Oil marketers are lifting more petroleum products from the Dangote Petroleum Refinery as the estimated cost of importing petrol and diesel into Nigeria rises above the refinery’s selling prices, while fresh cargoes continue to move through the country’s coastal supply chain.

According to the latest Energy Bulletin of the Major Energies Marketers Association of Nigeria, Dangote’s gantry price for Premium Motor Spirit (petrol) stood at N1,350 per litre as of September 17, 2026, compared with an estimated import parity price of between N1,364.02 and N1,365.02 per litre into tank at the NPSC/ASPM jetty in Apapa on the spot market.

The seven-day average import parity price was higher at N1,371.92 per litre, indicating that importing petrol was about N14 and N22 per litre more expensive than lifting the product from Dangote on the respective benchmarks.

Petrol landed cost was N1,420 as of September 14 before retreating to N1,365 a few days later.

The price gap was also reflected in automotive gas oil, commonly known as diesel. Dangote’s gantry price was N1,850 per litre, while the estimated landed cost was N1,933.56 per litre on the spot market and N1,934.91 per litre on a seven-day average.

The coastal price of PMS from Dangote was listed at N1,330 per litre, while its AGO coastal price stood at $1,580.75 per metric tonne.

The development comes as fresh petroleum product cargoes continue to move through Nigeria’s coastal supply chain, with vessels carrying petrol, diesel, aviation fuel and butane recorded across Lagos, Warri and Port Harcourt.

The latest tanker position report monitored by Petroleumprice.ng showed that 219,000 metric tonnes of petroleum products were recorded across the three locations between September 14 and 20.

The report showed that many of the vessels were loaded at the Dangote refinery, while others were supplied from different sources.

In Lagos, the 20,000MT Um Balwa, carrying AGO for PPMC, arrived on September 9 and berthed at New Oil on September 17. The vessel was loaded at the Dangote Refinery and was awaiting clearance to commence discharge.

Another vessel, Ashabi, carrying 15,000MT of Jet A1 and 10,000MT of AGO for Ardova and CITA, berthed at Bulk Oil on September 20 after loading at the Dangote plant in Lekki Free Zone, Lagos.

Also, SL Aremu, carrying 26,500MT of Jet A1 for Sahara, berthed at the Sahara depot on September 18 after loading at Dangote.

Matrix Energy was listed as the receiver of two PMS cargoes aboard Matrix Pride. One carried 20,000MT and was scheduled for Wosbab, while another 25,000MT cargo was scheduled for NOJ Apapa on September 22. The source has yet to be confirmed.

In Warri, Rain Oil received 15,000MT of PMS aboard Bora, which berthed at its depot on September 16. The vessel was loaded at NY Maria, with discharge ongoing as of the time of this report.

Another 15,000MT AGO cargo aboard Stellar for Rain Oil berthed at Cybernetics on September 17. The vessel was loaded at the Dangote refinery and was discharging at the time of the report.

Rain Oil was also listed as the receiver of 15,000MT of PMS aboard Princess Oge, which berthed at Parker on September 19 after loading at NY Maria.

In Port Harcourt, Zonda, carrying 20,000MT of AGO for Pivot Energy, was listed as loading at the Dangote plant but had yet to arrive for discharge at Liquid Bulk.

The tanker movements suggest that Dangote-refined products are continuing to form a significant part of the coastal supply chain, even as some marketers receive products from other sources.

MEMAN’s data also showed that aviation turbine kerosene (jet fuel) gantry price was listed at $1,646.75 per metric tonne, while the estimated landed cost stood at N1,867.01 per litre on the spot market. The refinery’s coastal price for ATK was $1,616.75 per metric tonne.

For Liquefied Petroleum Gas, Dangote’s gantry price was N925,000 per metric tonne. The association said its import parity calculations were based on Platts assessments for gasoline, diesel and jet fuel, freight from Lomé to Apapa, a 32 per cent annual finance charge for 30 days, Nigerian Ports Authority dues, NIMASA levies and other statutory costs.

The calculations assumed cargo sizes of 30,000MT for PMS and AGO and 15,000MT for ATK.

MEMAN stated that its estimated import parity cost into tank was calculated at the NPSC/ASPM jetty in Apapa using data from the Central Bank of Nigeria, Reuters and Trade Economics.

The seven-day average exchange rate used in the latest calculations was N1,328.65 to the dollar, while Brent crude averaged $105.50 per barrel. West Texas Intermediate averaged $100.96, while Nigeria’s Bonny Light closed at $122.92 per barrel over the period.

All Dangote gantry prices published by MEMAN include charges payable to the Nigerian Midstream and Downstream Petroleum Regulatory Authority, according to the bulletin.

The continuing movement of fresh cargoes comes amid changes in the economics of importing petroleum products, with marketers having to weigh prevailing international prices, exchange rates, freight and other landing costs against locally refined supplies.

Our correspondent observed on Monday that some filling stations along the Lagos-Ibadan highway had reduced their petrol pump prices below N1,400 per litre, selling the product at around N1,370 and N1,390.

The Nigerian equities market maintained a positive stance on Monday as trading activities closed with moderate gains across key indices. The Central Bank of Nigeria maintained its Monetary Policy Rate at 26.50 per cent. The NGX All-Share Index gained 352.24 points or 0.14 per cent to close at 250,156.80 points, up from 249,804.56 points recorded on Friday.

Correspondingly, total equity market capitalisation appreciated by N228.25bn to settle at N162.39tn compared to N162.16tn recorded in the previous session. The index reached a high of 250,156.80 points and a low of 244,304.51 points, bringing the period’s average index point to 247,074.61.

Overall trading activity saw investors execute 68,506 deals comprising 574.12 million shares across equities boards. Sectoral performance reflected broad-based interest across key market segments. The NGX Premium Index advanced 0.29 per cent to 31,714.33 points, while the NGX 30 Index gained 0.12 per cent to 9,207.58 points. Sectoral indices showed gains in the NGX Banking Index, which grew 0.68 per cent to 2,658.95 points, the NGX Insurance Index rising 0.33 per cent to 1,102.93 points, and the NGX Industrial Index adding 0.47 per cent to close at 10,354.72 points.

The NGX Consumer Goods Index also nudged upward by 0.32 per cent to 4,082.39 points. On the downside, the NGX Oil/Gas Index shed 0.40 per cent to 6,008.86 points, while the NGX Lotus Islamic Index slipped 0.44 per cent to 23,532.30 points.

On price movement, 39 equities advanced against 26 decliners. SUNU Assurances Nigeria Plc, NASCON Allied Industries Plc, Omatek Ventures Plc, and Thomas Wyatt Nigeria Plc led the gainers chart, each appreciating by 10.00 per cent to close at N3.08, N176.00, N1.32, and N2.53 respectively. They were followed by Critical Minerals Financing Corp Plc with a 9.80 per cent gain to N2.24, Fortis Global Insurance Plc up 9.70 per cent to N1.81, and UPDC Plc up 9.68 per cent to N3.40.

Other notable gainers included Neimeth International Pharmaceuticals Plc gaining 8.96 per cent to N7.30, Transnational Corporation Plc advancing 6.78 per cent to N37.00, Oando Plc rising 4.85 per cent to N35.65, and Guaranty Trust Holding Company Plc gaining 3.00 per cent to N133.90.

Conversely, price decliners were led by The Okomu Oil Palm Company Plc, which suffered a maximum loss of 10.00 per cent to close at N1,276.20. Custodian Investment Plc depreciated by 9.13 per cent to N68.15, while Sovereign Trust Insurance Plc lost 8.64 per cent to settle at N2.01. Haldane McCall Plc dropped 8.33 per cent to N3.30, and Ellah Lakes Plc fell 5.39 per cent to N7.90.

Additional decliners included First Holdco Plc losing 5.44 per cent to N160.00, International Breweries Plc dropping 3.50 per cent to N9.65, Aradel Holdings Plc dipping 1.29 per cent to N1,530.00, and United Bank for Africa Plc dropping 0.79 per cent to N44.20.

Trading volume in the equities segment was driven by the Financial Services sector, where Mutual Benefits Assurance Plc generated significant activity with 53.58 million shares traded. Sterling Financial Holdings Company Plc followed with 44.23 million shares, while Guaranty Trust Holding Company Plc saw 25.85 million shares exchanged. AIICO Insurance Plc recorded 24.38 million shares, and Access Holdings Plc traded 22.66 million shares.

In other trading boards, Exchange Traded Funds recorded 1,207 deals for 570,463 units. Stanbic IBTC ETF 30 and The SIAMLETP Pension ETF 40 led the ETF gainers with 10.00 per cent appreciations to close at N1,397.55 and N3,194.40 respectively, while Greenwich Alpha ETF rose 8.70 per cent to N804.69. In the fixed-income segment, debt securities recorded 8 deals totaling 70,098 units, highlighted by trades in Federal Government and corporate bond instruments.

The Nigerian National Petroleum Company Limited is still evaluating technical and financial partnership options for the completion and long-term operation of the Port Harcourt and Warri refineries, the company has said.

The development comes as petroleum marketers renewed calls for the Federal Government to urgently restart the government-owned refineries amid rising petrol and diesel prices.

The National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria, Joseph Obele, had urged the Federal Government and NNPC to commence production at the Port Harcourt and Warri refineries, arguing that increased domestic refining would reduce dependence on imported petroleum products.

Obele said petrol was selling between N1,400 and N1,500 per litre in some locations, while diesel had risen above N2,000 per litre. He also said domestic refining was needed to cushion the impact of rising international crude oil prices on Nigerians.

Responding to the renewed concerns over the operational status of the refineries, a member of NNPC Ltd’s senior leadership, who spoke on condition of anonymity on Sunday due to the lack of authorisation to speak on the matter, said the national oil company was working to ensure that any partnership entered into would be commercially sustainable.

“NNPC Ltd recognises public interest in fuel prices and the operational status of its refineries. The company remains committed to restoring the refineries to sustainable and commercially viable operations.

“To this end, NNPC Ltd is evaluating technical and financial partnership options for the completion, operation and long-term optimisation of the facilities.”

The official disclosed that NNPC had already signed a Memorandum of Understanding with Sanjiang Chemical Company Limited on April 30, 2026, as part of the search for technical and investment partners.

“As part of this process, NNPC Ltd signed a Memorandum of Understanding with Sanjiang Chemical Company Limited on April 30, 2026. The engagement covers potential technical, operational and investment opportunities relating to the refineries and associated petrochemical development,” the official said.

The official added that preliminary technical work had commenced on two of the country’s major government-owned refining facilities. “The parties have since undertaken preliminary technical assessment of Warri Refinery and Petrochemical Plant and the Port Harcourt Refinery,” the official said.

NNPC had earlier announced that its April agreement with Sanjiang and Xinganchen (Fuzhou) Industrial Park Operation and Management Company Limited was aimed at exploring a potential technical equity partnership for the completion and operation of the Port Harcourt and Warri refineries. The proposed framework also included refinery expansion, petrochemical development and gas-based industrial opportunities.

However, the latest position indicates that the discussions have not yet produced a definitive commercial arrangement.

“Discussions and evaluations remain ongoing, and any definitive arrangements will be subject to satisfactory due diligence, commercial viability and all applicable approvals,” the NNPC senior official said.

The official added that the company would disclose further details when the negotiations reach a significant stage.

“NNPC Ltd will provide further information as soon as a major milestone in this regard is achieved.”

The Global Islamic Finance Awards organisation has conferred the ‘Islamic Banker of the Year Award 2026’ on the Founder/Managing Director of TAJBank Limited, Mr Hamid Joda, at the organisation’s 16th annual awards ceremony held in the United Kingdom.

This is even as the GIFA group, the most renowned global organisation promoting social responsibility, Shari’a authenticity, and commitment to Islamic banking and finance, also honoured TAJBank Limited with the GIFA Championship Award (Digital Banking) 2026 at the event.

The GIFA Chairman, Prof. Humayon Dar, in a pre-event email sent to TAJBank’s Managing Director, stated that the awards for him and the bank were conferred on them after the GIFA Committee had “considered a number of distinguished nominees in these categories and, after careful deliberation, decided in favour of TAJBank and Yourself based on various factors outlined in the GIFA Methodology.”

Conferring the ‘Banker of the Year Award 2026’ on Joda, who was represented at the ceremony by TAJBank’s Chief Compliance Officer, Dr Muhammad Kabir Muhammad, the Founding CEO of Fajr Capital, Pioneer CEO of HSBC Amanah and member of the GIFA committee, Dato’ Iqbal Khan, expressed the organisation’s delight in honouring the banker with the award.

Similarly, Iqbal Khan described the award to TAJBank as well deserved given the parameters set for such awards in the GIFA Methodology.

Commenting on global recognition of his contributions to the global Islamic Banking system, particularly to Nigeria through innovative leadership of the TAJBank’s management team, Joda said the awards to him and TAJBank represented a call for “a renewed commitment to Islamic banking practices in the country as we continue to leverage our innovative products and services delivery strategies to ensure that more Nigerians benefit from TAJBank’s offerings on a sustainable basis in the years ahead.”

“Let me say that the Global Islamic Banker of the Year 2026 award is conferred on me, but the commendation goes to our Board of Directors, the management and staff of TAJBank as well as our customers, who are creating the enabling environment for my performance. I thank the GIFA Committee for honouring me and TAJBank with the global awards,” Joda added.

“I want to also thank the regulatory authorities, our shareholders and customers for these awards and promise them that we shall continue to do our best to retain TAJBank as the biggest Islamic Bank in the country by complying with the best ethical banking practices in their best interest, which is the main purpose of our operations,” he assured.

Joda, a top banker and Fellow of the Chartered Institute of Bankers of Nigeria, has over 26 years of banking experience spanning the broad spectrum of deposit and Islamic banking operations.

In recognition of his professional competencies, many rating organisations have conferred honours on him, including the ‘Most Promising Banker of the Year Award’ by GIFA at its 13th Award 2023 ceremony in Dakar, Senegal; and the 2023 ‘Islamic Personality of the Year Award’ at the 6th African International Conference of Islamic Finance held the same year in Abuja, Nigeria; among others.

FCMB Group has taken key roles in the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE, with the oil company offering 4.1 billion ordinary shares at N525 each.

The offer, valued at about N2.15tn if fully subscribed, opened on September 14 and is scheduled to close on October 13.

FCMB Group is participating in the transaction through three operating companies. FCMB Capital Markets is a joint issuing house, CSL Stockbrokers is a stockbroker to the issue, while First City Monument Bank is a receiving bank and distribution agent, according to a statement from the bank.

FCMB Group Chief Executive, Ladi Balogun, said the offer gives Nigerians access to a world-scale business while demonstrating the growing reach of the country’s capital market.

“Retail investors are buying shares on their mobile phones through fintechs, banks and brokers,” he said. “High-net-worth individuals and institutional investors such as pension funds are bringing depth to the market, while international investors are bringing scale.”

He said the breadth of participation demonstrated the market’s capacity to help credible Nigerian companies raise capital at scale. Balogun also described the refinery as largely insulated from the macroeconomic and currency risks associated with the Nigerian economy.

“The number of such companies on our Exchange is growing,” he said. “This indicates the potential and direction of the Nigerian economy.”

President of Dangote Industries, Aliko Dangote, said the IPO was designed to broaden ownership of the refinery and enable Nigerians across different income and professional groups to invest in the business.

“This is an IPO for the people,” Dangote said. “We want Nigerians across various segments, including drivers, cooks, traders, employees and managers, to have an opportunity to own a stake in the refinery.”

Investors can subscribe through FCMB branches, business offices and the FCMB Mobile App, among other available channels. CSL Stockbrokers can advise retail investors on the potential merits and risks of the investment, while FCMB Capital Markets can advise High Net Worth Individuals and Qualified Investors.

The refinery can process about 700,000 barrels of crude oil per day and plans to expand to approximately 1.4 million barrels per day