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Dangote Refinery Makes Bulk Sales of PMS to NNPC, Salbas, NIPCO, and 10 Others

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Dangote Refinery has resumed the sale of Premium Motor Spirit (PMS), also known as petrol, to major marketers and depot owners under a revised distribution framework endorsed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The move represents a significant shift from the previous arrangement in which products were sold to all classes of buyers, including independent petroleum marketers.

Major marketers and depot owners cleared under the new model include Mobil/11 Plc, Total, Matrix, Rainoil, Nipco, Northwest, Ardova, Bovas, Pivot, AA Rano, AYM Shafa, NNPC ,SALBAS Oil & Gas Nigeria Limited ,Nipco plc and MRS.

Industry sources told Vanguard that the refinery has reverted to a controlled distribution structure similar to the framework introduced in October 2025, when only a limited number of major marketers were granted direct access to products.

An authoritative operator, who confirmed the development at the weekend, explained that the strategy is designed to allow depot owners and large marketers to moderate supply flows and influence market pricing more effectively, while independent oil marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), will source products from depots

 

The Chief Executive Officer of Petroleumprice.ng, Olajide Jeremiah, who tracks downstream pricing trends, said the refinery’s gantry price remains unchanged at N 774 per litre.

“While the gantry price remains at ¦ 774 per litre, Dangote Refinery will no longer sell directly to independent petroleum marketers who typically purchase in smaller volumes,” he said.

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Instead, only depot owners with established storage facilities and approved major marketers will be eligible to lift products. Approval now follows defined procedures. Buyers must operate functional depot infrastructure or qualify as recognised major marketers before receiving clearance.

The refinery will supply products through coastal vessel shipments, ship-based transactions and gantry loading for authorised buyers. Depot owners will then distribute products from their facilities and determine ex-depot prices.”

He added that early pricing signals suggest that ¦ 800 per litre could emerge as a new benchmark in Lagos, with Warri, Port Harcourt and Abuja trending around ¦ 820 per litre following recent adjustments at the depot level.

The National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), Mazi Colman Obasi, described the development as positive.

This is a good arrangement and we hope that while deregulation remains in place, the government and operators will work toward sourcing more petroleum products locally from the refinery,” he said.

Another industry source noted that the move aims to reduce volatility and restore confidence across the downstream value chain, adding that the refinery had also reportedly absorbed losses during previous price fluctuations.

The idea is to create balance within the ecosystem. Dangote does not want depot businesses to collapse, and it also wants Nigerians to benefit from a more predictable pricing structure. It is about creating a win-win situation,” the source said.

Under the new arrangement, retail marketers will access products indirectly through depot channels rather than purchasing directly from the refinery.

Meanwhile, the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Engr. Saidu Mohammed, on Thursday hosted a high-level meeting with wholesale suppliers of petroleum products at the Authority’s headquarters in Abuja.

The engagement brought together key downstream operators to deliberate on supply sufficiency, market stability, pricing transparency and regulatory compliance in Nigeria’s evolving petroleum market.

Wholesale suppliers commended the Authority for sustaining proactive dialogue with stakeholders and reaffirmed their commitment to compliance and industry best practices.

The meeting underscores NMDPRA’s continued efforts to strengthen transparency, efficiency and long-term sustainability in Nigeria’s midstream and downstream petroleum sectors.

Dangote Refinery’s sales model and the regulator’s intensified stakeholder consultations signal a coordinated push toward stabilising Nigeria’s downstream market amid full deregulation.

For independent marketers and retail outlets, the market has entered a new phase one in which depot owners and major marketers are expected to play a more central role in price formation and supply distribution nationwide.

 

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It’s a Lie: Nigeria Is Not Africa’s Wealthiest but One of Its Poorest — Donald Duke

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The presidential candidate of the People’s Redemption Party (PRP), Donald Duke, has described as “a lie” the notion that Nigeria is the wealthiest country in Africa.

The former Governor of Cross River State said Nigeria is, rather, one of the poorest countries on the continent and should not be regarded as Africa’s largest economy based solely on its overall GDP.

In an interview with selected journalists in Lagos, Duke said Nigeria is a poor country when its per capita income is taken into consideration.

According to him, even countries that Nigeria considers smaller have higher per capita incomes, adding that the country is “living a lie.”

“It is embarrassing that a country that was considered one of the wealthiest in Africa still thinks today that it is the largest economy in Africa. That is not true.

“We are living a lie. It is a nice sound bite, though, to say that Nigeria is the largest economy in Africa. No. Nigeria is just one of the poorest when you take per capita income into consideration, and that is what you should measure, not just growth.

“If all we were producing in Nigeria was kulikuli, as we have been advised to do, we would still be a large economy in terms of GDP. But individually, what is our capital base? It is very poor.

“Most of these countries that we laugh at have a higher income per capita than we do.

“So, it all comes down to productivity. The idle mind is the playground of the devil. That was true yesterday, it is true today, and it will be true tomorrow,” Duke said.

On security, Duke said he does not like the phrase “Islamic terrorists” because he does not believe the terrorists are driven by Islam.

He noted that the security challenges facing Nigeria, particularly in the northern part of the country, were aggravated by the collapse of Libya, which led to an influx of arms through Nigeria’s land borders.

He, therefore, suggested that Nigeria needs short-, medium- and long-term approaches to address the rising insecurity holding the country back.

“Right now, you have got to deal with the security problems as they exist today — kidnapping, banditry, terrorism and all that.

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“But even beyond that, those things are consequences of other things. They are consequences of a very poor economy and, of course, the failure to properly manage our borders.

“With the collapse of Libya, a lot of arms have been moving south. We call them Islamic terrorists. I don’t like that phrase because I don’t think they are driven by Islam.

“The Islam I know is different. They just use that connotation to describe them. Rather, I think these are destructive elements. You can see that when they go into communities, they collect taxes and do other things. It is all geared towards collecting or building a resource base for themselves.”

For the medium- and long-term approaches, Duke suggested that the Nigerian government should focus on making citizens more productive.

He noted that as long as people are not productive, they will find their own means of survival.

He advised the government to focus on local production to improve productivity and to deploy modern technology in securing the country’s borders.

On reviving the economy of Northern Nigeria, the PRP presidential hopeful said that, if elected President, he would ensure that mining activities in the region are properly structured.

According to him, the structure should promote inclusive participation in the mining industry, ensuring that local and state governments become stakeholders in the sector.

“The rush to produce oil is not synonymous with wealth. You must have commercial quantities and all that. I sometimes think it is overplayed. The oil in the Chad Basin is not available in such commercial quantities. I think the real wealth of the North, beyond agriculture, is in the mineral deposits there.

“There must be a structured way of mining. Today, it is artisanal, and the broader community, the border communities, society and the nation itself do not adequately benefit from those resources.

“Take, for instance, the gold in Zamfara. It probably has — I don’t know — perhaps as much gold as all of Ghana does. Ghana was once called the Gold Coast, so that tells you how much gold there could be in Zamfara. But mining has also attracted banditry because Nigeria is largely an unpoliced state.

“So, I would make each state an economic entity. I think it would encourage states and their governments to focus on the minerals they have.

“If I were in charge, alongside the states, we would carry out an evaluation. I know some of this has already been done. We would evaluate what is available in each state and go further to determine the proven reserves.

“So, for instance, if you are looking for columbite or any other mineral and you know columbite exists in a particular place, let us go further and determine the proven reserves of columbite, lithium or whatever mineral we want to develop.

“Once you have developed it to that level, you make it more attractive for investors to come in. This should be a joint venture between the state and federal governments because the revenues from those resources will be shared by both levels of government.

“But nobody is going to invest if there is no security. We saw what happened in the South, in the Niger Delta region, when security broke down, which was also a function of increasing poverty in those areas.

“The investors there — the oil companies and international companies — moved out, and they now prefer producing oil from the deep sea, which is considered safer,” he said.

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Shamaki Congratulates Yari on Appointment as Tinubu’s Campaign DG

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A chieftain of the All Progressives Congress (APC), Shamakin Marafan Sokoto has congratulated Senator Abdul’aziz Yari Abubakar on his appointment as Director-General of the APC Presidential Campaign Council for the 2027 election.

Shamaki described Yari’s appointment as well deserved, saying his wealth of political experience, leadership qualities and proven track record contributed significantly to his emergence for the important position.

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He said Yari’s experience would play a key role in mobilising support and coordinating the APC’s campaign efforts towards ensuring the success of President Bola Ahmed Tinubu and the party in the 2027 presidential election.

According to him, the appointment reflects the confidence the APC leadership has in Yari’s capacity to deliver, particularly given his years of experience in politics and governance.

Shamaki expressed optimism that Yari would bring his vast political network and organisational skills

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Call Me Chairman, Not Tony!’: Elumelu’s Blunt Correction of Trainee Splits Internet as Old Video Sparks Double Standard Fury

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By Yusuf Danjuma Yunusa

A seemingly brief exchange between United Bank for Africa (UBA) Group Chairman, Tony Elumelu, and a female graduate trainee has erupted into a nationwide conversation about cultural values, corporate etiquette, and the politics of address, after a video of the interaction went viral on social media.

The incident occurred on Thursday, August 20, 2026, during an interactive session at the graduation ceremony for UBA’s Graduate Management Accelerated Programme (GMAP) in Lagos. In the now-viral clip, the trainee began her question by greeting the billionaire businessman with a casual, “Good morning, Tony.”

Mr. Elumelu, who was serving as a mentor at the event, promptly and firmly corrected her. According to multiple reports, he told her: “No, you won’t call me Tony. You call me Mr. Elumelu, or TOE, or Chairman.” He further justified his stance, explaining that he does not subscribe to what he termed the casual, Western-style familiarity in professional settings. “I don’t subscribe to that kind of Oyinbo life, okay!” he added.

The exchange has since polarized the Nigerian public, sparking a fierce debate on social media.

One faction of netizens has rallied behind Mr. Elumelu, arguing that the trainee’s address was a clear sign of disrespect, given his status as the chairman of a major financial institution and his seniority in age. Commentators argued that in a formal setting, the use of a title is a basic sign of respect. One social media user remarked, “Common sense should make you understand that at that moment, you are not talking to your friend, but what he is, a chairman or boss, or at least an adult that is obviously older than you.”

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Conversely, a second group has come to the trainee’s defense. They argue that modern corporate culture, even within Nigerian banks, often encourages a first-name basis to foster a more egalitarian and open work environment. A former UBA staff member, Innocent Istifanus Moses, confirmed that GMAP graduates are typically taught to address colleagues, including senior executives, by their first names. In his view, the trainee’s mistake was not irredeemable, and he advised her to issue a brief, sincere apology. “Mistake–briefly acknowledge–correct it– move on confidently,” wrote one observer.

Accusations of Double Standard Emerge

The debate took a sharper turn when an old video resurfaced online, showing Mr. Elumelu in a 2022 interview with Chisom Obi-Okoye, an MBA student at Stanford Graduate School of Business in the United States. In that footage, the student interviewer addressed him as “Hi Tony” multiple times without any objection or correction from the businessman.

This discovery has led to widespread accusations of a double standard. Critics argue that Mr. Elumelu is willing to accept the casual, “Oyinbo” culture he decried when it suits him in an international setting but enforces a rigid traditional hierarchy at home. One Facebook user, Awuzie Frankline, questioned the inconsistency, stating, “Respect should be consistent not dependent on someone’s status, location or social class.”

Defense: ‘When in Rome, Behave Like The Romans’

In defense of the UBA Chairman, supporters have argued that there is no contradiction, as the two situations occurred in vastly different cultural contexts. They contend that Mr. Elumelu was simply adapting to the norms of his environment—behaving like the Romans while in Rome, as it were. In a formal corporate setting in Nigeria, they argue, it is appropriate to demand the traditional respect that is due to one’s elders and superiors. As one commentator put it, the issue is about “the need to adjust to culture and nuance as they come.”

Beyond the immediate controversy, the incident has opened a wider conversation about generational differences, the clash between traditional African values and Western corporate norms, and the importance of navigating social cues in professional environments.

Jide Akintunde, a social commentator, expressed surprise at Mr. Elumelu’s objection, noting that his first name has been central to his public and industry branding for years. He suggested that the public correction, while perhaps justified, could have been handled privately to avoid humiliating the young trainee.

As of Friday, the young woman at the center of the storm has not made a public statement. The video, however, continues to trend, serving as a potent reminder of the intricate and often unspoken rules that govern professional and social interactions in Nigeria.

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