Business
Foreign Airlines Fume, Accuse FG Of Blocking Repatriation Of $700 Million
Airline operators under the International Air Transport Association (IATA) have accused the federal government of blocking the repatriation of over $700 million from ticket sales.
The operators stated this on Monday during an interactive session organized by the Speaker of the House of Representatives, Femi Gbajabiamila.
It would be recalled that Emirate Airlines had planned to stop operations in Nigeria over $85 million trapped funds until the intervention by the Central Bank of Nigeria.
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As of August, the total trapped fund was $464 million US dollars. But the IATA stated that the funds have increased to over $700 million.
Samson Fatokun, who spoke on behalf of the foreign airlines said several times that the government must obey the international laws and treaties governing the aviation sector.
He stated that under the BASA principle, the Nigerian government has an obligation to support the airlines to repatriate their funds in the US dollar.
“These are contractual obligations that have been signed. As of today, after the CBN intervention of August 29, we have about $700 million in blocked funds. This is astronomically high and it is the highest in the world. There is no country in the world that has that amount of blocked funds. Nigeria accounts for 32% of the trapped funds in the world. That is 1/3 of the total blocked funds in the world,” he said.
However, local operators who were at the meeting disagreed with their foreign counterparts.
Allen Onyema, the owner of Air Peace, said the local operators are more patriotic and can perform better if given the opportunity.
Onyema said some countries like the United Kingdom and the United Arab Emirates are not reciprocating the bilateral agreement in the aviation sector.
He also raised the maltreatment of Nigerian-owned airlines by the UK government.
Also speaking on behalf of the local airlines, Obiora Okonkwo, said foreign airlines should use the I and E window to source for dollars instead of waiting for the CBN to give them dollars.
READ ALSO: Aviation Crisis: We Are Yet To Feel Impacts Of FG’s Intervention – Airline Operators
“The money is in the account, they have access to it. It is in Naira and they can use it as they please, including investing in Nigeria if they wish. But we understand that the policy of Nigeria is simple,” he said.
Following today’s meeting, the Speaker of the House, Femi Gbajabiamila adjourned the meeting till Thursday to allow the Minister of Finance, Zainab Ahmed, and the Central Bank Governor, Godwin Emefiele to attend the next meeting.
Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
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.
Business
Dangote Refinery Reduces Fuel Price
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.
READ ALSO:Dangote Refinery Gets New CEO
“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
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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