Business
BREAKING: NDIC increases deposit insurance coverage for banks, others

The Nigeria Deposit Insurance Corporation (NDIC) has announced an increase in deposit insurance coverage for all licensed deposit-taking financial institutions, which includes Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), Payment Service Banks (PSBs), and Mobile Money Operators (MMOs). Bello Hassan, the Managing Director/Chief Executive of NDIC, made this announcement during a briefing in Abuja.
Here are the key points regarding the increased deposit insurance coverage:
- Deposit Money Banks (DMBs): The coverage has been raised from N500,000 to N5,000,000, providing full coverage for 98.98% of depositors compared to the previous 89.20%.
- Microfinance Banks (MFBs): The coverage has increased from N200,000 to N2,000,000, offering full coverage for 99.27% of depositors (up from 98.76%) and significantly increasing the value of covered deposits.
- Primary Mortgage Banks (PMBs): The maximum coverage has been raised from N500,000 to N2,000,000, ensuring full coverage for 99.34% of depositors (up from 97.98%) and increasing the value of covered deposits.
- Payment Service Banks (PSBs): The coverage has been increased from N500,000 to N2,000,000, providing near-complete protection (99.99%) for depositors and raising the value of covered deposits.
- Mobile Money Operators (MMOs): The maximum Pass-through deposit insurance coverage has been raised to N5,000,000 per subscriber per MMO, aligning it with the coverage level for DMBs.
Deposit insurance coverage levels refer to the amount of protection provided to depositors in case a financial institution fails or goes bankrupt. The increased coverage ensures that depositors will be reimbursed up to a certain limit for their deposits in such scenarios.
This move is expected to take effect immediately, offering Nigerians greater peace of mind when saving their money with licensed financial institutions. It is also anticipated to strengthen the banking system and promote further financial inclusion within the country.
Business
UPDATE: Dangote Refinery Cuts Fuel Prices, Updates Petrol Supply

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.
Business
Dangote Refinery Mgt Says Workers Union Membership is Personal Choices
It urged NUPENG to focus on resolving its internal dispute with the Petrol Tanker Drivers unit rather than “embroiling the refinery in its conflicts.

Dangote Petroleum Refinery has said membership of trade unions by its employees remains voluntary and not compulsory, in line with the Nigerian Constitution and International Labour Organisation conventions.
In a statement made available to Ohibaba.com, the company accused what it described as “distortions of facts” by the Nigeria Union of Petroleum and Natural Gas Workers concerning its trade relations with workers.
The refinery stressed that it does not interfere with or restrict employees’ right to freely join legally recognised unions.
“It is therefore misplaced to attribute responsibility to Dangote Petroleum Refinery for the personal choices made by drivers regarding union affiliation,” the company stated.
Dangote dismissed allegations that it forced drivers to sign contracts barring union membership, describing the claim as unfounded.
It urged NUPENG to focus on resolving its internal dispute with the Petrol Tanker Drivers unit rather than “embroiling the refinery in its conflicts.
”The company added that accusations of union suppression formed part of a broader attempt to undermine private sector progress.
Business
NUPENG Dangote Union Memberships Agreement Collapses: What Happened Again?
Akporeha alleged that within 48 hours, Dantata ordered drivers to strip NUPENG stickers from their vehicles and forcefully enter the refinery in violation of union loading procedures.

The agreement between the Nigerian Union of Petroleum and Natural Gas Workers and the Dangote Petroleum Refinery has collapsed, and here’s why.
The confrontation follows allegations by NUPENG that the Dangote Group reneged on a Memorandum of Understanding signed earlier this week, under which the refinery agreed to allow tanker drivers and other workers to freely unionise.
On Thursday, NUPENG’s National President, Williams Akporeha, accused Sayyu Aliu Dantata, a cousin of Aliko Dangote and key player in the refinery’s trucking operations, of defying the resolution reached on September 9 at the Department of State Services headquarters in Abuja.
The meeting, mediated by the Minister of Labour and Employment, Muhammadu Dingyadi, affirmed the rights of Petroleum Tanker Drivers under NUPENG to unionise. Representatives of the Nigeria Labour Congress, Trade Union Congress, DSS, and other agencies witnessed the signing of the MoU.
But Akporeha alleged that within 48 hours, Dantata ordered drivers to strip NUPENG stickers from their vehicles and forcefully enter the refinery in violation of union loading procedures.
“Alhaji Sayyu Aliu Dantata flew over them several times with his helicopter and then called the navy of the Federal Republic to come over ostensibly to crush the union officials. Our members are waiting for him and his agents to run them over,” Akporeha said in a statement.
The union condemned what it described as Dantata’s “impunity” and warned the Federal Government not to allow security agencies funded by taxpayers to be used against workers.
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