Business
CORAN Opposes Petrol Imports as Marketers Shun Dangote Refinery Supply
The Crude Oil Refiners Association of Nigeria (CORAN) has expressed strong opposition to a recent decision by petroleum marketers to import Premium Motor Spirit (PMS) despite the availability of petrol from Dangote Refinery.
Eche Idoko, the Publicity Secretary of CORAN, voiced these concerns in a statement, criticizing the marketers for turning to imports when a domestic option is readily accessible.
This reaction comes as reports indicate that 141 million litres of PMS are being transported to Nigeria by oil vessels following the recent deregulation of the downstream oil sector by the Federal Government.
The Nigerian National Petroleum Company Limited (NNPCL) has announced new pricing for petrol at its retail outlets across the country, with prices ranging from N950 to N1,019.22 per litre, depending on the location.
This pricing adjustment followed the successful lifting of petrol from the Dangote Refinery.
A price dispute has arisen between Dangote Refinery and NNPCL, with NNPC claiming it purchased Dangote petrol at N898 per litre, a statement that the Lagos-based refinery disputes.
The recent shift towards importing petrol by marketers, who seem dissatisfied with Dangote’s pricing structure, has further fueled tensions.
Idoko raised concerns over the quality of imported petrol, alleging that some of it is substandard and may have been blended in places like Malta or Togo.
He emphasized that this new regime could offer better pricing than the previously imported products, which have not met the necessary standards.
He also addressed fears among marketers that Dangote could dominate the market, asserting that such concerns have been mitigated by Dangote’s commitment to join CORAN.
Idoko highlighted that the current regulatory framework, including the Petroleum Industry Act, ensures that no single entity can monopolize the market.
In response to the importation issue, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has stated that any imported petrol must undergo three rigorous tests before it can be sold in Nigeria.
George Ene-Ita, a spokesperson for NMDPRA, reiterated that while marketers with import licenses are permitted to import PMS, the products must meet specific quality standards.
Earlier this year, Aliko Dangote, President of Dangote Group, expressed confidence that the start of operations at his refinery would ultimately eliminate the need for fuel imports in Nigeria, positioning the refinery as a key player in the nation’s petroleum landscape.
Aliko Dangote is stepping down as Chairman of Dangote Sugar Refinery Plc after two decades of steering the company’s growth and transformation. His retirement will officially take effect on June 16, 2025.
The announcement was made in a statement signed by the company’s secretary, Temitope Hassan, who praised Dangote’s contributions since he took over leadership in 2005. Over the years, he has played a major role in shaping Dangote Sugar into a top player in Nigeria’s sugar industry, overseeing its expansion and pushing key reforms in governance and operations.
During his time at the helm, the company rolled out several major projects focused on backward integration, setting up large-scale sugar production facilities in Adamawa, Taraba, and Nasarawa. These projects were designed to boost local output and cut down on the country’s reliance on imported sugar.
As part of a planned succession process, the board has named Arnold Ekpe as the incoming Chairman. Ekpe, who is currently an Independent Non-Executive Director on the board, will take over on the same day Dangote retires.
Ekpe brings decades of leadership experience, having served as Group CEO of Ecobank and held top positions across different industries. The board expressed confidence in his ability to lead the company into its next phase while also thanking Dangote for his outstanding service and dedication throughout the years.
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.
-
Sport23 hours ago“I Can’t Handle That” – Osimhen Rejects Idea of Joining Fenerbahçe
-
Sport23 hours agoOsimhen Tells Galatasaray He Needs More Time to Decide His Next Move
-
News22 hours agoEverything You Need to Know About the Bloodshed in Benue
-
Allegedly6 hours agoTyler Perry Accused of Sexual Harassment and Assault, Attorney Labels Claims a ‘Scam’
-
Entertainment3 hours agoSean Diddy’s Trial Enters Week Six Amid Silence and Mounting Accusations
-
Sport1 hour agoMaresca Calls Palmer a Top Player and Urges Him to Keep Giving His Best
-
Sport53 minutes agoMbappe Might Miss Club World Cup Opener Due to Illness
-
Entertainment6 hours agoAriana Grande Mourns Death of Beloved Grandmother at 99: “The Most Beautiful Nonna”