Dangote Petroleum Refinery has commenced nationwide sales of Premium Motor Spirit (petrol) at a pump price of N739 per litre across all MRS Oil Nigeria Plc filling stations, marking a significant milestone in the refinery’s mission to deliver affordable fuel to Nigerians and stabilise the downstream petroleum market.

In a statement from the firm on Sunday, it stated that with over 2,000 MRS stations nationwide, the new pricing is expected to be implemented across all outlets, ensuring that the benefits of the reduction reach consumers throughout the country. The refinery commended marketers who have embraced the new pricing regime and urged others to follow suit in support of national economic recovery.

“We commend MRS and other marketers who have demonstrated patriotism by reflecting the reduced price at the pump. We call on others to join this effort as a show of support for Nigeria’s economic recovery,” the refinery stated.

Historically, the festive season in Nigeria has been associated with fuel scarcity and sharp price hikes. However, Dangote refinery has intervened decisively—reducing pump prices at a time when Nigerians typically brace for hardship. Backed by a guaranteed daily supply of 50 million litres, this initiative fundamentally alters supply dynamics during the holiday period.

By refining locally at scale, the refinery is reducing Nigeria’s exposure to volatile global markets, conserving foreign exchange, stabilising the naira, and strengthening energy security.

The sustained price cut and steady supply are providing relief to households, businesses, and transport operators nationwide.

The refinery also issued a stern warning against attempts by unscrupulous operators to create artificial scarcity in response to the price reduction, calling on government agencies to act decisively.

“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable. We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the statement added.

Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.

“We encourage Nigerians to avoid buying PMS at excessively high prices when they can access locally refined fuel at ₦739 per litre from over 2,000 MRS stations nationwide. Report any MRS station selling above ₦739 per litre by calling 0800 123 5264,” the refinery said.

The company also called on other petrol station operators to patronize its products so that the benefits of the price reduction can reach all Nigerians, ensuring broad-based relief and a more stable downstream market.

Dangote Petroleum Refinery reaffirmed its commitment to steady supply, price moderation, and energy security, emphasizing that its operations are anchored on long-term national interest rather than short-term market pressures.

“Our objective remains clear: to ensure a consistent supply of high-quality petroleum products at affordable prices for Nigerians, while supporting economic stability and reducing dependence on imports,” the refinery concluded.

With roughly three months to the end of the expiration of the deadline for recapitalisation in the banking sector, shareholder groups have demanded action from banks that are yet to cross the minimum capital requirement thresholds.

In separate interviews with The PUNCH over the weekend, the leaders in the minority investors community lamented that they would be worst hit if banks fail to meet the new MCRs ahead of schedule.

After the last Monetary Policy Committee meeting of 2025, the governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed that 16 banks have achieved full compliance with the revised capital requirements, ahead of the deadline.

Cardoso reiterated CBN’s commitment to ensuring an orderly end to the recapitalisation exercise during a presentation at the U.S.-Nigeria Executive Business Roundtable held in Washington, D.C., this week. According to THISDAY, which obtained a copy of the presentation, Cardoso said, “Nigeria is now in the final phase of its most significant banking-sector strengthening effort in over a decade. The recapitalisation programme is designed to safeguard financial stability, expand banks’ capacity to lend, and ensure the financial system is able to underpin Nigeria’s broader economic transformation.

“We’re making good progress. 16 banks have already met or exceeded the new capital thresholds, while 27 have raised capital through public offers, rights issues, private placements, and mergers.”

While hailing the feat achieved thus far and expressing confidence in the ability of the remaining banks to meet the MCR, the minority investors’ community also fears that they would be left holding the short end of the stick if some of the banks don’t meet the threshold.

National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, said, “The banks’ recapitalisation hurdle so far has been very impressive and encouraging, seeing about 16 banks crossing the hurdle. The most impressive part of it is how investors, especially the Nigerian investors, embraced and keyed in to the various offers that were made to the point of oversubscription. It is a sign that investors, both local and international, have strong confidence and believe in the Nigerian capital market.

“As the deadline comes closer, I have the confidence that the remaining banks are in the various stages of capitalising; after all, there are different banking licences: regional, national and international licences. If you cannot meet the highest category, you go for the lower one.

As for the nationalised banks, the government should recapitalise them through the CBN, which is running them on behalf of the FG. After the recapitalisation process, the FG should privatise them by selling 60 per cent to qualified core investors and the remaining 40 per cent to the Nigerian people to recover the money used to recapitalise them and list the shares on the floor of the NGX.”

To the banks still lagging, Igbrude said, “If there are banks that are not making headway, they should do so now through all available means, both private placement and mergers and acquisitions, or opt for the lowest licence available to avoid revocation of their licences. Let them not say there is still time.  Let them make hay while there’s sunshine.”

The National Coordinator of the Pragmatic Shareholders Association, Bisi Bakare, in her comments, called for speed: “The recapitalisation process is going on well so far, and according to CBN, only 16 banks have concluded their capital raising.  It’s my opinion that as deadlines draw closer, banks should hasten up for merger, strategic realignment or be outrightly acquired by other strong banks rather than waiting for the CBN regulatory hammer, which would not work in their favour nor shareholders’ (investors’).”

The chairman of the Ibadan Zone Shareholders Association, Ayoola Gilbert, called on the CBN to be prepared with clear contingency plans to safeguard the system’s integrity as the recapitalisation deadline gets closer.

“This policy is not just about bigger numbers on the bank’s balance sheet. The CBN has positioned it as a foundational pillar for achieving a $1tn economy by 2030. The core objectives are to create banks strong enough to withstand domestic and global economic shocks while enabling banks to take on larger risks and provide the substantial credit needed to fund critical national projects and support key sectors like MSMEs. If a significant number of banks are still scrambling as of the fourth quarter of 2025, the consequences will ripple through the entire financial ecosystem, directly impacting consumers, shareholder value and systemic trust.

“The successful banks like Access Holdings, Zenith Bank, and Wema Bank, which have raised hundreds of billions, demonstrate that recapitalisation is achievable and can be rewarded by the market. Their strength positions them to lead financing for Nigeria’s growth. As shareholders, we must urge the boards and management of our banks to exhaust every option, be it rights issues, private placements, or strategic mergers, with urgency. Simultaneously, we call on the CBN to communicate a clear, transparent contingency framework well before the deadline. Knowing the rules of a potential orderly consolidation will do more to maintain confidence than a last-minute regulatory scramble.”

The Independent Petroleum Producers Group has marked its 10th anniversary, celebrating a decade of resilience, collaboration, and transformative impact in Nigeria’s oil and gas industry.

Speaking at the milestone event, the IPPG Chairman and Chief Executive Officer of Aradel Holdings, Mr Adegbite Falade, described the journey as “a decade defined by purpose, partnership, and impact,” according to a statement from IPPG on Sunday.

He said the anniversary was not merely a celebration of longevity, but a reaffirmation of the Group’s shared commitment to strengthening indigenous leadership and advancing Nigeria’s energy sector.

“This anniversary marks a decade in which indigenous operators have demonstrated their capacity to lead, deliver value, and shape the future of Nigeria’s energy sector,” Falade said.

Over the past 10 years, IPPG has evolved into a leading industry voice and a credible partner in sector development.

Through sustained advocacy and collaboration with government and regulators, indigenous operators now account for over 50 per cent of Nigeria’s crude oil and gas production, an achievement widely regarded as evidence of IPPG’s growing influence and effectiveness.

Falade commended the administration of President Bola Tinubu for reforms aimed at repositioning the sector for growth and investment. He also acknowledged the support of the Ministers of State for Petroleum Resources, the Special Adviser to the President on Energy, and the leadership of key institutions, including the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Nigerian Content Development and Monitoring Board, and the NNPC Limited.

Reflecting on the anniversary theme, “Building on a Decade of Impact,” Falade reaffirmed IPPG’s commitment to supporting government efforts to achieve energy security, particularly in the wake of International Oil Company divestments. He stressed that responsibility now rests squarely on indigenous operators to deliver sustainable production growth.

Representing President Tinubu at the event, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, described IPPG as a critical force in the industry and “one of the best things to have happened to Nigeria’s oil and gas sector.” He also cited the appointment of Mr Ademola Adeyemi-Bero as Nigeria’s OPEC Governor and Chairman of the OPEC Board of Governors for 2025 as global recognition of indigenous capacity.

The celebration featured a high-level fireside chat focused on indigenous leadership and the future of the industry, alongside Leadership Recognition Awards honouring distinguished members and sector leaders.

Looking ahead, IPPG reiterated its resolve to contribute meaningfully to Nigeria’s targets of producing three million barrels of oil per day and 12 billion standard cubic feet of gas by 2030. Over the next five years, the Group said it would prioritise infrastructure expansion, host community engagement in the Niger Delta, capacity building, strong governance, and responsible resource development.

As IPPG enters its second decade, the Group reaffirmed its commitment to act as a catalyst for Nigeria’s economic transformation and industrialisation by harnessing the nation’s vast oil and gas resources to create viable linkages between the industry and the broader economy.