The Dangote Petroleum Refinery has said it will make enough fuel available to Nigerians, as it urged the government to provide adequate crude oil to the Lekki-based plant.

Otherwise, the company said it would have to export its products if it keeps importing crude oil for its production.

The President of the Dangote Group, Alhaji Aliko Dangote, told Al Jazeera that the facility was almost running out of aviation fuel and diesel but had petrol in excess.

As the US-Iran war disrupted the global supply of petroleum products, African countries are relying more on the 650,000-capacity refinery in Lekki, Lagos State.

“The demand is so high, I can tell you for nothing. Today, we have almost sold out our jet fuel. We have almost sold out our gas oil. What we have is just the gasoline (petrol), which is the PMS; we call it Premium Motor Spirit. That’s the only one that we have in excess,” Aliko Dangote said.

The revelation by Dangote was seen as a source of concern for those in the aviation sector and manufacturers who rely on diesel for power generation and transportation.

However, speaking with our correspondent, a senior management official of the Dangote Group, who did not want his name in print because of the sensitivity of the matter, said the refinery would not starve Nigeria even as global fuel demand surged.

The official stated that this would depend on the availability of domestic crude for the refinery. “No! We will not starve Nigeria, as long as they keep giving us crude,” the official said.

Following the company’s complaint that it was getting less than five million barrels of crude instead of the 19.7 million barrels needed monthly by the refinery, the official confirmed to our correspondent that talks are currently ongoing with the Nigerian National Petroleum Company Limited and other oil producers.

He warned that the refinery would export its products if it imports crude oil for refining. “Yes, we are talking with them. If we have to import the crude, we will have to export the products,” he stressed.

The Dangote refinery pumps out 75 million litres of petrol, 25 million litres of diesel, and 20 million litres of aviation fuel daily. The refinery recently sold 12 cargoes, totalling 456,000 tonnes of fuel, to Côte d’Ivoire, Cameroon, Tanzania, Ghana, and Togo.

According to Al Jazeera, African countries are not the only ones lobbying to buy fuel from Dangote. Europe, Asia, and South America are also bidding for the cargoes. But the refinery is currently battling crude shortages, forcing it to seek alternatives outside the country.

During a live television programme on Arise News last week, the Chief Executive Officer of the Dangote refinery, David Bird, said the facility was buying Nigerian crude in foreign markets at a premium after it had earlier requested the product locally before being shipped abroad.

According to Bird, the company receives far below its agreed crude oil supply under the Federal Government’s naira-for-crude deal. Bird stated that the refinery currently gets only five cargoes of crude monthly instead of the expected 13 to 15 cargoes.

He said the shortfall has been affecting the refinery’s ability to optimise local crude as it keeps importing feedstock from other countries. “What we see under that agreement, we should be getting about 13 to 15 cargoes a month. And that’s what we could process to meet the domestic fuel requirements of Nigeria. Currently, we’re only getting five. So, that’s an underperformance against that pre-agreed volume contract,” he said.

Diesel prices surge

Meanwhile, Nigeria has recorded one of the sharpest increases in diesel prices globally following tensions linked to Iran, ranking second among countries with the highest surge.

According to new data by InvestorSight, diesel prices in Nigeria rose by 78.3 per cent since the US-Iran war started, placing the country just behind the Philippines, which recorded the highest increase of 81.6 per cent.

The data, which compared price movements across major economies, indicated that several Asian countries experienced the steepest increases, with Malaysia and Vietnam also posting significant rises of 57.9 per cent and 45.9 per cent, respectively.

Nigeria’s surge was higher than increases recorded in advanced economies such as the United States at 41.2 per cent, Germany at 30.9 per cent, and the United Kingdom at 18.0 per cent.

Oil-producing nations in the Middle East recorded comparatively modest changes, with Saudi Arabia and India showing no increase, while the United Arab Emirates and Qatar posted 7.9 per cent increases each.

Zenith Bank Plc has officially launched the Visa Signature Card in collaboration with global payments leader Visa, in a move aimed at redefining the premium banking landscape for Nigeria’s affluent and globally mobile population.

The new product, unveiled during a press conference in Lagos on Monday, is designed to offer a seamless bridge between local and international financial services. It addresses the rising cross-border transaction needs of high-net-worth individuals by combining Zenith Bank’s market expertise with Visa’s expansive global infrastructure.

Speaking on the initiative, the Group Managing Director of Zenith Bank Plc, Dame Dr Adaora Umeoji, OON, said, “This partnership with Visa reflects Zenith Bank’s commitment to delivering premium, globally relevant solutions that meet the lifestyle and financial needs of our affluent customers.

“The Zenith Visa Signature card will ensure that our customers enjoy greater convenience, flexibility, and value wherever they are in the world.”

The card is packed with high-end features tailored for frequent travellers and international consumers. Benefits include access to global airport lounge programmes, travel insurance, concierge support, and exclusive privileges through the Visa Luxury Hotel Collection.

Beyond travel, the card incorporates robust security features, such as online shopping fraud coverage and extended warranty protection, designed to provide peace of mind for both domestic and international transactions.

Also speaking at the event, the Vice President and Cluster Head of Visa West Africa, Andrew Uaboi, highlighted that the product launch is a direct response to the evolving habits of modern consumers.

“Consumers are increasingly operating across borders, whether for business, travel, or everyday transactions,” Uaboi noted. “Our role is to ensure that payments remain seamless and secure, regardless of location, by providing the infrastructure that connects them to global commerce.”

He added, “As digital adoption continues to grow, there is a clear shift towards solutions that combine convenience with global acceptance. This collaboration supports that transition by enabling broader access through trusted payment technology.”

The launch of the Signature Card marks a significant development in Nigeria’s financial sector, where competition for the premium customer segment is intensifying. By moving beyond traditional banking products to offer lifestyle-integrated payment solutions, Zenith Bank aims to strengthen its position as the primary financial partner for the globally connected elite.

The Association of Corporate Affairs Managers of Banks has formally commended the Nigerian banking sector for its robust performance in meeting the Central Bank of Nigeria’s stringent new capital requirements ahead of the 31 March 2026 deadline.

With over 96 per cent compliance recorded across the industry, the umbrella body for corporate communications professionals in the sector hailed the milestone as a testament to the strength and adaptability of Nigerian financial institutions.

The recapitalisation exercise, which began in March 2024, set aggressive new benchmarks for banks, ranging from N50bn for regional licences to N500bn for banks with international affiliations.

According to the CBN, 32 banks have successfully met these requirements, positioning the sector to play a critical role in the country’s economic roadmap.

In a statement on Monday, the president of ACAMB, Jide Sipe, indicated, “The Nigerian banking industry has once again demonstrated its innate strength and resilience. Achieving over 96 per cent compliance ahead of the recapitalisation deadline is no small feat; it is an indication of the capacity of our financial institutions to adapt and overcome.”

The recapitalisation programme is viewed as a vital pillar for Nigeria’s transition toward a $1tn economy. By strengthening the capital base, the CBN aims to enhance the industry’s capacity to mobilise long-term capital and support high-impact investments.

“The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements.

This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1tn economy,” stated the Governor of the Central Bank of Nigeria, Olayemi Cardoso.

The industry’s success comes on the heels of major international recognition for the apex bank. ACAMB extended special praise to Governor Cardoso for his disciplined regulatory oversight, noting that the CBN was recently named ‘Central Bank of the Year 2026’ by the London-based Central Banking Awards Committee.

“We commend the CBN for its visionary leadership, particularly under Governor Cardoso, whose bold reforms are reshaping the financial landscape,” Sipe added. “As we celebrate this progress and the well-deserved ‘Central Bank of the Year’ award, we respectfully urge the regulator to continue its support for all institutions, ensuring that no one is left behind and that the stability and interconnectedness of our financial system remain unbroken.”

As the March 31 deadline concludes, the focus now shifts toward leveraging this enhanced capital base to drive inclusive growth, transparency, and sustainable development across Nigeria’s financial ecosystem.

Telecommunications operators in Nigeria will now be required to compensate subscribers with airtime credits for service disruptions under a new consumer protection framework introduced by the Nigerian Communications Commission.

The regulator said compensation would be issued automatically to affected users in areas experiencing network failures, marking a shift toward stricter enforcement of quality-of-service obligations across the industry.

In a statement issued on Sunday, Head of Public Affairs at the Commission, Nnenna Ukoha, said affected users will receive airtime credits calculated based on their average spending patterns and their presence within local government areas where service failures occur.

“Subscribers should not be made to bear the full burden of service disruptions where operators fail to meet prescribed standards of service delivery,” she said.

The NCC explained that the move is part of its broader consumer-focused regulatory philosophy, aimed at placing subscribers at the centre of Nigeria’s telecommunications ecosystem.

“Telecommunications services today underpin economic activity, social interaction, and access to digital opportunities. When service quality is poor, the consequences affect productivity, commercial activities, and even public confidence in our communications system,” the regulator stated.

The commission also directed tower companies, which own critical infrastructure such as masts, to reinvest fines levied against them into measurable infrastructure improvements to strengthen network performance.

“The commission will continue to reinforce the obligation of operators to invest consistently in network resilience, capacity expansion, and infrastructure upgrades to meet the growing demand for telecommunications services,” it said.

The regulator noted that it will continue deploying regulatory tools to promote fairness, transparency, and accountability, ensuring subscribers receive the quality of service they deserve.

“Further to this directive, the commission is also mandating tower companies to invest in infrastructure with measurable outcomes using sums that it has fined these companies, in addition to other financial fines the commission will deem appropriate,” the statement added.

Nigeria’s telecom networks experienced significant outages in 2026, tracked via the NCC’s Uptime Portal, with fibre cuts dominating disruptions. Major operators like MTN, Airtel, T2Mobile, and ISPs such as BCN faced widespread issues, affecting services across multiple states.

Nigeria recorded 238 network outages, a 101.7 per cent rise from December 2025. Fibre cuts caused 67.6 per cent (161 cases) and power outages 18.5 per cent (44), with BCN hit hardest (188 cases), followed by MTN (75). Disruptions affected Abia, Cross River, Enugu, Lagos, and other states, with repair times taking up to six days.

Fibre cuts surged 900 per cent to 40 in January, continuing into February with 18 more by mid-month, totalling 58 in early 2026. Over 90 per cent occurred in Abuja, with additional cases in Lagos, Enugu, Benue, Anambra, and Abia; operators affected included BCN, T2Mobile, Airtel, and MTN.

The United States reduced its purchase of Nigerian crude oil sharply in January 2026, with imports dropping by about 47.16 per cent month-on-month, according to the latest data from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.

Figures from the U.S. International Trade in Goods and Services report indicate that U.S. crude imports from Nigeria fell to 1.664 million barrels in January 2026, down from 3.149 million barrels recorded in December 2025. This represents a decline of 1.485 million barrels within one month, showing a significant contraction in Nigeria’s share of the U.S. crude market.

In value terms, the drop was equally steep. The customs value of Nigerian crude imports declined from $217.36m in December to $115.99m in January, while the cost, insurance, and freight value fell from $223.10m to $118.95m over the same period. The difference between the two measures reflects additional costs such as shipping and insurance included in CIF values, which are excluded from customs valuation.

This means that in January, the CIF value of Nigerian crude was about $2.96m higher than its customs value, compared to a wider gap of about $5.74m in December. The narrowing gap suggests relatively lower freight or insurance costs, or shorter shipping distances within the period.

The contraction comes amid a broader slowdown in total U.S. crude imports, which declined from 198.29 million barrels in December to 188.21 million barrels in January, representing a drop of about 5.1 per cent. Total import value also fell, with customs value decreasing from $11.41bn to $10.56bn, while CIF value dropped from $12.04bn to $11.15bn.

Within Africa, Nigeria lost ground to some peers. While total African crude exports to the U.S. remained flat at 6.933 million barrels, Angola recorded a sharp increase, rising from 575,000 barrels in December to 2.062 million barrels in January.

Ghana also emerged as a new supplier with 738,000 barrels, having recorded no measurable exports in December. By contrast, Libya saw its exports to the U.S. decline from 2.137 million barrels to 1.086 million barrels over the period.

Nigeria’s share of total U.S. crude imports also weakened. The country accounted for roughly 0.88 per cent of total U.S. crude imports in January, down from about 1.59 per cent in December, reflecting the sharp reduction in volumes.

Further analysis of U.S. trade data shows that crude oil remains the dominant component of Nigeria’s exports to the United States. Total U.S. imports from Nigeria stood at $183m in January 2026, compared to $297m in December 2025.

With crude oil imports valued at $115.99m (customs basis) and $118.95m on a CIF basis, crude accounted for approximately 63.4 per cent to 65.0 per cent of total U.S. imports from Nigeria in January. This compares with about 73.2 per cent in December on a customs basis, indicating a relative moderation in crude dominance as overall imports declined.

The PUNCH further observed that the U.S. recorded a goods trade surplus of $419m with Nigeria in January, up from $84m in December. This was driven by a rise in U.S. exports to Nigeria, which increased from $381m to $602m, even as imports from Nigeria declined.

Across Africa, the U.S. posted a trade deficit of $503m in January, reversing a $174m surplus recorded in December. Total U.S. imports from Africa rose from $2.88bn to $3.54bn, while exports to the region edged slightly lower from $3.05bn to $3.04bn.

The PUNCH earlier reported that Nigeria accounted for about 52 per cent of Africa’s crude oil exports to the United States in 2025. According to the previous report, total U.S. crude imports from Africa stood at 89.371 million barrels in 2025, down from 103.631 million barrels in 2024, representing a decline of 14.26 million barrels or 13.8 per cent.

Out of the 89.371 million barrels imported from Africa in 2025, Nigeria supplied 46.618 million barrels, compared to 50.793 million barrels in 2024. This was a drop of 4.175 million barrels or 8.2 per cent year on year.

Despite the lower volume, Nigeria’s share of Africa’s crude exports to the U.S. rose. In 2025, Nigeria’s 46.618 million barrels accounted for 52.2 per cent of Africa’s total shipments, up from 49.0 per cent in 2024, when it exported 50.793 million barrels out of the continent’s 103.631 million barrels.

The PUNCH earlier reported that the Nigerian National Petroleum Company Limited recorded a profit after tax of N385bn in January 2026, even as crude oil and condensate production rose to 1.64 million barrels per day, according to the firm’s latest monthly operational report.

The January 2026 NNPC Monthly Report Summary, released on Monday, showed that the state-owned energy company generated N2.571tn in revenue during the month while remitting N726bn as statutory payments to the Federation.

This means the company recorded a sharp 47 per cent decline in its monthly revenue, which fell from N4.82tn in December 2025 to N2.57tn in January 2026. This contraction occurred despite a marginal increase in the company’s after-tax profit.

It disclosed that Nigeria produced 1.64 million barrels per day, up from 1.55 million barrels per day recorded in December 2025. This represents an increase of 0.09mbpd, or about 5.8 per cent month-on-month.

The PUNCH observed that the decline in crude exports to the U.S. occurred despite higher production. The trade outcomes come against the backdrop of renewed US protectionist rhetoric and tariff-focused trade policies associated with US President Donald Trump, which have influenced sourcing decisions, pricing structures, and trade flows globally.

Last year, Donald Trump signed an executive order raising Nigeria’s tariff rate from 14 per cent to 15 per cent, with Washington implementing its “reciprocal” tariff regime.

The order, issued in late July, took effect on August 7, 2025. Although crude oil has been exempted in several cases, the higher duty applies directly to a wide range of non-oil Nigerian exports, creating uncertainty for American importers and dampening demand ahead of and after the effective date.

With crude oil exports largely exempted from the new tariff regime, non-oil exports appear to have borne the brunt of the disruption.

A renowned economist and Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, downplayed the impact of the U.S. tariffs on Nigeria.

“Our trade with the US is not that strategic. When anything goes wrong, it is not as if it can have any fundamental effect on our economy. Our trade exposure to them is very limited,” Yusuf explained.

He noted that Nigerian exports to the US are dominated by crude oil and a handful of other commodities, such as fertilisers, making the country’s trade profile narrow and underdeveloped in non-oil areas. Yusuf added that Nigeria’s tariff exposure is relatively moderate compared with other countries.

However, he identified another challenge beyond tariffs: US visa policy. “The bigger challenge for Nigeria’s trade relationship with the US is Washington’s visa policy. Barriers to travel limit business interactions and investment inflows. That is more critical than tariffs in the long run,” he said.

Since its inception, the Trump administration has steadily rolled out a series of visa restrictions and travel bans targeting Nigeria and several other countries.

…Says Reforms Are Achieving Desired Results

 

 

 

The Director-General of the Securities and Exchange Commission (SEC) Nigeria, Dr. Emomotimi Agama, has solicited the collaboration of all stakeholders in the nation’s financial system in its current regulatory drives aimed at fully exploring the potential of the investment space for sustainable development of the country.

 

The SEC Boss, who made the appeal in his keynote address delivered at the Emerging Africa Capital Limited Investor Summit & Awards event with the theme “Deploying and Mobilizing Capital and Investment Strategies in a Shifting Global Economy”, noted that recent reforms initiated by the commission to transform the capital market were achieving desired results but stressed that a collective approach in pushing them would help in positioning Nigeria as a leading investment landscape in the global space.

 

Agama, who elaborately highlighted the implications of the current macroeconomic uncertainties in the global economic order for all economies globally, pointed out that while some countries remained the choice of many investors now due to quick returns opportunities, in the long run countries like Nigeria would offer longer benefits in view of their huge but yet to be fully explored opportunities.

 

According to him, Nigeria’s capital market has demonstrated considerable resilience in the face of the headwinds as the regulatory reforms, including the introduction of electronic offerings, the deepening of the bond market, the expansion of alternative investment platforms, and the SEC’s engagement with sustainable finance principles have begun to bear fruit in attracting renewed investor interest, indicative of a market in active evolution.

 

Despite the feats, the Director-General admitted that the full potential of what the capital market can do for Nigeria’s development had not yet been fully unlocked as the market capitalization, relative to GDP, remained below the benchmarks of Nigeria’s peer economies, while retail investor participation is still too thin and derivatives market is at its nascent stage.

 

To translate the potential to real gains for investors and the nation’s economy, Agama advocated collective responsibility since the capital market cannot be single-handedly built by regulators, exchanges or by investors alone, pointing out that its strength lies in stakeholders playing their roles with integrity, competence, and long-term orientation.

 

Specifically, he advised domestic corporate issuers to embrace the capital market as their primary pathway to growth financing by improving governance, sharpening disclosure, and building the investor relations capabilities that attract institutional capital.

 

He assured: “The market rewards quality, and the companies that invest in quality today will access capital on terms that compound their competitive advantage.”

 

This is even as he urged domestic institutional investors, particularly pension fund administrators and insurance companies to deepen their engagement with domestic capital market instruments, to participate actively in the price discovery process, and to develop the analytical capacity to invest confidently across asset classes and geographies as Nigeria’s savings pool is a resource of enormous strategic significance.

 

Similarly, the SEC boss assured foreign investors and development finance institutions that Nigeria remained open for investments as the SEC continued to create a regulatory environment that is principles-based, transparent, and aligned with international best practices.

 

The Director-General also appealed to his colleagues in the Central Bank of Nigeria (CBN), Debt Management Office(DMO), National Insurance Commission (NAICOM), the Pension Commission (PenCom), and other relevant agencies tocontinue to deepen inter-agency collaboration, harmonize our policies, and present a unified, investor-friendly face to the world as the sophistication of the nation’s capital market depended on the coherence of their regulatory frameworks.

 

On the promise of capital deployed with purpose, Agama said: “The history of economic development is, at its core, the history of how societies have organized the deployment of capital. The nations and peoples that have built great economies have done so not simply because they were endowed with resources, but because they developed the institutions, the instruments, and the discipline to channel those resources toward their highest and most productive uses.

 

“Nigeria stands at an inflection point. The global economy is shifting in ways that create both significant risks and significant opportunities for an emerging market of our scale and potential. The decisions we make — individually as investors and collectively as a financial community — in the next three to five years will determine whether we capture the upside of this moment or allow it to pass us by”, he added.

Dangote Petroleum Refinery and Petrochemicals has clarified that it has not announced any Initial Public Offering for its listing, warning the public against relying on speculative reports circulating across media and social platforms.

In a statement issued by its management, the company said it had observed the “recent circulation of unauthorised information across various media and social platforms regarding a potential Initial Public Offering.”

The firm stressed that the reports were not from it and should be treated with caution. “DPRP further notes that several online platforms and unofficial sources have published unverified, and in some instances, inaccurate information relating to a potential offering. Such reports do not originate from DPRP and should be treated with caution,” the refinery stated.

The refinery added that any decision regarding a possible listing would only be communicated through official channels and in compliance with regulatory requirement

“All official updates regarding any potential transaction will be communicated strictly through DPRP’s formal public disclosures and announcements issued by its appointed advisers, in line with applicable laws and regulatory requirements,” the company said.

It advised investors and the public to ignore speculation and rely only on authorised information. “Accordingly, the public, investors, and all market participants are strongly advised to disregard speculative commentary and rely solely on verified information formally issued by DPRP or its authorised representatives,” it added.

The company also emphasised that the communication did not constitute an offer of securities, saying, “This communication is for information purposes only and does not constitute, or form part of, an offer to sell or a solicitation of an offer to buy any securities.”

The clarification comes amid previous indications by the President of Dangote Group, Aliko Dangote, that the refinery could eventually be listed on the stock market.

In an earlier report, Dangote disclosed plans to list a portion of the refinery to attract investors and deepen participation. He said the company intended to sell a minority stake, noting, “We don’t want to keep more than 65 to 70 per cent. Shares will be offered incrementally, depending on investor appetite and market depth.”

Dangote had also previously expressed a broader commitment to listing companies within his conglomerate. Similarly, capital market stakeholders had earlier indicated that the refinery would be listed, with the Chairman of the Nigerian Exchange Group, Umaru Kwairanga, quoting Dangote as saying the refinery would be brought to the stock market.

The refinery’s latest clarification suggests that no official IPO process has been announced, urging stakeholders to await formal disclosures before drawing conclusions, even as a purported IPO document went viral on social media.