Business
Dangote Group Defends Quality and Pricing Despite Misinformation from IPMAN and PETROAN
The Dangote Group has recently addressed the misinformation spread by the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Petroleum Tanker Owners Association of Nigeria (PETROAN), and other groups regarding the pricing of Premium Motor Spirit (PMS).
In a statement shared on their X handle, the company expressed their commitment to providing affordable, high-quality, domestically refined petroleum products while countering claims made by these associations.
Both IPMAN and PETROAN assert that they can import PMS at prices lower than those set by the Dangote Refinery.
However, the Dangote Group emphasized that their pricing benchmarks are aligned with international market rates, asserting that their prices remain competitive.
They cautioned that any claims of cheaper imported PMS should be viewed with skepticism, suggesting that such imports might be of substandard quality.
The group accused certain traders of colluding to bring in low-quality products, raising concerns about the health implications for consumers and the potential damage to vehicles in Nigeria.
In the context of the deregulated market, the Dangote Group pointed out that the Nigerian National Petroleum Corporation (NNPC) had established a price benchmark by selling PMS to domestic marketers at N971 per litre for shipments and N990 for trucks.
The Dangote Group has gone even further, selling PMS at N960 per litre for shipments while maintaining the price of N990 for truck sales.
They noted that these pricing decisions were made without full clarity on the exchange rates for crude oil purchases, indicating a commitment to transparency and fair pricing.
The statement also highlighted the troubling emergence of an international trading company that has recently set up operations next to the Dangote Refinery.
This company reportedly intends to blend substandard petroleum products, which could undermine the integrity of the domestic market.
The Dangote Group expressed concern that such actions would harm the growth of local refining capabilities in Nigeria.
The group’s stance aligns with practices observed in other countries where governments take steps to protect domestic industries.
For instance, the United States and European nations have imposed tariffs on electric vehicles and microchips to safeguard their local markets and encourage job growth.
By emphasizing the need for a robust domestic refining industry, the Dangote Group advocates for economic stability and job creation in Nigeria.
In conclusion, the Dangote Group has called on the public to disregard the misinformation spread by those who prefer to perpetuate a cycle of job exportation and poverty importation.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
