The Securities and Exchange Commission has admitted seven digital asset companies into its Accelerated Regulatory Incubation Programme, a framework designed to bring crypto and blockchain operators under formal oversight without immediately granting full operating licences.

The incubation model allows Nigeria’s capital market regulator to test these operators in real market conditions before deciding on full authorisation, the digital asset watchdog said on its website on Friday.

The commission revealed that the firms had been granted approval in principle, enabling them to operate within defined limits while undergoing assessment for compliance with regulatory, governance and risk management standards.

The companies admitted into the programme are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd and Blockvault Custodian Ltd.

The SEC said the incubation scheme forms part of its broader effort to formalise Nigeria’s fast-growing digital asset sector, which has expanded despite periods of regulatory uncertainty and previous restrictions on financial institutions’ exposure to cryptocurrencies.

Under ARIP, participating firms are allowed to operate in a supervised environment while the regulator evaluates their operations, including asset custody practices and safeguards against fraud, market abuse and operational failures.

“These entities would receive the Commission’s approval-in-principle, permitting them to operate within the defined scope of the Programme and subject to conditions stipulated by the Commission. An approval-in-principle confirms that an entity has satisfied the Commission’s admission requirements for the Programme,” the regulator said.

The commission stressed that approval-in-principle does not constitute a full licence and should not be interpreted as regulatory endorsement. Final authorisation will depend on firms meeting additional conditions during the incubation process.

The latest admissions build on the SEC’s earlier inclusion of Quidax and Busha in August 2024, signalling a continued push to establish a structured licensing pathway for digital asset service providers in Nigeria.

The regulator said it remains committed to supporting innovation that enhances efficiency, transparency, financial inclusion and sustainable growth in the capital market.

“Through initiatives such as ARIP, the SEC continues to encourage responsible technological advancement alongside investor protection guardrails and market discipline,” it said. “Members of the investing public are strongly advised to verify the regulatory status of anyone promoting investment products or services through the Commission’s official channels before engaging.”

Nigeria’s tightening of oversight in the crypto sector follows the exit of Binance from the country, a development widely seen as a turning point in enforcement actions against digital asset platforms. Authorities had previously accused Binance of contributing to pressure on the naira, allegations that intensified scrutiny of crypto trading activity and accelerated regulatory reforms.

Since then, regulators have moved to strengthen oversight through stricter registration requirements, re-registration of operators, and tighter licensing conditions aimed at bringing all market participants under formal supervision.

The Nigerian National Petroleum Company Limited has said the recently signed Memorandum of Understanding with Chinese firms for the rehabilitation and operation of the Port Harcourt and Warri refineries has entered a rigorous evaluation phase, insisting that the arrangement is aimed at creating profitable and self-sustaining refining assets.

The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, disclosed this in a post on his official X handle on Friday, amid growing calls from petroleum marketers and operators for the Federal Government to fast-track discussions to finally restore the country’s troubled state-owned refineries to full operation.

Ojulari said reviving Nigeria’s refineries required more than simply replacing equipment and carrying out repairs. “Fixing a refinery takes more than pipes and pumps. It takes the right partners. That’s the thinking behind the MoU recently signed for the Port Harcourt and Warri refineries, now moving into a rigorous evaluation phase,” he stated.

The NNPC boss said the company was pursuing a strategic shift towards a performance-based business partnership model that would guarantee long-term sustainability rather than temporary fixes.

According to him, the new approach is “built for profitable and self-sustaining refineries.” He clarified that the memorandum signed with the prospective partners should not be mistaken for a final agreement.

“A strategic shift towards lasting results. Introducing a performance-based business partnership model, built for profitable and self-sustaining refineries. Evaluation, not commitment. The MoU is an agreement to explore working together, not a binding contract,” Ojulari said.

He explained that the prospective partners would bear the cost of carrying out the due diligence process, a move that would ensure decisions are based on commercial realities and technical assessments. “Prospective partners are covering the full cost, which keeps the process data-driven,” he added.

Beyond refining, Ojulari said the partnership discussions were also expected to unlock investments across the broader energy value chain. “The vision includes expanding the petrochemicals value chain and investing in gas-based industries, including new methanol plants. Real change isn’t announced once. It’s built through discipline applied consistently, at every stage, until it becomes how things are done,” he stated.

The comments came weeks after NNPC signed a memorandum of understanding with a consortium of Chinese companies to explore the rehabilitation and potential co-management of the Port Harcourt and Warri refineries under a new business model.

On April 30, 2026, NNPC Ltd signed a Memorandum of Understanding with two Chinese firms—Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd.

The arrangement is expected to bring in technical expertise, financing support, and operational efficiency in a bid to halt years of losses and repeated shutdowns at the facilities.

The Port Harcourt Refining Company consists of two plants with a combined installed capacity of 210,000 barrels per day, while the Warri Refining and Petrochemical Company has a nameplate capacity of 125,000 barrels per day. The facilities, alongside the 110,000-barrels-per-day Kaduna refinery, have consumed billions of dollars in rehabilitation expenses over the years but have struggled to operate sustainably.

The Federal Government approved massive rehabilitation programmes for the refineries in recent years. The Port Harcourt refinery briefly resumed operations before suffering operational setbacks, while the Warri refinery also experienced repeated shutdowns after attempts to restart production.

The latest push by NNPC also comes as petroleum marketers have intensified calls for the government to conclude negotiations with competent international partners capable of transforming the refineries into commercially viable businesses.

The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, recently urged the Federal Government and NNPC to expedite discussions with the Chinese firms, saying Nigeria could no longer afford to keep spending huge sums on refinery rehabilitation without achieving sustainable production.

According to marketers, bringing in experienced technical partners could significantly reduce Nigeria’s dependence on imported petroleum products and strengthen the country’s energy security.

Operators also believe the success of the initiative could complement supplies from the Dangote Petroleum Refinery and other modular refineries, creating a more competitive domestic refining market and reducing pressure on foreign exchange used for fuel imports.

The outcome of the ongoing evaluation process could determine whether Nigeria’s long-running efforts to revive its state-owned refineries finally yield results or become another chapter in the country’s troubled refining history.

imported a total of 40.40 million barrels of crude oil between May and June 2026, spending about $4.48bn on feedstock purchases, according to an analysis of official cargo discharge and pricing records on Friday.

The data was released by the refinery to dispel rumours that refinery pricing moves in line with daily international crude oil prices. It said crude is purchased weeks or months in advance under contracts linked to monthly average pricing rather than spot market rates.

The figures show that the refinery imported 21.47 million barrels in May 2026 at a total landed cost of $2.68bn before receiving another 18.93 million barrels in June 2026 valued at $1.80bn, reflecting a gradual easing in global crude pricing pressures.

The data further revealed that the average landed cost per barrel declined from $124.80 in May to $95.25 in June, a drop of nearly 24 per cent within a single month, driven largely by shifts in crude grades, freight conditions and global supply dynamics.

In total, the two-month period recorded 40.40 million barrels of crude imports, with significant variations in both volume and price per barrel.

The figures revealed that the refinery paid an average landed cost of $124.80 per barrel in May, compared to $95.25 per barrel in June, representing a sharp monthly decline of about $29.55 per barrel or nearly 24 per cent.

A breakdown of the cargoes shows that imports were drawn from a wide basket of crude grades and international suppliers, including West African blends such as Bonny Light, Qua Iboe, Forcados, Amenam and Escravos, as well as international streams such as El Sharara, Cabinda and Agbami, delivered through multiple trading vessels.

Further analysis of the data shows that May 2026 imports were dominated by high-priced cargoes such as El Sharara, Bonga and Qua Iboe, with several shipments exceeding $130 per barrel, pushing up the monthly average landed cost.

For instance, the El Sharara cargo on Kriti Energy cost $131.05 per barrel, while another El Sharara shipment through KRITI HERO also stood at $131.05 per barrel, reflecting the premium pricing of certain grades and freight conditions during the period.

Similarly, the Bonga cargo aboard Nordic Tellus recorded a landed cost of $134.24 per barrel, one of the highest in the month, contributing significantly to the overall import bill.

However, June 2026 data showed a clear easing in landed costs, with multiple cargoes arriving below the $95 per barrel mark, particularly from grades such as CJ Blend, Escravos, Agbami and Amenam, which helped reduce the monthly average.

The cheapest cargo in June was Amenam, delivered via Sonangol Njinga Mbande at $90.52 per barrel, while several other shipments clustered between $92 and $94 per barrel, signalling improved market conditions or freight adjustments.

A pricing breakdown indicates that the decline in June was driven largely by a combination of softer global crude benchmarks, improved shipping efficiencies, and a higher proportion of lower-cost West African grades.

The fluctuations underscore Nigeria’s continued vulnerability to external pricing dynamics, especially as domestic refining capacity remains insufficient to absorb demand.

Energy market operators note that cargo sourcing patterns, ranging from West African grades like Bonny Light, Qua Iboe and Forcados to international blends such as El Sharara and Jubilee cargoes, also reflect Nigeria’s mixed procurement strategy to meet refinery feedstock and trading requirements.

In May 2026, the refinery received 998,980 barrels of Amenam crude aboard the Barbarosa vessel at a landed cost of $120.87 per barrel, amounting to $120.75m.

A second Amenam cargo was delivered via the Sonangol Njinga Mbande, totalling 500,125 barrels at $112.99 per barrel, valued at $56.51m. Another Amenam shipment on Lord Byron 21 brought in 500,065 barrels at $114.05 per barrel, worth $57.03m.

For Qua Iboe crude, the Nordic Tellus delivered 950,891 barrels at $134.37 per barrel, valued at $127.78m, while a separate cargo on Advantage Spring supplied 950,345 barrels at $131.33 per barrel, worth $124.81m. A third Qua Iboe cargo via Sonangol Kalandula delivered 997,261 barrels at $117.98 per barrel, valued at $117.66m, while another shipment on Nordic Space brought in 996,017 barrels at $116.70 per barrel, valued at $116.24m.

Utapate crude was supplied through Lord Byron 21, with 949,774 barrels delivered at $120.27 per barrel, amounting to $114.23m.

Bonny Light crude featured prominently. A cargo of 971,016 barrels arrived on Plata South at $124.31 per barrel, valued at $120.70m, followed by another 951,611 barrels on the same vessel at $128.70 per barrel, worth $122.47m.

A third Bonny Light cargo on Lord Byron 21 delivered 949,488 barrels at $116.68 per barrel, valued at $110.79m, while another shipment via Sonangol Kalandula supplied 947,306 barrels at $115.27 per barrel, worth $109.19m. A fifth Bonny Light cargo arrived aboard Moscow Spirit with 1,030,923 barrels at $131.20 per barrel, valued at $135.26m.

Bonga crude was received via Nordic Tellus, with 1,032,151 barrels delivered at $134.24 per barrel, amounting to $138.56m. Payara crude on Advantage Serenity accounted for 1,018,733 barrels at $130.75 per barrel, valued at $133.20m, while ABO crude on Advantage Spring delivered 697,403 barrels at $131.09 per barrel, worth $91.42m.

Cawthorne crude on Sonangol Njinga Mbande supplied 948,394 barrels at $119.76 per barrel, valued at $113.58m. El Sharara crude featured twice in May. The Kriti Energy vessel delivered 1,060,626 barrels at $131.05 per barrel, valued at $139.00m, while the KRITI HERO shipment brought in 1,043,246 barrels at the same price, valued at $136.72m.

Jubilee crude arrived via Advantage Spring, with 956,001 barrels at $127.76 per barrel, valued at $122.14m. Overall, May 2026 recorded a total import volume of 21,466,614 barrels, valued at $2,679,095,365.22.

In June 2026, CJ Blend crude on the Nordic Space vessel accounted for 651,265 barrels, landed at $94.51 per barrel and valued at $61.55m. A second CJ Blend cargo on Advantage Spring delivered 650,200 barrels at $93.16 per barrel, worth $60.57m.

Escravos crude was delivered in two shipments. Advantage Spring carried 998,192 barrels at $93.75 per barrel, valued at $93.58m, while another cargo of 998,362 barrels on the same vessel arrived at $92.29 per barrel, worth $92.14m.

Forcados crude featured strongly in June. Sonangol Kalandula delivered 948,859 barrels at $96.42 per barrel, valued at $91.49m, while another cargo on the same vessel supplied 948,580 barrels at $92.92 per barrel, worth $88.14m. Additional Forcados shipments included 1,048,708 barrels on Nautilus I at $95.45 per barrel, valued at $100.10m, and 948,745 barrels on Sonangol Njinga Mbande at $93.52 per barrel, worth $88.72m.

Cabinda crude on Advantage Solo accounted for 996,349 barrels at a landed cost of $123.30 per barrel, valued at $122.85m. Agbami crude on Nordic Space delivered 1,000,160 barrels at $92.83 per barrel, valued at $92.85m.

Amenam crude featured twice via Sonangol Njinga Mbande, with 499,807 barrels and 499,666 barrels, respectively, both priced at $90.52 per barrel and valued at $45.24m and $45.23m.

Cawthorne crude on Sonangol Kalandula delivered 951,104 barrels at $91.78 per barrel, valued at $87.29m. Bonny Light shipments included 994,831 barrels on Advantage Serenity at $94.95 per barrel, worth $94.46m, and 947,376 barrels on Advantage Solo at $92.93 per barrel, worth $88.04m. Another Bonny Light cargo of 1,050,595 barrels on Ithaki Warriors was priced at $94.37 per barrel, valued at $99.14m.

EA Blend on Aristoklis delivered 997,377 barrels at $97.77 per barrel, valued at $97.51m. Qua Iboe crude on Advantage Spring and Advantage Solo accounted for 951,597 barrels and 949,839 barrels, priced at $94.59 and $92.81 per barrel, valued at $90.01m and $88.15m, respectively.

Utapate crude on Sonangol Njinga Mbande supplied 951,843 barrels at $93.21 per barrel, valued at $88.72m. Chile Prosperity delivered 948,917 barrels at $92.17 per barrel, valued at $87.46m. Overall, June 2026 recorded 18,932,372 barrels, valued at $1,803,241,176.34.

In a detailed statement explaining the pricing dynamics, the Dangote Petroleum Refinery said crude oil procurement and product pricing do not move in real time with global oil benchmarks.

It stated, “It is important to clarify that refinery pricing does not move in tandem with daily international crude oil quotations. Crude oil is procured weeks, and in some cases months, before it is processed, under commercial contracts linked primarily to monthly average pricing mechanisms rather than prevailing spot market prices.”

The refinery explained that current fuel output reflects older, higher-priced crude inventories.

“Consequently, the petroleum products currently being supplied from our refinery are being produced from crude inventories acquired at substantially higher costs than today’s market prices. The average landed cost of crude processed by the refinery was approximately US$124.80 per barrel in May and US$95.25 per barrel in June, compared with the current international benchmark of about US$71.01 per barrel.”

It further noted that its procurement structure is not tied to headline Brent prices alone. “Furthermore, refinery feedstock is not purchased at the headline ICE Brent price commonly reported in the media. Our crude is acquired on a Dated Brent plus market premium, freight and logistics cost basis, resulting in actual landed costs that differ materially from benchmark quotations.”

On pricing policy, the refinery said it deliberately absorbed cost pressures to stabilise the domestic market. “Notwithstanding these elevated feedstock costs, Dangote Petroleum Refinery did not immediately transfer the full impact of rising crude prices to the Nigerian market. Instead, the refinery absorbed a substantial portion of the increase in order to support market stability, reduce inflationary pressures, and shield consumers from the extreme volatility witnessed in global energy markets.”

It added that Nigeria currently benefits from domestic refining capacity: “Nigeria today benefits from the stabilising role of domestic refining capacity. The Dangote Petroleum Refinery currently supplies volumes sufficient to meet national demand, helping to strengthen energy security, eliminate dependence on imports, conserve foreign exchange and provide greater price stability for consumers and businesses.”

The refinery also confirmed that further price reductions are expected as lower-cost crude enters its processing cycle: “As procurement costs continue to decline and lower-priced inventories replace higher-cost crude stocks, Nigerians can expect further price moderation, provided international market conditions remain favourable.”

It said its broader objective remains unchanged: “Our objective remains unchanged: to supply high-quality, internationally compliant petroleum products at competitive prices while strengthening Nigeria’s energy security, supporting economic growth and ensuring the long-term sustainability of Africa’s largest refinery.”