Connect with us

Business

Peg petrol price at N550/litre, Oil marketers tells Dangote

Published

on

 

While the Nigerian National Petroleum Company, NNPC Limited, is making moves to end petrol scarcity in Lagos and its environs, Dangote Refinery and oil marketers have intensified efforts at taking final decisions on pricing and delivery of petrol to filling stations nationwide.

Dangote Refinery, which can refine 650,000 barrels per day, bpd of crude oil, intends to commence production and distribution of the product, the bulk of which is currently imported from the global market, in May 2024.

There are indications that the parties have been meeting and exchanging notes on the pricing, distribution and margins to stakeholders in the value chain, including transporters and insurers.

 

Recall that depot owners buy the product from NNPC Limited at N556 per litre and sell to independents at N640 per litre.

It was, however learnt that independent markers have proposed N550 per litre to management of Dangote Refinery who is currenty in a discussion with them.

See also  Protest: Police will seek help from military if necessary, says IGP

 

We have proposed N550 per litre — Marketers

The President of Independent Petroleum Marketers Association of Nigeria, IPMAN, Alhaji Abubakar Migandi Garima, who confirmed the development, said: “We have been discussing with Dangote Refinery. The discussion, centering on pricing, margins and other issues, is still ongoing.

 

“We have proposed that the lifting price should be N550 per litre in Lagos. The price of the product will differ from one part of Nigeria to another because of distance and cost of delivering petrol to different locations.

“We are currently waiting on Dangote Refinery to conclude and communicate the price per litre, so we can plan to lift the product when it comes on stream.

‘’We expect that the price of the locally refined petrol would be cheaper than imported petrol, due mainly to local availability of the bulk of its crude oil and removal of transportation cost.”

 

Let’s enjoy benefit of domestic refining — Experts, consumers

See also  BREAKING: Sell crude oil to Dangote refinery in naira, Tinubu orders NNPC 

Similarly, Executive Director, Emmanuel Egbogah Foundation for Petroleum and Energy Industry Economics and Policy Advocacy, Professor Wumi Iledare, said the coming on stream of Dangote Refinery presented an opportunity for Nigerians to enjoy cheaper prices of petrol now or later.

He said: “The price of petroleum is majorly correlated with the acquisition cost of crude oil. The cost of running the refinery and opportunity cost of capital contribute marginally. Distribution and retailing costs are important but the crude cost matter the most.

 

‘’Thus, low price of petrol in Nigeria when Dangote Refinery operates at full capacity, is a possibility indeed, ceteris paribus.”

 

FG should float $1bn fund to complete new refineries — Refinery owners

However, President of Crude Oil Refinery-owners Association of Nigeria, CORAN, Mr. Momoh Oyarekhua, said: “ The coming on stream of Dangote Refinery is a very good development, especially as it would reduce huge dependence on imported petrol, conserve foreign exchange and create additional jobs.

See also  Untrusted partner: INEC will no longer keep sensitive election materials with CBN - Yakubu

 

“The government needs to support the construction of other indigenous refinery projects, currently at different stages nationwide. We have proposed the creation of $1 billion fund to support local investors.

 

‘’If this is done, lack of funds, which has always been a major challenge, would to some extent be addressed.
“The federal government and other stakeholders, including the Nigerian Midstream, Downstream Petroleum Regulatory Authority, NMDPRA, should engage with indigenous investors to explore the best ways and means of bringing this into reality in the best interest of oil and gas industry and the nation’s economy.”

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  Untrusted partner: INEC will no longer keep sensitive election materials with CBN - Yakubu

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  Protest: Police will seek help from military if necessary, says IGP

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  Good morning! Here Are Major News Headlines In Nigerian Newspapers Today: Oil marketers threaten to close filling stations over rejection of old naira notes by banks

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 gets 4th shipment of crude; 5th on the way

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  NDLEA arrests trafficker with N2.3b cocaine at Abuja airport

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  Untrusted partner: INEC will no longer keep sensitive election materials with CBN - Yakubu

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  Dangote refinery is the game changer for industrial revolution in Africa –Lai Mohammed

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