Business

Marketers Get Dangote’s Free Fuel Supply

Published

3 weeks ago

September 20, 2025

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.

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.

“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.

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

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

Published

13 hours 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.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

2 days ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

2 days ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.