Business
Fuel war brews as Dangote presses Tinubu to ban imports
•IPMAN, PETROAN push back, warn against monopoly, Dangote insists on ‘Nigeria First’ policy
The President of the Dangote Group, Alhaji Aliko Dangote, has asked President Bola Tinubu to include refined petroleum products in the list of items banned under the ‘Nigeria First’ policy of the Federal Government. But this was unanimously rejected by oil marketers and some industry analysts on Sunday.
The ’Nigeria First’ policy seeks to ban government agencies from importing goods that can be produced within Nigeria. In May, Tinubu barred government agencies from importing goods or services that are available locally.
The policy stated that no procurement of foreign goods or services already available in Nigeria shall proceed without justification and a Bureau of Public Procurement waiver.
Speaking at the just concluded Global Commodity Insights Conference on West African Refined Fuel Markets hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in partnership with S&P Global Insights, Dangote requested in clear terms that petrol, diesel, and other refined petroleum products be added to the items banned by the policy.
According to him, the importation of fuel into Nigeria is killing local refining and discouraging further investments in the sector and even the economy. To remain viable, he urged governments across Africa to take deliberate steps as the United States, Canada, and the European Union have done to protect domestic producers from what he called unfair competition.
Dangote did not mince words when he said that the Nigeria First policy announced by Tinubu should apply to the petroleum products sector. “The Nigeria First policy announced by His Excellency, President Bola Tinubu, should apply to the petroleum product sector and all other sectors,” he stated.
This request by Dangote seeks to place a ban on the importation of petrol, diesel, and other products being produced locally. He argued that local refiners were finding it difficult to sell their products because of what he called dumping. The billionaire businessman alleged that importers were dumping toxic fuel that would never be allowed in Europe.
“And to make matters worse, we are now facing increased dumping of cheap, often toxic petroleum products, some of which are blended to substandard levels that would never be allowed in Europe or North America,” he said.
Dangote mentioned that some of the importers bring into Nigeria fuel or crude oil subsidised in Russia. This, he said, affects local pricing, forcing refiners to drop prices below their costs.
“Due to the price caps on the Russian petroleum products, discounted petroleum products produced in Russia or with discounted Russian crude find their way to Africa, severely undercutting our local production, which is based on full crude pricing. This has created an unlevel playing field in most African countries. Petrol and diesel are sold for about a dollar net of taxes.
“In Nigeria, due to this unfair competition, this price is just about 60 cents, even cheaper than Saudi Arabia, which produces and refines its own oil. This is due to the fact that we are having too much dumping. To remain viable, we urge the governments across Africa to take deliberate steps as the United States, Canada, and the European Union have done to protect domestic producers from unfair competition,” he stated.
The richest man in Africa said this was not to monopolise the sector but to produce local investments. He noted that those who have the resources to invest in Nigeria keep taking their resources outside the country while they criticise local investors.
“Let me take this opportunity to address concerns around monopoly and dominance. The reality is that too many people who have the means and the opportunity to contribute meaningfully to our nation’s growth choose instead to criticise from the sidelines while investing their wealth abroad,” Dangote said.
To prove that his $20bn refinery can satisfy local fuel needs, Dangote disclosed that Nigeria has become a net exporter of petroleum products, having exported approximately 1.35 billion litres of petrol to other countries worldwide in 50 days.
According to Dangote, between June and July 2025, the refinery exported up to 1 million tonnes of petrol, which is approximately 1.35 billion litres when converted.
“Today, Nigeria has actually become a net exporter of refined products. Before I came on the podium, I asked my people how many tonnes of PMS we have actually exported. From June beginning to date, we have exported about 1 million tonnes of PMS, within the last 50 days,” he said.
Marketers tackle Dangote
However, marketers disagreed with Dangote, urging the Federal Government not to consider adding petroleum products to the list of items banned from importation.
Speaking with our correspondent on Sunday, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said independent marketers would not support that idea as it would spell doom for the sector.
“We independent marketers will depart from that request. If the government does that, that means we will not be able to check inflation and monopoly, since it is the only refinery operating in the country now. We should continue to import even as we buy locally.
“I heard that the NMDPRA stated clearly that Dangote cannot produce all the fuel that the country needs. We will appreciate it if the country allows importation to continue since we are not paying subsidy,” Ukadike said.
Reacting to Dangote’s claim that importation would kill businesses and local refineries, Ukadike differed. “Importation won’t kill local businesses or refineries; it will strengthen them. It will ensure local refineries step up their game. I don’t agree with Dangote on this,” he said.
Also, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, kicked against the call to ban fuel Importation. He said no one company should be allowed to dominate the downstream sector in a free economy.
While admitting that there is a need to ban the importation of some goods, he said these should not include fuel, stressing that Nigeria needs multiple sources of energy. “I don’t agree with Dangote. We are running a free economy. There’s no reason why any one company should have an overarching value on the entire industry.
“Importation is not killing the economy. Importation is stabilising the sources of petroleum products. Importation of all products is useful. However, those that can be produced in Nigeria, like toothpicks, garri, egusi soup, cassava, and others like that, should be banned.
“But importation of refined petroleum products should not be banned because it helps to ensure that there are multiple sources of energy and replenishment,” Gillis-Harry stated.
Expert reacts
An energy expert at the University of Lagos, Professor Dayo Ayoade, also warned against banning fuel Importation, saying this would promote monopolistic tendencies.
“No, we cannot have a ban on petroleum imports. It’s not a legal ban. That would not be acceptable because we don’t have diverse sources for petroleum products. We can’t rely solely on the Dangote refineries. That would give a monopoly to a private individual.
“And for the reasons of energy security and national security, that would be completely unacceptable. The government should continue to encourage, liberalise, and ensure other refineries come upstream. NNPC may want to privatise or sell off its refineries, then that’s fine. But we need to have a better base of product market before we now start to say we want to ban imports,” he said.
He queried what the local and international laws say about banning products.
“And you know, when we talk about bans, we have to look at international trade. International trade law does not really sit well with banning things. So, we have to be clever about how we do it. But if the market is ripe, it will be more expensive to bring in things from other countries than our own products, provided they are of sufficient quantity and the quality is fine,” the don submitted.
More refineries
During the NMDPRA conference, Dangote called on the regulator to encourage building more refineries. He charged the agency to withdraw dormant refinery licences from those holding on to them.
The IPMAN spokesman supported Dangote on this, saying, “On that side, I agree with him. You can’t obtain a licence to build a refinery and use it to decorate your house. The nation needs more refineries to do more exports.”
Dangote has repeatedly stated that his refinery has more than enough fuel to satisfy local fuel needs, wondering why some marketers insist on “sabotaging” his investment with importation. He disclosed recently that the refinery would produce hit 700,000 barrels per day capacity in December, an update from the current 650,000 BPD capacity.
On Friday, Dangote announced his retirement as a Director and the Chairman of the Board of Directors of Dangote Cement. According to a statement Friday by the Group Chief Branding & Communications Officer, Anthony Chiejina, Dangote is relinquishing his position as chairman and retiring from the board to focus more attention on the $20bn refinery, petrochemicals, fertiliser, and government relations.
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Importers have dropped petrol prices below the price offered by the Dangote Petroleum Refinery, sparking a new wave of competition. This comes amid a call by the President of the Dangote Group, Alhaji Aliko Dangote, for the Federal Government to ban fuel importation.
Findings by our correspondent showed that some filling stations now sell petrol below N860 per litre, while Dangote partners, such as MRS, Heyden, and others, sell at N865 or N875 in Lagos and Ogun States.
A filling station named SGR in Ogun State reduced its price to N847 per litre as of Tuesday. Marketers confirmed to The PUNCH that most importers have reduced their ex-depot petrol prices below that of the Dangote refinery.
As of Tuesday, it was learnt that Dangote refinery was selling petrol at N820 per litre while some depots sold the product at N815 per litre. According to Petroleumprice.ng, Aiteo, Menj and others put their prices at N815/litre as of Tuesday.
Our correspondent learnt that the importers were making efforts to remain in business through competitive pricing. Many had previously complained of recording losses when the 650,000-barrels-per-day capacity Dangote refinery began implementing constant price cuts earlier this year.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the ongoing downward price review by the importers.
“Depot owners are dropping their petrol prices. Some of them are selling N815, some are selling N817, while Dangote is selling N820. NNPC is still selling at N825; it has not dropped its prices yet,” Ukadike disclosed.
He described this as the beauty of market liberalisation, saying President Bola Tinubu should not heed calls to ban fuel importation.
“This is the beauty of the liberalisation of the market. That is why we opined that the President should not ban anybody from importing petroleum products. Nobody should be stopped from bringing in petroleum products. That is the beauty of opening up the market. Implementation and local refining will checkmate unfair pricing. As an indigenous country, you must refine to ensure that you have the best price,” Ukadike said.
On claims that toxic and substandard fuels are being imported into the country, the IPMAN spokesman said the Nigerian Midstream and Downstream Petroleum Regulatory Authority is in place to check substandard fuels.
Today, it appears that importers are daring Dangote by leading the charge in slashing petrol prices, a practice Dangote recently described as unfair competition. According to Dangote, the importation of fuel into Nigeria is killing local refining and discouraging further investments in the sector and even the economy.
To remain viable, he urged governments across Africa to take deliberate steps as the United States, Canada, and the European Union have done to protect domestic producers from what he called unfair competition.
Dangote did not mince words when he said that the Nigeria First policy announced by Tinubu should apply to the petroleum products sector. “The Nigeria First policy announced by His Excellency, President Bola Tinubu, should apply to the petroleum product sector and all other sectors,” he stated.
This request by Dangote seeks to place a ban on the importation of petrol, diesel, and other products being produced locally. He argued that local refiners were finding it difficult to sell their products because of what he called dumping. The billionaire businessman alleged that importers were dumping toxic fuel that would never be allowed in Europe.
“And to make matters worse, we are now facing increased dumping of cheap, often toxic petroleum products, some of which are blended to substandard levels that would never be allowed in Europe or North America,” he said.
Dangote mentioned that some importers bring subsidised fuel or crude oil from Russia into Nigeria. This, he said, affects local pricing, forcing refiners to lower their prices below production cost.
“Due to the price caps on the Russian petroleum products, discounted petroleum products produced in Russia or with discounted Russian crude find their way to Africa, severely undercutting our local production, which is based on full crude pricing. This has created an unlevel playing field in most African countries. Petrol and diesel are sold for about a dollar net of taxes.
“In Nigeria, due to this unfair competition, this price is just about 60 cents, even cheaper than Saudi Arabia, which produces and refines its own oil. This is due to the fact that we are having too much dumping. To remain viable, we urge the governments across Africa to take deliberate steps as the United States, Canada, and the European Union have done to protect domestic producers from unfair competition,” he stated at a recent event organised by the Nigerian Upstream Petroleum Regulatory Authority in Abuja.
However, marketers disagreed with Dangote, urging the Federal Government not to consider adding petroleum products to the list of items banned from importation under the ‘Nigeria First’ policy.
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President Bola Tinubu has directed the immediate employment of 200 National Youth Service Corps (NYSC) honorees into the federal civil service.
The President speaking on Tuesday also announced ₦250,000 cash award for the 200 honorees in recognition of their outstanding service during the 2020–2023 service years.
Tinubu who was represented by the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, at the combined President’s NYSC Honours Award Ceremony (2020-2023) in Abuja, celebrated the awardees for their “discipline, commitment, selflessness, teamwork, patriotism, and integrity.”
The President Tinubu also showed empathy to 10 physically challenged former corps members, who sustained varying degrees of disability while serving, directing that they should be offered federal employment and assuring them that the government will never forget their sacrifice.
He assured the honorees that the “Head of the Civil Service of the Federation and Chairman of the Federal Civil Service Commission will immediately begin their employment process.”
Beyond automatic employment and cash awards, every honoree—including those with disabilities—will receive a scholarship to pursue a postgraduate degree at any Nigerian university.
According to him: “In appreciation of their service to the nation, all the awardees will receive N250,000. Finally, each award recipient will be granted a scholarship to pursue postgraduate programs up to a degree in any university in the country,” he declared.
He reinforced the administration’s commitment to youth empowerment, saying: “In appreciation of these critical roles played by youth in national development, and to put them in the foreground of our economy, the government developed several youth-related programs, covering education, skills development, technology, and information sustainability.”
He called on the honorees and Nigerian youths alike “to continue to have faith in Nigeria,” urging them not to yield to those “seeking to destabilize the nation.”
The ceremony recognized the best overall performers among both male and female awardees.
The top four male awardees were: Nunaya Polycarp Nunaya (20B – KW/20B/0001) from Adamawa State, who served in Kwara State; Okpogbo Alvin Chinedu (21A) from Imo State, who served in Cross River State; Dr. Ugwa Obinna Mark (23B) from Abia State, who served in Cross River State and Rabiu Quadri Mayokun (23C) from Osun State, who served in Rivers State.
In the female category, the best overall awardees were: Akase Pati Ence Nguwasen (21A) from Benue State, who served in Gombe State and Igwe Anne Chikaodi (23C) from Enugu State, who served in Sokoto State.
Minister of Youth Development, Ayodele Olawande, lauded President Tinubu’s unwavering commitment to the future of Nigerian youth.
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The bank was founded 77 years ago by *Late Chief Matthew Adekoya* *Agbonmagbe* *Okupe* .
It didn’t start as a bank at first, though. Chief Mathew started out as a famous government-approved money lender before he established the bank.
He started the bank in May 1945 after his business expanded beyond the status of a cottage money lender.
After obtaining a banking license, Chief Matthew registered the Wema Bank we know today, with the name “Agbonmagbe Bank”. The word “Agbonmagbe” loosely translates as “the source that never runs dry”
As the first indigenous bank in Nigeria, Agbonmagbe Bank had branches in Ebute Metta, Mushin, Ifo, Sagamu, Ago Iwoye, Ijebu Igbo and Zaria.
Agbonmagbe Bank became Wema Bank through acquisition by Wema Board in 1969. 18 years later in 1987, the bank went public as Wema Bank Plc.
Chief Matthew Agbonmagbe Okupe died on November 1, 1984 at the age of 86 years.
He had 10 wives and 40 children.
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