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Why NNPC hiked petrol price and quit as middleman to Dangote – Report

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Although the latest petrol pump price hike by the Nigerian National Petroleum Company (NNPC) Limited is seen as a step towards the full deregulation of the downstream sector, the huge subsidy payments and its sole-distributor role have become a significant burden on the national oil firm, according to report.

 

The Dangote refinery officially began petrol production on September 3 with plans to sell only to the NNPC.

 

After more than a week, petrol lifting from the refinery began on September 15, arriving at the pump stands to the delight of Nigerians who desire an end to Nigeria’s chronic petrol importation — with eyes on cheaper pump prices.

 

According to the report by TheCable, an insider said the delay in lifting petrol — also called premium motor spirit (PMS) — owed to logistics challenges, noting that the supply from the refinery also fell below expectations.

 

“While the PMS discharge from the station may have sliced off a portion of the country’s fuel import requirements, it was still a far cry from expectation as the refinery only delivered 102,973,025 litres, out of the 400 million it pledged to supply within the period,” the insider disclosed.

 

It is understood that the volume provided by the Dangote refinery within 15 days “was barely enough for the amount required for only two days”.

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“The Nigeria National Petroleum Company (NNPC) had to cough out nearly N13 billion for Nigerians to buy the commodity at the price they did in the second half of September,” the source said.

 

Evacuation analysis shows that about 2,207 trucks were used by the national oil firm and other marketers to lift PMS from the facility between September 15 and September 30.

 

OIL PRICE, FX VOLATILITY

The unit price per litre tumbled with the prevailing foreign exchange (FX) rate, resulting in a change in the price of the commodity about six times within the 15 days under scrutiny.

 

“The NNPC, as the sole off-taker of the product, paid between $746 per metric tonne when the lifting started picking up to $759.40 and sliding down to $714.15 per metric tonne by the end of September,” the insider explained.

 

He said the naira price oscillated between N882.18 and N960.85 per litre — depending on the purchase and FX rates on the days of each transaction.

 

The insider said a day before the announcement of truck mobilisation, the NNPC’s first consignment signed off on September 14 was received at N882.18 per litre using the FX of N1,546.41 per dollar.

 

By September 18, according to the source, the product price and FX rate increased to $759.1 and N1,656.49/$, respectively.

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“This sharply affected the product price in naira to N960.85,” he said.

 

“However, by September 20, the product price slimmed along with the FX rate which dropped to N1,544.02, bringing the PMS price to N893.35. Though the product price from the refinery had come down to $714.15 by the end of the month, the worsening of the FX rate to N1,657.42 made the PMS price close at N937.30.

 

“To maintain stability at the pump price, the NNPC Trading sold the product to its retail company and other marketers at a fixed price of N749.99 throughout the period.

 

“With this, the company topped up an average of N133 per litre for every litre bought from the refinery. This came to over N12.5 billion for what a senior official called a ‘paltry 103 million litres’.”

 

‘UNBEARABLE BURDEN’

On October 7, reports of NNPC’s decision to quit its sole off-taker role with the Dangote refinery circulated.

 

Insiders told TheCable that the middleman role played by the national oil firm in distributing the PMS has caused it an “unbearable burden”.

 

This comes as NNPC struggles to clear a $6 billion debt owed to international fuel suppliers. The company has been dealing with serious financial strains, a situation that continues to threaten petrol supply.

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In a recent interview with Bloomberg, Aliko Dangote, chairman of Dangote Industries Limited (DIL), had asked the federal government to stop subsidy payments, which he described as unsustainable.

 

Sources said due to this, the NNPC will be forced to relinquish its role as the sole supplier and allow other marketers to access the product directly from the Dangote refinery at the prevailing market price — an outcome the federal government had tried to prevent.

 

On September 14, the federal government had said the refinery would sell petrol only to the NNPC, adding that interested marketers would have to buy the product from the national oil firm.

 

The house of representatives had frowned on this arrangement, asking the federal government, on September 26, to allow independent marketers to buy petrol directly from the plant.

 

The insiders believe that with NNPC quitting as the sole distributor, fuel prices will likely jump at the pumps nationwide, as an augmented amount will now be passed to the consumers.

 

“The prices are however expected to stabilise in coming days as freeing up of the market would induce competition and potentially stabilising supply chains,” another source said.

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Wema Bank sets November 6 for HACKAHOLICS 7.0 grand finale, unveils ‘Festival of the future’ as theme

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Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced November 6, 2026, as the date for the grand finale of Hackaholics 7.0, its flagship innovation platform.

Themed ‘Festival of the Future’, the grand finale will bring together innovators, technology leaders, startup founders, investors and other key players in Nigeria’s innovation ecosystem for an immersive celebration of ideas, technology and the possibilities shaping the future.

Beyond the much anticipated announcement of this year’s Hackaholics finalists, the event will feature innovation showcases, interactive experiences and conversations exploring how emerging technologies are transforming the way people live, work, build and create.

Designed to go beyond the traditional innovation competition, the Festival of the Future will provide a platform for participants and attendees to experience emerging technologies, discover innovative solutions, connect with industry players and engage in conversations about the opportunities and challenges of a rapidly evolving world.

The event will also recognise and celebrate outstanding innovators whose ideas have demonstrated the potential to address real-world challenges and create meaningful impact.

Speaking on the significance of the grand finale and the inspiration behind the Festival of the Future, Wema Bank’s MD/CEO, Moruf Oseni, explained that the concept builds on the Bank’s commitment to creating a future of possibilities while encouraging Nigerians to take a more active role in shaping that future.

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“The world is changing at an unprecedented pace. Artificial intelligence and emerging technologies are transforming industries, businesses and everyday life, creating opportunities that would have been difficult to imagine just a few years ago. The question is no longer simply what the future holds, but how prepared we are to shape it.

“This thinking inspired the Festival of the Future. We want to create an experience that brings innovation closer to people, encourages meaningful conversations and challenges us to think differently about how we will live, work, build and create in the years ahead,” he said.

Reaffirming Wema Bank’s commitment to supporting innovation and empowering young Nigerians, Oseni noted that Hackaholics has continued to evolve beyond a competition into a platform for discovering talent, nurturing ideas and connecting innovators with opportunities.

“Since we launched Hackaholics, our goal has remained consistent; to provide young Nigerians with the platform, resources, opportunities and support they need to transform their ideas into practical solutions. We believe that the future of innovation in Nigeria must be driven by the talent, creativity and potential of our people.

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“With Hackaholics 7.0, we are taking that commitment further. Beyond recognising outstanding ideas, we want to bring together the people, conversations and experiences that can inspire the next generation of solutions.

“Our ambition is to continue building an ecosystem where innovation thrives, possibilities are unlocked and Nigeria is better positioned for the future,” he added.

Launched on July 1, 2026, under the theme “Powering Possibilities,”Hackaholics 7.0 commenced with a nationwide pitch centre tour designed to discover and support innovative ideas from young Nigerians across different regions of the country.

The four-month tour attracted 5,329 participants and 1,632 innovative ideas and solutions, with pitch centres hosted across seven locations: Uyo, Kano, Yabatech, Benin, Ibadan, Enugu and Lagos.

Through three distinct tracks; the Ideathon, Hackathon and Social Impact, the initiative provided opportunities for students, graduates, technology enthusiasts, developers and social innovators to present solutions addressing challenges across different sectors.

The Ideathon focused on promising ideas, the Hackathon provided a platform for technology developers and builders, while the Social Impact track recognised solutions designed to deliver measurable value to society.

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At the conclusion of the nationwide tour, 59 participants emerged from the various pitch centres, reflecting the diversity of ideas, talent and innovation discovered throughout the programme.

As Hackaholics 7.0 progresses towards its final stage, the 59 finalists will be further shortlisted to 20, who will present refined versions of their solutions at the Pre-Pitch scheduled for November 4, 2026.

On November 5, the participants will embark on an Ecosystem Tour powered by Wema Bank, providing an opportunity to visit other top institutions within the technology and innovation ecosystem, interact with industry professionals and gain practical insights ahead of the grand finale.

The journey will culminate on November 6 at the Festival of the Future, where the top innovators will be recognised and celebrated.

Through Hackaholics, Wema Bank continues to demonstrate its commitment to driving innovation, supporting entrepreneurship and creating opportunities for young Nigerians to contribute meaningfully to economic development.

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Nigeria’s foreign reserves rise to $52.66 billion, highest in 17 years

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Nigeria’s gross external reserves surged to $52.66 billion as of August 19, reaching their highest level in more than 17 years.

This was contained in the latest data from the Central Bank of Nigeria (CBN).

The reserves stood at $52.65 billion on August 19, up from $45.56 billion recorded on January 2, representing an increase of about $7.09 billion or 15.6 percent in less than eight months.

The latest position also surpasses the previous 2026 peak of about $52.04 billion recorded in July.

Data from the CBN showed that reserves crossed the $52 billion mark for the first time this year in July, reaching $52.02 billion on July 20.

The figure was the highest since January 2009, when reserves stood at about $52.01 billion.

The reserve position had declined earlier in the year, falling from $49.18 billion on April 1 to about $48.33 billion in early May.

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It subsequently recovered, crossing the $50 billion mark in June and rising above $51 billion before surpassing $52 billion in July.

The governor of the CBN, Olayemi Cardoso, had earlier attributed the increase in reserves to stronger foreign exchange inflows, including receipts from crude-oil-related taxes and third-party inflows.

Cardoso also said the reserve level provided import cover for about 11 months of goods and services, significantly above the three-month international benchmark.

The increase in the external buffer has coincided with improved foreign exchange liquidity and a stronger naira.

Recent market data showed the naira appreciating to about N1,346.49 per dollar in the official market last week.

Also, in its 2026 macroeconomic outlook, the apex bank projected that Nigeria’s external reserves would rise to about $51.04 billion by the end of the year.

The latest figure is about $1.62 billion above that projection.

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Wema Bank wins Euromoney’s Nigeria’s best digital bank for consumers 2026 award

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… Recognition affirms bank’s leadership in digital innovation and customer-centric banking

Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, recently added another feather to its already heavily-studded cap after it was named Nigeria’s Best Digital Bank for Consumers 2026 by Euromoney, one of the world’s most respected authorities on financial services and banking excellence.

The prestigious recognition affirms the Bank’s sustained leadership in digital innovation, customer experience and financial inclusion, reinforcing its position as one of Nigeria’s leading technology-driven financial institutions.

Presented annually, the Euromoney Awards for Excellence celebrate banks that are redefining financial services through innovation, measurable impact and outstanding customer value.

In selecting Wema Bank for the award, Euromoney recognised the Bank’s successful digital transformation journey, its continuous innovation through ALAT, Africa’s first fully digital bank, and its unwavering commitment to delivering simpler, smarter and more accessible banking experiences for customers.

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Commenting on the recognition, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said: “This award is a strong validation of the deliberate investments we have made over the years to build a truly digital bank that puts customers at the centre of everything we do. Innovation for us has never been about technology for its own sake. It has always been about creating solutions that make banking easier, faster, safer and more rewarding for every customer.

“From pioneering Africa’s first fully digital bank with ALAT to continuously evolving our digital capabilities, we have remained focused on anticipating customer needs and building experiences that create real value. We are honoured by this recognition from Euromoney and inspired to continue pushing the boundaries of innovation as we shape the future of banking in Nigeria.”

A key milestone in Wema Bank’s digital transformation has been the evolution and upgraded version of ALAT, which introduced next-generation capabilities including voice banking, tap-to-pay functionality, personalised financial services and integrated investment opportunities through strategic partnerships.

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Together with faster digital onboarding, AI-powered fraud monitoring, intelligent customer personalisation and an expanding agency banking network, these innovations continue to enhance customer experience while extending financial services to more Nigerians.

Euromoney also recognised Wema Bank’s ability to leverage technology to build deeper customer relationships through data-driven personalisation, enabling customers to receive tailored recommendations across savings, investments and credit products based on their financial needs and behaviour.

For over eight decades, Wema Bank has remained at the forefront of innovation in Nigeria’s financial services industry. As the pioneer of Africa’s first fully digital bank, the Bank continues to redefine banking by combining technology, customer insight and innovation to deliver seamless, secure and inclusive financial solutions for individuals, businesses and communities.

The Euromoney recognition further reinforces Wema Bank’s commitment to building the future of banking through continuous innovation, operational excellence and customer-centric solutions that create lasting value.

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