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Dangote raises petrol prices to N955 from N899/litre for bulk buyers

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Sequel to a consistent surge in the price of Brent, the global benchmark for crude, the Dangote Petroleum Refinery has communicated an upward adjustment in the price of Premium Motor Spirit, also known as petrol, to its customers.

In a statement on Friday, the refinery announced that its refined products would now be priced at N955 per litre at the loading gantry, marking an adjustment in its pricing structure.

It noted that marketers buying between 2 million – 4.99 million litres will now buy at N955 per litre while 5 million litres & above will buy at N950 per litre.

The amount marks an increase of N55.5 or 6.17 per cent from N899.50 per litre announced as a holiday discount for Nigerians last year December.

This adjustment applies to all stock balances yet to be lifted by the stated time while pending stock as of the effective time will also be repriced at the updated rates.

The statement added that the new price regime will take effect from 5:30 PM, today.

The notice titled, “Communication on PMS Price Review” read, “Dear Esteemed Customer, Trust this email finds you well.

“Kindly be advised that effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.

QuantityPrevious Price (NGN/Litre)

2 million-9.99 million -N899.

5010 million Litres & Above N895

Quantity

New Price (NGN/ Litre)

2 million – 4.99 million

N9555 million Litres & Above N950“

Please note that all stock balances yet to be lifted as at the above-stated time are to be repriced at the new reviewed prices.

“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.

”The price increase is expected to have widespread effects on the downstream petroleum sector, particularly private depots and retail markets.

An oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products because of the heavy influence of the refinery.

Jeremiah, who is the Chief Executive Officer of petroleum price.ng, said, “Dangote Refinery’s influence on Fuel price has become unmatched; private depots, Major marketers, and independent Marketers will compete with this new price.

Therefore, Nigerians should expect an increase in Petrol Pump Price.

“Brent Crude oil as of today is $81.84, highest in 2025, its one major factor for the increase.

”On Thursday, the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that the price of crude oil in the international market remains a major force in driving the fluctuations in the pump prices of petrol.

He said the downstream sector is now fully deregulated with the government no longer involved in setting prices.

Business

Afriland Fire: United Capital Confirms Death of Six Staff, Death Toll Rises to 10

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Financial services firm, United Capital Plc, has confirmed the death of six of its employees in the tragic fire that engulfed Afriland Towers on Broad Street, Lagos Island, on Tuesday, September 16, 2025.

This announcement brings the official death toll to ten, following an earlier confirmation by the Federal Inland Revenue Service (FIRS) that four of its staff also died in the incident.

The fire, which broke out just before 1:00 p.m. on Tuesday, tore through the six-storey commercial building, housing several offices and businesses, leaving widespread devastation and loss in its wake.

In an official statement released on Thursday, United Capital expressed deep sorrow over the loss of its staff.

“It is with profound grief that the Management and Staff of United Capital Plc announce the passing of six of our dear colleagues, following the tragic fire at Afriland Towers,” the statement read.

“Our departed colleagues were an integral part of our company and family. Their painful loss leaves an immeasurable void.”

The company extended its heartfelt condolences to the families, friends, and loved ones of the deceased, assuring them of continued support during this difficult time. Plans are underway for a memorial service to honour the victims.

United Capital also expressed appreciation to emergency responders for their swift intervention during the incident.

“In this moment of untold grief, we stand together in solidarity, drawing strength from one another as we navigate this period. May the souls of the departed rest in peace.”

Authorities are continuing investigations to determine the cause of the fire.

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Elumelu Abruptly Ends UNGA Visit Following Afriland Tower Fire

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The Chairman of Afriland Properties Plc, Mr. Tony Elumelu, has abruptly ended his trip to New York for the ongoing United Nations General Assembly (UNGA) following a devastating fire at Afriland Towers in Lagos that claimed the lives of several staff members.

In a statement released on Wednesday, Elumelu expressed profound sorrow over the incident, describing the loss as heartbreaking for the Afriland family.

He wrote, “I am shattered by yesterday’s devastating incident at Afriland Towers, that took the lives of our dear colleagues. No words can capture the magnitude of this loss – not for their families who loved them, not for the friends who valued them, and not for those of us who worked beside them.”

Elumelu revealed that he was en route to New York when he received news of the tragedy, prompting his immediate return to Lagos as a mark of respect to the departed staff.

“As we navigate this grief, I urge you all to reach out to those who are receiving care. In the coming days, we will convene colleagues in a memorial to honour the memories of the departed, as we provide support to their families,” he added.

He also thanked emergency responders, first aid workers, and members of the public for their swift and compassionate response to the disaster.

To honour the victims, a minute of silence will be observed at 12:00 noon on Wednesday across all companies within the Tony Elumelu Group.

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CBN Mandates Banks to Announce Successor MD Three Months Ahead

The CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

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The Central Bank of Nigeria (CBN) has issued a new directive mandating all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the scheduled exit of the incumbent.

In a circular signed by Dr Rita Sike, Director of Financial Policy and Regulation, and published on the CBN’s website, the bank stated that the new rules apply to Domestic Systemically Important Banks (DSIBs) – the largest lenders that are considered “too big to fail” because of their size and importance to Nigeria’s financial system.“

Consequently, and in line with good corporate governance practice, each DSIB is hereby required to: ensure it obtains regulatory approval for the appointment of a successor Managing Director not later than six months to the expiration of the tenor of the incumbent MD/CEO,” the circular stated.

Banks must also “publicly announce the appointment of the successor MD/CEO not later than three months to the planned exit of the incumbent MD/CEO.”

Whilst stating that the move is part of broader efforts to strengthen corporate governance and maintain confidence in the financial system, the CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

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