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Dangote Petrol’s High Price May Justify More Importation — Marketers

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JomogNews Nigeria reports that the price of Premium Motor Spirit, popularly called petrol, produced by the Dangote Petroleum Refinery and released by the Nigerian National Petroleum Company Limited on Monday may justify the importation of the commodity into Nigeria, oil marketers have said.

Dealers also stated that vessels of imported petrol should start arriving in Nigeria from Tuesday (today) as they called for transparency in the pricing of the PMS produced by the Dangote refinery.

This came as the Organised Private Sector faulted the role of NNPC as the sole off-taker of petrol from the $20bn Lekki-based refinery. They called for competition in the space, adding that NNPC’s role as sole off-taker would not encourage this.

On Monday, NNPC announced that it would sell the petrol lifted from the Dangote refinery at a price above N1,000/litre in the far north.

Its spokesperson, Olufemi Soneye, in a statement titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’.

Soneye explained that the price may go for as high as N1,019/litre in Borno State and N999.22 in Abuja, Sokoto, Kano, and others.

In Oyo, Rivers and other areas in the South, it will be N960/litre. The lowest price, according to an info graphic released by the NNPC, is N950 in Lagos and its environs.

“The NNPC Ltd has released estimated prices of Premium Motor Spirit, also known as petrol (obtained from the Dangote refinery) in its retail stations across the country.

“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act, PMS prices are not set by the government, but negotiated directly between parties at an arm’s length,” he stated.

The company explained that the product it loaded on Sunday was paid for in dollars.

“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as naira transactions will only commence on October 1, 2024.

“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100 per cent to the general public,” the statement added.

Soneye stated that the estimated pump prices of PMS were obtained from the Dangote refinery and would be across NNPC retail stations in Nigeria based on September 2024 pricing.

Recall that the Dangote Group had disagreed with NNPC on Sunday on the N898/litre PMS cost announced by NNPC as the price at which Dangote sold the commodity.

Petrol importation

Major oil marketers stated that the high price of the Dangote petrol released by NNPC would encourage the importation of the commodity, as they noted that some PMS vessels might arrive in Nigeria today (Tuesday).

“As it is now, I don’t know what magic they (NNPC and Dangote) are going to perform because a lot of companies are surely going to be involved in the importation of PMS. This is because whatever is going to come out of that place (Dangote refinery), it is either there will not be enough transparency in the allocation of the product, or there will be other issues.

“Also, some big players may not get enough quantity from the plant and they will have to complete this with imported products. Like I told you, all things being equal, from September 17 (today), PMS vessels by marketers, not NNPC, should start coming into the country,” a major marketer, who spoke on condition of anonymity due to lack of authorisation to speak on the matter, stated.

The source added, “Let me also state that as it is now, you will see PMS for N1,200/litre in some stations, this can also happen in Lagos because, at N950 and N1,019/litre, there will be a market for imported products. Yes, you will see a price of N950 here and in another location, you will get it at about N1,200. It now depends on the customers.

“Those who can queue may opt for the cheaper prices and wait in the queues, while people in haste will drive into stations that sell at higher rates to buy the product. So, the price by Dangote will encourage importation. And like I told you earlier, a lot of marketers are having their cargoes before the end of the month.”

IPMAN reacts

JomogNews Nigeria reports that the Independent Petroleum Marketers Association of Nigeria raised concerns over the pricing of petrol from the Dangote refinery, urging NNPC to ensure that the product was not sold at a higher price than imported fuel.

IPMAN argued that such a disparity would be counterproductive to the nation’s drive for energy self-sufficiency and could negatively impact consumers and marketers alike.

According to IPMAN on Monday, the pricing strategy for locally refined petrol should reflect the advantages of domestic production, offering Nigerians a more affordable option.

The association emphasised that maintaining competitive pricing was crucial for the success of the Dangote refinery and for fostering a sustainable fuel market in the country.

IPMAN National Welfare Officer, John Kekeocha, stated this on Channels Television’s The Morning Brief breakfast programme on Monday.

“If NNPC can sell Dangote products higher than the imported products then it doesn’t make sense. What is the celebration we are having all these while then?” he queried.

The NNPC began loading the first batch of petrol from the Dangote Refinery on Sunday, saying it got petrol at N898 per litre from the private refinery.

Before lifting petrol from the Dangote Refinery on Sunday, NNPC retail outlets in Lagos sold petrol for around N855 but said a litre of Dangote petrol would sell for N950/litre in Lagos and N1,019 in Borno.

However, Dangote refinery denied selling petrol to NNPC at N898. A spokesman for the refinery Anthony Chiejina in a statement late Sunday described the claim by the NNPC as “misleading and mischievous.”

Terrifying price

Reacting to the price list released by NNPC, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, described it as “terrifying.”

He, however, noted that the breakdown of the prices by the national oil company was clear, adding that “NNPC did not even tell us if they are making any profit from the Dangote selling price.”

Gillis-Harry stated, “This is the kind of transparency that we are requesting that the industry should be inundated with. We need this transparency so that the public will understand what they are engaged in.

“However, whatever it is, the good news is that PMS will be rolling out into the tanks of commuters and that businesses will not be grounded to a halt due to scarcity. But as for the pricing, I believe there will be a stakeholder review about it and we will make our input known.”

The PETROAN president called for minimal importation of PMS while the country should try to stabilise the supply of products from the Dangote refinery.

He again pointed out this would be achieved when there was transparency, accurate and timely information from both NNPC and Dangote refinery.

OPS expresses concern

The President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Dele Oye, said NACCIMA members were concerned about NNPC’s role as the sole off-taker for the Dangote refinery.

He said, “The arrangement whereby NNPC is the sole buyer from the Dangote refinery does indeed create a monopolistic situation, which appears to contradict the principles of a deregulated market and is in conflict with the government’s current position that they have deregulated the sector. This raises concerns about the potential distortion of pricing mechanisms and the limited opportunities for other stakeholders to participate in the market.

“The conflicting statements between Dangote refinery and NNPC further underscore the need for clarity and transparency in the fuel pricing process. The public deserves a clear explanation of the rationale behind the pricing decisions to enhance trust and confidence in our energy sector. The recent price increase, while necessary, has had a significant impact on the already challenging inflationary situation, and has led to some businesses and even some state governments resorting to remote work arrangements.”

He asserted that the NNPC needed to open the market by allowing multiple buyers from Dangote refinery.

He added, “This would not only enhance competition but also ensure that prices reflected true market realities rather than being solely dictated by regulatory control.

“Furthermore, it is imperative that the NNPCL provide a clear timeline for the completion and commencement of operations at the Port Harcourt Refinery. This would introduce much-needed competition among the local refineries, thereby strengthening our energy security.

“The current uncertainty and perceived lack of transparency, as well as the perceived lack of demonstrated support for the Dangote Refinery, may send negative signals to potential foreign and existing local investors. This could undermine President Tinubu’s efforts to attract foreign direct investment and drive economic growth. It is essential that we address these issues promptly to build a more favourable investment climate that encourages sustainable development and prosperity for our nation.”

The President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, said NNPC could not prevent Dangote refinery from selling PMS to other marketers.

Idahosa noted that independent marketers had called on the NNPC to allow them decide whether they could afford to buy at whatever price Dangote would sell and then sell accordingly.

He said, “If we can sell at N900 and make a profit, that’s our problem. If we cannot sell, and we are forced to sell above N898, and there are Nigerian buyers in various parts of the country who are willing to buy because they are not ready to stay in long queues at NNPC stations that are selling at N898, so be it.”

Idahosa observed that while independent oil marketers were not restrained from buying Dangote’s PMS, they may be hesitant to compete with NNPC’s pump prices in the open market.

“What NNPC can do, and it has done, is to say whatever price we and Dangote have agreed to pay is a private treaty between the supplier Dangote and the buyer NNPC. And NNPC will sell to you and me at the pump at N898, which is the price they announced.

“So, they have yet to fix the price for Dangote to sell its products, but they have sealed the price that you and me can buy from the pump,” he continued.

The LCCI president noted that NNPC’s increase in pump price to a minimum of N898 following its purchase of PMS from the Dangote refinery came at a time when Nigerians were enmeshed in hardship and hunger worsened by declining average income levels

“It is difficult for the majority of Nigerians to afford it easily. That point is not in dispute,” Idahosa said. “The only point is, how do we gradually begin to see a reduction in the pump price of petrol?

“We have travelled through this road before (about) the high price of diesel and aviation fuel, but because the market was deregulated, it gradually and steadily came down. So, how can we see that for petrol? I think that is everyone’s primary concern,” Idahosa added.

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Makinde Only In PDP Because He’s Not Seeking Re-election – Otitoju

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Babajide Kolade-Otitoju, the Director of News at TVC News, recently stated that Oyo State Governor Seyi Makinde would likely have defected from the People’s Democratic Party (PDP) if he was still serving his first term.

Otitoju stated this on Friday on TVC’s ‘Breakfast Show’.

He described the National Convention of the Peoples Democratic Party, PDP, in Ibadan last November as a mere waste of time.

“People must show good judgment at a critical phase. What was the point of having that convention? Two courts told you not to go ahead but you went ahead.

“I may not be a fan of former Senate President Bukola Saraki but if he says something that makes sense, I will be the first to admit it. He made sense when he said let’s go for caretaker. What’s the point of not listening to him?

“Later you will be shouting that the ruling party is behind your crisis, meanwhile you are the architect of your own misfortunes. You created this problem.

“If Makinde were in his first term, he would have fled like the dancing governor because his second term would have been in danger,” Otitoju said.

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Corruption Probe: Court Grants ICPC Access To Data On El-Rufai’s Seized Gadgets

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The Federal High Court in Abuja has granted the Independent Corrupt Practices and Other Related Offences Commission (ICPC) permission to access and forensically examine about 14 sets of electronic devices seized from the residence of former Kaduna State Governor, Nasir El-Rufai.

Justice Joyce Abdulmalik issued the order yesterday while ruling on an ex-parte motion filed by the ICPC and moved by its lawyer, Dr. Osuobeni Akponimisingha.

The commission said it needed to access the devices for inspection, forensic examination and extraction of data in furtherance of its ongoing investigation of the former governor.

The devices include a Sony HD-EGS storage device, an ITB Transcend storage device, a Toshiba storage device, a Samsung mobile phone, a Nokia mobile phone – N958GB, a Blackberry mobile phone device and a Google IDEOS phone.

Others are a Samsung storage device – SPO802N, a Remarkable tablet, an Apple MacBook Pro – black, a Seagate FreeAgent Desk external drive, a ZTE mobile phone, 10 pieces of flash drives and a Microcell memory card.

Justice Abdulmalik, in the ruling, granted the commission access to the gadgets “for inspection, forensic examination and forensic extraction of data, including public documents, WhatsApp conversations, text messages, pictures, call logs and related information, and to analyse same forensically or otherwise from the said electronic devices which were seized in the course of investigation for the purpose of investigation activity.”

El-Rufai is currently before the same court challenging the search of his house and seeking, among others, N1 billion in compensation.

Listed as respondents in the suit, marked FHC/ABJ/CS/345/2026, are the ICPC; the Chief Magistrate at the Magistrate’s Court of the FCT, Abuja; the Inspector-General of Police (IGP); and the Attorney-General of the Federation (AGF).

El-Rufai is challenging the propriety of the recent search of his Asokoro, Abuja residence by agents of the ICPC, during which some items were recovered.

The former governor, who is seeking a number of reliefs, wants the court to declare that the search warrant issued on February 4 by the Chief Magistrate of the Magistrate’s Court of the FCT (2nd respondent), authorising the search of his residence and seizure of items, was invalid, null and void.

He also wants a declaration that the search warrant is “null and void for lack of particularity, material drafting errors, ambiguity in execution parameters, overbreadth and absence of probable cause, thereby constituting an unlawful and unreasonable search in violation of Section 37 of the Constitution.”

El-Rufai is urging the court to declare that the alleged invasion and search of his residence at House 12, Mambilla Street, Aso Drive, Abuja, on February 19 at about 2 pm by agents of the ICPC and the IGP, who were armed with the said warrant, amounted to a gross violation of his rights to dignity of the human person, personal liberty, fair hearing and privacy under Sections 34, 35, 36 and 37 of the Constitution.

He is also asking the court to award N1,000,000,000.00 (one billion naira) “as general, exemplary and aggravated damages against the respondents jointly and severally for the violations of the applicant’s fundamental rights, including trespass, unlawful seizure and the resultant psychological trauma, humiliation, distress, infringement of privacy and reputational harm.”

He contends that the search warrant was fundamentally defective, lacking specificity in the description of items to be seized, containing material typographical errors, ambiguous execution terms, overbroad directives and no verifiable probable cause.

He argued that the lack of specificity in the warrant contravenes Sections 143–148 of the Administration of Criminal Justice Act 2015, Section 36 of the ICPC Act 2000 and constitutional protections against arbitrary intrusions.

According to him, Section 143 of the ACJA requires that an application for a search warrant be supported by information in writing and on oath, setting forth reasonable grounds for suspicion, which he said was absent in this case, as evidenced by the incomplete initiating clause.

He said Section 144 mandates particular descriptions of the place to be searched and the items sought to prevent general warrants, adding that the search was conducted without legal justification and in a manner that inflicted humiliation and distress.

El-Rufai further argued that execution of the said invalid warrant on February 19 resulted in an unlawful invasion of his premises, constituting violations of the rights to dignity (Section 34), personal liberty (Section 35), fair hearing (Section 36) and privacy (Section 37) of the Constitution.

 

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Beyond My Wildest Dreams: Disu Opens Up During Handover From Egbetokun

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The Inspector-General of Police, Olatunji Disu, on Thursday paid glowing tribute to his predecessor, Kayode Egbetokun, recalling their early professional relationship while serving under President Bola Tinubu during his tenure as governor of Lagos State.

During the pulling-out ceremony held in honour of Egbetokun at the Force Headquarters in Abuja, marking the retirement of the former police chief, the new Inspector-General of Police (IGP), Olatunji Disu, reflected on his unexpected rise to the position, stating that he “never dreamed” of becoming the IG.

In his remarks, Disu described Egbetokun’s career as one marked by dedication, professionalism and strong leadership, noting that a defining chapter in the former IG’s career was his service as Chief Security Officer to the Lagos State Governor at a time when Tinubu was in office.

He said it was during that period that their professional paths first intersected.

“A defining chapter in his professional life was his service in Lagos State Government House, where he served as Chief Security Officer to the Governor of Lagos State, at a time when His Excellency, Senator Bola Tinubu, now President of the Federal Republic of Nigeria, was Governor.

“It was during that period that our professional paths intersected in a most memorable way.

“While IGP Egbetokun (retd.) served as Chief Security Officer to the governor, I had the honour of serving as Aide-de-Camp to the same governor.

“Working together under demanding circumstances, we shared the responsibility of ensuring the safety and security of the Governor and the Government of Lagos State,” Disu said.

The police chief said neither of them could have imagined at the time that years later, Egbetokun would rise to become the Inspector General of Police and that he would eventually succeed him in the same office.

According to him, the development reflected how years of service and dedication sometimes align in unexpected ways.

“At that time, neither of us could have imagined that years later, destiny would place him at the helm of the Nigeria Police Force as Inspector General of Police, and that I would have the honour of succeeding him in that office.

“It is indeed one of those remarkable coincidences of history that reminds us how the threads of service sometimes weave themselves across time in unexpected ways,” he said.

Disu noted that throughout his career, Egbetokun rose steadily through the ranks, serving in various command, operational and training capacities across the country.

He highlighted Egbetokun’s leadership roles, including commanding the Rapid Response Squad in Lagos, Police Mobile Force operations, and serving as Area Commander in Osogbo and Gusau.

The IGP also commended Egbetokun’s contributions to police training and capacity development, citing his service as Commandant of the Police Training School, Ikeja, and later as Deputy Commandant of the Police College, Ikeja.

He said Egbetokun’s tenure as Inspector General was guided by a vision to build a professionally competent, service-driven, rule-of-law-compliant and people-friendly police force.

According to him, the former police chief implemented reforms to strengthen operational efficiency, enhance professionalism, improve personnel development, and deepen public trust in policing.

Disu added that Egbetokun emphasised intelligence-driven policing, strengthened training and reinforced institutional values such as discipline, accountability and service.

He further noted that Egbetokun’s leadership style, characterised by calmness, intellectual depth, and strategic foresight, helped guide the Nigeria Police Force through complex security challenges during his tenure.

In his speech, Egbetokun highlighted key reforms and institutional improvements achieved during his tenure as the Inspector-General of Police.

According to him, his administration pursued reforms to reinforce professionalism, promote merit-based advancement, and strengthen intelligence-led policing.

He noted that as part of the reforms, the Intelligence Bureau was expanded and upgraded to a full department headed by a Deputy Inspector-General of Police, while the Legal and Medical units were elevated to directorate status to improve institutional efficiency and service delivery.

Egbetokun also said the Force further developed its cybercrime centre into a sophisticated facility capable of monitoring Nigeria’s cyberspace and supporting modern investigations.

He added that investigative and operational capacity was strengthened through improvements to the National Criminal Database and enhanced professional training for operators across commands up to the divisional level.

The former police chief said operational presence was expanded through the establishment of additional Police Mobile Force squadrons, new Area Commands and Divisions, as well as the creation of the Special Intervention Squad, which he said had recorded notable successes across the country.

He also said progress was made in improving police infrastructure, including the completion of barracks redevelopment projects in Kano and Kaduna and the commissioning of modern state command headquarters in Ogun and Adamawa states.

Egbetokun, who was appointed on June 19, 2023, by President Tinubu, resigned on February 24, paving the way for the appointment of Disu.

In 2024, the IG’s continued stay in office sparked widespread controversy after Egbetokun officially reached the mandatory retirement age of 60 on September 4.

However, his stay in office was extended following the amendment to the Police Act.

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