Business

Why we reduced petrol price – Dangote

Published

2 years ago

December 28, 2024

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President of Dangote Industries Limited, Aliko Dangote, has explained that the complicated dynamics of market forces were the main cause of the recent drop in the price of Premium Motor Spirit, also referred to as fuel, to N899.50 per litre at its loading gantry.

Additionally, he stated that he must protect the multibillion-dollar company’s investments and interests.

“To put it simply, the price reduction is a response to the market. We invested more than $20 billion in this refinery; therefore, I believe we need to attempt to safeguard both our interests and our capital,” he stated.

The ex-depot price of the Dangote refinery’s petrol was lowered from N970 to N899.50 per litre on December 19, 2024.

The downstream industry experienced fierce pricing competition as a result, which compelled the Nigerian National Petroleum Company Limited, NNPCL, to lower its ex-depot price to N899 per litre.

To the pleasure of Nigerians, the refinery also announced that it would be partnering with MRS Petrol Station to offer petrol from its retail outlets countrywide for N935 per litre.

Dangote continued the conversation by restating that the 650,000 barrels per day refinery will revolutionise Nigeria’s overall economy in addition to the oil industry.

He emphasised that the burden on foreign exchange increases when the nation imports petroleum products.

“People who deal in petroleum products account for 40% of our demand for foreign exchange, and the more we allow imports to enter the country—not because I don’t want them, but because most of those letters of credit open for petroleum products and the goods are not coming into Nigeria—the more we continue to use the majority of our foreign exchange out of the country,” he stated.

“No matter what you do, you will always receive criticism. However, I don’t think we can stop people from voicing their opinions.”

Dangote reaffirmed that he was amenable to criticism, stating that “nobody has put in $20 billion in any project in Nigeria’s history over the last 100 years.

“We will keep doing what we are doing notwithstanding criticism. I completed this project to ensure that I had a legacy project and because I love my nation. I would have a larger investment and wouldn’t be experiencing the difficulty I am now if I had placed this money in Apple or Google.”

“Therefore, I believe that my actions were motivated by patriotism. I would prefer to leave a legacy. I’m not wealthy. I’m a rich man. Additionally, wealthy people don’t labour to enrich themselves; rather, they create jobs for the wider public.”

He went on to call the NNPCL’s $1 billion refinery investment “a drop in the ocean.”

“Even $1 billion is a drop in the ocean in a $20 billion refinery,” Dangote stated when he signed the agreement in 2021.

“People didn’t comprehend the $2 deduction on the crude, so when NNPC said, ‘Give us another year, we want to renegotiate the agreement, we would rather pay you cash,’ Is it possible to ensure that it is clear? What do you desire, then? They then suggested that we should give them another year and that they would pay us in cash.

“We extended their time by a year. Thus, June of the current year to June of the previous year. I called NNPC on June 4th or 5th, and they gave us a week.”

According to Dangote, the NNPC abruptly backed out of the arrangement when the payment was due.

“All right, fine,” I said. Simply walking away, we carried on. However, we continued and completed our refinery. “We have our refinery running,” he stated.

“It is very cheeky and nasty for the person who ever came up with that nonsense, saying that NNPC gave us $1 billion to assist us in our liquidity crisis,” Dangote continued.

He went on to say, “These are just lies; it’s not true.”

The facility currently refines 350,000 barrels of petroleum per day, according to Devakumar Edwin, vice president of Dangote Industries Ltd.

“The refinery has a full capacity of 650,000 barrels per day; we are currently operating at about 350,000 because the idea is that we will be profitable once the refinery is fully operational, so there is no point in me pushing at the production level until I start the refinery in its entirety.”Well, Nigeria produces more than twice as much crude as we need. Therefore, there is more crude access in Nigeria,” he added.

Related Topics:ALIKO DANGOTE DANGOTE REFINERY PETROL PRICE

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

Published

4 weeks ago

August 24, 2026

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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.

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.

Business

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

Published

2 months ago

July 20, 2026

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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.

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.

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.

Business

CBN revokes licences of 46 microfinance banks

Published

3 months ago

July 2, 2026

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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs).

The apex bank cited the failure of the banks to meet regulatory requirements for continued operation.

In a statement issued on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN said the action was approved by Olayemi Cardoso, the apex bank governor, as part of efforts to safeguard the stability of the financial system, protect depositors and ensure compliance with regulatory standards.

“According to the revocation order, the action became necessary because of one or more of the circumstances: Insufficient assets to meet liabilities, closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses,” CBN said.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement reads.

CBN added that it remains committed to promoting a safe, sound and resilient financial system and would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial sector.

The affected microfinance banks are:

1. Minji-Se Churchill MFB (tier 1) in Rivers

2. Merchant MFB (tier 2) in Abia

3. Janmaa MFB (tier 1) in Kwara

4. Busu MFB (tier 2) in Niger

5. Gold MFB (tier 1) in Lagos

6. Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano

7. Bompai MFB (tier 1) in Kano

8. Ajwa MFB (tier 2) in Kano

9. Now Now Digital MFB (tier 2) in Kano

10. Crystabel Microfinance Bank (tier 1) in Bayelsa

11. Chanelle MFB (state-based) in Lagos

12. Abia SME MFB (tier 1) in Abia

13. Kamba MFB (tier 2) in Kebbi

14. Iwade MFB (tier 2) in Ogun

15. Winview MFB (tier 1) in Abuja

16. Zuru MFB (tier 2) in Kebbi

17. Minjibir MFB (tier 1) in Kano

18. Shanono MFB (tier 2) in Kano

19. Sumaila MFB (tier 2) in Kano

20. Rimin Gado MFB (tier 2) in Kano

21. Mwaghavul MFB (state-based) in Plateau

22. Sycamore MFB (tier 2) Kano

23. TOFA MFB (tier 2) in Kano

24. Safegate MFB (tier 1) in Lagos

25. Creekline MFB (tier 2) in Delta

26. Bestar MFB (tier 1) in Oyo

27. Livingspring MFB (tier 1) in Cross River

28. Apple MFB (tier 2) in Ogun

29. Stanford MFB (state-based) in Uyo

30. Frontline MFB (tier 2) in Anambra

31. Zafec MFB (tier 2) in Kaduna

32. Supreme MFB (tier 1) in Lagos

33. Bejin-Doko MFB (tier 2) in Niger

34. Kanopoly MFB (tier 1) in Kano

35. Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano

36. Yeneng MFB (tier 2) in Plateau

37. Creditville MFB (tier 1) in Lagos

38. MBAG MFB (tier 1) in Lagos

39. Straight Sahara MFB (tier 1) in Benue

40. Our Pass MFB (tier 2) in Ondo

41. VERDANT MFB (tier 1) in Lagos

42. Basawa MFB (tier 2) in Kaduna

43. Casha MFB (tier 2) in Abuja

44. Esteem MFB (tier 2) in Kano

45. Enterpreneur MFB (tier 1) in Lagos

46. Avantus MFB (tier 2) in Osun

It would be recalled that the CBN increased the capital base for banks, in March 2024, giving them until March 31, 2026, to meet the requirements.

On March 6, 2026, the financial regulator disclosed that 30 banks have met the minimum capital requirement.