As crude prices crashed below $80 per barrel on Tuesday, the Dangote Petroleum Refinery reduced the ex-depot prices of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel), saying it was part of efforts to make petroleum products more affordable.

Under the new pricing structure, the refinery reduced the price of petrol from N1,215 per litre to N1,165, representing a N50 reduction, while diesel was cut from N1,650 per litre to N1,570, amounting to an N80 reduction.

The price of Brent crude, the global benchmark for oil prices, fell by almost five per cent to below $80 per barrel on Tuesday following growing hopes of an agreement between the United States and Iran to reopen the Strait of Hormuz.

The decline came after senior US officials said talks with Iran had made progress, raising the prospect that commercial shipping through the key waterway could resume as soon as this week.

A senior Gulf official said there is a “50-50” chance Iran will reach a deal on the Strait of Hormuz by Friday.

Reflecting the drop in crude oil prices from a high of $100 per barrel last week to $79, the Dangote Group said in a statement on Wednesday that the price review was aimed at enhancing energy affordability, improving access to refined petroleum products, and supporting economic activities across Nigeria.

According to the refinery, the move reflects its commitment to providing “affordable, high-quality petroleum products to the Nigerian market.” It added that it remained committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.

The company said it would continue to pass on the benefits of improved operational efficiencies to consumers whenever market conditions permit.

It stated that the refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.

“Dangote Petroleum Refinery has announced a reduction in the ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel), reaffirming its commitment to providing affordable, high-quality petroleum products to the Nigerian market.

“Under the new pricing structure, the refinery has reduced the ex-depot price of PMS to N1,165 per litre, down from N1,215 per litre, representing a reduction of N50 per litre. Similarly, the ex-depot price of Diesel has been reduced to N1,570 per litre from N1,650 per litre, amounting to a decrease of N80 per litre.

“The price review reflects Dangote Refinery’s ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria,” the statement read partly.

As Africa’s largest refinery, Dangote reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.

With the new price reduction, petrol is expected to retail at between N1,200 and N1,250 per litre. However, this depends on the location and other logistics.

Meanwhile, Iran and Oman were said to have agreed on the geographical coordinates of a proposed safe shipping route for commercial vessels in the Strait of Hormuz, Iranian Foreign Ministry spokesperson Esmaeil Baghaei said on Wednesday.

CNN reports that the two countries have held talks over the past two months covering the technical, legal, security, and environmental aspects of the proposed route, Baghaei said in response to questions about the talks.

Baghaei described the negotiations as “professional” and “progressing,” adding that a joint statement setting out the main points of agreement is being reviewed and finalised.

“Provided that certain third parties do not obstruct the process, the joint statement of the two countries, including the principal considerations and points of agreement, is also in the final stage of review and drafting,” he was quoted as saying.

Seplat Energy is expected to complete the sale of a 10 per cent working interest in its joint venture with the Nigerian National Petroleum Company Limited by December, with the transaction expected to reshape the energy firm’s production profile and reserves.

The company disclosed this in an update obtained by The PUNCH on the proposed disposal of Seplat’s interest in the NNPCL/SEPNU Joint Venture for a headline transaction value of approximately $281.6m.

Seplat said its subsidiaries, Seplat Energy Offshore Limited and Seplat Energy Producing Nigeria Unlimited, had signed a legally binding Heads of Agreement with NNPC Limited for the transaction.

The deal is subject to applicable regulatory approvals and other customary conditions, with completion expected in the second half of 2026, meaning the completion is expected between October and December.

Following completion, SEPNU’s working interest in the joint venture assets will fall from 40 per cent to 30 per cent, while NNPC Limited’s interest will increase from 60 per cent to 70 per cent.

Despite the reduction in its stake, Seplat said it would continue to own 100 per cent of SEPNU, which will remain the operator of the joint venture.

“Following completion of the transaction, SEPNU will retain a 30 per cent working interest in the joint venture assets and will continue as Operator. NNPC Limited’s working interest in the JV will increase from 60 per cent to 70 per cent. Seplat Energy will continue to own 100 per cent of the share capital of SEPNU,” Seplat said.

Seplat disclosed that the commercial terms of the $281.6m transaction represent approximately 25 per cent of the gross transaction consideration it paid, together with any contingent consideration payable by SEOL, for its acquisition of SEPNU.

In simple terms, the company is saying that the $281.6m it expects to receive from selling the 10 per cent JV interest is equivalent to about one-quarter of the total consideration it paid to acquire SEPNU, including any additional payment that could become due under the acquisition agreement.

It was shown that the transaction would have a direct impact on Seplat’s attributable production.

The company explained that SEPNU currently represents approximately 80,000 barrels of oil equivalent per day at the midpoint of its 2026 group production guidance of between 135,000 barrels of oil equivalent per day and 155,000 boepd.

With the transaction effective from 1 April 2026, that contribution will fall to approximately 65,000 boepd.

Seplat stated that its production guidance would be updated upon completion of the transaction.

The company’s 2030 production target will also be affected, falling from 200,000 boepd to 170,000 boepd on a net working-interest basis.

However, Seplat said the proceeds from the transaction and the lower capital expenditure associated with the divested interest would largely offset the net cash flow impact of the reduced working interest in the JV assets through 2030.

The transaction will also affect the company’s reserves position, as the disposal would result in group 2P reserves being adjusted down by approximately 13 per cent to 872.9 million barrels of oil equivalent.

It said an updated group 2P reserves figure would be provided following completion of the transaction.

Beyond the immediate impact on production and reserves, Seplat said the disposal would provide funds to support its capital allocation plans.

The company intends to use approximately 50 per cent of the proceeds to reduce debt and the remaining 50 per cent to enhance shareholder returns.

Subject to completion, approximately $140m, equivalent to 23.3 US cents per share, will be paid to shareholders as a cash dividend.

The payment will be made in addition to the underlying business performance dividend.

The company said $200m of its Advanced Payment Facility had already been repaid in the second quarter of 2026, while the remaining $100m would be paid after completion of the transaction.

It was added that the transaction would not change the NNPC/SEPNU JV production targets, which remain supported by production performance year-to-date.

Commenting on the transaction, Seplat Energy’s Chief Executive Officer, Roger Brown, said the joint venture remained strategically important to the company and Nigeria.

“The NNPC/SEPNU JV is one of the pre-eminent licence areas in Nigeria and of strategic importance to the country. Our relations with our partner, NNPC, are strong and we are fully aligned on the agreed work programmes. Together, we are focused on delivering significant value from the JV which has responded very well to increased development activity since we became operator and has clear potential to deliver strong production growth well into the next decade.”

The Nigeria Deposit Insurance Corporation has commenced the payment of insured deposits to customers of 46 failed microfinance banks whose operating licences were revoked by the Central Bank of Nigeria, while intensifying loan recoveries and asset sales to reimburse depositors with balances above the insured limit.

Managing Director and Chief Executive Officer of the NDIC, Thompson Sunday, disclosed this on Wednesday in Lagos during a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters.

Speaking on the sidelines of the event, Sunday said the corporation moved swiftly to begin liquidation after the CBN revoked the licences of the affected MFBs and appointed the NDIC as provisional liquidator.

“We’ve started paying depositors of those banks, and gradually, we intend to cover all the insured depositors,” he said.

According to him, the NDIC is also pursuing debtors of the failed institutions and disposing of their assets to generate funds for the payment of uninsured deposits.

“Our function as liquidator involves paying the guaranteed sums. Thereafter, we go after those owing the institutions and ensure that available assets are sold to realise funds for settling the uninsured portions of deposits,” Sunday said.

He said the corporation had overhauled its reimbursement process through a partnership with the Nigeria Inter-Bank Settlement System, enabling automatic payments to depositors through their Bank Verification Number.

Under the arrangement, depositors with linked BVNs receive payments directly into their accounts in other banks without filing claims, thereby reducing delays in accessing insured funds.

Sunday said the same approach had accelerated payments to depositors of Heritage Bank, where about 700,000 customers have already received their insured deposits since the lender’s licence was revoked.

He, however, noted that some Heritage Bank depositors were yet to be traced because the bank inherited customer accounts from legacy institutions, including Enterprise Bank, Spring Bank and Guardian Express Bank, many of which predated the BVN system.

“There are depositors that we have not been able to trace, and this is an opportunity for them to come forward. Once they do, we will pay them,” he said.

He added that proceeds from loan recoveries and the sale of assets belonging to failed banks would be used to settle depositors whose balances exceeded the insured limit.

Sunday also said the recent banking sector recapitalisation had strengthened lenders’ ability to support economic growth but stressed that stronger capital must be complemented by effective supervision, sound corporate governance and robust risk management to safeguard financial stability.

Rising pump prices forced Nigerian consumers to cut petrol, diesel and cooking gas consumption during the first half of 2026 as higher energy costs squeezed household incomes and raised transportation and production costs.

An analysis of the H1 2026 Downstream Industry Analysis Report by the Major Energy Marketers Association of Nigeria, obtained by The PUNCH, showed a clear relationship between rising fuel prices and weakening demand for the country’s three major petroleum products.

According to the report, the average retail price of Premium Motor Spirit (petrol) rose from N1,035 per litre in January to N1,051 in February, before climbing to N1,289 in March. It increased further to N1,533 in April and peaked at N1,596 in May before easing to N1,300 in June.

The price increases coincided with declining consumption. Average daily petrol consumption fell from about 60–61 million litres in January to around 58 million litres in February, dropped sharply to about 48 million litres in March, recovered slightly to roughly 51 million litres in April, declined to 46–47 million litres in May, and improved marginally to about 48 million litres in June after pump prices eased.

Diesel consumption also weakened as prices rose. Automotive Gas Oil sold for an average of N1,362 per litre in January, N1,420 in February and N1,648 in March. Prices surged to N2,475 in April, reached N3,277 in May and moderated to N2,900 in June.

Average diesel consumption stood at about 19.5 million litres per day in January, rose slightly to around 20 million litres in February, then declined to about 15.5–16 million litres in March. It recovered modestly to approximately 17.5 million litres in April before settling at about 16 million litres daily in May and June.

Liquefied Petroleum Gas also recorded weaker demand. Average LPG prices increased from N1,086 per kilogramme in January to N1,360 in February, N1,572 in March, N1,791 in April and N1,800 in May before easing to N1,661 in June.

Consumption moved in the opposite direction, falling from about 4.9–5.0 kilotonnes daily in January to roughly 4.3–4.4 kilotonnes in February. Demand briefly recovered to about 5.1–5.2 kilotonnes in March before declining steadily to around 4.2 kilotonnes in June.

MEMAN attributed the higher fuel prices to rising global crude oil prices driven by geopolitical tensions in the Middle East and disruptions to shipping through the Strait of Hormuz. Although crude prices eased in June, they remained above levels recorded at the beginning of the year.

The association said the figures showed that Nigerian consumers had become increasingly price-sensitive, with higher pump prices translating into lower consumption of petrol, diesel and cooking gas.

Meanwhile, MEMAN cautioned against relying solely on domestic refining for Nigeria’s fuel supply, warning that complementary imports would remain critical to guaranteeing energy security, promoting competition and preventing excessive market concentration.

The report stated, “The Nigerian downstream petroleum sector enters the second half of 2026 at a defining moment. The structural transition from an import-dependent market to one supported by significantly expanded domestic refining capacity has largely been achieved.

“The focus now shifts from increasing refining output to building a competitive, transparent, and resilient downstream market capable of sustaining long-term growth and energy security.”

MEMAN said imports should continue to complement local refining despite improved domestic capacity. It said, “Although domestic refining has significantly reduced Nigeria’s reliance on imported petroleum products, imports will continue to play a complementary role in ensuring supply diversity and sustaining competitive market conditions.

“While Dangote Refinery maintains that imports should be banned where sufficient domestic supply exists, the Federal Government has consistently maintained that preserving its authority to issue import licences is essential to managing the country’s strategic and security stocks, preventing supply shortages, safeguarding competition, and mitigating excessive market concentration.”

The association also warned that Nigeria’s long-term fuel supply should not depend on a single refinery and called for the establishment of a National Strategic Stock to cushion refinery outages, logistics disruptions and geopolitical shocks. It added that the second half of 2026 would be a period of market consolidation, with priorities centred on stronger regulation, balanced supply arrangements and enhanced energy security.

The Central Bank of Nigeria on Tuesday said recent stability in the foreign exchange market, rising foreign reserves and moderating inflation indicate that its ongoing monetary reforms are beginning to yield positive results.

The apex bank disclosed that Nigeria’s external reserves had risen above $52.5bn as of July 17, 2026, exceeding its annual target and reaching their highest level in 17 years.

CBN Governor Olayemi Cardoso, represented by the Acting Director of the Corporate Communications and Investor Relations Department, Mrs Hakama Sidi-Ali, made the disclosure at the CBN Fair held at the International Conference Centre, Gombe. Sidi-Ali also reiterated the development in a statement issued on Tuesday.

According to the statement, “The Central Bank of Nigeria has disclosed that Nigeria’s foreign reserves have exceeded its annual target and have climbed above $52.5bn as of July 17, 2026, representing a 17-year high.”

Cardoso said the milestone reflected sustained capital inflows, renewed investor confidence and growing confidence in Nigeria’s economic management. “This is supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria,” he said.

He noted that headline inflation declined marginally from 15.93 per cent in May 2026 to 15.91 per cent in June, while core and food inflation also moderated during the period.

According to him, the improvement was driven by “disciplined monetary tightening, exchange-rate unification, and improved market transparency.” Cardoso added that the naira had recorded greater stability, with the gap between the official exchange rate and Bureau de Change rates narrowing to below two per cent.

He said, “The naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing to below two per cent.”

The CBN governor said the bank had, over the past 34 months, implemented reforms aimed at laying the foundation for sustainable economic growth, job creation and poverty reduction.

He listed the reforms to include the unification and increased transparency of the foreign exchange market, recapitalisation of the banking sector, the introduction of the non-resident Bank Verification Number, the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028, the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits and the Nigerian Overnight Financing Rate benchmark.

He said the reforms were designed to strengthen liquidity management, improve transparency, deepen financial markets and align Nigeria’s money market infrastructure with international best practices.

Speaking on the theme of the fair, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” Cardoso said the CBN remained committed to promoting alternative payment channels to deepen financial inclusion and support economic activities.

He said the fair provided an opportunity for the apex bank to engage directly with citizens, businesses and other stakeholders, explain its policies and obtain public feedback. “The fair is one of the Bank’s platforms strategically designed to engage the public on the Bank’s policies and initiatives,” he said.

He urged participants to actively engage in the sessions by asking questions and seeking clarification on the bank’s policies and programmes. The apex bank also reiterated its warning against the abuse and misuse of the naira.

Sidi-Ali urged Nigerians to obtain information on CBN policies only from the bank’s verified platforms and to respect the national currency. She said, “I also urge you to uphold the cleanliness and respect of the Naira. It is prohibited to spray, hawk, mutilate, or counterfeit the  naira.”

Earlier, the Branch Controller of the CBN Gombe Branch, Yunusa Buba-Mubi, described the CBN Fair as an annual engagement platform designed to educate the public on the bank’s policies and provide stakeholders with opportunities to ask questions and offer feedback.

He urged participants to pay attention to the presentations and actively engage in the sensitisation sessions to deepen public understanding of the apex bank’s initiatives and their impact on the economy.

The CBN said it would continue implementing policies aimed at maintaining monetary and price stability, strengthening financial markets, rebuilding investor confidence and promoting sustainable economic growth.

Dangote Petroleum Refinery & Petrochemicals FZE is targeting about $5bn through an Initial Public Offering expected to conclude in October, with the proceeds earmarked to expand its Lagos refinery’s capacity to 1.4 million barrels per day.

According to a Reuters report on Tuesday, the proposed transaction could become Africa’s biggest-ever stock market listing.

Sources familiar with the transaction said the refinery had submitted an initial application to the Securities and Exchange Commission and was awaiting regulatory approval in the coming weeks. Subject to approval, the company is expected to publish its prospectus in September ahead of the October share sale.

One source familiar with the transaction said the refinery was targeting a $5bn fundraising, although the final amount would depend on the approval granted by the Nigerian regulator.

“The IPO’s target was $5bn, but the final figure will depend on what the Nigerian regulator approves, as the primary listing will be on the Nigerian Stock Exchange,” the source said.

If achieved, the fundraising would account for just over four per cent of the Nigerian Exchange’s All Share Index, whose market capitalisation stood at about $116bn on Tuesday.

 The refinery, owned by Africa’s richest businessman, Aliko Dangote, plans to use the proceeds to increase refining capacity as part of efforts to reduce Africa’s dependence on imported refined petroleum products and strengthen the continent’s position as a fuel exporter.

According to the sources, the company is also considering constructing a refinery along the Kenyan coast in partnership with East African governments.

The planned public offering has attracted interest from capital markets across Africa. Stock exchanges in South Africa, Kenya, Egypt, Ghana and Rwanda have reportedly held discussions with the refinery’s advisers in recent months.

One source said Kenya’s capital market could contribute as much as $500m towards the IPO, citing strong demand from institutional investors. “There is tremendous appetite for the issue among local investors such as pension funds,” the source said.

The refinery also intends to make the offering a pan-African investment opportunity. According to one source, investors outside Nigeria may gain access to the IPO through structured investment products rather than a cross-listing.

The source explained, “Other capital markets on the continent that want a slice of the deal will have to craft structured solutions for their investors, such as global depositary receipts or exchange-traded instruments, which mirror the actual shares to be listed on the Nigerian exchange, including the right to accrue future dividends.”

However, the source clarified that a cross-listing or dual listing on other African exchanges was not planned. The proposed IPO follows a $2.5bn private placement completed last month for a six per cent stake, which valued the refinery at about $40bn.

Reuters noted that the valuation is significantly higher than those of some listed global refiners. Turkey’s Tupras, which has a combined refining capacity comparable to Dangote’s across four refineries, has a market value of about $12bn, while United States-listed HF Sinclair, with a refining capacity of 678,000 barrels per day, has a market capitalisation of around $16bn.

The refinery, which cost about $20bn to build, commenced operations in 2024 and reached full production capacity earlier this year. Nigeria’s state-owned Nigerian National Petroleum Company Limited holds a stake of just over seven per cent in the facility.

In April, Dangote announced plans to increase the refinery’s production capacity to 1.4 million barrels per day. The sources also disclosed that investors participating in the IPO would have the option of subscribing and receiving returns in either naira or US dollars.

According to the sources, Dangote wants the public offering to become “an African champion”, enabling capital markets across the continent to participate in financing one of Africa’s largest industrial assets.

Both sources requested anonymity because discussions surrounding the transaction remain confidential. Efforts to obtain comments from Dangote were unsuccessful.

Dual-listed telecommunications giant Airtel Africa plc has officially notified the Nigerian Exchange Limited and the London Stock Exchange of a shift in its total voting rights and share capital structure as of the close of business on 31 July 2026.

The regulatory disclosure on Monday reveals that the total effective voting rights denominator for shareholder reporting calculations now stands at 3,632,760,281 ordinary shares.

The update was issued in accordance with Rule 5.6.1R of the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

Addressing the shift in capital and voting structure, the company stated, “The total number of voting rights that may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company… is 3,632,760,281.

According to the corporate filing signed by Group Company Secretary Simon O’Hara, the company’s issued share capital as of  31 July 2026, consisted of 3,639,696,802 ordinary shares of $0.50 per share, with each share carrying one vote.

However, the active voting power available to investors has been adjusted due to internal treasury holdings and ongoing corporate capital allocation actions. Specifically, the total issued share count includes 6,136,678 ordinary shares held in treasury, which carry zero voting rights under market regulations.

The resulting 6,936,521-share difference between total issued share capital and available voting rights stems directly from treasury shares and pending buyback cancellations.

“The difference between the issued share capital and the total number of voting rights relates to the 6,136,678 ordinary shares held in treasury and the unsettled share purchases (799,843 shares) which are yet to be cancelled in accordance with the ongoing share buyback programme of the Company as announced on 22 May 2026,” the corporate disclosure noted.

The share buyback initiative forms part of the telecommunications company’s strategy to optimise its balance sheet, manage equity structure, and return value to its shareholders. By systematically purchasing and repurchasing shares from the open market for cancellation, the company reduces the total number of circulating shares, effectively enhancing key financial metrics such as earnings per share.

Airtel Africa remains a leading provider of telecommunications and mobile money services, operating across 14 sub-Saharan African countries. The group offers an integrated footprint including mobile voice, data services, and international mobile financial solutions.

Following the capital adjustment, shareholders and institutional investors holding interests in the telecom provider must now use 3,632,760,281 as the official denominator to calculate and disclose significant shareholding changes under international transparency regulations.

Aradel Holdings Plc has revealed that its finance costs escalated sharply to N326.14bn for the six-month period ended 30 June 2026, marking a massive surge from the N11.08bn recorded in the corresponding period of 2025.

According to the energy firm’s official financial disclosure, the steep increase was driven primarily by interest expenses on bank borrowings and obligations tied to asset expansion and decommissioning provisions.

Despite the heavy financing obligations, the group delivered a record operational performance.

The Chief Executive Officer of Aradel Holdings Plc, Adegbite Falade, noted that the company delivered a strong first-half performance.

“Revenue of N2,491.5bn and EBITDA of N1,389.2bn, with an EBITDA margin of 55.8 per cent, reflect production of 25.2 mmboe and sustained gas offtake at 503.2 mmscf/d,” Falade said.

He added that a firmer price environment supported performance, generating net cash from operating activities of N975.6bn and a closing cash balance of N1,716.6bn.

The dramatic top-line expansion was spearheaded by crude oil sales, which generated N1.98tn, while gas commercialisation and refined products contributed N512.10bn and N129.44bn, respectively.

Strong operational leverage allowed the company to comfortably absorb the elevated financing costs, as pre-tax profit quadrupled to N752.71bn, up 293 per cent year-on-year.

Aradel’s balance sheet continued to strengthen alongside its operational scaling, with total assets expanding to N10.88tn, while net cash generated from operations reached N975.61bn.

Falade previously noted that Q1 2026 marked a significant milestone as the first full quarter reflecting the earnings impact of the group’s enlarged asset base following the consolidation of NDW and its majority interest in Renaissance, setting the foundation for the group’s robust first-half performance.