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Dangote refinery reduces petrol price by N50

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Dangote Petroleum Refinery says it has reduced the ex-gantry price of premium motor spirit (PMS), also known as petrol, by N50 per litre.

In a notice to customers, the refinery said the ex-depot price has been adjusted downward from N1,175 per litre to N1,125 per litre, while the coastal supply price was reduced from N1,495,215 per metric tonne to N1,428,165 per metric tonne.

The refinery attributed the price reduction to the easing of tensions in the Middle East, which has led to a decline in global energy prices.

The latest adjustment comes barely a week after the refinery reduced its ex-gantry petrol price by N75 per litre to N1,175 from N1,250, citing the de-escalation of geopolitical tensions in the Middle East and the resulting impact on energy markets.

The refinery had increased petrol prices several times earlier in the year amid supply concerns triggered by tensions in the Middle East and disruptions to global oil flows.

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In March, the plant raised its ex-gantry price to N1,175 per litre following a sharp increase in crude oil prices linked to the conflict in the region.

The latest reduction is expected to influence depot and retail pump prices across the country as marketers adjust to the new pricing template.

Global oil prices have fallen since the United States and Iran signed a peace agreement in Switzerland that will mark the start of a 60-day negotiation period.

Brent crude, the global oil benchmark, dropped to $72.97 per barrel — lowest since February, when the conflict began.

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Police top list of 50 federal ministries, agencies with ghost workers – ICPC

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The Independent Corrupt Practices and Other Related Offences Commission has revealed that the Nigeria Police Force and five federal ministries and agencies have the highest number of suspected fake workers uncovered during its payroll verification exercise.

ICPC Chairman, Musa Adamu Aliyu (SAN), disclosed the findings while speaking on the commission’s investigation into payroll fraud across Federal Government institutions, according to a BBC Pidgin report on Wednesday.

The commission said it discovered suspected 908 ghost workers in at least 50 ministries, departments and agencies, recovering about N942m allegedly paid as fraudulent salaries.

According to the ICPC, ghost workers are fictitious names inserted into government payrolls to receive salaries fraudulently.

In some cases, salaries are allegedly diverted by officials who add relatives or associates to the payroll despite them not being employed.

Aliyu said investigators uncovered one case involving a man who allegedly placed the names of his wife, son and mother-in-law on the payroll while also collecting the salaries of 12 workers.

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Among the institutions identified, the Nigeria Police Force recorded the highest number of suspected fake workers.

“For this operation, we identified 570 people whom we suspect are among the fake workers collecting salaries without working,” the ICPC chairman said about the police data.

The National Water Resources Authority followed with 80 suspected fake workers.

“For this agency, we identified 80 names of people collecting salaries even though they are not workers of the agency,” Aliyu said.

The Federal Ministry of Works recorded 56 suspected fake workers, while the Ministry of Foreign Affairs had 24.

The Ministry of Defence was found to have 19 suspected fake workers.

“For the Ministry of Defence, we identified 19 people acting as fake workers,” the ICPC chairman said.

Other affected institutions include the Federal Ministry of Electricity and the Federal Ministry of Industry, Trade and Investment, with 17 suspected fake workers each; the Federal Ministry of Health with 15; and the Office of the Head of the Civil Service of the Federation with 12.

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The Office of the Accountant-General of the Federation and the Federal Ministry of Interior were also listed among institutions affected by the payroll fraud, although the ICPC did not disclose the number of suspected fake workers found in the two offices.

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Good morning! Nigerian Newspapers Headlines: Fake agency probe: ICPC team grills embattled DG inside police detention

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1. The investigation into the controversial Presidential Foreign Intervention Promotion Council intensified on Wednesday as the Independent Corrupt Practices and Other Related Offences Commission commenced interrogation of the alleged founder of the disputed agency, Adeniyi Adeyemi, inside police detention.

The PFIPC controversy erupted after allegations that Adeyemi presented himself as the Director-General of a presidential body that several government institutions said they neither created nor recognised, while questions were raised over alleged forged documents, bank accounts and the council’s inclusion in budget proposals.

2. Dangote Petroleum Refinery has resumed gantry loading of Premium Motor Spirit, PMS, in naira after a week-long suspension, while raising its ex-depot petrol price to N1,215 per litre. The refinery had suspended gantry and coastal loading on July 15 after introducing a dollar-denominated pricing template for refined petroleum products.

3. The five Southeast governors have resolved to work for the re-election of President Bola Tinubu’s re-election next year, Imo State Governor Hope Uzodimma said yesterday. Uzodimma, who chairs the South East Governors’ Forum (SEGF), spoke at a meeting with the Imo State Council of Elders and Council of Traditional Rulers at the New EXCO Chambers, Government House, Owerri. He cited infrastructure projects initiated in the zone by the administration, saying the governors’ decision was based on “verifiable facts” of the administration’s record in the Southeast.

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4. Nigeria has dropped to 90th position on the latest Henley Passport Index, with holders of her passport able to access 44 destinations without obtaining a visa in advance. The July 2026 global ranking, released by Henley & Partners on Tuesday, ranked the Nigerian passport 90th out of 199 assessed worldwide, with a visa-free score of 44.

5. The Naira on Wednesday depreciated to N1,413 per dollar in the parallel market from N1,409 per dollar on Tuesday. But the naira appreciated to N1,369 per dollar in the Nigerian Foreign Exchange Market, NFEM.

6. Rivers State Governor, Siminalayi Fubara, has declared his support for President Bola Tinubu and the Rainbow Coalition, a political movement led by the Minister of the Federal Capital Territory, Nyesom Wike, ahead of the 2027 general elections. Fubara made the declaration on Tuesday during the groundbreaking ceremony for the reconstruction and equipping of the Riven Medical Facility, a public-private sector pharmaceutical factory in Rivers State.

7. The Independent Corrupt Practices and Other Related Offences Commission has identified the Nigeria Police Force and five federal ministries and agencies as having the highest number of suspected fake workers uncovered during its payroll verification exercise. ICPC Chairman, Musa Adamu Aliyu, SAN, disclosed the findings while speaking on the commission’s investigation into payroll fraud across Federal Government institutions, according to a BBC Pidgin report on Wednesday.

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8. United States President Donald Trump has written to President Bola Ahmed Tinubu, commending him on his decisive leadership “on behalf of the Nigerian people.” This was made known in a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy on Wednesday.

9. A mother, Mrs Zainab Musa, residing in the Ketu area of Lagos State, has cried out over what she described as an orchestrated attempt by some police officers to frustrate efforts to secure justice for her 15-year-old daughter, who was allegedly raped inside a tutorial class in Ketu. gathered from the survivor’s mother on Tuesday that the suspect (name withheld), who was the survivor’s lesson teacher, allegedly threatened to kill the teenager if she disclosed the incident to anyone.

10. The National Security Adviser, NSA, Attorney-General of the Federation and Minister of Justice, Accountant-General of the Federation, Minister of Foreign Affairs and other top government officials are expected to appear before the House of Representatives Ad Hoc Committee investigating the legal basis, operations and budgetary inclusion of phantom Presidential Foreign Investment Promotion Council, PFIPC today.

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AICL expands youth enterprise drive, awards N9.75m to innovative startups across three sectors

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The Abuja Investment Company Limited (AICL) has reinforced its commitment to youth entrepreneurship and innovation by awarding a total of N9.75 million to nine outstanding startups at the 2026 Abuja Young Entrepreneurs’ Hunt, with winners emerging from the information and communications technology (ICT), creative and agribusiness sectors.

The competition, organised by AICL in partnership with the Abuja Enterprise Agency (AEA), rewarded three winners in each of the three sectors, with cash prizes of N1.5 million, N1 million and N750,000 respectively to support business expansion.

Speaking at the event in Abuja on Tuesday, the Group Managing Director and Chief Executive Officer of AICL, Maureen Tamuno, said the initiative goes beyond cash awards by providing participants with mentorship, business visibility and access to investors that can help transform their enterprises.

According to her, every participant in the competition benefits from intensive training and mentorship throughout the selection process, equipping them with practical skills that can accelerate business growth irrespective of whether they emerge as winners.

“The level of training and mentorship they receive from professionals during the programme goes far beyond the competition itself. It gives them ideas on visibility, expansion and sustainability,” Tamuno said.

She noted that AICL maintains relationships with past participants through mentors and partner institutions that monitor their progress and provide continued guidance to ensure their businesses grow.

“We have mechanisms in place to follow up with them. That is why previous winners return every year to share their success stories and inspire new participants,” she added.

Tamuno said this year’s winners would also be given opportunities to pitch their businesses before investors and business leaders during the upcoming Abuja Business and Investment Expo 3.0, enabling them to secure partnerships, funding and wider market access.

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She recalled that participants from previous editions attracted support from successful entrepreneurs, with some receiving investment, mentorship and employment opportunities after presenting their business ideas.

“We create the platform that allows investors and successful business people to connect with these young entrepreneurs even after the programme,” she said.

Tamuno called on private sector organisations, philanthropists and development partners to collaborate with AICL and the Abuja Enterprise Agency to expand support for youth-led businesses.

She stressed that while access to finance remains a major challenge, entrepreneurs also face structural constraints such as inadequate electricity and limited access to long-term financing.

According to her, recent investments in renewable energy are beginning to provide practical alternatives for small businesses.

“We now have renewable energy solutions that are helping businesses reduce dependence on the national grid. One of our markets operates entirely on green energy, and we encourage entrepreneurs to take advantage of these opportunities,” she said.

Tamuno urged Nigerians to believe in the country’s economic potential, arguing that sustainable national development requires collaboration between government, private investors and citizens.

“No country started instantly and everything started working. Countries grow and evolve. Nigeria is evolving, we are advancing.

“All we need to do is to believe in Nigeria, to believe in what we do. And as we evolve, we begin to create that awareness and support and, you know, apprenticeship opportunities for a lot of people that want to come into the space. What we do in Abuja Investment is create the space,” she added

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She also highlighted the Abuja Business and Investment Expo 3.0, scheduled for August 5 to 7, as a platform that connects businesses with investors through business-to-business and business-to-government engagements.

Acting Managing Director and Chief Executive Officer of the Abuja Enterprise Agency, Chudi Ugwuada-Ezirigwe, described young entrepreneurs as central to Nigeria’s future, noting that the competition was designed to nurture innovative businesses capable of creating jobs and solving societal challenges.

He explained that this year’s edition focused on ICT, the creative economy and agribusiness because of their high growth potential, while promising that future editions would accommodate additional sectors.

“The journey of a million miles begins with one step. We started with these sectors, but we intend to expand as more innovative business ideas emerge,” he said.

Ugwuada-Ezirigwe said the competition was widely publicised through digital platforms to ensure equal access for interested young entrepreneurs.

He encouraged participants who did not win to remain resilient, describing entrepreneurship as a journey built on innovation, determination and calculated risk-taking.

Chairman of the judging panel and economist, Paul Alaje, said the competition assessed both the viability of individual businesses and their broader economic impact.

According to him, judges evaluated innovation, sustainability, financial viability, scalability and the ability of businesses to create employment and substitute imported products.

He argued that supporting young entrepreneurs is critical to addressing poverty, unemployment and inflation.

“Our government will formulate policies, but citizens must apply those policies to create value. These businesses will generate employment, reduce imports, promote exports and contribute to economic growth,” Alaje said.

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He called on state governments across Nigeria to replicate the initiative, noting that empowering young people through entrepreneurship offers a sustainable response to unemployment and insecurity.

Among the standout innovations was Plastic Abdullahi Suleiman, winner of the creative category, whose business converts plastic waste and sand into durable interlocking paving stones without using cement.

Suleiman said the innovation was inspired by Nigeria’s growing plastic waste challenge and poor road infrastructure.

“We are turning plastic waste into stronger, more affordable interlocks. We believe this innovation can help solve both environmental pollution and road construction challenges,” he said.

Another winner, Ridwanllah Adeleke, Chief Executive Officer of Cyber Vigil and winner of the ICT category, said the recognition validated the company’s cybersecurity solutions designed to identify vulnerabilities in digital systems.

He urged government agencies to partner with indigenous cybersecurity firms to strengthen the protection of critical public infrastructure against data breaches.

Also speaking, Pamela Azeminor, first runner-up in the creative category, said the prize money would be invested in purchasing equipment for her fashion training academy.

She noted that access to finance remains one of the biggest obstacles facing young entrepreneurs, adding that the competition would enable her business to acquire machines capable of preparing fashion designers for global markets.

The Abuja Young Entrepreneurs’ Hunt forms part of AICL’s broader strategy to stimulate innovation, strengthen the startup ecosystem and position entrepreneurship as a catalyst for inclusive economic growth and job creation in the Federal Capital Territory.

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