Dangote Petroleum Refinery has reaffirmed its commitment to ensuring steady and uninterrupted supply of Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel) nationwide, with a daily production capacity exceeding the domestic demand.

Speaking on the development, Group Chief Branding and Communications Officer, Dangote Industries Limited, Anthony Chiejina, said the refinery’s operations are driven by the company’s dedication to supporting national energy stability and consumer confidence.

“Our refinery is currently loading over 45 million litres of PMS and 25 million litres of diesel daily which exceeds Nigeria’s demand,” Mr Chiejina said. “We are working collaboratively with regulatory agencies and distribution partners to guarantee efficient nationwide delivery. Dangote remains steadfast in its commitment to meeting the energy needs of Nigerians. This significant production capacity not only guarantees local supply but also enhances energy security and reduces dependence on imports.”

He noted that improved local production of petroleum products has helped stabilise the exchange rate and strengthen the naira.

“We have reduced foreign exchange outflows and increased inflows, which in turn supports the naira and strengthens the economy,” he added.

He further explained that it would be unpatriotic for anyone to criticise the recently announced tariff, which, according to him, is a good start. He emphasised that the tariff is designed to protect domestic industries from unfair competition and safeguard local production.

“Dumping engenders poverty, discourages industrialisation, creates unemployment and leads to revenue loss for the government. Across the world, nations protect their local manufacturers and industries from the threat of dumping. Dumping destroyed our textile industry, which was once a major employer of labour and creator of wealth,” he said.

He noted that beyond the tariff, the government should strengthen its monitoring and enforcement mechanisms to prevent the dumping of substandard and toxic petroleum products by unscrupulous and rent-seeking individuals who prioritise profiteering at the expense of Nigerians, often undermining well-intentioned government policies for their selfish interests.

He added that the prevalence of dumping in past years discouraged investors from establishing industries in Nigeria, as imported products flooded the market at unsustainable prices, undermining local production. The new tariff policy, he noted, would benefit local refiners and encourage fresh investments in the downstream oil sector, thereby strengthening Nigeria’s industrial base and creating more jobs.

He commended the foresight of President Bola Ahmed Tinubu for approving the tariff policy aimed at strengthening and transforming Nigeria’s downstream oil and gas sector. He noted that the decision reflects the administration’s commitment to creating a stable, business-friendly environment that supports local investment and enhances energy security.

“President Bola Ahmed Tinubu continues to embody courageous and visionary leadership, renewing the hope of Nigerians and restoring investor confidence in the nation’s economy. His administration’s bold and business-friendly reforms are reshaping the downstream oil and gas sector, unlocking new opportunities for industrial growth and national prosperity. The latest policy initiative stands as a testament to his foresight — one of the most transformative steps yet toward securing Nigeria’s energy future and empowering local industries to thrive,” he said

He warned that failure to protect local industries could lead to large-scale dumping from countries in Asia and Europe with excess production capacity. Such practices, he said, would strangulate domestic refineries, cripple allied industries, and undermine the laudable policies of President Bola Tinubu’s administration aimed at promoting industrial growth and economic stability.

Chiejina urged rent-seekers to reconsider their business practices and align with the Federal Government’s vision for a self-sustaining energy sector, rather than promoting the dumping of petroleum products in Nigeria. He emphasised the need for a collective sense of patriotism and responsibility among industry stakeholders, noting that national progress can only be achieved through shared commitment to policies that strengthen local industries and protect the economy.

Equipped with advanced technology and extensive infrastructure, the refinery is expected to significantly eliminate reliance on fuel imports, enhance supply chain stability, and alleviate pressure on foreign exchange reserves.

President of Dangote Industries Limited, Aliko Dangote, recently assured Nigerians that the prices of petrol will not be hiked during the ember months, despite recent global price increases. “I want to assure Nigerians that the Dangote Refinery is fully committed to maintaining an uninterrupted supply of petrol throughout the festive period. Nigerians can look forward to a Christmas and New Year free of fuel anxiety.”

Since commencing petrol production in September 2024, Dangote Petroleum Refinery has played a pivotal role in ensuring price stability, reducing the cost of petrol, aimed at stabilising the market and easing the burden on consumers. It has also eliminated the recurring fuel scarcity and long queues at filling stations that Nigeria often experienced, particularly during festive periods.

He noted that the average price of Premium Motor Spirit (PMS) in September 2024 was about N1,030 per litre, compared to an average of N841–N851 per litre in September 2025, following the implementation of the Dangote Refinery’s Direct Delivery Scheme.

Similarly, as of September 2024, the pump price of Automotive Gas Oil (AGO) ranged between N1,400 and N1,700 per litre, depending on the state, with prices reaching up to N1,700 in most northern states. By September 2025, however, the average price had dropped significantly to around N1,020 per litre, reflecting the refinery’s impact on stabilising the market and reducing logistics costs.

In comparison, petrol prices in neighbouring West African countries range between $1.20 and $2.00 per litre, while the average price in Nigeria remains around $0.60 per litre, a clear indication of the refinery’s profound impact on affordability and supply stability.

•Oliver Alawuba, GMD

Africa’s Global Bank – United Bank for Africa (UBA) Plc, has announced its audited results for the third quarter ended September 30, 2025, where it recorded strong and impressive growth across all its key indicators.

As in the first two quarters of the current fiscal year, the bank’s gross earnings grew by 3.0 percent to N2.469 trillion up from N2.398 trillion recorded in September last year.

Its net Interest income which stood at N1.103 trillion at the end of the third quarter in 2024, rose by 6.2 percent to N1.172 trillion in the period under consideration.

The bank’s financial report filed with the Nigerian Exchange Limited on Thursday also indicated a slight drop by 4.1 per cent in Profit before Tax (PBT) to N578.59 billion compared to N603.48 recorded at the end of the third quarter of 2024, while profit after tax rose by 2.3 per cent from N525.31 billion recorded a year earlier to N537.53 billion at the end of September 2025.

As in the preceding two quarters this year, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N32.492 trillion, representing a 7.2 per cent increase over the N30.323 trillion recorded at the end of December 2024, just as total deposits rose by 7.7 per cent from N24.651 trillion at the end of last year to N26.54 trillion in September 2025.

UBA shareholders’ funds remained very strong at N4.301 trillion rising by 25.8 percent from N3.418 trillion recorded in December 2024 again reflecting a strong capacity for internal capital generation and growth.

Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, said the bank continues to demonstrate the strength, resilience, and diversification of its business in a dynamic operating environment.

“We delivered solid performance supported by prudent balance sheet management, innovation, and a well-diversified earnings base across all our markets,” he stated.

According to him, with profit After tax rising to N538 billion, from N525 billion, the bank continues to reflect consistent earnings momentum and its commitment to sustainable growth, with strength in Nigeria, African network and global presence amidst persistent macroeconomic headwinds.

Updating shareholders and investors on its recent recapitalisation efforts, the GMD said, “I am pleased to report that we have made significant progress on our capital raising, as part of the mandated industry wide recapitalization exercise with the successful completion of the final phase II of the Rights Issue.

This has strengthened our capital base and will support the continued, prudent expansion of our operations across our markets.”

Alawuba emphasised UBA’s unwavering focus on disciplined execution and strategic growth, ensuring the delivery of sustainable returns and long-term value to all shareholders.

UBA’s Executive Director, Finance & Risk, Ugo Nwaghodoh, who also spoke on the result, pointed out that the Group delivered steady growth in earnings, with gross earnings rising to N2.47 trillion, driven by a 10.1% increase in interest income and a 6.2% uplift in net interest income.

He noted that total assets grew by 7% to N32.5 trillion, supported by focused deposit mobilisation and increased investment in earning assets.

“Shareholders’ funds expanded by 26% to N4.3 trillion, underscoring the continued confidence of investors in the Group’s strategy, while capital adequacy and liquidity ratios remain well above regulatory thresholds and provide significant buffers to support continued growth,” he explained.

Speaking on the bank’s efforts to consolidate its performance for the rest of the 2025 financial year and beyond, Nwaghodoh said, “We remain focused on sustaining profitability, expanding our digital income streams, and delivering long-term value to our shareholders.”

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally.

Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

President Bola Tinubu has given the green light for the implementation of a 15 percent ad-valorem import duty on petrol and diesel brought into Nigeria.

The move is expected to protect domestic refineries and promote stability in the downstream oil sector.

In a directive dated October 21, 2025 — made public on Wednesday — Tinubu ordered the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to immediately begin enforcing the tariff. The decision, according to the government, forms part of a new “market-responsive import tariff framework.”

The letter, signed by the president’s private secretary, Damilotun Aderemi, confirmed Tinubu’s approval of a proposal submitted by FIRS Chairman Zacch Adedeji.

The plan recommends a 15 per cent duty on the cost, insurance, and freight (CIF) value of imported petrol and diesel to reflect true market conditions and encourage local production.

Adedeji explained in his memo that the initiative was designed to support Nigeria’s “Renewed Hope Agenda” for energy security and economic stability.

“The core objective of this initiative is to operationalise crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria,” Adedeji stated.

The FIRS boss cautioned that the disparity between locally refined fuel prices and import parity benchmarks has fueled market volatility.

“While domestic refining of petrol has begun to increase and diesel sufficiency has been achieved, price instability persists, partly due to the misalignment between local refiners and marketers,” he wrote.

Adedeji pointed out that import parity pricing often falls below cost recovery levels for domestic refiners, especially amid foreign exchange and freight fluctuations — a situation that threatens the viability of emerging local producers.

He added that the government now faces a “twofold” responsibility “to protect consumers and domestic producers from unfair pricing practices and collusion, while ensuring a level playing field for refiners to recover costs and attract investments.”

Adedeji emphasised that the new tariff system will prevent duty-free fuel imports from undermining local refineries and promote a fair, competitive downstream sector.