Business

Marketers Distribute 25 Million Litres Dangote Diesel

Published

1 year ago

June 16, 2024

Independent marketers have lifted and distributed over 25 million litres of Automotive Gas Oil, popularly called diesel, produced by the Dangote Petroleum Refinery in less than three months after the plant started releasing AGO to the market.

It was also gathered on Saturday that the registration of oil marketers with the $20bn firm was still ongoing, as more dealers register with the plant ahead of its readiness to push out Premium Motor Spirit, also known as petrol, into the domestic market in July.

Marketers are also ready to begin PMS distribution from the plant.

The Independent Petroleum Marketers Association of Nigeria, Major Energies Marketers Association of Nigeria, and Petroleum Products Retail Outlets Owners Association of Nigeria confirmed the registration of their members with the Lagos-based refinery.

They also confirmed the continued lifting of diesel from the facility, stating that this has stabilised the price of the commodity and ensured its adequate supply since the commencement of production in March this year.

Diesel price crashed from about N1,800/litre to N1,200/litre after Dangote refinery released the product into the Nigerian market late March 2024, and since then the product’s availability has been guaranteed across the country.

Commenting on the stability of diesel price and its availability since Dangote started production, as well as the registration of marketers with the refinery, the National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, told our correspondent that over 25 million litres of AGO from the plant had been distributed by IPMAN members nationwide.

“Independent marketers are registering with Dangote, and many of us have lifted a lot of product from Dangote’s depot. I’m aware of so many marketers who have registered with the Dangote refinery.

“I can also confirm that independent marketers have loaded over 25 million litres of diesel since the refinery started the domestic sale of diesel to downstream oil sector operators in Nigeria,” Ukadike stated.

On April 2, 2024, oil marketers revealed that the Dangote refinery had commenced the sale of diesel to the domestic market.

Dealers and officials of the plant also confirmed the development at the time, as they explained that the plant actually started diesel sales the previous week.

“They started pumping out diesel to marketers since last week. They also promised to sell aviation fuel soon. Some of my members confirmed this to me after making a purchase,” the National President, IPMAN, Abubakar Maigandi, had told our correspondent at the time.

Maigandi had also stated that the move by Dangote would lead to a crash in diesel price, as the commodity rose to a high of about N1,700/litre at the time.

“The price of diesel is going to fall because of the release of products from Dangote Refinery. In fact, it is already coming down in Lagos,” Maigandi had stated.

This eventually happened after Dangote crashed diesel price to N1,200/litre.

Although officials of the Dangote refinery have remained silent on issues about the plant, dealers stated on Saturday that the marketers were anxiously awaiting the release of petrol from the plant, with the hope that this may crash the cost of the commodity.

“Marketers are loading more products from the plant and are eager to begin the lifting of PMS from the refinery, since the Chairman of the group has said that PMS should hit the market in July,” Ukadike stated.

He added, “I must say that it is a good thing to know that PMS is being finalised for release from that plant. This is because since Dangote diesel came into the market the price of diesel has not crossed the N1,200/litre mark.

“Independent marketers even in far away northern states are selling diesel at N1,200/litre at the pumps. So the coming of Dangote has slowed down the skyrocketing price of diesel. Now we are expecting PMS by July and this will end the importation of petroleum products.”

Business

NNPCL Raises Fuel Price

Published

2 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

2 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

2 weeks ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.