The President of the Dangote Group, Aliko Dangote, on Thursday reaffirmed the conglomerate’s commitment to strengthening its supply chain, deepening digital capabilities, and sustaining customer-driven growth, as he addressed stakeholders at the Nascon 2025 Customers’ Dinner and Awards Night in Abuja.

Dangote, Africa’s richest man, told customers, board members, and executives that the event reflected both the group’s journey and its forward strategy. “This is an event that actually reflects not only how far we have come as a group, but also how we intend to move forward,” he said.

As Group President overseeing a diversified conglomerate operating across multiple markets and consumer segments, Dangote stressed that customer partnerships remain central to the group’s business model.

“As a group president, I have the privilege of overseeing the diversified group operating across multiple markets, brands, and consumer segments. Despite this diversity, our principle unites all our operations,” he said, adding, “Strong customers’ partnerships are the foundation of sustainable growth in our group.”

He noted that the group had undergone significant transformation in recent years, expanding manufacturing capacity, strengthening its brand portfolio, and modernising distribution systems.

“Over the past several years, our group has evolved significantly. We have expanded our manufacturing capacity, strengthened our brand portfolio, and modernised our go-to-market systems. Each of these milestones was influenced by customer needs and market realities,” he said.

Dangote acknowledged the role of distributors and trade partners in supporting product launches and market expansion, especially during difficult macroeconomic conditions.

“Many of the customers present tonight have walked this journey with us, supporting the new product launches, expanding distribution into new territories, and standing by our brands during periods of economic uncertainty. We must really thank you for always standing by us,” he stated.

According to him, the awards presented at the event recognise the breadth of excellence within the company’s customer base. He also commended the management team for organising the event, describing customer recognition as both a strategic and commercial imperative.

Looking ahead, Dangote outlined the group’s investment priorities, linking them directly to customer feedback and market realities.

“Looking ahead, we will continue to invest in brand equity, supply chain efficiency, sustainability, and digital capabilities. But these investments only create value when they are aligned with customer realities. Your continued engagement and feedback remain very, very critical to us,” he said.

Speaking earlier at the event, the Chairman of the Board of Nascon Allied Industries Plc and Dangote Group’s Vice President, Mr Olakunle Alake, said the company’s long-term growth depends on deep customer partnerships and consistent market execution in an increasingly competitive FMCG landscape.

Alake described the event as “both symbolic and strategic,” noting that it publicly affirms customer service as a core value while reinforcing collaboration as the basis for expansion.

He told attendees that “long-term growth is built on collaboration and not on transactions,” stressing that strong distribution networks and retail relationships remain critical to sustaining market performance and shareholder confidence.

Alake added that while the company is accountable to shareholders and regulators, its performance ultimately rests on customers who stock and promote its brands across markets.

He said the awards recognise partners that have delivered scale, consistency and growth over time, adding that customer service is “not just a core value, it is a strategic asset” in an environment of fragile loyalty and intense competition.

Also speaking at the event, the newly appointed Group Executive Director of Dangote Refinery and Petrochemicals, Fatima Aliko Dangote, thanked customers for what she described as years of loyalty and trust that have supported the company’s expansion.

She told distributors that their performance across markets had directly shaped the group’s results.

In her remarks, the recently appointed Group Executive Director, Commercial, Cement and Foods, at Dangote Industries Limited, Mariya Aliko Dangote, said her early days overseeing the foods business had reinforced the importance of trade partnerships.

“I recently assumed the responsibility of our food business in the capacity of Group Executive Director, Commercial operations, and one truth is already clear to me: our success is built with you and with your unwavering support,” she said, adding that performance in the market is ultimately driven by customer feedback and execution.

The Managing Director of NASCON Allied Industries Plc, Aderemi Saka, said the awards were designed to recognise customers whose growth has mirrored that of the company, stressing that NASCON’s performance is closely linked to the strength of its distribution network.

Saturday PUNCH learnt that the company, also known as Dangote Salt, honoured 50 customers at the 2025 dinner. Speaking on behalf of the awardees, Ali Balarabe commended the board and management for what he described as consistent engagement with distributors, after receiving a 20-tonne truck and a cash credit.

He pledged to sustain his support for the brand, while other recipients of truckload awards and cash credits included Alhaji Ibrahim Achida, Muabsa Integrated Services, Fanisau Enterprises, Idris Saleh Nigeria Limited, Sani Adamu Trader and GIA Global Concept.

The PUNCH earlier reported in August 2025 that Nascon Allied Industries Plc recorded a profit of N15.6bn for the half-year ended June 30, 2025, representing a 222 per cent increase from the N4.8bn posted in the corresponding period of 2024.

The company’s revenue rose by 55 per cent to N78.2bn from N50.4bn in the same period last year, according to its unaudited financial statements released on Monday.

Operating profit surged 196 per cent to N21.3bn in the first half of 2025, up from N7.2bn in the previous year. Profit before tax stood at N23.3bn, more than tripling the N7.2bn reported in the corresponding period of 2024.

Price competition among fuel marketers has intensified as SGR Filling Station in the Mowe axis of the Lagos-Ibadan Expressway reduced its petrol price to N805 per litre.

Saturday PUNCH reports that SGR cut its pump price from N812 on Monday, retaining its position as the cheapest retailer in the axis. It was gathered that SGR slashed its price after a NIPCO outlet near Lotto reduced its rate from N828 to N812 per litre.

As of Friday, several stations were seen adjusting their prices to match those of competitors. The PUNCH had earlier reported that petrol retailers along the Lagos-Ibadan Expressway were stepping up competition, trimming pump prices in a bid to retain customers.

Along Ibafo, Alade Filling Station still dispensed petrol at N820 per litre, while Habeeb Filling Station maintained its price at N819 per litre. SAO stations in Mowe and Lotto sold PMS at N825 per litre, while Akiavic AP and other outlets across the axis adjusted their prices to remain competitive.

The Dangote-partnered MRS filling station at Olowotedo was forced to reduce its pump price to N825 per litre from N839 as motorists flocked to outlets offering lower rates. However, the MRS outlet near the Redeemed Christian Church of God camp continued to sell petrol at N839 per litre, even as a neighbouring AP station reduced its price to N834 per litre.

Similarly, Nigerian National Petroleum Company Limited outlets in Lagos and Ogun dispensed petrol at rates ranging from N837 to N840 per litre, depending on location and the level of competition in the area.

On Tuesday, the Dangote refinery reduced its petrol gantry price by N25 per litre, from N799 to N774 per litre. The refinery communicated the adjustment to marketers, stating that the new rate took immediate effect.

In a notice issued by its Group Commercial Operations Department, Dangote Petroleum Refinery and Petrochemicals FZE said, “This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre.”

However, despite the reduction in gantry price, MRS and other partners have yet to reflect the cut in their pump prices. Many MRS stations continued to sell petrol at N839 per litre, retaining the same margin as when the ex-depot price was N799. It will be recalled that pump prices were adjusted immediately when ex-depot rates increased.

In a comparison, Dangote said the latest price adjustment further strengthened the competitiveness of locally refined products, noting that “the current landing price of imported PMS from Lome stands at about N793 per litre, compared to Dangote Refinery’s ex-depot price of N774 per litre.”

However, the Major Energies Marketers Association of Nigeria put the landing cost of imported petrol at an average of N722.08 per litre, about N52 lower than Dangote’s ex-depot price.

Meanwhile, Dangote Refinery said it had attained its full nameplate capacity of 650,000 barrels per day following the restoration and optimisation of its crude distillation unit and motor spirit production block, marking what it described as a global first for a single-train refinery of its scale.

In a statement on Wednesday, the firm said the milestone signalled a critical phase in the ramp-up of Africa’s largest oil refining facility, adding that it had commenced a 72-hour intensive performance test run in collaboration with its licensor, UOP, to validate operational stability, efficiency, and compliance with global standards.

The refinery stated that the feat followed a scheduled maintenance exercise on the Crude Distillation Unit and MS Block, after which both units were fully stabilised and optimised for steady-state operations.

Nigeria failed to meet its crude oil production quota of 1.5 million barrels per day approved by the Organisation of the Petroleum Exporting Countries in the first month of 2026, extending its streak of underperformance to six consecutive months.

According to OPEC’s Monthly Oil Market Report, Nigeria produced about 1.46 million barrels of crude oil per day in January 2026. Specifically, output rose from 1.422 mbpd in December 2025 to 1.459 mbpd in January, representing an increase of about 38,000 barrels per day.

Despite the marginal improvement, production remained below the 1.5 mbpd quota, marking the sixth straight month the country has missed its OPEC target, spanning August 2025 to January 2026.

Crude oil output had dipped in December 2025 by 14,000 barrels per day, despite government efforts to ramp up production. Data from the Nigerian Upstream Petroleum Regulatory Commission showed that production fell from 1.436 mbpd in November to 1.422 mbpd in December, instead of rising to meet the OPEC quota

In 2025, Nigeria’s crude oil production fell below its OPEC quota in nine months, meeting or slightly exceeding the target only in January, June, and July. Year-on-year, crude production declined by over 80,000 barrels per day. Nigeria opened 2025 strongly, producing 1.54 mbpd in January, about 38,700 barrels per day above its OPEC allocation.

Output, however, slipped below the quota in February at 1.47 mbpd and weakened further in March, when production averaged 1.40 mbpd, representing one of the widest shortfalls of the year.

Although output recovered modestly in April at 1.49 mbpd and May at 1.45 mbpd, Nigeria remained under its OPEC ceiling until June, when crude production edged up to 1.51 mbpd, marginally exceeding the quota. The country sustained this momentum in July, producing 1.51 mbpd, before slipping below the threshold again in the following months.

As 2026 progresses, expectations are that Nigeria will ramp up crude production, especially as the Dangote refinery announced it has reached its full capacity of 650,000 barrels per day.

Meanwhile, the new Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, has pledged to increase oil production. In a statement issued by the commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, the NUPRC boss said her vision for the upstream sector rests on three pillars: production optimisation and revenue expansion; regulatory predictability and speed; and safe, governed and sustainable operations.

According to her, the agenda aligns with President Bola Tinubu’s Renewed Hope Agenda and the administration’s plan to grow Nigeria’s crude oil production to 2 mbpd by 2027 and 3 mbpd by 2030.

Eyesan said the commission would pursue production and revenue growth by recovering shut-in volumes with economic value, arresting natural field decline, reducing losses, and accelerating time-to-first oil, without imposing additional regulatory burdens or transaction costs on operators.

The Securities and Exchange Commission has expressed openness to collaborating with the National Orientation Agency to enlighten Nigerians on illegal investment schemes.

The Director-General of the SEC, Dr Emomotimi Agama, stated this during a meeting with the Director-General of the NOA, Mallam Lanre Issa-Onilu, in Abuja on Thursday.

He said, “These are not supposed to be, but many people fall victim due to a lack of knowledge. We know these schemes are springing up daily and these people are defrauding Nigerians. People are always gullible due to the need to survive. As management, we decided to move out to enlighten people; we cannot assume that people know. We need to go out for mass communication; hence, this collaboration. It is only by co-operation that we can achieve the purpose of our existence.”

Agama solicited the co-operation of the NOA to reach Nigerians because of its capacity and vast medium of mass communication to ensure that the message gets to every nook and cranny of the country.

“This collaboration is important because it will go a long way in ensuring that Nigerians are no longer victims of these fraudulent schemes. We appreciate that you value this country, and we value the work that you do,” he added.

In his response, Issa-Onilu commended the SEC on the achievements of the capital market in recent times, adding that the Commission has not been celebrated enough.

He stated, “We commend you and thank you on behalf of the country, but most Nigerians are not aware of the opportunities in the capital market. An ignorant society will fall victim to many avoidable things. It is our responsibility to enlighten people to make the right decisions.

“We request that you provide information on what you do to enable us to propagate them. Our primary assignment is to serve all government institutions as the communications arm. We do a lot of enlightenment in places like the religious houses, motor parks, town halls, etc.”

Issa-Onilu said the NOA engages in civic education to create the right values that will help most Nigerians become better citizens.

“Many Nigerians are deficient in good behaviour. Both the Ponzi scheme promoters and those that patronise them are suffering from the wrong attitude and values. We have to encourage people to have the right attitude so they do not fall victim to Ponzi schemes. We have created a lot of platforms to interact with Nigerians. At the moment, we have 193 radio stations and five television stations that we collaborate with for our communication,” he added.

The Nigeria Deposit Insurance Corporation has said that about 99 per cent of depositors in Nigerian banks are fully covered under its enhanced deposit insurance scheme, urging customers to link their Bank Verification Numbers to their accounts to guarantee seamless access to insured deposits in the event of bank failure.

The Managing Director/Chief Executive Officer of NDIC, Thompson Oludare, disclosed this on Wednesday at the NDIC Special Day of the 47th Kaduna International Trade Fair, held in Kaduna.

The trade fair, organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture, had as its theme, “From Reforms to Results: Economic Transformation through Sustained Local Content Development.”

Represented by Dr Regina Dinlung, Assistant Director, Communication and Public Affairs Department,  Oludare said the theme aligned with ongoing reforms in the financial sector aimed at delivering tangible benefits to Nigerians.

“For over three decades, the Nigeria Deposit Insurance Corporation has played a critical role in protecting depositors’ funds, particularly those of the most vulnerable, from the negative effects of bank failure,” he said.

Highlighting the corporation’s mandate, Oludare explained that it encompasses deposit insurance, supervision of insured institutions, distress resolution, and the orderly liquidation of failed banks.

According to him, NDIC works closely with the Central Bank of Nigeria to strengthen risk-based supervision, resolution planning, and inter-agency collaboration to safeguard the banking system and minimise systemic disruptions.

“Our tagline, ‘Protecting Your Bank Deposits,’ reflects our enduring commitment to financial inclusion and stability, reassuring Nigerians that their savings are safe,” he stated.

Oludare disclosed that in 2024, the corporation enhanced the maximum deposit insurance coverage as part of efforts to strengthen depositor protection and public confidence.

He said depositors of Deposit Money Banks, Mobile Money Operators, and Non-Interest Banks are currently insured up to ₦5m per depositor per bank, while those of Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks are covered up to ₦2m per depositor per bank.

“This expanded coverage protects about 99 per cent of depositors, underscoring our commitment to safeguarding the savings of Nigerians,” he said.

He explained that in the event of a bank failure, insured depositors are paid promptly up to the guaranteed limit, while those with balances above the insured threshold receive liquidation dividends as assets of the failed bank are realised.

Citing recent interventions, Oludare referenced the closures of Heritage Bank Limited, Union Homes Plc, and Aso Savings and Loans Plc as examples of improved payout efficiency.

“In those instances, the corporation used the Bank Verification Number of depositors as a unique identifier to locate their alternate accounts into which their claims were transferred. This enabled the payment of claims within days of the banks’ closure,” he said.

“I therefore urge all depositors to ensure that their BVNs are properly linked to their bank accounts and identity records, as this greatly facilitates seamless and timely access to insured deposits in the event of bank failure,” he added.

Oludare also invited participants at the trade fair to visit the corporation’s pavilion to obtain information on deposit insurance and how to avoid fraudulent schemes.

He reaffirmed the NDIC’s commitment to evolving into a more responsive and technology-driven deposit insurer that not only resolves bank failures effectively but also works to prevent them and strengthen public trust in Nigeria’s financial system.

Earlier, the President of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture, Alhaji Farouk Suleiman, commended the corporation’s role in safeguarding depositors’ funds, noting that it remained critical at a time when economic confidence and institutional trust were under pressure.

“We are delighted to host one of Nigeria’s most critical financial sector institutions, an institution whose work often operates quietly behind the scenes, yet whose impact is felt profoundly across the economy,” he said.

According to him, NDIC’s participation in the fair underscored its commitment not only to regulation but also to public enlightenment and stakeholder engagement.

Nigeria failed to meet its crude oil production quota of 1.5 million barrels per day approved by the Organisation of the Petroleum Exporting Countries in the first month of 2026, extending its streak of underperformance to six consecutive months.

According to OPEC’s Monthly Oil Market Report, Nigeria produced about 1.46 million barrels of crude oil per day in January 2026. Specifically, output rose from 1.422 mbpd in December 2025 to 1.459 mbpd in January, representing an increase of about 38,000 barrels per day.

Despite the marginal improvement, production remained below the 1.5 mbpd quota, marking the sixth straight month the country has missed its OPEC target, spanning August 2025 to January 2026.

Crude oil output had dipped in December 2025 by 14,000 barrels per day, despite government efforts to ramp up production. Data from the Nigerian Upstream Petroleum Regulatory Commission showed that production fell from 1.436 mbpd in November to 1.422 mbpd in December, instead of rising to meet the OPEC quota.

In 2025, Nigeria’s crude oil production fell below its OPEC quota in nine months, meeting or slightly exceeding the target only in January, June, and July. Year-on-year, crude production declined by over 80,000 barrels per day. Nigeria opened 2025 strongly, producing 1.54 mbpd in January, about 38,700 barrels per day above its OPEC allocation.

Output, however, slipped below the quota in February at 1.47 mbpd and weakened further in March, when production averaged 1.40 mbpd, representing one of the widest shortfalls of the year.

Although output recovered modestly in April at 1.49 mbpd and May at 1.45 mbpd, Nigeria remained under its OPEC ceiling until June, when crude production edged up to 1.51 mbpd, marginally exceeding the quota. The country sustained this momentum in July, producing 1.51 mbpd, before slipping below the threshold again in the following months.

As 2026 progresses, expectations are that Nigeria will ramp up crude production, especially as the Dangote refinery announced it has reached its full capacity of 650,000 barrels per day.

Meanwhile, the new Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, has pledged to increase oil production. In a statement issued by the commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, the NUPRC boss said her vision for the upstream sector rests on three pillars: production optimisation and revenue expansion; regulatory predictability and speed; and safe, governed and sustainable operations.

According to her, the agenda aligns with President Bola Tinubu’s Renewed Hope Agenda and the administration’s plan to grow Nigeria’s crude oil production to 2 mbpd by 2027 and 3 mbpd by 2030.

Eyesan said the commission would pursue production and revenue growth by recovering shut-in volumes with economic value, arresting natural field decline, reducing losses, and accelerating time-to-first oil, without imposing additional regulatory burdens or transaction costs on operators.

The United Bank for Africa Plc has introduced a new Aggregator Sales Structure for its RedPay POS and Agency Banking Network, aiming to strengthen its relationships with partners and promote greater financial inclusion throughout Nigeria.

The newly launched multi-benefit structure was unveiled at the inaugural UBA Aggregator Engagement Session, held at the bank’s head office in Lagos on Tuesday. The session, themed ‘POS-itive Impact: Connecting Agents, Merchants, and Customers’, served as a collaborative platform to align strategies for scaling the UBAMONI Agency Banking ecosystem and bringing together key industry aggregators, Point-of-Sale partners, and network managers.

UBA’s Executive Director Designate, Digital Banking, Emmanuel Lamptey, who spoke at the event, said, “Today’s session marks a pivotal step in our collective journey to democratise financial access in Nigeria.

By bringing together our valued aggregators and partners, we are strengthening the ecosystem that connects UBA directly to communities and ensuring that reliable financial services are within everyone’s reach.”

Emphasising the need for partnerships, UBA’s Head of Digital Banking, Shamsideen Fashola, who presented the keynote address, outlined the strategic imperative behind the new structure.

“Our aggregators are fundamental to realising our ambition of building Africa’s most impactful digital collections network. This structured framework is designed to be scalable, transparent, and mutually rewarding, empowering our partners with the technology and support needed to drive agent productivity as well as serve underserved communities effectively,” Fashola noted.

The lender said that the platform delivers comprehensive value to agents and aggregators alike, featuring instant settlement, reliable transaction processing, real-time dashboard reporting, and a full suite of services, including dispute and terminal management, analytics, card withdrawals, bill payments, and pay-with-transfer.

For aggregators specifically, the model provides a structured opportunity to onboard and manage agents within UBA’s network and access attractive incentives and commissions, as well as leverage a dedicated Aggregator Admin Portal for real-time visibility into agent performance and transactions.

Adetunji Iyiola, UBA’s Head of Agency Banking, highlighted the customer-focused nature of the initiative, saying the new structure significantly enhances collaboration between UBA, its merchants, and agents.

“This rollout is about creating superior value for every stakeholder and enabling better service delivery to customers while ensuring our partners have the tools and incentives to thrive. It reinforces our promise to deliver essential banking services exactly where they are needed most,” he said.

With the introduction of the aggregator framework, UBA further cements its leadership in pioneering innovative digital financial solutions that bridge the inclusion gap and drive economic empowerment across the African continent.