Business
Banks, 18 Others, Dined N125m For Late Filings
Published
2 years agoon
By
Editor
At least eight banks and 18 other listed companies have been fined N125m for failing to file their 2022 audited financial statements and quarterly reports for the first half of 2023 as required by Nigerian Exchange, The PUNCH findings have revealed.
The affected banks were Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc and Ecobank Transnational Incorporated.
John Holt, PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria and Juli Plc were also affected by the sanction.
According to the NGX’s post-listing rules, quoted companies are required to submit their audited results, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim reports not later than 30 calendar days after the end of the relevant period.
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Based on the latest X – Compliance Report issued by the regulatory arm of the NGX, FBN Holdings was fined for delay in submitting its 2022 financial results and its quarter one report for 2023. The lender paid N6.3m for the former offence and paid N3.3m for the latter.
For failing to submit its 2022 results on time, Unity Bank paid N6.4m and another N3.4m for the delay in submitting its interim reports for Q1, 2023.
The report showed that Fidelity Bank, GTCO and Wema Bank paid N2.7m, N1.4m, and N1.9m, respectively as fines.
While Access Holdings paid N2m, Jaiz Bank, Ecobank, and John Holt coughed out N600,000, N3.2m and N3.2m, respectively as penalties.
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The NGX fined PZ Cussons N4.8m, Notore Chemical paid N500,000 and GSK, which announced the closure of its operations in Nigeria also paid a fine of N1.3m for failing to file its 2022 financial results as and when due.
Others also sanctioned for delay in filing their 2022 audited accounts include Industrial Medical and Gases Nigeria, which paid a fine of N1.2m, Juli Plc paid a penalty of N120,000 and NPF Microfinance Bank paid a fine of N1.8m.
The regulator also sanctioned Daar Communications, paying N1.7m fine, Champion Breweries and Abbey Mortgage Bank Plc were also fined N1.6m and N1.4m, respectively.
Regency Alliance Insurance and Thomas Wyatt Nigeria also paid N1.4m and N4.9m fines, respectively, for the same offence.
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The NGX hammer also fell on Presco Plc (N24.8m); Ardova (N18.6m) and Universal Insurance Plc (N12.4) for flouting the filing regulations.
Conoil was also fined N7.9m for not filing its results within the stipulated period, while Caverton Offshore Support Group paid N5.7m as a penalty for the same offence.
Telecommunications services firm, Briclinks Africa Plc also cough out N590,000 fine during this period.
The Vice-chairman of Highcap Securities, David Adonri, said the fines were necessary to maintain the sanctity of the market.
“A lot of them relate to corporate disclosures. The capital market is information-driven. There is certain information that the listed companies must disclose at the appropriate time. If a company realised that it may not be able to disclose such information, the company can send a request to the exchange requesting additional time.”
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Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
2 weeks agoon
August 14, 2025By
Editor
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
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The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
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“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
Published
3 weeks agoon
August 11, 2025By
Editor
India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.
This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.
According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.
Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.
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The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.
Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.
Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.
According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.
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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.
On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.
In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.
“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.
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