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Depot price hike: Marketers jostle to join Ardova, Heyden in Dangote Refinery bulk-purchase incentives

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Attracted by the bulk-purchase agreement incentives being offered by the Dangote Petroleum Refinery, more oil marketers in the country are jostling to be listed as beneficiaries of the agreement.

The bulk-purchase agreement, the petroleum marketers reasoned, offers a guaranteed price stability as against purchase from depot owners whose price is opened to incessant upward review as has just been announced.

Recall that two prominent players in Nigeria’s downstream oil and gas sector – Ardova Plc and Heyden Petroleum – have entered into a bulk purchase agreement with the Dangote Petroleum Refinery after MRS; a situation they have leveraged on to sell petroleum at a much cheaper pump price.

The depot owners recently jerked up their loading price to N950 per liter from N909 citing increase in the price of crude oil in the international market, a situation that has forced most independent marketers to raise their pump price too to reflect the new higher price from the depot owners.

The Independent marketers are referring to the benefits of the bulk-purchase agreement with Dangote Refinery as being enjoyed by the three leading oil marketers, MRS, Ardova Plc and Heydey who have entered into the purchase agreement with Dangote refinery and are able to retain their lower pump price.

National President of Independent Petroleum Marketers Association (IPMAN), Alhaji Abubakar Maigandi Garima has confirmed that the association members are eager to sign on with Dangote Refinery and that they have been advised to do so by organizing themselves to pool resources together to be able to qualify for the bulk-purchase agreement.

Justifying the IPMAN new position, he said members could not continue to depend on depot owners for products when they can buy directly from the refinery bearing in mind that the minimum quantity to buy from Dangote Refinery is two million litres at N909 per litre.

The management of the Dangote Refinery citing economic relief provided by President Bola Ahmed Tinubu’s crude-for-naira swap initiative had announced a bulk-purchase offer incentives to the three leading downstream sector operators, so that Nigerians could heave a sigh of relief on the reduced pump price.

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As the MRS, Ardova Plc and Heyden keyed into the arrangement, other petroleum marketers besieged the Refinery in Ibeju-Lekki, Lagos, seeking to be part of the bulk purchase deal, which guarantees steady supply of petroleum products and at competitive prices.

The desire to be part of the bulk-purchase agreement, it was also gathered, was also apparently being fueled by the testimonies from motorists who have been praising the impressive burn rate of fuel sourced from Dangote Refinery and sold in MRS filing stations which they said lasts longer compared to other products imported into the country and sold by others.

Dangote Refinery had said the strategic move was designed to further stabilise the nation’s fuel market and enhance energy security for consumers, as it would guarantee steady supply of petroleum products at affordable prices.

The bulk purchase agreement incentive by Ardova and Heyden came on the heels of a drop in the pump price of petrol by the management of MRS Oil Nigeria Plc, which had previously entered into a similar agreement with Dangote Refinery.

As a result, MRS Oil lowered its fuel prices to N935 per litre across all its stations nationwide, addressing the long-standing issue of price disparities between states. Furthermore, MRS Oil’s stock surged to a new 52-week high recently, as investors became increasingly optimistic about the company’s future earnings prospects.

Reports indicate that the bulk purchase agreement with Dangote Petroleum Refinery had also enabled both Ardova and Heyden to secure a reliable and consistent supply of petroleum products from the world’s largest single-train refinery at competitive prices, benefiting consumers across the country.

The arrangement ensures that Ardova and Heyden will have access to a full range of refined products, thereby securing their operations with a reliable supply chain. Other petroleum markers, reports said, are keen on signing similar agreement with Dangote Refinery as soon as they are allowed to, as most of them have majority of their filing stations in Lagos close to Dangote Refinery.

After signing the agreement, Ardova Plc, it would be recalled, had in a statement underscored the importance of this agreement in fostering a more competitive environment within Nigeria’s downstream oil and gas sector.

The partnership with Dangote Refinery is poised to have a positive, transformative impact on Nigeria’s oil and gas market. By ensuring a stable and affordable supply of fuel products in the over 1,000 retail outlets of the two companies, the agreement will help to alleviate the recurring issue of fuel scarcity that has long plagued Nigeria.

 

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Hike in Fuel Prices Looms as Trump Announces Ceasefire With Iran

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By Yusuf Danjuma Yunusa

U.S. President Donald Trump said on Wednesday here that “the ceasefire with Iran ‘is over,’ and he does not want to deal with Iran anymore.”

Speaking to journalists alongside “NATO Secretary-General Mark Rutte, Trump said he no longer wants to engage with Iranian officials.” “For me, I think it is over. I don’t want to deal with them anymore .They are sick people, they are led by sick people, they are vicious, violent people,” he noted.

“If they had nuclear weapons, they would use them. As far as I am concerned, it (the ceasefire) is over,” said Trump.

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Trump expressed skepticism regarding future negotiations, saying “he would consult his negotiators but characterised dealing with Iranian officials as a ‘waste of time,’ accusing them of dishonesty.” Trump further said “Iranian representatives agree privately to terms regarding nuclear weapons but publicly deny those agreements after the meetings conclude.” “We make a deal. Everyone’s agreed: no nuclear weapon,” Trump said. “We make a deal, they go outside and talk to the press. They say we never even talked about it.” He concluded that “while negotiations could technically continue, he considers the current process to be at an end.”

In “a new round of escalation of tensions beginning Tuesday, the United States has launched strikes against 80 Iranian targets, and in response, Iran’s Islamic Revolution Guard Corps attacked 85 U.S. military sites in Bahrain and Kuwait.”

And to this development, the world, once again, is about to witness another round of hike in price of crude oil.

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EFCC Arraigns ex-Port Harcourt Refinery Ltd MD over Alleged Money Laundering

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By Yusuf Danjuma Yunusa

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned a former Managing Director of the Port Harcourt Refining Company Ltd (PHRC), Ahmed Dikko, over alleged money laundering.

Mr Dikko, who was arraigned before Justice Inyang Ekwo of the Federal High Court, Abuja Division, on a 12-count charge, pleaded not guilty.

Recall that the EFCC, in the charge marked: FHC/ABJ/CR/360/2026, named Mr Dikko and Masterpiece Projects & Investment Ltd as first and second defendants.

In the charge dated and filed on June 22 by the commission’s counsel, Ekele Iheanacho, SAN, the anti-graft agency accused Mr Dikko of using N218 million to buy property in Abuja.

When the case was called, Mr Iheanacho informed the court that the matter was scheduled for the defendants to take their plea and that they were ready to proceed.

Ikechukwu Ajunwa, SAN, did not oppose the application but urged the court to enter a not guilty plea for the second defendant (the company).

In view of the not guilty plea, the prosecution applied for a trial date.

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Mr Ajunwa did not oppose the application but informed the court that a bail application had been filed on behalf of Mr Dikko.

He said a copy of the bail application had also been served on the EFCC.

Mr Iheanacho acknowledged receiving the process and told the court that a counter affidavit had equally been filed in opposition to the bail request.

Moving the motion, MrAjunwa said it was dated and filed on July 3 in line with Sections 34(4) and 36 of the 1999 Constitution and Sections 158 and 156 of Administration of Criminal Justice Act (ACJA), 2015.

According to him, the application is seeking for a leave for the defendant to be granted bail.

“The grounds for the application are there my lord,” he said.

The lawyer, who said Mr Dikko would not jump bail or interfere with the trial, said the 1st defendant had been reporting to the EFCC’s office as part of administrative bail terms.

Responding, Mr Iheanacho said the commission, on July 7, filed a counter affidavit opposing Mr Dikko’s request.

“We rely on all the paragraphs in our counter affidavit in urging the court to deny bail to the defendant. We also filed a written submission and adopted same in urging the honourable court to reject the bail application,” he said.

In his ruling, Justice Ekwo held that the court had the discretionary power to either grant or not to grant a bail.

He said since bail is a constitutional rights of the defendant, substantial evidence must be placed before the court why the defendant ought to be denied the request.

The judge consequently admitted Mr Dikko to a N150 million bail with one surety in the like sum who must possess a landed property within the jurisdiction of the court.

He ordered that the surety must be a responsible citizen and must submit the documents of the landed property which should be verified by the court registrar.

Justice Ekwo, who ordered Mr Dikko to submit his passport with the court, directed that the defendant must not travel without the permission of court.

The judge subsequently adjourned the matter until Oct. 12, October13 and 14 for commencement of trial.

The EFCC said the offence is contrary to Sections 2 (1) (a), 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.

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Kano Pilgrims Board to Announce 2027 Hajj Deposit Soon as It Reviews Successful 2026 Exercise

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The Kano State Pilgrims Welfare Board says it will soon announce the official deposit amount for the 2027 Hajj, assuring intending pilgrims that preparations for next year’s pilgrimage are already underway despite the absence of an official fare announcement.

The Director General of the Kano State Pilgrims Welfare Board, Alhaji Abubakar Ibrahim Matawalle, disclosed this during a press briefing at the Board’s headquarters in Kano while presenting the major achievements recorded during the 2026 Hajj operations.

Matawalle explained that although some states have already announced their Hajj fares and deposits for 2027, Kano State would not be in a hurry to make such an announcement until the necessary consultations and planning were completed. According to him, the Board is working diligently to ensure that intending pilgrims receive accurate information at the appropriate time.

The Director General described the 2026 Hajj exercise as one of the most successful in the history of the Board, attributing the achievement to careful planning, effective coordination and the commitment of all stakeholders involved in the pilgrimage operations.

He expressed gratitude to Almighty Allah for the successful completion of the pilgrimage and commended Governor Abba Kabir Yusuf for his unwavering support, guidance and commitment to the welfare of Kano State pilgrims. Matawalle also acknowledged the contributions of the National Hajj Commission of Nigeria (NAHCON), Saudi authorities, airlines and other partners for ensuring a smooth operation.

Highlighting the Board’s achievements, Matawalle said every intending pilgrim from Kano State received official uniforms and hand luggage to promote uniformity, convenience and easy identification throughout the pilgrimage.

He further revealed that the Board renovated the mosque at the Hajj Terminal of Mallam Aminu Kano International Airport to provide a more conducive environment for worshippers and pilgrims. According to him, chairs and electric fans were also donated to improve the comfort of pilgrims awaiting their departure flights.

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Matawalle stated that each of the 3,611 Kano State pilgrims received financial support of 200 Saudi Riyals upon arrival in the Kingdom of Saudi Arabia to assist with their immediate expenses.

The Director General added that the Hajj demonstration field and toilet facilities at the Hajj camp were renovated to improve the quality of pre-departure orientation programmes, while the Board also donated four Uninterruptible Power Supply (UPS) units to the Nigerian Immigration Service at the Mallam Aminu Kano International Airport Command to facilitate efficient immigration services during the Hajj operations.

According to Matawalle, the Board, with support from ASIA Group of Companies, distributed free detergent and toothpaste to all Kano pilgrims as part of efforts to improve their welfare throughout the pilgrimage.

He also disclosed that shuttle buses were provided to transport pilgrims between their accommodation and the Holy Mosque (Al-Haram) in Makkah for the five daily prayers, significantly improving their comfort and ease of movement.

Matawalle said the Board successfully airlifted all 3,611 registered pilgrims to Saudi Arabia and safely returned every one of them to Nigeria, achieving what he described as a 100 percent completion rate without leaving any Kano pilgrim stranded in the Kingdom.

He noted that close collaboration with NAHCON, airlines, Saudi authorities and service providers ensured the smooth execution of all stages of the Hajj exercise, while continuous medical services were provided in collaboration with relevant health authorities to address pilgrims’ healthcare needs.

The Director General explained that intensified enlightenment and orientation programmes before departure resulted in better compliance with Hajj regulations and exemplary conduct by Kano pilgrims throughout the pilgrimage.

Matawalle further disclosed that proper identification and documentation of pilgrims significantly reduced cases of missing pilgrims during movements between the holy sites despite operational challenges experienced at some Saudi airports.

He revealed that the Board successfully recovered about 30 pieces of luggage left behind in various pilgrims’ accommodations, in addition to more than 100 pieces of abandoned main and hand luggage at Saudi airports.

According to Matawalle, an international cargo operator was engaged to transport all recovered luggage back to Kano, where they would be distributed to their rightful owners.

He said the Board’s performance during the 2026 Hajj has once again strengthened Kano State’s reputation as one of Nigeria’s leading pilgrims’ welfare agencies, noting that the achievements were made possible through teamwork, transparency, dedication and the unwavering support of the Kano State Government and other stakeholders.

Matawalle expressed appreciation to all Kano pilgrims for their discipline, patience and cooperation throughout the exercise, saying their conduct reflected the values and dignity of the state and contributed significantly to the overall success of the pilgrimage.

The Director General assured residents that the Board would continue improving its services by applying lessons learned from the 2026 Hajj exercise in preparations for future pilgrimages. He reiterated that the official deposit for the 2027 Hajj would be announced soon after the necessary arrangements are concluded.

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