Nigerian oil company, Oando Plc, has been shortlisted by the Trinidadian government as one of three final contenders to take over the country’s state-owned refinery, Petrotrin.

The defunct company is a state-owned oil company in Trinidad and Tobago.

The Trinidadian Finance Minister, Colm Imbert, disclosed this during a presentation of its national budget held on September 30. Our correspondent obtained the minister’s speech on Monday.

He noted that among the initial 10 proposals, three companies had made the final shortlist including, CRO Consortium, a consortium of three Trinidadian companies, INCA Energy, an American company, and Nigeria’s Oando Plc.

The bidding process began in February 2024, when the government of Trinidad and Tobago enlisted the services of US-based Scotia Capital to oversee the refinery’s procurement by inviting “expressions of interest.”

Imbert noted, “A formal selective Request for Proposals process will now be initiated to determine the winner among these three companies, with a view to restarting the refinery, if found feasible.”

He explained that the proposals received were evaluated based on five criteria which were, a clear restart plan and timeline by the proposing company.

This restart plan and timeline had to include an asset integrity assessment, utility requirements such as power, natural gas, and water, as well as sources of crude supply.

Other criteria included a viable financing plan that covered working capital, and an agreement with the Trinidadian state oil company, Paria, that safeguarded the national interest in fuel security while addressing the management of Heritage’s crude supply, among others.

The refinery located in Pointe-a-Pierre, Trinidad had been closed since 2018, when the country’s Prime Minister, Keith Rowley noted that the refinery was recording losses of up to $2bn per annum.

Colm Imbert in his budget speech noted that the accumulated losses of the refinery as of the last audit was $15bn, with the country carrying a public debt of $3bn on behalf of the company.

He also noted that when the refinery was shut down in 2018, it was battling with low productivity levels.

Trinidad and Tobago, just like Nigeria is a crude oil-producing nation that relies on imported petroleum products for its energy demands.

According to reports, the refinery under review was built in 1917, making Trinidad the major oil supplier to the Caribbean region. In 1956, the owner of the refinery, Trinidad Leaseholds was acquired by Texaco, however, Texaco’s assets were nationalized in 1984.

In 1993, the Petroleum Company of Trinidad and Tobago (Petrotrin) was formed and formally took over control of the refinery. By 2018, the refinery was shut down and Petrotrin and broken into four companies, including Guaracara Refining Company which is now the holding company for the refinery as well as other assets offered for sale.

Oando Plc in August just completed a $783m acquisition of Nigerian Agip Oil Company, thus increasing the company’s interest in the different joint venture assets.

The acquisition has also given Oando control over 40 oil and gas fields, of which 24 are producing.

Access Holdings Plc says Access Bank, its flagship subsidiary, has secured a provisional licence from the Bank of Namibia to establish a commercial bank in the country.

Speaking in a statement on Monday, Sunday Ekwochi, the company’s secretary, said Access Bank’s operations in Namibia are expected to stimulate the local economy and strengthen its position as a leading regional player.

Commenting on the development, Roosevelt Ogbonna, managing director and chief executive officer (CEO) of Access Bank, described the move as a milestone in the bank’s efforts to promote intra-African trade.

“This expansion represents an important milestone towards establishing a railroad in Namibia for intra-African trade within the Southern African region, Africa, and the rest of the world,” Ogbonna said.

“It cements our commitment to building a robust Southern African banking network to deliver shared prosperity and advance financial inclusion thereby empowering many to achieve their dreams.”

Ogbonna said Access Bank’s entry into the Namibian market aligns with the institution’s broader goal of building a strong global franchise, opening new opportunities for businesses and individuals alike.

The CEO expressed the company’s eagerness to collaborate with local stakeholders to drive innovation, empower communities, and make a significant contribution to the region’s prosperity.

“We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value to our shareholders, customers, and wider stakeholder groups,” he added.

The bank also said in the coming months, it would work to fulfill the conditions required for the final licence approval and will keep the market informed.

Access Bank said with existing operations in Angola, Botswana, Mozambique, South Africa, and Zambia, it is positioned to offer stakeholders seamless access to diverse opportunities for expansion and collaboration across the region.

Nigeria has commenced discussions with Brazil to facilitate direct flights between both countries.

Festus Keyamo, minister of aviation and aerospace development, began negotiations with Carlos Garcete, Brazilian ambassador to Nigeria, to activate the bilateral air service agreement (BASA) and initiate direct flights between Nigeria and Brazil.

In a statement on October 7, Tunde Moshood, special adviser, media and communications to the minister, said the move is in line with the directive of President Bola Tinubu.

On August 29, Tinubu urged the Brazilian ambassador to Nigeria, to prioritise the establishment of direct flights between both countries.

“During the discussions, both envoys emphasized the need for new BASA arrangements to reflect current realities in the aviation world,” the ministry said..

“This meeting stems from the mutual interests shared by President Tinubu and Brazilian President Luiz Inácio Lula da Silva during a meeting in Addis Ababa in February 2024, where they agreed to reinitiate the BASA arrangements, recognizing the cultural and economic ties between Nigeria and Brazil.”

To ensure the successful finalisation of the initiative, both countries agreed to set up committees to draft and finalise new BASA arrangements.

The ministry said two Nigerian airlines, Air Peace and Caverton, have been designated to operate on the route, further highlighting the strategic partnership between the two nations.

According to the ministry, the Nigerian aviation industry is expected to see increased expansion and global reach upon the operationalisation of the agreement.

Speaking on the importance of the direct flights, Garcete highlighted the potential for immediate commencement of flight services, noting that both nations could facilitate four to five flights per week.

“The introduction of direct flights will spark significant economic growth between our countries,” he said.

However, he said the open skies agreement needs to be finalised to fully enable the proposed flights.

The ambassador also extended an invitation to the minister to visit Brazil for the formal signing of the agreement, marking a significant milestone in Nigeria-Brazil relations.

On his part, Keyamo, while expressing appreciation for the ambassador’s visit, noted the optimism about the potential economic impact of the BASA.

“There are numerous similarities between Nigeria and Brazil, and the activation of these flights will not only enhance trade but also strengthen cultural and social exchanges,” the minister said.

Keyamo reiterated Nigeria’s commitment to advancing bilateral aviation agreements that foster economic development and connectivity.

There is a fire and ballot revolution in Rivers state and the main victim that I can see for now in the burning fire is Nyesom Wike, former Governor of Rivers State, incumbent Minister of the Federal Capital Territory (FCT) who is on record has having boasted garrulously that if anybody, a politician from any other part of the country thinks that he or she can support Governor Sim Fubara,  his successor, to take the political structure away from him, he, Wike would put fire in that person’s state.  Wike is also on record as having said that there is no politician in the country today that is bigger than him. Wike was so strong a week ago that when he was hosted by a group of Ijaws, supposedly Fubara’s kinsmen, he even repeated his claim that he was effectively in charge of Rivers State. At that occasion, Seyi Makinde, Governor of Oyo State begged Wike not to bring fire to his own state. Heineken Lokpobiri, Minister of State for Petroleum publicly confessed that Wike is indeed the Godfather of Niger Delta politics. Wike may never have heard of Percy Shelley’s Ozymandias. But what has happened in our reckoning on October 5, with the conduct of the local Government elections in Rivers State is better described as Wike’s Ozymandias moment.  It was a moment when Sim Fubara who was brought to power, by Wike as Wike and his allies claim, and who has suffered for so long in their hands decided that enough was enough and that Wike’s dictatorial hold over Rivers State must end. On Saturday, October 5, Fubara the godson, decided that it was time he became the father of the father, and produced his own sons. It was the moment he decided that his own Godfather must be beheaded, so that the son could become the man. He proved the point that Godfathers do not live forever, particularly in Nigerian politics, and that the answer to Godfatherism is political patricide, given the circumstances. 

It will be recalled that Minister Nyesom Wike has never hidden the fact that he made Sim Fubara Governor of Rivers State on the platform of the Peoples Democratic Party (PDP). Fubara was indeed Wike’s Chief Accountant (2020 – 2022). Wike decided that Fubara would be his preferred successor. So, he bought the form for his nomination. He told the people of Rivers State that Fubara would be their next Governor. He bankrolled the campaign so he claims. He has told us that he did everything possible to make Fubara the Governor. And that came to pass. And that was where the problem began. It was not enough that Wike had been rewarded with a Ministerial appointment by President Bola Tinubu of the rival, now ruling party, the All -Progressives Congress (APC) in compensation for Wike’s treachery against his own party, the PDP, we were faced with a curious situation whereby Wike decided that he would remain in control of governance in Rivers State. He was shameless in defending the amphibian nature of his politics, a man who betrayed his party at the national level insisting that he would also hold on to how politics is played in his home state. His critics alleged that he chose all the political appointees in Fubara’s administration with the exception of maybe one or two. Members of the House of Assembly were majorly Wike’s men. Key commissioners in the administration treated the Governor shabbily because they reported directly to the Godfather in Abuja. Fubara’s wife was not even allowed to attend any event without Wike’s approval. Fubara himself was under close watch. He was a captive in the position that he occupied, a prisoner of the Godfather’s goodwill. But there is a limit to which some people can be pushed to the wall. In May 2024, a frustrated, humiliated Governor Fubara felt compelled to speak up. He said “The Jungle Has Matured.” 

What he meant then was that he was tired of the former Governor, wearing the toga of the Godfather riding roughshod over him, breathing down his neck. He threatened to set up a panel of inquiry to investigate the past administration. He sacked or frustrated out of his government Wike’s acolytes who spied on him and treated him as if he did not matter. He faced the House of Assembly members head-long and began to stare them down. His larynx suddenly opened up and he began to talk. He transformed from the timid Godson who begged for peace to the Godson who had developed fangs.  He had the support of the elders and youths of the community who felt Wike should allow Fubara to have his turn as Governor. He wanted to suspend local government chairmen. He was told he could not do it. The people of Rivers had now become divided, pro-Wike, pro-Fubara, both parties threatening fire and brimstone. The majority stood by Fubara. In December 2023, Fubara sacked local government chairmen who served under Wike. He also removed the Chairman of the Supreme Council of Traditional Rulers, another Wike ally. He threatened to demolish both the Rivers State House of Assembly and the state legislative quarters. 

On October 5, 2024 the jungle had finally matured. It was the day when local council elections were held in 23 local councils of Rivers State. Before the election, Wike’s loyalists in the PDP and the APC staged a protest on the streets.  The PDP in Rivers State, the sitting Governor’s own party even went ahead to boycott the elections. Boycott has never been a potent political weapon. It may raise questions of legitimacy after the fact but the election would have been won and lost. There were court cases, with the Rivers State High Court and the Federal High Court giving conflicting judgments. In the end, Governor Fubara insisted that the elections would proceed as scheduled on the strength of a July 11, 2024 Supreme Court ruling that only democratically elected persons could be Chairpersons of Local Councils in Nigeria, the Rivers High Court ruling, Section 197 of the 1999 Constitution which creates State Independent Electoral Commissions and Section 59 of the Rivers State Electoral Commission Law No. 2 of 2018. Pro-Wike objectors to the election relied on a Federal High Court ruling which ordered that even the Police must not provide security during the elections. There were skirmishes about the police carting away election materials and the Governor having to visit the headquarters of the RSIEC, as the state electoral body is known, to challenge the police. Nonetheless, the Governor insisted that the elections will take place. 

And so it was, that on Saturday October 5, in 23 local governments, 6, 866 polling units in 319 wards in Rivers State, local government elections were conducted, superintended by Justice Adolphus Enebeli (rtd), and his staff at RSIEC, with 18 political parties out of 19, participating.  The people of Rivers State turned out in large numbers. They defied the rain. And they voted in a process witnessed by journalists, observers, members of the Nigerian Bar Association and party agents. In the end, Justice Enebeli (rtd) declared the Action Peoples Party (APP), Fubara’s proxy party, since his own PDP boycotted the elections having been hijacked by Wike, as winner in 22 LGAs and 314 councillorship positions. Etche Local Government where results had been suspended was finally declared for the Action Alliance. The remaining councillorship seats were won by the APC (in Ward 3), the Social Democratic Party, the Boot Party and the Young People's Party (YPP). Without much ado, the newly elected Chairmen were quickly sworn in and given their certificates of return on Sunday, October 6 at a Government House ceremony where Governor Fubara proclaimed that desperate situations require desperate measures. 

Truly, the situation in Rivers last Saturday was a desperate one. For me, the following are the quick takeaways. One, Fubara, the godson had become the father. This is in line with an aspect of the wisdom of Silenus which says that ultimately the son becomes the father in the process of Being-ness.  Charles Kettering once said that “Every father should remember one day his son will follow his example, not his advice.” Whatever advice Wike may have given Fubara, what we witnessed on Saturday in Rivers state was a case of Fubara following Wike’s example. In 2016, one of the first things Wike did upon the assumption of office as Governor was to sack some of the Local Government Caretaker Committee Chairmen appointed by Governor Rotimi Amaechi, his predecessor. Wike would soon elect his own Local council Chairmen. And he seized control of the political structure in Rivers State. He beheaded his own Godfather. The same destiny has now caught up with him. Nemesis. Hubris. What a man sows he reaps.  Karma. What goes around comes around. Fubara is now the new Godfather in Rivers politics and he sounded so as he admonished the new local council Chairmen on Sunday to serve the people and not their stomachs. 

Two, Wike had promised to put fire in other people’s states should they interfere in the politics of Rivers State. The fire that he talked about has been lit in his own very backyard. Should he be allowed to put fire in Rivers State? The biggest fear in Rivers today is the fear of violence and the breakdown of law and order. On election day, there was violence in Ogunabali area of Port Harcourt where voters were attacked and election materials were destroyed. In Ward 19, Elekahia, policemen were said to have invaded the polling unit and obstructed the voting process. On Monday, that is yesterday, after the police announced that they had unsealed the local council secretariats, hoodlums attacked the local councils in Ikwerre, Emohua, Ahoada East and Eleme and set them on fire. Elsewhere, anti-Fubara groups tried to prevent the local government chairmen from taking office.  Each one of those locations must be treated as crime scenes. The police may have unsealed the secretariats but their role in the Rivers crisis is deplorable. The Nigeria Police Force has a constitutional role under Sections 214 – 216 of the 1999 Constitution, and Section 4 of the Police Act to protect lives and property. It is one of those strange things in Nigeria’s democratic process that a court of law would give an order that the Police must not provide security in any part of Nigeria and the police hierarchy would claim it is bound by that order, rather than challenge it immediately. The elections in Rivers took place without the police providing security. It is unfortunate that the Nigeria Police unwittingly exposed its own creeping irrelevance in election matters. The people of Rivers did not need 35, 000 policemen deployed in the Edo Gubernatorial elections last month. When the people are determined, they will safeguard the peace and make their own choices. President Tinubu after the fact, and fire that has erupted in Rivers State has now ordered the police to provide security in that state. Must the President wait for the blow-out before intervening? 

Three, the President must go a step further. He must call the main gladiators in Rivers state to order.  He must put a stop to the money business whereby Wike and his allies come to see him in the morning, and Fubara sneaks in later in the day, both parties carrying tales about who is right and who is wrong.  Before the burning of local council headquarters began in Rivers, President Goodluck Jonathan had warned that the desperate situation in Rivers should be handled with caution. He was right. It was precisely an election and the craziness of the political actors that set the Western Region on fire in 1965.  Prime Minister Tafawa Balewa thought it was a problem of the Yoruba people, so Awolowo should worry about it. The Western Region soon became the “Wild Wild West”, and the fires that time consumed not just the Western region but the entire country and Nigeria’s democracy at its infancy. Tinubu says he is on a working vacation abroad, even when such an oxymoron as a working vacation is most strange. We need him to call Fubara and make it clear that he needs to put Rivers in order, otherwise he risks the possibility of a state of emergency being declared in that state. As for Wike, he must be told eyeball to eyeball that if there is no peace in Rivers, he will lose his Ministerial position in the proposed cabinet reshuffle. Fubara and his allies have made it clear that Wike is not so much of a political asset to Tinubu after all. He is not bound to be the man that will deliver Rivers state to Tinubu in 2027. The people of Rivers State have shown that they are done with him. It remains for Wike to learn from Sir Peter Odili, and Mr. Rotimi Amaechi, former Rivers Governors who have chosen peace by staying in a position of respect and dignity. 

Four, the judiciary showed up wrongly in the Rivers election. Can you imagine a court of law forbidding the security agencies from carrying out their constitutional duties to provide security? This is against the spirit and letter of the Constitution.  Can you imagine courts of equal and co-ordinate jurisdiction issuing conflicting orders, allowing political actors to shop for forum from Port Harcourt to Abuja? There is a new sheriff in the judiciary who has promised to put an end to such conduct. We urge Justice Kudirat Kekere-Ekun, CJN, to begin with the example of Rivers State. The various gladiators have announced that the courts will be their next battle ground. His Lordship must call the judex to order and put a stop to the continued denigration of the role of the judiciary in Nigeria’s electoral processes. 

Five, something has to be done about the local council election process, which in virtually every state simply ends up producing the ruling party in the state or the proxy party of the Governor as the victor. The Governors have seized control of the local government process. In the last week of September in Anambra State, the ruling All Progressives Grand Alliance (APGA) was declared winner by the ANSIEC in the state’s 21 local government councils and 326 wards. In Rivers, the Governor’s proxy party, the APP took 22 out of 23 local councils and 314 wards out of 319. They “donated” just one local council to another party – the Action Alliance. We witnessed the same scenario in Akwa Ibom state over the weekend where the ruling PDP took 30 councils out of 31. One council, Essien Udim was “donated” to the APC. Senator Godswill Akpabio comes from that local government! The Governor had to spare Essien Udim in recognition of Akpabio’s political relevance. Local council elections were also held in Benue on Saturday, October 5.  The Governor of Benue state is a Catholic priest in politics, Fr. Hyacinth Alia. His party followed the familiar pattern winning all 23 Chairmanship positions and all 276 councillorship seats. We need to rethink, review and reconsider our local council/state election system that serves only the interest of the incumbent Governor. 

The Federal Government is set to deliver up to 400,000 barrels of Nigerian crude oil daily to the Dangote refinery under its naira-for-crude agreement, a report by Bloomberg stated on Monday.

It said this significant development is expected to take place over the next two months, amounting to 24 million barrels of Nigerian supply between October and November 2024.

This increase in processing capacity could have substantial implications for both the refinery’s operations and the local oil industry, transforming the region’s import and export markets.

This new development follows the announcement by the Federal Government that the naira-for-crude deal has commenced.

The PUNCH had exclusively reported on Monday that the Nigerian National Petroleum Company Limited is set to begin the supply of crude oil in naira to the Dangote Petroleum Refinery this week with three more refineries set to start the production of Premium Motor Spirit.

According to cargo allocations reviewed by Bloomberg News, Dangote’s increasing reliance on local feedstock will disrupt the Atlantic oil market by substantially decreasing Nigeria’s crude exports.

The 650,000-barrel-a-day plant — larger than any other in Africa or Europe — will claim 13 to 14 shipments from Nigeria’s typical monthly program of about 50 cargoes.

The West African crude market is set to be “substantially tighter” in the fourth quarter because of the supply to Dangote, said Ronan Hodgson, a London-based analyst at FGE.

The volumes could even send Nigerian exports below 1 million barrels a day, he said.

Some shipments over the next two months may not be delivered as planned, and October’s list includes two cargoes already delayed from September.

Still, the scheduled volume is significantly larger than the average 255,000 barrels a day of Nigerian oil taken in by Dangote over the first half of the year as it gradually ramped up processing, data compiled by Bloomberg show.

Dangote is already running at 60-70 per cent capacity and will reach its full rate within months, project management firm Engineers India Ltd. Chairman Vartika Shukla said last month.

The latest allocations also suggest that Dangote has continued to curtail its buying of US crude, according to traders.

Earlier this year, the refinery imported millions of barrels of WTI Midland, before re-selling some of the oil and scrapping plans to buy more.

Nigerian National Petroleum Co. reached an agreement with Dangote last month under which the country’s state-owned energy firm will supply crude in return for being the sole distributor of the refinery’s crucial gasoline production.

If Dangote’s ramp-up continues to advance in the coming months, Nigeria could start to realize its long-held goal of curbing costly oil product imports.

“If the refinery runs at higher rates, the West African market for gasoline and diesel imports will shrink extremely quickly,” FGE’s Hodgson said.

The Governor of Kogi State, Usman Ododo, has approved the immediate implementation of a minimum wage of ₦72,500 for civil servants in the state.

The Governor also announced a one-year suspension of the Pay-As-You-Earn (PAYE) tax, adding that no form of deductions would be made within the next year from the salaries of civil servants in the state. 

Governor Ododo made this known on Monday during the unveiling of the new minimum wage package for civil servants in the state.

Signing the agreement after receiving a report from the Kogi state minimum wage implementation committee, the Governor said the new minimum wage is to enable workers cope with the current economic situation in the country.

In his words: “I can not forget where I came from, I am a man from a humble background who became who I am by the grace of God and will therefore not use my position to oppress anyone but to better the lots of the people.

“You people generously elected me as your governor, and the resources of the state belong to you all, I am just your chief servant and I will ensure that the resources are allocated to all sectors fairly and equitably.

“All you have seen today is the painstaking efforts of the labour leaders and government who conducted staff audit screenings in the previous administration all in a bid to ensure that the right people take what belongs to them as workers and not ghost workers.”

Ododo, while assuring prompt payment, appealed to workers in the state to continue to cooperate with his administration and give him all the necessary support to succeed.

The Chairman of the State Minimum Wage Committee, who is also the Head of Service,Elijah Evenemi, said the agreement on the minimum wage is not a victory for any political party but for the good of the masses.

He appreciated the governor for giving the committee a free hand to operate and achieve a common goal.

Staff of the National Agency for Food and Drug Administration and Control, NAFDAC, embarked on an indefinite nationwide strike on Monday following the expiration of a 14-day ultimatum issued to the agency’s management.

This is coming after a meeting convened on Friday, October 4, 2024 over unresolved issues.

The staff’s demands include a review and re-evaluation of the 2024 promotion examination results, which currently show a pass rate of only 35 percent.

The union is also advocating for a minimum benchmark of 80 percent for this year’s and future promotion exams.

Another significant demand is the settlement of salary arrears for employees hired in 2022.

In a statement signed by the association’s Secretary, Ejor Michael, the union accused NAFDAC management of neglecting their grievances, labelling the inaction as insufferable.

The striking workers, following the directive of the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC), have been instructed to withdraw all services and vacate their offices.

They were also told to remove personal belongings as the strike commences.

The workers have vowed to continue the strike until all demands listed in their communiqué are fulfilled.

The Nigerian National Petroleum Company Limited (NNPC) has officially ceased its exclusive purchase arrangement with Dangote Refinery, opening the market for other petroleum marketers to buy petrol directly from the refinery.

This significant development, reported by PREMIUM TIMES, shifts the market away from the NNPC’s exclusive purchasing role, providing room for marketers to negotiate prices with Dangote on a “willing buyer, willing seller” basis.

This transition aligns with Nigeria’s current market practices for fully deregulated products like diesel, aviation fuel, and kerosene, which are already open to direct sales.

Dangote Refinery, with its 650,000 barrels per day capacity, began producing petrol in September. Initially, Dangote’s Vice President, Devakumar Edwin, noted that the NNPC would be the exclusive buyer.

However, recent statements from the NNPC clarified that the refinery is free to sell to any interested marketer, removing its previous single-offtaker stance.

On 15 September, NNPC began loading petrol from Dangote Refinery, but it initially limited access to major marketers.

Independent marketers, however, were excluded from lifting the product.

Responding to this, Nigeria’s House of Representatives called on the government to instruct both NNPC and Dangote Refinery to allow independent marketers access.

Lawmaker Oboku Oforji expressed concern that excluding independent marketers could foster monopolistic practices, ultimately pushing some marketers to import fuel to stay competitive.

“NNPCL and the major marketers being the exclusive off-takers spells monopoly, which is tantamount to greed. This is the same NNPC Ltd that has failed to manage our crude and refineries for decades,” the lawmaker said at the time.

Further fueling the discussion, sources confirmed to PREMIUM TIMES that NNPC intends to step down as the sole purchaser, enabling direct access to the refinery’s petrol for all marketers.

This change may encourage competitive pricing and help stabilize supply chains. The NNPC spokesperson was unavailable for comment, but an official did confirm the news, stating, “Yes, it is true. We can no longer continue to bear that burden.”

In September, NNPC reportedly purchased petrol from Dangote at ₦898.78 per litre but resold to marketers at ₦765.99 per litre, absorbing a subsidy of nearly ₦133 per litre.

During this period, NNPC lifted approximately 103 million litres of petrol from Dangote Refinery, although only 2,207 of 3,621 scheduled trucks were successfully loaded, accounting for just 26% of the targeted volume.

Market Implications

NNPC’s exit as the exclusive petrol buyer signals a move toward a fully liberalized fuel market in Nigeria, potentially ending petrol subsidies.

With NNPC no longer responsible for the price differential, marketers will now purchase at cost directly from Dangote and set their own prices, which could result in higher fuel prices for consumers.

Additionally, marketers can now source petrol from multiple suppliers, not just Dangote, fostering a more competitive market environment that could contribute to supply stability across Nigeria.

This broader access might also stimulate investment in storage and distribution infrastructure, potentially improving product availability nationwide.