The intensifying battle over petrol pricing and regulation in Nigeria took a sharper turn on Sunday as President of the Dangote Group, Alhaji Aliko Dangote, accused the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, of corruption and regulatory misconduct. Dangote alleged that Ahmed spent about $5 million on
The House of Representatives has intervened to mediate the ongoing dispute between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Dangote Petroleum Refinery & Petrochemicals FZE, following disruptions to petroleum product distribution and crude oil production across the country. The decision came after lawmakers adopted a motion of urgent public importance
Central Bank of Nigeria Governor, Olayemi Cardoso, has called for stronger coordination between the country’s fiscal and monetary authorities to sustain ongoing reforms, attract long-term investment, and strengthen macroeconomic stability. Speaking at the “In Conversation with the Governor of the Central Bank of Nigeria” dialogue, organised by the Wheeler Institute for Business and Development at
World Bank Group, through its private-sector arm, the International Finance Corporation (IFC), has completed its first-ever securitisation deal, raising $510 million in a landmark transaction designed to attract more private investment into emerging markets. The deal marks a major step in IFC’s push to shift from its traditional “originate-and-hold” lending model to an “originate-to-distribute” approach,
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has hinted that lending rates may decline in the coming months as inflation continues to ease, raising hopes for improved access to credit and stronger investment flows. Speaking at the European Business Chamber (Eurocham Nigeria) C-Level Forum in Lagos on Saturday, Cardoso explained that headline
As global crude oil prices trend downward, Nigerians are facing a starkly different reality at home: petrol prices have surged past ₦900 per litre, reaching as high as ₦960 in some parts of the country. For Amina Salisu, a commercial driver in Kano, the hike defies logic. “When oil prices go down, we expect some
The Dangote Petroleum Refinery and Petrochemicals has suspended its discounted fuel supply scheme following the uncovering of widespread fraud allegedly perpetrated by some of its affiliate marketers and strategic partners. The scheme, originally designed to make refined petroleum products more affordable and accessible nationwide, was halted on July 13, 2025, after internal investigations revealed large-scale
The President of Dangote Group, Alhaji Aliko Dangote, has announced an ambitious plan to reduce the cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, across Nigeria. As part of this effort, he revealed that his refinery currently produces 22,000 tonnes of LPG daily and is ramping up production to meet domestic needs.
The International Monetary Fund (IMF) has pledged to deepen its support for Nigeria’s Federal Inland Revenue Service (FIRS) as the agency implements far-reaching reforms aimed at improving tax administration and boosting government revenue. This commitment was reaffirmed during the IMF-supported Headquarters Mission to Nigeria, which opened this week at the FIRS headquarters in Abuja. Speaking
The International Monetary Fund (IMF) has warned that Nigeria must urgently revise its 2025 budget to avert a looming fiscal crisis, citing risks of a significantly higher deficit than initially projected. In its latest Article IV Consultation Report, the IMF projects that Nigeria’s fiscal deficit could rise to 4.7% of its Gross Domestic Product (GDP),
