m saying others are largely spent forces.

“Let’s say Obi didn’t go to ADC, let Obi go to another party. Let’s say Obi is in Accord. Obi will become… I’m saying it: Obi is the only traction, Obi is the only meaning, Obi is the only factor, Obi is the only person in ADC that matters.

“And if Obi had not gone to ADC and has gone…when Obi went to Labour, Labour that was never known people won elections to the House of Reps.

“I’m not saying Obi will win this election. I’m not saying Obi will not win this election, but I’m telling you, even if they don’t fill Obi, if ADC fails to fill Obi, their case will be worse than their coming together.”

by admin — January 12, 2026 in News 0

Lagos APC hits Tambuwal over ‘Nigeria in peril, needs salvation’ remark

Lagos State chapter of the All Progressives Congress, APC, has accused former Sokoto State governor, Aminu Tambuwal of being an “alarmist” for saying “Nigeria is in peril and needs urgent salvation.”

It said Tambuwal’s remark is a case of misplaced moral outrage because when he was entrusted with responsibility, he failed to deploy the very “salvation” he now theatrically advertises.

The spokesman of the state arm of the party, Seye Oladejo, urged Tambuwal and his cohort to rise above political theatre.

In a statement he signed, Oladejo said If salvation is truly the concern, it should begin with humility, restitution, and support for reforms that move the nation forward, noting that “Anything short of this is noise-loud, convenient, and ultimately hollow.”

He said: “The Lagos APC has taken note of the alarmist remarks credited to Aminu Waziri Tambuwal, wherein he declared that “Nigeria is in peril and needs urgent salvation.”

“We consider this intervention a classic case of misplaced moral outrage by a principal actor who, when entrusted with responsibility, failed to deploy the very “salvation” he now theatrically advertises.

“At moments like this, statesmanship demands introspection and restitution-not grandstanding. Nigerians remember the years when Tambuwal occupied strategic positions in government and the dividends of leadership expected at those times.

“Sadly, rather than offering a candid reckoning with his record or apologising for missed opportunities, he has chosen to sermonise from a pedestal of selective amnesia.

“More instructively, his recent 60th birthday colloquial presented a rare lifeline to truly confess, seek forgiveness, and embrace restitution from a nation that gave him so much but received next to nothing in return. It was an auspicious occasion that should have lent itself to sober reflection and an honest recap of stewardship.

“Instead, that opportunity was cleverly sidestepped. Tales of sainthood ring hollow when public service records and recent legal tussles over graft remain unresolved footnotes that were conspicuously omitted.

“Nigeria still bleeds from years of exploitation and poor leadership by individuals who once occupied positions of trust. To now speak of “peril” without acknowledging one’s role in deepening the nation’s wounds is not courage; it is convenience.

“It bears restating that Nigeria’s challenges did not materialise overnight, nor were they authored by the present administration alone.

“Many of those now brandishing megaphones of despair were active participants-if not architects-of the policy inertia, political brinkmanship, and economic drift that constrained national progress for years. To proclaim peril without accepting culpability is to insult the intelligence of Nigerians.”

by admin — January 12, 2026 in News 0

Seme Customs records 117% revenue growth, generates N15.6bn in 2025

Nigeria Customs Service, NCS, Seme Area Command, recorded a remarkable financial performance in 2025, closing the year with a 117 per cent increase in revenue generation compared to the previous year.

The Command generated a total of N15.6 billion in 2025, a sharp rise from the N7.2 billion realised in 2024.

The surge was capped by its strongest monthly performance on record in December 2025, when revenue collections peaked at N3.63 billion.

In a statement issued by the Superintendent of Customs and Public Relations Officer of the Seme Area Command on behalf of the Customs Area Controller, Comptroller Wale Adenuga, the impressive outcome was attributed largely to the successful implementation of the One-Stop Shop, OSS, initiative introduced by the Comptroller-General of Customs, Adewale Adeniyi.

According to the statement, the OSS framework significantly enhanced operational coordination, improved trade facilitation and strengthened engagement with key stakeholders, thereby boosting efficiency and revenue inflow at the border command.

The Command also credited part of its success to the rationalisation of checkpoints along the Lagos-Abidjan corridor.

Adenuga explained that the reduction of checkpoints to the two locations approved by the Federal Government eased the movement of legitimate goods, reduced delays for traders and transporters, and created a more conducive environment for lawful cross-border trade.

Beyond revenue generation, the Seme Area Command said it sustained strong enforcement efforts against smuggling and other illicit activities throughout the year. In December 2025 alone, officers of the Command seized 685 parcels of Cannabis sativa (marijuana), 495 packs of Tramadol and 2,000 packs of Super Power Sildenafil tablets (300mg), an unregulated and excessively high-dosage sexual enhancement drug.

The Command noted that the seizures were the result of intelligence-driven operations, intensified border patrols, effective risk profiling and improved collaboration with other security and regulatory agencies.

It reaffirmed its commitment to balancing trade facilitation with strict enforcement, stressing that efforts would be sustained to protect the nation’s economy, public health and security while supporting legitimate commerce.

by admin — January 12, 2026 in News 0

Lagos: Nigerian govt approves partial demolition of Iddo Bridge

Plans have been concluded for the partial demolition of the Iddo Bridge in Lagos, with reconstruction works set to commence next week as part of efforts to overhaul the ageing infrastructure.

The Regional Manager of Julius Berger Nigeria, Mr Thomas Christl, disclosed this on Sunday during an inspection of the bridge by the Minister of Works, Senator Dave Umahi.

Christl explained that structural assessments revealed severe damage to key sections of the bridge, necessitating the replacement of three spans to ensure safety and durability.

“Three spans of the existing Iddo Bridge are heavily damaged and must be replaced,” he said.

According to him, the reconstruction will be executed in phases to limit traffic disruption.

He noted that the two carriageways would be separated, allowing work to proceed on one section while traffic is diverted to the other.

“What we are doing now is to separate the two directions. By next week, traffic will be diverted to one side of the bridge, while one half will be demolished and rebuilt,” Christl explained.

He added that once reconstruction of the first section is completed, traffic would be redirected to the new portion to allow demolition and rebuilding of the second half.

“By the end of March, traffic will likely be moved onto the newly completed side, after which the remaining section will be demolished and reconstructed,” he said.

Christl further disclosed that complementary works are already ongoing beneath the bridge, including upgrades to the drainage system and underpass.

“We have commenced drainage works, and the outfall into the lagoon has already been completed,” he said.

He explained that after completing the drainage, the soil beneath the bridge would be excavated to lower the road level, thereby increasing clearance and preventing trucks from crashing into the structure, a major cause of previous damage.

Commenting on the state of the bridge, Senator Umahi attributed part of the deterioration to a fire incident triggered by illegal activities under the bridge, which affected several spans.

“Six spans were affected by the fire. What we have done is to re-asphalt one carriageway so that traffic can be fully diverted there, after which three spans on the other carriageway will be removed,” Umahi said.

“Once that is completed, traffic will be diverted back, and we will proceed to demolish and reconstruct the second carriageway,” he added.

The minister disclosed that the reconstruction project, estimated at about N15 billion, is expected to be completed by June.

He explained that one of the major design improvements involves increasing the bridge’s headroom from about 4.5 metres to the minimum required clearance of 5.6 metres.

“That clearance is critical, and we are working towards achieving it,” Umahi said.

He expressed satisfaction with the progress of work so far, noting that a bypass route has already been constructed to ease movement.

“Julius Berger is doing well, but I do not want any delays,” the minister said, adding that he had directed engineers to closely monitor the project and provide regular updates to ensure timely completion.

Umahi also assured that upon completion, the Federal Government would deploy closed-circuit television cameras beneath and on top of the bridge to enhance security, similar to measures already implemented on the Third Mainland Bridge.

by admin — January 12, 2026 in News 0

EFCC chair dismisses corruption claims, says ‘I’ve never taken bribe’

The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has challenged Nigerians to publicly come forward with evidence if he has ever been involved in fraudulent activities, insisting that he has never benefited from corruption throughout his years in public service.

Olukoyede made the declaration during an interview with Channels Television aired on Sunday, where he dismissed claims linking him to fraud or illicit enrichment.

“I’d like to tell Nigerians here, with every sense of responsibility, all through my service in the public sector, as Chief of Staff, in the EFCC, as Secretary in the EFCC, and I make bold to say that I’ve never been involved in any fraudulent activity,” he said.

The EFCC chairman further stated, “I’ve never been involved in any fraudulent activities. I serve as Chief of Staff, no Nigerian, and I challenge anybody to say, ‘Oh, this man has ever collected one bottle of coke or one naira to influence my sense of judgement in carrying out my responsibility.’”

Addressing concerns about asset management during his time as EFCC Secretary, Olukoyede said he handled seized assets without personal gain.

“As Secretary, I’ve got to manage assets here and to dispose assets. I never—you can’t trace any asset to me, nor any member of my family, as a matter of principle. And no Nigerian can say I collected one dime because of carrying out my activities,” he said.

He questioned the basis of the allegations against him, adding, “So the issue of fraudulent attachment, I don’t know where that would have come from. And I’ve told you now, I’ve never benefited from any of these assets. Never.”

When asked about his wealth, Olukoyede said Nigerians were free to verify his claims.

“I mean, Nigeria should go and investigate that. So I don’t understand the concept of being a rich man,” he
said.

Responding to a question on asset declaration, the EFCC chairman said he complied fully with the law at every stage of his career.

“Of course I did that. I mean, I said that to the public. That was the first thing I did. I did it as Chief of Staff. I did it as Secretary. I did it as Chairman,” he said.

He added, “I remember Nigerians also remember that I asked all my staff to also declare their assets. So look, it’s something that anybody can verify.”

Reiterating his challenge, Olukoyede said, “I’m telling you, I’ve never been involved in any fraudulent activity. Whether as Chief of Staff or as Secretary, and I’m telling Nigerians, if you have ever offered me a bribe, and I collected, come out and say it.”

Asked if he considered himself upright, he replied, “To the best of my knowledge. I do my work with every sense of diligence, and I do my work with every sense of commitment and loyalty to the mandate.”

by admin — January 12, 2026 in News 0

Resident doctors suspend planned nationwide strike

The Nigerian Association of Resident Doctors has suspended its planned nationwide strike following the intervention of the Vice President Kashim Shettima.

NARD President, Dr. Mohammad Suleiman, in an interview with The PUNCH on Sunday, said the decision to suspend the strike was reached after a meeting of the association’s National Executive Council.

He said the Vice President requested more time to address the issues raised by the doctors, and the NEC agreed to grant the request.

“The NEC has met and we have decided to give the Federal Government more time. The Vice President of the country has intervened and asked for more time and the NEC has graciously given him more time. In essence, the strike is not starting tomorrow,” Suleiman said.

NARD had on January 3 announced plans to resume “a total, indefinite and complete strike, known as TICS 2.0”, from January 12.

The association said the action was due to the Federal Government’s failure to implement agreements reached with resident doctors, including those contained in a Memorandum of Understanding.

The decision to embark on the strike was taken at an Emergency National Executive Council meeting held on January 2.

However, the National Industrial Court of Nigeria, Abuja, on Friday issued an order restraining NARD and its members from proceeding with the strike.

Justice Emmanuel Subilim granted the order following a motion ex parte filed by the Federal Government and the Attorney General of the Federation, Lateef Fagbemi (SAN).

The motion was argued by the Director of Civil Litigation at the Federal Ministry of Justice, Maimuna Shiru, who led a team of government lawyers in court.

by admin — January 12, 2026 in News 0

Capital market gains N3.84tn on strong buying

Strong buying interest across banking, telecoms and consumer stocks drove a broad-based rally on the Nigerian Exchange last week, lifting market capitalisation by N3.84tn as investors sustained demand for large-cap and fundamentally strong equities. The bullish momentum, which pushed the market above the N100tn mark during the week, was supported by positive market breadth, heavy trading in financial services stocks and renewed confidence in the equities space, culminating in a firm close on Friday with gains in key bellwether stocks, writes TEMITOPE AINA

Sustained buying interest across major stocks lifted the Nigerian Exchange equities market by N3.84tn in the past trading week, as investors piled into banking, telecoms, industrial and consumer names, pushing the market deeper into bullish territory.

Data from the NGX showed that total market capitalisation rose to N103.78tn at the close of trading on Friday, while the All-Share Index gained 3.71 per cent week-on-week to settle at 162,298.08 points. The strong performance saw the equities market cross the N100tn mark during the week, reflecting heightened investor confidence and improved sentiment.

The rally gathered further momentum on Friday, with the market closing the session bullish. The ASI rose by 0.93 per cent, lifting the year-to-date return to 4.30 per cent. Trading during the session was driven largely by heavyweight stocks, including MTN Nigeria, Access Holdings, GTCO, Zenith Bank and Jaiz Bank, which recorded significant investor demand.

Despite the strong market performance, trading activity moderated compared with the previous week. A total of 4.164bn shares valued at N94.03bn were exchanged in 248,254 deals, compared with 7.821bn shares worth N134.47bn traded in 150,799 deals in the preceding week.

Daily trading data showed mixed activity over the five sessions. On Monday, 695.63m shares valued at N18.56bn were traded, while Tuesday recorded 758.93m shares worth N19.83bn. Trading peaked on Wednesday with 1.44bn shares valued at N20.69bn, before easing to 645.02m shares worth N16.42bn on Thursday and 624.06m shares valued at N18.52bn on Friday.

Sectoral performance

The Financial Services industry dominated market activity, leading the volume chart with 2.651bn shares valued at N35.96bn traded in 93,706 deals. This accounted for 63.67 per cent of total equity turnover volume and 38.24 per cent of value.

The Services sector followed with 369.96m shares worth N3.38bn traded in 16,521 deals, while the ICT industry ranked third with 297.94m shares valued at N5.73bn in 21,548 deals.

Trading in Universal Insurance Plc, Linkage Assurance Plc and Access Holdings Plc dominated the market by volume. The three equities accounted for a combined 1.261bn shares worth N5.06bn in 13,819 deals, representing 30.28 per cent of total turnover volume and 5.38 per cent of total value traded.

Market breadth remained strongly positive during the week. Eighty-four equities appreciated in price, higher than the 73 gainers recorded in the previous week. Twenty-two stocks declined, compared with 23 decliners previously, while 42 equities closed unchanged.

On the gainers’ chart, Multiverse Mining and Exploration Plc led the market with a strong price rally, followed by McNichols Plc, May & Baker Nigeria Plc, Deap Capital Management & Trust Plc and Neimeth International Pharmaceuticals Plc. Other notable gainers included Eunisell Interlinked Plc, Fidson Healthcare Plc, E-Tranzact International Plc, SCOA Nigeria Plc and UPDC Real Estate Investment Trust.

On the losing side, Aluminium Extrusion Industries Plc topped the decliners’ list, alongside Austin Laz & Company Plc, Sovereign Trust Insurance Plc, Ikeja Hotel Plc and Juli Plc. Conoil Plc, Learn Africa Plc, SUNU Assurances Nigeria Plc, UPDC Plc and First HoldCo Plc also recorded price declines during the week.

Activity in exchange-traded products declined during the week. A total of 604,668 units valued at N138.52m were traded in 1,480 deals, compared with 4.67m units worth N316.33m exchanged in 968 deals in the previous week.

All sectoral indices closed higher during the week, with the exception of the NGX Sovereign Bond Index, which ended the period flat.

In corporate actions, First HoldCo Plc listed an additional 2.576bn ordinary shares of 50 kobo each on the NGX, following its private placement of 3.277bn shares at N32.50 per share. With the listing of the additional shares, the company’s total issued and fully paid-up shares increased from 41.88bn to 44.45bn.

by admin — January 12, 2026 in Business 0

Price war: Retailers drop petrol below Dangote’s N739/litre

The price war in the petroleum sector has continued to deepen as some retail outlets have dropped the prices of Premium Motor Spirit (petrol) below the N739 per litre recommended by the Dangote Petroleum Refinery.

The Dangote refinery slashed petrol pump prices from about N900 to N739 in December, many importers and depot owners have lamented mounting losses. To remain competitive, many operators were forced to sell petrol at rates below their costs.

During a survey over the weekend, our correspondent observed that some filling stations now sell PMS cheaper than MRS Oil, the main partner endorsed by the Dangote refinery to champion the price reduction to N739 per litre.

As of Sunday, NIPCO sold PMS at N738 per litre, SAO filling stations sold it at N735, while Akiavic offered the product at N737. An AP filling station beside an MRS outlet in Mowe, Ogun State, dropped its price to N736 per litre.

It was gathered that filling stations located in the same areas now closely monitor rivals’ pump prices to avoid being undercut in the highly competitive market. Our correspondent reports that motorists troop to stations offering the lowest prices, leaving outlets selling at higher rates struggling for customers.

According to the Major Energies Marketers Association of Nigeria, the landing cost of petrol averaged N762.38 per litre, while Dangote’s ex-gantry price remained N699. But even with the difference, importers still adjusted prices to compete with the Dangote-backed MRS.

It was reported earlier that both Dangote and importers were counting losses running into billions of naira.

Operators who spoke with our correspondent said the decision to lower pump prices had nothing to do with whether imported petrol was cheaper or not. According to them, players across the market were simply striving not to be left behind.

“This is not a function of whether imports are better or not, but simply a market strategy to get a good share of the market. However, it needs to be stressed that we are not at war with any marketer or depot operator nor any refinery,” an operator, who spoke in confidence due to the stiff competition in the downstream, told The PUNCH.

On December 12, the Dangote refinery surprised depot owners and marketers when it slashed the gantry price of petrol by N129, from N828 to N699 per litre.

A few days later, the President of the Dangote Group, Aliko Dangote, said he had information that some marketers planned to keep pump prices high despite the reduction. Consequently, Dangote vowed to enforce the new pricing regime, with MRS selling petrol at N739 per litre.

“We are going to use whatever resources we have to make sure that we crash the price down. For December and January, we don’t want people to sell petrol for more than N740 nationwide. Those who want to keep the price high to sabotage the government, we will fight as much as we can to make sure that these prices are down. If you have money to come and buy, you can pick up petrol at N699,” Dangote said.

The PUNCH earlier reported that as more MRS filling stations in Lagos and Ogun states began dispensing Dangote refinery petrol at N739 per litre, motorists started boycotting outlets selling at higher prices. This led to fuel queues at MRS filling stations in Lagos and other locations.

However, the tide is gradually turning as some filling stations now sell petrol at prices lower than those of MRS.

The spokesperson for the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers who refused to reduce prices would lose customers as bank interest charges accumulate.

“We are in a situation where competition can be determined by price. Patronage will be determined by pricing. Nobody is against you; nobody is regulating you. You will regulate yourself. The market will regulate itself. The time has gone when people were queuing at NNPC filling stations. Wherever the fuel is cheap, that is where the marketers go. So, we are in a price war. Demand and supply determine the price,” Ukadike said.

He added that once Dangote reduced the gantry price to N699, marketers would move towards competitive pricing to retain customers; “if not, interest from banks would be ‘eating’ your capital.”

Our correspondent reports that many filling stations now sell petrol below N800 per litre as the price competition lingers.

Meanwhile, in a statement over the weekend, the Dangote refinery disclosed that supply under the marketers’ arrangement began in October 2025 with an agreed offtake volume of 600 million litres of PMS. It said this was later increased to 900 million litres in November and further expanded to 1.5 billion litres in December.

“In line with market growth and absorption capacity, volumes were scaled up accordingly. Subsequently, and in line with downstream market liberalisation, we opened PMS supply to all qualified marketers, bulk consumers, and filling station operators,” the statement signed by the Group Chief Branding and Communications Officer, Anthony Chiejina, read.

The statement added that since December 16, 2025, the refinery has consistently loaded between 31 million and 48 million litres of PMS daily from its gantry, subject to market demand. These figures, the refinery noted, are verifiable against depot and loading records maintained under routine regulatory oversight.

To broaden participation and improve distribution efficiency, the refinery said it introduced several measures, including reducing minimum purchase volumes from two million litres to 250,000 litres and offering a 10-day credit facility backed by bank guarantees.

According to the refinery, the initiatives aim to enhance liquidity, support small and medium-sized operators, and reduce reliance on imported fuel. The refinery added that the expanded access framework has driven higher utilisation of locally refined PMS and contributed to more competitive retail pricing, with domestic products priced significantly lower than imported alternatives.

Addressing the surge in petrol imports recorded in November, the Dangote refinery explained that the increase coincided with import licensing decisions approved by the former leadership of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, “which sanctioned volumes beyond prevailing domestic demand.”

It stressed that the development was unrelated to its operational capacity or supply commitments.

The Dangote refinery reaffirmed its commitment to reliable supply, transparency and the orderly development of a competitive downstream petroleum market, pledging continued collaboration with regulators and industry stakeholders to support domestic refining, conserve foreign exchange, moderate prices, and strengthen long-term energy security.

by admin — January 12, 2026 in Business 0

FirstHoldCo appoints new board members for non-bank subsidiaries

First HoldCo Plc has announced a series of new board appointments across its non-commercial banking subsidiaries, in a move aimed at strengthening corporate governance, deepening oversight and positioning the businesses for sustainable growth.

The appointments, which received regulatory approvals from the Securities and Exchange Commission and the National Insurance Commission, are part of the Group’s broader strategy to align its subsidiaries with international best practices in governance and leadership.

According to the Group, the new board members bring a wealth of experience across banking, capital markets, insurance, asset management and consulting and are expected to support the subsidiaries in expanding their product offerings and improving service delivery.

At First Asset Management Limited, Ebikabo Williams was appointed Chairman of the Board. She brings extensive industry experience spanning banking, capital markets and consulting. Other board members appointed include Usman Dantata, Binta Gbinije and Alero Adollo, a move expected to further strengthen the company’s position in Nigeria’s asset and wealth management space.

FirstCap Limited also recorded changes at board level, with Yewande Amusan appointed Chairman.

She is a seasoned finance professional with experience across both the public and private sectors.

She will be joined on the board by Ahmed Indimi, Irene Akpofure, Adenike Kuti and Zeal Akaraiwe.

At First Securities Brokers Limited, John Akpeki was named Chairman. The firm recently ranked among the top performers in the Nigerian Exchange Limited’s brokers’ performance report in terms of trading volume and transaction value. Akpeki is expected to leverage his experience in global marketing and networking, working alongside Omolara Adeyemi, Susan Younis and Kemi Andu-Alausa.

First Trustees Limited, a long-standing subsidiary of the Group in the trust and estate management segment, also strengthened its board with the appointment of John Lee as Chairman. Lee has over four decades of experience in global financial services, specialising in corporate and institutional banking as well as wealth management across Africa. Other board members include Abiola Alabi, Adebisi Sola-Adeyemi and Ugochukwu Obi-Chukwu.

In the insurance segment, First Insurance Brokers Limited appointed Akinola Phillips as Chairman. He will work with board members Ije Onejeme, Folukemi Akinmeji and Mojisola Cardozo. The insurance brokerage marked its 25th anniversary in 2025.

Commenting on the appointments, the Group Chairman of First HoldCo Plc, Femi Otedola, said the new board members would play a critical role in the Group’s next phase of growth.

“We are delighted to welcome these distinguished professionals to the boards of our non-commercial banking subsidiaries. Their proven expertise, impeccable track records and leadership will be critical in shaping the next phase of our growth, enhancing stakeholder value and reinforcing our position as a trusted African leader delivering innovative solutions across diverse sectors,” Otedola said.

by admin — January 12, 2026 in Business 0