The Dangote Refinery has reduced its gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by N50 per litre, bringing the price down from N1,175 to N1,125 per litre nationwide.

The latest adjustment was confirmed on Thursday by the spokesperson of the Dangote Group, Anthony Chiejina, who stated that the refinery had implemented the reduction as part of ongoing price reviews in response to market developments.

According to him, the refinery’s petrol gantry price has now been lowered by N50 per litre, further easing wholesale fuel costs across the country.

In addition to the reduction in gantry prices, the refinery also reviewed its coastal supply price downward. The coastal petrol supply price fell from N1,495,215 per metric tonne to N1,428,165 per metric tonne.

The development comes amid a significant decline in global crude oil prices, which have dropped to between $69 and $73 per barrel, returning to levels recorded before the escalation of tensions in the Middle East.

The latest cut follows an earlier reduction announced by the refinery on June 16, when the gantry price of petrol was lowered by N75 per litre. That adjustment subsequently triggered reductions in retail pump prices across various parts of the country.

With the new reduction, the refinery has cut its petrol price by a cumulative N125 per litre within two weeks as international oil prices continue to soften.

Despite the downward adjustments, retail petrol prices in Abuja and surrounding areas currently range between N1,241 and N1,305 per litre, depending on the marketer and location.

Meanwhile, many Nigerians have continued to call for further reductions in pump prices, arguing that fuel should return to levels of between N800 and N900 per litre, which prevailed before the spike in global energy prices linked to geopolitical tensions earlier in the year.

Industry observers say the impact of the latest reduction on retail prices will depend on market forces, distribution costs, and the speed at which marketers adjust their pricing structures in response to the lower refinery rates.

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Nigeria has signed a €200 million financing agreement with the European Investment Bank (EIB) to support small businesses, promote green energy initiatives, and accelerate digital innovation through the Development Bank of Nigeria (DBN).

The five-year financing facility is designed to expand access to credit for small and medium-sized enterprises (SMEs) and micro, small and medium enterprises (MSMEs) driving green growth and digital transformation across the country.

The development was disclosed by the Special Assistant to President Bola Ahmed Tinubu on Social Media, Dada Olusegun, in a post on X.

According to him, the agreement aims to strengthen financial support for businesses operating in strategic sectors while encouraging innovation and sustainable economic development.

He noted that the facility also includes targeted support for women-owned enterprises, with at least 30 per cent of the funding reserved for female entrepreneurs.

“The five-year facility is aimed at expanding access to finance for SMEs and MSMEs driving green growth and digital transformation, while also supporting women-led businesses, with at least 30 per cent of the funding reserved for female entrepreneurs,” he stated.

The financing package is expected to deepen financial inclusion, improve access to long-term capital, and strengthen businesses contributing to Nigeria’s transition toward a more sustainable and technology-driven economy.

Under the arrangement, the Development Bank of Nigeria will oversee implementation of the facility and ensure that eligible businesses across key sectors benefit from the funding over the duration of the programme.

The agreement highlights continued collaboration between Nigeria and international development partners in supporting private sector growth, job creation, economic diversification, and sustainable development.

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By Kolawole Omotola Olaide

Billionaire businessman and Chairman of Femi Otedola has further strengthened his influence in First HoldCo after purchasing an additional 680.8 million shares valued at approximately N29.6 billion.

The latest acquisition, executed through a private placement exercise, has increased Otedola’s stake in the financial services group to 20.42 percent, consolidating his position as the company’s largest shareholder.

Sources familiar with the transaction disclosed that the shares were acquired at N44 per unit, significantly below the company’s market closing price of N61 per share on Thursday. The private placement reportedly raised about N45 billion, with Otedola and another institutional investor accounting for nearly 90 percent of the total subscription.

With the fresh investment, Otedola’s total holdings in First HoldCo have risen to roughly 9.29 billion shares, underscoring his growing commitment to the company’s long-term growth strategy.

The successful capital raise has also boosted First HoldCo’s share capital to N525.6 billion, enabling the institution to exceed the minimum N500 billion capital requirement set by the Central Bank of Nigeria for banks operating internationally.

The development comes as First HoldCo intensifies efforts to strengthen its financial position and support the recapitalisation of its flagship banking subsidiary, First Bank of Nigeria.

Industry observers note that the capital injection forms part of the group’s broader strategy to reinforce its balance sheet and meet evolving regulatory standards within Nigeria’s banking sector.

Otedola has consistently expanded his investment in the company over the past year. In May, he acquired 549.53 million shares worth over N43 billion through Calvados Global Services Limited, further increasing his influence within the institution.

The latest transaction aligns with First HoldCo’s ambition to build a N1 trillion capital base. During its 14th Annual General Meeting, shareholders approved plans to raise up to N253.09 billion through a combination of public offerings, private placements, rights issues, bonus issues, scrip dividends and other equity instruments across local and international markets.

Financial analysts believe the continued capital mobilisation will position First HoldCo to compete more effectively within Nigeria’s evolving banking landscape while supporting future expansion plans.

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot operators, and fuel importers to reduce petrol prices following a decline in global crude oil prices.

The association said the drop in international oil prices presents an opportunity for stakeholders in Nigeria’s downstream petroleum sector to lower ex-depot and pump prices, easing the financial burden on consumers and businesses grappling with economic challenges.

In a statement issued by PETROAN’s National Public Relations Officer, Joseph Obele, the association’s National President, Billy Gillis-Harry, noted that recent developments in the global oil market should be reflected in domestic fuel pricing.

According to the statement, Brent crude prices have declined to between $77 and $78 per barrel after the ceasefire agreement between the United States and Iran and expectations of improved oil export flows through the Strait of Hormuz.

The association said market analysts project Brent crude prices to trade between $75 and $82 per barrel in the coming days, while West Texas Intermediate (WTI) crude is expected to remain within the range of $72 to $79 per barrel.

PETROAN expressed concern that imported petroleum products are in some cases landing in Nigeria at lower costs than products supplied by local refiners, stressing the need for a more competitive market environment.

Gillis-Harry argued that consumers should benefit from lower international oil prices through reduced fuel costs, adding that competition among suppliers remains essential to ensuring affordable and reliable petroleum products.

The association urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue granting import licences to qualified marketers to sustain healthy competition within the sector.

According to PETROAN, increased competition would discourage monopolistic practices, improve efficiency, and help stabilize product supply across the country.

The association also appealed to the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, to facilitate discussions with two Chinese firms reportedly interested in managing the Port Harcourt and Warri refineries.

PETROAN said the successful rehabilitation and operation of the refineries under capable private-sector management could significantly boost domestic refining capacity, improve supply stability, and contribute to lower fuel prices.

The association maintained that if crude oil prices continue to moderate alongside stable exchange rates and manageable refining costs, Nigerians should begin to experience relief through reduced petrol prices and lower transportation and business expenses.

PETROAN added that ensuring a competitive downstream market remains one of the most effective ways to protect consumers and support economic growth across the country.

This version is rewritten as a fresh news report with a new structure and wording while retaining the core facts of the original story.

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The Federal Government has distributed about N13 billion in interest-free loans to 7,450 academic and non-academic staff members across public tertiary institutions in Nigeria as part of efforts to improve the welfare of education workers.

The intervention, executed through the Tertiary Institutions Staff Support Fund (TISSF), covered beneficiaries in 153 public universities, polytechnics and colleges of education nationwide during the 2025/2026 programme cycle.

According to information released by the Federal Ministry of Education, the initiative forms part of President Bola Ahmed Tinubu’s Renewed Hope Agenda aimed at strengthening staff welfare, boosting productivity and supporting the financial wellbeing of workers in the education sector.

The TISSF scheme, established by the Ministry of Education and managed by the Bank of Industry, offers eligible tertiary institution employees access to loans of up to N10 million without interest, enabling them to meet personal and professional financial obligations.

Government officials said the programme is helping to reduce financial challenges faced by workers while creating a more supportive environment for teaching, research and innovation across higher institutions.

Minister of Education, Dr. Tunji Alausa, described the fund as a strategic component of ongoing reforms within the education sector. He stressed that improving staff welfare remains essential to achieving sustainable growth and excellence in tertiary education.

According to the minister, investments in infrastructure, technology, research and institutional development must be complemented by programmes that directly enhance the quality of life of education workers.

Alausa noted that the success recorded in the current phase demonstrates the strong demand for the scheme among tertiary institution employees and reflects its positive impact on beneficiaries nationwide.

Data released by the ministry revealed that more than 42,000 applications have been processed through the programme’s digital platform since loan disbursement began in October 2025.

The breakdown showed that universities received 52 percent of the disbursements, while colleges of education accounted for 25 percent and polytechnics received 23 percent.

The ministry also disclosed that women represented 19 percent of beneficiaries, adding that future phases of the programme will focus on increasing awareness and encouraging greater participation among female staff and underserved regions.

Officials further stated that plans are underway to simplify the application process and improve engagement with participating institutions to ensure faster and more efficient access to the fund.

Applications for the 2026/2027 TISSF cycle are expected to commence before the end of June 2026, with eligible workers advised to stay in touch with their institutions’ bursary departments and monitor official channels for updates.

The Federal Government expressed confidence that the programme will continue to support education workers while strengthening the nation’s tertiary education system through improved staff welfare and financial stability.

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The Nigerian currency continued to face pressure in the foreign exchange market as the naira traded above ₦1,370 against the United States dollar at the official market, according to the latest figures released by the Central Bank of Nigeria (CBN).

Data from the apex bank showed that the naira exchanged at approximately ₦1,370.45 to the dollar, reflecting a slight depreciation when compared to previous trading sessions. Despite efforts aimed at stabilising the foreign exchange market, demand for the dollar remains strong across various sectors of the economy.

Meanwhile, rates in the parallel market remained significantly higher, with the dollar reportedly trading around ₦1,390, highlighting the persistent gap between official and unofficial exchange windows.

Financial analysts say the disparity reflects ongoing pressure on foreign currency supply and continued demand from importers, businesses, travellers and investors seeking access to foreign exchange.

The current market structure follows the CBN’s foreign exchange reforms introduced in June 2023, which unified multiple exchange rate windows into the Investors and Exporters (I&E) market. The policy was designed to improve transparency, enhance liquidity and allow market forces to play a greater role in determining exchange rates.

Under the framework, eligible foreign exchange transactions are processed through authorised financial institutions using a willing-buyer, willing-seller model intended to promote efficiency and price discovery within the market.

Economic observers note that while the reforms have improved transparency, the naira continues to face challenges linked to foreign exchange demand, global economic conditions and domestic market dynamics.

Experts believe sustained foreign investment inflows, increased export earnings and stronger dollar liquidity will be crucial in supporting long-term exchange rate stability.

The CBN has repeatedly maintained that ongoing reforms are aimed at strengthening confidence in the foreign exchange market while ensuring a more flexible and market-driven system.

As businesses and consumers monitor developments closely, stakeholders continue to watch for policy measures that could ease pressure on the naira and improve access to foreign currency across the economy.

Market analysts also advise individuals and businesses involved in foreign exchange transactions to verify rates through official channels, noting that exchange rates may vary depending on location, transaction volume and market conditions.

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners and petroleum products importers to reduce ex-depot and retail pump prices of petroleum products in line with the recent decline in global crude oil prices.

PETROAN National President, Billy Gillis-Harry, made the appeal in a statement issued on Thursday by the association’s National Public Relations Officer, Dr. Joseph Obele.

Gillis-Harry said the drop in international crude oil prices presents an opportunity for operators in the downstream petroleum sector to transfer the benefits of lower crude costs to Nigerian consumers through reduced fuel prices.

According to him, prevailing market realities should be reflected in both ex-depot and retail pump prices to ensure fairness and provide economic relief to Nigerians.

He noted that Brent crude oil prices have declined to about $77–$78 per barrel following the ceasefire agreement between the United States and Iran, as well as expectations of a gradual normalisation of oil exports through the Strait of Hormuz.

The PETROAN president added that market analysts project Brent crude to trade between $75 and $82 per barrel in the coming week, while West Texas Intermediate (WTI) crude is expected to remain within the $72 to $79 per barrel range.

He attributed the decline in global crude prices to the continued implementation of the U.S.-Iran peace agreement, increased crude exports from the Middle East and concerns over weaker global oil demand.

While acknowledging that fresh supply disruptions, a collapse in peace negotiations or unexpected production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and its allies could trigger a reversal in prices, Gillis-Harry maintained that the current outlook for the global oil market remains relatively stable.

He also expressed concern that the landing cost of imported petroleum products appears, in some instances, to be lower than the prices offered by domestic refiners.

According to him, the development highlights the need for a more competitive downstream petroleum market capable of guaranteeing consumers access to the most affordable petroleum products available.

To promote competition and price moderation, Gillis-Harry urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers.

He explained that increased competition among suppliers would help moderate prices, discourage monopolistic tendencies and ensure a steady supply of petroleum products across the country.

The PETROAN president stressed that competition remains one of the most effective mechanisms for driving efficiency, reducing costs and protecting consumers.

He added that a competitive market environment would encourage industry players to review their prices downward in line with prevailing market conditions.

PETROAN also called on the Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, to facilitate discussions with two Chinese firms reportedly interested in operating the Port Harcourt and Warri refineries.

Gillis-Harry said the successful revival and operation of the refineries under private-sector management could further reduce petroleum product prices through improved efficiency and increased domestic refining capacity.

According to him, the resumption of operations at the Port Harcourt and Warri refineries under competent private management would enhance supply stability, promote healthy competition and ultimately make petroleum products more affordable for Nigerians.

He further noted that sustained moderation in crude oil prices, alongside stable exchange rates and refining costs, should support lower petrol prices and provide much-needed relief to consumers and businesses facing economic challenges.

PETROAN reiterated its commitment to advocating for a transparent, competitive and consumer-friendly downstream petroleum sector that promotes fair pricing, energy security and sustainable economic growth.

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The National Youth Service Corps (NYSC) and the Nigerian Exchange Group (NGX Group) have entered into a partnership aimed at promoting financial literacy and expanding capital market awareness among corps members nationwide.

The initiative seeks to equip young graduates with investment knowledge and expose them to opportunities within Nigeria’s capital market as part of broader efforts to encourage financial inclusion, wealth creation and economic participation.

The partnership was highlighted during a visit by the Director-General of the NYSC, Brigadier General Olakunle Nafiu, to the Nigerian Exchange Group in Lagos, where he also participated in the Closing Gong Ceremony.

Speaking during the visit, Nafiu described the collaboration as a strategic step towards empowering Nigerian youths with essential financial knowledge and practical investment skills.

He noted that the partnership would introduce corps members to stock trading and other opportunities available within the capital market, helping them make informed financial decisions and build long-term wealth.

According to him, the initiative represents a commitment to preparing young Nigerians for greater participation in the nation’s financial ecosystem.

Chairman of the Nigerian Exchange Group, Alhaji Umaru Kwairanga, welcomed the NYSC Director-General and expressed the organisation’s readiness to strengthen collaboration with the scheme and other stakeholders in the financial sector.

Kwairanga commended the NYSC for its longstanding role in promoting national unity and youth development, describing the scheme as a critical institution in Nigeria’s nation-building efforts.

He emphasized that the Nigerian financial ecosystem offers numerous opportunities that can benefit young people and help them achieve financial independence.

According to him, the partnership will encourage a stronger savings culture among corps members and promote wider participation in the growth and development of the national economy.

Also speaking, the Chief Executive Officer of Nigerian Exchange Limited, Mr. Jude Chiemeka, said the exchange currently hosts more than 323 listed securities, providing a wide range of investment opportunities for prospective investors.

He noted that the Nigerian capital market remains one of Africa’s leading frontier markets and continues to attract significant goodwill from investors.

The collaboration is expected to form part of ongoing efforts to integrate financial education into youth development programmes and equip young Nigerians with the knowledge required to participate effectively in the country’s evolving economic landscape.

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Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, extending the upward trend in consumer prices despite signs of moderation in monthly price increases, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).

The report showed that the CPI increased to 140.7 points in May from 138.3 points recorded in April, reflecting continued pressure on the prices of goods and services across the economy.

On a month-on-month basis, however, inflation slowed to 1.75 per cent in May from 2.13 per cent in April, indicating that the pace of price increases moderated during the month.

Data from the NBS revealed that annual inflation rose for the third consecutive month in 2026, increasing from 15.38 per cent in March to 15.69 per cent in April before reaching 15.93 per cent in May.

Despite the increase, the figure remains significantly lower than the 26.06 per cent inflation rate recorded in May 2025, suggesting an improvement when compared with the same period last year.

According to the bureau, the average inflation rate for the twelve months ending May 2026 stood at 18.36 per cent, compared with 30.57 per cent recorded during the corresponding period in 2025.

Food prices continued to be the largest contributor to inflationary pressures, accounting for 6.38 percentage points of the annual inflation rate. Restaurants and accommodation services contributed 2.06 percentage points, while transportation added 1.70 percentage points.

Other major contributors included housing, water, electricity, gas and other fuels, which accounted for 1.34 percentage points. Education and health services contributed 0.99 and 0.97 percentage points respectively, while clothing and footwear added 0.80 percentage points.

The NBS reported that food inflation stood at 16.96 per cent year-on-year in May, lower than the 24.55 per cent recorded in May 2025. On a monthly basis, food inflation eased to 2.98 per cent from 3.63 per cent in April.

The increase in food prices was largely driven by rising costs of staple commodities, including onions, maize, yam, cassava products, pepper, tomatoes and various grain products.

Core inflation, which excludes the prices of farm produce and energy, rose to 16.82 per cent year-on-year. On a monthly basis, core inflation accelerated to 1.94 per cent from 1.03 per cent in April, indicating persistent underlying price pressures.

Urban inflation was recorded at 16.07 per cent year-on-year, while rural inflation stood at 15.60 per cent. Monthly urban inflation increased to 1.99 per cent, whereas rural inflation slowed sharply to 1.17 per cent from 2.80 per cent recorded in April.

Services inflation remained elevated at 17.92 per cent year-on-year and 2.84 per cent month-on-month. Imported food inflation stood at 14.60 per cent annually, while goods inflation and energy inflation were recorded at 6.62 per cent and 5.73 per cent respectively.

At the subnational level, Yobe State recorded the highest headline inflation rate at 24.94 per cent, followed by Anambra at 23.29 per cent and Sokoto at 22.60 per cent. Niger State recorded the lowest inflation rate at 3.07 per cent, with Plateau and Edo also among states with relatively low inflation figures.

On a monthly basis, Benue recorded the highest increase in inflation at 8.23 per cent, while Niger State recorded a decline of 4.55 per cent.

Food inflation varied across states, with Adamawa posting the highest rate at 29.62 per cent, followed by Kwara and Rivers states. Borno State recorded food deflation of 6.53 per cent.

Similarly, Bauchi recorded the highest month-on-month food inflation rate at 7.73 per cent, while Niger, Katsina and Gombe states experienced declines in food prices during the period under review.

The latest NBS report highlights the persistence of inflationary pressures in Africa’s largest economy, even as monthly indicators suggest a gradual moderation in the pace of price increases.

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Africa’s largest banking group, Standard Bank, has reaffirmed its commitment to supporting the growth ambitions of Dangote Industries Limited, including the planned public listing of the Dangote Petroleum Refinery and future expansion projects across the African continent.

The assurance was given during a strategic visit by Standard Bank Group Chief Executive Officer, Sim Tshabalala, and a delegation of senior executives to the Dangote Refinery and Fertiliser Complex in Lagos.

The visit underscored the longstanding relationship between both organisations and highlighted growing international confidence in one of Africa’s most ambitious industrial projects.

Speaking after touring the facilities, Tshabalala described the Dangote Refinery as a transformative investment with far-reaching implications for Nigeria’s economy and Africa’s industrial development. He noted that the refinery has emerged as a significant player in the continent’s energy landscape, contributing to energy security, foreign exchange generation and economic diversification.

According to him, Standard Bank remains committed to providing strategic financial support to Dangote Industries as it pursues its next phase of growth.

He disclosed that the bank intends to play a major role in the refinery’s anticipated Initial Public Offering (IPO), while also offering financial advisory services and funding support for future projects within the group.

Industry observers believe the proposed IPO could become one of the largest corporate listings in Africa, opening new opportunities for investors to participate in the refinery’s growth story and strengthening capital market activity across the region.

Tshabalala further praised the scale and sophistication of the refinery project, describing it as a landmark industrial achievement capable of reshaping Africa’s energy future. He noted that the facility is already helping to reduce dependence on imported petroleum products while strengthening Nigeria’s position as a major refining hub.

Officials of Dangote Industries welcomed the renewed commitment from Standard Bank, describing the partnership as instrumental to the successful execution of several large-scale projects undertaken by the group.

Group Vice President for Oil and Gas, Devakumar Edwin, acknowledged the role played by the financial institution throughout the development of the refinery, noting that its support dates back to the project’s construction phase.

The Managing Director of Dangote Petroleum Refinery, David Bird, also highlighted the importance of strategic collaborations in delivering projects of such magnitude, stressing that strong partnerships remain essential for sustaining growth and operational excellence.

The visit coincided with a significant operational milestone for the refinery, which recently surpassed its installed processing capacity of 650,000 barrels of crude oil per day during test operations. Company officials disclosed that the facility successfully achieved production runs of up to 700,000 barrels per day, demonstrating its ability to exceed design expectations.

The achievement is expected to further strengthen investor confidence in the refinery as it prepares for public listing and expands its footprint across regional and international markets.

Analysts say Standard Bank’s endorsement represents a strong vote of confidence in the refinery’s commercial viability and long-term prospects, particularly at a time when Africa is seeking greater energy independence and increased industrial capacity.

With the refinery now operational and expansion plans gathering momentum, industry stakeholders view the partnership between Standard Bank and Dangote Industries as a significant step toward unlocking new investment opportunities and accelerating economic growth across the continent.

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