Business
Dangote Fires Back at IPMAN, PETROAN over Cheap PMS Import Claims

Dangote Group on Sunday, fires back at IPMAN, PETROAN, and other associations to stop misinforming the public that they can import PMS at lower prices than what is being sold by the Dangote Refinery.
” We had lately refrained from engaging in media fights, but we are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN, and other associations,” said Anthony Chiejina Group Chief Branding and Communications Officer.
The statement reads: “We benchmark our prices against international prices, and we believe our prices are competitive relative to the price of imports.
If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles.
Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.
Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks.
This set the benchmark for our pricing, and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.
In good faith, and in the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased.
At the same time, an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production. This is detrimental to the growth of domestic refining in Nigeria.
We should point out that it is not unusual for countries to protect their domestic industries in order to provide jobs and grow the economy.
For example, the US and Europe have had to impose high tariffs on EVs and microchips in order to protect their domestic industries.
While we continue with our determination to provide affordable, good quality, domestically refined petroleum product in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty.”
Business
PoS agents, operators worrying over new CBN policy
Today, there are over 3 million PoS terminals in circulation, and about two million active agents. Many of these agents operate multiple terminals from different service providers to ensure efficiency and customer satisfaction. The new exclusivity rule will destroy that balance.”

The National President of the Association of Mobile Money and Bank Agents of Nigeria, Fasasi Sharafadeen, says that the new policy of the Central Bank of Nigeria on agent banking will likely put 40 percent Point-of-Sale operators out of business.
The CBN released recently a new operational guidelines for agent banking, which pegged the daily cumulative transactions per PoS agent at N1.2 million.
The CBN warned that any agent found using non-designated accounts for operations would be in violation of the regulation and would face sanctions.
Agents involved in misconduct or fraud will be blacklisted or have their agreements terminated.
The framework further limits individual customer transactions to N100,000 daily, while agent devices must be geo-fenced to prevent unauthorised mobile use.
The CBN announced that implementation of the new agent location and exclusivity rules would begin on April 1, 2026.
Reacting, Sharafadeen, said that one of the most worrying aspects of the policy is the introduction of exclusivity, which restricts agents to operate under only one principal or service provider.
He explained that this move would not only reduce the income of PoS agents but also drive many out of business due to the loss of flexibility and customer trust that currently
He emphasised that the introduction of exclusivity, which restricts agents to operate under only one principal or service provider would not only reduce the income of PoS agents but also drive many out of business due to the loss of flexibility and customer trust that currently defines agency banking operations.
“Today, there are over 3 million PoS terminals in circulation, and about two million active agents. Many of these agents operate multiple terminals from different service providers to ensure efficiency and customer satisfaction. The new exclusivity rule will destroy that balance.”
He added that PoS operators usually relied on multiple platforms to ensure steady transactions when one network fails.
“Some agents choose a particular provider because of incentives like free bank transfers, while they use another provider that is faster in withdrawals,” he explained.
This mix guarantees customer experience because even when one service is down, they can still serve their customers through another provider.
”The association president noted that the CBN’s argument for introducing exclusivity to enable easier monitoring and sanctioning of providers in cases of fraud, overlooks the realities of informal sector operations.
Business
Forex Trading: Ventezo Winds Up, Blocks Nigerian Clients’ Withdrawals
Last year, many traders from the Philippines and Iran reported issues related to fund withdrawals and poor customer service.

Cover image: Naira to Dollar
Seychelles-based Ventezo, a forex market trading broker, has ceased its operations, resulting in financial losses for Nigerian clients.
Last year, many traders from the Philippines and Iran reported issues related to fund withdrawals and poor customer service.
“My trading broker, Ventezo, folded up with $1,500 (about N3 million) with them over two months.
Now, we never hear from them.
“They keep promising that they will refund Nigerian clients, but till now, I have never seen anything,” lamented one of its dealers.
Background checks by this Reporter reveal that Ventezo is an electronic communication network (ECN) forex broker offering online trading services in currencies, oil, precious metals, stock indices, and cryptocurrencies.
Established in 2021, Ventezo is registered with the St. Vincent and the Grenadines Financial Services Authority (SVG FSA).
According to Wikibit, although Ventezo claims to have a team of experienced traders and financial professionals, there is a lack of transparency surrounding its ownership and management structure.
The company’s official website (currently offline), provides minimal information about its founders or key personnel, which is a common trait among potentially fraudulent brokers.
Business
“Nigeria Is Bigger Than PENGASSAN, Any Trade Union – Shettima
Shettima stated this in Abuja on Monday during the Nigerian Economic Summit (NES31), themed: “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030”.

•Vice President Kashim Shettima
Vice President Kashim Shettima says that Nigeria is bigger than any trade union.
Shettima stated this in Abuja on Monday during the Nigerian Economic Summit (NES31), themed: “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030”.
Shettima’s comment comes on the heels of the industrial action by oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) over a dispute with the 650,000 barrels per day Dangote Refinery.
While stating that Dangote Refinery must be protected at all costs, he added that the $20 billion facility is a national asset that must be supported to function.
He said, “Aliko Dangote is not an individual, he’s an institution, and he’s a leading light in Nigeria’s economic parliament.
And how we treat this gentleman will determine how outsiders will judge us. If he had invested $10 billion in Microsoft, Amazon, or Google, he probably might be worth $70 to $80 billion by now.
“But he opted to invest in his country, and we owe it to future generations to jealously protect, promote, preserve, and protect the interests of this great Nigeria.
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