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Dangote refinery cuts diesel, jet fuel prices

The Dangote Petroleum Refinery has lowered its gantry prices for Automotive Gas Oil (diesel) and Aviation Turbine Kerosene (jet fuel).

According to data from Petroleumprice.ng, the Dangote refinery reduced the diesel gantry price by N100, from N1,700 per litre to N1,600 per litre, representing a reduction of 5.9 per cent. Jet fuel prices were also lowered by N100, from N1,550 per litre to N1,450 per litre.

This comes hours after the refinery announced a N75 drop in the petrol gantry price from N1,250 to N1,175 per litre.

The reduction was linked to the drop in crude prices following the de-escalation of the Middle East crisis

It was gathered that private depot operators have started lowering prices to compete with the Dangote refinery.

According to Petroleumprice.ng, Rainoil has adjusted the jet fuel price from N1,553 per litre to N1,550 per litre on Monday. Similarly, diesel’s closing price across Lagos depots on Tuesday at African Terminal, Sahara, Ibeto and Duport was an average of N1,660 per litre.

Oil prices sustained their downward trend on Tuesday, falling below $80 per barrel for the first time in about three months.

From $83 per barrel on Monday, Brent crude, the global benchmark, fell to $78 on Tuesday, according to data from Oilprice.com.

The price of Brent is now well below the peak it hit during the war, which was about $120 a barrel. Before 28 February, when the war started, the Brent price was below $70. During the crisis, it traded at about $120 per barrel, leading to a sharp increase in fuel prices globally.

It is expected that this trend will now reverse following the latest developments between the US and Iran.

Speaking during an interview, Chinedu Ukadike of IPMAN noted that fuel prices may keep falling should the US-Iran tensions be fully resolved.

According to Ukadike, marketers have not yet reduced pump prices because many still hold old stock, and he urged Nigerians to exercise patience. He said consumers often expect immediate price adjustments, noting that such moves would result in losses for marketers still holding expensive inventory.

“This announcement is enabling people who have old stocks to clear out their stocks, not only clearing out their stocks but also enabling them to prepare to take the fresh stocks,” he said.

Ukadike added that loading activities usually slow down whenever the Dangote refinery announces new prices, allowing marketers time to clear old stock.

“Once the Dangote refinery announces a new price, there is a serious pause in loading. And it will enable people who just bought new products to see how they can clear the old stocks within the window of a day or two. Then when the new stocks start coming into the market, the process of supply and price will set in. Definitely, by tomorrow and Friday, people will start adjusting to the new price,” he said.

However, the spokesman of the Petroleum Products Retail Outlet Owners Association of Nigeria, Joseph Obele, expressed concern that imported petroleum products appear cheaper than locally refined fuel, calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to issue more licences for fuel imports.

Like Obele, Nigerians on social media have complained that the reductions do not reflect the recent decline in crude oil prices.

by admin — June 18, 2026 in Business 0

Oil exports drive Nigeria’s current account surplus to $4.98bn

Nigeria’s current account surplus rose sharply by 255.7 per cent quarter-on-quarter to $4.98bn in the first quarter of 2026, driven by higher crude oil, gas and refined petroleum exports, as well as a steep decline in petroleum product imports, according to the latest Balance of Payments report released by the Central Bank of Nigeria on Wednesday.

The apex bank, in its Q1 2026 Balance of Payments Highlights, stated that “provisional balance of payments statistics for Q1 2026 show a current account surplus of $4.98bn, which was higher than the $1.40bn and $3.41bn recorded in the preceding quarter (Q4 2025) and corresponding period (Q1 2025), respectively.”

The report showed that the current account surplus expanded by 255.71 per cent from the $1.40bn recorded in the fourth quarter of 2025 and was 46.04 per cent higher than the $3.41bn surplus posted in the corresponding period of 2025.

According to the CBN, the improvement was supported by increased earnings from crude oil exports, gas exports and refined petroleum product exports, alongside a significant reduction in refined petroleum product imports and lower net out-payments on the primary income account.

The report noted that crude oil export earnings rose to $8.11bn in Q1 2026 from $6.77bn in Q4 2025, while gas exports increased to $2.53bn from $2.24bn. Refined petroleum product exports also climbed to $2.37bn from $1.97bn during the period. At the same time, refined petroleum product imports plunged by 87.5 per cent to $0.31bn from $2.48bn in the preceding quarter.

A breakdown of the external sector data showed that the goods account, which is the largest component of the current account, recorded a surplus of $5.95bn in Q1 2026, compared with $1.77bn in Q4 2025 and $3.35bn in Q1 2025.

The CBN said, “The goods account (a major sub-account in the current account) recorded a significantly higher surplus of $5.95bn in Q1 2026, as against $1.77bn and $3.35bn recorded in the preceding quarter and corresponding period of 2025.”

The stronger goods account position was underpinned by a rise in total exports to $15.49bn from $13.36bn in the previous quarter, largely due to higher crude oil and gas exports. Meanwhile, total imports fell to $9.54bn from $11.59bn, reflecting lower imports of refined petroleum products and non-oil goods.

Crude oil exports increased by 19.79 per cent quarter-on-quarter to $8.11bn, while gas exports rose by 12.95 per cent to $2.53bn. Refined petroleum product exports jumped by 20.3 per cent to $2.37bn. Non-oil exports also improved marginally by 4.62 per cent to $2.49bn.

On the import side, non-oil imports declined by 10.49 per cent to $7.85bn, while refined petroleum product imports dropped sharply to $0.31bn from $2.48bn. However, crude oil imports rose to $1.39bn from $0.34bn recorded in Q4 2025.

The report also showed mixed performances across other current account components. Net out-payments on services increased to $3.71bn from $3.32bn, driven largely by higher net debits in travel and other business services.

“The increase in net out-payments for services was largely due to increases in net debits in travel and other business services,” the bank stated.

The primary income deficit narrowed to $2.83bn from $3.27bn in the preceding quarter, reflecting lower dividend and interest payments to foreign investors. According to the report, “This was largely attributable to a decrease in out-payments (dividend and interest) to non-residents’ investments, mostly to direct investors.”

The secondary income account surplus, which largely captures remittance inflows, declined to $5.57bn from $6.21bn. Personal transfers from Nigerians in the diaspora fell to $5.30bn from $5.72bn in Q4 2025.

Despite the stronger current account position, the financial account remained in a net borrowing position. The report showed that net borrowing increased to $2.51bn in Q1 2026 from $1.96bn in the previous quarter.

Portfolio investment inflows strengthened during the period, rising to $6.03bn from $5.27bn in Q4 2025, while direct investment inflows moderated slightly to $1.03bn from $1.11bn. Nigerian investments abroad recorded outflows of $0.20bn under direct investment assets and $0.26bn under portfolio assets.

The CBN attributed developments in the financial account to increased portfolio investment inflows, a marginal decline in direct investment inflows, accretion to external reserves, and increased acquisition of portfolio investment assets abroad by residents.

Further analysis of the balance of payments data showed that Nigeria recorded an overall balance of payments surplus of $2.38bn in Q1 2026, lower than the $2.67bn surplus achieved in Q4 2025. The stock of external reserves, however, rose significantly to $48.35bn at the end of March 2026 from $45.75bn at the end of December 2025.

The report also highlighted a deterioration in net errors and omissions, which widened to negative $7.49bn in Q1 2026 from negative $3.36bn in the preceding quarter.

The latest figures indicate that improvements in oil production, rising petroleum exports and reduced dependence on imported fuel continued to strengthen Nigeria’s external position during the first quarter, helping to offset weaker remittance inflows and higher service-related outflows.

by admin — June 18, 2026 in Business 0

Alleged defamation: Peter Obi vows to proceed with charges against Kenneth Okonkwo

The Nigeria Democratic Congress, NDC, presidential candidate, Peter Obi, has vowed to continue with a defamation lawsuit against a chieftain of the African Democratic Congress, ADC, Kenneth Okonkwo over allegations of corruption during the party’s primary elections.

Obi made the vow on Tuesday during an exclusive interview on Nevon Media hosted by Oseni Rufai.

Recall that the Nollywood veteran-turned politician had appeared on a national television and claimed that House of Representatives aspirants were coerced into paying a N10 million bribe under Obi’s watch to secure tickets.

The lawyer claimed that the aspirant privately described the former governor as the leader of the extortion scheme, stating that Peter Obi is the head, stomach, and feet of the criminal gang.

Okonkwo accused Obi handpicking candidates who did not win or participate in the primaries at a hotel in Abuja.

Reacting during the interview, Obi said, “The issue of taking Kenneth Okonkwo to court wouldn’t have arisen if he had stopped at those allegations. But he claimed he still has more he would expose about me in the future.

“So I am very happy to take him to court so that he can expose me publicly, alongside other Nigerians. If any of them has any criminal allegations against me, they should bring it to court.”

by admin — June 17, 2026 in News 0

NDC introduces anti-defection oath, candidates risk losing seats for dumping party

The Nigeria Democratic Congress (NDC) has introduced a new anti-defection policy requiring candidates seeking elective offices on its platform to sign legal documents committing to vacate their positions if they leave the party after winning elections.

The development was disclosed during a ceremony held at the party’s National Secretariat in Abuja, where party officials unveiled indemnity and affidavit forms for aspirants and candidates ahead of future elections.

According to the National Chairman of the party, Moses Cleopas, the policy will apply to candidates contesting presidential, governorship, National Assembly and other elective positions under the NDC platform.

Cleopas said the decision was aimed at strengthening party discipline and preventing situations where politicians secure electoral victories on a party platform and later defect to another political party.

“In our last NEC meeting, a motion was moved, supported and adopted, establishing that when we take over government, people elected on the platform of our party must respect the party’s instrument,” he said.

The chairman stated that the party was determined to protect its electoral mandates and preserve what he described as the principle of party supremacy.

“One thing we have come to observe is that in the present polity, when people contest elections and win under political parties, they become gods. And within the period they ought to serve, they will, on one minor excuse, dump the platform and perhaps move to the ruling party,” he added.

Cleopas cited experiences from previous election cycles, noting that some opposition parties lost several elected members after elections despite securing victories on their platforms.

“A very typical example that we have all seen in the last three years is the Labour Party, where so many individuals won elections under the platform of the party. Now, we are in another election cycle. Go and check their history. How many of the people who won elections under the Labour Party and were inaugurated are still members of the party?” he said.

He stressed that membership of the party remains voluntary but insisted that anyone seeking elective office under the NDC must agree to abide by its internal regulations.

“If you want to contest an election under the platform of the NDC, you are free to come. Nobody is forcing you. But when you come, you should know that there are certain rules by which we, as a political party, guide our members,” Cleopas stated.

Also speaking, the party’s National Legal Adviser, Reuben Egwuaba, defended the policy, arguing that political parties operate as voluntary associations governed by rules accepted by members.

“A political party is just like a club, church or mosque where there are rules and regulations. That is why the 1999 Constitution, under Section 222, states that a candidate of a political party is merely an agent of the party,” he said.

He maintained that electoral mandates belong to political parties rather than individual candidates.

“So, if you are privileged to win an election after clinching the party ticket, that does not mean the mandate belongs to you,” Egwuaba added.

The party said the affidavit and indemnity forms are intended to reinforce loyalty to the platform and ensure that elected officials remain committed to the party throughout their tenure.

by admin — June 17, 2026 in News 0

Oshiomhole makes U-turn on forgery claim in Natasha’s suspension

The lawmaker representing Edo North Senatorial District, Adams Oshiomhole, has denied he alleged that signatures of lawmakers were forged in the report that recommended the suspension of Kogi Central Senator, Natasha Akpoti-Uduaghan.

This was contained in a statement he issues on Tuesday, noting that his comments during an interview on AIT were misrepresented.

Oshiomole denied that he ever claimed signatures of senators were forged.

He said that he only raised issue that a senator who served on the committee had claimed that attendance signatures of some lawmakers were attached to the final report.

Recall that the Nigerian Senate denied allegations by Oshiomhole over Natasha’s issue, stating that it would look into it and take a stand.

According to Oshiomole in the statement, “The insinuation that I said signatures of Senators were forged is a complete misrepresentation of what I actually said

“The only comment I made is that one Senator, who is a member of the Committee, claimed’ that the signatures of attendance of some Senators were attached to the final report.

by admin — June 17, 2026 in News 0

Benue: Arrested men in Okpokwu were travellers, not kidnappers – MACBAN

The Benue State Chairman of the Miyetti Allah Cattle Breeders Association of Nigeria, MACBAN, Ardo Muhammad, has maintained that the individuals arrested in Okpokwu Local Government Area last week were innocent travellers and not kidnappers.

In a statement released on Tuesday in Makurdi, Muhammad alleged that the four Fulani men were on their way from Benue State to Onitsha to visit family members when they came under attack.

The incident followed reports that local youths had thwarted a kidnapping attempt in the area on Wednesday, rescuing five people allegedly held by suspected abductors.

Authorities later announced that three suspects were apprehended and handed over to the police, while another person reportedly escaped.

Confirming the development, Chairman of Okpokwu Local Government Area, Adah Inalegwu, said the suspected kidnappers abandoned their captives after being chased by vigilante youths.

He explained that three individuals were arrested the next day, but noted that security agencies had not yet established their connection to the alleged abduction.

“They are strangers in the community. It has not yet been confirmed if they were kidnappers, but they have been handed over to the police,” the chairman said.

However, Muhammad rejected claims linking the arrested men to kidnapping activities, insisting that they were merely travelling to see their relatives in Onitsha.

He said, “The four Fulani men arrested were travellers going from Benue State to Onitsha to visit their relatives. One of them managed to escape.

“The other three were severely beaten. One of them later died from his injuries at the scene, while the remaining two are currently receiving medical treatment.”

The MACBAN chairman urged security agencies to investigate the incident thoroughly, apprehend those responsible for the attack, and ensure justice is served.

He further dismissed allegations that the men were involved in criminal activities, arguing that they were targeted solely because they were Fulani travellers moving peacefully through the area.

by admin — June 17, 2026 in News 0

Edo Govt demolishes building linked to cultism, ritual activities

The Edo State Government has demolished a building allegedly linked to cultism and ritual activities in Uromi, Esan North-East Local Government Area of the state.

In a statement by Governor Monday Okpebholo’s media aide, Patrick Ebojele, on Tuesday, another property was also sealed off in a renewed crackdown on crime and criminal networks.

Ebojele said the operation was carried out under “Operation Flush Out Kidnappers and Cultists”.

According to him, the operation involved the Edo State Security Corps, the Nigeria Police Force, and other security agencies under the supervision of senior security officials attached to the governor.

Secretary of the Edo State Security Squad, John Izegaegbe, said the intervention followed intelligence reports and field findings in the area.

Izegaegbe added that one of the sealed buildings in Ebhoijie-Uromi was linked to a disturbing discovery made in June.

“We are here on the order of Governor Monday Okpebholo, and, on getting here, we discovered that it is a ritual and murder case.

“It was further discovered, according to medical experts, that the body found in the building, which is the body of their gatekeeper, identified as Mildah Dalandi, had been decomposing for about one month in the apartment,” he said.

The state government reiterated that investigations were ongoing and assured residents that efforts to dismantle criminal networks across communities would continue.

by admin — June 17, 2026 in News 0

Senate recalls members from recess over rising insecurity

The Senate has suspended its ongoing legislative recess and summoned lawmakers for an emergency plenary session to address pressing national issues, particularly the rising insecurity across the country.

In a notice dated June 15 and signed by the Clerk of the Senate, Emmanuel Odo, senators were directed to reconvene at the National Assembly Complex in Abuja on Tuesday, June 23, at 11:00 a.m.

The notice, issued on the directive of Senate President Godswill Akpabio, stated that the emergency sitting was necessitated by matters of urgent national importance requiring immediate legislative attention.

“The purpose of this emergency sitting is to enable the Senate to consider matters of urgent national importance, particularly issues relating to national security and other critical concerns that require immediate legislative attention,” the notice read.

The Senate also apologised for any inconvenience the development might cause and urged all lawmakers to make the necessary arrangements to attend.

The decision marks a significant shift from the National Assembly’s earlier schedule.

Last week, both chambers of the federal legislature adjourned plenary and proceeded on recess, with lawmakers expected to resume legislative activities on July 7, 2026.

The break was intended to allow members to observe the Democracy Day holiday and undertake constituency engagements across their respective districts.

The emergency recall comes amid growing concerns over insecurity and renewed calls for stronger measures to tackle terrorism, banditry and kidnapping.

Only four days ago, President Bola Tinubu declared that no mercy would be shown to terrorists and their sponsors.

In his Democracy Day address, the President issued a stern warning to bandits, kidnappers and those financing terror activities, urging them to surrender or face the full weight of the law.

Tinubu revealed that more than 13,000 terrorists had been neutralised within the past year and claimed that terror-related deaths had dropped by 81 per cent since 2015.

He, however, acknowledged that the continued captivity of schoolchildren abducted in Oyo and Borno states remained a painful reminder of the country’s security challenges.

The emergency sitting is also expected to come against the backdrop of ongoing legislative efforts to reform Nigeria’s security architecture.

Last week, the National Assembly advanced proposals for the creation of state police as both the Senate and the House of Representatives moved to amend the 1999 Constitution to permit decentralised policing.

The proposed legislation seeks to transfer policing from the Exclusive Legislative List to the Concurrent Legislative List, thereby allowing states to establish and control their own police formations.

To achieve this, the bill proposes amendments to Sections 197, 214 and 215 of the Constitution, among others.

The Senate has already passed the measure for second reading, signalling lawmakers’ determination to find lasting solutions to the country’s persistent security crisis.

The June 23 emergency session is expected to provide an opportunity for senators to deliberate on the nation’s security challenges and consider further legislative interventions.

by admin — June 17, 2026 in News 0

Ecobank boosts SME support at 2026 Adire fair

Ecobank Nigeria has reiterated its commitment to driving the growth of Small and Medium Enterprises and promoting local industries as the fifth edition of the Ecobank Adire Lagos Experience concluded successfully on Sunday, 14 June 2026.

The four-day international exhibition, which took place at the Ecobank Pan African Centre on Victoria Island, Lagos, served as a vibrant hub celebrating Nigeria’s rich cultural heritage and indigenous fashion. The massive event drew over 30,000 visitors, including shoppers, exhibitors, industry stakeholders, and cultural enthusiasts.

Hundreds of local exhibitors took advantage of the fair to showcase a diverse array of Adire fabrics, footwear, fashion accessories, leather goods, beauty products, and arts and crafts. Beyond immediate sales, the platform offered micro-businesses unique access to new markets, direct customer engagement, and critical networking opportunities to scale their operations.

The high-profile gathering also attracted prominent national figures, including a former President, Chief Olusegun Obasanjo; Nobel Laureate, Prof Wole Soyinka; and the First Lady of Lagos State, Dr Ibijoke Sanwo-Olu, alongside senior banking executives and diplomats

Speaking on the economic impact of the fair, the Managing Director and Regional Executive of Ecobank Nigeria, Bolaji Lawal, expressed gratitude to all participants while emphasising the financial institution’s broader vision for the SME sector.

“We are delighted with the tremendous turnout and positive impact recorded during this year’s Ecobank Adire Lagos Experience,” Lawal stated.

“We sincerely appreciate all our exhibitors, partners, customers, guests, and visitors who contributed to making the event a remarkable success,” he added.

Lawal further noted that the resilience of local businesses encourages the bank to sustain its investments in the creative and retail sectors, saying, “Their continued support inspires us to create platforms that empower entrepreneurs, preserve our cultural heritage, promote intra-African trade, and stimulate economic growth. The success of this year’s edition reinforces Ecobank’s commitment to supporting Small and Medium Enterprises, promoting local industries, and creating sustainable opportunities for businesses to grow and thrive.”

Exhibitors at the multi-day fair lauded the financial institution for absorbing the logistical weight of hosting such an expansive marketplace, noting that the exposure has helped bridge the gap between local artisans and premium consumer segments.

“This exhibition has provided us with a unique space to not only increase our immediate sales but also generate valuable, long-term business leads,” one of the textile exhibitors shared.

Similarly, visitors and shoppers praised the continuity of the annual event, describing it as an essential driver for regional cultural tourism and sustainable African craftsmanship.

“The fair has evolved over the years into a major platform for promoting local enterprise and creativity. Seeing corporate bodies consistently back our local fabrics on this scale gives local fashion a massive global appeal,” a regular attendee remarked.

Since its inception, the Ecobank Adire Lagos Experience has grown into one of Nigeria’s premier cultural and business exhibitions, serving as a critical commercial pipeline for indigenous traders while positioning traditional African textiles for the international market.

by admin — June 17, 2026 in Business 0

Telcos under pressure to resolve fibre broadband bottlenecks

Telecommunications operators and regulators are under growing pressure to address bottlenecks slowing Nigeria’s fibre broadband rollout as industry stakeholders prepare for a high-level policy forum in Lagos.

The Association of Telecommunications Companies of Nigeria said the issues surrounding fibre-to-the-home deployment have become critical to Nigeria’s digital transformation agenda, warning that current challenges are limiting broadband expansion and digital inclusion.

This comes as the President of ATCON, Tony Emoekpere, confirmed that the Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission, Dr Aminu Maida, will deliver the keynote address at the upcoming Critical Conversation Forum on FTTH scheduled for 30 June 2026, in Lagos.

The forum is expected to bring together telecommunications companies, infrastructure providers, investors, policymakers, and state governments to address structural challenges affecting fibre deployment across the country.

ATCON said the confirmation of the NCC boss has heightened expectations for the event themed “Fibre to the Home in Nigeria: Addressing Challenges, Strengthening Standards, and Ensuring Sustainable Deployment.”

According to the association, fibre broadband infrastructure is increasingly central to Nigeria’s economic growth, but operators continue to face multiple constraints that have slowed investment and rollout.

These include multiple taxation, high right-of-way charges, regulatory bottlenecks, infrastructure vandalism, inconsistent state policies, high capital expenditure requirements, and limited access to financing for broadband projects.

Others are weak coordination among stakeholders, quality assurance concerns, and sustainability challenges affecting long-term network maintenance.

ATCON argued that fibre broadband deployment requires a distinct regulatory approach, different from mobile telecommunications, due to its fixed infrastructure nature, higher capital intensity, and long-term investment cycle.

“The fibre broadband ecosystem is fundamentally different from mobile telecommunications and requires tailored regulatory frameworks that reflect its unique operational realities,” the association said in a statement.

It added that existing policies developed during the mobile telecom era may not adequately address the complexities of FTTH and fibre-to-the-premises networks.

The association said the forum will focus on practical solutions, including regulatory reforms, infrastructure protection, technical standards, sustainable financing models, infrastructure sharing, consumer protection, and improved collaboration among stakeholders.

It noted that improving fibre broadband penetration is essential to supporting Nigeria’s digital economy ambitions, including job creation, digital inclusion, e-commerce growth, and improved access to education and healthcare services.

ATCON said the engagement is expected to produce actionable recommendations to accelerate broadband deployment and strengthen investor confidence in Nigeria’s telecom infrastructure sector.

The forum is also expected to explore ways to deepen state government participation in broadband expansion and address long-standing operational barriers affecting network rollout.

ATCON expressed optimism that the participation of the NCC leadership would help drive consensus on reforms needed to accelerate fibre infrastructure development nationwide.

by admin — June 17, 2026 in Business 0