The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has described Dangote Refinery’s fuel distribution scheme as deceptive and exploitative. In a statement responding to the ongoing face-off between the National Union of Petroleum and Natural Gas Workers (NUPENG) and Dangote Refinery, DAPPMAN argued that the initiative was not in the best interest of the downstream sector. Dangote Refinery had on Thursday announced plans to commence nationwide distribution of petrol and diesel using 4,000 compressed natural gas trucks. NUPENG, however, accused the refinery and the federal government of plotting to weaken the union and edge out other operators in the industry. DAPPMAN, which has consistently opposed the distribution arrangement, maintained that the scheme would ultimately impose extra financial pressure on petroleum marketers. “The claim that the refinery offers ‘free delivery’ is also misleading. In reality, marketers are required to lift at least 25 per cent of their allocations directly from the refinery gantry and must do so using only Dangote-owned trucks, paying commercial rates based on their destination. This arrangement imposes additional logistical and financial burdens on marketers, limits operational flexibility, and undermines the narrative of cost relief being provided to the local market,” DAPPMAN stated. DAPPMAN said Dangote Refinery fuel reduction is mainly to frustrate other businesses within the value chain. “Claims that repeated fuel price reductions by the Dangote Refinery are patriotic gestures ignore their timing and market impact. These reductions were often strategically timed when other importers had active cargoes at sea or in tanks, creating price shocks that undermined competition and imposed financial strain on fellow market participants, including the refinery’s own domestic customers. According to DAPPMAN, Dangote Refinery shortchanged domestic buyers with higher prices while selling to international buyers at a lower cost. “Even more concerning is the refinery’s pattern of offering lower prices to international buyers while quoting higher rates to local off-takers. This contradicts public-facing claims of prioritising Nigerians and places unnecessary burden on domestic businesses already operating under tight margins.”

The Dangote Refinery has announced that it will commence free direct delivery of petrol across Nigeria from Monday, September 15. The company also reviewed pump prices downward, fixing the retail price at ₦841 per litre in Lagos and the South West, while Abuja, Edo, Kwara, Rivers and Delta states will sell at ₦851 per litre. In a statement posted on its official X handle on Thursday, the refinery explained that the free delivery scheme will initially cover 11 states before gradually expanding nationwide. “All petrol station owners across the country are encouraged to register for free delivery and other benefits,” the post added. It will be recalled that on June 15, the refinery announced the acquisition of 4,000 new compressed natural gas (CNG)-powered tankers, with a target of deploying 10,000 CNG-powered trucks this year to strengthen its logistics network and cut distribution costs. Meanwhile, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has warned that a nationwide strike is “inevitable,” accusing Dangote of breaching existing agreements.

Oracle co-founder Larry Ellison has overtaken Elon Musk to become the world’s richest person, ending the Tesla CEO’s nearly year-long dominance at the top of the Bloomberg Billionaires Index. According to Bloomberg, Ellison’s fortune surged by a record $101 billion on Wednesday after Oracle posted quarterly earnings that exceeded expectations and projected stronger growth in its cloud business. The jump pushed his net worth to $393 billion, placing him ahead of Musk, whose wealth now stands at $385 billion. At 81, Ellison’s gains mark the largest single-day increase ever recorded on Bloomberg’s ranking. Oracle shares, which had already advanced 45 percent this year, soared another 41 percent following the company’s announcement of robust bookings and a positive outlook for its cloud infrastructure unit. Ellison, who serves as Oracle’s chairman and chief technology officer, holds the majority of his wealth in the company’s stock. Musk, who first rose to the top of the billionaires list in 2021, regained the crown last year and held it for just over 300 days. He previously ceded the title to Amazon founder Jeff Bezos and LVMH chairman Bernard Arnault. So far this year, Tesla’s shares have dropped 13 percent. However, the company’s board has proposed a massive compensation package for Musk that could make him the world’s first trillionaire if he achieves a series of ambitious performance targets.

The naira weakened in the parallel market on Wednesday, sliding to ₦1,540 per dollar from ₦1,525 recorded the previous day. However, in the Nigerian Foreign Exchange Market (NFEM), the local currency gained strength, appreciating to ₦1,502.5 per dollar. Figures released by the Central Bank of Nigeria (CBN) showed that the exchange rate improved from ₦1,506.5 to ₦1,502.5 per dollar, reflecting a ₦6.5 appreciation. As a result, the gap between the parallel market and NFEM widened, rising to ₦37.5 per dollar from ₦18.5 on Tuesday.

The Minister of Finance, Wale Edun, disclosed on Wednesday that about 80 per cent of the 2024 budget had been implemented as of September 2025. His disclosure came as the House of Representatives Committee on Appropriations met behind closed doors with Edun and the Minister of Budget and National Planning, Senator Atiku Bagudu, to assess the progress of the 2024–2025 Appropriation Act. Speaking to journalists after the session at the National Assembly, the Committee Chairman, Rep. Abubakar Bichi (APC–Kano), said public concern over budget performance required the legislature to ensure transparency and accountability. “We engaged the Ministers of Finance and Budget; both acknowledged our concerns and assured us of their commitment. They promised that before the year ends, Nigerians will begin to see more visible results. We will continue to monitor closely,” Bichi said. Speaking, the Minister said that: “Implementation is at about 80 per cent. Since the National Assembly extended the 2024 budget till December, it is still running. We also reviewed the 2025 budget, with special focus on grassroots projects and infrastructure like roads and irrigation that directly impact citizens,” Edun said, adding that there was no plan yet for a supplementary budget. “As is customary, we reviewed the budget performance, looked at 2024, basically overall it’s around 80 per cent. And as you know, the budget for 2024 was extended by the National Assembly till December, so it is still running, it is still a work in progress. “And likewise, we looked at what is happening in 2025, and we put heads together to ensure that particularly the projects that touch the grassroots, that provide support, resources, and facilities, like irrigation and other infrastructure projects at the grassroots level, are focused on and are given adequate attention and priority.” So discussion is on ongoing implementation of the budget faithfully and fully.” On concerns over additional spending, Edun clarified that there was no discussion on a supplementary budget for 2025. Budget Minister Bagudu noted that lawmakers commended the Tinubu administration’s respect for the National Assembly and its reform efforts. “The National Assembly has supported all major reform initiatives, including tax reforms which are already yielding results. Today’s engagement helped identify areas for improvement,” Bagudu stated.

The Naira strengthened yesterday, trading at N1,525 per dollar in the parallel market, up from N1,530 per dollar on Monday. In the Nigerian Foreign Exchange Market (NFEM), the currency also gained, settling at N1,506.5 per dollar, according to data from the Central Bank of Nigeria (CBN). This reflects an appreciation of N6.5 from Monday’s rate of N1,513 per dollar. As a result, the gap between the parallel market and NFEM rates widened to N18.5 per dollar, compared to N17 per dollar recorded on Monday.

A spokesman for Nigeria’s Dangote Refinery on Tuesday assured that the country will not face a petrol shortage despite an ongoing strike by the union of fuel tanker drivers. The strike, which began on Monday and has since gained backing from other unions in Nigeria and abroad, comes as the refinery—the largest in Africa—deploys its own drivers to supply fuel to retailers. “There is no fuel shortage, everything is going on,” refinery spokesman Anthony Chiejina told AFP, adding that discussions were ongoing among the union, government officials, and the company. Before the 650,000-barrel-per-day refinery began operations last year, Nigeria, despite being a major oil producer, imported nearly all its petrol due to years of neglect and mismanagement of state-owned refineries. The Dangote facility has since driven down pump prices for consumers and disrupted long-dominant interests in Nigeria’s oil sector, which has long been plagued by corruption. However, its growing dominance has also raised concerns about monopoly power, given its backing by Africa’s richest man, Aliko Dangote. In August, the refinery announced plans to deploy thousands of compressed natural gas (CNG)-powered trucks to distribute fuel nationwide, but the rollout has been delayed by logistics hurdles. The move has unsettled a market traditionally dominated by more than 20,000 diesel-powered tankers. The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), which began its strike on Monday, accused Dangote of recruiting new drivers under the condition that they not join the union—an allegation the company has firmly denied.

Nigerians may face fuel scarcity next week as tanker drivers, under the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), threaten to halt fuel loading over an escalating rift with the management of Dangote Petroleum Refinery. The dispute stems from the refinery’s plan to import 4,000 Compressed Natural Gas-powered trucks for direct fuel distribution to retailers. Although the scheme, initially set to begin on August 15, was delayed due to logistics issues in China, the refinery confirmed it would commence once a sufficient number of trucks arrive. In a statement jointly signed by its President, Williams Akporeha, and General Secretary, Afolabi Olawale, on Friday, NUPENG accused the refinery of engaging in anti-labour practices that threaten the livelihood of members in its Petroleum and Tanker Drivers Branch. The union alleged that refinery founder, Aliko Dangote, insisted that new drivers recruited for the imported trucks would not be allowed to join any union. NUPENG condemned this position as a violation of workers’ right to association enshrined in the 1999 Constitution and a breach of international labour conventions ratified by Nigeria. It further recalled holding several meetings, alongside the Nigerian Association of Road Transport Owners, in a bid to persuade Dangote to reverse his stance. However, the union expressed disappointment that its pleas had been disregarded. “Arising from the unfortunate outcome of the meeting, the leadership of the union has made several efforts to get relevant institutions of the country to make Alhaji Aliko Dangote and his cousin, Alhaji Sayyu Ali Dantata, follow the line of global best practices and decency, but all to no avail. “To our utmost shock, Alhaji Sayyu Aliu Dantata’s MRS commenced the recruitment of drivers for the imported CNG trucks on Friday, August 29, 2025. The drivers being recruited are being forced to sign an undertaking not to belong to any existing union in the oil and gas industry. NUPENG is seriously concerned and disturbed with the unconscionable business practices of Alhaji Sayyu Aliu Dantata and Alhaji Aliko Dangote, who are scared of allowing unions to exist in their business outfits,” the statement read. NUPENG declared that it would not sit back and watch the livelihoods of thousands of workers, including tanker drivers, being destroyed. The union noted: *“We stood in solidarity with Dangote Refinery during its construction and commissioning, in good faith, believing it would create jobs, boost local capacity, and benefit Nigerians in an environment where unions could freely operate. “Regrettably, Alhaji Aliko Dangote has betrayed that trust by seeking to monopolise distribution, stifle competition, exploit workers, and hike prices—an agenda that threatens the living standards of ordinary Nigerians. This is not philanthropy; it is economic sabotage.”* Appealing to relevant oil industry regulators to intervene, NUPENG warned that it would instruct its members to down tools and suspend fuel loading nationwide starting Monday, September 8. “Meanwhile, since Alhaji Aliko Dangote and his cousin have resolved to replace all petroleum tanker drivers in Nigeria, and there is no one or institution that can stop him, the members of the Petroleum Tanker Drivers Branch of NUPENG will, from Monday, 8th September 2025, start looking for alternative employment/skills and sources of livelihoods. “We plead with the general public to bear any inconveniences our struggle against this tyranny and indecency may cause; it is a struggle that must be waged! We call on all other industrial unions and the central labour organisations, the NLC, TUC, and global union federations, to get ready to stand in solidarity with peaceful mass actions and industrial actions in defending labour rights,” the union said. It called on the Nigerian Midstream and Downstream Petroleum Authority to invoke its powers under Section 32(u) & (aa) of the Petroleum Industry Act to promote competition and private sector participation in the midstream and downstream petroleum operations. “Any practice or policy by any employer which seeks to deprive workers of the right of association is an affront to the Constitution. Above all, the right of association, including membership of trade unions, is guaranteed by Section 40 of the Constitution. Alhaji Aliko Dangote and his cousin, Alhaji Sayyu Aliu Dantata, should not be allowed to enslave Nigerian workers. They should be made to be lawful businesspersons and not lawless individuals or business outfits. Nigeria is a country of laws, not a lawless society. “By this statement, we call on the Federal Government of Nigeria and its agencies, including well-meaning segments of the Nigerian society, to call the two trillionaire businessmen to order. They should be told to obey the laws of Nigeria. If they persist in their anti-union tyrannical attitudes, NUPENG is set and ready to mobilise its forces to fight within the framework of the law,” the statement added. Dangote’s plan to import 4,000 compressed natural gas (CNG) trucks for direct fuel supply has stirred mixed reactions among oil marketers, tanker drivers, road transport unions, and other key stakeholders in the petroleum industry. The standoff between tanker drivers and the Dangote refinery comes at a delicate moment for Nigeria’s downstream oil sector, which is struggling to stabilise fuel distribution and reduce dependence on imported refined products. Commissioned in May 2023, the $20 billion refinery has been celebrated as a milestone for Nigeria’s energy security, boasting a capacity of 650,000 barrels per day. Yet, the decision to deploy 4,000 CNG-powered trucks has raised labour concerns within the National Union of Petroleum and Natural Gas Workers (NUPENG), particularly fears of job losses among its members. NUPENG’s threat to suspend fuel loading underscores the risk of a broader industrial face-off that could disrupt nationwide supply and trigger fuel scarcity if left unresolved. The PUNCH

The Federal Competition and Consumer Protection Commission (FCCPC) has introduced new regulations aimed at tackling harassment, data breaches, and other unethical practices by digital lending platforms in Nigeria. According to a statement signed by the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, the Commission’s Executive Vice Chairman and Chief Executive Officer, Tunji Bello, formally unveiled the framework in Abuja on Wednesday. “For too long, Nigerians have endured harassment, data breaches, and unethical practices by unregulated digital lenders. “These regulations draw a clear line that innovation is welcome, but not at the expense of the rights and dignity of consumers or the rule of law,” the CEO noted. Bello added, “The regulations provide the legal tools to hold violators accountable and promote responsible digital finance. No consumer should be harassed, defamed, or lured into unsustainable debt under the guise of digital lending.” The statement explained that the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations (DEON Consumer Lending Regulation) 2025 came into effect on July 21. Enacted under Sections 17, 18, and 163 of the Federal Competition and Consumer Protection Act (2018), the new rules establish a comprehensive framework to protect consumers in Nigeria’s rapidly expanding digital lending market. The regulations require all digital lenders to register with the FCCPC within 90 days of commencement, with approvals tied to compliance with standards on transparency, data protection, and consumer rights. Operators who fail to comply risk sanctions of up to ₦100 million or 1 percent of their turnover, in addition to possible disqualification of directors for up to five years. The rules ban pre-authorised or automatic loans, outlaw unethical marketing practices, mandate clear and accessible loan terms, and stipulate that at least one local provider must be involved in airtime and data lending services. They further require joint registration of lending partnerships and prohibit monopolistic arrangements without prior approval from the FCCPC. The Commission called on Mobile Money Operators (MMOs), Digital Money Lenders (DMLs), and their service partners to obtain application forms, guidelines, and compliance documents, while also urging consumers to report unlicensed lenders, exploitative interest rates, or breaches of privacy.

The Federal Government on Tuesday announced plans to sell no fewer than 91 public enterprises to private investors as part of its ongoing efforts to divest from commercial ventures and enhance their economic impact. The Director-General of the Bureau of Public Enterprises (BPE), Mr. Ayodeji Gbeleyi, disclosed this at a media briefing in Abuja but declined to reveal the names of the companies involved. He emphasized that decisions on whether to sell or concession any enterprise would be guided strictly by national interest. According to him, the 91 enterprises earmarked for privatization or concessioning include 16 in the oil and gas sector—such as refineries and depots—12 in agriculture, 20 in aviation, and 28 covering stadiums and other public facilities. Others fall under mines and steel, transport, eco-tourism, and two agencies owned by the Federal Capital Territory Administration. Mr. Gbeleyi explained that equity in 35 of the enterprises would be fully privatized, while 57 would undergo partial privatization, though he did not provide specifics. Highlighting the agency’s mandate under the Presidency’s economic growth agenda, the BPE boss announced plans to execute 15 strategic projects expected to generate N312.3 billion under the 2025 Appropriation Act. These include six revenue-generating assets sales and nine reform-focused initiatives. He further noted that the agency would prioritize boosting agriculture to achieve food security and accelerating key transactions in the power sector to improve energy supply. On disputes arising from past privatization exercises, he assured that the BPE was working closely with the Attorney General’s office to resolve them. Gbeleyi said, “We are engaging with the Office of the Attorney General and Ministry of Justice, and the office of the Vice President towards resolving the longstanding ALSCON’s complex legal issues As well as the EFCC to resolve the longstanding litigation involving the Foreshore Towers property in Ikoyi, Lagos, part of the non-core assets of the privatised NITEL/MTEL.” He said the BPE is working with the Ministry of Budget & Economic Planning and other key stakeholders to develop a pipeline of catalytic PPP projects in the areas of airports, roads, rail, inland waterways, seaports,agriculture, education, health, housing, ICT and Security to boost the economy. Answering a reporter’s question on the refusal of the agency to obey court orders, even the one issued by the Supreme Court of Nigeria, the BPE boss declared that organisation under his leadership would not flout any order issue by the court going forward. Gbeleyi said, “The PBE will not disobey any court order as we have already strengthened our capacity to deal with the law and fulfil our mandate as a lead agency of the federal government of Nigeria. “We will continue to remain law-abiding and lead by example so that none of our decisions can violate the laws of Nigeria,” the DG pledged.