The Dangote Petroleum Refinery says it has not received any payment from the Independent Petroleum Marketers Association of Nigeria (IPMAN) for refined petroleum products.

In a statement on Thursday, Anthony Chiejina, the company’s group chief branding and communications officer, told IPMAN that the refinery cannot be held accountable for payments made to the Nigerian National Petroleum Corporation (NNPC), adding that no approval has been received from the national oil firm on the sale of petrol to marketers.

On October 29, Aliko Dangote, founder of the Dangote Industries Limited (DIL), said the refinery currently holds over 500 million litres of petrol, but oil marketers are not buying the product.

In a counter-response, the IPMAN said its members had been unable to load petrol from the Dangote refinery for days.

Speaking on Channels Television’s Sunrise Daily programme on October 30, Abubakar Garima, IPMAN’s president, said the association has paid N40 billion to the NNPC, but still cannot source the product.

In the refinery’s latest statement, the organisation said it currently has no direct dealings with IPMAN.

“Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them,” the refinery said.

“Consequently, we cannot be held responsible for any payments made to other entities.

“The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPCL), and not us.

“In the same vein, NNPCL has neither approved nor authorised us to release our Premium Motor Spirit (PMS) to IPMAN.”

Dangote refinery reiterated its ability to meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel.

The Chiejina said the refinery is capable of loading 2,900 trucks per day and has also been evacuating petroleum products by sea.

He advised IPMAN to register with the refinery directly and make direct payments, noting that there is “more than enough petroleum products to satisfy the needs of their members”.

“It is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu,” Chiejina said.

The company also encouraged all stakeholders to collaborate and heed Tinubu’s advice, promoting a unified approach rather than engaging in media conflicts and unnecessary propaganda.

On October 10, IPMAN had asked the NNPC to sell PMS to its marketers at the Dangote refinery rate or refund the oil marketers’ money.

During the television programme, the president of IPMAN said the marketers’ monies have been with the national oil company for three months.

… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth

Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to ₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to ₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023: ₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.