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.

The Federal Government, through its Nigerian Midstream and Downstream Petroleum Regulatory Authority, has approved fresh imports of petrol and diesel for the third quarter of 2026 (July – September) as authorities move to prevent potential supply shortages in the domestic market, according to a report by global energy intelligence firm Argus Media.

The report published on Tuesday, which cited regulatory and industry sources, said the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced gasoline production at the Dangote Petroleum Refinery.

The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.

According to the Argus report, domestic firms including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil received permits to import Premium Motor Spirit, popularly known as petrol, during the July-September period.

The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil, commonly known as diesel. The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.

Quoting a regulatory source, Argus reported that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.

According to sources cited by the publication, AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.

For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently after being delayed from an initial target date of June 15.

The report read, “The Nigerian Midstream Downstream Petroleum Regulatory Authority has issued clean product import permits for July to address supply shortages, according to sources. Domestic firms AA Rano, AYM Shafa, Bono, Nipco, Matrix and Pinnacle received gasoline import permits, while the same companies – minus Nipco – received gasoil import permits for the third quarter, sources said.

“The recipients are some of the same ones that [previously] received the PMS [gasoline] permits,” according to a regulatory source. A regulatory source quoted by the publication said the permits were approved to forestall projected supply gaps in the country’s fuel market.

“The permits were issued to head off projected shortfalls in supply”, the source said. “Issuance is still ongoing, so the final volume cannot be determined right now. But gasoline permits will likely be above 800,000T”, the source continued.

If achieved, the projected volume would exceed the total quantity approved under the second-quarter import programme. The approvals come at a time when fuel inventories are showing signs of tightening.

According to data referenced by Argus, petrol stock sufficiency in Nigeria declined by 1.7 days to 16 days in May, while diesel stock sufficiency dropped by eight days to 31 days during the same period. Such declines often prompt regulators to take precautionary measures to ensure uninterrupted supply across the country.

The report linked the reduction in stock levels to lower gasoline production at the Dangote Petroleum Refinery in Lekki, Lagos. According to figures cited by Argus, gasoline production at the refinery fell by 16 per cent to 44.7 million litres per day, while diesel production increased by four per cent to 24.5 million litres daily.

Market participants quoted in the report attributed the drop in petrol output to maintenance activities on the refinery’s Residual Fluid Catalytic Cracker, one of its major gasoline-producing units.

Argus reported that a source close to the refinery described suggestions linking increased exports of low-sulphur straight-run fuel oil and the maintenance programme as “partially correct” but declined to provide additional details.

The Dangote refinery did not respond to requests for comment, according to the publication. The report also noted that recent movements in international fuel prices could make imports more attractive to independent marketers.

Argus said front-month Eurobob oxy swaps, increasingly used as the benchmark for gasoline trade in West Africa, averaged $946.25 per tonne in June, down from $1,128.50 per tonne during the corresponding period in May.

Similarly, offshore Lomé ship-to-ship diesel prices averaged $1,093.50 per tonne in June, compared to $1,409.25 per tonne in May. The lower international prices are expected to improve import economics for marketers seeking to supplement domestic supply.

Despite the availability of import permits, however, the report suggested that marketers may not fully utilise all approved volumes. According to preliminary vessel-tracking data from Kpler cited by Argus, independent marketers are expected to import about 354,000 metric tonnes of petrol during the current quarter.

The figure is substantially lower than the 720,000 metric tonnes approved under the second-quarter permit programme. The sources attributed the gap partly to the timing of the approvals, noting that marketers had limited time to execute import plans because the permits were issued midway through the quarter.

Meanwhile, the Dangote refinery is projected to import about 257,000 metric tonnes of gasoline during the current quarter, according to Kpler data referenced in the report.

Although the refinery operates as a free zone enterprise and does not require import permits to bring in foreign products, it must obtain regulatory approval from the NMDPRA before imported cargoes can be discharged into the Nigerian market.

The latest approvals underscore the continued role of imports in Nigeria’s fuel supply chain despite significant investments in domestic refining capacity.

The Dangote Petroleum Refinery, which began supplying refined products to the local market last year, has helped reduce Nigeria’s dependence on imported fuel. However, industry stakeholders maintain that imports remain necessary whenever local production falls short of demand or when refineries undergo maintenance.

The Securities and Exchange Commission has directed capital market operators to immediately halt all promotional activities relating to a purported initial public offering by Dangote Petroleum Refinery & Petrochemicals FZE, warning that it has neither received nor approved any application for such an offer.

The directive was contained in a public notice issued by the commission on Tuesday amid the circulation of advertisements, flyers, digital banners and targeted electronic mails promoting a supposed public offering by the refinery.

The SEC said it had become aware of the materials being circulated across social media platforms and investment channels and expressed concern over the involvement of some Registered Capital Market Operators in the exercise.

According to the commission, “The Securities and Exchange Commission has banned the marketing and promotion of a purported initial public offering by Dangote Petroleum Refinery & Petrochemicals FZE, warning that no application for such an offer has been filed with or approved by the regulator.”

The regulator described the ongoing pre-marketing campaign as an “unwholesome and manipulative exercise,” noting that some operators were actively soliciting advance subscriptions for an offer that had not been presented to the Commission.

It warned that such activities were capable of misleading investors and damaging confidence in the capital market. The notice stated that the activities were “capable of misleading investors, distorting market expectations, creating information asymmetry and generally undermining the integrity of the capital market.”

The commission added that invitations urging investors to create accounts, pre-fund investments or secure guaranteed allocations amounted to market manipulation and constituted a “serious violation of the Investments and Securities Act.”

Consequently, the SEC directed all Registered Capital Market Operators, particularly stockbrokers and digital platform promoters, to immediately stop all promotional activities relating to the purported offer.

It ordered operators to “cease with immediate effect from publishing, reposting, or distributing any promotional material, flyer, or commentary relating to the acquisition or allocation of shares in the refinery.”

The commission also directed operators to remove all unauthorised marketing materials from their websites, social media platforms and messaging groups within 24 hours.

The SEC also instructed operators to stop accepting deposits, commitments, account openings or expressions of interest from investors in connection with the purported public offer.

The regulator further ordered operators to “reverse and refund all funds already collected in connection with this purported offering to clients within 24 hours of this notice.”

It warned that any operator that failed to comply with the directive would be sanctioned in accordance with the provisions of the Investments and Securities Act 2025 and the SEC Rules and Regulations.

The commission also advised investors to exercise caution and rely only on official communications issued through its approved channels.

It stated, “All such high-pressure marketing tactics, or transfer of funds to any operator for ‘pre-IPO’ placement should be ignored as they did not receive the commission’s approval.”

The SEC assured investors that if it eventually receives and approves an application for a public offering by Dangote Petroleum Refinery & Petrochemicals FZE, an approved prospectus would be made available to the investing public in line with the provisions of the Investments and Securities Act 2025.

The PUNCH earlier reported that the Dangote Group plans to sell a 10 per cent stake in its $20bn, 650,000-barrel-per-day refinery through a landmark Pan-African Initial Public Offering in 2026.

A heavy wave of profit-taking and technical price adjustments dragged the Nigerian Exchange Limited into negative territory during the week ended 19 June 2026, forcing a 3.59 per cent contraction in the benchmark All-Share Index to close at 235,941.27 points, JIDE AJIA reports.

This broad market retreat saw total Market Capitalisation slide to N151.327tn, tightening equity market liquidity despite a surge in gross transaction value to N254.614bn.

While a steep 10.49 per cent plunge in banking equities and heavy dividend markdowns on market bellwethers depressed index metrics, trading remained heavily concentrated within the financial services sector, which accounted for 67.44 per cent of the aggregate volume traded.

A pervasive bearish wave swept across the local bourse during the week under review, wiping billions off equity valuations and contracting market liquidity despite a late-week surge in gross transactional value.

The benchmark NGX All-Share Index and total Market Capitalisation depreciated by 3.59 per cent to close the week at 235,941.27 points and N151.327tn, respectively.

The performance reflected widespread portfolio rebalancing, profit-taking and significant price adjustments for heavyweight stocks that were marked down for dividends during the week.

Financials dominate

Market indicators revealed a tightening of aggregate liquidity as total trading volume plunged significantly.

Investors traded a total turnover of 3.075bn shares valued at N254.614bn in 287,157 deals.

This stands in contrast to a total of 4.964bn shares valued at N207.521bn that exchanged hands in the previous week in 235,966 deals.

As has become the standard on the trading floor, the Financial Services Industry led the activity chart by volume, with 2.074bn shares valued at N64.490bn traded in 121,981 deals.

The sector alone contributed 67.44 per cent and 25.33 per cent to the total equity turnover volume and value, respectively.

The Services Industry followed in second place with 175.743m shares worth N2.759bn in 19,590 deals.

The Consumer Goods Industry completed the top three spots, recording a turnover of 133.375m shares worth N12.680bn in 30,730 deals.

Among individual equities, trading in the top three volume leaders, Access Holdings Plc, Sterling Financial Holdings Company Plc and Jaiz Bank Plc, accounted for 819.234m shares worth N12.247bn in 21,809 deals.

Together, they contributed 26.64 per cent to the total weekly equity turnover volume.

Banking indices plunge

The bear run was felt uniformly across almost all sectors, as nearly all tracking indices finished lower, save for the NGX Sovereign Bond Index, which closed flat.

A deeper look at the sectoral metrics showed that the NGX Banking Index suffered a massive hit, plummeting by 10.49 per cent to close at 2,058.07 points.

Similarly, the NGX AFR Dividend Yield Index recorded the week’s steepest drop, crashing by 14.57 per cent to close at 30,847.23 points, heavily weighed down by stocks shedding their dividend values upon qualification dates.

Market breadth remained firmly negative throughout the week under review, with only 11 equities appreciating, lower than the 40 gainers recorded in the previous week.

Conversely, 78 equities depreciated in price compared to 53 in the prior period, while 57 equities remained unchanged.

Cornerstone Insurance Plc emerged as the top price gainer for the week, rising by 11.01 per cent to close at N6.05 per share.

It was followed by Academy Press Plc, which gained 8.72 per cent to close at N8.10, and Conoil Plc, which ticked up 8.25 per cent to end at N210.00.

On the flip side, International Energy Insurance Plc led the decliners, crashing by 28.83 per cent to close at N5.06.

Blue-chip financial entity First Holdco Plc also took a substantial hit, sliding by 20.29 per cent to close at N55.00, while John Holt Plc fell by 17.65 per cent to end the week at N11.20.

Dividends, listings, suspensions

The market’s benchmark downward pull was partially expected due to key price adjustments implemented by the Exchange during the week.

High-priced tickers were marked down for cash dividends, including Airtel Africa Plc, which was adjusted by N58.58 to an ex-dividend price of N3,962.62, and Dangote Cement Plc, which was adjusted by N45.00 to close at N1,110.00.

Other notable ex-dividend adjustments included Ecobank Transnational Incorporated Plc, which had a N2.18 markdown, UACN Plc with a N1.00 markdown, and FCMB Group Plc with a N0.35 markdown.

In corporate governance news, the Exchange implemented a full trading suspension on the shares of Fortis Global Insurance Plc effective Wednesday, 17 June 2026.

The regulatory freeze was enacted to enable the company’s registrars and the Central Securities and Clearing System Plc to reconcile records for a proposed share reconstruction framework and determine the final register of eligible shareholders.

Meanwhile, the NGX derivatives market recorded growth with the official listing of the NGX30Z6 and NGXPENSIONZ6 Futures Contracts on Monday, 15 June 2026.

The underlying index futures contracts are set to expire on 18 December 2026, providing institutional investors with a hedging mechanism against ongoing equity market volatility.

The Managing Director of the Federal Airports Authority of Nigeria, Olubunmi Kuku, has explained that the Federal Government’s decision to renegotiate the concession agreement for the Murtala Muhammed Airport Terminal II was aimed at restoring investor confidence, ensuring fairness and resolving years of disputes surrounding one of Nigeria’s most controversial public-private partnership projects in the aviation industry.

Speaking on the importance of successful PPP models in infrastructure development at the African Air Transport Convention and Expo 2026 in Togo, Kuku said the sustainability of such arrangements goes beyond access to capital and depends largely on institutional credibility, regulatory certainty and project discipline.

According to Kuku, who spoke on the second day of the event during a panel discussion titled, “Strategic Direction on Aviation Financing and Infrastructure Development,” the current administration undertook extensive efforts to renegotiate the concession agreement, a process that has now been concluded and approved by the Federal Executive Council.

She said, “A lot of the challenges that we have seen are really around project continuity and market risks. If you look at the Nigerian example, one of the most talked-about concession projects has been the Bi-Courtney MM2 project, and it has generated a lot of noise and conflict over the years.

“I’m happy to say that within this administration, we’ve done quite a bit of work in renegotiating the contract for the concession. It’s now been resolved. It’s now been resolved at the Federal Executive Council level.”

She noted that the resolution would strengthen investor confidence in Nigeria’s infrastructure sector and serve as a framework for future concession agreements. “What that means is that it provides better investor confidence for those looking to drive PPP projects. More importantly, it ensures that future concession contracts are fair to both government and the private sector,” she added.

Kuku stressed the need for greater clarity in the management and administration of concession arrangements to prevent future disputes and improve project delivery.

Looking beyond the MM2 concession, the FAAN boss called for stronger regional commitments to infrastructure financing, particularly in aviation connectivity and transport integration.

She advocated the establishment of national aviation delivery teams that would bring together stakeholders across aviation, security, transportation and government agencies to coordinate major infrastructure projects.

“Aviation spans several sectors, from security and interior administration to transportation. Bringing all stakeholders together allows for clear collaboration around infrastructure investments and ensures the right decisions are made by the right people,” she said.

Kuku also cautioned against creating new aviation-focused financing institutions, arguing that existing financial institutions should instead develop specialised aviation desks capable of understanding industry-specific needs and supporting the development of bankable projects.

“I strongly do not support setting up new financing institutions. I’d rather the existing institutions establish specialised desks to understand the aviation environment and provide technical support for project preparation,” she said.

According to her, stronger collaboration between project promoters and financiers would improve access to funding and enhance project execution across the sector. She further emphasised the importance of commitment from both project developers and financiers, urging stakeholders to present viable projects while ensuring transparency around available financing instruments.

Citing an example, Kuku pointed to plans to extend the Lagos Red Rail Line to airport terminals, noting that opportunities exist for co-financing arrangements supported by airport-generated cash flows.

“We do have a rail project, an extension of the Red Line from Lagos into our terminals. There are opportunities for us to potentially co-finance because we have the cash flows to support that,” she said.

The FAAN chief maintained that stronger partnerships, better contract management and coordinated infrastructure planning would be critical to unlocking long-term growth in Nigeria’s aviation sector.

The Ministries, Departments and Agencies of the Federal Government have spent N11.85bn on fuel for motor vehicles and generators between January and April 2026, as elevated domestic petrol prices and renewed Iran-US tensions continue to raise concerns over energy costs and global oil market stability.

An analysis of data obtained from the Open Treasury Portal by The PUNCH showed that the amount represented a 113.4 per cent increase from the N5.55bn spent on the same items in the corresponding period of 2025.

The Open Treasury Portal is the Federal Government’s public financial transparency platform, which publishes budget implementation, payment and fiscal data of ministries, departments and agencies to improve accountability in public spending.

While the Open Treasury Portal does not disclose a detailed breakdown by ministry, department or agency under the expenditure category, the figures represent fuel and related operating costs incurred by Federal Government entities financed from the federal budget.

The data showed that motor vehicle fuel cost rose by 108.2 per cent from N3.17bn in the first four months of 2025 to N6.60bn in the same period of 2026.

In April 2026 alone, the government spent N2.94bn on motor vehicle fuel, compared with N1.73bn in April 2025. The approved budget for motor vehicle fuel also increased from N122.63bn in 2025 to N207.37bn in 2026, indicating an increase of N84.74bn or 69.1 per cent.

Despite the rise, only 3.18 per cent of the 2026 motor vehicle fuel budget had been spent as of April, leaving a balance of N200.77bn. Spending on plant and generator fuel also rose sharply from N2.38bn in the first four months of 2025 to N5.24bn in the same period of 2026, representing an increase of N2.86bn or 120.3 per cent.

The April actual spending on generator fuel stood at N2.99bn in 2026, compared with N1.37bn in April 2025. The budget for plant and generator fuel increased from N104.40bn in 2025 to N185.80bn in 2026, while execution stood at 2.82 per cent as of April.

Combined, the 2026 budget for vehicle and generator fuel stood at N393.18bn, compared with N227.02bn in 2025. This means the allocation rose by N166.15bn or 73.2 per cent year-on-year.

Although Nigeria is a crude oil producer, higher global crude prices often feed into domestic petrol costs because the downstream market is largely deregulated and petrol prices now respond more directly to landing costs, refining margins and exchange rate pressures.

The implication is that ministries, departments and agencies may face higher operating costs if petrol prices remain elevated, especially for transportation, power generation and field operations.

Beyond vehicle and generator fuel, other fuel-related spending also rose significantly in 2026. The government spent N2.25bn on other transport equipment fuel in the first four months of 2026, compared with just N92.07m in the same period of 2025. Aircraft fuel cost also rose from N702.30m to N8.01bn, while sea boat fuel increased from N1.50bn to N8.76bn.

Cooking gas and fuel costs rose from N47.88m in the first four months of 2025 to N104.65m in the corresponding period of 2026. Altogether, spending on other transport equipment fuel, aircraft fuel, sea boat fuel, and cooking gas rose from N2.35bn in 2025 to N19.13bn in 2026, an increase of N16.78bn or 715.5 per cent.

Sea boat fuel recorded the highest budget execution rate among the listed fuel items at 8.02 per cent, followed by aircraft fuel at 4.55 per cent and other transport equipment fuel at 4.40 per cent.

The data further showed that the Federal Government spent N4.39bn on the maintenance of motor vehicles, transport equipment, plants and generators in the first four months of 2026. This was 164.1 per cent higher than the N1.66bn spent on the same items in the corresponding period of 2025.

Maintenance of motor vehicles and transport equipment gulped N3.04bn between January and April 2026, compared with N1.20bn in the same period of 2025. Maintenance of plants and generators also rose from N459.16m in 2025 to N1.35bn in 2026. The total 2026 budget for both maintenance items stood at N182.33bn, with N177.94bn still unspent as of April.

The sharp rise in fuel and maintenance costs underlines the pressure of high energy prices on government operations, even as public finance remains strained by debt service, security spending and rising personnel obligations.

It also raises fresh questions about the cost of running government agencies in an economy where electricity supply remains unreliable, and many public institutions still depend heavily on petrol and diesel-powered generators.

When the geopolitical tensions in the Middle East started, the Federal Government ruled out intervening to control petrol prices. The immediate past Minister of Finance, Wale Edun, said the government would not tamper with market-based pricing of petroleum products, stressing that intervention would only be considered as a last resort.

He explained that the current administration’s economic philosophy prioritises market-based pricing mechanisms for petroleum products and foreign exchange, describing them as key reforms introduced by President Bola Tinubu to remove long-standing distortions in the economy.

Edun noted that while the Middle East crisis could affect global oil markets, the government would respond through targeted policy measures rather than price controls.

Official data from the National Bureau of Statistics showed that Nigeria’s average petrol price surged by 45.8 per cent between February and April 2026, rising from N1,051.47 to N1,532.93 per litre as escalating US-Iran tensions pushed crude prices higher and filtered through to the deregulated domestic fuel market.

Industry experts, financiers, and policymakers recently called for accelerated adoption of electric vehicles in Nigeria as rising fuel prices continue to squeeze household incomes and business margins.

They noted that persistent increases in petrol prices are forcing a shift in how Nigerians approach transportation, with electric vehicles emerging as a more cost-effective alternative.

A Business Development and Strategy Manager for the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Omolara Obileye, said the financial advantage of EVs has become increasingly clear.

“Today, charging an electric vehicle for a 200-kilometre journey would cost approximately N4,500. The same journey on petrol would cost about N22,500. That represents a five-to-one cost advantage in favour of electric vehicles,” she said.

She explained that the government’s approach is focused on a gradual transition to a more sustainable energy mix. “What we are navigating is not a choice between CNG and EVs. It is a deliberate, phased energy transition. The goal is a balanced energy mix: one that serves Nigerians today while building the infrastructure required for tomorrow,” she said.

Despite growing interest, she acknowledged that infrastructure gaps, power supply challenges, and affordability concerns remain key barriers. “What we need now is visible momentum, driven by all the stakeholders represented here today,” she added.

Chief Executive Officer of Blue Camel Energy Ltd, Yusuf Suleiman, said the transition presents an opportunity to strengthen Nigeria’s economic resilience. “It is a pathway to improved energy access, a driver of industrialisation, and a foundation for economic resilience, reducing our dependence on imported fossil fuels,” he said.

He noted that the company is investing in solar-powered charging infrastructure to reduce reliance on the national grid. “In reality, charging infrastructure must be able to operate independently of the national grid. What this proves is that a 100 per cent solar-powered charging system can work as a business model,” he said.

For operators, the shift is already being driven by cost savings. Chief Operating Officer of Bankrol Camel EV, Ahmed Garba-Ahmed, said electric vehicles offer a significant reduction in operating expenses.

“Electric vehicles can reduce energy costs per kilometre by up to 60 per cent… For commercial users, ride-hailing drivers, fleet operators, and logistics companies, this is not just about sustainability. It is about margins. It is about profitability. It is about survival,” he said.

He added that the transition is already underway across segments of the transport sector. “The transition to electric mobility in Nigeria is no longer a future projection; it is already happening. The question is not if, but how fast, and who leads,” he said.

The PUNCH recently reported that renewable energy stakeholders intensified calls for the widespread adoption of solar generators in Nigeria, describing the technology as a practical and cost-effective alternative to the millions of petrol and diesel generators powering homes and businesses across the country.

The push formed the basis of discussions ahead of the inaugural Nigeria Solar Generator Day, where policymakers, investors, renewable energy firms and development partners are expected to explore ways of accelerating the deployment of solar-powered systems nationwide.

Filling stations in parts of Lagos and Ogun states have reduced the price of petrol to an average of N1,205 per litre as of Sunday. The reduction followed the cut in petrol gantry prices by the Dangote Petroleum Refinery last week.

Checks by our correspondent showed that several filling stations along the Lagos-Ibadan Expressway lowered their pump prices from an average of N1,280 per litre in a bid to remain competitive.

It was observed that stations with lower petrol prices attracted more customers than those selling at higher rates. The SGR filling station in Mowe had the lowest pump price, selling petrol at N1,199 per litre as of Saturday.

NIPCO, SAO, AP and MRS sold petrol at N1,205 per litre. Mobil filling stations dispensed the product at N1,220 per litre, while Heyden displayed N1,285 per litre in Iperu and N1,210 per litre in Ibafo, highlighting the competition along the highway. Retail outlets owned by the Nigerian National Petroleum Company Limited also sold Premium Motor Spirit at N1,245 per litre

Last week, petrol and diesel prices began to decline as global crude oil prices retreated following the de-escalation of tensions in the Middle East. The reductions, led by the Dangote refinery and followed by some private depot operators, raised expectations of further cuts in fuel prices, although marketers said the adjustments would be gradual to avoid significant losses on existing stock.

Following the drop in crude oil prices from a high of $120 per barrel during the United States-Iran conflict to about $80 per barrel after a peace deal was reached, the Dangote refinery reduced its petrol gantry price by N75 per litre. Pump prices had risen from N830 to over N1,300 per litre during the crisis.

As crude oil prices declined following the peace agreement between the United States and Iran, the Dangote refinery cut its petrol gantry price from N1,250 per litre to N1,175 per litre.

The reduction prompted some private depot operators to lower their prices to about N1,180 per litre on Tuesday.

Meanwhile, data from petroleumprice.ng showed that the Dangote refinery had reduced its diesel gantry price by N100, bringing it down to N1,500 per litre in its latest adjustment amid sustained downward pressure in Nigeria’s downstream market.

The reduction represents a 6.25 per cent decrease from the previous N1,600 per litre price and marks the second diesel price review within one week, following an earlier adjustment on June 16.

However, many Nigerians argued that the reductions did not adequately reflect the sharp decline in crude oil prices.

Reacting, a source within the Dangote Group told our correspondent that the refinery was still monitoring market developments while processing crude purchased during the period of heightened prices. The source added that those criticising the refinery for not reducing prices more aggressively might not fully understand the dynamics of the oil business.

“Crude prices are still swinging. People making such comments are either insincere or they don’t know the business. Let them go and check the prices all over Africa or the world,” the source said, adding that prices could still drop to as low as N900 per litre, “but we still have the expensive crude in our tanks”.