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Marketers Predict Cheaper Petrol Nationwide As Dangote Begins Naira Sale

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Twenty-two days after suspending the sale of petroleum products in naira, the Dangote Refinery has resumed sales of its refined petroleum products to its partners and marketers in the local currency, The PUNCH exclusively gathered on Thursday.

The 650,000 barrels facility has also informed marketers and customers of a downward review of its loading cost, reducing its ex-gantry price to N865 per litre—a move that could ease pressure on fuel prices across the country.

The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday.

Our correspondent gathered that the refinery informed its customers in a notice sent out on Thursday morning.

A Pro forma invoice was sighted by our correspondent and checks into petroleumprice.ng also confirmed the development.

The notice sent to marketers indicated that a litre of petrol will now be sold at N865 inclusive of charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

It disclosed that other products are still priced in dollars, while the sale of PMS via coastal vessels remains on hold.

The notice read, “Good morning. Our updated prices for 10.04.25 are: PMS Gantry: 865 in Naira for gantry (inclusive of NMDPRA), PMS coastal: On hold

“AGO Gantry: $579.00 + $77, AGO Coastal: $579.00 + $8, ATK Gantry: $622.25 + $42, ATK Coastal: $622.25 + $22 and LPG Coastal: On hold.”

Recall that marketers had exclusively informed our correspondent that the 650,000-barrel refinery was anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public of the price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude agreement.

On Wednesday, the Federal Executive Council, after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.

It said the initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining.”

The Ministry of Finance disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement was released following a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.

The committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.

It added that the initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining and bolster energy security.

The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.

“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”

The policy, which mandates the transaction of crude oil and refined petroleum products in Naira, is aimed at strengthening the country’s economic sovereignty, enhancing local refining capacity, and stabilising the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.

The ministry explained that this policy is structured to foster energy security and encourage investment in domestic refining infrastructure.

While acknowledging that the transition involves complexities, the government admitted that existing challenges are being systematically addressed.

“As with any major policy shift, the committee acknowledges that implementation challenges may arise from time to time.

“However, such issues are being actively addressed through coordinated efforts among all parties. The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the statement concluded.

With the latest development, filling stations like MRS Oil & Gas, Ardova Plc, Heyden, and others with special agreements with the Dangote Refinery are expected to reduce their pump price to N910 to reflect the marginal reduction in the ex-depot price of the premium commodity.

Meanwhile, the refinery’s decision to adjust its pricing in line with market conditions has drawn mixed reactions from petroleum marketers. While many Nigerians have welcomed the new, lower pump price as a much-needed relief, some marketers say the move has put them at a disadvantage.

Industry sources told our correspondent that on Tuesday, MRS filling station lifted 90,000 metric tonnes of PMS (120 million litres) from the refinery at the previous rate of N880.

With the recent price slash, marketers like MRS are now faced with the prospect of selling at a loss, raising concerns about the financial strain on operators in the downstream sector.

The IPMAN national publicity Secretary said, “We are relieved, although it’s a mixed one. Some of us who bought and haven’t exhausted our stock are now selling at a loss—it’s a huge loss. The new price will help us buy more and sell faster, but we still have mixed feelings about it.”

The Vice President of IPMAN, Hammed Fashola, had described the move as a good development.

“It is a good development; it is what we have been telling the government that it should be sustained because it would bring a lot of benefits and make the price stable. Once that happens, the price of fuel will come down, and this is good for Nigeria.

He said Nigerians should expect a drop in fuel prices, adding that the suspension of the policy caused the surge in prices after the Dangote refinery halted the sale of petrol in naira.

“Now that the naira policy has been restored, we expect a reverse in the price,” Fashola said.

Commenting, an oil and gas expert, Olatide Jeremiah, said the latest development has sparked fresh competition in the downstream segment.

Olatide, in an interview with our correspondent, said, “Dangote Refinery’s resuming sales of petrol in Naira has reactivated healthy competition, and the result will drive down fuel prices.

“As FG reaffirms the naira for crude policy to local refineries, private depots will need to be competitive to remain in business, they have been showing competitive strength lately with their pricing. Though according to Tanker Reports, we have been seeing massive inflows of tanker vessel loading from Dangote refinery, that’s commendable.

“The crude oil crash, coupled with the naira for crude policy renewal, just offers Nigerians another chance to buy affordable fuel at the pump, if only the retail outlets are regulated not to overprice for abnormal profits.”

Efforts to reach the Dangote group’s Chief of Corporate Communications, Anthony Chiejina, to get official confirmation were unsuccessful as of 7:14 pm when this report was filed.

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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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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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Terror Surge: Tinubu Demands Results from Security Chiefs

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President Bola Tinubu met with security chiefs, including Tunji Disu, the inspector-general of police (IGP) in a closed-door session on Thursday to address a series of “rising terror attacks” across the country.

The meeting followed an escalation in violence, including recent deadly raids in Benue, Plateau, and Borno states.

The nearly two-hour meeting, held at the State House in Abuja, began in the afternoon after the security chiefs arrived discreetly and ended around 5:10 p.m.

Those in attendance included Christopher Musa, minister of defence; Nuhu Ribadu, national security adviser (NSA); Adeola Ajayi, the director-general of the Department of State Services (DSS); and Olufemi Oluyede, chief of defence staff (CDS).

Others were Waidi Shaibu, the chief of army staff; Kelvin Aneke, chief of air staff; and Idi Abbas, chief of naval staff.

As of the time of filing this report, details of the meeting had yet to be issued by the presidency.

However, there are indications that the sit-down may centre around the rising terror attacks and intensified assaults on military outposts across Nigeria, particularly in the north-east, which culminated in the recent killing of several high-ranking officers.

On Monday, a commanding officer of the Nigerian Army was killed following an attack by suspected fighters of the Islamic State West Africa Province (ISWAP) on a military base in Kukawa, Borno state.

The attack came about a week after suspected Boko Haram and ISWAP fighters attempted to attack military positions in Ngoshe, Gwoza LGA of Borno.

On Tuesday, Nigerian troops repelled an early-morning attack by suspected ISWAP fighters on a military base in Doron Baga, Kukawa LGA of the state.

Speaking during an interfaith breaking of the fast with members of the Nigerian Armed Forces at the presidential villa in Abuja last Friday, Tinubu said the country would “ultimately prevail against all forms” of insecurity.

The president said the efforts of the security forces had continued to weaken terrorist groups and bandits operating in different parts of the country.

He assured the armed forces of continued investment in modern equipment, intelligence, and logistics to strengthen their operational effectiveness.

 

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