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Petrol Pricing: Dangote trying to suppress competition, Petrol sellers allege

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By Kayode Sanni-Arewa

Petroleum Products Retail outlets Owners Association of Nigeria (PETROAN) has accused Dangote Refinery of trying to stifle competitors in the downstream sector.

The marketers’ accusation follows Dangote Refinery’s claim that marketers are complaining of its petrol pricing because they want to import substandard products at cheaper rates.

The refinery had In a statement on Sunday disclosed that it sells petrol at N990 per litre in trucks and N960 per litre into ships. It says its pricing is in comparison with the international selling rate at the global market.

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The disclosure by Dangote Refinery was after both PETROAN and the Independent Petroleum Marketers Association of Nigeria (IPMAN) had said that they can buy petrol at cheaper rates than Dangote rates.

The refinery In its reply said that only substandard products can be imported at cheaper rates than its rates.

But PETROAN in the latest in a statement signed by its spokesperson, Joseph Obele, on Monday, said the accusation of importing substandard product by Dangote is “his usual gimmick for maintaining monopoly.”

The marketers maintained that consumers get the best value for pricing when competition is at its peak, hence competition should be encouraged.

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They added any market devoid of competition will be exploitative and strictly for profiteering.

PETROAN said it has concluded plans with her foreign refinery counterparts and financial partners to import the best quality of PMS and then sell far lesser than the present selling rate of PMS in Nigeria.

The statement reads: “Petroleum Products Retail outlets Owners Association of Nigeria PETROAN has successfully incorporated a Strategic Business unit called PETROL.

“PETROAN’s drive was solution-centric and patriotism following the pricing instability and turbulences in the downstream sector.

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“The reformative and Transformational agendas of President is seen as inimical to advocates and beneficiaries of monopolistic market. The President Interventions was meant to liberalise the downstream sector by building an all inclusive market.

“Intensive or aggressive Competition in any market brings the best value for money exchange for a commodity. Consumers gets the best value for pricing when Competition is at it’s peak, hence Competition should be encouraged.

Contrarily to Competition, such a market will be exploitative and strictly for profiteering. The publication by Dangote refinery that PETROAN will import sub standard Petroleum product is not coming as a surprise to Stakeholders, because such is his usual gimmick for maintaining monopoly.

“The publication was coming after PETROAN and IPMAN announced plans to sell far lesser than the current Selling rate of PMS in Nigeria.

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“It is important to set the records straight that PETROAN has never compared the price of Dangote PMS with any other on the fact that Dangote’s PMS price wasn’t known until this morning at the press release by Dangote Refinery.

“PETROAN has concluded plans with her foreign Refinery counterparts and financial partners to import the best quality of PMS and then sell far lesser than the present selling rate of PMS in Nigeria.

“We planned to enter the market before December 2024, pending the approval of our import permit license by the regulatory agency and access to foreign exchange from CBN at the the official rate.

“Before now Dangote Refinery has refused to make public her selling rate of PMS until IPMAN and PETROAN announced readiness to sell lesser.

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“The rate of #990 as announced by Dangote refinery was inconsiderate base on the fact Dangote Refinery enjoyed massive concession for accessing foreign exchange during the construction of the refinery.

“The core determinant for setting price is consideration for cost of production then add a fair margin. But this wasn’t the case for the determinant of PMS price by Dangote refinery as they said” the parameter was comparison with the international selling rate at the global market.

“A nation that gave you a yet to be disclosed concession for foreign exchange which was highly criticised by financial expert’s, such a country Pricing template shouldn’t have been templated by the selling rate at the international market but rather it should have been cost of production plus fair margin.

“Goods from the China markets are not selling as high like goods from the America market because cost of production differs.

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“The allegations that PETROAN will import inferior Products and saying also that an international company is trying to establish a PMS blending plant in Lagos are all strategies for Dangote Refinery to push others out of the market in view achieving monopoly for exploitation

Few months ago the CEO of Dangote Refinery said NNPC LTD was importing inferior Petroleum Products, that his own was far better than what NNPC LTD was selling to Marketers. In another press conference he said the Refinery at Malta was just a blending plant and not a Refinery. All the allegations are with the Objectives of closing the doors for other Operators so to enjoy monopoly.

“Evidences available showed that diesel (AGO) as a deregulated product was selling less than #800 in Nigeria market few weeks before the commencement of AGO production by Dangote Refinery, at the entrance of AGO market by Dangote refinery we witnessed a rapid surge above #1,000 as against the the perception of a “SALVAGING REFINERY”.

“PETROAN uses this medium to commend Mr President for his commitment towards the revamping of the nation owned refineries. It is on record that the ongoing rehabilitation project never suffers funding Under President Tinubu as it was earlier.

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“We will still maintain our position by counselling that the Port Harcourt and Warri Refinery plant after rehabilitation should immediately be privatised and handled over to a reputable firm that has the Technical capability, managerial skills and financial strength in partnership with PETROAN and other critical Stakeholders.

“This will enable the Operators of the government owned refineries to withstand aggressive ballistic Competition that will be poise by the known beneficiaries of monopolistic market. Antecedents of the beneficiaries of Monopolistic market has showed numerous suffocating Business owners crashing out of other sectors for a sole operator in the past.

“Stakeholders concerns is a prayer that the process of the Privatisation should be transparent using the Indorama Petrochemicals as a model as against Maintenance Repairs And Operations (MRO) contract Business scholars have described the red ocean strategy as a situation when companies try to outperform their rivals to grab a greater share of existing demand.

“While Some other business scholars argued that it is detrimental to adopt the red ocean strategy with the motive for making your competitors quit in view of acquiring their facilities, because such market will be a Monopolistically orchestrated market in view of exploiting the people.

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A balance market should be an all inclusive market players where the market leader is enjoying his lead, while the market challenger is servicing a certain degree of the consumers and the market followers are still surviving in the market at affordable price.

“Therefore, it is penitent that Federal Government should discourage and dismantle any attempt of monopoly in the downstream sector in view of crashing the current selling rate of PMS. The only catalyst to trigger PMS price reduction is by ushering in Competition and PETROAN will support the Federal government in achieving intensive competition in the sector.

“Most importantly, the Solution to the ongoing downstream sector Pricing turbulence and instability is for Mr President to midwife or delegate an all inclusive Stakeholders Meeting including DAPPMAN, MEMAN, PETROAN, IPMAN NUPENG and PENGASSAN.

“This meeting tends to get first hand valuable inputs from the industry

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Players in view of having a final solution for PMS pricing in the downstream sector.”

(Channels TV: Text, Excluding Headline)

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Troops Rescue 14 abductees, recover 281 rustled livestock in Sokoto

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Troops of the Nigerian Army’s 8 Division Garrison have rescued 14 kidnapped victims and recovered 281 rustled livestock following an operation against bandits in Shagari Local Government Area of Sokoto State.

A security source familiar with the operation disclosed the development to journalists in Sokoto on Wednesday.

The source, who requested anonymity, said the troops responded swiftly to a distress call on Tuesday after bandits attacked Horo Birni Village and abducted several residents while rustling livestock.
According to the source, the troops intercepted the bandits as they were moving the kidnapped victims and the stolen animals, forcing them to abandon their captives and flee.
The operation led to the successful rescue of all 14 victims and the recovery of 281 livestock.

The source attributed the success of the operation to the troops’ prompt response and effective collaboration among security agencies.
“The troops are always battle-ready to tackle all forms of criminality in the country but need sustained community support and vigilance,” the source said.

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In a related development, operatives of the Enugu State Police Command have rescued four kidnap victims during separate operations in Enugu and neighbouring Benue State, while recovering the body of another victim who was allegedly killed by his abductors.

The Command’s spokesperson, SP Daniel Ndukwe, said the rescues were carried out through coordinated intelligence-led operations involving police operatives, the Nigerian Army, the Enugu State Forest Guards, neighbourhood watch personnel, vigilante groups and the Benue State Civil Protection Guards.
One of the operations led to the rescue of two brothers who were abducted at Ezimo-Ulo in Udenu Local Government Area of Enugu State.
According to Ndukwe, operatives from the Udenu Police Division, the Anti-Kidnapping Section of the Command’s Violent Crime Response Unit (VCRU), the Distress Response Squad (DRS) and the Orukam Police Division of the Benue State Police Command tracked the kidnappers to Ikele in Owukpa Community, Ogbadibo Local Government Area of Benue State.

The operation, which also leveraged the Inspector-General of Police’s Handshake Patrol initiative, culminated in a gun battle that forced the kidnappers to flee with suspected gunshot wounds, allowing the victims to be rescued safely.

Security operatives recovered 15 rounds of live ammunition, the victims’ Android phones and car keys, other mobile phones and accessories, a bottle containing substances suspected to be hard drugs and related paraphernalia, clothing items and ₦11,800 from the kidnappers’ hideout.
The victims were later debriefed and reunited with their family.

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In a separate operation, operatives of the Umabor Police Division, working with the Anti-Kidnapping Section of the VCRU, the Enugu State Forest Guards and neighbourhood watch personnel, rescued two other victims who had been kidnapped at Amukpa Village in Ogbozara Community, Nsukka Local Government Area.

Police, however, said another victim did not survive the ordeal. His decomposing body was recovered from a forest, where investigators believe he died from gunshot wounds inflicted by the kidnappers while in captivity.
Ndukwe said investigations were ongoing and that security operatives had intensified efforts to track down the fleeing suspects involved in both incidents.

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Finally, Woro Abductees Regain Freedom — Kwara Govt

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No fewer than 176 abducted during the deadly February 3 terrorist attack on Woro and Nuku communities in Kaiama Local Government Area of Kwara State have regained their freedom.

The development was announced on Wednesday in a post on the official Facebook page of the Kwara State Government, which was sighted by our correspondent.

The government wrote, “Alihamdulillaah and kudos to President Bola Ahmed Tinubu GCFR, security forces, and everyone who played a role in this huge feat. We are grateful!”

The victims, who are mostly women and children, were abducted by bandits on February 3, 2026.

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Addressing a Channels Television crew in her office, the Commissioner for Communication, Bola Olukoju, expressed appreciation to President Tinubu, the military hierarchy, and the state governor for their roles in securing their release.

She said efforts to secure their freedom had been ongoing, adding that the exact number of those released could not be disclosed yet until further information is received from the military, who currently have the victims in custody.

“Yes, our Woro victims have been released. We are still awaiting more details from the military, but first and foremost, we would like to say a big thank you to the President, Bola Ahmed Tinubu, and the Nigerian military, and our governor, Mallam AbdulRahman Abdulrazak, who hasn’t rested since it happened,” the commissioner said.
“And he has been on it. When people ask: what is he doing? What has been going on behind the scenes, but because it’s a security issue, we can’t tell people about what we are doing.
“But to God be the glory; they have been released. We’re expecting more details.”

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Osun Poll: Imole Campaign Council Accuses EFCC of Using Anti-Graft Powers to Influence Election

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By Gloria Ikibah

The Imole Campaign Council (TICC) has accused the Economic and Financial Crimes Commission (EFCC) of abusing its statutory powers by freezing the Osun State Government’s accounts barely days before the governorship election of the state, alleging that the action amounts to political interference aimed at undermining the democratic process.

In a statement issued on Thursday by the Chairman Media and Publicity Committee, Rep. Bamidele Salam, the campaign council described the development as an unprecedented misuse of authority capable of disrupting governance and denying residents access to essential public services.

Salam argued that the timing of the action, coming about 10 days before the governorship election in which the incumbent governor is seeking re-election, raises serious concerns over the motive behind the decision.

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He said: “The Imole Campaign Council (TICC) has accused the Economic and Financial Crimes Commission (EFCC) of going outside its mandate by interfering in the upcoming governorship election in Osun State, describing the freezing of Osun State Government account a few days to the election as a brazen abuse of authority and attack on the people.

“It is quite ludicrous that a body set up to fight infractions in the society is invariably enabling it. Nothing, other than politics can accurately explain the reprehensible action of the EFCC to freeze the account of Osun State Government just 10 days to election which the incumbent is a candidate.”

The council contended that the freezing of the state’s accounts had effectively crippled the government’s ability to discharge its constitutional responsibilities.

According to Salam, the action could affect the payment of workers’ salaries and pensions, execution of infrastructure projects, security operations and other essential public services.

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“By implication, the EFCC as a body set up by law is frustrating a sub-national government from carrying out its lawful duties of payment of salary and allowances, pensions, fixing infrastructure, addressing security challenges and carrying out other duties which the Nigerian Constitution has entrusted unto the state”, he added.

The council further alleged that the anti-graft agency’s decision amounted to an assault on democratic governance and the rights of the people of Osun State.

“The EFCC has in other words executed a coup against the democratic expression of over five million citizens of a supposedly democratic country.

“In plain sight, what the EFCC has done is to recklessly weaponise its authority to exert economic pressure on Osun people in the bid to coerce them into schemed political choice”, Salam stated.

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Salam also warned that the development could disrupt critical public services, including healthcare programmes, insisting that public institutions should never be used as political tools.

“With the politically motivated action of the EFCC, many essential services, including planning for some public health interventions, can no longer go on.

“This is very unfair to Osun people because we believe that public institutions should never become a political weapon against ordinary citizens”, he expressed worries.

While reiterating the council’s support for transparency and accountability in public office, Salam maintained that the anti-corruption campaign must not be used as a cover for political persecution.

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The campaign organisation urged the commission to immediately reverse its decision and allow the state government to continue its operations without hindrance.

“As much as we are not opposed to accountability in governance, we state our total rejection to political witch-hunting disguised as corruption fight.

“The EFCC approach, timing and the follow-up posture all have politics written over it, and we want to call on the anti-graft body to immediately stop further attempts to interfere with the will of Osun people.

“We maintain that Osun people have every rights to democratic choices via the poll and as such, will not accept the subtle attempt by the EFCC to subdue their wills through abuse of authority.

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“We therefore call on the EFCC to immediately unfreeze the account so that governance can continue and the people can get the services they deserved”, he said.

The EFCC had not issued a response to the allegations at the time of filing this report.

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