As someone who watched the Nigerian oil industry with frustration and hope, the recent news of the Nigerian National Petroleum Company Limited (NNPC) ending its exclusive purchase agreement with the Dangote Refinery gives me an unexplainable joy. For years, Nigeria has been stuck in the claws of monopolistic practices and market inefficiencies in which Dangote seems to be the center of it.

The news about the creation of Dangote Refinery felt like the beginning of a revolution in Nigeria. Dangote refinery is like our answered prayer, with the capacity to address our fuel demands, reduce imports, and stabilize petrol prices. But over time, as I followed the developments, the shine started to wear off. But this latest move by the NNPC to step back and allow other petroleum marketers to directly purchase petrol from the Dangote Refinery feels like a necessary course correction.

The 650,000 barrels-per-day Dangote Refinery was supposed to be the crown jewel of Nigeria’s oil industry, capable of not just meeting our domestic fuel needs but also exporting fuel to other countries. The idea was that we could finally stop relying on imports, bring down fuel prices, and create a more stable energy market. But as with many ambitious projects, disappointment set in as the reality didn’t quite match the hype.

Despite all the fanfare surrounding Dangote Refinery, its performance so far has been disappointing. Publicly, Dangote Refinery boasted about revolutionizing Nigeria’s refining capacity and lowering petrol prices, but the numbers don’t lie. According to a news report by Premium Times, NNPC had been buying petrol from Dangote Refinery at ₦898.78 per litre and selling it to marketers at ₦765.99, paying a subsidy of almost ₦133 per litre. The same subsidy that was removed in 2023, making life unbearable. Meanwhile, the same refinery that promised to supply 400 million litres of petrol between mid-September and the end of the month only managed to deliver about 103 million litres—just 26% of what was expected. A massive shortfall.

It’s not just about missing targets. The refinery’s petrol pricing has been higher than imported fuel, which is a slap in the face for those of us who believed the hype–like me. If Dangote Refinery was supposed to make fuel cheaper, how is it that its petrol is priced at ₦898.78 per litre, while imported petrol was going for ₦858 per litre? These broken promises are not only frustrating; they’re damaging to the trust consumers placed in this supposed game-changer.

When I read the news report on Premium Times that the NNPC was ending its exclusive deal with Dangote, I felt a sense of relief, like my voice fighting for Nigerians is being heard. Finally, some sanity was returning to the market. This decision is more than just a bureaucratic move—it’s a lifeline for independent marketers and, ultimately, consumers like you and me. Without competition, prices soar, quality declines, and inefficiencies become the norm.

I sincerely applaud NNPC for this huge step taken to eliminate any monopolistic tendency that might rear its head. It is a thing of joy to see NNPC putting consumers into consideration and ensuring a competitive market is provided for oil marketers to enjoy fair trade, without constraint. To me, NNPC’s withdrawal is a breath of fresh air for the oil market, allowing other marketers to buy petrol directly from Dangote Refinery on a "willing buyer, willing seller" basis or even buy directly from other refineries. Ensuring that independent marketers will no longer be shut out. They can negotiate prices directly with the refinery, giving them the freedom to compete on a level playing field.

If NNPC hadn’t stopped this exclusive lifting of oil from Dangote, giving marketers equal access in the market, it would not be surprising if Nigerians eventually purchased petrol at N1,500 per litre. With marketers lifting oil at N898 per litre, other cost and expenses, and profit realization, we would have been done for. As a consumer myself, the significance of NNPC’s decision is something we all should celebrate and applaud because, witnessing another monopoly in oil as we witnessed in cement will definitely cause a huge uproar in this already dwindling economy.

One of other implications of NNPC’s withdrawal, is the end of the subsidies on petrol from Dangote Refinery. With the NNPC no longer covering the price differential of N133 per litre, marketers can now buy petrol directly from the refinery at market prices and sell it at cost, adding their own margins to cover operational expenses. They can even decide to import, since imported petrol ends up cheaper than Dangote Refinery oil. It is a great thing that NNPC realizes that competition in the oil sector is what Nigerians truly need to survive. We do not desire another monopoly, especially on such an essential commodity like oil. A major determinant of the price of essential goods and commodities.

NNPC has made it so that, more marketers are able to negotiate prices with Dangote or source products elsewhere, the competition will increase. This competition comes with better prices, improved efficiency, and more stability in supply chains. This significant step against the monopoly that threatened to form around the Dangote Refinery is now less of a concern, and independent marketers will have more freedom to operate and offer consumers better options. If Dangote Refinery decides to play Nigerians, marketers now have the luxury of choice. Although, I understand that there may be some short-term challenges, like potential price hikes, the long-term benefits of a competitive and efficient market will far outweigh these initial hurdles.

As consumers, we’ve been promised a lot over the years, and many of those promises have gone unfulfilled. But with this move towards greater competition and deregulation, there’s finally hope that Nigeria’s oil sector can evolve into something better—something that works for all of us, not just the big players. Let’s hope that Dangote Refinery, and the industry as a whole, can rise to the occasion and deliver the change we’ve been waiting for.

Maxwell Adeyemi Adeleye is a Strategic Communications Expert and Real Estate Broker based in the United Kingdom.

The Dangote Refinery (DRL), located in the Lekki Free Trade Zone (LFTZ) of Lagos State, was commissioned by former President Muhammadu Buhari on May 22, 2023, after construction began in 2016. This location grants DRL several benefits under Nigerian law, including tax exemptions, making it a strategic business decision to site the refinery within a Free Trade Zone.

At the commissioning, Mr. Godwin Emefiele, then Governor of the Central Bank of Nigeria (CBN), revealed that DRL's initial cost estimate of $9 billion had soared to $20 billion due to unforeseen circumstances. Fifty percent of the project's financing came from debt through banks, while the other half was equity provided by Alhaji Aliko Dangote. Emefiele highlighted the CBN’s role in providing N125 billion in domestic currency to support the venture, commending local banks for their unwavering support despite the challenges faced.

The Nigerian National Petroleum Corporation (NNPC) also played a pivotal role, purchasing a 7.2% equity stake in DRL for $1 billion, further cementing the nation’s support for the project. In addition, Dangote Group was able to access a $2.7 billion forex allocation during a period of severe foreign exchange shortages in Nigeria.

However, despite this strong backing, challenges remain. DRL promised product rollouts shortly after its commissioning, but Nigerians had to wait until September 2024, when the refinery announced the arrival of its first batch of petrol. To the disappointment of many, the price per litre was set at N898—a significant increase over the imported petrol price of N858.

This price disparity has sparked public outcry. Alhaji Dangote explained that, although DRL purchases crude oil in dollars, the refinery benefits from tax exemptions and a steady offtake of 50 million litres from NNPC. Despite this, DRL has yet to disclose the actual per-litre cost of petrol it sold to NNPC, fueling suspicions that it may be benefiting from monopolistic practices.

Many Nigerians feel betrayed, believing that the same government and institutions that supported DRL are now pricing them out of the market. Furthermore, DRL's silence on the exact price of its petrol raises concerns that it is using NNPC as a shield from public criticism while profiting from the high cost of fuel.

As NNPC prepares to bring its own refinery in Port Harcourt back online, it is essential that competition in the sector increases to prevent DRL from holding a monopoly. Regulatory authorities, such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), must ensure that DRL is transparent and that fair competition prevails.

Nigerians, who have long supported DRL, deserve transparency and a fair price for petrol. Given its location in a Free Trade Zone, its access to local crude, and its tax exemptions, DRL should reconsider its pricing model to reflect the support it has received from the nation.

The question remains: What is Dangote Refinery truly giving back to Nigerians?

Ecobank Nigeria has launched the Super Rewards Scheme, which gives 200 of its customers an opportunity to earn different cash gifts monthly, with four of them becoming millionaires at the end of the four months campaign. Korede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria, who announced the commencement of the campaign in Lagos, said the scheme is designed by Ecobank to reward customers’ loyalty, explaining that 50 customers with the highest deposit will be rewarded with cash prizes worth N25,000 weekly. The campaign runs between March and July 2021.

Demola-Adeniyi stated that participation is open to both new and existing individual customers of the Bank, adding that, this is the perfect time to open an Ecobank account or reactivate and fund a dormant account to qualify for the reward and enjoy a first-rate banking experience. “Fifty (50) customers with the highest deposit will be rewarded with N25,000 every week. And four customers with the highest deposit and transaction value within the campaign duration will be rewarded with N1 million naira each.”

Speaking on the dynamics of the scheme, Daberechi Effiong, Head, Consumer Products, Ecobank Nigeria, said the conditions to qualify for the scheme are simple and easy to ensure both new and existing customers participate and get rewarded. According to her, new customers are expected to open an account with a minimum of N5,000 and maintain the deposit for a 30-day period; the same she noted applies to existing customers, who only need to fund their active account with a minimum of N5,000 or reactivate their dormant account with a minimum of N5,000 and maintain the deposit for a 30 day period. Other conditions she noted are listed on Ecobank’s website, she also explained that customers can withdraw funds from their account during the campaign period but will only be qualified for the reward when they maintain at least a balance of N5,000 in their account.

Further, Mrs. Effiong noted that the beneficiaries of the reward will be announced every week on different platforms, including the Bank’s social media handles like Facebook – @EcobankNGR, Twitter and Instagram – @ecobank Nigeria and direct communication to customers. She also stated that “the bank will also send congratulatory SMS/email to the beneficiaries of the reward. She further explained that a customer can be rewarded more than once. “However, they will be required to make additional deposits and fulfill the other conditions for eligibility.” She advised those seeking further enquiry to do so via the Bank’s social media platforms and contact centre.

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Nigerian rapper & Big Brother Naija 2020 winner, Lekan Agbeleshe, popularly known as Laycon recently revealed that he would be dropping a Fire version of his hit single, Fierce. He made the announcement on Saturday, December 26, on Twitter explaining, “Since everyone is unboxing their gifts, let me drop this here. I’ll be unboxing a gift in January and it's going to be Fire”.

In no time, after his announcement, Twitter was sent into a frenzy as Icons, Laycon’s fans, expressed their excitement over the news, retweeting the star’s tweet using the hashtag #LayconxFire and since its release, on the 12th of January, 2021, the song has and continues to receive the needed accolades it deserves.

As many predicted, the new development is in partnership with Fire condom, Nigeria’s brand of choice for pleasurable and stimulating sex. As a confirmation of the brand’s push for more Nigerians to enjoy scintillating pleasure, the two variants Fire Xtra and Fire Xtacy have been designed to give users the best of both worlds. Fire Xtra, as the name implies, ensures prolonged action, it is ribbed, dotted and has extra features for enhanced pleasure. Fire Xtacy, on the other hand, has been created to enable greater stimulation, exploding climax, heightened pleasure, and absolute enjoyment by aiding the female stay warm and lubricated during intercourse.

This shift in marketing approach is very laudable. The #LayconXFireCondom collaboration was truly a fine match as both brands shared the same target audience and brand message.

The song is available on Audiomack, click. [url=http:///FierceRemix] to download or stream

For intense and scintillating pleasure, click [url=http:///35Ds3On][/url] to buy a Fire condom

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I think it was a banking sector issue but transfers are going through now. My backlog transfers went through and the ones I did today are going.

You can check again, or DM them on social media

It was jubilation and commendation for the management of Ecobank as its branch in Omu-Aran, Kwara, on Monday re-opened for skeletal services after its closure in May 2014, following a robbery attack.

Excited customers besieged the bank located on Aperan Way as early as 8.00 am for banking transactions and were attended to by the newly posted members of staff.

The bank management had earlier indicated its readiness to re-open the branch in a letter addressed to the Divisional Police Officer in Omu-Aran.

A copy of the letter signed by Bolade Okanlawon, Customer Service Manager and Victor Inyang, Area Manager, Kwara/Osun reads in parts:

“We write to formally inform you that we will be commencing banking operations in our Omu-Aran branch on Monday 23rd December 2019.

“This is coming after over five years of suspension of operation in the branch due to the last fatal robbery incident in 2014.

“We humbly request all security logistics be put in place to guarantee the safety of our operations and pledge our full cooperation in that regard”.

The bank and two others were attacked by armed bandits in 2014, resulting in the killing of three persons while an undisclosed amount of cash was carted away in the process.

Prior to the re-opening of the bank’s main branch in the town, the bank only maintained a cash centre inside the premises of Landmark University, specifically for students.

It had in November 2018 only activated its Automated Teller Machine services outside the branch premises for customers in preparation for full banking services which commenced on Monday.

However, First Bank on its part began banking operations in 2017, three years after the robbery attack, operating from 8 a.m to 2 p.m, following intense pressure from the people of the community.

The community in its bid to woo the banks back to business few months after the incident bought two Hilux security vehicles for the police in order to enhance their patrol and surveillance operations.

The management of Ecobank had commenced renovation of the bank’s building in a bid to join First bank around April but was forced to abandon the plan following another robbery attack in Offa.

The residents, especially bank customers, in separate interviews described the re-opening as “heartwarming, unprecedented and a welcome development’’.

“The re-opening of Ecobank is a big relief to us and we are very happy about it.

“The workers are fully on ground, especially the cashier, I just posted some money successfully now, that’s to tell you they are back to business,’’ Akeem Adelodun, a civil servant, said.

Mrs Funmilayo Obaduna, a trader, said she was at the branch to make enquiries, adding that she was promptly attended to by staff at the customer service.

“We have been looking forward to the re-opening of the bank’s branch, especially when they commenced ATM services last year.

“Having the bank now open inside the town is a welcome development and a big relief to us,” she said.

Another customer and secondary school student, John Adeniran, said the re-opening of the main branch would reduce frequent visit to the bank’s cash centre inside Landmark University premises for banking transaction.

“It has not been easy going to Ecobank cash centre inside Landmark University, it’s always with a lot of stress going through the institution’s security check in a bid to ascertain genuine customers.

“But with the main branch now opened, we are very happy and we commend the management for its magnanimity,” he said.

Oba Abdulraheem Adeoti, the traditional ruler of Omu-Aran and the Olomu of Omu-Aran, described the reopening as a splendid Christmas gift from Ecobank management.

“We have been on this for a while and kudos must be given to the Olomu-In-Council, Omu-Aran Development Association (ODA) and more importantly, our illustrious son, Bishop David Oyedepo, for their full support in making this a reality.

Hon. Raheem Olawuyi, the member representing Ekiti/Irepodun/Isin/Oke-Ero Federal Constituency, praised the bank’s management for acceding to the yearnings and aspirations of the community and its teeming customers in the area.

He pledged that his constituency would give necessary support to security agencies toward ensuring adequate protection that would enhance safe banking operations for bank customers and generality of the people.

Chief Bisi Adeyemi, President, Omu-Aran Development Association (ODA), on his part, expressed the community’s appreciation to the management of the bank for its magnanimity in re-opening the branch.

He gave an assurance that the association would not relent in extending necessary assistance toward a safe and conducive environment for banking operations to thrive.

An official of the bank, who did not disclose his name as he was not authorised to speak to the press, told NAN that the branch was still in the process of normalising its operation for improved service delivery.

He disclosed that the branch would only be opened to customers from 10 am to 12 noon for now, and this would be reviewed as operations stabilise.

Nasarawa State Government has dissociated itself from fake publications on some online platforms (not ours) that the State’s internal revenue audit unveiled a tax scandal involving some Nigerian banks, particularly Ecobank Nigeria.
This was contained in a disclaimer signed by the executive Chairman of Nasarawa State Government Board of internal revenue Service, Ahmed Yakubu Muhammed and addressed to Ecobank Nigeria.

As contained in the disclaimer, the false publication is said to be sponsored by ‘One Forensic Accounting Consultancy Firm based in Lagos.’
Extract of the statement states “This notice is coming on the heels of the ongoing publication tagged ‘Nasarawa State IGR fraudulent scandal practices engulfing several Nigerian Banks in Nasarawa State’ originating from the Nigerian Voice and possibly other outlets operating in the country as contained in the same publication sponsored by one Forensic Accounting Consultancy Firm in Lagos, Nigeria.
“However, in view of the aforementioned, the Nasarawa State Board of Internal Revenue Service hereby forward to your good office this notice of disclaimer disassociating itself from the publication affecting these banks operating in the state,” the notice read.

The state IGR board assured Ecobank Nigeria of continuous support and sustained business relationship. “While appreciating your usual cooperation, please accept the assurances of our esteemed regards and sustained business relationship,” it said.

Yes o @TwoBottles. Getting a loan from Ecobank is quite quick and easy. All you need to do is walk into any Ecobank branch and apply. You should get your loan is less than 24 hours depending on the size of the loan.