‘Voters rewarded performance’ – Yilwatda reacts as APC wins Ekiti, dominates bye-elections nationwide

National Chairman of the All Progressives Congress, APC, Prof. Nentawe Yilwatda, has described the victory of Governor Biodun Oyebanji in the Ekiti State Governorship Election and the party’s impressive performance in the recent bye-elections across the country as a clear vote of confidence in the APC, the administration of President Bola Ahmed Tinubu.

Yilwatda stated that the outcome of the elections demonstrates that Nigerians are able to distinguish between temporary economic challenges associated with reforms and the long-term benefits of responsible governance, economic restructuring, infrastructure development and institutional renewal being championed by the APC at both federal and state levels.

In a statement signed by Abimbola Tooki, the Special Adviser to the National Chairman of APC, Yilwatda said, “The overwhelming victory recorded by our great party in Ekiti State and our remarkable success in the bye-elections across the country represent a powerful endorsement of the APC’s governance philosophy.

“These results affirm that Nigerians appreciate leadership that prioritises development, accountability, stability and the welfare of the people.

“The people of Ekiti State have once again demonstrated that performance remains the most potent campaign message in democratic politics. Governor Biodun Oyebanji’s resounding re-election is a reward for visionary leadership, inclusive governance, prudent management of resources and visible developmental achievements across the state.”

Governor Oyebanji of the APC was declared winner of the Ekiti Governorship Election after securing a commanding victory across the state, reaffirming the confidence of the electorate in his administration and the APC’s developmental agenda. The party also recorded significant victories in five of the six bye-elections conducted across various states of the federation.

Yilwatda’s statement noted that the Ekiti result has further strengthened the APC’s narrative that performance-based governance remains electorally rewarding, even amid difficult economic transitions.

He said, “The Ekiti election has become a national reference point. It confirms that when governments deliver tangible results in infrastructure, education, healthcare, agriculture, youth empowerment, security and social development, citizens respond with renewed trust and overwhelming electoral support.

“This victory sends a clear message that governance, not propaganda, remains the most effective route to political legitimacy. The people of Ekiti have spoken loudly and clearly in support of continuity, stability and progress.”

The APC National Chairman described Ekiti State under Governor Oyebanji as one of the most compelling governance success stories in contemporary Nigeria, citing sustained investments in road infrastructure, rural development, human capital advancement, healthcare delivery, agricultural productivity, workers’ welfare and ease of doing business.

He said the administration has successfully built broad-based political consensus while maintaining a strong focus on development outcomes, thereby creating an environment of stability and accelerated progress.

“Ekiti today stands as a shining example of how APC governments are translating public trust into measurable development outcomes. The state’s progress under Governor Oyebanji provides a practical demonstration of our party’s commitment to people-centred governance,” he stated.

Yilwatda further stated that the election outcome should be viewed within the broader national context of President Bola Ahmed Tinubu’s reform agenda, which is gradually laying the foundation for a more resilient, productive and globally competitive Nigerian economy.

Ekiti 2026: ‘Bad day for democracy’ – ADC candidate rejects results

The African Democratic Congress, ADC, governorship candidate, Mr Dare Bejide, has rejected the Ekiti State election result.

Speaking in Ado-Ekiti on Sunday, Bejide described the election as lacking credibility.

He alleged that the exercise was conducted in “an atmosphere replica of a war zone”.

The ADC candidate accused the ruling party of engaging in vote buying through money and food distribution.

Bejide said the government should have relied on its achievements rather than struggling to influence voters.

“My immediate reaction is to reject the result in its entirety because the exercise was not credible,” he said.

He claimed some polling units, including his, witnessed a tense atmosphere during the election.

“You all witnessed what happened. Some places were almost like a war zone,” Bejide added.

He alleged that political appointees and a serving senator brought thugs and security personnel.

“In some places, it appeared the election was taking place only in my polling unit. It is a sad day for democracy,” the ADC candidate stated.

Bejide further alleged that vote buying was carried out openly at several polling units.

“Bags of money were brought to polling units, and enormous sums were spent,” he claimed. He said such actions reflected poor performance by the government.

“If they had performed well, there would have been no need to rely on money,” Bejide said.

The ADC candidate said he was still studying the election outcome before deciding his next move.

“I have not personally seen the full results; I have only heard reports on social media,” he said.

He added that his team was collating available polling unit results.

“Once we receive and analyse everything, we will brief our party members,” Bejide stated.

He said the party would decide on the appropriate course of action afterwards.

“At this stage, we are certainly not satisfied with the conduct of the election,” he said.

Bejide urged his supporters and Ekiti residents to remain peaceful and calm. “We are carefully studying the results and will know the appropriate steps to take,” he added.

Insecurity: School enrolment under threat in Nigeria as bandits’ attack rumours spread

“I didn’t go to school that Wednesday because I was sick, but my heart was beating fast for my mother to go and pick up my younger brother,” said Fatima Erena, a pupil, while recalling the unforgettable events of Wednesday 10 June, 2026.

Across parts of Minna that day, panic spread after reports circulated that bandits had attacked schools in the metropolis and abducted pupils.

Although security agencies later debunked the reports, the fear they generated was real.

Parents abandoned work and household chores, while children cried and teachers struggled to calm frightened pupils as rumours travelled faster than facts.

What happened in Minna was not an isolated incident.

From Niger to Edo, Enugu, Lagos, Ogun and Imo states, as well as Abuja, the Federal Capital Territory, reports of school attacks, kidnap threats and unverified security alerts have increasingly triggered anxiety among parents and disrupted learning.

The incidents highlight a growing reality in Nigeria’s education sector: even where no attack occurs, rumours of school kidnappings are creating real panic, disrupting learning and exposing deep fears among parents and children.

The rumours spread through communities in Bosso, and Kpakungu in Minna as well as Sabon-Wuse in Tsfa local government and Lambata in Gujarat local government, where unverified reports of alleged school attacks triggered panic among parents, pupils and school authorities.

According to pupils who spoke with DAILY POST, teachers informed students of the situation between 1 p.m. and 2 p.m.

What followed was confusion as children ran in different directions, while others anxiously waited for their parents or guardians. Some pupils broke down in tears as rumours spread across school premises.

“My younger ones were crying while we waited for our father to come and pick us,” Mercy recalled.

School authorities moved quickly to prevent panic from escalating, but the challenge was how to communicate the information without causing more fear among pupils.

Mrs Aina Ayodele, a teacher, said the development placed educators in a difficult position.

“When the information came, we initially didn’t know how to inform the children because we knew the fear and panic it would cause.

“We called their parents to come for them while we broke the news and watched over them,” she said.

Outside school premises, scenes of anxiety unfolded as worried parents rushed toward schools from different parts of Minna.

Mrs Ayodele recalled witnessing a near tragedy during the confusion.

“I was standing outside when a truck almost crushed five children from the same mother running home out of panic. By God’s grace, nothing happened,” she narrated.

When Parents Came Running

For many parents, particularly mothers, the only thing that mattered was getting their children home safely.

According to Hajiya Aisha, she immediately abandoned everything when she received a call from her children’s school.

“When I got the call from the school, I rushed out with only a wrapper tied around my chest. Halfway, I realised I was not properly covered and had to return to pick my hijab.

“My heart was beating so fast. All I cared about was the safety of my children,” she recalled.

Across Minna, similar scenes played out as worried parents boarded motorcycles, tricycles and taxis or rushed on foot to schools.

Some parents told DAILY POST that they initially dismissed the reports as rumours.

However, they quickly changed their minds, believing it was safer to verify the situation themselves than risk being caught unprepared.

One parent described the reports as “stupid lies” but admitted that no responsible parent could afford to ignore such information.

School Gates Shut, Shuttle Buses Suspended

As panic spread, several schools reportedly restricted movement and tightened access to their premises.

According to pupils interviewed by DAILY POST, school gates were closed and only parents or authorised guardians were allowed to take children home.

It was gathered that some schools with shuttle buses suspended their usual practice of conveying pupils home and instead contacted parents to personally pick up their children.

School administrators were said to have considered it safer to release pupils directly to their parents or guardians amid the uncertainty created by the reports.

For many children, the waiting was the hardest part as they watched classmates leave one after another while they waited for parents stuck in traffic or travelling from distant parts of town.

Others remained frightened by stories circulating among students, while children who lived far from school appeared particularly anxious about how long it would take for their parents to arrive.

Fear Did Not End With The Rumours

Although the reports were later debunked, many parents remained reluctant to send their children back to school immediately.

According to El-Amin, attendance dropped sharply in the days that followed, “Out of about 45 students in my class, less than 30 came when school resumed.”

Hanan Abdullahi, who also stayed away from school after the incident, said: “we didn’t go to school the next day.”

Several pupils interviewed by DAILY POST admitted that while they now feel safer, the experience left them shaken.

Some said they still think about what happened whenever conversations about insecurity arise.

Why Parents Believe The Worst

For some parents, the incident reinforced decisions they had already made regarding their children’s education.

Many parents told DAILY POST they deliberately enrolled their children in day schools instead of boarding schools because of growing insecurity.

“I don’t want my blood pressure to run high because of sending my child to boarding school.

“That is why I chose secondary schools in Minna where I can see my children every day. I have three children in secondary school and all of them are here in Minna,” said Mrs Hanatu Musa.

Several parents expressed frustration over the activities of bandits and kidnappers, saying recent developments have shown that children are no longer spared from criminal attacks.

They called on the government to rise to its constitutional responsibility of protecting lives and property, arguing that no parent should have to live in constant fear over the safety of their children while in school.

According to them, the panic witnessed in Minna and similar incidents elsewhere did not occur in a vacuum but was fuelled by painful memories of previous school abductions and insecurity across the country.

The parents maintained that while authorities may have debunked the reports, restoring public confidence would require visible security measures and sustained efforts to make schools safe.

A History That Fuels Panic

The panic witnessed in Minna and some other states reflects fears that have been building across Nigeria for years.

Parents still remember the abduction of students from Papiri, Kagara and Tegina in Niger State which attracted national and international attention.

In Kaduna State, students were abducted from schools in Afaka and other communities, while similar incidents have occurred in Borno, Kebbi, Zamfara, Katsina and other parts of the country.

Many parents also remember cases in which families struggled to raise ransom payments, while some victims reportedly died in captivity.

Pupils and teachers abducted in Oyo and Borno States are also yet to be freed weeks after.

These painful memories have created an environment where many Nigerians no longer dismiss reports of attacks on schools as impossible; instead, communities often react first and verify later.

Expert Warns Against Misinformation

Security expert and Professor of Criminology, Emmanuel Musa, said the reaction of parents was understandable given Nigeria’s history of school abductions and insecurity.

“Communities are reacting based on experience. When people have seen attacks on schools in different parts of the country, they are more likely to take every warning seriously,” he said.

Professor Musa noted that stronger communication between schools, education authorities and security agencies was necessary to prevent panic and ensure that accurate information reaches parents quickly.

He added that restoring public confidence requires continuous communication, visible security measures and reassurance that schools remain safe environments for learning.

Psychological Impact On Children

Beyond the immediate panic, education and counselling experts say incidents of this nature can leave lasting effects on children..

Mrs Mercy Amina Elaigwu, a counselling psychologist and owner of Cedar Top Academy, Dutsen Kuran Gwari, Minna, said many schools were thrown into confusion by the reports.

“A lot of schools were really scared and had to call parents to come and pick their children immediately. People were running up and down”

“After a while, the situation became calm following the police press release. However, psychologically, pupils and students were scared,” she noted

According to her, repeated security scares, whether real or rumoured, can create anxiety among children and affect their sense of safety in school environments.

Police, Education Ministry Move To Reassure Parents

Following the panic, the Niger State Police Command described the reports as false and misleading.

In a statement signed by the Police Public Relations Officer, SP Wasiu Abiodun, the command said officers visited schools in Bosso, Kpakungu, Sabon-Wuse and Lambata and found no evidence of attacks.

Abiodun also told Daily Post that in line with the School Protection Initiative, the Commissioner of Police CP Adamu Abdullah Elleman had directed Divisional Police Officers across the state to work closely with school administrators.

According to him, school operators have been advised to remain alert and promptly report suspicious activities, while officers continue to monitor schools and surrounding communities.

The police spokesman further stated that the command is working with other security agencies to ensure the continued safety of students, teachers and school communities across the state.

“For now, the areas are calm and there is no cause for alarm in our communities,” he said.

The Commissioner for Basic and Secondary Education, Dr. Hadiza Asabe Mohammed in a statement urged residents to disregard the reports and assured parents that schools remained safe and under constant monitoring.

She dismissed the reports as false, mischievous and intended to create unnecessary fear among parents, students and teachers.

The ministry assured parents that schools remain under constant monitoring and that security measures have been strengthened to guarantee the protection of students.

Not Just A Minna Problem

What happened in Minna mirrors developments recorded in other parts of the country where rumours, security alerts and kidnapping threats have triggered anxiety among parents and school authorities.

In Edo State, schools in Ososo and Makeke communities of Akoko-Edo Local Government Area were temporarily shut following security concerns and fears of possible attacks

In Enugu State, police were forced to debunk viral reports alleging that armed herdsmen attacked a school in Ezeagu and Igbo-Eze South Local Government Areas, warning that the false information was capable of creating panic among pupils, parents and school administrators

Similar fears have surfaced in other parts of the country as communities remain sensitive to reports involving schools and children because of Nigeria’s long history of school abductions.

The Hidden Cost Of Fear

Nigeria’s education sector has endured years of disruption caused by insecurity, ranging from school abductions and attacks to threats and rumours that trigger panic among parents and pupils.

According to UNICEF, Nigeria has about 18.3 million out-of-school children, comprising about 10.2 million children at the primary level and 8.1 million at the junior secondary level, making the country home to one of the largest populations of out-of-school children in the world.

Insecurity remains one of the factors affecting school enrolment and attendance in some parts of the country.

Education experts warn that repeated security scares can leave lasting psychological effects on children and affect their willingness to attend school.

In Minna, some of the signs were already visible as attendance dropped in some classrooms in the days following the rumoured attacks.

Interviews conducted by DAILY POST also suggest that while many parents were deeply frightened by the reports, some deliberately downplayed their fears before their children.

Mob violence threatens right to life in Nigeria – Amnesty International

Amnesty International has raised serious concern over the rising cases of mob violence in Nigeria, describing it as one of the biggest threats to the right to life in the country.

The organisation made this known in a post shared on its official X handle on Sunday, where it criticised the failure of authorities to properly investigate and prosecute those involved in such killings.

According to Amnesty, the continued occurrence of mob attacks, with little accountability, shows a major gap in the country’s justice system.

“The menace of mob violence is perhaps one of the biggest threats to the right to life in Nigeria,” the organisation said.

It added that the situation has persisted for years, with very few cases leading to arrests or convictions.

“The fact that these killings have been happening for a long time, with few cases investigated and prosecuted, highlights the authorities’ shocking failure to protect people from harm and violence,” it stated.

Amnesty also pointed out that the pattern of mob violence differs across regions in Nigeria.

In the southern part of the country, it said such attacks are often targeted at people accused of theft, ritual activities, or witchcraft.

However, in the northern region, the organisation noted that mob violence is mostly directed at individuals accused of blasphemy, sometimes with the backing of religious figures.

It called on authorities to take decisive steps to protect citizens, ensure proper investigations, and bring perpetrators to justice.

Lagos Task Force impounds 278 illegal okada in one week

Lagos State Task Force has impounded 278 illegal commercial motorcycles, popularly known as Okada, during a weeklong enforcement operation carried out across different parts of the state.

The enforcement exercise targeted operators violating the ban on commercial motorcycles on highways and restricted routes, as provided under the Lagos State Transport Sector Reform Law of 2018.

The operation followed an earlier crackdown conducted weeks ago and forms part of ongoing efforts by the state government to strengthen security and safeguard lives and property in line with the renewed enforcement drive championed by the Commissioner of Police, Mr Fatai Tijani.

Areas covered during the operation included Ikorodu, Agric Bus Stop, Festac First Gate, Mazamaza, Iyana School, Iyana-Iba, Idimu Road, Egbeda, Kola Bus Stop, Iyana Ipaja, Ikotun Roundabout, Ijaiye in Ojokoro, Berger Bus Stop, Ojodu, Akowonjo Roundabout, Igando Bus Stop, LASU-Iba Road and Pipeline Road in Idimu.

According to the Task Force, several riders were apprehended for operating on prohibited routes and major highways in defiance of traffic and public safety regulations.

The agency also disclosed that some of the riders were caught transporting hazardous materials, including petroleum products and gas cylinders, while others were found carrying school children and toddlers in unsafe conditions on busy roads.

Authorities stated that the impounded motorcycles would undergo legal processing for possible forfeiture to the Lagos State Government through the courts in accordance with the provisions of the 2018 transport law.

Chairman of the Lagos State Task Force, Chief Superintendent of Police Adetayo Akerele, said the enforcement exercise would continue until operators comply fully with the law.

“We will not be cowed or fold our arms and allow people of criminal intent to overrun Lagos or surrender to their illegalities,” he said.

Obtain prior approval for major shareholding changes – NCC, CAC tell telecom firms

The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have directed telecommunications companies to obtain regulatory approval before making significant changes in their ownership structures.

In a statement jointly signed by NCC Director of Public Affairs, Nnenna Ukoha, and CAC Head of Public Affairs, Rasheed Mahe, on Sunday, both agencies warned that any proposed transfer of ownership or control of shares in an NCC-licensed company amounting to 10 per cent or more of its total share capital must be accompanied with a Letter of No Objection from the NCC before CAC can effect such changes.

According to the statement, the requirement takes immediate effect and also applies to a series of share transfers that, when aggregated, exceed 10 per cent of the total share capital of a licensee.

The agencies said the directive is backed by Section 90 of the Nigerian Communications Act (NCA) 2003, Regulation 28(2) of the Competition Practices Regulations, 2007, and Regulation 42 of the Licensing Regulations, 2019, which empower the NCC to oversee transactions affecting licensees and promote fair competition in the sector.

Under the new arrangement, the CAC will ensure that all applications seeking registration of changes in shareholding structures involving 10 per cent or more of a telecommunications company’s shares are accompanied by evidence of the NCC’s prior consent and approval.

The NCC and CAC said the measure is aimed at preserving a fair and competitive market structure in the communications sector by preventing direct or indirect anti-competitive practices.

They added that the policy would strengthen regulatory oversight of significant ownership and control changes, while promoting transparency, investor confidence, and regulatory certainty.

“The requirement is designed to preserve a fair and competitive market structure within the communications sector by preventing direct or indirect anti-competitive practices, while strengthening regulatory oversight of significant changes in ownership and control,” the statement read.

The agencies further noted that the initiative would help safeguard the long-term sustainability and stability of Nigeria’s communications industry.

Reaffirming their commitment to collaboration, the NCC and CAC pledged to continue working together to promote a transparent, stable, and competitive business environment.

“Both agencies will continue to work closely to promote regulatory certainty, ensure fair market practices, and support the orderly and sustainable development of Nigeria’s communications sector,” the statement added.

Cornerstone Insurance eyes growth after Q1 results

Cornerstone Insurance eyes growth after Q1 resultsThe Managing Director and Chief Executive Officer of Cornerstone Insurance Plc, Stephen Alangbo, has assured the investing public that the firm is well‑positioned for sustainable growth as it announced its unaudited financial results for the first quarter ended 31 March 31, 2026.

The company registered a strong expansion in its top‑line revenue, posting a total consolidated insurance revenue of N14.01bn for the three months. This figure marks a significant 25.2 per cent growth compared to the N11.19bn generated during the corresponding quarter of 2025, demonstrating strong underlying performance across both its corporate life and non‑life underwriting business segments.

Speaking on the financial performance of the company in a regulatory filing to the Nigerian Exchange Group Limited, Alangbo said, “We are navigating macro challenges to deliver value.”

Despite this commercial momentum, severe macroeconomic headwinds in the domestic environment, particularly aggressive currency volatility, impacted the group’s final bottom line. Cornerstone Insurance posted a consolidated profit after tax of N1.48bn, representing a mild contraction from the N1.65bn recorded in the first quarter of the prior year, primarily weighed down by a substantial foreign exchange loss of N1.81bn.

Conversely, at the separate parent company level, the firm reported excellent profitability gains, with its standalone net profit jumping 46.2 per cent to N1.82bn, up from N1.24bn in the opening quarter of 2025.

Alangbo expressed confidence in the firm’s commercial resilience, explaining that the top‑line revenue expansion of over 25 per cent demonstrated the continuing trust of institutional and retail clients placed in the Cornerstone brand.

He added that while substantial foreign exchange revaluation headwinds impacted consolidated group profits during the quarter under review, the core of the insurance business remained exceptionally healthy and resilient, as evidenced by the standout performance of the separate company profit.

Complementing this perspective, the Chief Financial Officer, Jubril Ajose, highlighted the company’s tight operational adjustments and commitment to structural cost management.

Ajose remarked that targeted measures were deployed to optimise internal processes during the quarter, allowing the group to successfully reduce management expenses by over 12 per cent to N2.49bn, down from N2.84bn in the first quarter of 2025.

He further indicated that total group assets had expanded to N144.47bn to strengthen balance sheet capacity, ensuring that underwriting discipline remained paramount to cushioning the rising global cost of reinsurance placements.

The broader segment breakdown revealed that the company’s primary non‑life insurance unit spearheaded the performance, driving N8.49bn in insurance revenue, while the life insurance business successfully brought in N2.85bn to the collective pool.

Robust contributions from subsidiaries, including Fin Insurance Company Limited and Hilal Takaful Nigeria Limited, continued to reinforce the group’s consolidated market positioning. Backed by a healthy shareholders’ equity position of N76.28bn, the board of directors reaffirmed the firm’s solid going‑concern status and robust liquidity profile to navigate the rest of the 2026 financial year.

Filling stations lower petrol prices amid market competition

Petrol

Filling stations in parts of Lagos and Ogun states have reduced the price of petrol to an average of N1,205 per litre as of Sunday. The reduction followed the cut in petrol gantry prices by the Dangote Petroleum Refinery last week.

Checks by our correspondent showed that several filling stations along the Lagos-Ibadan Expressway lowered their pump prices from an average of N1,280 per litre in a bid to remain competitive.

It was observed that stations with lower petrol prices attracted more customers than those selling at higher rates. The SGR filling station in Mowe had the lowest pump price, selling petrol at N1,199 per litre as of Saturday.

NIPCO, SAO, AP and MRS sold petrol at N1,205 per litre. Mobil filling stations dispensed the product at N1,220 per litre, while Heyden displayed N1,285 per litre in Iperu and N1,210 per litre in Ibafo, highlighting the competition along the highway. Retail outlets owned by the Nigerian National Petroleum Company Limited also sold Premium Motor Spirit at N1,245 per litre

Last week, petrol and diesel prices began to decline as global crude oil prices retreated following the de-escalation of tensions in the Middle East. The reductions, led by the Dangote refinery and followed by some private depot operators, raised expectations of further cuts in fuel prices, although marketers said the adjustments would be gradual to avoid significant losses on existing stock.

Following the drop in crude oil prices from a high of $120 per barrel during the United States-Iran conflict to about $80 per barrel after a peace deal was reached, the Dangote refinery reduced its petrol gantry price by N75 per litre. Pump prices had risen from N830 to over N1,300 per litre during the crisis.

As crude oil prices declined following the peace agreement between the United States and Iran, the Dangote refinery cut its petrol gantry price from N1,250 per litre to N1,175 per litre.

The reduction prompted some private depot operators to lower their prices to about N1,180 per litre on Tuesday.

Meanwhile, data from petroleumprice.ng showed that the Dangote refinery had reduced its diesel gantry price by N100, bringing it down to N1,500 per litre in its latest adjustment amid sustained downward pressure in Nigeria’s downstream market.

The reduction represents a 6.25 per cent decrease from the previous N1,600 per litre price and marks the second diesel price review within one week, following an earlier adjustment on June 16.

However, many Nigerians argued that the reductions did not adequately reflect the sharp decline in crude oil prices.

Reacting, a source within the Dangote Group told our correspondent that the refinery was still monitoring market developments while processing crude purchased during the period of heightened prices. The source added that those criticising the refinery for not reducing prices more aggressively might not fully understand the dynamics of the oil business.

“Crude prices are still swinging. People making such comments are either insincere or they don’t know the business. Let them go and check the prices all over Africa or the world,” the source said, adding that prices could still drop to as low as N900 per litre, “but we still have the expensive crude in our tanks”.

MFB raises N6bn via debut commercial paper issuance

MFB raises N6bn via debut commercial paper issuanceAdvans La Fayette Microfinance Bank has raised N6bn through its maiden commercial paper issuance under its N20bn Commercial Paper Programme, as the lender seeks to expand financing for micro, small and medium enterprises across the country.

The bank disclosed this in a statement on Thursday, 18 June 2026, noting that the Series 1 issuance was oversubscribed, indicating strong investor confidence in its operations, governance structure and growth prospects.

The commercial paper issuance marks the bank’s debut in the Nigerian capital market and is expected to strengthen its funding base, improve liquidity and diversify its sources of funding.

Speaking during a signing ceremony held at the Lagos office of the Lead Issuing House, Anchoria Advisory Services Limited, the Managing Director and Chief Executive Officer of Advans La Fayette Microfinance Bank, Mr Elvis Oheneba, said the transaction represented a major milestone in the institution’s growth journey.

He stated that proceeds from the issuance would be deployed to support lending activities, particularly to MSMEs, which play a critical role in job creation and economic development.

According to him, the successful fundraising exercise demonstrates investors’ confidence in the bank’s strategy and long term vision.

He said, “Today represents more than the execution of a financing transaction. It is a strong statement of confidence in our institution, our strategy, our governance framework and our long-term ambition to deepen financial inclusion while building a stronger and more sustainable financial institution.

Dangote imported 1.46bn litres blended gasoline – NMDPRA

Dangote refineryThe Nigerian Midstream and Downstream Petroleum Regulatory Authority has revealed a growing reliance by Dangote Petroleum Refinery on imported gasoline blendstock, mainly to boost its refined fuel production, The PUNCH reports.

Latest industry data obtained from the NMDPRA’s Midstream and Downstream Petroleum Statistics for May 2026 and analysed by our correspondent on Sunday showed that the 650,000 barrels-per-day refinery imported about 1.46 billion litres of intermediates and gasoline blendstock between January and May this year, despite receiving volumes of domestic and imported crude oil.

The industry report showed that the refinery continued to supplement crude oil processing with imported intermediates, helping it sustain daily petrol production of 44.7 million litres and achieve an average capacity utilisation of 101.25 per cent in May.

It also indicates that the refinery continued to rely on imported intermediates and gasoline blendstock to optimise production of Premium Motor Spirit despite increased access to crude oil supplies.

The PUNCH reports that gasoline blendstock refers to intermediate petroleum products used in refining operations to produce finished petrol that meets required quality and environmental specifications.

The product, rather than being sold directly to consumers, serves as an intermediate feedstock that is blended with other refinery streams and additives to produce Premium Motor Spirit that meets required quality, octane and environmental specifications.

The blendstocks can be mixed with products generated from crude oil refining to increase petrol output, improve fuel quality and enhance refining flexibility. Common gasoline blendstocks include reformate, alkylate, naphtha and other high-octane blending components.

By introducing gasoline blendstocks into the refining process, a refinery can increase the volume of finished petrol produced without relying solely on crude oil inputs. This can be particularly useful when domestic demand is strong or when refiners seek to maximise returns from specific products.

In the case of Dangote Refinery, the NMDPRA data suggest that imported blendstocks may be helping the facility sustain high petrol output and reach its nameplate capacity of 650,000 barrels per day.

An analysis of the report by our correspondent showed that Dangote Refinery imported 658.31 million litres of gasoline blendstock in January, 306.89 million litres in February, 102.35 million litres in March, 147.37 million litres in April and 240.59 million litres in May.

The cumulative volume imported during the five-month period stood at approximately 1.46 billion litres. The latest data showed that after three consecutive months of decline between January and March, the refinery increased its blendstock intake in April and May, signalling stronger feedstock purchases as production activities expanded.

The May volume of 240.59 million litres represented a 63.3 per cent increase from the 147.37 million litres imported in April. The development comes as the refinery sustained high utilisation rates and continued to dominate Nigeria’s domestic fuel supply market.

According to the NMDPRA report, the refinery operated at an average capacity utilisation of 101.25 per cent in May, underscoring strong operational performance at the facility.

The report further showed that the refinery produced an average of 44.7 million litres of Premium Motor Spirit per day during the month. Out of the total PMS produced, about 41.5 million litres per day were supplied to the domestic market, while closing stock stood at 9.4 million litres.

The refinery also produced 24.5 million litres of Automotive Gas Oil, commonly known as diesel, daily. Of this volume, 18.2 million litres were supplied locally while 6.5 million litres were exported. For aviation fuel, the refinery recorded daily production of 21.9 million litres. Domestic supply stood at 2.8 million litres per day, while exports reached 17.5 million litres daily.

Further analysis of the NMDPRA data showed that the refinery continued to receive a combination of domestic and imported crude oil feedstock. In May, domestic crude supplied to refineries stood at 15.84 million barrels, while imported crude accounted for 2.08 million barrels, bringing total crude receipts to 17.92 million barrels.

This compares with total crude receipts of 18.37 million barrels in April, made up of 17.96 million barrels of domestic crude and 410,000 barrels of imported crude. The figures suggest that despite improvements in local crude supply, imported feedstocks and intermediates remain an important component of the refinery’s operations.

On a comparison of imported gasoline feedstock and capacity output, the data suggests that Dangote Petroleum Refinery is increasingly deploying imported gasoline blendstock as a strategic feedstock to maximise petrol production and sustain operations at levels close to, and even above, its installed refining capacity.

Total crude receipts increased from 9.53 million barrels in January to a peak of 20.92 million barrels in March before moderating to 17.92 million barrels in May.

In January, when crude receipts stood at 9.53 million barrels, Dangote recorded its highest gasoline blendstock import volume of the year at 658.31 million litres. The high level of imports during the period likely reflected efforts by the refinery to supplement feedstock availability and maintain product output as crude supply arrangements were still being stabilised.

As crude supplies improved in February and March, the refinery’s dependence on imported blendstock declined sharply. Total crude intake rose to 13.11 million barrels in February and further to 20.92 million barrels in March, while gasoline blendstock imports dropped from 306.89 million litres in February to just 102.35 million litres in March, the lowest level recorded during the five-month period.

The pattern suggested that increased access to crude oil reduced the refinery’s immediate need for imported gasoline components, allowing more products to be generated directly from refining operations.

However, the trend changed again in April and May. Despite maintaining strong crude receipts of 18.37 million barrels in April and 17.92 million barrels in May, the refinery increased its intake of gasoline blendstock from 147.37 million litres in April to 240.59 million litres in May, representing a 63.3 per cent rise within one month.

The increase coincided with some of the refinery’s strongest operational performance indicators since the commencement of production.

According to the NMDPRA report, Dangote Refinery achieved an average capacity utilisation rate of 101.25 per cent in May, surpassing its installed nameplate capacity. The refinery also produced 44.7 million litres of Premium Motor Spirit daily during the month, while supplying 41.5 million litres per day to the domestic market.

With a nameplate processing capacity of 650,000 barrels per day, the refinery would require about 20.15 million barrels of crude to operate at full capacity throughout a 31-day month. However, total crude receipts in May stood at 17.92 million barrels, below that threshold.

Yet, despite receiving less crude than the volume theoretically required for full-capacity operations, the refinery still reported utilisation above 100 per cent, suggesting that imported intermediates and gasoline blendstock played a complementary role in boosting finished product output.

The latest statistics also highlighted the continued absence of contributions from state-owned refineries. According to the report, the Port Harcourt Refining Company, Warri Refining and Petrochemical Company and Kaduna Refining and Petrochemical Company were all classified as being under shutdown status as of May 2026.