Business
NNPCL Raises Petrol Price to N1,030 as Exclusive Deal with Dangote Refinery Ends
The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Petroleum Motor Spirit (PMS), commonly referred to as petrol, to N1,030 per litre.
This significant increase was noticed at NNPCL stations in Abuja on Wednesday, causing concern among consumers and stakeholders alike.
This price hike comes on the heels of a major shift in the NNPCL’s operational strategy.
The company recently announced the termination of its exclusive purchase agreement with Dangote Refinery, which has been a significant player in Nigeria’s oil sector.
Under the previous arrangement, NNPCL had been the sole off-taker for petrol produced by the Dangote Refinery.
With the end of this exclusive agreement, independent marketers now have the opportunity to negotiate prices directly with Dangote Refinery.
The termination of this agreement signifies a pivotal change in Nigeria’s petroleum market, opening the door for increased competition among marketers.
This could potentially lead to a more dynamic pricing structure, influenced by supply and demand factors rather than being dictated solely by NNPCL.
Market analysts believe that while this change may benefit consumers in the long run, the immediate effect will likely be a further increase in fuel prices, which have already been rising in recent months due to various economic pressures.
The move has raised concerns among the public, who are already grappling with the rising cost of living.
The transportation sector, which heavily relies on petrol, may face increased operational costs, leading to higher fares for commuters.
Moreover, this price adjustment may exacerbate inflationary pressures across various sectors of the economy, as the cost of goods and services tied to fuel prices continues to escalate.
As the situation develops, industry stakeholders and consumers will be closely monitoring the impact of these changes on the fuel market and the broader Nigerian economy.
The hope is that increased competition among marketers will eventually lead to more favorable prices for consumers, but for now, many are feeling the pinch of this latest increase.
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.
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