Business
HOW SENATE VERSION OF PIB BILL PERMITS ONLY DANGOTE TO IMPORT PETROLEUM PRODUCTS INTO NIGERIA, APART FROM NNPC
More facts are emerging on the PIB Bill and why Nigerians should be wary of the traps built in to turn the country into a monopoly.
Recall that a few days ago the Abuja rumour mill was awash with the story that as much as 70,000 Dollars was allegedly given to each Senator to facilitate the passing of the Bill in the Upper House.
In the current form, the Senate version of the Petroleum Industry Bill will only permit two entities to import petroleum products into Nigeria: those who own active refining licenses and the Nigeria National Petroleum Corporation Limited.
However, the law makes it impossible for even modular refiners like Walter Smith to import the product, as a clause in the concerned section provides that licenses be given based on the refining record of the permit holder.
By the time the bill becomes law, the Dangote refinery, which has a 650,000-barrel per day refining capacity, would be in operation, making him the only license holder that would be able to import any substantial amount of petrol.
The law also provides for the continuation of the NNPC’s Direct Sale Direct Purchase contract, which experts have questioned for being fraught with inconsistencies.
Having provided for the introduction of a free market in Section 205 a, the Senate version of the PIB goes ahead to contradict this stance in Section 317h.
The first subsection says, “The Authority shall apply the Backward Integration Policy in the downstream petroleum sector to encourage investment in local refining.”
Backward integration primarily refers to a move by companies to source materials they imported prior locally.
Within the context of this bill, however, the Senate states what it considers as backward integration;
“To support this, license to import any product shortfalls shall be assigned only to companies with active local refining licenses.”
The law further goes ahead to rule out small players.
“Import volume to be allocated between participants based on their respective production in the preceding quarter.”
Experts feel modular refinery license holders are excluded from importing like the rest of the country with this clause.
“I believe this must have been as a result of a deal between Dangote and the NNPC,” claims a source close to the development and consideration of the bill who spoke with SaharaReporters.
“Players like Walter Smith, who are just doing about 5,000 liters of diesel, will get little or no quota if they have to import PMS based on their production in the previous quarter.”
An energy lawyer, Chiagozie Nwokonko, wondered who the senators had in mind when writing in the clause. “From an economic point of view, why should you limit the importation of petrol to only those who have active refining licenses? Who are you protecting? Is it the national economy or consumer welfare?”
“This is just vested interest; it means they are going to be subsidizing the high cost of production.
“If you have someone with a refinery whose cost is too high, the person could go to Ghana where it is cheaper and bring in the product, effectively leaving his plant moribund. Everybody should be allowed to import.”
However, the source, close to the workings of the Senate, asked the National assembly to consider allowing the downstream regulatory authority, which will be created when the bill comes into law, to create impartial regulations to guide any future importation of petrol.
“I think the provisions above will create a duopoly in a price deregulated environment, thereby destroying the Nigerian downstream industry as we know it today,” the source said.
“The law and the authorities should protect the market (other players including Nigerian entrepreneurs) and the consumers rather than encourage monopoly/duopoly by locking out competition.”
Despite its potential move to eliminate competition and create a duopoly, Section 317 h. of the Senate PIB version commits to ending the sale of dirty fuel in Nigeria.
The fifth clause in the sections says;
“To safeguard the health of Nigerians, imported petroleum products shall conform to the Afri-5 specification (50ppm – particles per million sulfur) as per the ECOWAS declaration of February 2020 on the adoption of the Afri-Fuels Roadmap.”
Right now, Nigerians buy petrol that contains at least 3,000 sulfur ppm.
Sahara Reporters with additional reports
Business
Union Bank’s Union Cares Initiative Celebrates Academic Excellence at Pacelli School for the Visually Impaired Graduation
Union Bank of Nigeria proudly participated in the graduation ceremony of the Pacelli School for the Visually and Partially Sighted on 23 July 2025, honouring the resilience and academic achievements of visually impaired students.
The event, held on the school premises, highlighted the importance of inclusivity and determination in education.
As a 108-year-old institution committed to social responsibility, Union Bank’s involvement reflects its enduring support for Persons With Disabilities (PWD) and its dedication to fostering equitable access to education.
The Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko, expressed her admiration for the graduating students:
“Union Bank proudly stands as a champion of inclusiveness and equitable representation. Through our UnionCares corporate social responsibility initiative, we are committed to supporting vulnerable and underrepresented communities.
We celebrate the incredible achievements of these students and reaffirm our dedication to empowering them to reach their full potential.”
UnionCares is Union Bank’s CSR Arm focused on creating sustainable social impact in key areas, including:
• Support for Vulnerable Groups: Empowering persons with disabilities and other marginalised communities through inclusive initiatives.
• Education and Skill Development: Facilitating access to education and practical skills that promote self-reliance and opportunity.
• Community Well-Being: Enhancing the overall quality of life of communities through health, education, and social welfare projects.
Union Bank remains honoured to collaborate with institutions dedicated to uplifting less-recognised members of society. The Bank remains dedicated to championing initiatives that inspire positive change, and foster a more inclusive, enlightened community across Nigeria.
Kevin Ugwuoke, Executive Director and Chief Risk Officer of Fidelity Bank Plc, has formally assumed office as President of the Chartered Risk Management Institute of Nigeria (CRMI).
His leadership promises a reform-focused era anchored on policy advocacy, ethical standards, and digital innovation to deepen risk governance across sectors in the country.
Speaking during the presidential handover ceremony in Lagos over the weekend, Ugwuoke — who also doubles as acting President of the Federation of African Risk Management Associations (FARMA) — described his election as “a call to action.”
He pledged to reposition CRMI as a thought leader and institutional partner in shaping the future of risk management in Nigeria’s national development.
“Our mission is more than just certification; it’s about strengthening the culture of risk governance across sectors. We will collaborate with regulators, raise awareness, and provide practical tools to help organizations embed risk discipline at all levels.”
Ugwuoke outlined a five-pronged strategy to guide his administration: strengthening professional education and certification; deepening policy and regulatory engagement; accelerating digital transformation; integrating ESG and climate risk into corporate strategies; and mentoring the next generation of risk practitioners.
He explained that CRMI will align its initiatives with key policy institutions — including the Nigerian Economic Summit Group, the National Assembly, and sub-national governments — to help embed robust risk frameworks into economic development plans.
“We must integrate risk thinking into how we plan, govern, and invest. We will advocate for more inclusive regulations to empower small and medium enterprises, improve macroeconomic stability, and foster institutional resilience.”
Ugwuoke also announced plans to revise the Institute’s curriculum, introduce specialized certifications to reflect emerging risks, and implement a new National Risk Observatory to provide real-time risk data to both the public and private sectors.
“Digital innovation will be central to how CRMI operates going forward. We are automating our backend, delivering more virtual training, and employing technology to scale our impact across the country and beyond.”
In his remarks, the outgoing President of CRMI, Ezekiel Oseni, challenged the new leadership to consolidate on the achievements made under his tenure — from securing chartered status and strengthening partnerships to gaining greater international recognition — and take the Institute to the next level.
Also speaking on the occasion, Chukwuma Nweke, deputy managing director of United Bank for Africa (UBA), delivering a goodwill message on behalf of Group Managing Director, Oliver Alawuba, described Ugwuoke as a worthy successor. “As Professor Oseni hands over the baton to Kevin Ugwuoke — a well-respected leader in the risk management ecosystem — we are assured CRMI is poised for greater achievements under his watch.”
Nweke stressed that growing economic uncertainties — from inflation and exchange rate volatility to growing debt — underscore the need for a more strategic view of risk. “Risk must be recognized not as a compliance obligation or a cost center but as a key enabler of resiliency and growth. Institutions that embed risk into their strategies will absorb shocks more effectively, unlock value, and inspire investor confidence.”
As part of the day’s ceremonies, 11 distinguished practitioners were conferred with the Fellow of Chartered Risk Manager (FCRMI) award, while 21 new members were formally inducted as Chartered Risk Managers (CRM).
Furthermore, a new Governing Council was inaugurated to oversee the affairs of the Institute for the 2025–2027 term, marking a decisive step forward in institutional renewal and policy direction.
L-R: Registrar/Chief Executive, Chartered Risk Management Institute of Nigeria (CRMI), Victor Olannye; Divisional Head, Risk Management Securities and Exchange Commission (SEC), Grace Abioye; Immediate Past President, CRMI, Ezekiel Oseni; President, CRMI and Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; Director, Enterprise Risk Management, Nigeria Deposit Insurance Corporation (NDIC), Amal Haruna; and Rep. Keynote speaker, Deputy Group Management Director, United Bank of Africa (UBA), Chukwuma Nweke; at the CRMI Conferment Handover/Sent-Forth ceremony, held in Lagos recently.
One of Africa’s leading financial institutions, Zenith Bank has reaffirmed its dedication to employee welfare by announcing the promotion of over 4,000 staff members and implementing salary increases ranging from 20% to 30% across various employee grades.
This bold initiative, under the leadership of Managing Director/CEO Dame Adaora Umeoji, its aimed at boosting staff morale and productivity.
With over 8,000 employees, this significant investment in human capital reflects Zenith Bank’s belief that its workforce is its most valuable asset. The salary adjustments, effective January 1, 2025, aim to reward performance, alleviate financial pressures, and ensure enhanced customer service delivery. Promotions for top management are also expected as part of the bank’s ongoing commitment to excellence and growth.
Dr. Umeoji emphasized the importance of maintaining a motivated workforce, stating that the bank’s dedication to its employees will translate into superior service experiences for customers. She highlighted the organization’s commitment to setting industry benchmarks through innovative solutions and exceptional service delivery.
Zenith Bank’s continued leadership in the Nigerian financial sector is underscored by numerous awards, including Best Bank in Nigeria 2024 by Global Finance and recognition as the Biggest Bank in Nigeria by Tier-1 Capital in 2024 by The Banker. These accolades complement its reputation for innovation, sustainability, and corporate governance.
By prioritizing employee welfare during challenging times, Zenith Bank not only strengthens its internal operations but also sets a standard for other financial institutions in the region, reinforcing its position as a leader in Africa’s banking landscape.
As a major player in Nigeria’s financial landscape, under its managing director/chief executive officer, Adaora Umeoji, the bank has embraced a holistic approach to growth that integrates environmental, social and governance (ESG) principles with its core business objectives.
At the heart of Zenith Bank’s strategy is a focus on buoying economic inclusion, supporting small and medium-sized enterprises (SMEs) and driving technological innovation to enhance customer experiences. The bank’s proactive investments in renewable energy, sports, digital transformation and impactful community initiatives exemplify its dedication to creating long-term value for its stakeholders while addressing global sustainability challenges.
Zenith Bank’s continued success is driven by a combination of strong financial performance and an unwavering commitment to its stakeholders.
Zenith Bank’s growth trajectory is underpinned by a robust expansion strategy. With operations in several countries, including the UK, UAE, China, and most recently, France, the bank continues to expand its geographical footprint.
As usual, the bank’s efforts in 2024 did not unnoticed as the lender clinched several local and international awards in recognition of its outstanding performance.
In 2024, the bank won the Best Bank in Nigeria at the annual Global Finance award in Washington, DC, NY.
The bank also emerged the Biggest Bank in Nigeria by Tier-1 Capital, 2024 by The Banker; Best Commercial Bank, Nigeria 2024 – World Finance; Best Corporate Governance, Nigeria 2024 – World Finance; Most Sustainable Bank, Nigeria 2024 – International Banker; Bank of the Year, 2024 – Business Day; Retail Bank of the Year, 2024 – Business Day; Bank of the Year 2024- The Banker.
It also clinched the Most Responsible Organization in Africa 2024 – SERAS; Best in Gender Equality & Women Empowerment 2024 – SERAS and Best in Transparency & Reporting 2024 – SERAS
Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim
How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
Your Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara
Corruption Battle: Dangote Drags Ex-NMDPRA Boss To EFCC After ICPC Withdrawal
Rivers Crisis: Full List Of 8 Misconduct Allegations Against Governor Fubara
Panic In Ibadan As Rising Kidnap, Robbery Threats Trigger Official Red Alert
Wizkid Becomes First African Artist To Enter Spotify’s 10 Billion Streams Elite
Funke Akindele’s Behind The Scenes Becomes West Africa’s All-Time Box Office King
