Economy
Dangote refutes claims of cheaper petrol sales in Togo
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The Dangote Group has denied allegations by the Depot and Petroleum Product Marketers Association of Nigeria that its refinery sells petrol to international traders at cheaper rates than those offered to Nigerian marketers.
DAPPMAN’s Executive Secretary, Olufemi Adewole, had alleged in an interview that members of the group purchased Dangote’s petrol through international traders in Lome, Togo, at prices N65 lower than what the refinery sells directly in Nigeria.
According to him, attempts by local marketers to buy petrol directly from the Dangote refinery had proved costlier, sometimes making it more viable to import the product from abroad.
“Dangote sells to international traders at N65 cheaper than what he is selling to us. In some instances, we were able to buy from those people and still bring it to Nigeria,” Adewole claimed.
Dangote responds
Reacting in a statement on Monday, the Dangote Group described the claims as “misleading and inaccurate.” The refinery questioned why Nigeria’s petrol pump price is N865 per litre, while in Togo, the cost is more than double that figure.
“It is incorrect to claim that the price of petrol in Togo is lower than in Nigeria. A straightforward check reveals that the average pump price in Lomé stands at approximately 680 CFA francs per litre, equivalent to N1,826. This figure reflects the very scenario that DAPPMAN and its affiliates appear to advocate for in Nigeria,” the statement said.
The company insisted that its refinery had positioned Nigeria as the primary source of affordable petrol feedstock for West Africa, even though it imports more than 60 per cent of the crude oil it processes.
Dangote further accused some marketers of engaging in round-tripping practices—buying petrol produced in Nigeria, routing it through Togo, and then re-importing it into Nigeria at inflated prices.
“It is increasingly evident that DAPPMAN and some of its members are disproportionately focused on the importation of refined products, even admitting to round-tripping. What, then, is the business rationale behind this practice, especially when considering the substantial additional cost of transporting petroleum products from Lomé to Lagos, costs that run into billions of naira?” the statement queried.
The refinery argued that if the marketers’ true objective was to serve the Nigerian domestic market, they should have partnered directly with the Dangote refinery.
According to the group, local partners of the refinery already enjoy a range of benefits, including volume-based discounts, credit facilities, and logistics support, all of which help ensure affordability and availability of petroleum products across Nigeria.
“If their true intention is to serve the Nigerian domestic market, why not join the growing list of local partners of the Dangote refinery? These partners, in addition to receiving high-quality products, benefit from incentives designed to enhance local availability at a recommended rate agreed by all parties,” it said.
Dangote also clarified that there are pricing differences depending on the point of purchase—Single Point Mooring facilities or the gantry. While smuggling through the SPM is relatively easier, transporting products via land borders is more complicated and riskier, the company said.
The group added that for some operators, the fuel business in Nigeria has never truly been about supplying domestic consumers. Instead, it has become about arbitrage opportunities, where products are diverted to markets in the sub-region where prices are significantly higher.
“The reality is that for some operators, the business has never truly been about delivering petroleum products to Nigerian consumers. Instead, it revolves around arbitrage opportunities, where they can easily triple the value of products by diverting them to more lucrative markets in the sub-region,” Dangote stated.
The ongoing dispute highlights tensions between Nigeria’s largest private refinery and petroleum marketers, amid efforts by the government and industry to stabilise fuel prices. While DAPPMAN insists that Nigerian marketers are disadvantaged in pricing, Dangote maintains that its operations have positioned Nigeria as the most affordable fuel hub in West Africa.
As the standoff continues, industry stakeholders warn that resolving these differences will be critical to ensuring a steady fuel supply, protecting consumers, and achieving energy security in Africa’s largest oil-producing nation.
The Black Market Dollar-to-Naira Exchange Rate for 1st July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 1st July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Wednesday, 1st July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1385
Lowest Rate ₦1376
Five states will receive $3 million each in performance-based grants under the World Bank-supported HOPE Governance Programme after meeting key requirements aimed at improving budget planning and transparency in the education and primary healthcare sectors.
The National Coordinator of the programme, Dr. Assad Hassan, announced this on Tuesday at a retreat in Abuja attended by Commissioners, Permanent Secretaries and Directors of Budget and Planning from the 36 states and the Federal Capital Territory.
He said the incentive payments, amounting to $27 million, are tied to the successful implementation of specific governance reforms verified by an independent assessment team engaged by the programme.
According to Hassan, Bayelsa, Borno, Kano, Kebbi and Yobe states emerged as the top performers after meeting two major reform targets relating to budget planning for basic education and primary healthcare. Each of the five states qualified for $1.5 million under each target, bringing their total reward to $3 million.
He explained that the reforms required participating states to introduce standard guidelines for preparing and submitting annual work plans for education and primary healthcare budgets within the prescribed timeline.
Nine states also qualified for another round of incentives after ensuring that their local governments adopted harmonised budget guidelines and a uniform chart of accounts.
The benefiting states are Adamawa, Bayelsa, Borno, Delta, Gombe, Kano, Plateau, Taraba and Yobe, with each receiving $500,000.
In another category, 15 states met the conditions for publishing their 2025 Citizens’ Budgets for basic education and primary healthcare, making them eligible for grants of $500,000 each.
The states are Abia, Bayelsa, Borno, Edo, Ekiti, Enugu, Imo, Jigawa, Kano, Kebbi, Kogi, Nasarawa, Ondo, Plateau and Yobe.
Hassan said many states were unable to benefit because they failed to complete the required reforms before the deadline, did not satisfy key assessment conditions or failed to make the required documents available on their official websites.
“The disbursement is based on the findings and recommendations of the Interim Independent Verification Agent, which assessed the performance of states in meeting the Year Zero Disbursement-Linked Indicators,” he said.
He noted that the programme had also identified weaknesses that slowed implementation in several states, particularly the absence of effective coordination among relevant government institutions, which affected ownership of the reforms and their long-term sustainability.
The National Coordinator disclosed that the second phase of the Year Zero verification exercise is expected to be completed by July this year.
He said preparations had already begun for a comprehensive capacity-building programme that would provide technical support to states to improve their performance in subsequent assessments.
According to him, the HOPE Governance Programme is designed to improve how public funds are managed in basic education and primary healthcare by promoting transparency, strengthening accountability and ensuring that money allocated to the two sectors is used more effectively.
He added that the programme also supports better planning and implementation of annual budgets while helping governments address shortages of teachers and primary healthcare workers through improved recruitment and deployment.
The HOPE Governance Programme is a $500 million initiative supported by the World Bank to strengthen financing, accountability and service delivery in Nigeria’s basic education and primary healthcare sectors across the federal, state and local government levels.
Dollar To Naira Exchange Rate
The Black Market Dollar-to-Naira Exchange Rate for 30th June 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 30th June 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1387 on Tuesday, 30th June, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1387
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1390
Lowest Rate ₦1377
NUT suspends strike, directs Oyo teachers to resume Thursday
See Black Market Dollar To Naira Exchange Rate Today 1st July 2026
Citizen Patience and Collaborative Efforts: A Pathway to Greatness for Tinubu’s Government, By Hajia Hansatu Zannah*
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