Business
JUST IN: FG To Meet NLC Today Over Fuel Subsidy Removal
Federal Government representatives are expected to meet with the leadership of the Nigeria Labour Congress (NLC) today by 2pm over the planned removal of fuel subsidy.
“Government seems to have shown interest in discussion. As at last night, they reached out and we have fixed 2pm today (Wednesday) to commence discussion,” NLC National President, Joe Ajaero, on Channels Television’s Sunrise Daily programme on Wednesday.
“There, all other issues will discussed because you can’t just say there no subsidy and then you are not producing and leave us to the vagaries of the market, to people who want to sell the product they bought for N10 for N100 to maximise profit. If there is no more garri, we must find out what to eat.”
He said the position of Labour has been clear that even if President Bola Tinubu has a good intention, alternatives must be provided.
He said the President should have asked questions and find out the implications of fuel subsidy removal on Nigerians on the streets.
The NLC boss listed the alternatives to include the repair of the nation’s four refineries, provision of transportation of alternatives for the Nigerian workers, amongst others.
“The pronouncement by Mr President is as good as law and if in the process we make a law that is not practicable, the same people that made the law can look at it,” Ajaero said while calling for a review of the President’s pronouncement.
“Does it bring pleasure to us to say subsidy is gone and people start suffering? Is it not part of leadership for us to look at how the suffering of the people can be reduced?” he asked.
Subsidy Removal Only Answer To Make Nigeria Great – IPMAN
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the deregulation of the oil sector and subsidy removal is the only way to make Nigeria great.
“Removing subsidy is the only answer to make Nigeria great,” IPMAN National Public Relations Officer, Yakubu Suleiman said on Wednesday.
On Monday during his inaugural speech at the Eagle Square in Abuja, Tinubu said the era of subsidy payment on fuel has ended, adding that the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.
“The fuel subsidy is gone,” Tinubu said, noting that his government would instead channel funds into infrastructure and other areas to strengthen the economy.
The Nigerian National Petroleum Company Limited (NNPCL) has since backed Tinubu on the removal of fuel subsidy.
However, the Trade Union Congress of Nigeria (TUC) said the President cannot unilaterally take a decision on subsidy removal, saying that there was a reason the immediate past administration of Muhammadu Buhari pushed the “sensitive issue” to the new government.
Fuel queues have since resurfaced across the country since the presidential pronouncement as Nigerians forage for the premium product which is now sold from N300/litre and above.
Business
Court orders NMDPRA to continue issuing fuel import licences to Matrix Energy, AA Rano, AYM Shafa
Matrix Energy, AA Rano and AYM Shafa filed the suit in June. The lawsuit challenges the NMDPRA’s handling of fuel import licences.
A Federal High Court in Abuja has ordered the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing fuel import licences and related permits to Matrix Energy, AA Rano and AYM Shafa.
In a ruling this week, Judge Inyang Ekwo of the Federal High Court in Abuja said non-compliance with the PIA and relevant laws would make any regulatory action on import licences legally ineffective.
“The consequences of non-compliance with the PIA and relevant laws make any exercise by the Authority in respect to import licences null and void,” Ekwo said.
Matrix Energy, AA Rano and AYM Shafa filed the suit in June. The lawsuit challenges the NMDPRA’s handling of fuel import licences.
The three marketers told the court they had invested more than $20 billion in infrastructure, logistics and retail networks to support their licensed fuel distribution businesses across Nigeria.
Business
Naira To Dollar, Pound, Euro… Rates Friday, October 1
BLACK MARKET RATES
₦1375 DOLLAR (USD)
₦1845 POUND (GBP)
₦1550EURO (EUR)
₦1000 CANADIAN DOLLAR (CAD)
₦370 UAE DIRHAM
₦190 CHINESE YUAN (CNY
₦2350 CFA F.(XOF)
₦2250 CFA F.(XAF)SELL₦2300
₦850AUSSIE (AUD)
CBN OFFICIAL RATES
DOLLAR (USD)₦1329.16
POUND (GBP)₦1766.59
EURO (EUR)₦1510.06
SWISS FRANC (CHF)₦1593.91
JAPANESE YEN (JPN)₦8.47
CFA FRANC (XOF)₦2.30
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1807.23
CHINESE YUAN (CNY)₦198.25
SAUDI RIYAL (SAR)₦353.97
SOUTH AFRICAN RAND (ZAR) ₦81.18
Business
ON-GOING: Dangote $16 billion refinery groundbreaking holds in Kenya (Images)
Africa’s richest man, Aliko Dangote, and Kenyan President William Ruto are currently breaking ground on a landmark $16 billion oil refinery in Lamu, on Kenya’s northern coast.

The ceremony, held on Wednesday, September 30, 2026, formally launches construction of the 700,000-barrel-per-day facility, which is set to become the largest refinery in East Africa and the second-largest on the continent after Dangote’s plant in Lekki, Nigeria. The project aims to replicate the success of the Nigerian refinery by processing crude for regional markets, reducing East Africa’s long-standing dependence on imported refined petroleum products, lowering fuel costs, and conserving scarce foreign exchange.
Several African leaders are attending the groundbreaking, including the presidents of Uganda and Ethiopia, along with other regional heads of state and former Nigerian President Olusegun Obasanjo. The event underscores growing continental efforts to process raw materials locally rather than exporting crude and importing finished fuels.

Once completed around 2030, the Lamu refinery is expected to supply Kenya and neighbouring countries such as Uganda, South Sudan, Rwanda, and others. Officials project it will create between 50,000 and 60,000 jobs and stimulate related industries, including petrochemicals and bitumen production. The complex will also feature a 1,000-megawatt power plant, with plans to sell a portion of the electricity to the Kenyan government.
Dangote has offered East African governments a combined 30% equity stake in the project. Financing is structured with roughly 70% debt and 30% equity. The facility is located near Lamu’s deep-water port, chosen for its strategic advantages in handling large-scale industrial operations.

While the project has faced some local land-related protests and a court order maintaining the status quo pending a hearing, the groundbreaking is proceeding as planned. Dangote has dismissed the challenges and reaffirmed that construction will move forward, with the plant targeted for completion in under four years.
The development is being hailed as one of Kenya’s biggest infrastructure investments since independence and a major step toward regional energy security and industrialisation.
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