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FG Reportedly Directs Dangote Refinery To Set Petrol Prices
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By Kayode Sanni-Arewa
The federal government is considering granting Aliko Dangote’s refinery the authority to set petrol prices
According to reports by Bloomberg, the decision could reshape the government’s control over fuel prices paid by consumers.
The report indicates that Nigeria will permit Dangote to set the price of gasoline for petroleum marketers starting next month, according to officials familiar with the matter.
These officials requested anonymity, as they are not authorized to speak to the media.
Before now, Nigeria—Africa’s largest oil producer—relied entirely on imported petrol, subsidizing the cost at a significant annual expense. However, with Dangote’s refinery in Lagos beginning local petrol production, the burden of imports on the NNPC is expected to ease.
Since August 2023, the Nigerian National Petroleum Company Ltd., the sole importer of petrol, has been reselling the product below market rates to control prices, following a brief removal of the subsidy that worsened inflation and fueled public dissatisfaction.
This week, the NNPC raised the price by 45% to N897 per liter, bringing it closer to market levels after acknowledging substantial debt to international suppliers, which has impacted its ability to maintain a sustainable supply of petrol nationwide.
These changes come in the midst of severe petrol scarcity across major Nigerian cities, as debts incurred by NNPC—partly due to the subsidy—have hindered its capacity to supply fuel.
The NNPC disclosed that the government owes it N7.8 trillion in subsidy debts for the seven months leading up to July. Looking ahead, petrol marketers will be permitted to purchase products directly from the Dangote Refinery, according to sources.
Dangote says it cannot fix petrol prices
The plan to allow the Dangote refinery to set petrol prices come amidst a recent statement by the Dangote Group that it cannot influence, set prices of petrol from its refinery stating that only the federal government’s regulatory authorities can do so.
It also stated that NNPC has not began lifting petrol from the refinery as the issue of pricing has not been concluded
It stated, “We would like to state that NNPC has not commenced lifting of refined Premium Motor Spirit (PMS), commonly known as petrol, from our Dangote Petroleum Refinery.”
“Therefore, the issue of fixing the price of petrol lifted from our refinery does not arise, as we are yet to finalize our contract with NNPC.”
“The PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence we cannot determine, fix, or influence the product price, which falls under the purview of relevant government
authorities.”
News
Ooni debunks report over conferment of chieftaincy title on Baba Ijesha
The Permanent Chairman of the Southern Nigerian Traditional Rulers Council (SNTRC), Arole Oodua Olofin Adimula and the Natural Head of the Oduduwa race worldwide, the Ooni of Ife, Ooni Adeyeye Enitan Ogunwusi, Ojaja II, has rubbished reports circulating on social media alleging that he conferred a chieftaincy title on popular Nollywood actor and comedian, James Olanrewaju, popularly known as Baba Ijesha.
In a statement on Saturday by the Director of Media and Public Affairs, Ooni’s Palace, Otunba Moses Olafare said the Ooni clarified that although he warmly received the actor and his wife at the Ile Oodua Palace on Wednesday to celebrate the birth of his son and presented him with a brand-new car and cash gifts as a demonstration of his fatherly love and royal generosity, no chieftaincy title was conferred on him.
According to him, the expression “Awada Konge Oduwa,” which Baba Ijesha later described on his social media pages as a chieftaincy title, was merely a light-comedy remark made by the Ooni during a relaxed interaction in recognition of the actor’s outstanding career as a comedian.
The remark was never intended to constitute a formal installation or conferment of a traditional title.
The Ooni noted that Baba Ijesha, as an indigene of Ile-Ife and a proud son of the source, is deserving of honour and could be considered for a chieftaincy title in the future.
However, no such title has been conferred on him.
“The conferment of chieftaincy titles in Ile-Ife remains a sacred traditional process governed by established customs, consultations and traditional rites, which are publicly conducted in accordance with the age-long traditions of the source. None of these customary procedures took place during the actor’s visit to the Palace, “he said.
While appreciating Baba Ijesha for acknowledging the royal kindness extended to him and his family, the Ooni urged media organisations and members of the public to disregard reports claiming that the actor has been installed as the “Awada Konge Oduwa” or conferred with any chieftaincy title.
The Ooni reaffirmed his commitment to celebrating and supporting deserving sons and daughters of Ile-Ife and the Oodua race at large while preserving the sanctity, dignity and integrity of the revered traditional institution of chieftaincy.
News
Presidency Orders DSS, EFCC To Probe Govt Officials Linked To PFIPC Scandal
The Presidency has called on security and anti-graft agencies to identify, arrest and prosecute government officials who may have collaborated with Prince Matthew Adeniyi Adeyemi in the alleged operation of two fictitious federal government agencies.
Adeyemi is accused of creating the Presidential Foreign Intervention Promotion Council and the Presidential Economic Advisory Council using allegedly forged documents purportedly linked to the Presidency.
In a statement on his verified X handle, the Senior Special Assistant to President Bola Ahmed Tinubu on Media and Publicity, Temitope Ajayi, said investigators must go beyond Adeyemi and expose the internal network that allegedly enabled him to operate for an extended period.
Ajayi urged the Department of State Services (DSS), the Nigeria Police Force (NPF) and the Economic and Financial Crimes Commission (EFCC) to investigate all officials within public institutions who may have aided the alleged scheme.
According to Ajayi, much of the public debate has ignored the fact that government institutions detected the alleged fraud and acted on it.
He said officials of the Nigerian Investment Promotion Commission, working with officers of the Ministry of Foreign Affairs, first discovered inconsistencies in Adeyemi’s operations and reported the matter to the appropriate authorities.
“Contrary to the anything-goes narrative being promoted, it was the system itself that raised the red flag and dealt with it administratively,” Ajayi said.
He, however, acknowledged that the suspect could not have operated for long without help from insiders.
“What is not in doubt is that internal collaborators enabled Adeyemi to get this far. That is precisely what investigators from the DSS, the Police and the EFCC must now unravel.
“The criminal network within the affected institutions must be dismantled and everyone found to have played a role should be arrested and prosecuted,” he said.
The Presidency had earlier disowned the disowned the two organisations, insisting that they did not exist as government agencies.
It also maintained that the Chief of Staff to the President, Femi Gbajabiamila, neither authorised Adeyemi’s activities nor had any connection with them.
“In Nigeria, the easiest and most believable allegation anyone can throw at a public officer is corruption.
“Once that accusation is thrown into the mix, the water is polluted, the lines are blurred and everyone is kept busy arguing over distractions rather than the real issues,” he wrote.
He described Adeyemi as “an irredeemable con artist” who was using allegations against the Chief of Staff as “his last straw” to avoid criminal liability.
The Presidency insisted that the case should not be framed as evidence of complicity at the highest levels of government, but as an alleged fraud uncovered by the system itself.
News
TCN announces planned outage at Abuja transmission substation
Transmission Company of Nigeria, TCN, Abuja Region has announced a planned preventive maintenance at the Katampe 132/33 KiloVolt (kV) Transmission Substation on Saturday from 9:00am to 4:00pm.
General Manager, Public Affairs of the TCN, Mrs Ndidi Mbah, made this announcement in a statement in Abuja on Saturday.
Mbah said the scheduled maintenance is to enable TCN’s maintenance crew carry out preventive maintenance on the 100 Mega Volt Ampere (MVA) 132/33kV Power Transformer (TR1), its auxiliaries, and associated switchgear in the substation.
”Consequently, Abuja Electricity Distribution Company, AEDC, will be unable to off-take bulk power for distribution to customers in parts of Mpape, Maitama, Jahi, Life Camp,
”Others are Kado Fish Market, Idu-Karmo, and their environs during the maintenance period,” she said.
According to her, the company regrets any inconvenience the planned outage may cause electricity customers in the affected areas.
She added that equipment maintenance is essential to ensure their continued optimal performance.
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