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.

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.

The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion for depositors of Heritage Bank Limited whose account balances exceeded the statutory insured limit of ₦5 million at the time the bank was closed.

Heritage Bank’s operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed as liquidator in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.

Following its appointment, the Corporation began the payment of insured deposits of up to ₦5 million per depositor from its Deposit Insurance Fund, alongside efforts to recover debts, dispose of physical assets and realise investments of the defunct bank.

In April 2025, the NDIC declared a first liquidation dividend of ₦46.6 billion, representing 9.2 kobo per ₦1.00, which was paid on a pro-rata basis to eligible depositors with balances above the insured limit.

The newly announced second liquidation dividend of ₦24.3 billion, payable at a rate of 5.2 kobo per ₦1.00 on outstanding uninsured balances, brings the cumulative liquidation dividend to 14.4 kobo per ₦1.00.

In a statement signed by Hawwau Gambo, Head, Communication & Public Affairs Department, the NDIC said the latest payout was made possible through continued recovery of debts, sale of physical assets and realisation of investments belonging to the defunct bank, in accordance with Section 72 of the NDIC Act 2023.

Payments will be credited automatically to depositors’ alternative bank accounts already captured in NDIC records using their Bank Verification Numbers (BVN). Eligible depositors who have previously received their insured deposits and the first liquidation dividend are advised to check their accounts for confirmation.

Depositors who do not have alternative bank accounts, BVNs, or who are yet to claim their insured deposits or first liquidation dividend have been advised to visit the nearest NDIC office nationwide or submit an e-claim through the Corporation’s website for prompt processing.

The NDIC clarified that liquidation dividends are paid to depositors whose balances exceed the insured limit, using proceeds from asset sales, debt recovery and investment realisation.

Payments to other creditors and shareholders will only occur after all depositors have been fully reimbursed, subject to the availability of funds.

The Corporation assured the public that the ₦24.3 billion payment represents only the second tranche of liquidation dividends, adding that further payments will be made as more assets are realised and outstanding debts recovered.

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