FCMB Secures National Licence, Eyes Global Scale

FCMB Group Plc has secured a national banking licence for its flagship banking subsidiary after completing a major capital raise, positioning the lender to maintain domestic operations while pursuing the higher capital threshold required for international status under Nigeria’s ongoing banking sector recapitalisation programme.

The development comes as the Central Bank of Nigeria’s (CBN) recapitalisation exercise, introduced in 2024, continues to expose differing strategies among lenders ahead of the March 31, 2026 deadline. Under the new framework, banks operating with international licences are required to maintain a minimum paid-up capital of N500bn, while national banks must meet a N200bn threshold.

Regulatory filings show that FCMB crossed the national requirement following the successful completion of a N147.5bn public offer in 2024, enabling it to secure the national licence for its banking subsidiary.

The move places the group ahead of the minimum requirement for domestic banking operations and provides operational continuity as the recapitalisation process unfolds.

The group is now targeting the international licence benchmark through further capital raising initiatives.

These include a N160bn offer launched in late 2025 and a shareholder-approved capital raising programme of up to N400bn, subject to regulatory approvals.

If completed, the additional funds would lift FCMB above the N500bn threshold, expanding its operational scope beyond national borders.
Several tier-one banks, including Access Bank, Zenith Bank, Guaranty Trust Bank, United Bank for Africa, Fidelity Bank and First Bank of Nigeria, have already announced transactions that place them above the international capital requirement.

In contrast, other lenders such as Stanbic IBTC Holdings and Wema Bank are expected to retain national licences, reflecting varied balance-sheet positions and strategic priorities.
Market analysts say the divergence in approaches underscores differences in capital strength, risk appetite and timing rather than regulatory pressure. According to one fund manager, the recapitalisation framework allows flexibility in execution, noting that the key risk lies in missing the deadline rather than the pace at which capital is raised.

The recapitalisation exercise is also reshaping the broader banking landscape through mergers, asset divestments and strategic realignments. Smaller lenders are increasingly opting for regional or niche licences, while non-interest banks have largely met their capital requirements.

For FCMB, analysts say the outcome remains optional rather than existential. The national licence ensures business continuity, while securing an international licence would enhance strategic flexibility and growth prospects.

With market conditions still volatile, the final phase of the recapitalisation programme is expected to test execution capabilities across Nigeria’s banking sector.

Nigeria Regulator Says Qatar Airways Flight Return Was Precautionary, Not An Emergency

Nigeria’s aviation regulator said Saturday that a Qatar Airways flight from Lagos to Doha returned to Lagos on Friday as a precaution after the crew detected a technical alert, dismissing reports that described the incident as an emergency.

Qatar Airways flight QR1406 turned back to Murtala Muhammed International Airport on Friday after the cockpit crew identified the issue during the flight. The aircraft landed normally and safely, with all 248 passengers and 12 crew on board, disembarking without incident, the Nigerian Civil Aviation Authority said.

“An air return due to a technical alert that landed normally and safely without incident is standard aviation practice,” said Michael Achimugu, director of public affairs and consumer protection at the NCAA. “There was no incursion, no excursion and no crash landing.”

The regulator said precautionary air returns are a routine part of global aviation safety protocols designed to prioritise passenger safety and allow technical issues to be addressed on the ground.

In a statement issued Saturday, Qatar Airways said the cockpit crew followed established operational procedures and acted in the interest of safety.

“The cockpit crew followed all established safety procedures, and the aircraft landed safely in Lagos,” the airline said. “The safety of our passengers and crew remains our highest priority.”

Qatar Airways said passengers were assisted on arrival and rebooked on the next suitable flights to reach their destinations, apologising for any inconvenience caused.

Aviation and emergency authorities said the coordinated response to the aircraft’s return demonstrated the effectiveness of Nigeria’s aviation safety oversight and emergency preparedness. The NCAA said the incident underscores the professionalism of international carriers operating in Nigeria and reflects safety systems working as designed.

Seplat Energy Reaffirms Responsible Operations, Backs NGX’s Net-Zero Drive

 Seplat Energy Plc has reiterated that oil and gas will continue to play a critical role in Nigeria’s energy mix, while stressing the need for operators to conduct their activities responsibly, efficiently, and sustainably.

This position was articulated by Mr. Okechukwu Mba, Director, Gas & New Energy, Seplat Energy Plc, who represented the Company’s Chief Executive Officer, Mr. Roger Brown, at a high-level climate roundtable organised by the Nigerian Exchange Group (NGX Group) in partnership with DEG, Germany’s development finance institution, and Africa Foresight Group (AFG) in Lagos.

Speaking at the event, Mr. Mba noted that the real issue facing Nigeria’s energy sector is not whether oil and gas should exist, but how operators manage their responsibilities to the environment, society, and the economy.

“Oil and gas will remain an important part of Nigeria’s energy mix for some time to come. The right conversation is not whether oil and gas should exist, but how operators conduct themselves responsibly,” he said.

He emphasised that responsible operations must be driven by concrete actions, including improved efficiency, reduced emissions, and credible offsetting strategies.

At Seplat Energy, Mr. Mba explained, this commitment is already being translated into measurable outcomes. He disclosed that the company had launched a comprehensive programme several years ago to end routine gas flaring across all its onshore operations, adding that by the end of last year, all the projects required to achieve this milestone had been delivered and were currently at the commissioning stage.

“Very soon, we will be able to clearly state that routine flaring has ended in our onshore operations. This is an important milestone that speaks to our stewardship of the environment, while remaining focused on delivering energy to the nation,” he said.

He further highlighted Seplat Energy’s deployment of technology to enhance operational efficiency, including real-time monitoring of emissions across pipelines, valves, plants, and other critical infrastructure, supported by a robust asset integrity programme designed to identify and eliminate emissions.

Beyond operational measures, Mr. Mba said the company is also implementing nature-based solutions to offset emissions. In one of its host communities in Edo State, Seplat Energy has launched an afforestation programme committing to plant millions of trees over a five-year period, with the first phase already completed.

He also pointed to the company’s investments in gas and LPG infrastructure as part of efforts to reduce emissions beyond its direct operations. According to him, expanding access to LPG helps reduce reliance on firewood, charcoal, and other biomass fuels, particularly in communities outside major cities.

Following Seplat Energy’s offshore acquisition, he noted that LPG that was previously exported has now been redirected to the domestic market, significantly improving availability, affordability, and overall market quality.

Mr. Mba also underscored the urgent need for financing to support Nigeria’s energy transition, particularly gas and gas-to-power projects, noting that while only about five gigawatts of electricity currently come from the national grid, a much larger share of power is self-generated through petrol and diesel generators that produce significantly higher emissions.

“If we replace these inefficient power sources with gas-powered energy, we can achieve substantial decarbonisation. But without adequate financing, these projects cannot be implemented, and the benefits will not be realised,” he said.

The event marked the launch of the NGX Net-Zero Programme (N-Zero), an initiative designed to support listed companies in defining net-zero pathways, improving climate-related disclosures, and aligning with global investor expectations. The programme is expected to unlock between $2.5 billion and $3.1 billion in climate-linked capital for Nigerian companies.

Speaking at the launch, Dr. Umaru Kwairanga, Group Chairman of NGX Group, said Africa’s capital markets must take a leading role in driving climate action and sustainable growth, adding that the NGX Net-Zero Programme would help companies move from climate ambition to measurable action.

Also presenting the investment case, Mr. Temi Popoola, Group Managing Director of NGX Group, noted that climate risk has become a critical factor in valuation and capital allocation globally, while Ms. Monika Beck, a member of the Management Board of DEG, said the partnership aligns with DEG’s strategy of mobilising private capital to accelerate climate action while delivering measurable development impact.

Heirs Insurance Hackathon Opens: Nine University Students Will Be Rewarded With N9million Innovation Prize

 Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, calls for applications for the maiden edition of the Heirs Insurance Hackathon, a technology-driven innovation programme designed to empower young students shape the future of insurance through Artificial Intelligence and digital solutions.
The Hackathon is open only to students in universities, polytechnics, and other tertiary institutions to build solutions for real-world challenges across the insurance value chain, from customer experience and claims processing to underwriting, distribution, data, and operational efficiency.
Registration closes on February 16, 2026, with winning teams to be announced at the Hackathon Grand Finale in April. A total prize pool of ₦9 million will be awarded to the top three teams.
The initiative reflects Heirs Insurance Group’s commitment to youth empowerment, digital skills development, and inclusive innovation, providing a platform for young Nigerians to apply emerging technologies to critical financial services challenges while gaining exposure to industry, mentorship, and real business problems.
The Hackathon is being delivered in partnership with Redtech, the digital payment solutions arm of Heirs Holdings, which will bring its technical expertise to support the programme and review submitted solutions, ensuring that ideas are evaluated not only for creativity but also for technical feasibility, scalability, and real-world impact.
Commenting on the launch, Peace O. Philips, Chief Digital Officer, Heirs Insurance Group, said: “Africa’s future will be built by young people who have the opportunity to apply their ideas, creativity, and technology skills to real economic challenges. Through the Heirs Insurance Hackathon, we are giving the next generation of innovators a platform to engage with the insurance industry, build meaningful solutions, and contribute to shaping a more efficient and inclusive financial system.”
Entries can be submitted on the Heirs Insurance Group website at www.heirsinsurancegroup.com/hackathon/
Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.
Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.
Transport firm seeks stronger collaboration on road safety

Okeyson TransportsA transport company, Okeyson Transports, has reiterated its commitment to passengers’ safety, saying it will continue to operate within the ambit of standard operating procedures that meet the Federal Road Safety Commission’s dictates.

This was made known through a statement from the transport company on Thursday. According to the statement, the visit, which took place earlier this week, was led by the Managing Director of Okeyson Transports, Mr Charles Okey-Udeji, alongside members of the company’s management team.

The engagement, the statement noted, provided a platform for discussions on improving road safety, enhancing driver professionalism, and fostering closer collaboration between transport operators and regulatory authorities.

Last year, the Federal Road Safety Corps attributed the loss of over 3,400 lives in road crashes across Nigeria between January and September 2025 to reckless driver behaviour and human error.

The corps maintained that 3,433 persons were killed and 22,162 injured in 6,858 reported road crashes within the first nine months of the year, fuelled by inadequate training and poor discipline among Nigerian drivers.

The FRSC identified driver fatigue, overloading, use of phones while driving, conveyance of passengers in haulage vehicles, and carrying fuel in plastic containers as major causes of road crashes, stressing that most incidents are preventable if drivers adhere to safety rules.

Speaking during the meeting, Charles Okey-Udeji said passenger safety remained a top priority for the company, stressing that safety goes beyond regulatory compliance to reflect a broader responsibility to customers and society.

Okey-Udeji said, “Okeyson Transports is committed to building a strong safety culture across all levels of our operations. This visit reflects our desire to continue working closely with the FRSC to ensure that our drivers, vehicles, and operational processes meet and exceed national safety standards.”

The company’s delegation commended the FRSC for its sustained efforts in reducing road accidents and promoting safe driving habits across the country, particularly during festive periods when traffic volumes increase.

The company’s MD added that the visit focused on potential areas of collaboration, including driver training programmes, safety awareness campaigns, compliance monitoring, and the adoption of best practices aimed at improving road transport safety.

He further said the engagement also underscored Okeyson Transports’ broader vision of raising professional standards within the Nigerian transport industry through proactive engagement with regulatory bodies.

Power reforms to deliver stable electricity – NDPHC

niger delta power holding company (NDPHC)The Niger Delta Power Holding Company has urged Nigerians to remain hopeful, assuring that ongoing reforms in the power sector will translate into a more reliable and sustainable electricity supply across the country.

The Managing Director and Chief Executive Officer of NDPHC, Jennifer Adighije, gave the assurance in her New Year message, where she called for unity and collective resolve in support of President Bola Tinubu’s Renewed Hope Agenda.

Adighije expressed confidence that with sustained commitment and cooperation, Nigerians would begin to experience tangible improvements in electricity supply, noting that efficient power generation remains critical to strengthening the nation’s electricity value chain.

She reaffirmed NDPHC’s dedication to its mandate, stressing that collaboration among key stakeholders was essential to achieving lasting stability in the power sector

“Collective resolve and cooperation across stakeholders—government, the private sector, host communities and citizens—are essential to realise the vision of sustainable power for all.

“This new year, I urge every Nigerian to remain hopeful and united. When we support the President’s vision for a revitalised power sector, we are investing in our shared future. NDPHC is dedicated to efficient power generation, and together with the nation, we will make sustainable electricity a reality,” she said.

Adighije’s message came as the company marked its 20th anniversary, an event that highlighted renewed efforts to reposition NDPHC as a key driver of power generation and stability in Nigeria’s electricity sector.

Speaking at the anniversary celebration, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said recent reforms at NDPHC were restoring confidence in the power sector and giving fresh hope for industrial growth and socio-economic development.

“I was thrilled by Engr Jennifer Adighije’s achievements within the short time she has taken up the leadership of NDPHC. I was particularly pleased that we have a wonderful woman appointed to this office who is performing excellently,” Ekpo said.

The minister stressed that reliable electricity remained fundamental to Nigeria’s development aspirations, linking power supply directly to industrialisation and improved living conditions.

“Without power, there will be no industrialisation, and our homes will not be energised. Listening to her outline the improvements that have taken place in the power sector gives me confidence that Nigeria is heading in the right direction,” he added.

Ekpo also commended the management team of NDPHC and acknowledged the role of the Vice President, Kashim Shettima, who chairs the company’s board, in providing strategic leadership and oversight.

“I appreciate her and her team for the wonderful work they are doing. This commendation also goes to the vice president, who is providing strong leadership at the board level,” he stated.

The comments underscore growing expectations that reforms within NDPHC and the wider power sector will deliver a more dependable electricity supply, boost investor confidence, and support Nigeria’s industrial and economic growth.

MAN backs tax laws to aid recovery

Francis-MeshioyeThe Manufacturers Association of Nigeria and the Chairman of the Presidential Committee on Fiscal Policy and Tax Reform, Taiwo Oyedele, have noted that the newly enacted tax laws were designed to help Nigerian businesses recover, regain competitiveness, and expand from the domestic market into regional markets, following years of distortion caused by multiple taxation and policy inconsistencies.

Speaking at MAN’s hybrid stakeholders’ engagement in Lagos titled ‘Legislative Assembly to Factory Floor: What the New Tax Laws Mean for Nigerian Manufacturers’, on Thursday, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reform, Oyedele, said the old tax regime had made Nigerian manufacturers uncompetitive even within their own country.

Oyedele noted that the new laws are targeted at restoring competitiveness, starting from the local market. “Today, you can manufacture in Nigeria and imported alternatives will still land cheaper, even after freight, insurance, and duties. What it means is that even in our own market, we are struggling to compete.

“We want our businesses to compete first locally, then within the region, especially under the African Continental Free Trade Area,” he said, warning that Nigeria risked losing jobs and investments to neighbouring countries if reforms were not undertaken.

He asserted that the system was “broken”, noting that manufacturers faced disproportionately higher effective tax rates due to a mix of legal and illegal levies imposed by state and non-state actors.

Oyedele said, “We were taxing capital. We were taxing investments. We have one of the highest tax burdens on corporate profits in the world here in Nigeria. Manufacturers, more than any other sector, had to deal with a multiplicity of taxes everywhere they turned, and even legal taxes were being collected illegally. This was not working for us, and it wasn’t going to work.”

He explained that the reforms were anchored on economic growth rather than punitive taxation, stressing that expanding business output would ultimately yield more revenue for the government. “If the government provides the enabling environment and businesses grow, even at a lower tax rate, the government will make much more money. This is how every country that is doing well has developed,” Oyedele said.

The tax czar added that the reforms also addressed fiscal equity, tax evasion, and policy distortions, including abuses within free trade zones. He said, “Free zones are intended to produce for export, not to sell into the domestic market and compete with companies paying full taxes. That is not a level playing field.” He disclosed that the laws aimed to reduce total taxes and levies across all tiers of government to single digits, building on long-standing complaints by MAN over excessive taxation.

He noted that while some nuisance taxes were embedded in the Constitution, the committee has sent proposals to the National Assembly to remove them as part of ongoing constitutional amendments. Oyedele also said the reforms respected constitutional limits by encouraging states to domesticate harmonised tax laws rather than imposing federal directives, adding that several states had already begun passing aligned legislation.

The President of MAN, Francis Meshioye, urged state governments to fully domesticate and enforce the new tax laws, describing it as being in their own economic interest. “It will provide a new business environment in terms of tax reform and give more confidence in government policy. When businesses do more, governments will earn more from a larger volume of activity rather than higher rates,” he said.

Meshioye added that a supportive tax environment would unlock multiple benefits, including employment generation, higher output and stronger value chains across manufacturing and services. “It is a win-win. The more viable the business environment, the more revenue the government will generate from expanded economic activities,” he said.

Additionally, the Director-General of MAN, Segun Ajayi-Kadir, stated that the success of the reform depended on full alignment by sub-national governments. He said, “We are happy that at least 10 states have passed laws fully aligned with the federal framework. This will help eliminate nuisance taxes and illegal collection practices that have long been the bane of manufacturers.”

Ajayi-Kadir said the voluntary domestication of the laws by states signalled progress, adding that the reforms would be meaningless without sub-national buy-in. “Now that states are passing these laws on their own, it bodes well for manufacturers and for the sustainability of the tax reform agenda,” he said.

NECA urges employers to prioritise workplace safety

The Nigerian Employers’ Consultative Association and the Nigeria Social Insurance Trust Fund have intensified efforts to improve workplace safety standards across the country, warning that negligence, poor awareness, and weak safety culture continue to expose Nigerian workers to preventable injuries and deaths.

The renewed push came on Friday in Abuja at a press conference ahead of the NSITF-NECA Safe Workplace Intervention Project 2025 interactive enlightenment fora and award ceremonies.

The PUNCH reports that SWIP is a collaborative occupational health and safety initiative designed to improve workplace safety standards across Nigeria. The project involves auditing corporate workplaces on safety policies, infrastructure, emergency preparedness, and overall compliance with national and international safety best practices.

In 2025, 200 companies and organisations across the country’s six geopolitical zones were audited on their occupational health and safety practices under the initiative. Five ambulances, alongside other safety equipment, would be presented to outstanding performers at an award ceremony.

Speaking at the event, the Director-General of NECA, Adewale-Smatt Oyerinde, said workplace safety remained a life-and-death issue that was often treated with dangerous nonchalance by employers and employees alike.

The DG noted that occupational safety and health had recently been elevated by the International Labour Organisation to a core convention, binding on all member states.

Oyerinde said, “Two years ago, health and safety actually became one of the core conventions of the International Labour Organisation. For those of us who understand conventions, they are the instruments that the ILO works through, international treaties that everybody is bound by, and the core conventions.

“Health and safety are no longer optional. It is now a human rights issue. Labour is not a commodity; there are human beings behind every job. The disposition of the private sector to the issue of health and safety is changing away from what people used to think. And our commitment, the commitment of both organisations, led to the commencement of the Safe Workplace Intervention Project many years ago.”

He stressed that workplace accidents were often irreversible, even when victims survived. He also highlighted that emerging realities such as remote work, artificial intelligence, and home-based accidents would require a rethinking of what constitutes a workplace.

“Of course, there are issues and worries about safety issues in the workplace. But this concern is everywhere. When you get home, maybe do an analysis of your house or even your room, and look at safety compliance, you will be alarmed at how careless you yourself are,” Oyerinde said.

“And we all take that same mindset to the office. You don’t drop carelessness at the entrance of the workplace. From the employer who sees safety investment as a cost, to the employee who asks, ‘Why must I wear a helmet or PPE?’—it’s a big issue.

“When an accident happens, you don’t recover fully. Even if you do, the scars remain. That is why this is not just a compliance issue; it is a life issue,” he added.

According to him, the biggest gaps in compliance were knowledge, awareness, and basic infrastructure, noting that many hazards were often ignored because they appeared harmless.

“I think the biggest gap that exists in compliance is knowledge and awareness. So there are some things you think are not hazardous. Even the chair you sit on matters. If you sit on a bad chair for eight or nine hours daily for over 35 years, the consequences will show after retirement. Awareness is key,” he noted.

Economists question gains from FG’s N11.1tn capital spending

prof-akpan-ekpoThe Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said Nigeria spent N11.1tn on capital expenditure in 2024, achieving 85 per cent implementation, following an extension of the budget cycle to ensure the completion of priority projects.

However, some economists have questioned whether the spending has had a tangible impact on the economy. Renowned Professor of Economics, Akpan Ekpo, said the effect of the capital outlay was not being felt due to delays in disbursement.

“It’s capital expenditure that enhances growth. Now he’s talking about 2024, which has almost a one-year or nearly two-year lag. For the 2025 budget, only 17 per cent of the capital expenditure has been released. We are not feeling the impact because of the delay in releases,” Ekpo said.

He added, “The delay in releases is a problem. The impact is not felt. Capital expenditure supports growth and development. We hope that, as the President has said, by March there will no longer be these delays. Right now, 2026 is to start, while 2025 has not ended yet because of capital releases.”

Similarly, Marcel Okeke, a former Chief Economist at Zenith Bank, described the situation as “money illusion,” noting that naira depreciation and inflation have eroded the real impact of spending.

“The cost of materials for infrastructure has risen sharply. A bag of cement in 2023 is now around N12,000. That is why you don’t see much impact because of inflation and naira depreciation. This applies across the board. PMS prices rose sharply after subsidy removal, and what we see now is largely what they claim,” Okeke said.

Speaking at the 2026 Macroeconomic Outlook event of the Nigerian Economic Summit Group in Lagos on Thursday, Edun defended the capital spending outcomes, saying they reflected the government’s decision to prioritise project execution over abandonment.

“In terms of the capital budget, the budget, at the end of the day, is a law of the National Assembly. They extended the 2024 budget for the full year to ensure that projects were completed,” Edun said.

 

He added, “In aggregate, capital expenditure in 2024 reached N11.1tn, so that was 85 per cent performance.

The 2025 capital is below that. That reflects that the government’s emphasis was on completing the priority projects of 2024, and despite these fiscal challenges, it’s important to note that all statutory obligations — foreign debt service, domestic debt service, and salaries- were all met by the government. An important promise of the President.”

Edun described the outcomes as indicative of transparency, fiscal discipline, and structural reform, and linked capital spending to the government’s broader economic strategy.

“All these outcomes create macro and fiscal conditions required to stabilise food prices, lower the cost of capital, expand mortgage lending, scale electricity delivery, and accelerate road construction across the federation,” he said.

The minister stressed that capital expenditure must translate into shared prosperity. “Nigeria cannot afford to pause, cannot afford to retreat, and cannot afford to sleep,” he said. “Success would determine whether stability is converted into sustained growth.”

Edun highlighted the importance of productive investment and the role of the private sector in driving development. “Global capital development, even multilateral financing, is retreating. The SDGs are not going to be met. You need three to four trillion dollars a year. It’s not going to come before 2030. We’ve seen how multilateralism is retreating. It means that we have to rely on our own holistic resource utilisation,” he said.

He concluded by calling on Nigerians at home and abroad to invest in the economy, reaffirming the government’s commitment to turning fiscal stability into inclusive, job-rich growth.

Petrol imports hit 1.3bn litres despite local production

petrol price hike1Nigeria imported approximately 1.31 billion litres of petrol in December 2025, according to data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

During the same period, the Dangote refinery reportedly supplied 992 million litres, showing a notable contribution from domestic refining compared to November. In December, total petrol supply was 74.2 million litres per day: imports took 42.2 million litres per day, while Dangote supplied 32 million litres per day.

The figures represent a stark contrast to November, when petrol imports were 1.57 billion litres, and Dangote supplied just 585 million litres. The average daily supply in November was 71.5 million litres per day; 52.1 million litres were imported, while 19.5 million litres were sourced from the Dangote refinery, the only petrol-producing plant in Nigeria as of the time of this report.

It was observed that the jump in petrol supply from 2.15 billion litres in November to 2.3 billion litres in December reflects seasonal demand pressures during the Yuletide.

It was observed that while local refining is growing, some marketers still have a passion for imported petrol.

According to a report released for November, the NMDPRA justified fuel import licences, stating that there was a shortage in September and October. Data from the authority showed that NNPC and other marketers imported 1.5 billion litres of petrol in November alone.

The November import figure of 52.1 million litres per day was the highest since the Dangote refinery started petrol production in September 2024.

The NMDPRA explained that low supply in September and October 2025, below national demand, necessitated increased imports. It said that in September, Dangote supplied 17.6 million litres per day, while imports stood at 22.1 million litres per day.

Reacting, the President of the Dangote Group, Aliko Dangote, accused the former NMDPRA Chief Executive, Farouk Ahmed, of granting what he called “reckless licences” for fuel importation while his tanks were full, accusing Ahmed of sabotaging the economy.

“As we speak now, even our tanks are full because the NMDPRA has issued reckless licences. And we have to now go and complain to the government,” Dangote said.

“They are now ready to issue licences for about 7.5 billion litres for the first quarter of 2026, despite the fact that we have guaranteed to supply enough quantity,” he added.

In response, Dangote disrupted the market by crashing the pump price of petrol from around N900 to N739/litre, though at a heavy loss to both refiners and importers.

On Wednesday, the Managing Director of the Dangote refinery, David Bird, disclosed that the Dangote refinery has commenced night-time loading operations as it intensifies efforts to sustain a daily supply of more than 50 million litres of petrol across Nigeria, signalling a major shift to full 24-hour operations at Africa’s largest refinery.

Speaking during a press briefing at the refinery, Bird said the transition to round-the-clock loading had become necessary to meet market demand and improve turnaround time for product evacuation.

According to him, the refinery is now meeting the 50 million litres daily petrol requirement in both production and evacuation.

“What I’m incredibly proud of is that, in the second half of 2025, while we were still ramping up capacity of our conversion units and downstream units, we were still able to deliver 50 million litres a day, more frankly than 52 million litres on some occasions,” Bird said.

He added, “We’re already doing nighttime loading. So it’s a 24-hour operation. We have celebrated over 50 million litres of offtake as well, which means over a thousand trucks progressing through the gate and through the gantry.”

Meanwhile, The PUNCH observes that the landing cost of imported PMS has remained stuck at rates above the Dangote refinery’s ex-depot price of N699 per litre.

According to reports by the Major Energies Marketers Association of Nigeria, while the Dangote refinery’s ex-depot price has remained at N699 since December, the landing cost has been fluctuating between N780 and N750, intensifying the price war for importers.

In its bulletin on Wednesday, MEMAN disclosed that the landing cost dropped to N754.96 from N758 last week. The association noted that Dangote’s gantry price was still N699 per litre, representing a difference of about N44.

As a result, many importers are finding it difficult to sell petrol at competitive prices compared with the Dangote-backed MRS filling stations.

When Aliko Dangote slashed the petrol gantry price by N129 in December, he said the move was to ensure Nigerians bought petrol at prices not above N740 during the Yuletide. He added that it was also intended to discourage importation.