Business

Edo: Traders Reject Old Notes, Residents Groan Over Buhari’s Stance On S’Court Judgement

Published

2 years ago

March 9, 2023

Bank customers in Benin, the Edo State capital, on Thursday, appealed to President Muhammadu Buhari to come out and address Nigerians on his stance on the recent declaration of the Supreme Court judgement asking Nigerians to use the old and the redesigned naira notes side-by-side till December 31, 2023 and save Nigerians from the current financial hardship.

Speaking, one of the bank customers, Elvis Omoregie, said after the Supreme Court judgement that made the old naira notes legal tender, some banks have started dispensing it to their customers.

He said, however, customers worry is that, traders have refused to accept it as a means of payment for goods and services.

According to him when he took the old naira notes withdrawn from the bank to the market, he was told that the president has not told Nigerians that the money is now a legal tender and that it could be used side-by-side with the redesigned naira notes.

“Just yesterday, I went to the First Bank to withdraw money only for me to be paid the sum of N10,000 and N8000 of it was old N500 denominations while N2000 was new naira notes.

“To me, it is quite unfortunate. The old naira notes, you take it to the market, they will not accept it from you and the banks that pay you the money will also tell you that even though they pay you with the old money, you cannot bring it back to them as a form of deposit and that they will not accept it from you until you pass through the Central Bank of Nigeria processes.

“It is sad. You do not do that. Fine, CBN has issued a statement that they have complied with the Supreme Court ruling and why can’t the commercial banks do the same by following the order?

“Why are they stressing the citizens of the country? To me, it is not the best. They should do something about it. As I speak with you, since yesterday, the N8000 they paid me at the bank, I am yet to spend it. No one is ready to collect the money from me. As I speak with you, I am stranded.

” Let the federal government of Nigeria come out and say something. Let them give Nigerians hope, let Mr. President come out and issue a statement even if he cannot come out directly just as he did the other time, let him through his media aide issue a statement compelling the banks or the Central Bank to do more by the way of cushioning the plights of Nigerians”, Omoregie said.

Also speaking Nurudeen Hassan, said if the commercial banks can give out the old naira notes, they should be able to accept them as deposit at the bank and not asking depositors to take it to CBN.

“I was at one of the branches of GTB this morning to queue up for what we have been doing for the past three weeks to collect the sum of N10,000 but to my surprise the branch manager came to tell us that they will be paying with the old naira notes but if we are returning it, we should take it to the CBN.

“So, we felt that this is not good enough for us. Once you can give, you should be able to accept it again.

” We are appealing to the authority concerned to come out and give a clear statement on what to be done to reduce the suffering of Nigerians as regards to this redesigning of this naira.

“We want the federal government to issue a statement and order the banks to give and to accept”, Hassan said.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

1 day ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.

Business

Dangote Refinery Gets New CEO

Published

1 day ago

August 1, 2025

Editor

The Dangote Petroleum Refinery and Petrochemicals has appointed David Bird, the former head of Oman’s Duqm Refinery, as its new Chief Executive Officer.

A report by S&P global on Friday said, Bird heads the refinery’s petroleum and petrochemicals division in a strategic move to overcome production challenges and advance its next wave of expansion.

Effective from July 2025, the former Shell head of operations at its Balau Pokom refinery stepped in as CEO of the Dangote Group’s fuels and petrochemicals business, which commissioned the world’s largest single-train refinery last year.

Our correspondent also observed that the CEO participated at the just concluded Dangote Leadership Development Program Graduation Ceremony.

The appointment signals the company’s renewed focus on scaling production, streamlining operations, and positioning itself as a dominant force in Africa’s refining and petrochemical landscape.

The report read, “Nigeria’s Dangote Group has appointed the former head of Oman’s Duqm refinery as CEO of its petroleum and petrochemicals business as it strives to overcome production challenges and advance its next wave of expansion.”

It, however, noted that the Dangote Group founder Aliko Dangote, will remain as chairman of the refining business and CEO of the wider conglomerate, which is also active in cement, fertilizers and sugar refining.

The business is expected to tap Bird’s experience expanding the Duqm refinery and diversifying its crude slate as CEO of OQ8, a role he adopted months before the Omani complex began its first test runs in 2023.

Commenting on his appointment, Bird said his focus at Dangote will involve advancing the group’s footprint beyond the Nigerian market and across the African continent.

As CEO of the refining business, he will be responsible for ensuring maximum output and efficiency for the refinery, and aims to make the group a leader in the global market, a LinkedIn update noted.

The appointment comes after a string of unit upsets and “design issues” that have stalled the ramp-up process of the 650,000-b/d refinery, while its leadership has called out a hostile business environment for challenging its operations.

Since it was commissioned in January 2024, Dangote has quickly grown its market share in the Nigerian fuel sector, displacing large volumes of gasoline imports that the country once relied on.

However, Aliko Dangote has railed against “rent-seeking” trade partners and substandard fuel imports for putting strain on the business.

In a previous interview with Platts, Bird emphasised a trading-led approach to achieve a competitive edge in the refining sector, with a focus on high utilisation rates, efficiency and feedstock flexibility.

His approach aligns with a recent shift from the Dangote complex to process a wider range of crude grades, partially spurred by limited availability of the Nigerian oil it was designed to process.

However, the Nigerian refinery is still obliged to sell fixed volumes of its oil products into the domestic crude market under a naira-based trade agreement with the Nigerian National Petroleum Company, a 7.2 per cent stakeholder in the business.

As the Dangote Group eyes its next wave of growth, it plans to expand the capacity of the Lagos refinery to 700,000 barrels per day, build out port infrastructure and establish foreign storage assets in Namibia and other countries.

In August, it is set to roll out its own distribution business with a fleet of 4,000 CNG-powered trucks.

Dangote Group officials have also shared ambitions to list the refining business on the London and Lagos stock exchanges, and Aliko Dangote reiterated plans to take the business public.

After years of setbacks and budget challenges, the speed of the refinery’s ramp-up in 2024 caught many analysts by surprise, and the complex quickly began exerting pressure on global oil benchmarks as it began exporting its products.

Yet despite beginning test runs on its main gasoline outlet, the residue fluid catalytic cracker, in Q3 2024, the company has since suffered repeated outages on the unit in 2025, forcing it to rely on its lower-yield reformer and sacrifice output over extended periods.

Speaking to Platts earlier in July, a Dangote executive said the RFCC was running at 85 per cent. He denied reports that the company will undergo a planned turnaround on the unit in December.

According to S&P Global Commodities at Sea data, Nigeria exported some 220,000 b/d of petroleum products in July 2025, when outages at NNPC facilities made Dangote the country’s only active refiner.

The complex exported 30,000 b/d of residual fuel, a refining byproduct which would normally be kept on site for further processing in the RFCC under normal operations.

Exports continue to be dominated by jet fuel, which accounted for 45 per cent of total shipments, and gasoil with a 24 per cent share.

Business

Petrol Tankers To Stop Loading Beyond 45,000 Litres By October 1 – IPMAN

Published

1 day ago

August 1, 2025

Editor

The Western Zone of the Independent Petroleum Marketers Association of Nigeria has said tankers will no longer load more than 45,000 litres of the product from October 1.

The Chairman of the zone, Chief Oyewole Akanni, disclosed this in an interview with the News Agency of Nigeria in Ibadan on Friday.

Akanni stated that the measure was adopted in a joint meeting involving IPMAN, the government and other stakeholders, held to reduce the cases of petroleum tanker accidents.

The stakeholders, he said, are the Petroleum Tanker Drivers, Nigerian Association of Road Transport Owners, the Nigerian Midstream and Downstream Petroleum Regulatory Authority and oil marketers.

He said, “Before now, some tankers carried up to 90,000 or 60,000 litres, which was dangerous.

“Those big tankers damage our roads, as the trucks are made to carry far more than they were designed for.

“And when overloaded, they become unstable and fall, causing accidents.”

Akanni stated that the government had also mandated all tankers to install safety covers that prevent spillage in the event of a crash.

“With these covers, even if a tanker falls, fuel won’t spill, except if the tank is punctured,” he said.

He, however, lamented the activities of vandals, who deliberately puncture fallen tankers to steal fuel, describing it as a major challenge.

The IPMAN chairman also said that PTD discovered that most accidents occurred at night due to fatigue.

“We have, therefore, instructed drivers not to drive at night.

“Once it is 7.00 p.m., they must park and continue their journey by 7.00 a.m. the next day, but some still disobey this directive,” he said.

Akanni assured that IPMAN would continue to work with stakeholders to ensure that tanker-related accidents were minimised.

He said that the spate of fatalities had triggered federal interventions, calling for stricter regulations, mass education, and enforced safety reforms.

According to Akanni, the incidents form part of a broader wave of tanker disasters across Nigeria.

“These are marked by systemic failures, including overloading, poor infrastructure, inadequate enforcement, alongside dangerous public practices like fuel scooping,” he said.

NAN