Some MRS filling stations in Lagos on Tuesday dropped the price of petrol to N739 per litre, triggering long queues of vehicles seeking to buy the commodity at the outlets.

Our correspondent, who visited parts of Lagos and Ogun states, observed that the MRS filling station in Alapere recorded a large turnout of buyers, many of whom boycotted other outlets selling petrol above N800 per litre.

However, it was observed that MRS filling stations along the Mowe/Ibafo axis of the Lagos-Ibadan Motorway in Ogun State retained their prices at about N875 per litre as of Tuesday evening.

Following the reduction of petrol gantry price from N828 to N699 per litre on Friday, the President of the Dangote Group, Alhaji Aliko Dangote, had vowed to enforce a new pump price regime of N739 per litre.

Dangote said on Sunday that he was aware that, despite lower gantry prices, some filling stations often chose to retain high pump prices, thereby undermining his efforts. According to him, MRS would commence the sale of petrol at N739 per litre from Tuesday, while other partners would follow.

“I was told that the marketers have met with (some officials) and were told to make sure that the price is maintained high. But this price we are going to introduce, we are going to start with MRS stations, most likely on Tuesday in Lagos; that N970 per litre, you won’t see it again. We have also asked members of IPMAN to come now. We have asked anybody who can buy 10 trucks to come and buy 10 trucks at N699.

“We are going to use whatever resources we have to make sure that we crash the price down. For this 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,” he said.

It was confirmed on Tuesday that the N739-per-litre price had been kick-started by MRS in Lagos. Our correspondent observed that other filling stations sold PMS at prices ranging between N850 and N890 per litre on Tuesday.

Reacting, the President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, stated that PETROAN strongly condemned the announcement or pronouncement of petroleum product prices by any individual, corporate body, or agency, in what appeared to be a veiled reference to Dangote.

According to him, the new price cut allegedly contravenes the provisions of the Petroleum Industry Act, 2021, which he said clearly stipulates that petroleum product prices in the downstream sector should be determined by market forces and competitive commercial engagement.

“PETROAN strongly condemns the announcement or pronouncement of petroleum product prices by any individual, corporate body, or agency. This, PETROAN emphasises, is contrary to the provisions of the Petroleum Industry Act 2021, which clearly directs that petroleum product prices in the downstream sector should be determined by market forces and competitive commercial engagement. Section 205(1) of the PIA specifically states that wholesale and retail prices of petroleum products shall be based on unrestricted free market conditions, subject only to limited regulatory oversight and protection against monopolistic practices,” he stated.

The PETROAN boss said the “current dirty price war is already causing collateral damage to all parties involved.” According to him, most of the “aggressive price crashes appear designed to frustrate importers and are often executed below cost”.

Consequently, he said, “all parties in the price war may be operating at a loss in a bid to gain market dominance, a development PETROAN considers unsustainable and harmful to the long-term stability of the downstream sector.”

He further warned that prolonged conflict among key stakeholders could expose the sector to risks of market monopolisation, reduced competition, and heightened operational uncertainty for retail outlet owners, with increased pressure on consumers through unstable pricing regimes and wider adverse implications for the economy.

The association stressed that only constructive negotiation and fair commercial engagement could encourage importers who favour international markets to patronise local refineries, cautioning against what it described as compelling or brutal price-ambushing strategies that undermine market confidence and distort fair competition.

Independent marketers told The PUNCH that they could lose up to N80bn as a result of Dangote’s new price cut. Findings by The PUNCH showed that petrol importers were on the verge of losing as much as N102.48bn monthly following the Dangote refinery’s reduction of its gantry price from N828 per litre to N699.

At the same time, the refinery is projected to lose about N91bn in a month as a direct consequence of the price cut, underscoring the intensity of the competition reshaping Nigeria’s downstream oil market

Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc, has announced the appointment of Dr Awele Elumelu as Chair of the company, effective January 1, 2026.

The announcement was disclosed on the Nigerian Exchange Limited on Tuesday. Elumelu’s appointment follows the  retirement of the current Chair, Emmanuel Nnorom, also effective from January 1, 2026.

Elumelu brings extensive leadership experience across healthcare, insurance, corporate governance, and philanthropy. She currently chairs Avon Healthcare Limited, Nigeria’s leading health insurance provider, and Avon Medical Practice, a fast-growing network of hospitals and clinics. She also chairs Heirs Insurance Brokers and is a founding Director of Heirs Holdings Limited.

A medical doctor with an MBBS from the University of Benin, Elumelu has clinical experience in Nigeria and the United Kingdom.

Her medical training has been complemented by executive education at prestigious institutions, including Harvard Business School, IMD Switzerland, and the London School of Economics.

Her commitment to social impact is reflected in her role as Trustee and Co-Founder of the Tony Elumelu Foundation, Africa’s leading philanthropy empowering young entrepreneurs.

Through the foundation, she has been instrumental in driving in driving gender inclusion and supporting over 24,000 young African men and women with seed capital, training, and mentorship.   “I remain committed to driving gender inclusion and creating opportunities that empower young Africans to achieve their full potential,” Dr Awele Elumelu added

Commenting on the appointment, Group Chair of Transcorp Group, Tony Elumelu, said, “We are delighted to welcome Awele Elumelu as the Board Chair of Transcorp Hotels.

“Her distinguished track record perfectly aligns with our ambition to redefine hospitality through innovation, wellness integration, and responsible business practices. Her strategic insight will be invaluable, as we continue to elevate guest experiences and deliver sustainable value to all stakeholders.”

Elumelu’s appointment is expected to bring a new wave of strategic leadership to Transcorp Hotels, strengthening the company’s governance, operational efficiency, and commitment to excellence in the hospitality sector.

Analysts have noted that her diverse experience in healthcare, corporate management, and philanthropy positions her uniquely to lead initiatives that integrate wellness, customer satisfaction, and social impact into the company’s core operations.

With her leadership, Transcorp Hotels is poised to enhance its service offerings, expand its footprint in Nigeria and beyond, and maintain its position as one of the country’s premier hospitality brands. The transition also underscores Transcorp Group’s commitment to leveraging skilled and visionary leadership to drive sustainable growth and shareholder value.

United Bank for Africa has entered into a $100m partnership with the Lagos State Government and LagRide to finance vehicles for 3,500 ride-hailing drivers, a move aimed at transitioning drivers from renting cars to vehicle ownership.

The Memorandum of Understanding was signed between UBA and LagRide on Tuesday in Ikeja, Lagos. Speaking at the ceremony, the Group Managing Director/Chief Executive Officer of UBA, Oliver Alawuba, said, “What we have today is the signing ceremony of a partnership among UBA Plc, LagRide, and the Lagos State Government. The purpose of this partnership is to finance up to 3,500 vehicles for Lag Ride drivers in Lagos State.

“What this means is that at least 3,500 drivers will transition from renting vehicles to owning their own cars within a period of four years. This represents real economic empowerment for drivers, and it also comes with structured training.

By providing proper training for drivers, we expect to see improved orderliness and better road conduct on Lagos roads. For Lagos passengers, this partnership will deliver a more secure and safer ride experience across the state.”

He added that the overall motivation for the initiative is to drive financial inclusion, growth, and progress for all stakeholders.

“Beyond the immediate benefits, the motivation behind this $100m investment is clear. Lagos deserves more. We must drive financial inclusion, empower people, and create employment opportunities for the teeming youth population in Lagos State and beyond.

“Another key component of this initiative is the introduction of CNG vehicles. These vehicles will run on clean energy, contributing to a healthier and more sustainable environment. There have been concerns about safety and insecurity around some ride services in Lagos, but the drivers under this programme are professionally trained, ensuring passengers enjoy a safe and secure experience with Lag Ride.”

Alawuba maintained that interest in this model is already growing, with several states expressing interest.

“Our focus is to get it right in Lagos first, and others will follow. The repayment structure for this facility has been designed to allow a smooth transition from renting to ownership. The tenure is long enough to ensure ease of payment and sustainable ownership, making this a long-term empowerment programme,” he asserted.

Also speaking at the signing ceremony, the Chairman of LagRide, Diane Chen, said, “From today, we are moving from a system where people merely walk up to a platform to one that offers empowerment, structure, and success to the owner of the car. That is a significant change for the consumer, for the driver, and for the rider.

“For riders, the major change is that we will bring in more capital and more vehicles, which will translate into better service delivery. In terms of maintenance, CIG Motors, a well-established company in Nigeria with over ten years of experience, will be responsible. GAC Motor is a well-known brand across the country, and with workshops spread nationwide, we are able to provide and guarantee proper maintenance so that all vehicles remain functional and safe on the road.”

Chen also disclosed that Lag Ride was open to partnerships beyond UBA and the banking sector.

“Beyond UBA and the banks or financial institutions involved, we welcome partnerships with different stakeholders. Our goal is to make this success story inclusive and to carry more people along on this journey,” she said.

One of the drivers at the ceremony, Dorothy Etim, spoke to journalists about her experience.

She said, “Being the only woman standing here today, this moment feels like a dream come true for me. I have been in the e-hailing space for seven years, and I have been with LagRide for six months. I gave my dedication and my all because I knew it was a learning process, and today I am seeing the reward. I am extremely happy about this initiative and grateful that UBA has been able to make this happen for us.

“As a matter of fact, this is my second time benefiting from a bank. Four years ago, I was also empowered by a bank, and through that support, I was able to grow a network of female drivers from twenty-one women to five hundred nationwide. We even created a group specifically for women drivers. I was also able to encourage many of my riders to take up this same occupation.

“I am a very proud female driver. I have been around, I have navigated the challenges, and I want to encourage every other woman out there, determination is key. There are so many people sitting idle, and I want to encourage them that today, you can come on board and start driving. There is nothing like financial independence.

 The Board of First HoldCo Plc (First HoldCo) has completed its divestment from its merchant banking subsidiary, FBNQuest Merchant Bank Limited to the EverQuest Group.

This strategic decision positions the company to optimise resource allocation and further reinforce its commitment to providing comprehensive financial solutions.

The proceeds from this divestment will be utilised to strengthen the capital base of the Group’s flagship subsidiary, FirstBank. In line with the strategic objectives, the Group is also investing in technology-driven innovations to enhance customer engagement, improve service delivery, and redefine the overall client experience.

The divestment from the merchant banking subsidiary is a strategic initiative to optimise capital efficiency and concentrate efforts on key growth sectors within the Group. Through reallocating resources to strengthen commercial banking operations while deepening offerings across subsidiaries, FirstHoldCo is enhancing its ability to innovate, provide exceptional customer value, and achieve sustainable returns for shareholders.

After this divestment, the First HoldCo Group still has the following subsidiaries in its fold; FirstBank, FirstCap, First Asset Management, First Trustees, First Securities Brokers and First Insurance Brokers.

Speaking on the divestment, the Chairman of First HoldCo Plc, Mr Femi Otedola, CON stated that “This divestment is fully consistent with our long-term strategy to enhance the Group’s performance and create additional value for both shareholders and stakeholders. It represents a strategic action that positions us for improved returns and sustainable growth.”

While providing further context on the positive impact of the divestment, the Group Managing Director of First HoldCo Plc, Wale Oyedeji said “By divesting from the merchant banking, we are reallocating resources to strengthen our commercial banking operations and drive growth across the Group. This strategic decision enables us to concentrate on executing our objectives more effectively and reinforces our commitment towards market leadership.”

As we progress beyond this important milestone, First HoldCo Plc looks forward to the opportunities enabled by this divestment. The enhancement of our commercial banking services represents not only an operational advancement but also reaffirms our commitment to adapting with our clients and delivering customised financial solutions in today’s evolving market landscape.