NDIC, NIBSS to strengthen failed banks’ depositor payouts

ndic-Logo-1024×433-1The Nigeria Deposit Insurance Corporation and the Nigeria Inter-Bank Settlement System Plc are set to sign a Memorandum of Understanding aimed at ensuring a more efficient process of reimbursement for depositors in the event of bank failure

According to a statement from the NDIC on Wednesday, the Managing Director/Chief Executive of the NDIC, Mr Thompson Sunday, disclosed this during a courtesy visit to the Corporation’s Head Office in Abuja by the NIBSS Executive Management team led by its Managing Director/Chief Executive, Mr Premier Oiwoh.

This proposed MoU comes a day after the NDIC commenced the liquidation process for two mortgage banks, Aso Savings and Loans and Union Homes Savings and Loans, whose licences were revoked by the Central Bank of Nigeria. NDIC said that depositors of the defunct banks will be paid their insured deposits of up to N2m per depositor, and those with deposits above N2m will be settled once the assets of the banks have been disposed of.

Speaking during the visit, the NDIC boss commended NIBSS for its longstanding partnership and invaluable contributions to strengthening the Corporation’s mandate of protecting depositors and enhancing public confidence in the banking system. He highlighted the pivotal role played by the NIBSS in driving digital verification processes, particularly through the deployment of the Bank Verification Number platform, which enabled seamless payment to the alternate bank accounts of depositors of the failed Heritage Bank Limited.

“You have been a reliable partner, and NDIC remains committed to that partnership. Without NIBSS’s support, it would have been difficult to achieve the milestone we attained with the closure of failed Heritage Bank despite the impromptu nature of the arrangement. That is why it is important for us to concretise our partnership through this MoU,” the NDIC MD/CE stressed.

Sunday highlighted key areas to be covered by the MoU, such as real-time synchronisation of NDIC’s deposit registers and electronic records to allow for swift verification of eligible accounts during bank resolution; expansion of disbursement channels for depositor claims to include Mobile Money Operators and a possible NDIC-branded mobile interface; and investment in Single Customer View and interoperability infrastructure for instant validation in the event of bank failure.

The NDIC boss also hailed NIBSS for reforming the payments system in Nigeria and putting it ahead of its peers in most parts of the world, adding that the efforts of the NIBBS platform in mitigating fraud in the financial system are laudable.

In his response, NIBSS’ Oiwoh expressed appreciation to the NDIC leadership for the sustained partnership that is geared towards a safer and smoother payment system in Nigeria over the years. He reaffirmed NIBSS’s full commitment to supporting the Corporation in the delivery of its mandate of depositor protection, emphasising that NIBSS exists to serve Nigerians and stands ready to provide the technological backbone required to enhance financial system stability.

Oiwoh emphasised the critical importance of prompt and efficient reimbursement during bank failures, noting that the NDIC’s efforts in this regard directly contribute to public trust and financial inclusion. He assured that his organisation is working closely with law enforcement agencies to proactively reinforce the safety of the nation’s payment system, as well as strengthen its infrastructure to lower the cost of transactions on its platforms.

The MoU between both institutions is expected to usher in a new era of digitised, responsive, and technology-driven depositor reimbursement processes, ultimately reinforcing confidence in Nigeria’s financial safety-net framework.

UBA, Lagride agree on $100m Drive-to-Own programme for drivers

Lagride Secures $100m UBA Facility, Expands EV Charging Infrastructure to  Transform Lagos Drivers into Asset Owners | Business Journal

Lagride said it has secured a $100 million financing facility from United Bank for Africa to expand its Drive To Own programme and enable 3,500 Lagos drivers to transition from daily earners into long-term asset owners, business operators and mobility investors.

The partnership strengthens Lagos State’s transportation ecosystem and accelerates the shift toward a structured, technology-enabled and financially bankable mobility sector. Over the past 10 months, Lagride has rebuilt its entire onboarding and operational system for drivers, known as Lagride Captains. The platform introduced a performance-led Drive To Earn structure supported by weekly and monthly rental models.

This system has generated consistent 90-day usage and repayment data across the fleet, allowing United Bank for Africa and other financial institutions to assess driver performance with accuracy, confidence and transparency.
Eligibility for the Drive To Own programme is based on clearly defined performance thresholds, repayment discipline, safety compliance and service consistency. Through this approach, Lagride has emerged as the most structured, data-driven and credit-ready mobility platform in Nigeria, setting a new benchmark for bankable driver financing and asset ownership.
“Transportation is the backbone of Africa’s economic future, and platforms like Lagride are creating the blueprint for how African cities can build modern, technology-driven and people-centred mobility systems.”
As part of the milestone, Lagride also unveiled an expanded electric vehicle charging facility in Alausa, Lagos, reinforcing its long-term commitment to clean, future-ready mobility. The expanded infrastructure is designed to support the growing electric vehicle segment within Lagride’s fleet, reduce operational downtime and enable more efficient, sustainable transportation at scale.

By pairing driver financing with practical EV infrastructure, Lagride is positioning itself as a mobility platform built not just for today’s Lagos, but for the next generation of urban transport.

Speaking on the landmark partnership, Chief Diana Chen, Chairman, Lagride, said that the ultimate goal of the Drive To Own programme is not to keep drivers behind the wheel indefinitely, but to move them up the economic value chain.
She explained that Lagride is intentionally designed to help drivers evolve from operators into owners, and ultimately into investors and partners managing multiple vehicles and teams of people.

“Lagride was created to give Lagos a modern, disciplined and technology-driven mobility system while ensuring that drivers are not left behind. The goal is for drivers who we call Captains to become business owners, fleet partners and mobility investors, not just drivers.
This 100 million dollar partnership with United Bank for Africa moves thousands of captains closer to owning productive assets, managing multiple cars and building stronger financial futures. It is a major step forward in our commitment to driver prosperity and the future of smart mobility in Lagos.”

She noted that the Drive To Own programme is a starting point, not an endpoint, laying the foundation for long-term enterprise building, governance and scalable wealth creation within the mobility sector. Delivering remarks at the event, Oliver Alawuba, Group Managing Director and CEO, United Bank for Africa, shared a personal reflection on his father, who had been a professional driver. He spoke about transportation as a source of dignity, livelihood and social mobility, and why UBA considers the sector critical to inclusive economic growth.

He also recounted his reaction when Chief Diana Chen first shared the Lagride vision, describing it as clear, ambitious and strongly aligned with UBA’s commitment to financing real-sector projects that create jobs, build assets and deliver long-term economic impact. According to him, Lagride represents the kind of transformational, well-governed and data-backed initiative that UBA exists to support across Africa.

The event featured contributions from key stakeholders across Lagride, UBA and CIG Motors Group, including: Chief Diana Chen, Chairman, Lagride; Ademola Adeyemi, Lagride Academy and Driver Management Team Lead; Dorathy Akpan Etim,  Lagride Captain on the Drive To Own Scheme with UBA; Brigadier General Chukwuemeka Udaya, Special Adviser to the Chairman on Government Relations, who signed on behalf of CIG Motors; Ifeanyi Abraham, PR Director, Lagride, who hosted the event among other dignitaries in attendance.

LP widens control of Abia Assembly as lawmaker, Obianyi dumps PDP

A member of the Abia State House of Assembly, representing Ukwa East constituency, Lewis Chinemerem Obianyi, has officially defected from the Peoples Democratic Party, PDP, to the Labour Party, LP.

The lawmaker announced his defection on Tuesday at the floor of the House during the plenary session.

While tendering his official resignation from the PDP, Obianyi declared   his new political affiliation with the Labour Party.

Obianyi is regarded as one of the most outspoken lawmakers in the Abia State House of Assembly, in addition to the number of bills he sponsored.

A close associate of the lawmaker, who spoke on the development on Tuesday, said the crises rocking the PDP was one of the reasons that influenced the defection.

2027: I will not be vice president to anybody – Amaechi rejects deputizing Atiku

Former Minister of Transportation, Rotimi Amaechi has vowed not to deputize any presidential candidate in the 2027 general elections.

There has been speculation that the former governor would deputize ex-vice president, Atiku Abubakar, who is likely emerging as the flagbearer of the African Democratic Congress, ADC.

But speaking at an event in Abuja, Amaechi clarified that he is too presidential to be anybody’s vice.

“I will not be vice president to anybody. There are too many reasons why I won’t be vice president to anybody.

“The first reason is that I’m too presidential to be vice”, he said.

According to Amaechi, who is also eyeing the presidential ticket of the ADC, the problem with the office of vice president is not ceremonial, it is structural.

The former governor of Rivers State claimed that in Nigeria, the office of the vice president is designed to be subordinate, often powerless, and depend entirely on the temperament of the president.

“We will quarrel, instead of that, I would rather be a minister than be a vice president”, Amaechi said.

Anti-corruption: EFCC must not be cowed – Coalition

A coalition of Concerned Civil Society Organisations has urged the Economic and Financial Crimes Commission, EFCC, to remain resolute in its war against corruption.

This comes amid allegations against the commission, with opposition politicians accusing it of doing the bidding of the presidency.

A former Attorney General of the Federation, Abubakar Malami, SAN, has gone as far as asking the EFCC Chairman, Ola Olukoyede to recuse himself from ongoing investigation involving him, accusing the EFCC helmsman of bias.https://dailypost.ng/2025/12/15/recuse-yourself-its-personal-vendetta-malami-tells-efcc-chairman-to-step-aside-from-probe/

However, a press statement obtained on Wednesday, signed Hon. Comrade Gloria Okolugbo, Coordinator, Coalition of Concerned Civil Society Organisations, accused politicians of throwing up allegations against the commission in order to evade lawful investigation.

It declared that Nigerians would not allow “unsubstantiated allegations, media grandstanding, or claims of personal vendetta to undermine an ongoing anti-corruption process.”

The coalition clearly affirmed that “Section 6 of the Act expressly mandates the EFCC to investigate economic and financial crimes, enforce all laws relating to corruption and illicit financial conduct, and trace, freeze, seize, and confiscate proceeds of crime.

“These powers apply to all persons, without exception, and without immunity for former public office holders, including former Attorneys-General.”

It rejected calls for Olukayode’s resignation, insisting that the present EFCC Chairman must continue to preside over the matter.

“There is no legal or moral basis for calls for his recusal. Under Section 7(1)(a)–(c) of the Act, the Commission is empowered to cause investigations to be conducted into the properties and financial activities of any person where reasonable suspicion exists, to obtain information from any individual or institution, and to initiate and supervise prosecutions arising from such investigations.

“Nowhere in the Act is a suspect granted the right to dictate who leads or supervises an investigation into their conduct.

“Allowing a person under investigation to demand the removal of the head of an anti-corruption agency would set a dangerous precedent and amount to institutional capitulation. Such a demand is alien to the law and represents a clear attempt to obstruct justice.

“The extraordinary level of noise, threats, and preemptive accusations being deployed by Mr. Malami only reinforces the public interest in a thorough and transparent investigation.

“If there is nothing to hide, there should be no fear of lawful inquiry. Those who once exercised prosecutorial authority over others should be the first to submit themselves calmly to the same legal processes they once enforced.

“For years, Nigerians have witnessed a disturbing contrast between the immense personal wealth openly displayed by some former public officials and the daily hardship endured by ordinary citizens.

“Assets, lifestyles, and financial flows that raise legitimate questions must be accounted for. This investigation is not persecution; it is accountability.

“We therefore reaffirm our full and unambiguous support for the EFCC in the discharge of its statutory duties.

“Under Section 38 of the EFCC Act, the Commission is empowered to investigate and prosecute offences relating to economic and financial crimes.

“Its mandate is simple and lawful: to follow the money and allow the courts to determine the outcome.

“No amount of intimidation, political posturing, or media theatrics should be allowed to derail this process.

“Nigeria must seize this moment to reaffirm a fundamental democratic principle: no one is above the law, and no individual may bully anti-corruption institutions into retreat,” the coalition declared.

Okpebholo presents N939.8bn, Idris, Oborevwori sign budgets

Governor, Monday Okpebholo.Edo State Governor, Monday Okpebholo, on Tuesday, presented a  N939.85bn 2026 Appropriation Bill, tagged the Budget of Hope and Growth, to the state House of Assembly.

This comes as Kebbi State Governor, Dr Nasir Idris, signed the N642.9bn 2026 Appropriation Bill into law, at the Government House in Birnin Kebbi, after receiving the approved appropriation bill from the Speaker of the state House of Assembly, Alhaji Usman Muhammad-Zuru.

The 2026 budget, recently passed by the legislature, reflects the administration’s emphasis on capital development, with N479.36bn, representing 75 per cent of total expenditure, earmarked for capital projects, while N163.57bn, or 25 per cent, is allocated to recurrent spending.

Also on Tuesday, Delta State Governor, Sheriff Oborevwori, signed into law the state’s 2026 Appropriation Bill of N1.729tn, tagged the “Budget of Accelerating the MORE Agenda.”

The N1,729,881,208,779 budget represents an increase of over 70 per cent compared to the 2025 budget.

Presenting the Edo State budget proposal, Okpebholo said the 2026 fiscal plan was carefully designed to build on the foundation laid in 2025 while expanding the reach of government programmes to directly impact the lives of Edo residents across all sectors of the economy.

A breakdown of the proposal shows a total expenditure of N939.85bn, with capital expenditure of N637bn, representing 68 per cent of the budget, while recurrent expenditure stands at N302bn, accounting for 32 per cent.

Okpebholo explained that the strong emphasis on capital spending reflected his administration’s determination to fast-track development through strategic investments in roads, schools, hospitals, water supply, housing and other high-impact economic projects across the state.

He disclosed that the 2026 budget would be funded through Internally Generated Revenue estimated at N160bn, Federation Account Allocation Committee disbursements projected at N480bn, capital receipts and grants of N153bn, N146bn from Public-Private Partnerships, as well as other viable revenue sources available to the state.

Under sectoral allocation, the economic sector received the largest share, with N614.2bn earmarked for agriculture, roads, transport, urban development and energy.

Priority areas included rural and urban road construction, completion of two flyovers, drainage works, urban renewal, and the expansion of farm estates and irrigation facilities.

The social sector was allocated N148.9bn to cater to education, healthcare, youth development, women’s affairs and social welfare.

Reflecting on the previous fiscal year, the governor noted that the 2025 budget recorded strong performance in both capital and recurrent expenditure, driven by improved IGR, following deliberate efforts to block leakages and strengthen collections, as well as notable achievements in security, roads, healthcare, agriculture, education and job creation.

On security, he said his administration inherited a grave situation marked by cult killings, kidnapping, robbery and cybercrime, with over 300 cult-related killings recorded in 2024 alone.

He highlighted measures taken, including the enactment of a stronger anti-cultism law, the procurement of 80 Hilux vans and 400 motorcycles for security agencies, and the recruitment and absorption of 2,500 officers into the Edo State Security Corps, which he said had significantly reduced insecurity across the state.

Okpebholo thanked traditional rulers, faith leaders, political appointees and civil servants for their support.

Speaking after signing the bill in Kebbi on Tuesday, Idris commended the speaker and members of the assembly for the speedy consideration and passage.

He described the development as a demonstration of shared commitment to people-oriented governance.

“I am the happiest person because this government truly belongs to the people of the state. Whatever we do is done in the best interest of our people,” he said.

He noted that the cordial relationship between the executive and legislative arms of government had continued to yield positive outcomes, stressing that such cooperation was essential for driving sustainable development across the state.

“We are working harmoniously with the state House of Assembly to move Kebbi State forward and take it to greater heights in line with our people-oriented governance,” the governor added.

Speaking during the signing ceremony in Delta, Oborevwori described the budget as “not just a budget of figures, but a budget of vision, action and expected deliverables for the next twelve months.”

He assured that “the state would hit the ground running in 2026 to accelerate development across key sectors.”

Oborevwori stated that the budgetary estimate, though ambitious, was achievable, with 70 per cent dedicated to capital expenditure and 30 per cent to recurrent spending.

The governor also signed three bills into law, adding that they were designed to reinforce social welfare, education, and security in the state.

Earlier, the Speaker of the state House of Assembly, Emomotimi Guwor, said the passage of the four bills followed rigorous legislative engagement, wide consultations, and thorough scrutiny in line with the assembly’s constitutional mandate.

Dangote allegations: NMDPRA boss disowns viral statement, welcomes ICPC probe

NMDPRAThe Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, has denied issuing any statement in response to allegations raised against him by the President of the Dangote Group, Alhaji Aliko Dangote.

Ahmed, in a short statement made available to our correspondent on Wednesday, said he did not authorise the statement circulating on social media on the matter.

At a press briefing at the Dangote Petroleum Refinery in Lekki, Lagos, on Sunday, Dangote called for a full investigation into the source of funds used by Ahmed, urging him to appear before the Code of Conduct Tribunal to offer a public explanation.

“I’ve actually had people making complaints about a regulator who has actually put his children in secondary school. And that secondary school education, which is six years, four of them cost Nigeria $5m. I mean, you cannot imagine somebody paying $5m for educating four children,” Dangote said.

Dangote also petitioned the Independent Corrupt Practices and Other Related Offences Commission to probe Ahmed’s financial activities, while alleging that the regulator’s actions amounted to economic sabotage that could undermine public trust and investor confidence, especially as he granted licences for fuel importation.

On Tuesday, a statement purportedly signed by Ahmed went viral, but the NMDPRA team told our correspondent that it was false.

Speaking, Ahmed said the viral statement did not emanate from him.

He said he had chosen not to engage in public brickbats despite being aware of the allegations against him and his family.

“My attention has been drawn to a purported response I was said to have made on the recent allegations against my person. I hereby state categorically that the so-called statement did not emanate from me.

“While I am aware of the wild and spurious allegations made against me and my family and the frenzy it has generated, as a regulator of a sensitive industry, I have opted not to engage in public brickbats,” he said.

The regulator expressed satisfaction that Dangote had taken the matter before the ICPC, believing this would allow him to clear his name.

“Thankfully, the person behind the allegations has taken it to a formal investigative institution. I believe that would provide an opportunity to dispassionately distil the issues and to clear my name,” he concluded.

Senate lowers oil benchmark, approves N54.46tn budget

SenateThe Senate on Tuesday approved a revised Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2026–2028, slashing Nigeria’s crude oil benchmark to $60 per barrel for 2026 and endorsing a N54.46tn federal spending framework designed to shield the economy from global uncertainties.

The upper chamber adopted the recommendations of its Committee on Finance following the presentation of the report by the committee’s chairman, Senator Sani Musa, at plenary presided over by Senate President Godswill Akpabio.

The approval comes amid heightened geopolitical tensions in Europe and the Middle East, persistent volatility in the global energy market, and concerns over the vulnerability of oil-dependent economies such as Nigeria to external shocks.

In a key adjustment, the Senate reduced the crude oil benchmark earlier proposed at $64.85 for 2026, $64.30 for 2027, and $65.50 for 2028 to $60, $65, and $70 per barrel for the respective years. The committee explained that the downward review was informed by global uncertainties and the sensitivity of oil prices to geopolitical developments.

Despite the conservative oil price outlook, lawmakers sustained domestic crude oil production projections at 1.84 million barrels per day for 2026, 1.88 million barrels per day for 2027, and 1.92 million barrels per day for 2028, expressing confidence in ongoing sectoral reforms and efforts to stabilise output.

On macroeconomic assumptions, the Senate endorsed projected exchange rates of N1,512 to the dollar in 2026, N1,432.15 in 2027, and N1,383.18 in 2028, aligning with the Central Bank of Nigeria’s outlook and its drive to stabilise the naira through coordinated fiscal and monetary policies.

Inflation is projected to ease gradually over the medium term, moderating to 16.5 per cent in 2026, 13 per cent in 2027, and nine per cent in 2028. The committee anchored the projections on sustained monetary tightening and reforms aimed at addressing structural drivers of inflation.

Similarly, the Senate sustained real GDP growth projections of 4.68 per cent for 2026, 5.96 per cent for 2027, and 7.9 per cent for 2028, citing the expected impact of economic reforms, improved revenue mobilisation, and gains from recently enacted tax reforms expected to take firmer effect from 2026.

A major plank of the report was the emphasis on the effective implementation of newly enacted Tax Acts as critical tools for economic growth and fiscal sustainability.

In this regard, the committee recommended the adoption of a National Scanning Policy within the National Single Window of the Nigeria Revenue Service, in collaboration with relevant agencies, to enhance revenue assurance, reduce leakages, improve trade facilitation, strengthen transparency, and bolster national security.

On fiscal operations, the Senate approved a total proposed expenditure of N54.46tn for the 2026 financial year.

Of this amount, Federal Government retained revenue is estimated at N34.33tn, while new borrowings—both domestic and foreign—are projected at N17.88tn. Debt service obligations were put at N15.52tn.

The framework also provides N1.376tn for pensions, gratuities, and retirees’ benefits, while the fiscal deficit is pegged at N20.13tn.

Capital expenditure, exclusive of transfers, was sustained at N20.131tn, alongside statutory transfers of N3.152tn and a Sinking Fund provision of N388.54bn.

Total recurrent (non-debt) expenditure was approved at N15.265tn, while special intervention funds for recurrent and capital spending were fixed at N200bn and N14bn, respectively.

In concluding remarks, the committee expressed appreciation to the Senate for what it described as its commitment to a critical national assignment, expressing optimism that faithful implementation of the approved framework would help stabilise the economy and promote sustainable growth.

Nigerian stock exchange gains N13bn on industrial rally

NGXThe Nigerian Stock Exchange gained N13bn at the close of trading on Tuesday, driven by performances in consumer and industrial stocks. The market capitalisation of the exchange now stands at N95.3tn.

The All-Share Index inched up by 21.23 points to close at 149,459.11, representing a one-week gain of 1.71 per cent, a four-week gain of 3.08 per cent, and a year-to-date gain of 45.21 per cent. Other indices that recorded gains included the Insurance Index, which rose 0.36 per cent; the Consumer Goods Index, up 0.21 per cent; and the Pension Index, up 0.07 per cent.

A total of 912,582,020 shares were traded in 23,678 deals, representing a market value of N20.2bn. Compared with Monday’s trading session, volume rose by 65 per cent, turnover increased by 52 per cent, while the number of deals declined by 18 per cent.

In all, 129 listed equities participated in trading, with 31 stocks recording gains and 26 stocks posting losses. Aluminium Extrusion Industries led the gainers with a ten per cent share price appreciation, closing at N9.35 per share. This was followed by Guinness Nigeria, which rose by 9.98 per cent to N263.40; MeCure Industries, which gained 9.95 per cent to N45.85; and Multiverse Mining and Exploration, also up 9.95 per cent to N12.15. Other notable gainers included Sovren Insurance, which increased by 9.89 per cent to N4.11, and Sunu Assur, up 7.96 per cent to N4.34.

On the losing side, Haldane McCall recorded the largest decline, falling by 9.93 per cent to N3.72 per share. This was followed by LivingTrust Mortgage Bank, down 9.09 per cent to N3.50; Veritas Kapital Assurance, also down 9.09 per cent to N1.60; Linkage Assurance, which shed 5.71 per cent to N1.65; and Champion Breweries, down 5.63 per cent to N13.40.

Access Holdings recorded the highest volume of 385,834,219 shares traded, followed by Sterling Bank with 85,488,191 shares, FCMB Group with 75,689,568 shares, First HoldCo with 51,923,443 shares, and AIICO with 36,690,774 shares. Access Holdings also led in value with N7.72bn, followed by First HoldCo with N1.83bn, GTCO with N1.50bn, Zenith Bank with N0.92bn, and MTN with N0.80bn.

On Monday, the Nigerian Exchange Limited closed the first weekday of trading on a modest positive note, gaining about N3bn as investors adopted a cautious stance amid mixed sentiment across sectors.

MRS begins N739/litre petrol sales, PETROAN kicks

Billy Gillis-HarrySome 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