The price war in the petroleum sector has continued to deepen as some retail outlets have dropped the prices of Premium Motor Spirit (petrol) below the N739 per litre recommended by the Dangote Petroleum Refinery.

The  Dangote refinery slashed petrol pump prices from about N900 to N739 in December, many importers and depot owners have lamented mounting losses. To remain competitive, many operators were forced to sell petrol at rates below their costs.

During a survey over the weekend, our correspondent observed that some filling stations now sell PMS cheaper than MRS Oil, the main partner endorsed by the Dangote refinery to champion the price reduction to N739 per litre.

As of Sunday, NIPCO sold PMS at N738 per litre, SAO filling stations sold it at N735, while Akiavic offered the product at N737. An AP filling station beside an MRS outlet in Mowe, Ogun State, dropped its price to N736 per litre.

It was gathered that filling stations located in the same areas now closely monitor rivals’ pump prices to avoid being undercut in the highly competitive market. Our correspondent reports that motorists troop to stations offering the lowest prices, leaving outlets selling at higher rates struggling for customers.

According to the Major Energies Marketers Association of Nigeria, the landing cost of petrol averaged N762.38 per litre, while Dangote’s ex-gantry price remained N699. But even with the difference, importers still adjusted prices to compete with the Dangote-backed MRS.

It was reported earlier that both Dangote and importers were counting losses running into billions of naira.

Operators who spoke with our correspondent said the decision to lower pump prices had nothing to do with whether imported petrol was cheaper or not. According to them, players across the market were simply striving not to be left behind.

“This is not a function of whether imports are better or not, but simply a market strategy to get a good share of the market. However, it needs to be stressed that we are not at war with any marketer or depot operator nor any refinery,” an operator, who spoke in confidence due to the stiff competition in the downstream, told The PUNCH.

On December 12, the Dangote refinery surprised depot owners and marketers when it slashed the gantry price of petrol by N129, from N828 to N699 per litre.

A few days later, the President of the Dangote Group, Aliko Dangote, said he had information that some marketers planned to keep pump prices high despite the reduction. Consequently, Dangote vowed to enforce the new pricing regime, with MRS selling petrol at N739 per litre.

“We are going to use whatever resources we have to make sure that we crash the price down. For December and January, we don’t want people to sell petrol for more than N740 nationwide. Those who want to keep the price high to sabotage the government, we will fight as much as we can to make sure that these prices are down. If you have money to come and buy, you can pick up petrol at N699,” Dangote said.

The PUNCH earlier reported that as more MRS filling stations in Lagos and Ogun states began dispensing Dangote refinery petrol at N739 per litre, motorists started boycotting outlets selling at higher prices. This led to fuel queues at MRS filling stations in Lagos and other locations.

However, the tide is gradually turning as some filling stations now sell petrol at prices lower than those of MRS.

The spokesperson for the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers who refused to reduce prices would lose customers as bank interest charges accumulate.

“We are in a situation where competition can be determined by price. Patronage will be determined by pricing. Nobody is against you; nobody is regulating you. You will regulate yourself. The market will regulate itself. The time has gone when people were queuing at NNPC filling stations. Wherever the fuel is cheap, that is where the marketers go. So, we are in a price war. Demand and supply determine the price,” Ukadike said.

He added that once Dangote reduced the gantry price to N699, marketers would move towards competitive pricing to retain customers; “if not, interest from banks would be ‘eating’ your capital.”

Our correspondent reports that many filling stations now sell petrol below N800 per litre as the price competition lingers.

Meanwhile, in a statement over the weekend, the Dangote refinery disclosed that supply under the marketers’ arrangement began in October 2025 with an agreed offtake volume of 600 million litres of PMS. It said this was later increased to 900 million litres in November and further expanded to 1.5 billion litres in December.

“In line with market growth and absorption capacity, volumes were scaled up accordingly. Subsequently, and in line with downstream market liberalisation, we opened PMS supply to all qualified marketers, bulk consumers, and filling station operators,” the statement signed by the Group Chief Branding and Communications Officer, Anthony Chiejina, read.

The statement added that since December 16, 2025, the refinery has consistently loaded between 31 million and 48 million litres of PMS daily from its gantry, subject to market demand. These figures, the refinery noted, are verifiable against depot and loading records maintained under routine regulatory oversight.

To broaden participation and improve distribution efficiency, the refinery said it introduced several measures, including reducing minimum purchase volumes from two million litres to 250,000 litres and offering a 10-day credit facility backed by bank guarantees.

According to the refinery, the initiatives aim to enhance liquidity, support small and medium-sized operators, and reduce reliance on imported fuel. The refinery added that the expanded access framework has driven higher utilisation of locally refined PMS and contributed to more competitive retail pricing, with domestic products priced significantly lower than imported alternatives.

Addressing the surge in petrol imports recorded in November, the Dangote refinery explained that the increase coincided with import licensing decisions approved by the former leadership of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, “which sanctioned volumes beyond prevailing domestic demand.”

It stressed that the development was unrelated to its operational capacity or supply commitments.

The Dangote refinery reaffirmed its commitment to reliable supply, transparency and the orderly development of a competitive downstream petroleum market, pledging continued collaboration with regulators and industry stakeholders to support domestic refining, conserve foreign exchange, moderate prices, and strengthen long-term energy security.

First HoldCo Plc has announced a series of new board appointments across its non-commercial banking subsidiaries, in a move aimed at strengthening corporate governance, deepening oversight and positioning the businesses for sustainable growth.

The appointments, which received regulatory approvals from the Securities and Exchange Commission and the National Insurance Commission, are part of the Group’s broader strategy to align its subsidiaries with international best practices in governance and leadership.

According to the Group, the new board members bring a wealth of experience across banking, capital markets, insurance, asset management and consulting and are expected to support the subsidiaries in expanding their product offerings and improving service delivery.

At First Asset Management Limited, Ebikabo Williams was appointed Chairman of the Board. She brings extensive industry experience spanning banking, capital markets and consulting. Other board members appointed include Usman Dantata, Binta Gbinije and Alero Adollo, a move expected to further strengthen the company’s position in Nigeria’s asset and wealth management space.

FirstCap Limited also recorded changes at board level, with Yewande Amusan appointed Chairman.

She is a seasoned finance professional with experience across both the public and private sectors.

She will be joined on the board by Ahmed Indimi, Irene Akpofure, Adenike Kuti and Zeal Akaraiwe.

At First Securities Brokers Limited, John Akpeki was named Chairman. The firm recently ranked among the top performers in the Nigerian Exchange Limited’s brokers’ performance report in terms of trading volume and transaction value. Akpeki is expected to leverage his experience in global marketing and networking, working alongside Omolara Adeyemi, Susan Younis and Kemi Andu-Alausa.

First Trustees Limited, a long-standing subsidiary of the Group in the trust and estate management segment, also strengthened its board with the appointment of John Lee as Chairman. Lee has over four decades of experience in global financial services, specialising in corporate and institutional banking as well as wealth management across Africa. Other board members include Abiola Alabi, Adebisi Sola-Adeyemi and Ugochukwu Obi-Chukwu.

In the insurance segment, First Insurance Brokers Limited appointed Akinola Phillips as Chairman. He will work with board members Ije Onejeme, Folukemi Akinmeji and Mojisola Cardozo. The insurance brokerage marked its 25th anniversary in 2025.

Commenting on the appointments, the Group Chairman of First HoldCo Plc, Femi Otedola, said the new board members would play a critical role in the Group’s next phase of growth.

“We are delighted to welcome these distinguished professionals to the boards of our non-commercial banking subsidiaries. Their proven expertise, impeccable track records and leadership will be critical in shaping the next phase of our growth, enhancing stakeholder value and reinforcing our position as a trusted African leader delivering innovative solutions across diverse sectors,” Otedola said.

The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion for depositors of Heritage Bank Limited whose account balances exceeded the statutory insured limit of ₦5 million at the time the bank was closed.

Heritage Bank’s operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed as liquidator in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.

Following its appointment, the Corporation began the payment of insured deposits of up to ₦5 million per depositor from its Deposit Insurance Fund, alongside efforts to recover debts, dispose of physical assets and realise investments of the defunct bank.

In April 2025, the NDIC declared a first liquidation dividend of ₦46.6 billion, representing 9.2 kobo per ₦1.00, which was paid on a pro-rata basis to eligible depositors with balances above the insured limit.

The newly announced second liquidation dividend of ₦24.3 billion, payable at a rate of 5.2 kobo per ₦1.00 on outstanding uninsured balances, brings the cumulative liquidation dividend to 14.4 kobo per ₦1.00.

In a statement signed by Hawwau Gambo, Head, Communication & Public Affairs Department, the NDIC said the latest payout was made possible through continued recovery of debts, sale of physical assets and realisation of investments belonging to the defunct bank, in accordance with Section 72 of the NDIC Act 2023.

Payments will be credited automatically to depositors’ alternative bank accounts already captured in NDIC records using their Bank Verification Numbers (BVN). Eligible depositors who have previously received their insured deposits and the first liquidation dividend are advised to check their accounts for confirmation.

Depositors who do not have alternative bank accounts, BVNs, or who are yet to claim their insured deposits or first liquidation dividend have been advised to visit the nearest NDIC office nationwide or submit an e-claim through the Corporation’s website for prompt processing.

The NDIC clarified that liquidation dividends are paid to depositors whose balances exceed the insured limit, using proceeds from asset sales, debt recovery and investment realisation.

Payments to other creditors and shareholders will only occur after all depositors have been fully reimbursed, subject to the availability of funds.

The Corporation assured the public that the ₦24.3 billion payment represents only the second tranche of liquidation dividends, adding that further payments will be made as more assets are realised and outstanding debts recovered.

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Nigerian banks and telecoms say they have returned more than N10bn to customers for failed airtime and data purchases, according to the Nigerian Communications Commission. However, bank customers are sceptical, questioning both the proof of the refunds and the methodology behind the calculation.

The disclosure comes as the NCC and the Central Bank of Nigeria roll out a new framework to address persistent complaints over failed transactions, which are often caused by network outages, system errors, or human mistakes.

The Director of Consumer Affairs at the NCC, Freda Bruce-Bennett, said that banks and mobile network operators have collectively refunded over N10bn to customers, pending final approval of the framework by both regulators.

“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10bn to customers for failed transactions,” Bruce-Bennett said in a statement shared

Airtime and data purchases are typically carried out through bank channels using Unstructured Supplementary Service Data codes or through mobile banking applications. Customers initiate purchases directly from their bank accounts to telecom networks.

Once a transaction is made, the bank debits the customer’s account immediately and sends a request via shared payment platforms such as the Nigeria Inter-Bank Settlement System or through direct application programming interfaces to mobile network operators like MTN, Airtel, Glo, or T2. The telco then credits the recipient’s phone number with airtime or data if the transaction is successful.

The new framework is the outcome of several months of engagement between the two regulators and key industry stakeholders, including mobile network operators, deposit money banks, value-added service providers, and other players involved in airtime and data purchase transactions.

These engagements were prompted by a surge in complaints from subscribers who were debited for airtime or data purchases but did not receive value, with many experiencing prolonged delays before refunds were processed, if at all.

Despite the regulators’ claim, the President of the Bank Customers Association of Nigeria, Uju Ogubunka, said, “I know so many people who are still complaining. You make transactions, and you don’t get the airtime. You pay for a service, and it doesn’t come through, meaning you often have to pay again. It’s difficult to independently verify that N10bn has been refunded or on what data this figure is based.”

He added that the key point is that banks and telcos have formally agreed to refund customers, but emphasised that consumers should remain vigilant:

“Customers should be on the lookout. They need to know who is responsible for each transaction and ensure they receive their refunds. The companies must start refunding immediately and make it clear when refunds have been completed.”

The NCC–CBN framework is expected to be implemented on March 1, 2026, following final approvals and technical integration by all banks, telecom operators, and VAS providers. Once operational, the system aims to reduce failed transactions significantly and prevent prolonged disputes over customer funds.

Under the framework, the NCC and the CBN have adopted a unified regulatory position aimed at addressing both the technical and operational causes of failed airtime and data transactions. It clearly defines the roles and responsibilities of banks and telecom operators in the transaction chain and introduces an enforceable Service Level Agreement to ensure faster resolution of complaints.

Where a customer’s account is debited without successful delivery of airtime or data, whether the failure occurs at the bank’s end or with an NCC licensee, the framework entitles the customer to a refund within 30 seconds. However, in cases where a transaction remains pending, the refund may take up to 24 hours.

The framework also mandates operators to notify customers via SMS of the success or failure of every transaction. In addition, it addresses other common issues, including erroneous recharges to ported lines, incorrect airtime or data purchases, and situations where transactions are made to the wrong phone number.

Bruce-Bennett noted that failed airtime and data top-ups consistently rank among the top three consumer complaints received by the Commission.

“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve them within the shortest possible time,” she said.

She added that the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. The dashboard will allow both regulators to monitor transaction failures in real time, identify the responsible party, track refunds, and detect breaches of the agreed service levels.

The Federal Government has proposed to spend N6.04bn on personnel costs for workers of the Ajaokuta Steel Company Limited in the 2026 budget, even though the steel plant has not produced a single sheet of steel for more than four decades after it was conceived.

Details from the 2026 Appropriation Bill show that Ajaokuta was allocated a total of N6.69bn for the year, with personnel expenses alone accounting for N6.04bn, or about 90.4 per cent of the entire allocation.

This reinforces the company’s long-standing status as a non-performing public enterprise sustained almost entirely by salary payments.

The personnel cost provision covers N4.79bn for salaries and wages, N1.25bn for allowances and social contributions, including N479.42m for employer pension contributions, N239.71m for NHIS, and N59.82m for employees’ compensation insurance. Regular allowances alone were budgeted at N468.9m.

In comparison, overhead costs were limited to N233.63m, while capital expenditure stood at just N410.8m, highlighting the minimal resources directed towards reviving production or completing the long-abandoned steel complex.

A year-on-year review shows that while personnel spending remains elevated, it represents a marginal adjustment from previous years rather than a structural shift.

In the 2025 budget, the Federal Government earmarked N6.21bn for salaries at Ajaokuta, up from N4.29bn in 2024, despite the company’s continued inactivity. That 2025 allocation marked a 44.76 per cent increase, showing how recurrent spending on the firm has continued to rise independently of output.

Although the 2026 personnel figure of N6.04bn is slightly below the 2025 salary-heavy provision, it still confirms that Ajaokuta’s core budget priority remains staff remuneration rather than steel production.

Recurrent expenditure for 2026 totals N6.28bn, compared with capital spending of N410.8m, meaning less than seven per cent of the company’s allocation is devoted to assets, rehabilitation, or infrastructure.

The capital budget includes N56.4m for fixed asset purchases, such as computers, printers and security equipment, N129.2m for construction and provision of facilities, and N225.2m for rehabilitation and repairs, largely for electricity-related works and office buildings.

These provisions fall far short of what would be required to revive a heavy industrial complex designed to anchor Nigeria’s steel and manufacturing value chain. Budget documents also show that Ajaokuta will generate zero independent revenue and receive no grants, leaving the company fully dependent on federal allocations.

Despite its non-operational status, the company continues to feature in constituency-style capital projects, including solar street lighting in parts of Niger East and Kwara North, water facilities, road repairs, security lighting, and grants to market women and youths. These projects, though ongoing, are not linked to steel production or industrial output.

However, the 2026 budget also makes a separate provision for the revitalisation of Ajaokuta Steel Company Limited and the National Iron Ore Mining Company under the Federal Ministry of Steel Development.

Budget documents show that N150.99m was allocated for the revitalisation programme of ASCL and NIOMCO, classified as an ongoing project within the ministry’s capital expenditure for the year.

Also, the 2026 budget shows N1.06bn was allocated for project preparation aimed at investment mobilisation for Ajaokuta Steel Company Limited under the ministry. The amount is for feasibility studies, Environmental and Social Impact Assessment, and financial modelling for Ajaokuta, signalling continued preparatory spending on revival plans even as the steel complex itself remains non-operational.

The total amount for 2026 is lower than what was budgeted in 2025, as The PUNCH earlier reported that the Ministry of Steel Development planned to spend N2.41bn on project preparation for investment mobilisation for Ajaokuta Steel Company Limited in 2025.

The ministry also budgeted N250.98m to revitalise Ajaokuta Steel Company Limited and the National Iron Ore Mining Company in the 2025 proposed budget.

Conceived in 1979 as Nigeria’s flagship industrial project, the Ajaokuta Integrated Steel Complex was designed to drive upstream and downstream industrial development, reduce steel imports, and support economic diversification.

More than 40 years later, budgetary allocations show it functions largely as a payroll institution, with successive governments funding salaries while production remains at zero.

On its website, the company claimed it employed about 3,000 people. It added, “While the project would directly employ about 10,000 staff at the first phase of commissioning, the upstream and downstream industries that will evolve all over the nation will engage not less than 500,000 employees.”

Ajaokuta Steel Plant, aptly known as the bedrock of Nigeria’s industrialisation, is more than just a rolling mill—it’s an Integrated Iron and Steel Plant. It boasts four distinct rolling mills: the Billet Mill, the Light Section Mill, the Wire Rod Mill, and the Medium Section and Structural Mill.

The plant utilises blast furnace technology, the most prevalent method of steel production, accounting for about 70 per cent of global liquid steel production. By 1994, the plant was estimated to be 98 per cent complete in terms of equipment installation.

While some units of the plant were operational at various times, 40 out of the 43 planned units had been constructed. However, due to mismanagement, the project remains incomplete over 45 years later.

At the Russia-Africa Summit in 2019, former President Muhammadu Buhari and Russian President Vladimir Putin agreed to revitalise the steel mill with Russian support and project funding from Afreximbank and the Russian Export Centre. However, it was delayed due to the COVID-19 pandemic, and the agreement was abandoned.

In January 2024, President Bola Tinubu began discussions with the Chinese steel company Luan Steel Holding Group to revive the Ajaokuta Steel Company. That discussion has not yielded any results so far. Despite its inactive status and reports of an ineffective workforce, the company continues to receive substantial annual budget allocations from the government.

The PUNCH earlier reported that the Federal Government paid workers of the moribund Ajaokuta Steel Company a total of N38.9bn in salaries and allowances over 10 years. A breakdown of the company’s annual budget from 2014 to 2024 showed that a total of N29.11bn was budgeted for salaries and wages, and N9.8bn for staff allowances.

Further analysis revealed that the government budgeted N3.82bn for personnel costs in 2014, which was reduced marginally to N3.8bn in 2015, N3.55bn in 2016, and N3.84bn in 2017. In 2018, an unverifiable number of workers at the company were allocated a total sum of N3.76bn for salaries and allowances, N3.2bn in 2019, and N3.5bn in 2020.

The cost increased to N3.89bn in 2021 and N3.94bn in 2022 but dropped significantly to N1.22bn in 2023.

At an investigative hearing recently, the lawmaker representing Kogi Central, Senator Natasha Akpoti-Uduaghan, questioned the Sole Administrator of the Steel Company, Summaila Akaba, about several workers collecting salaries from the N4.2bn appropriated for personnel costs in the 2024 budget.

She said that, being an indigene of the area and desirous of getting the steel company revamped and operational, she made unscheduled visits to it and found only 10 people there.

The lawmaker lamented further that, despite spending on personnel costs, no steel had been manufactured and no mill had rolled.

She said, “The sum of N4.2bn was appropriated for personnel cost in 2024, but from several visits I’ve made to the complex, hardly 10 people were sighted to be around or doing anything. So, who are the workers collecting monthly salaries from the appropriated N4.2bn?”

In the 2024 budget, the National Assembly increased budgetary allocation from N4.45bn in the proposed 2024 budget to N5.18bn in the approved version for the dormant Ajaokuta Steel Company.

This is an increase of N730m as the Federal Government plans to revive the moribund steel plant, which has been dormant for over 42 years. Saturday PUNCH observed that the increase was due to the addition of community projects not related to the steel plant and outside Kogi state.

At a briefing in 2024, the Minister of Steel Development, Shuaibu Audu, stated that the government was at an advanced stage of raising more than N35bn required to restart the Light Mill Section of the Ajaokuta Steel Company.

He also said that data from technical analysis and expert evaluations indicated that the government would require between $2bn and $5bn to revive the Ajaokuta steel company within three years.

The Federal Government of Nigeria, through the Ministry of Steel Development, also signed a Memorandum of Understanding with a Russian consortium for the rehabilitation, completion, and operation of the Ajaokuta Steel Company Limited and the National Iron Ore Mining Company.

The consortium, including Messrs Tyazhpromexport, Novostal M, and Proforce Manufacturing Limited, will spearhead the project to revitalise the steel industry in Kogi State. However, experts earlier insisted that the best option was to privatise the company to effectively maximise its potential.

The Chairman of Dangote Industries Limited, Aliko Dangote, has said the Economic and Financial Crimes Commission is best placed to investigate alleged corruption involving the former Chief Executive of the Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, to accelerate the prosecution process.

Dangote, through his legal representative, has filed a formal corruption petition against the former Chief Executive of the NMDPRA at the headquarters of the EFCC. This was contained in a statement made available to our correspondent by the Dangote Group media team on Friday.

Recall that Dangote had earlier petitioned the Independent Corrupt Practices and Other Related Offences Commission to investigate Ahmed for allegedly spending $5m on his children’s secondary education in Switzerland. He withdrew the petition a few days ago, even as the ICPC vowed to continue with its investigation.

The statement on Friday said Dangote’s petition to the EFCC followed “the withdrawal of the same petition from the Independent Corrupt Practices and Other Related Offences Commission, a strategic decision aimed at accelerating the prosecution process.”

In the petition signed by Lead Counsel, Dr O.J. Onoja, Dangote urged the EFCC to investigate allegations of abuse of office and corrupt enrichment against Ahmed and to prosecute him if found culpable.

“We make bold to state that the commission is strategically positioned, along with sister agencies, to prosecute financial crimes and corruption-related offences, and upon establishing a prima facie case, the courts do not hesitate to punish offenders. See Lawan v. F.R.N. (2024) 12 NWLR (Pt. 1953) 501 and Shema v. F.R.N. (2018) 9 NWLR (Pt. 1624) 337,” the statement quoted Onoja as saying.

Onoja further urged the commission, under the leadership of Mr Olanipekun Olukoyede, “to investigate the complaint of abuse of office and corruption against Engr Farouk Ahmed and to accordingly prosecute him if found wanting.”

The petition also stated that “the commission’s firm resolve in handling this matter with dispatch is not only imperative and expedient but will also serve as a deterrent to other public officers out there with such corrupt proneness and tendencies.”

According to the statement, the development “reinforces Dangote’s unwavering commitment to transparency and accountability” in Nigeria’s oil and gas sector.

On December 14, 2025, Dangote raised concerns about Ahmed’s financial dealings, alleging that the former regulator was living far beyond his legitimate means.

According to Dangote, four of Ahmed’s children reportedly attended elite secondary schools in Switzerland, incurring costs running into several millions of dollars—an expenditure he said raises questions about potential conflicts of interest and the integrity of regulatory oversight in the downstream petroleum industry.

“Dangote listed the schools attended by Mr Ahmed’s children: Faisal Farouk (Montreux School), Farouk Jr (Aiglon College), Ashraf Farouk (Institut Le Rosey), and Farhana Farouk (La Garenne International School), noting that each child spent six years in these institutions. He estimated annual tuition, travel, and upkeep per child at $200,000, totalling approximately $5m for their secondary education,” the statement read.

Additionally, Dangote alleged that Ahmed spent another $2m on tertiary education for the four children, including $210,000 for Faisal’s 2025 Harvard MBA programme.

“Nigerians deserve to know the source of these funds, especially when many parents in Mr Ahmed’s home state of Sokoto struggle to pay as little as N10,000 in school fees,” Dangote stated.

The petition, it was learnt, called for a comprehensive investigation to ensure accountability and restore public confidence in Nigeria’s regulatory institutions.

Ahmed had resigned his position as the head of the NMDPRA in December amid the crisis. He had earlier described the allegations as untrue.

The credit rating company, Agusto & Co., has assigned a Long-Term Rating of ‘A’ and a Short-Term Rating of ‘A1’, both with a stable outlook, to Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings.

This new rating was announced in the credit ratings for the 2025–2026 financial year.

The credit rating upgrade reflected stronger confidence in Stanbic IBTC Insurance’s financial resilience, governance standards, and long-term sustainability.

Commenting on the rating upgrade, the Chief Executive of Stanbic IBTC Insurance, Akinjide Orimolade, said, “We are delighted with this upgrade as a reflection of our progress and the trust we’ve earned from stakeholders.

“Our focus remains on delivering reliable protection, exceptional service, and enduring value to both policyholders and other stakeholders. This recognition motivates us to uphold the highest standards of financial discipline, service excellence, and integrity.”

The underwriter said that the improved ratings underscored its commitment to robust risk management, operational discipline, and its strong capacity to meet obligations to policyholders.

Agusto & Co. also cited Stanbic IBTC Insurance’s sound liquidity position, prudent business strategy, and the strategic backing it receives as part of Stanbic IBTC Holdings.

As part of its growth strategy, Stanbic IBTC Insurance said that it had continued to expand its retail footprint across Nigeria, enhancing access to life insurance solutions and deepening its presence in key markets.

“This expansion supports its mission to serve individuals, families, and businesses with reliable and accessible insurance offerings. In terms of claims settlement, Stanbic IBTC Insurance has consistently demonstrated its commitment to prompt and efficient payout to policyholders and annuitants. Since its establishment in 2021, the company has settled over 2,000 claims, amounting to more than N1.8bn in cash,” said the insurer.

Additionally, it has paid over N16bn in annuities to more than 4,900 retirees, reaffirming its dedication to delivering reliable and timely benefits. Stanbic IBTC Insurance also recommitted to maintaining its strong financial position, driving customer-centric innovation, and consistently delivering on its promise of security and peace of mind for Nigerians.

The fuel supply arrangement between the Dangote Petroleum Refinery and 20 major petroleum marketers, under which the parties agreed to offtake 600 million litres of petrol monthly, has collapsed over pricing disagreements, The PUNCH has exclusively learnt.

It was also gathered that the disagreement sparked the surge in petrol importation witnessed in the month of November 2025, with total imports rising to 1.563 billion litres, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The authority disclosed the import figure in its November 2025 Fact Sheet, titled State of the Midstream and Downstream Sector, which showed a sharp spike in imported volumes during the period the pricing dispute intensified.

Recall that the deal, reached in October 2025, was structured as a pilot arrangement under which 20 depot owners were to collectively offtake about 600 million litres of petrol monthly, with each marketer lifting roughly 30 million litres from the Dangote Refinery.

The National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, had confirmed in an interview that the refinery set the target after a strategic meeting with key players in the downstream sector.

Ukadike said the agreement was part of efforts to stabilise supply in the domestic market and ease the recent surge in pump prices. According to him, the meeting, which included representatives of A.Y.M. Shafa, A. A Rano, NNPCL Retail, Salbas, and several other major distributors, focused on how to streamline product allocation and reduce the layers of middlemen contributing to price distortions.

“At the meeting, Dangote announced plans to sell to only 20 selected marketers who will serve as primary distributors to other dealers. Each of them will lift a minimum of two million litres, which will translate to about 600 million litres every month,” Ukadike said.

“We believe that once this structure takes effect, petrol availability will improve significantly and retail prices will start to ease,” he added.

However, two industry sources who spoke to The PUNCH on Thursday confirmed that the deal, which lasted barely a month, has now collapsed, attributing the breakdown to the refinery’s reluctance to adjust its gantry price in line with falling international benchmarks.

According to the first source, an industry stakeholder who requested anonymity due to the nature of the matter, the agreement was structured to include monthly price reviews. Products were initially sold to marketers at N806 per litre for coastal delivery and N828 per litre at the gantry.

Under the arrangement, Dangote temporarily suspended direct sales to independent marketers, who could only purchase 250,000 litres or less, forcing them to rely on the 20 approved marketers for supply.

The source said, “The arrangement between Dangote and 20 marketers has collapsed. Remember that there was an agreement in October, and they agreed on a particular price, and that every month, there will be a price review. So in the month of October, the price was shifted for the marketers, and they were given products at N806 per litre and sold gantry at N828 per litre.

“That was fixed, and they now stopped all forms of product sales to independent marketers who were only buying 250,000 litres or less. Due to the agreement, marketers who needed products had to go buy from the 20 marketers.  This is because the marketers had mentioned in the agreement that Dangote won’t sell directly to other marketers but only to the approved members, and then the rest would buy from them.”

The official added that the initial system functioned smoothly, with products being loaded through ships and gantries, and additional interested parties gradually added to the approved list.

However, the deal began to unravel in November, when importers noticed that international petrol prices had fallen below Dangote’s selling price.

“But the agreement had a bit of issues in the month of November when importers saw prices at the international benchmark and that it was lower than the price Dangote was selling to them. They said it was supposed to drop to around N750 per litre. But Dangote was reluctant to review. This caused the heavy influx of imported petrol in November.”

In response, Dangote later slashed its gantry price to N699 per litre, the lowest in 2025, but the move came too late to prevent losses.

The source also revealed that depot owners and marketers who had purchased products at N828 per litre in October but had not yet sold were left bearing heavy losses, while smaller marketers also struggled to adjust to the sudden price change.

According to data from the Major Energies Marketers Association of Nigeria and petroleumprice.ng during the period, the average landing cost of imported premium motor spirit dropped to N829.77 per litre, a price lower than the ex-depot price of the fuel produced locally.

The MEMAN data showed that the average landing cost of petrol as of October 30 was N829.77 per litre. This was a further drop in the landing cost, which was an average of N849.61 on October 13, N847.61 on October 14, N841.54 on October 20, and N839.97 per litre on October 21.

In contrast, Dangote refinery’s gantry remained N877/litre as of October 24, 2025.

He further said the dispute boomeranged into a public confrontation between Dangote and the former NMDPRA boss, Farouk Ahmed, over the agency’s issuance of multiple import licences to other marketers, a conflict that eventually led to the ACE’s resignation in December 2025.

“Now there is no agreement or alignment between Depot owners and Dangote. The refinery is now selling to another marketer that can offtake any quantity of products,” the source stated.

Confirming the position of the industry stakeholder, the Chief Executive Officer of petroleumprice.ng, Jeremiah Olatide, said the pricing mechanism for the deal was tied to Eurobob, the international benchmark for European gasoline, with the understanding that prices would be reviewed monthly in line with global crude oil movements. Under the initial arrangement, Dangote published a coastal price of N806 per litre and a gantry price of N828 per litre.

He explained that after the first month, the international crude oil benchmark declined sharply, prompting the depot owners to request a reduction in the gantry price. While Dangote implemented a price adjustment, it fell short of expectations when compared with international prices.

“Yes, it has collapsed. It was agreed that the process would be determined by Eurobob, which primarily refers to the benchmark price for European gasoline (petrol), that is the international benchmark. That for every benchmark, the price would be discussed and agreed to be adjusted.

“They agreed on N806 coastal rate and N828 gantry price as published by Dangote refinery. After the first month, the international crude oil benchmark dropped, and the private depot owners requested a reduction in the Dangote gantry price. The reduction was effected but not what they expected in comparison with international prices. It was this difference that made the marketers turn to imports in the month of November 2025.

“Importation surged in November, and there were a large number of vessels at berth. So when Dangote noticed the new development, he slashed the price from N828 per litre to N699 per litre, a 129 per cent reduction and the highest in 2025. Days later, he had a press conference, making allegations against the former NMDPRA ACE, Farouk Ahmed, on the issuance of licenses to marketers.

“So the relationship between depot owners and Dangote lasted for just a month before falling apart. Now the refinery doesn’t have a choice but to sell to independent marketers who buy in bits.”

Confirming the collapse, the National Publicity Secretary of IPMAN, Chinedu Ukadike, told The PUNCH that the agreement was no longer in force.

“No, it is no longer in place. Dangote has decided to liberalise the buying options. Marketers are now free to buy products, even down to those who can lift as little as 250,000 litres,” Ukadike said.

He added that the refinery had specifically invited independent marketers to come forward and load products directly. “These are market strategies. You don’t want unnecessary issues in distribution or artificial price hikes. The market is now open. It is also about competition,” he said.

Ukadike explained that tensions also arose because some marketers continued importing petrol even after signing the October agreement, undermining the exclusivity clause.

“Even after the agreement was signed, some marketers still went ahead to start importing petroleum products, which is against the agreement signed. So he decided that since they are keeping to it or evacuating products well, he has decided to allow all marketers to take products. That is the situation on the ground,” he added.

For now, the refinery has reverted to open-market sales, offering product sales from as low as 250,000 litres to any interested marketer, a departure from the offer given in October.

When contacted, Dangote spokesperson, Anthony Chiejina, did not respond to calls and messages sent to his phone number by our correspondent for an official reaction.

Meanwhile, fresh market data show that the spot price of imported petrol into Nigeria has dropped to about N696 per litre, according to the latest energy bulletin released by the Major Energies Marketers Association of Nigeria.

The price, calculated at the Apapa jetty, is below Dangote’s current gantry price of N699 per litre. This was the 30-day average import parity price of N772.65 per litre, reflecting a temporary easing in international crude oil costs and foreign exchange stability.

The bulletin, obtained on Thursday, showed that the difference between the on-spot import price and the 30-day average, currently about N76 per litre, creates opportunities for marketers to optimise inventory and timing, especially as local refiners adjust gantry prices.

For instance, Dangote Petroleum’s gantry petrol price is currently N699 per litre, slightly above the import parity spot price, which could incentivise competitive pricing in the downstream market.

The spot price for petrol in Apapa had fallen steadily alongside a slight decline in Brent and WTI crude prices, which currently trade at $63.75 and $60.14 per barrel, respectively. Similarly, Bonny Light crude fluctuated around $66.22 per barrel, reflecting global market adjustments following a period of relative stability.

According to MEMAN, the decline in spot prices has been driven by a combination of lower international benchmark prices, reduced shipping costs, and a stronger naira, which currently trades at N1,419.07 against the dollar, down from N1,450 earlier in December. The association noted that diesel and kerosene have also experienced downward pressure, with spot prices for diesel at N844.88 per litre and kerosene at N882.94 per litre.

The report also highlighted that average 30-day import parity prices are calculated using Platts commodity prices, freight charges, insurance, and terminal costs, providing a benchmark for local marketers and regulators in the Nigerian downstream sector. According to MEMAN, fluctuations in these prices directly impact retail pump prices, the profitability of depot owners, and the viability of local refining operations.