Business
Oil Marketers and Dangote Battle in Court Over Import Licences
Three oil marketers, AYM Shafa Limited, A. A. Rano Limited, and Matrix Petroleum Services Limited, have asked the Federal High Court in Abuja to dismiss a suit filed by Dangote Petroleum Refinery and Petrochemicals.
The marketers, in a joint counter affidavit marked: FHC/ABJ/CS/1324/2024, and dated November 5, 2024, a response to an originating summon filed by Dangote Petroleum Refinery and Petrochemicals, argued that granting the application of refinery would spell doom for the country’s oil sector.
They emphasised that the plan to monopolise the oil sector is a recipe for disaster in the country.
Dangote refinery in its originating summon dated September 6, 2024, had sued Nigeria Midstream and Downstream Petroleum Regulatory Authority and Nigeria National Petroleum Corporation Limited, AYM Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited as 1st to 7th defendants respectively.
The refinery prayed the court to declare that NMDPRA was in violation of Sections 317(8) and (9) of the Petroleum Industry Act (PIA) by issuing licenses for the importation of petroleum products.
It stated that such licenses should only be issued in circumstances where there is a petroleum product shortfall.
It also urged the court to declare that NMDPRA is in violation of its statutory responsibilities under the PIA for not encouraging local refineries such as the company.
Shafa, A. A. Rano, and Matrix Petroleum, however, responded that Dangote refinery does not produce adequate petroleum products for the daily consumption of Nigerians.
They noted that the plaintiff had not placed anything before the court to prove the contrary.
They argued that they are well qualified and entitled to be issued an import licence by NMDPRA to import petroleum products.
They argued that they are well qualified and entitled to be issued an import licence by NMDPRA to import petroleum products in Nigeria within the meaning of Section 317(9) of the PIA.
They also noted that they are fully qualified for the issuance of the import licences issued to them by the 1st defendant, as they duly met all the legal requirements for the issuance of such import licences, before the same were issued to them.
“The import licences lawfully and validly issued to the defendants did not in any way whatsoever, cripple the plaintiff’s business or its refinery.
“The import licenses issued to the defendants by the 1st defendant are in line with the provisions of the Petroleum Industry Act, 2021, the Federal Competition and Consumer Protection Act, 2018, and other relevant laws,” they contended.
They insisted that giving Dangote Refinery the power of monopoly in Nigeria’s petroleum industry as it sought in the instant suit, would kill competitive pricing of petroleum products in the country.
Business
Royal African Society marks 125 years of Africa – Britain Businesses
The anniversary featured the Closing of Markets Ceremony and ringing of the exchange’s closing bell, alongside high-level sector discussions, fireside chats, the presentation of philanthropy awards and the unveiling of the Top African Brands in the UK and Top British Brands in Africa.
• Arunma Oteh, Chairperson of the Royal African Society
The Royal African Society has marked 125 years anniversary of Africa and Britain businesses and investments at a ceremony held at the London Stock Exchange.
The Wednesday event brought together the Emir of Kano, Muhammadu Sanusi II; President and Chief Executive Officer of Africa Finance Corporation, Samaila Zubairu; Chief Executive Officer of British International Investment, Leslie Maasdorp; Founder and Chief Executive Officer of Flutterwave, Olugbenga “GB” Agboola; Director and Chief Executive Officer of the Royal African Society, Stella Okotete; and other business, diplomatic and policy leaders.
Chairperson of the Royal African Society, Arunma Oteh, said that the organisation had spent 125 years fostering partnerships between both regions.
Oteh said that the celebration was aimed at deepening collaboration between Africa and the UK while promoting investment, innovation and shared prosperity.
The anniversary featured the Closing of Markets Ceremony and ringing of the exchange’s closing bell, alongside high-level sector discussions, fireside chats, the presentation of philanthropy awards and the unveiling of the Top African Brands in the UK and Top British Brands in Africa.
Business
US subjects imports from Nigeria to 12.5% tariff
The tariff affects imports from 60 economies that Washington says have not “imposed and effectively enforced a prohibition on the importation of goods produced with forced labour.”
The United States has imposed a 12.5 per cent tariff on imports from Nigeria as part of a new trade measure targeting countries it says have failed to prohibit the importation of goods produced with forced labour.
The tariff affects imports from 60 economies that Washington says have not “imposed and effectively enforced a prohibition on the importation of goods produced with forced labour.”
The measure was announced in a statement posted on the website of the Office of the United States Trade Representative on Thursday.
Nigeria is among the countries subject to the 12.5 per cent tariff, while India, Indonesia, Malaysia, Mexico and the United Kingdom will face a lower 10 per cent rate after adopting or committing to implement bans on imports linked to forced labour.
The move follows investigations launched by the USTR in May 2026 into 60 of the United States’ largest trading partners under Section 301 of the Trade Act.
According to the agency, it received more than 1,600 written submissions, held public hearings involving over 100 witnesses, and consulted more than 45 governments before announcing the tariffs.
Business
MTN Nigeria asks customers to trade old SIM packs for prizes
MTN named eight collection centres across the country where customers can deposit their items. The locations cover Lagos, Abuja, Kano, Jos, Delta, Port Harcourt, and Ibadan.
MTN Nigeria has invited customers to bring in old SIM packs, recharge cards, booster cards, dongles, and MTN-branded phones in exchange for prizes.
The telecom giant is running the campaign the under the hashtag #YelloMoments.
MTN launched the campaign on Wednesday, July 23, via its official social media pages, telling followers that items kept in drawers over the years could be worth something.
Customers who participate will also be featured on what MTN described as a “Memory Wall.”
Collection centres across Nigeria
MTN named eight collection centres across the country where customers can deposit their items. The locations cover Lagos, Abuja, Kano, Jos, Delta, Port Harcourt, and Ibadan.
In Lagos, customers can visit MTN Plaza at No. 1 Awolowo Road, Falomo, Ikoyi, or the office at 43 Allen Avenue, Ikeja. In Abuja, the collection point is at No. 4, Medeira Street, Maitama.
In Kano, it is at 2, Civil Centre Road. In Jos, Plateau State, the centre is at Plot 3119, Royalfield Road.
In Asaba, Delta State, the location is KLM 129, Benin–Asaba Expressway. In Port Harcourt, Rivers State, customers can go to 234, Old Aba Expressway, Opposite Hannah Fast Food.
In Ibadan, Oyo State, the drop-off point is at MTN Regional Office 1, Olubadan Avenue and Up/Zartech Road, Oluyole Estate.
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