Connect with us

Business

Marketers to pay naira for Dangote fuel, says IPMAN

Published

on

 

Oil marketers have clarified that refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters.

 

Dealers in the downstream oil sector also stated that the registration process for marketers at the refinery was still ongoing, as many operators had continued to register with the plant.

 

It was further gathered that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority were meeting with the management of the refinery to perfect the pricing template for products produced by the facility.

 

On January 12, 2023, the Dangote Petroleum Refinery announced the commencement of production of Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel.

The President, Dangote Group, Aliko Dangote, had in a statement issued by the firm, said, “We have started the production of diesel and aviation fuel, and the products will be in the market within this month once we receive regulatory approvals. This is a big day for Nigeria. We are delighted to have reached this significant milestone.

 

“This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. This is a game changer for our country, and I am very fulfilled with the actualisation of this project.”

 

Following that announcement, The PUNCH exclusively reported on January 15, 2023, that seven major oil marketers in Nigeria had registered with the refinery for the lifting and distribution of refined petroleum products produced by the plant.

 

The seven major marketers include 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy Marketing Limited, Total Nigeria Plc and NNPC Retail.

See also  Meet Davido's three daughters from different Baby Mamas

 

It was also reported that the refinery would supply fuel to about 150,000 retail outlets operated by the Independent Petroleum Marketers Association of Nigeria following a meeting between the management of the refinery and executives of IPMAN.

 

But some Nigerians have expressed concern over the supply of crude to the plant in dollars, and whether this could make the managers of the refinery to sell refined products in dollars, since the plant is located in the free trade zone.

 

The Dangote Petroleum Refinery and Petrochemical Project, a subsidiary of Dangote Industries Limited, is a 650,000 barrels per day crude oil refinery, located in Dangote Industries Free Zone, Ibeju-Lekki, Lagos, Nigeria.

 

Responding to the an enquiry on whether the plant would dispense its products in dollars, the National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, admitted that it was true that crude oil, being an international commodity, was sold to the plant in dollars.

 

He, however, said that this would not make the plant to sell refined petroleum products to the Nigerian market in dollars, stressing that other businesses operated in Nigeria by Africa’s richest man were carrying out their transactions in naira.

 

“The legal tender in Nigeria is the naira. The cement being sold by Dangote Cement is done in naira, not in dollar. The spaghetti and other essential commodities that he is involved in are all sold in naira.

 

“So why should one think that he will now sell fuel in dollars? Except for the offshore sales for those who want to move the refined products out of Nigeria using vessels to transport them to other countries. Such customers may get theirs in dollar equivalent,” Ukadike stated.

See also  Dangote refinery reduces petrol price to N899 per litre

 

He, however, noted that another important thing was for the Nigerian government to be able to close up the widening gap in the foreign exchange rate.

 

“If the exchange rate for the dollar is low, petroleum products would have been cheap in Nigeria, because the products are imported. So I believe that Dangote will definitely sell the products in our local currency, which is naira,” he stated.

 

On if marketers had been briefed on whether products would be sold in naira or dollars, considering the fact that crude was supplied to the plant in dollars, Ukadike replied, “No, the pricing template has not come out. What is going on now is legislation. The template is not yet out.

 

“And I must state that there is no way the NNPC will bring out its template in naira and Dangote will bring out its own in dollars. It is not possible! So for the cost of their products, I think they are still trying to fix the prices with the regulatory agencies of the Federal Government.

 

“They will also look at the feasibility of the market and other factors, before announcing their prices for diesel and aviation fuel, which are the products they are producing now. So the price is not out, for once it is out, you’ll be informed.”

 

Ukadike also stated that more oil marketers were registering with the refinery, adding that IPMAN had been at the forefront of the registration process.

 

“More applications for registration are being sent to the refinery by marketers and I think the process has been ongoing for some time now. It is a good thing for the country to have a refinery that refines its crude domestically,” the IPMAN official stated.

See also  Dangote refinery increases ex-depot petrol price to N875

 

Another major marketer confirmed that the pricing template for refined products from the facility has not been released yet, but noted that there had been a series of meetings with the regulators on this.

 

Asked whether the pricing template for refined products had been released, the dealer, who pleaded not to be named due to lack of authorisation, replied, “No, not yet. We have not received any template yet, not to my knowledge.

 

“But it is possible that the template should be out soon because various meetings by officials of the refinery with dealers and regulators have been ongoing lately. The meetings are to give insights about activities at the plant. And I believe the template is going to be in naira.”

 

The Dangote Petroleum Refinery is an industrial plant that transforms crude oil into various usable petroleum products such as diesel, gasoline, jet fuel and kerosene.

 

Dangote Petroleum Refinery with a capacity to refine 650,000 barrels of crude oil per day covers an area of approximately 2,635 hectares in the Lekki Free Trade Zone in Lagos.

The refinery has so far received six million barrels of crude oil at its two SPMs located 25km from the shore. The first crude delivery was done on December 12, 2023, and the 6th cargo was delivered on January 8, 2024.

 

The refinery can load 2,900 trucks a day at its truck-loading gantries. The products from the refinery will conform to Euro V specifications, according to the firm.

 

“The refinery design complies with the World Bank, US EPA, European emission norms, and Department of Petroleum Resources emission/effluent norms, employing state-of-the-art technology,” the company had stated in statement.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Wale Tinubu’s Leadership, Enterprise and Oando’s Next Chapter

Published

on

By

By Adebayo Adeoye

Call him one of those rare visionaries who have mastered the delicate art of staying ahead of the curve, and you would hardly be accused of exaggeration. For over three decades, Jubril Adewale Tinubu, Group Chief Executive of Oando Group, has remained one of the defining faces of Nigeria’s corporate success story — a man whose entrepreneurial brilliance has not only created jobs and generated immense wealth but has also left an indelible imprint on the nation’s socio-economic landscape.


In a country where building enduring enterprises often feels like swimming against the tide, Tinubu has stood resilient.

Since founding Oando over 30 years ago, he has painstakingly transformed the company into one of Africa’s foremost indigenous energy giants, steadily widening its footprint across the continent. Such accomplishments did not come by happenstance.

In Nigeria’s unpredictable business climate, success at this scale demands uncommon grit, discipline, resilience, and an almost stubborn refusal to surrender to adversity.

See also  'Dangote refinery to determine petrol price from October'

The oil and gas industry is, by every measure, one of the toughest terrains to navigate, riddled with volatility and uncertainty. Yet Tinubu has repeatedly proven himself equal to the challenge.

Through strategic foresight, innovation, courage, and a deep understanding of the energy ecosystem, he has consistently turned turbulence into opportunity.

Fondly described in business circles as the “King of African Oil,” Tinubu represents the rare breed of entrepreneurs who see every summit merely as preparation for an even greater ascent. For him, success is never final; it is only fuel for the next frontier.

This relentless pursuit of excellence has earned him global recognition, enduring prosperity, and the admiration of peers across industries.
As he prepares to clock 59, Tinubu stands not merely as a businessman of immense accomplishment but as a role model to younger generations and a visionary whose contributions to Nigeria’s corporate landscape continue to attract applause and admiration.

Yet, beyond the boardroom triumphs and billion-dollar transactions lies another defining pillar of his legacy — philanthropy. Quiet, deliberate, and deeply rooted in faith, Tinubu’s generosity is neither loud nor performative.

See also  Good Morning! Here Are Some Major News Headlines In The Newspapers Today: Petrol loading from Dangote refinery begins next week – Marketers

He belongs to that rare class of givers who believe true charity requires no audience. His benevolence flows silently but meaningfully, touching lives without fanfare.

Entrepreneur and philanthropist extraordinaire, Tinubu combines vast wealth with an even greater sense of humanity. To him, success is most meaningful when shared, and prosperity finds purpose when it creates opportunities for others.
However,

if many think they have seen the best of JAT, perhaps another surprise lies ahead. Sources close to the company hint that Oando is set for another defining chapter in 2026.

With ambitious investments in renewable energy and a bold commitment to reshaping Nigeria’s energy narrative, the leading firm is reportedly positioning itself to play a transformative role in the country’s power sector — a move that may once again redefine Tinubu’s enduring legacy as one of Africa’s most visionary business leaders.

Continue Reading

Business

Wema Bank’s One-Day MD/CEO Chinmamanda Ozoakpata Unveils New Benefits for Children

Published

on

By

At Wema Bank, we have spent the last few years reimagining what Children’s Day can look like for Nigerian children.

What started as a celebration has evolved into an intentional platform designed to build confidence, encourage leadership, promote financial literacy and create meaningful opportunities for children across different age groups. This year, we have raised the bar even higher.

At Wema Bank’s Children’s Day Special Event held on Monday, May 25, 2026, our One-Day MD/CEO, Chinmamanda Diamond Ozoakpata, used her first official act in office to unveil a series of new initiatives designed to reward, educate and empower children through our Royal Kiddies account and ALAT Xplore platform.

From year-long cash rewards and celebrations of academic excellence to financial literacy materials and STEM challenges, here are the new incentives that were announced and how to qualify:1. Birthday Cash Gift (Royal Kiddies Account Holders)Wema bank is putting real money behind milestone birthdays.

See also  Meet Davido's three daughters from different Baby Mamas

Active Royal Kiddies account holders turning 5 will receive ₦5,000, while those turning 10 will receive ₦10,000 automatically, as a birthday cash gift. The initiative runs from May 2026 to May 2027.

Importantly, active account holders who already turned 5 or 10 before May 2026 this year will also receive their reward this month.

To qualify: Your child must hold an active Royal Kiddies account and be turning (or have turned) age 5 or 10 within the qualifying window.2. ₦100,000 Reward for Top Common Entrance Students (Royal Kiddies Account Holders)In a move that directly ties financial reward to academic achievement, Wema Bank will reward the top 100 students in the National Common Entrance Examination (NCEE) with ₦100,000 each. This initiative commences in June 2026.To qualify:

Your child must be among the top 100 performers in the NCEE and hold a Royal Kiddies account.3. Financial Literacy Book Launch – Money Adventures (Royal Kiddies Account Holders)Wema Bank officially launched Money Adventures, a financial literacy book created for children aged 6 and above, at the Children’s Day event.

See also  Dangote refinery slashes petrol price to N699 per litre

Designed to make money conversations simpler and more engaging for young readers, the book introduces children to foundational concepts around saving, money management and responsible financial habits in a fun, age-appropriate way.

To qualify: To receive a copy of this book, your child must hold an active Royal Kiddies account or have their Royal Kiddies account newly activated.4. Evolve School Tour STEM Challenge (ALAT Xplore Account Holders)The Bank also unveiled the Evolve School Tour STEM Challenge. Designed for secondary school students aged 13–17, the programme will run across six schools nationwide with existing STEM programmes.

Through hands-on STEM competitions and school engagements, the initiative aims to promote innovation, technology awareness, financial literacy and responsible savings culture.

There will also be monetary prizes to be won at the end of the challenge.To qualify: Your child must be an ALAT Xplore customer, aged 13–17, and attend one of the participating schools with an active STEM programme.Over the last four years, Wema Bank has consistently treated Children’s Day as more than a calendar moment. From the One-Day MD/CEO initiative to school tours, leadership experiences and child-focused financial literacy campaigns, the Bank has continued to expand how it supports children meaningfully.

See also  'Dangote refinery to determine petrol price from October'

Yet, this is the first time  the bank has included a Children’s Day initiative that runs for an entire year. Combine that with a six-figure academic reward, a published financial literacy resource, and a nationwide school tour, and it becomes clear: this is the most comprehensive, most impactful package of benefits Wema Bank has ever delivered to its youngest customers.

It signals a growing commitment by Wema Bank to create experiences for children that extend far beyond celebration and leave a lasting impact long after Children’s Day is over.

Continue Reading

Business

Wema Bank makes last call for submission of entries for One-Day MD/CEO Children’s Day Initiative

Published

on

By

As the deadline of May 20, 2026, fast approaches, Wema Bank has announced the last call for submissions for children and teens interested in participating in becoming MD/CEO of Wema Bank for one day.

Launched in May 2025 as part of Wema Bank’s 80th anniversary celebration, the One-Day MD/CEO initiative was introduced by Wema Bank to commemorate Children’s Day in a uniquely unprecedented manner. Inspired by the Bank’s 80th anniversary theme “80 Years of Impact, A Future of Possibilities”, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.

As 12-year-old Chiderije Mbah emerged winner, the Wema Bank One-Day MD/CEO initiative dominated the conversation on May 27, 2025, with children across Nigeria inspired to put in the work towards a successful future and parents commending the Bank’s consistent commitment to empowering children and helping them build the right future.

See also  I’ve managed diabetes for 35 years, says Obasanjo

This year, 2026, the Wema Bank One-Day MD/CEO initiative has returned on a larger scale.

For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of Managing Director/CEO of Wema Bank, for a day.

The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.

To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve.

This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges winner and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day.

See also  STATE OF THE NATION: Buhari meets security chiefs, others

Both parents and teens are encouraged to hurry and make their submissions now as entry closes in less than two days, specifically on Wednesday, May 20, 2026.

More details on the Bank’s social media platforms @wemabank

Continue Reading

Trending News