The Crude Oil Refiners Association of Nigeria has faulted claims that imported petroleum products are cheaper than locally refined fuels, arguing that price differences stem from quality disparities and not efficiency, while accusing the World Bank of failing to make a like-for-like comparison.

The association’s Publicity Secretary, Eche Idoko, who spoke in an interview with The PUNCH, said local refineries were disadvantaged by premium crude pricing and unfair benchmarking against blended imported products.

In a now-deleted report, the World Bank Group had stated that Dangote’s petrol price was higher than imported ones, asking the Federal Government to allow fuel importation. Reacting in an interview with our correspondent, Idoko maintained that the World Bank was not fair with his comparison.

According to him, petroleum products imported into Nigeria are blended and are of low quality compared to locally produced ones.

He added that many imported fuels were blended to meet minimum regulatory specifications, making them cheaper but not directly comparable to fully refined local products.

“What is the quality, what is the process of producing some of these imported products? Some of the products that have been imported are blended products that are coming from Kazakhstan and the Far Eastern European countries. They blend just to get the parameters that they need in this country. And then they bring it in.

“In terms of quality, they would not compete with the quality that we produce from our refineries here. And of course, it also dovetails with the fact that blending is cheaper than refining. So, those are factors that would make those prices cheaper,” he stated.

Idoko said any comparison must account for product specifications such as density, flash point and pour point, noting that different fuel grades attract different prices.

“The World Bank has failed to tell us what the density was, what the flash point was, what the pour point was, and all those things about these products. They should also give a comparison because not all products are the same. There are different grades of PMS. There are different grades of diesel. And as different as they are, so also are the prices. So it’s not okay to just say the price of petrol produced in Nigeria is higher than the price of imported petrol. How do you grade the two of them?” he asked.

He insisted that unless identical grades were compared, conclusions about price competitiveness would be misleading. “When you are speaking of two different grades of fuel, then you are not being fair to the local refinery. So I think those are the factors that the World Bank will have to spell out when they are doing their comparison. It has to be apple with apple and not apple with pear or apple with orange,” he said.

The CORAN spokesman also clarified that blending was not illegal but typically produced lower-grade fuels that cost less. “Blending does not mean adulterated fuel. No, not necessarily. As I said, in products, you have grades. So the higher the grade, the higher the price.

“And then when you’re looking at the grade, you’re looking at the level of emissions. So if I’m refining and my emissions are more environmentally friendly, it will definitely be more expensive because it takes a higher level of refining. But if it’s not, then it means it’s a lower grade, so the price will be lower.

“So I’m not saying blending is bad. I think that the misinformation is that, when you blend, it’s like something illegal. No, it’s not illegal. But it doesn’t give you the grade in terms of quality as the one that has gone through the full reforming process. It won’t give what the one who went through a standard catalytic reformer and reforming process will give you. The refined one will be different from what a blended product will give you,” he stated.

Among other factors contributing to the high cost of locally produced fuel, Idoko blamed a lack of enough crude supply and the sale of the crude at a premium.

“Modular refineries are still buying crude at a premium. And the Dangote refinery, even though it’s getting crude, is getting it at a premium. There are no comparative advantages. There are no discounts. Dangote and other refineries are buying from traders internationally. Now, we don’t enjoy incentives here. And then they are quoting our price at Brent. So you cannot see any comparative advantage,” he said.

His comments followed a recent report by the World Bank, which stated that imported petrol was cheaper than locally refined fuel in Nigeria.  In its Nigeria Development Update released in Abuja on Tuesday, the bank noted that the current pricing structure had created a gap between locally refined fuel and import parity prices.

It stated that imported petrol is about 12 per cent cheaper than fuel supplied by the Dangote refinery, reflecting distortions in the domestic pricing structure amid soaring global crude prices.

“The Dangote refinery—the main supplier of refined petrol after the regulator ceased issuing import licences in early 2026—raised the ex-depot price of Premium Motor Spirit to about N1,275 per litre as of March 23, 2026, compared to an estimated import-parity price of around N1,122 per litre, implying a cost differential of roughly 12 per cent,” the report said.

However, Idoko maintained that such comparisons must include fuel quality metrics before drawing conclusions, saying the analysis should not rely on “a blanket statement to say that imported products are cheaper than what we are refining here”.

In the report, the World Bank Group advised the Federal Government to allow the importation of petrol into the country, saying, “Reopen the PMS market to competition. The suspension of import licences since January 2026 has reduced competition, allowing prices to exceed import-parity levels.

“Allowing qualified marketers to resume imports would restore competition, reduce pricing distortions, and better align domestic prices with global benchmarks. Greater market contestability would also strengthen supply security by reducing reliance on a single refinery and broadening sourcing options while remaining consistent with domestic refining objectives.”

However, this came with backlashes. Nigerians across various social media platforms, forcing the World Bank to pull down the report while making clarifications that its position was not a blanket endorsement of fuel importation but part of a broader strategy tied to market reforms and consumer protection.

“In the case of Nigeria, the focus should be to provide targeted support to the most vulnerable people through their well-functioning social safety net system, and the World Bank Group stands ready to step up its existing support,” it stated.

FMDQ Securities Exchange Limited has officially approved the quotation of Daraju Industries Limited’s N4.92bn Series 1 and N17.76bn Series 2 Commercial Paper under its N50.00bn issuance programme.

The move marks a significant milestone for the Nigerian fast-moving consumer goods sector, providing a multi-billion-naira liquidity injection to one of the country’s leading manufacturers.

The approval, granted by the Exchange’s Board Listings and Markets Committee, is seen as a strategic win for Daraju Industries as it seeks to solidify its footprint in the personal and home care markets.

“This transaction highlights the continued depth of the Nigerian commercial paper market in supporting corporate liquidity requirements and reinforces the Exchange’s role as a trusted platform for efficient capital mobilisation,” stated the Group Chief Operating Officer of FMDQ Group Plc, Tumi Sekoni.

Daraju Industries, known for its diverse portfolio of household brands spanning oral hygiene and personal care, intends to deploy the net proceeds to optimise its balance sheet. The funding comes at a critical time when Nigerian manufacturers are navigating fluctuating operational costs and seeking more efficient funding structures.

The company confirmed that the N22.68bn capital raise will be utilised to bolster working capital, enhance operational efficiency, and sustain its long-term growth trajectory.

“The proceeds will be utilised to bolster Daraju Industries’ working capital requirements, optimise its funding structure, and enhance operational efficiency,” the company noted in a statement, emphasising its goal to “expand its market footprint and deliver increased value to stakeholders.”

The successful quotation was sponsored by FBNQuest Merchant Bank Limited, acting as the Registration Member, with significant support from co-sponsors including CardinalStone Partners Limited, Cordros Advisory Services Limited, and Coronation Merchant Bank Limited.

The high level of institutional involvement underscores the market’s confidence in Daraju’s credit profile and the overall transparency of the FMDQ platform.

“We remain committed to fostering a resilient and transparent market that supports sustainable growth across key sectors of the economy,” Sekoni added, noting that the Exchange’s infrastructure is designed to empower both “established industry leaders and emerging startups”.

As Africa’s first vertically integrated financial market infrastructure group, FMDQ continues to play a transformative role in Nigeria’s debt capital market. By leveraging advanced technology to provide a regulated environment for short-term funding, the Exchange is facilitating the flow of capital necessary for job creation and industrial expansion.

With this latest quotation, Daraju Industries is now positioned to leverage a more robust financial foundation, ensuring its products remain competitive in a rapidly evolving Nigerian consumer landscape.

 

The Lagos State Internal Revenue Service (LIRS) wishes to express its sincere appreciation to esteemed taxpayers for their continued compliance and commitment to the filing of their individual annual income tax returns.

 

Following the earlier extension granted to April 14, 2026, the Agency has observed a significant increase in traffic on its eTax platform as more taxpayers endeavour to meet the filing deadline.

 

In view of this development, and to ensure that all taxpayers are provided with adequate opportunity to successfully complete their filings, LIRS hereby announces a further extension of the deadline, now set for April 21, 2026.

 

This additional extension is granted in consideration of the overwhelming response and to enhance taxpayer convenience, while maintaining the integrity and accuracy of submissions.

 

Taxpayers are reminded that the filing of annual income tax returns remains a statutory obligation and are encouraged to take advantage of this final extension to fulfil their civic responsibility.

 

The Executive Chairman of LIRS, Dr. Ayodele Subair, on Friday  reiterated that all filings must be completed electronically via the LIRS eTax platform: https://etax.lirs.net, which remains the only approved channel for submission.

 

For further enquiries or assistance, taxpayers may visit any LIRS office or contact the Agency through its official communication channels.

The Central Bank of Nigeria and the Nigerian Communications Commission have been urged to enable deeper data-sharing between banks and telecommunications operators as part of a coordinated push to curb rising digital fraud.

The intersection with financial services is amplifying risks for telecom operators, which now underpin digital payments and banking partnerships. In Nigeria, where about 59 per cent of e-banking customers have fallen victim to scams, telecom providers face mounting pressure as critical infrastructure in the financial system.

A 2026 report by PwC, titled “AI’s Dual Role in Telecom Fraud”, said closer collaboration between banks and telecoms companies could significantly improve the detection of threats such as SIM swap attacks and unauthorised account access, which increasingly cut across both sectors.

The report argued that while telecom operators already deploy sophisticated systems to monitor call data and network activity, these capabilities remain underutilised in supporting financial institutions’ fraud controls. Likewise, banks’ advanced anti-fraud algorithms could help telecom providers better identify suspicious behaviour across mobile networks.

“To make this collaboration effective, there must also be stronger engagement with regulators such as the NCC and the CBN. Improved communication between industry players and government bodies can accelerate the development of clear, responsive regulations that support innovation while safeguarding consumers,” the document stated.

By sharing insights and real-time threat intelligence, both sectors can strengthen their individual and collective defences, PwC noted, pointing to coordinated frameworks in markets such as the UK, Singapore, and Australia.

Global telecom fraud losses were estimated at $38.95bn in 2023, while data from the NCC shows Nigerians lost about N12.5bn to telecom-related financial crimes between 2019 and January 2023.

The push for collaboration comes as fraud schemes grow more complex, driven in part by the rapid adoption of digital banking and mobile-based services such as USSD, which have expanded access but also widened the attack surface for criminals.

Telecom infrastructure has become a critical layer in financial security, particularly as fraudsters exploit weaknesses in identity verification processes. SIM swap fraud, where attackers take control of a victim’s phone number to access banking services, remains a key concern.

Without such alignment, institutions remain cautious about sharing sensitive data, citing compliance risks and uncertainty over privacy obligations, a constraint that continues to limit the effectiveness of joint fraud detection efforts.

Beyond institutional collaboration, the report emphasised the role of consumers, noting that many fraud incidents rely on social engineering tactics. It urged telecom operators to expand customer awareness campaigns, including alerts on emerging scam patterns and guidance on identifying phishing attempts.

At the same time, the growing use of artificial intelligence in fraud detection is introducing new risks. While AI systems can improve monitoring and response times, the report warned they could also be manipulated by attackers through techniques such as prompt injection, potentially exposing sensitive data or bypassing security controls.

To mitigate these risks, telecom companies were advised to adopt responsible AI practices, including regular audits of algorithms, transparent decision-making processes, and the use of representative training data to limit bias.

The report also highlighted the potential for regulators to deploy AI tools to automate compliance checks, enabling more efficient oversight and allowing authorities to focus on high-risk areas.

The Federal Government’s capital spending dropped by N1tn in 2025 as rising recurrent expenditure squeezed fiscal space, the World Bank has said.

The bank disclosed this in its April 2026 Nigeria Development Update titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development.” It stated, “Capital spending declined from 1.3 per cent of GDP (N5.5tn) in 2024 to 1.0 per cent (N4.5tn) in 2025, serving as the primary adjustment margin.”

The decline came amid a sharp increase in overall government spending, which rose to about 6.7 per cent of GDP, equivalent to N29.7tn, driven largely by higher personnel costs, rising debt service obligations, and increased intervention spending.

According to the report, a significant portion of revenue was also absorbed by deductions at source from Federation Account inflows, including N1.1tn for military-related special interventions and N900bn for the Renewed Hope Development Programme.

These pressures left limited fiscal space for capital projects, forcing the government to cut back on infrastructure and other growth-enhancing investments. The World Bank further noted that beyond the decline in allocations, the execution of capital projects remained weak, reducing the overall impact of public spending.

“Capital execution was particularly weak, with only 24 per cent of the prorated 2025 capital budget of MDAs implemented, leaving a significant portion of approved investment unspent and limiting the growth impact of public spending,” it added.

The report explained that recurrent expenditure continued to absorb most available fiscal resources, making capital spending the main adjustment tool for managing fiscal pressures. Despite improvements in revenue, Nigeria’s fiscal position weakened slightly during the period.

The bank stated that the consolidated fiscal deficit widened to about 3.1 per cent of GDP in 2025 from 2.8 per cent in 2024, as increased spending outpaced revenue gains. It attributed the rise in revenue to stronger non-oil tax collections, including Company Income Tax and Value Added Tax, driven by improved tax administration and compliance.

However, the gains were insufficient to offset the surge in recurrent expenditure at the federal level. While state governments expanded capital spending during the period, supported by improved revenues, the Federal Government faced tighter fiscal constraints due to rising wage bills and interest payments.

The report also highlighted structural weaknesses in Nigeria’s budget process, which it said contributed to poor capital spending outcomes. It noted that delays in budget approval and weak coordination between the executive and legislative arms reduced predictability for programme implementation.

For instance, the 2025 budget was approved six weeks after the end of the fiscal year, while the 2026 budget had yet to be approved as of March 25, 2026. The World Bank added that frequent and untracked changes to budget proposals, often not anchored in macro-fiscal analysis, have further weakened budget credibility and capital expenditure planning.

Overall, it warned that Nigeria’s fiscal structure remains heavily tilted toward recurrent spending, limiting the government’s ability to invest in infrastructure and drive long-term economic growth. The bank stressed the need to strengthen fiscal discipline, improve budget processes, and prioritise capital investment to enhance the growth impact of public spending.

The PUNCH earlier reported that ministers in charge of key infrastructure and service-delivery agencies are grappling with a severe funding squeeze, as MDAs received less than N1tn for capital projects in the first seven months of 2025.

The data used for this report were the most up-to-date available from the Budget Office of the Federation, as the agency had not yet released comprehensive full-year implementation figures, despite the fiscal year being well advanced.

The Senate recently extended the implementation of the capital component of the 2025 budget from March 31 to June 30, 2026. The extension followed the passage of a bill to amend the 2025 Appropriation Act after a clause-by-clause consideration.

The bill was sponsored by the Senate Leader, Senator Opeyemi Bamidele (APC, Ekiti Central). Leading the debate, Bamidele said the amendment became necessary as the execution of capital projects had not reached optimal levels despite the release of about 30 per cent of funds to Ministries, Departments, and Agencies.

“This situation, if not urgently addressed, risks exacerbating the already troubling incidents of abandoned or partially executed projects across the country,” he said.

He added that many of the projects remained relevant, noting that only about 70 per cent were captured in the 2026 budget. Bamidele warned that without the extension, key infrastructure projects of President Bola Tinubu could be disrupted.

The Nigerian Electricity Regulatory Commission has ordered the Transmission Company of Nigeria to reduce transmission losses across the national grid to 6.5 per cent by December 31, 2026, as part of measures aimed at improving efficiency and transparency in the electricity transmission network.

In an order dated April 8, 2026, the commission said the directive formed part of a new framework for regional transmission loss factor reporting designed to strengthen grid oversight and accountability.

The order stated, “TCN shall ensure that TLF across all transmission regions in NESI shall not exceed 6.5 per cent by 31 December 2026, in compliance with MTYO 2024 for TCN.”

The regulator explained that transmission network losses represent energy dissipated during the conveyance of electricity due to resistance in lines, transformer losses, and operational inefficiencies, noting that although some losses are unavoidable, improved planning and optimisation can minimise them.

“Transmission network losses represent the portion of electrical energy that is dissipated during conveyance of electricity through the transmission network due to inherent physical characteristics of the grid, including resistance in transmission lines, transformer losses, and other operational inefficiencies. While a certain level of loss is technically unavoidable, effective network planning, maintenance, and operational optimisation can minimise these losses,” NERC said.

The commission said the Transmission Loss Factor remained a key metric for assessing grid performance, explaining that it measures the difference between total energy injected into the transmission system and energy delivered at exit points.

“TLF therefore serves as a critical performance indicator for assessing grid efficiency, operational integrity of the transmission network, and the effectiveness of energy accounting within the grid. Elevated transmission losses may arise from a number of factors, including ageing or inefficient network equipment, degraded infrastructure, and suboptimal operational practices,” it stated.

The regulator cited data from the Nigerian Independent System Operator indicating that national average transmission losses exceeded approved benchmarks in recent years.

“Data from the Nigerian Independent System Operator’s report indicates that the national average TLF stood at 8.71 per cent in 2024 and 7.24 per cent in 2025, both of which exceed the Multi-Year Tariff Order benchmark of 7 per cent approved by the commission,” the order said.

The commission noted that increasing grid complexity and geographic spread necessitated stronger monitoring mechanisms, adding that regional reporting would help identify high-loss corridors. To support the loss reduction target, the commission directed the system operator to install smart meters at regional boundaries.

The regulator also instructed the system operator to measure energy flows in transformers across transmission substations. “NISO shall install smart meters at all boundary regional interconnection points by 31 December 2026 to accurately measure energy inflows and outflows for each region of the transmission network.”

“NISO shall measure and document energy flow in and out of power transformers at all transmission substations to evaluate the compliance of the allowable loss value of the transformers in compliance with section 2.3.4.1 (b) of the Nigerian Electricity Supply and Installation Standards Regulations 2015,” it stated.

Furthermore, the commission mandated quarterly regional reporting of transmission losses. The order stated that NISO shall file quarterly reports on TLF to the commission on a regional basis no later than 30 June 2026 using a template provided in the order.

It also required TCN to submit a corrective plan for regions exceeding allowable limits. “TCN shall file a comprehensive action plan by 31 July 2026 on the reduction of TLF to a value within the approved benchmarks in regions where the TLF exceeds the allowable limits for approval,” it added.

The commission warned that failure to comply with the order would attract sanctions, saying, “Non-compliance with the provisions of this order shall attract appropriate regulatory measures as prescribed in the Terms and Conditions of the defaulting Licensee’s Licence and other applicable regulations or orders of the commission.”

The Managing Director/Chief Executive Officer of the Nigerian Independent System Operator, Abdu Bello, said Nigeria’s power sector was losing between N5bn and N8bn monthly to transmission inefficiencies, even as he revealed that targeted interventions by the operator have begun to cut losses and improve grid stability.

Bello made this known on Wednesday during the organisation’s first anniversary celebration held at its headquarters in Utako, Abuja, where he presented a detailed scorecard of reforms and operational milestones recorded since its establishment.

Polaris Bank has announced its partnership with the Central Bank of Nigeria for the 2026 Global Money Week under the theme ‘Smart Money Talks’. The initiative, which runs from 7 April to 30 April 2026, aims to bridge the financial literacy gap by providing secondary school students with the tools to navigate an increasingly complex digital economy.

“Building a financially smart future starts with equipping young people with the right knowledge today. As conversations around money become more complex in a fast-evolving digital world, our participation in Global Money Week reflects our commitment to empowering the next generation with practical skills that shape long-term economic wellbeing,” stated the bank’s leadership during the launch.

The 2026 campaign, according to a statement on Thursday, builds on the success of the previous year, where Polaris Bank directly impacted 3,372 students across 35 secondary schools in 36 states.

This year, the bank is expanding its reach in coordination with the CBN’s Financial Literacy Secretariat to conduct sessions in schools across all states where it maintains a branch presence. These sessions provide students and young adults with useful insights into key areas such as saving, budgeting, the responsible use of financial products, digital financial services, and entrepreneurship.

“At the Central Bank, we believe that early education is critical to helping young people distinguish between impulse and intention. By taking these conversations into schools, we are supporting a national mandate to develop a generation that is more financially aware and capable of making smart choices,” noted a representative from the CBN Financial Literacy Secretariat.

In an era where technology and peer influence heavily dictate spending habits, Polaris Bank is positioning financial literacy as a vital life skill rather than a luxury. The bank believes that early education is critical to helping young people distinguish between trend and truth, or convenience and responsibility.

“For Polaris Bank, this goes beyond a statutory obligation,” the bank added. “It is about fostering a culture where young people are confident in money matters, helping them grow into financially active adults who can contribute meaningfully to the Nigerian economy.”

The programme aligns with broader national goals of human capital development and financial inclusion as key drivers of growth. As Global Money Week activities continue through the end of April, Polaris Bank remains committed to initiatives that create meaningful impact, strengthen communities, and empower individuals through knowledge-driven engagement.

Guinea Insurance Plc has signalled a period of robust financial growth and strategic strengthening as it forecasts a profit after tax of N1.85bn for the second quarter ending 30 June 2026.

In a comprehensive regulatory filing submitted to the Nigerian Exchange on Tuesday, the insurer detailed an ambitious financial roadmap characterised by aggressive revenue targets and a massive capital injection intended to solidify its market position.

The company’s forecast income statement projects insurance revenue to hit N4.41bn by the end of the quarter. This performance is expected to be bolstered by a strong insurance service result of N2.27bn, demonstrating the firm’s ability to effectively manage its core underwriting risks and reinsurance contracts.

Beyond its core operations, the report highlights a diversified income stream with net investment income projected at N1.14bn. This is expected to be driven primarily by investment income and fair value gains on financial assets, reflecting a strategic allocation of capital within the current economic landscape.

Perhaps the most significant highlight in the filing is the N7.5bn new capital injection listed under financing activities. This influx of capital is set to dramatically transform the company’s balance sheet, pushing its cash and cash equivalents to a projected N7.44bn by mid-year, up from N2.98bn at the start of January.

The board of directors, led by Chairman Temitope Borishade and Managing Director Ademola Abidogun, noted in the filing that “these projections reflect a company exceeding expectations with a clear path toward sustainable profitability and a fortified capital base that ensures we remain a dominant player in the industry.”

On the operational side, Guinea Insurance’s cash flow estimates indicate a high level of activity, with premium collections expected to reach N4.9bn. The company has also budgeted N1.13bn for gross claims payments, emphasising its commitment to meeting policyholder obligations promptly.

The report further detailed that “the proposed capital injection of N7.5bn is a testament to investor confidence and a strategic pivot toward high-yield financial assets”, including a planned N2.5bn investment in Treasury bills.

With earnings per share projected at 0.10 kobo, Guinea Insurance is positioning itself as an increasingly attractive prospect for shareholders. The company concluded its submission to the exchange by stating that it is “entering the second half of the year with a liquid, well-capitalised balance sheet designed to withstand macroeconomic pressures while delivering consistent value to stakeholders”