Business
First Bank: Controversy Trails Multi-billion Naira Shares Deal

There seems to be uncertainty around the share sales and purchase deal between Oba Otudeko, Hassan Odukale on one hand and Femi Otedola on the other in First HoldCo, the parent company of First Bank.
The deal delivered an unprecedented quantum of the financial group’s shares to Otedola, the current Group Chairman of First Holdco, from the shareholdings of Odukale and Otudeko, the two immediate past chairmen of the group.
Also the deal ramped up Otedola’s holdings in the Group to an unprecedented level of 40%, the largest in the history of the bank and also largest single shareholdings amongst the tier-1 banks in Nigeria.
READ ALSO:Court Nullifies Shell, AFC, Others’ ICC Arbitration Against Aiteo
However, when Vanguard contacted the Nigerian Exchange Limited, the Spokesperson, Clifford Akpolo, said: ”I am not aware of these transactions as the NGX Reg has not notified the NGX.”
The NGX trading rules required that a sale or purchase of shares up to 5% must be notified to the NGX Reg. The deal covered about 25% of the bank’s total shareholding.
Similarly, First Bank’ s spokesperson, Mr. Ismail Omamegbe, did not respond to a text message sent to him, nor responded to calls in respect of the deal.
But sources in the bank indicated that the deal was executed off-trading floor and in connection with the long-drawn battle between the current board of the bank group and the two former board chairs who opted to surrender their shares for the bank to drop legal proceedings against them.
READ ALSO:FirstBank Changes Names Of UK, Africa Subsidiaries
The deal, executed through 17 negotiated trades at ?31 per share, involved the transfer of 10.43 billion units of FBN Holdings shares and is estimated to be worth over ?324 billion.
The acquisition, confirmed by trading data and capital market sources, marks a turning point in the ownership structure of one of Nigeria’s oldest and most prominent financial institutions.
The buyer in all 17 deals was First Securities Ltd, while the sellers included CardinalStone Securities, Meristem Stockbrokers, Renaissance Capital, Regency Asset Management, Stanbic IBTC Stockbrokers, United Capital Securities, and First Securities Ltd (acting as both buyer and seller in select trades).
(VANGUARD)
Business
Why Nigeria’s Crude Oil Production Dropped To 1.63mbpd In August – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has explained that unscheduled maintenance at a refinery facility made Nigeria’s crude oil production drop on a month-on-month basis in August.
This comes as Nigeria’s crude oil production dropped to 1.63 million barrels per day month-on-month in August, down from 1.71 million bopd in July.
NUPRC disclosed this in its Crude Oil and Condensate Production for August 2025, released on Saturday.
This means a 4.7 per cent drop in combined crude oil and condensate production from 1.71 million bopd in July.
READ ALSO:Marketers Get Dangote’s Free Fuel Supply
In the same vein, crude oil production itself declined by 4.8 per cent, down from 1.5 million bopd in July 2025.
“The month-on-month drop was driven by a single-day unscheduled maintenance at an oil facility.
“In the month of August, the lowest and peak combined crude and condensate production were 1.59 million bopd and 1.85 million bopd, respectively,” NUPRC said.
The data showed that while there was a decline month-on-month, the country’s crude oil production rose on a year-on-year basis by 5.5 per cent to 1.63 mbpd in August this year from 1.58 million bopd in the same period last year.
READ ALSO:‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction
Further analysis indicates that daily condensate production in August stood at 197,229 bpd, reflecting a decline.
Also, Nigeria’s crude oil output in August achieved 96 per cent of its OPEC quota, which is set at 1.5 million bopd.
Accordingly, in the period under review, Forcados Terminal topped the production charts, delivering a total of 8.99 million barrels, including 8.08 million barrels of crude oil and 915.2k barrels of condensates.
Business
Marketers Get Dangote’s Free Fuel Supply

Marketers on Friday confirmed that Dangote Refinery’s compressed natural gas-powered trucks have started delivering fuel to their stations at no cost to them.
The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Shettima, confirmed this to our correspondent in an interview on Friday.
Recall that Dangote Refinery rolled out over 1,000 CNG trucks on Monday, saying the entire 4,000 would be in the country before October.
The direct fuel distribution scheme was initially scheduled to commence on August 15, but was delayed due to logistics challenges in China.
READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution
A total of 4,000 CNG trucks were ordered from China for delivery in Lagos. However, the plan was stalled as there were insufficient vessels to transport the trucks.
Speaking with our correspondent, the IPMAN president said independent marketers in the South West have started receiving the trucks in their stations to offload petroleum products.
Shettima said only registered marketers can receive the free delivery from Dangote Refinery.
He said the stopping of fuel sales to unregistered marketers by the refinery is not a big deal, as marketers can register on the Dangote portal anytime they are ready.
READ ALSO:‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction
“If you don’t register, your name will not appear on the system unless you register through the portal, which the company has been announcing for a long time. But marketers can register at any time, even at night, because it’s not difficult. You will just input all your information and register. So, that one is not an issue at all,” Shettima said.
He told our correspondent that marketers in Lagos, Ogun and Ondo have confirmed the receipt of Dangote’s logistics-free fuel.
“Dangote has started the free delivery. Already, the trucks have started moving. In most parts of the Western Zone, they have already started discharging their products, since it is closer to Lagos. So the plan is moving seriously. And my marketers are very pleased with the development.
“I can confirm to you that my members have started receiving the trucks in Lagos, Ondo, Ogun, Ibadan and others,” Shettima stated.
READ ALSO:NUPENG Accuses Dangote Of Breaching Agreement, Says Nationwide Strike Inevitable
Speaking on the price, the IPMAN boss explained that prices would drop from N865 to N841 the moment petrol gets to the stations under the new arrangement.
“The prices have started coming down; even here now, when you push it to Abuja, you will see the price reduction. Wherever he discharges, all the independent marketers, anywhere he discharges, you will see there will be a price change.
“The MRS filling stations have started reducing prices, they have with independent petroleum marketers. Any marketer who applies for the product and receives it will reduce the price,” he stressed.
Business
Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments

Human rights activist Femi Falana, SAN, has lamented that fuel taken from Dangote is cheaper in Togo than in Nigeria.
Falana expressed his concerns on Sunday while responding to questions in an interview on Politics Today, a programme on Channels Television.
He urged the federal government to review the proposed 5 per cent fuel surcharge and ensure that further hardship is not imposed on Nigerians.
READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution
“I guess the government wants to go back to the drawing table and ensure that it is not accused of multiple taxes or double taxation because consumers will pay VAT for buying fuel. They will now put an additional 5 per cent tax.
“I think this is what Nigerians are complaining about. And from what we just read today is that the Dangote fuel taken from Nigeria is now cheaper in Togo than in Nigeria I think about 65 naira.
“So, the government will have to review these developments (the proposed 5 per cent fuel surcharge) and ensure more hardship is not imposed on Nigerians,” he said.
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