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.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.
The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.
Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
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