Dangote denies claims marketers re-import fuel via Togo

The management of Dangote Petroleum Refinery and Petrochemicals has denied claims by S&P Global that Nigerian marketers are re-importing the fuels it exports to the Lomé trading hub in Togo,  describing the claim as “unfounded and misleading”.

“Management states unequivocally that the allegation is not supported by verifiable trade data, commercial logic, or the operational realities of the Dangote refinery,” the company said in a statement.

A core mandate of the refinery, according to the statement, is to strengthen domestic supply and remain a leading provider of petroleum products in Nigeria, stressing, “Any practice that enables imports to compete directly with its own production clearly contradicts this objective.”

The management added that all sales contracts and tender agreements expressly prohibit the resale or re-importation of Dangote refinery products into Nigeria.

It was emphasised that the economics of the purported trade route are fundamentally flawed. “Estimated logistics costs for transporting products from the refinery to Lomé and back into Nigeria range between US$82–90 per metric tonne. Such additional costs would significantly erode margins and render the transaction commercially unviable.

“Dangote refinery does not provide export discounts sufficient to offset these costs or create arbitrage opportunities between export and domestic markets. Simply put, no rational producer would incur additional shipping, storage, financing, and handling costs only for products to re-enter and compete in its primary market,” the firm clarified.

The management also highlighted that the refinery maintains stringent product traceability protocols, including detailed records of lifting points, nominated vessels, counterparties, and declared destinations. These measures, it was said, ensure full visibility and accountability across the supply chain.

The statement insisted that any “claim suggesting that the refinery facilitates or tolerates re-importation is inconsistent with its contractual safeguards and established compliance standards”.

The refinery noted that it has consistently advocated for reducing Nigeria’s dependence on imported petroleum products, adding that encouraging or enabling re-importation would undermine local refining efforts, strain foreign exchange reserves, and weaken national industrial growth, positions that are contrary to its core objectives.

“Management reiterates that there is no strategic, economic, or operational basis for the claim that Dangote refinery exports products for re-importation into Nigeria. The allegation is entirely unfounded and does not withstand scrutiny when measured against market logic, contractual frameworks, and industry practices,” it said.

S&P Global Energy official, Matthew Tracey-Cook, during a webinar organised by the Major Energies Marketers Association of Nigeria disclosed that Nigerian fuel marketers were increasingly importing refined petroleum products originating from the Dangote refinery through the offshore ship-to-ship trading hub in Lomé, Togo.

Though Tracey-Cook did not say the Dangote refinery was aware of the development, he said Dangote volumes on a coastal basis do arrive back in Lagos from Lomé.

“For several months, from March until May, we saw well over 70 to 80 per cent of the volumes that were imported into Nigeria actually originated from Dangote; from their coastal Dangote volumes which were re-imported,” he said.

The PUNCH recalls that some fuel importers in the country alleged in November 2025 that the Dangote refinery sells a litre of petrol to international traders at N65 cheaper than the amount it offers to marketers in Nigeria.

The Depot and Petroleum Product Marketers Association of Nigeria and the Petroleum Products Retail Outlet Owners Association of Nigeria confirmed this in separate interviews with our correspondent at the time.

“Dangote is selling to international traders at N65 lower than what he offers in Nigeria. How is it possible for some of our members to buy from someone who bought from Dangote?

“Dangote sells to international traders at N65 cheaper than what he is selling to us. In some instances, we were able to buy from those people and still bring it to Nigeria. They will take the product to Lomé, claiming that they are buying large quantities,” DAPPMAN stated in 2025.

But the refinery dispelled the allegation of cheaper petrol sales in Togo compared to Nigeria, with many Nigerians questioning how local marketers could leave the producer of a product in his home country to buy it from another trader in Togo.

The Dangote refinery is in court to stop fuel importation into Nigeria.

CBN reports N17.4tn surge in FG borrowing

Olayemi CardosoFresh data released by the Central Bank of Nigeria  reveals that credit to the Federal Government rose sharply over the 12 months ending in May 2026.

The surge highlights an aggressive public sector appetite for borrowing despite the prevailing tight monetary conditions in the country.

According to the CBN’s latest monetary and credit statistics on Wednesday, total credit to the government climbed to N40.38tn in May 2026, up from N22.99tn recorded in the corresponding period of 2025. This marks a year-on-year increase of N17.39tn (approximately N17.4tn), representing a massive 75.6 per cent rise in lending exposure to the public sector.

On a month-on-month basis, the government’s borrowing momentum showed no signs of slowing down, expanding by N779.70bn in just 30 days from the N39.60tn reported in April 2026.

Banking sector data indicate that commercial and merchant lenders are continuing to allocate significant liquidity towards government securities. Rather than channelling funds into the wider economy, financial institutions have heavily favoured low-risk instruments like Federal Government bonds and treasury bills to help finance ongoing fiscal operations.

This steady rise in public sector credit reflects a strategic shift by fiscal authorities to seek alternative funding sources through domestic debt issuance, moving away from direct CBN financing.

In stark contrast to the government’s aggressive borrowing, credit to the private sector grew modestly in May 2026. Lending to businesses and households ticked up to N81.04tn, compared to N80.59tn in April, reflecting a highly cautious approach by lenders and a slower expansion of credit to the real economy. Despite this sluggish monthly growth, private sector credit remains dominant in absolute terms, sitting at roughly 2.01 times the level of public sector credit for May.

Economic analysts and financial experts suggest that the data clearly underscores a persistent tilt towards public sector borrowing, driven by the government’s need to fund its fiscal deficit. While the banking system remains liquid, economists caution that if financial institutions continue to prioritise high-yield government debt, it could permanently “crowd out” productive private industries. Without access to affordable credit, local businesses and manufacturers may struggle to expand, potentially slowing overall economic growth.

The apex bank has not released a detailed sectoral breakdown of private credit allocation for the period under review.

However, the overarching trend points towards a banking sector heavily recalibrating its risk dynamics to favour government obligations over the real economy.

2027: No form of inducement can stop us from taking over Bayelsa – NDC to Gov Diri

Bayelsa State chapter of the Nigeria Democratic Congress, NDC, has urged Governor Douye Diri to adopt an inclusive leadership approach that prioritizes the interests of Bayelsans over political agendas, concentrating on policies and programs that foster sustainable development, economic growth, and enhance the welfare of the populace.

Speaking with journalists in Yenagoa, the State Chairman of the NDC, Hon. Dauprebo Ikuromo, called on the Bayelsa State Government to “avoid attempts to entice NDC aspirants with financial incentives designed to create rifts within the party.”

Ikuromo asserted that “no form of inducement can divert the NDC from its objective of assuming leadership in the state.”

He recommended that such “resources should be allocated instead to tackle the state’s urgent developmental issues, including the situation of the commissioned but non-operational gas turbines.”

In response to concerns regarding reported discontent within the party, the NDC Chairman indicated that a comprehensive grievance redress mechanism has been established under the leadership of Senator Henry Seriake Dickson.

He added that the party’s National Executive Council will release the list of candidates for various positions within the timeframe set by the Independent National Electoral Commission, INEC.

Ikuromo also commended the National Leader of the NDC for his exemplary conduct during the party’s primary elections.

He characterized Dickson’s leadership as commendable, highlighting his ability to manage the primary election process nationwide with fairness, tact, and wisdom, thereby ensuring equitable opportunities for all aspirants.

The Bayelsa NDC further recognized Senator Dickson’s dedication to the inclusion of youth and women in the party’s primaries, describing this initiative as aligned with the principles of affirmative action and enhanced political participation. According to the party Chairman, such policies are vital for cultivating a robust and inclusive political movement.

The NDC chairman, however, called on party members and supporters across Bayelsa State to remain united and focused on the party’s objective of taking over governance from what he described as a ruling party that has failed the nation.

Ilobu Killing: Osun APC, Adeleke’s campaign council exchange blame

The death of a 14-year-old boy in Ilobu, Osun State, has sparked a fresh war of words between the All Progressives Congress, APC, and the Imole Campaign Council, with both sides accusing each other of politicising the tragedy ahead of the forthcoming governorship election.

DAILY POST recalls that a teenager, identified as Ezekiel Olapade, was reportedly killed during a shooting incident on Sunday near the Irepodun Local Government Secretariat, Ilobu with nother person also injured during the attack.

The incident has generated widespread concern in the state and intensified political tensions, as rival political parties continue to trade accusations over the circumstances surrounding the killing and the reactions that followed.

The APC, in a statement issued on Tuesday by its Director of Media and Information, Kola Olabisi, criticised Governor Ademola Adeleke’s visit to the bereaved family, alleging that the occasion was transformed into a political event.

According to Olabisi, “the governor should have focused solely on mourning with the family rather than making remarks that the party interpreted as political in nature.

“Such an occasion for strictly mourning the young lad was inappropriate for Governor Adeleke to have turned it to a campaign ground as it could be likened to the state chief executive doing the wrong thing at the wrong time and wrong place,” he said.

The opposition party also questioned the governor’s comments regarding the incident, arguing that it was improper to attribute responsibility for the killing before the conclusion of police investigations.

Olabisi stated, “It didn’t add up and unexpected of a worthy chief executive to have bypassed the police in their investigation when he named the opposition party as being responsible for the killing.”

The APC alleged that there were contradictions in the governor’s position after he reportedly called for a police investigation while simultaneously expressing views on those responsible for the attack.

Meanwhile, the Imole Campaign Council dismissed the APC’s allegations and accused the opposition party of attempting to exploit the teenager’s death for political advantage.

In a statement signed by its spokesperson, Pelumi Olajengbesi, the council expressed concern over what it described as an increase in political violence in Osun State and called on all political actors to exercise restraint.

Olajengbesi said the loss of innocent lives should unite stakeholders in the pursuit of peace rather than deepen political divisions.

“The recent escalation of political violence in Osun is a threat to us all. The loss of innocent lives has no place in a civil society. Democracy cannot thrive where citizens live in fear,” he said.

The council also urged security agencies, including the Inspector-General of Police, to ensure that all residents receive equal protection regardless of political affiliation and warned against selective enforcement of the law.

Olajengbesi maintained that electoral contests should be determined through public support and democratic participation, adding, “Democracy demands persuasion, not coercion.

Political parties should compete with ideas, policies, and performance, not with conduct that threatens public peace and safety.”

The controversy followed allegations by the deceased’s father, Gbenga Olapade, who claimed that his son was struck by a bullet while trying to assist his mother during the chaos.

He also alleged that armed men opened fire near a palm wine bar owned by his wife and the deceased teenager’s mother and that security personnel at the scene failed to intervene as the attackers arrived.

Kano govt marks Azman University, other alleged illegal structures, orders owners to show documents

The Kano State Government has marked over 50 properties, including Azman University, as part of an ongoing crackdown on illegal structures across the state.

The Director General of the Kano Geographic Information System (KANGIS), Dr. Dalhatu Aliyu Sani, who is also leading the enforcement committee, said the affected property owners have been asked to present their documents or face legal action.

Speaking during the exercise on Tuesday, he explained that the illegal structures include buildings without proper ownership documents or those constructed in restricted areas such as under high-tension power lines or on waterways.

“Some structures have no documents to prove ownership, while others are built in prohibited places like under the national grid or on drainage paths. All these are considered illegal,” he said.

He said the enforcement team visited several locations along Maiduguri Road, Rijiyar Gwangwan, Ladi Makole, Matar Fada road, and other parts of Kano, where many properties were sealed or marked.

“Today alone, we marked more than 50 properties. Our operation is called ‘Operation Show Your Document.’ If you come forward with genuine documents, we will allow you to continue. You will not pay any money,” he said.

Sani stressed that the government is not targeting anyone unfairly, but simply enforcing the law.

“If you do the right thing, you have nothing to worry about. But if you refuse to come forward, then the law will take its course. It is not business as usual,” he added.

At Azman University, the officials did not shut down the institution but placed markings on some structures and asked the management to present all relevant documents.

“We are here at the university. We did not close it, students are still learning, but we have asked the owners to come and present their documents,” he said.

He noted that the university premises include several other facilities such as a filling station and factories, which will also be assessed.

“It is a large property with many structures inside. When they come, they must provide documents for everything, including the filling station and other facilities,” he explained.

The KANGIS boss also emphasized that no one is above the law, regardless of status or political affiliation.

“No exemption in Kano. No matter who you are, you must follow the law. Everyone must go through due process,” he said.

He called on residents to cooperate with the committee, assuring that the exercise is in the best interest of the state.

“In the end, this will benefit all of us. We want a better, more organized Kano,” he added.

Police investigate ammunition sent to First Bank MD in Lagos

Lagos State Police Command has launched an investigation into the delivery of a suspicious parcel containing two live rounds of ammunition to the residence of the Managing Director of First Bank of Nigeria, Oluwasegun Alebiosu.

Lagos State Commissioner of Police, Tijani Fatai, confirmed the development on Tuesday, describing the incident as a serious security concern.

According to the police commissioner, the parcel was delivered to the bank chief’s residence in the Ikoyi area of Lagos on May 7, 2026.

Fatai disclosed the incident while briefing journalists at the command headquarters in Ikeja during a review of the command’s activities over the past two weeks.

He explained that the parcel was received by a security guard at the residence on behalf of the bank executive.

“The Managing Director of First Bank reported that a parcel collected by a security guard at his residence was later opened and found to contain two live rounds of ammunition,” the commissioner said.

He added that the recovered ammunition was identified as 7.62mm calibre rounds, prompting the police to immediately commence investigations into the matter.

The commissioner noted that no arrest had been made so far but assured that detectives were actively pursuing all available leads to uncover those responsible for the act.

According to him, the complainant had mentioned certain individuals he suspected might be connected to the incident, but stressed that such claims remained allegations pending the outcome of investigations.

“Those mentioned are merely suspects based on the complainant’s suspicion. Our investigation will determine those truly connected to the incident,” he stated.

Fatai urged members of the public to avoid speculation while investigations remain ongoing, noting that all claims and allegations would be thoroughly scrutinised before any conclusion is reached.

He also clarified that no individual or organisation had officially been linked to the incident at this stage.

The police commissioner assured that the investigation would be exhaustive and pledged that anyone found responsible would be brought to justice.

World Cup 2026: Cristiano Ronaldo now Portugal’s all-time leading goal scorer [Top 11]

Portugal captain, Cristiano Ronaldo, is now the country’s all-time leading goalscorer in the FIFA World Cup tournament.

The 41-year-old achieved this feat after scoring a brace in Portugal’s 5-0 win against Uzbekistan on Tuesday.

Ronaldo’s brace has taken his tally to 10 goals in FIFA World Cup history from 24 appearances.

The Al-Nassr forward is one goal ahead of Eusébio on the list.

Portugal’s all-time leading goal scorer in the World Cup [Top 11]:

10 goals – Ronaldo

9 goals – Eusébio

4 goals – Pauleta

3 goals – José Augusto, José Torres and Gonçalo Ramos

2 goals – Pepe, Bruno Fernandes, Thiago, Rafael Leão and Maniche.

Sowore: DSS begins probe of operatives’ conduct

The Department of State Services, DSS, has announced an investigation into the conduct of its operatives following the remand of activist Omoyele Sowore at Kuje Correctional Centre in Abuja.

The Service said it was aware of public concerns arising from events at the Federal High Court in Abuja on June Monday which led to Sowore’s remand, including an altercation involving a custodial officer and a reported scuffle with security operatives.

This was made known in a statement on Tuesday by Favour Dozie, DSS Deputy Director, Public Relations and Strategic Communications.

According to the DSS, although Sowore was eventually taken to Kuje Prison, he reportedly opted to be transported in a DSS vehicle instead of a Correctional Service vehicle, a development the agency described as unusual and part of the circumstances under review.

The DSS said its Director-General has ordered an immediate investigation into the conduct of operatives involved in the incident.

Providing background, the agency said Sowore’s case stemmed from a post he allegedly made on his social media accounts on August 25, 2025, in which he criticised President Bola Ahmed Tinubu over remarks made during a foreign trip.

It said rather than arrest him immediately, the Service issued a letter on September 4, 2025, demanding a retraction within one week, in line with what it described as efforts to resolve such matters without force.

The DSS referenced previous cases, including the Federal High Court’s ruling that declared Prof. Pat Utomi’s “Shadow Government” unconstitutional, as well as instances where it said it sought apologies or judicial clarification over alleged false publications involving its operatives.

The agency also cited past defamation cases involving allegations against its personnel, noting that courts had ruled in favour of its officers.

It further stated that Sowore was charged under Section 24 of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024, and that he was granted bail on self-recognition without opposition from the DSS.

The Service maintained that the remand and related proceedings were based strictly on court processes, adding that it neither effected the arrest nor opposed the bail granted to Sowore.

The DSS reaffirmed its commitment to professionalism and adherence to the rule of law, even in the face of public criticism.

MTN urges unity amid South Africa-Nigeria tensions

MTNMTN Group President and Chief Executive Officer, Ralph Mupita, has called for greater unity, stronger adherence to the rule of law and deeper economic integration across Africa, warning that rising anti‑immigrant sentiments and cross‑border tensions could undermine the continent’s development ambitions and deter investment.

Mupita’s remarks come amid renewed diplomatic tensions sparked by anti-immigrant protests in South Africa and Ghana, which have drawn widespread criticism on social media and prompted threats of retaliatory actions against businesses associated with those countries in markets such as Nigeria.

Writing on LinkedIn ahead of a migration dialogue hosted by the Kgalema Motlanthe Foundation, Mupita noted that Africa’s long‑term prosperity would depend on its ability to strengthen social cohesion while accelerating economic cooperation among countries.

“The future of Africa depends on greater social solidarity, increasing economic integration and the observance of the rule of law,” Mupita said.

His remarks add to growing concerns among policymakers and business leaders over the economic consequences of recurring episodes of Afrophobia and xenophobic violence on the continent.

Analysts have long warned that such incidents damage Africa’s reputation among international investors at a time when governments are competing for foreign capital to support infrastructure, industrialisation and job creation.

The World Bank and other development institutions have repeatedly highlighted political instability and social unrest as factors that weaken investor confidence and reduce foreign direct investment inflows into Sub‑Saharan Africa.

For many observers, the latest tensions underscore the fragility of regional integration efforts under frameworks such as the African Continental Free Trade Area, which aims to create a single market for goods and services across the continent.

Mupita’s emphasis on the rule of law was particularly significant given longstanding concerns over the protection of foreign nationals and businesses operating across African borders.

Human rights groups have previously criticised authorities for failing to adequately prevent attacks on migrants and foreign‑owned businesses during outbreaks of xenophobic violence in South Africa. At the same time, businesses operating in host countries elsewhere on the continent have occasionally faced calls for boycotts or reprisals during diplomatic disputes.

Speaking to Bloomberg, Mupita said MTN had not experienced any direct impact on its operations from the recent tensions but remained alert to developments in key markets.

“We have not seen impacts specifically to our business, but we’re very sensitive in markets such as Nigeria and Ghana,” he said.

MTN, Africa’s largest mobile network operator by subscribers, has significant operations across several countries, including Nigeria, Ghana and South Africa, making regional stability critical to its business.

Industry observers note that the telecom giant’s footprint gives it a unique perspective on the importance of cross‑border cooperation and economic integration. The company serves millions of customers and supports extensive digital infrastructure that underpins commerce and communication across the continent.

Wema Bank, EIB Global sign €50m SME financing deal

Wema Bank has entered into a €50m financing agreement with the European Investment Bank’s development arm, EIB Global, to expand access to credit for Small and Medium-sized Enterprises.

The facility focuses specifically on women- and youth-owned businesses across the country.

The agreement was signed on Friday, 19 June 2026, at the bank’s headquarters in Lagos, marking the first transaction between EIB Global and Wema Bank.

According to both institutions, the facility is aimed at supporting eligible businesses across Nigeria, with at least 50 per cent of the loans earmarked for youth-owned enterprises to promote entrepreneurship, job creation, and inclusive economic growth.

The remaining 50 per cent will target businesses owned, managed, employing, or primarily serving women.

The initiative is backed by the European Union’s Global Gateway programme and is aligned with Nigeria’s Financial Inclusion Strategy.

In addition to the credit line, EIB Global said it would provide technical assistance to Wema Bank through its Greening the Financial Sector programme.

The support is intended to strengthen climate-related lending practices and promote environmentally sustainable investments.

Beneficiaries of the fund will include Wema Bank customers with qualifying businesses, as well as graduates of selected accelerator programmes.

These include the Investing in Young Businesses in Africa initiative, a Team Europe programme focused on supporting young entrepreneurs, particularly women and youths.

Speaking at the signing ceremony, the EIB Vice President, Ambroise Fayolle, described the agreement as a step towards promoting youth employment and gender inclusion in Nigeria.

Fayolle said, “This first financial agreement with Wema Bank is an important contribution to strengthen youth employment, gender equality and women’s empowerment in Nigeria.

“We also support entrepreneurs in adopting best practices in green financing. This is our responsibility as the EU climate bank and a key partner of Global Gateway.”

The Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said the facility would enable the bank to deepen its support for underserved segments of the economy.

Oseni said, “As a bank whose legacy is rooted in empowerment, this agreement presents remarkable opportunities to scale our impact even further.

“In tandem with our commitment to inclusion, this facility is strategically focused not only on helping more businesses access critical financial support, but also on addressing gender gaps and creating opportunities for Nigerian youths to become economically active and self-employed.”

He added that the financial institution would ensure that qualified businesses benefit from the opportunity.

The two institutions said the partnership reflects their shared commitment to youth employment, gender equality, access to finance for women entrepreneurs and young enterprises, as well as environmental sustainability.

The EIB noted that it had invested about €2.3bn in Nigeria since commencing operations in the country in 1978.

The bank added that the funds had supported projects in sectors including transport, climate adaptation, innovation, digitalisation, agribusiness logistics, and SME financing.

Among those present at the signing ceremony were Wema Bank’s Deputy Managing Director, Oluwole Ajimisinmi; Executive Director, Olukayode Bakare; and the European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot.