Oceangate Engineering Oil & Gas Limited has said it will appeal to the recent ruling of the Federal High Court ordering the forfeiture of certain assets.

Barr. Nnenna Onyeaso, the Company Secretary said in a statement on Thursday insisting that neither the company nor its leadership was found guilty of any wrongdoing.

Onyeaso said that the firm has described the court’s decision as a civil asset forfeiture order based on suspicion rather than proof, stressing that the judgment did not establish any criminal liability against the organisation.

According to her, the company maintain that it has already directed its legal team to file an appeal, expressing confidence in the judicial process and the outcome of a thorough review of the case.

“To be clear, this ruling is a civil asset forfeiture order with no finding of wrongdoing against Oceangate or its leadership.

“The court’s decision rested on a legal standard of suspicion, not proof, and it is one we intend to pursue fully through the appeals process,” she said in a statement.

The firm secretary also said that Oceangate has reiterated its belief in the rule of law, noting that the appellate system exists to address such outcomes.

She added that the company remained confident that the facts of the case will ultimately affirm its integrity and business practices.

Onyeaso said that the firm also emphasised that its operations remained unaffected, stating that it continues to provide employment for many Nigerians while contributing to the country’s energy sector and broader economy.

“We have always believed in the ability of the judicial process, and that belief has not wavered,” she added.

She noted that Oceangate further expressed appreciation to its employees, partners, and clients for their continued support amid the development, assuring stakeholders of its commitment to transparency and accountability.

The Secretary said that the company reaffirmed its confidence in Nigeria as a viable destination for investment, describing the country as a land of equity, growth, and opportunity.

“We remain committed to the continued growth of our business and the communities we serve as we are optimistic that justice will prevail at the end of the legal process.

Industry leaders, policymakers, financiers, and innovators convened in Lagos today for the inaugural Nigeria Transport & Logistics Summit (NTLS) 2026, hosted by Sterling Bank at Eko Hotel & Suites, to forge actionable strategies for building a faster, more connected Nigeria through transport, mobility, and logistics.

Held under the theme “Funding the Engine of Growth,” the summit positioned Nigeria’s transport and logistics sector as a critical but under-leveraged driver of productivity, regional integration, and economic growth. Transport, mobility, and logistics collectively form the backbone of the Nigerian economy, yet chronic underinvestment, infrastructure deficits, and limited access to financing have long constrained its potential.

Transport, mobility, and logistics collectively form the backbone of Nigeria’s economy. While the logistics sub-sector alone contributes approximately ₦1 trillion to national GDP, experts estimate that the broader transport and logistics market exceeds ₦15 trillion in potential value. Yet persistent infrastructure gaps, inefficiencies, financing constraints, and policy fragmentation continue to limit the sector’s full impact.

NTLS 2026 brought together senior government officials, regulators, infrastructure operators, investors, development partners, and private sector leaders to address critical priorities including multimodal connectivity, airport and road modernization, energy-efficient mobility, digital trade facilitation, and innovative financing frameworks.

Speaking at the summit, Sterling Bank’s Managing Director and CEO, Mr. Abubakar Suleiman, represented by Sterling One Foundation CEO, Mrs. Olapeju Ibekwe, called for urgent, coordinated action to fix the systems that move Nigeria’s economy forward.

L-R Olapeju Ibekwe, CEO, Sterling One Foundation; Darlington Nwankwo, Divisional Head, Renewable Energy, Mobility and Tourism, Sterling Bank; Oluwaseun Osiyemi, Honorable Commissioner for Transportation, Lagos State: and Moyomade Akinyosoye, Divisional Head, Institutional Banking, Sterling Bank, at the recently concluded Nigeria Transport and Logistics Summit, hosted by Sterling Bank in Lagos recently.

He emphasized that while Nigeria’s transport and logistics challenges, ranging from port congestion to inefficient corridors and high operating costs, are well documented the real opportunity lies in effective execution.

“We must move beyond diagnosing the problem to building integrated, modern logistics systems that can power productivity at scale. This means fixing our ports, strengthening logistics corridors, improving road and rail connectivity, and embedding efficiency across the value chain.”

“Nigeria’s competitiveness, both regionally and globally will increasingly depend on how effectively we move goods, people, and services. The time for incremental change has passed; what is required now is bold, coordinated execution across public and private sectors,” Abubakar concluded.

Also speaking at the event, the Divisional Head, Renewable Energy, Mobility and Tourism at Sterling Bank, Mr. Darlington Nwankwo, described logistics as the backbone of trade, industry, and national competitiveness.

He noted that while the sector contributes just under four percent to Nigeria’s GDP, estimated at approximately ₦15trillion, its true economic impact is significantly larger when viewed as an enabler of productivity across agriculture, manufacturing, and trade.

“We must be deliberate about fixing the logistics backbone of the economy if we are to unlock the growth we need. Nigeria’s trade competitiveness is directly linked to the efficiency of its logistics corridors, from ports to inland distribution networks.”

“At Sterling, we see our role as connecting capital to execution, designing financing solutions that do not just fund infrastructure but unlock entire value chains. This includes supporting multimodal transport systems, enabling cleaner mobility solutions, and partnering with both government and private sector players to reduce investment risk. The opportunity before us is not just to fix what is broken, but to build a logistics ecosystem that is faster, more efficient, and globally competitive.”

Lagos State Commissioner for Transportation, Mr. Oluwaseun Osiyemi, echoed the call for bold ideas, strategic investments, and forward-looking policies, describing the summit as a vital platform to shape the future of movement, trade, and connectivity in Nigeria. He urged policymakers to move swiftly from planning to implementation, called on investors to support infrastructure and innovation, and encouraged industry leaders to champion efficiency, sustainability, and accountability.

In his keynote address, Professor Biodun Adedipe grounded these ambitions in hard realities, noting that with nearly 90 percent of Nigeria’s logistics dependent on road transport, the country faces mounting congestion and maintenance costs that demand diversification into rail and more durable infrastructure. He cautioned that economic transformation requires patience, with meaningful results unlikely to materialise in under 18 months.

Panel discussions throughout the day focused on reducing logistics costs, strengthening aviation and road integration, modernizing downstream energy distribution, and accelerating the adoption of cleaner and more sustainable mobility solutions.

The summit concluded with a call for sustained public-private collaboration, stronger regulatory coordination, and the creation of structured financing vehicles to de-risk infrastructure investments.

As Nigeria seeks to strengthen its regional trade position and unlock non-oil export growth, NTLS 2026 marks a decisive step toward building a more integrated, resilient, and globally competitive transport and logistics ecosystem.

Dangote Petroleum Refinery and Petrochemicals has cut its gantry price for Premium Motor Spirit (PMS) to N1,200 per litre, setting the coastal price at N1,153 per litre.

The move is expected to influence fuel supply costs across Nigeria’s downstream distribution network.

Anthony Chiejina, spokesperson for the Dangote Group, said the revision reflects a downward adjustment in the refinery’s pricing structure.

He noted that the change came amid heightened uncertainty in the global oil market, driven by geopolitical tensions in the Middle East.

“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets.

“The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets,” Chiejina said.

With the new N1,200 per litre gantry price, marketers are expected to adjust their landing costs, particularly those relying on local sourcing rather than imports.

The coastal price of N1,153 per litre is also set to impact marine deliveries to coastal depots, offering an alternative supply route for distributors operating along southern corridors.

Details shortly…