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.

The Nigeria Deposit Insurance Corporation has vowed to fully use its enhanced enforcement powers granted by the NDIC Act 2023 to recover outstanding loans from debtors of failed banks.

This was disclosed by the Managing Director and Chief Executive of the NDIC, Mr Thompson Oludare, at a sensitisation seminar for Debt Recovery Agents in Lagos under the theme ‘Operationalising the Provisions of NDIC Act 2023 for Effective Debt Recovery’.

The NDIC Act 2023 empowers the corporation to take interim custody of any movable or immovable property of an obligor identified as the bona fide owner of the said property. The same act empowers the NDIC to freeze the funds of an obligor of a failed insured institution with any insured institution.

Oludare, who was represented by the Director of the Legal Department, Olufemi Kushimo, warned that the culture of loan defaults and protracted litigation used by debtors to stall payments would no longer be tolerated.

“We intend to utilise every section, provision, and enforcement mechanism available under the law. Those responsible for bank failures must be held accountable. We are prepared to apply every relevant provision of the Act to bring culpable parties to justice,” he said.

The new tools are designed to bypass the traditional hurdles of repeated court adjournments and “entrenched cultures of default” that have historically slowed down the liquidation of failed banks and mobile money operators.

The core objective of this aggressive recovery push is the prompt payment of liquidation dividends to depositors.

According to the Corporation, successful debt recovery is the only way to restore public confidence in the banking system

The Director of the Asset Management Department, Patricia Okosun, noted that while legal realities make it difficult to set a fixed timeline for all payments, the corporation is now better equipped than ever before.

“The essence of this engagement is to sensitise our agents to the new provisions that will support and improve their work,” Okosun said. “The earlier the recovery, the better, as it enables quicker reimbursement of depositors.”

Beyond just collecting money, the NDIC signalled that the 2023 Act serves as a deterrent. By pursuing “parties at fault”, the corporation aims to sanitise the banking industry and ensure that the consequences of bank failures are felt by those who caused them, rather than just the depositors.

The Chairman of Heirs Holdings, Tony Elumelu, has urged African governments to partner with the private sector to transform rural economies.

He made the call at the 49th IFAD Governing Council in Rome, according to a statement made available to The on Wednesday.

Elumelu identified electricity access, blended finance, and business education as the three pillars necessary to make agriculture a viable career for Africa’s youth.

Elumelu, who joined IFAD President Alvaro Lario on a panel at an event attended by 500 global leaders, including ministers, UN officials, and development experts, said: “We believe that increased collaboration and cooperation between government and the private sector, especially in Africa, are vital to catalyse more transformation in rural economies and agriculture, increasing food production. Food security is fundamental to societal development. We must work together to make rural economies more attractive. We need to make agriculture appealing and exciting. The youth seem eager to embrace it, but they require more support from all of us.”

Highlighting the success of the Tony Elumelu Foundation, he noted that 21 per cent of its 24,000 empowered entrepreneurs are in agribusiness, a sector where women lead 55 per cent of the ventures.

“Empowering women is akin to empowering entire communities and nations, leading to success,” he said. “These ventures have generated approximately 480,000 jobs across the continent.”

Elumelu emphasised that while seed capital is vital, “energy poverty” remains a massive barrier to the digital innovation required for modern food security, saying, “Access to electricity is essential for economic development and transformation. We cannot discuss AI without improving electricity supplies. Poor electricity access and energy poverty limit how much these young people can embrace technology.”

He urged governments to dismantle stifling regulations and high collateral requirements that currently hinder SME growth.

“In some countries, regulated environments…can be quite stifling. We need to engage governments…what benefits small-scale enterprises benefits the entire economy: jobs are created by SMEs, and we must ensure youth engagement,” he affirmed.