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Dangote Group Defends Quality and Pricing Despite Misinformation from IPMAN and PETROAN

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Photo source: Google

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.

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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.

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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.

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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.


 

Business

Skype Finally Shuts Down After 22 Years of Connecting People Online

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Skype, once a go-to platform for video and voice calls, is officially shutting down today, May 5, marking the end of its 22-year journey connecting people around the globe. The app was one of the first to revolutionize online communication, offering free calls over the internet long before it became common.

During its prime in the mid-2010s, Skype boasted over 300 million active users each month. Microsoft bought Skype in 2011 for a massive $8.5 billion, planning to make it a key part of its communication tools. However, as newer apps like WhatsApp, Zoom, and even Microsoft’s own Teams grew in popularity, Skype slowly lost its place.

In February, Microsoft announced it would officially shut down Skype on May 5 to focus more on Teams, which now handles most of its communication services. This move affects both free and paid users, although Skype for Business will stick around for a little longer.


 

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Business

United Bank Of Africa, UBA, Delivers 23% Total Dividend for 2024, CEO Promises More to Come

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United Bank of Africa, UBA, pays 171 Billion in total to its shareholders for the 79 percent increase for 2024.

This information was revealed during the 63rd Annual General held on the 25th of April, 2025. The UBA shareholders approved of the 3 naira dividend share, which will com bine with 2 naira interim dividend and will represent a 23 percent total dividend for 2024 in total.

It can be noted that UBA now has the highest Nigerian stocks and the CEO, Oliver Alawuba has assured the shareholders of the dividends that will be paid.”What we can assure our shareholders today is that UBA will continue to pay more dividends.”


 

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Business

Nigerians Cry Out as CBEX Investment Platform Collapses, EFCC Steps In To Investigate

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It has been reported that  Economic and Financial Crimes Commission (EFCC), prepares to look into the recent crash of the popular investment platform, CBEX.

It can be recalled that investment platform, CBEX, recently crashed and caused worry for many users. The public to social media to lament about the crash of the platform and cries out due to their losses.

Popular Nigerian blogger, Innocent Tino shares that he will partner with EFCC for a joint investigation of the downfall of CBEX. It was also shared that a total of #1.3 trillion funds have been lost due to the crash.


 

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