Business

UPDATE: Dangote Refinery Cuts Fuel Prices, Updates Petrol Supply

Published

12 months ago

September 12, 2025

694 Views

Dangote Refinery has announced a nationwide petrol price cut, ahead of the launch of its direct fuel distribution initiative now set for Monday, September 15, 2025.

Originally scheduled for August 15, the initiative will see the $20 billion, 650,000 bpd refinery deliver petrol and diesel directly to consumers using 4,000 CNG trucks, with zero logistics cost.

Despite an ongoing dispute with NUPENG, Dangote Group released a fresh price template on its X account, confirming its gantry price remains N820 per litre.

Retail prices have dropped to N841 per litre in Lagos and the South-West (from N860), and N851 per litre in Abuja, South-South, and North Central states (from N885)—a reduction of N19 to N34 per litre, depending on the location.

The new prices apply only to MRS and Dangote’s official distribution partners, as independent marketers are not bound by the template.

Meanwhile, NUPENG has threatened a fresh strike, accusing Dangote of reneging on earlier agreements—a claim the company denies, affirming workers’ right to union membership.

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Business

Nigeria’s GDP grew 4.43% in Q2 2026, says NBS

The bureau announced this in its latest GDP report for Q2 2026 , emphasising that the latest growth rate is higher than the 4.23 percent recorded in Q2 2025. That represents a 0.2 percentage-point increase year-on-year.

Published

2 hours ago

August 31, 2026

OCHEFA

12 Views

• President Bola Tinubu

The National Bureau of Statistics (NBS) said on Monday Nigeria’s economy grew by 4.43 percent in real terms in the second quarter of 2026.

The NBS GDP report tracks the performance of Nigeria’s economy across sectors. It is a key indicator for policymakers, businesses, and investors monitoring the country’s economic direction.

Business

Emzor Pharma raises N26.7bn bond to boost local drug manufacturing

The bond, issued through Emzor’s special purpose vehicle, Emzor Pharma Funding SPV Plc, carries a 19 percent coupon over a five-year tenor.

Published

10 hours ago

August 31, 2026

OCHEFA

17 Views

Image: Drugs manufacturing

Emzor Pharmaceutical Industries has raised a $19.8 million (N26.7 billion) Series 1 Fixed Rate Bond on the FMDQ Group Exchange.

The company is aiming to strengthen local pharmaceutical manufacturing and complete West Africa’s first full-scale anti-malarial Active Pharmaceutical Ingredient (API) manufacturing facility.

The bond, issued through Emzor’s special purpose vehicle, Emzor Pharma Funding SPV Plc, carries a 19 percent coupon over a five-year tenor.

It forms part of the company’s broader N40 billion ($29.6 million) bond issuance programme and represents Emzor’s second domestic bond, following strong investor demand that resulted in the issue being oversubscribed.

The funds are expected to support working capital, expand manufacturing capacity and accelerate the completion of the API facility.