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Dangote refinery begins direct petrol sale to marketers
The Dangote Petroleum Refinery has started supplying Premium Motor Spirit, popularly called petrol, to some oil marketers directly without recourse to the Nigerian National Petroleum Company Limited.
It was gathered that while more oil marketers were intensifying efforts to buy the product directly from the plant, others were importing the commodity, as hundreds of millions of litres of imported PMS should hit Nigeria’s shores in two weeks’ time.
Recall that The PUNCH exclusively reported on Monday that no fewer than four vessels carrying imported PMS arrived at seaports situated along the nation’s borders between Friday, October 18, and Sunday, October 20.
The report cited a document obtained from the Nigerian Port Authority, which showed that about 123.4 million litres of PMS were berthed at two seaports to improve fuel supply nationwide.
The development confirmed an earlier exclusive report by The PUNCH, which disclosed that oil dealers intend to import the commodity to supplement the supply from the $20bn Dangote refinery.
Meanwhile, as major oil marketers import the commodity, their counterparts have started lifting PMS directly from the Lekki-based plant.
A senior official at the refinery said marketers are now allowed to approach the company for direct business transactions on a willing-buyer, willing-seller basis.
“Marketers are already coming to the refinery to lift PMS. They are lifting directly from the refinery, not through a third party,” the reliable official, who spoke in confidence due to lack of authorisation to speak on the matter, stated.
The source, who could not tell the price at which marketers were lifting the product, noted that the oil dealers would not come if the price was not favourable to them.
“We have reached agreements with some of the marketers and more are still ongoing. I don’t know the exact price, but if the price is not good, the marketers would not be coming to us,” the official stated.
He maintained that things are improving, especially as the Federal Government commenced the supply of crude to the facility.
Another official at the facility showed one of our correspondents the trucks of some marketers loading the product directly from the plant without going through NNPC.
“Some of the trucks you saw there today were from marketers purchasing the product directly from Dangote, without recourse to NNPC. So the direct sale has started,” the source stated.
The official explained that due to the high demand for petrol in Nigeria and other countries, the refinery had focused on ensuring 53 per cent of PMS production from its crude oil supplies.
“This could be reviewed in future if the demand for other finished products increases more than the demand for petrol, but right now about 53 per cent of our crude is used for petrol production, while other products account for the remaining percentage,” the official stated.
When asked if marketers had started the direct purchase of petrol from Dangote without recourse to NNPC, one of the notable major marketers in the country replied in the affirmative.
“Yes, everyone is in the process. This was advised that it would happen soon and is a normal business transaction,” the source stated.
But this is contrary to claims from some quarters that the refinery would not be able to sell petrol to marketers unless the deal between it and the NNPC is terminated.
The PUNCH recalls the company had initially announced that the NNPC would be the sole off-taker of its petrol from September 15.
A source at the refinery said this was as decided by the Federal Government. The source said he was taken aback when the Technical Subcommittee on Domestic Sale of Crude Oil in Local Currency announced on October 11 that marketers should now lift petrol directly from the refinery.
“Moving forward, petroleum product marketers are now able to purchase PMS directly from local refineries without the intermediary role of NNPC. Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms, which will promote competition and improve market efficiency,” the Minister of Finance, Wale Edun, who heads the committee stated in a statement.
As the committee made the announcement, operators said the market had been fully deregulated and they would approach the refinery to apply for PMS lifting.
The PUNCH recalls that the Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, recently led other officials of the association to a meeting with the Vice President of the Dangote Industries, Devakumar Edwin, in Lagos.
Though Fashola did not give much updates about the meeting with Edwin, he appreciated him for the roles he had been playing.
“Edwin received us very well and promised to make things easier for IPMAN to do business with Dangote,” he said.
Fashola added, “We had a fruitful discussion with the group. We have started discussing modalities and other logistics. IPMAN has agreed to work with Dangote. We hope very soon we will start lifting products from the facility.”
However, IPMAN said it could not commence the immediate off-take of the product unless the refinery ends its contract with the NNPC.
But officials at the refinery stated that the refinery was now selling PMS to some marketers.
When the Dangote refinery began the sale of PMS on September 15, the NNPC said it bought the product at the rate of N898/litre; a claim the refinery described as mischievous.
The refinery said the naira-for-crude committee would be the one to announce the price of its PMS. The committee has yet to do so as of October 22.
Credit: PUNCH
The African Democratic Congress (ADC) Legislators’ Forum has strongly condemned the latest move by President Bola Ahmed Tinubu to secure Senate approval for an additional external loan of $516,333,070, ostensibly for the Sokoto–Badagry Super Highway project.
This was contained in a statement issued and signed by the regional leaders of the Forum: Hon. Uko Ndukwe Nkole ,PhDChairmanADC -National Legislators’ Forum African Democratic Congress (ADC)
Hon Nnenna Ukeje-SEHon Sergius Ogun-SSHon Ajagbe H -SWHon Zakari Mohammed -NCHon Koko Shehu -NWHon Maigari Bello M-NE stating that:
“This request is not only alarming but emblematic of an administration that has made reckless borrowing its default economic policy, with little regard for sustainability, accountability, or the wellbeing of future generations.
“While no responsible opposition undermines the importance of infrastructure development, we must ask: at what cost, and under what conditions? This government has failed to convincingly demonstrate that its endless appetite for loans is guided by a coherent, transparent, and economically viable repayment strategy.
“Instead, Nigerians are witnessing a troubling pattern; one where debt accumulation is prioritized over prudent fiscal management, innovation, and domestic resource mobilization.
“Nigeria is already weighed down by a crushing debt burden, with debt servicing swallowing a staggering proportion of national revenue. Yet, rather than confronting this reality with discipline and reform, the Tinubu administration continues to plunge the country deeper into what can only be described as a looming debt catastrophe. Each new loan tightens the noose around the nation’s economic sovereignty, leaving future generations to pay for today’s lack of foresight.
“Even more disturbing is the timing of this request. As the nation inches closer to a major general election cycle, Nigerians are right to question the motives behind this borrowing spree.
” Is this truly about development, or is it another attempt to create avenues for political patronage and electoral advantage? History has taught us to be wary of last-minute, large-scale financial commitments made under the guise of national interest.
“The ADC Legislators’ Forum insists that the National Assembly must not act as a rubber stamp or Pro group of President Bola Ahmed Tinubu in this matter.
“The Senate, in particular, must rise to its constitutional responsibility by demanding full disclosure of the project’s financial details, procurement processes, cost-benefit analysis, and a credible repayment plan.
“Anything short of this would amount to a betrayal of public trust.
“Furthermore, we call on the administration to redirect its focus toward policies that can genuinely strengthen Nigeria’s economy; policies that promote productivity, industrial growth, job creation, and the plugging of revenue leakages.
“Borrowing should never be a substitute for leadership, creativity, and accountability.
“We must clearly state that governance is not a free ride without consequences. Those who make decisions today that endanger the economic future of millions of Nigerians must understand that a day of reckoning will inevitably come. The Nigerian people will demand answers, accountability, and justice for policies that have deepened hardship and mortgaged the nation’s destiny.
“Nigeria stands at a critical crossroads. We can either choose the path of responsibility, discipline, and sustainable growth, or continue down this perilous road of debt dependency and economic vulnerability. The Tinubu administration must decide where it stands; but Nigerians are watching, and history will not be kind to those who fail this nation.
At least one ISWAP fighter has been captured alive while top commander identified as Abu Umar Bundi Munzir has been neutralised alongside 24 other insurgents in Borno.
The development followed a foiled coordinated attack on Kukareta community in Borno by troops of Operation HADIN KAI.
Maj.-Gen. Abdulsalam Abubakar, Theartre Commander, North East Operation Hadin Kai, disclosed this to the News Agency of Nigeria (NAN), in Maiduguri on Thursday, while providing situational update on the failed attack by ISWAP terrorists.
NAN report that the insurgents launched the attack in the early hours of Thursday, shortly after midnight, in an attempt to overrun the location but were decisively engaged by troops of Sector 2 in a sustained counter-offensive that lasted till about 3;00 a.m.
Abubakar said that during the encounter, the terrorists’ commander, Abu Umar Bundi Munzir, was reportedly among those neutralised as troops repelled the assault and forced the remaining attackers into a disorganised withdrawal.
The theartre commander also confirmed that a total of 24 other terrorists were killed in the operation, bringing the overall neutralised figure to 25.
”Troops subsequently conducted exploitation of the battlefield, leading to the recovery of a large cache of arms and ammunition, including 18 AK-47 rifles, three General Purpose Machine Guns, two PKT automatic anti-aircraft guns and three RPG tubes.
”Others include two mortar tubes, four hand grenades, 18 AK-47 magazines, and large quantities of belted 7.62mm ammunition,” he said.
According to him, two soldiers sustained gunshot wounds during the encounter and have since been stabilised, while an armoured reinforcement vehicle had its tyres damaged during the firefight.
He added that further exploitation operations were ongoing to recover fleeing terrorists bodies, and abandoned equipment along withdrawal routes reportedly marked by blood trails and medical items.
The commander described the operation as a significant success in ongoing counter-insurgency efforts, noting that sustained pressure would be maintained to deny terrorist elements freedom of action in the North-East theatre.
(NAN)
The All Progressives Congress has officially rescheduled its presidential and governorship primary elections ahead of the 2027 general elections.
The party’s Deputy National Publicity Secretary, Duro Meseko, announced the change in Abuja this Thursday, stating that the presidential primary earlier slated for May 15 and 16 will now hold on May 23, 2026, while the governorship primaries are set for May 21.
Meseko explained that the adjustment was made to align with the revised timetable released by the Independent National Electoral Commission and the 2026 Electoral Act.
The party also confirmed that nomination forms will be available to all interested aspirants starting this Saturday, April 25 to Saturday, May 2, with no exclusive reservations for any individuals.
APC shifts presidential primary to May 23, 2026, releases revised 2027 election timetable
$516m loan request: Tinubu’s borrowing bonanza mortgaging Nigeria’s future
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