Dons EzeHOW AMOSUN DEMOLISHED MY CEMENT PROJECT PLANT TWICE – DANGOTE
HOW AMOSUN DEMOLISHED MY CEMENT PLANT PROJECT TWICE – DANGOTE President of the Dangote Group, Alhaji Aliko Dangote, on Monday, accused former Governor of Ogun State, Senator Ibikunle Amosun, of demolishing his cement plant project sited at Itori, Ewekoro Local Government Area of the state, on two different occasions. The ongoing plant project of two new lines with a capacity of 6.0 million metric tons per annum located at Itori, is in addition to the cement plant which has been in operation for more than a decade at Ibese in Yewa North LGA. The Itori plant project’s construction commenced on December 23, 2023, and is expected to be completed in November, 2026. Dangote on Monday paid a courtesy visit to Governor Dapo Abiodun in his office at Oke-Mosan, Abeokuta, as part of the inspection of the multimillion dollars plant project. He said the ongoing project was pulled down twice by Amosun’s government, but his company decided to return to the site because of the Abiodun administration’s policies and investor-friendly environment. He said “Our factory at Itori was pulled down twice. When we started the second time, they not only demolished the factory but also the fence, so we left. But right now, because of His Excellency, our governor, Prince Dapo Abiodun, we are back. When you visit the factory, you will be surprised at what we have done.” Dangote, Abiodun and his entourage later inspected the project at the site in Itori where the industrialist re-echoed the allegation of demolition against Amosun. However, the governor noted that Amosun’s government attempted to truncate Dangote’s vision for the state three times including the construction of the refinery now in Ibeju Lekki, Lagos State. Abiodun said, “The first time by frustrating the construction of the refinery, a $20Billion investment, an investment that would have impacted the entire South West of Nigeria. I’m sure in that refinery, Dangote employs in the region of 10,000 people there, a minimum probably and multiply effects, maybe another 30,000 who are benefitting directly. We lost that. “They further came here and demolished this place (Itori plant project) twice. You begin to wonder what informs such leadership decisions.” On the cement plant, Dangote assured that when completed, the total capacity of the company’s cement plants in the state would be in the neighborhood of 18 million metric tons per annum, making it the highest cement-producing state or region in Africa. “With the contributions of other cement producers in the state, Ogun remains far ahead of other countries across Africa in terms of cement production,” he said. Dangote Cement, according to the Dangote Group President, is the leading cement producer in Africa with a capacity of 52.0 million metric tons per annum across the African continent. He added that 70 percent of the production is carried out in Nigeria, with the Obajana plant in Kogi State accounting for 16.25 million metric tons per annum, the largest in Africa. He said investment in the manufacturing of the product has made the nation self-sufficient in cement, just as the country is now self-sufficient in fertilizer, with the surplus going to the export market, thus earning the nation the needed foreign exchange. Amosun fires back In a swift reaction, Amosun in a statement by his Media Aide, Lanre Akinwale, asked Dangote to avail the public of the requisite approvals for the construction of the structures allegedly demolished. This, he said, will help the public to put the issue in proper context and to know what exactly Dangote’s grouse is. Amosun asserted that “not all Nigerians can be compromised, bullied or blackmailed,” adding that the notion that everyone has a price “is an expression applicable only to people with weak foundations and questionable upbringing.” The statement reads…
LAGOS, AFRICA’S SECOND LARGEST CITY ECONOMY AS GDP HITS $259BN
LAGOS, AFRICA’S SECOND LARGEST CITY ECONOMY, AS GDP HITS $259BN Nigeria’s commercial capital, Lagos, has made another economic leap, as its Gross Domestic Product (GDP) rose to US$259.75 billion based on Purchasing Power Parity (PPP), cementing the state’s position as one of Africa’s economic forces. The new economic milestone was announced during the official launch of the Lagos Economic Development Update (LEDU) 2025 on Wednesday, March 12. The report stated that Lagos has become the second-largest economy on the continent, only behind the Egyptian capital, Cairo, due to its impressive development. According to the report, the state’s Gross Domestic Product (GDP) stood at US$259.75 billion in 2023. It also noted that Lagos’s economy witnessed significant growth in the first half of 2024, expanding to N27.38 trillion, representing a substantial increase from N19.65 trillion in 2023. This growth highlights the robustness of Nigeria’s commercial capital, which has continued to show resilience amid economic reforms and ongoing infrastructural investments. However, the growth reflected a need for enhanced revenue mobilisation efforts, as shown in the tax-to-GDP ratio, which was unimpressive at 2.3%. Lagos economic outlookLooking into the future, Governor Babajide Sanwo-Olu-led Lagos State government has set ambitious projections for the 2025 fiscal year to bring economic expansion and stability. The service sector will continue on its expansion trajectory, with improvements in agriculture and industrial production complementing the success. Also, the continued decline in the prices of Petroleum Motor Spirit (PMS), popularly known as petrol, and a stable naira/dollar exchange rate are expected to aid economic stability. At the same time, the forecast puts headline inflation at 34.2%, with food inflation slightly higher at 34.9%. For revenue projection, the state government also anticipates generating N2.79 trillion in revenue for 2025, stressing the need for increased fiscal discipline and diversification of revenue sources.
MARKETERS PROJECT N800/LITRE AS IMPORTED PETROL’S COST DROP TO N774/LITRE
MARKETERS PROJECT N800/LITRE ASIMPORTED PETROL’S COST DROPS TO ₦774/LITRE The price war in the downstream oil sector intensified on Tuesday as major oil marketers moved to offer a lower price against the gantry loading cost of N825 per litre set by Dangote Petroleum Refinery. This development followed a revelation by marketers that the landing cost of Premium Motor Spirit (petrol) imported into Nigeria has dropped to N774.72 per litre. Marketers said the continued price plunge may lead to a reduction in the pump prices of PMS to about N800 per litre. Dealers said the N774.72 per litre landing cost, which factors in various expenses including shipping, import duties, and exchange rates, is a considerable reduction of N50.28 from the N825 per litre offered at the loading gantry of the Dangote Petroleum Refinery. The situation, according to industry stakeholders, has ignited a price war, with retail marketers now opting to dump the refinery products for imported products on the basis of lower pricing. Findings by The PUNCH also revealed that this decrease in landing cost is expected to influence the price at which petrol is sold to consumers and could increase marketers’ interest in returning to petrol imports. “Crude oil is a major component in the production of fuel, so a further reduction in its price would definitely warrant a drop in petrol price, and it is possible to drop to N800 per litre,” the National Publicity Secretary of the Independent Marketers Association of Nigeria, Chief Ukadike Chinedu, stated. Recall that last Monday, NNPC dropped its retail petrol price to N860 and N880 per litre from N945 and N965 in Lagos and Abuja, respectively. NNPC’s petrol price drop followed Dangote refinery’s retail fuel price reduction to N860 and N880 per litre across its retail partners. The refinery, in its second price reduction in the new year and the third one in a space of two months, reduced its ex-depot petrol price from N890 to N825 per litre to the delight of Nigerians. But the reduction by NNPC, the country’s largest fuel supplier, sparked a wave of competitive pricing among private marketers seeking to capture the market share in an environment where consumers are highly sensitive to price fluctuations. The pain of the price reduction was more significant for petrol importers as they lost an average of N2.5bn daily and N75bn monthly due to the PMS price reduction. But in a swift business survival strategy, these marketers have now secured fresh products at a cheaper cost that is now detrimental to the operations of the refinery. According to the latest competency centre daily energy data released by the Major Energies Marketers Association of Nigeria and obtained by our correspondent on Tuesday, the on-spot estimated import parity into tanks has reduced to N774.82 per litre, a reduction of N152.56 or 16.5 per cent from the N927.48 per litre quoted on February 21, 2025 (the last energy data on petrol). The average cost for 30 days also dropped to N864.92 per litre, while on-the-spot sale at the NPSC terminal was N927.53. The document also noted that the price of Brent crude was benchmarked at $70.36 per barrel, down from $76.48 per barrel quoted on February 21, with an exchange rate of N1,517.24 per dollar. This price was calculated based on 38,000 metric tonnes by the marketers. This cost is viewed as an improvement for importers, providing private depot owners and independent marketers with an alternative route to profitability and the opportunity to source cheaper products Further checks by our correspondent revealed that private depots have effected a price change lower than marketers off taking products from the refinery. An analysis showed that AA RANO depot has reduced its loading cost to N830 per litre, MENJ Depot now…
WHY RETAILERS, MARKETERS DUMP DANGOTE REFINERY PETROL FOR IMPORT – STAKEHOLDERS
WHY RETAILERS, MARKETERS DUMP DANGOTE REFINERY PETROL FOR IMPORT – STAKEHOLDERS Petroleum Products Retailers and marketers have explained why petrol imports have persisted despite the Dangote Refinery and other local refineries’ production capacity. The President, Petroleum Products Retail Outlet Owners Association and the Chairman, Major Marketers Association of Nigeria, Billy Gillis-Harry and Tunji Oyebanji in an exclusive interview with DAILY POST on Monday cited fear of healthy market competition, competitive pricing and inadequate petrol production capacity as reasons for the product’s continued import. This comes amid the National Bureau of Statistics’ foreign trade data showing that petrol imports surged by 105 percent to N15.4 trillion at the end of 2024. Similarly, the report indicated that fuel imports hit N930 billion in February 2025 alone, raising concerns among stakeholders in the country’s downstream sector. Recall that the Nigerian Midstream and Downstream Petroleum Regulatory Authority said that Dangote Refinery, Port Harcourt and Warri refineries met only 50 percent of the national petroleum products consumption requirement in February 2025. # However, in a statement last month, the president of Dangote Refinery countered NMDPRA and insisted that the $20 billion Refinery can meet 100 percent of Nigeria’s 100 percent petroleum production requirements. Nigerians are now left in limbo amid the controversy as NNPC said it has not imported petrol so far in 2025. Meanwhile, Gillis-Harry and Oyebanji in their insights to DAILY POST put clarity to the debate. Speaking, Gillis-Harry insisted that petroleum retailers get their products from all sources, including Dangote Refinery, NNPC and import. According to him, petrol retailers will continue to get fuel from sources with the best pricing to avoid a monopoly of the country’s petroleum downstream. He frowned at a situation where the refinery would reduce fuel prices overnight without due consultation with its partners and retailers. Gillis-Harry added that healthy competition and price stability must be guaranteed in Nigeria’s downstream sector for the good of Nigerians. “Retailers are not running away from Dangote Refinery. We patronize every refinery, but we subscribe to full liberation so that we will not run a monopolized downstream sector. “A situation where one refinery is shifting prices up and down without consideration of retailers is uncalled for. “We cannot buy a product at N889, and over the night, the prices are dropped to N825, which is unfair. “We continue to buy petrol from all sources that are profitable to us, either NNPCL, Dangote Refinery or through import”, he told DAILY POST. On his part, Oyebanji explained that local refineries such as Dangote Refinery were not meeting 100 percent of domestic demand- the reason for fuel import to augment the vacuum. According to him, if local refineries produced enough to meet the domestic market and with competitive prices, no right-thinking businessman would import. “The report circulated today was for 2024. I don’t understand why it is being played up in the media as if it is new. “Seems it is to advance a particular agenda. I don’t think local refineries are meeting 100 percent of local demand. “So, to prevent shortages, some importation is being allowed, but to give the impression that such importation is growing isn’t correct. “NNPCL, which has been the largest importer up to last year, has confirmed that they have not imported and yet someone is pushing this narrative. “If local refineries produce enough to satisfy local demand and sell at a competitive price, then no right-thinking businessman will import”, he told DAILY POST. Recall that earlier this month and last month, NNPC and Dangote refineries reduced petrol prices to between N860 and N880 per liter. The development sparked a price war among the bigwigs in the country’s downstream sector, as Nigerians now buy petrol between N860 and N970 per liter nationwide. On…
AS COCOA PRICES SOAR, NIGERIA EYES BIGGER MARKET
AS COCOA PRICES SOAR, NIGERIA EYES BIGGER MARKET Booming cocoa prices are stirring interest in turning Nigeria into a bigger player in the sector, with hopes of challenging tobigger player in the sector, with hopes of challenging top producers, Ivory Coast and Ghana, where crops have been ravaged by climate change and disease. Nigeria has struggled to diversify its oil-dependent economy, but investors have taken another look at cocoap producers, Ivory Coast and Ghana, where crops have been ravaged by climate change and disease. Nigeria has struggled to diversify its oil-dependent economy, but investors have taken another look at cocoa beans after global prices soared to a record $12,000 per tonne in December. “The farmers have never had it so good,” Patrick Adebola, Executive Director at the Cocoa Research Institute of Nigeria, told AFP. More than a dozen local firms have expressed interest in investing in or expanding their production this year, while the British government’s development finance arm recently poured $40.5 million into Nigerian agribusiness company, Johnvents. Nigeria is the world’s seventh-biggest cocoa bean producer, producing more than 280,000 tonnes in 2023, according to the most recent data compiled by the UN’s Food and Agriculture Organization. The government has set an ambitious production target of 500,000 tonnes for the 2024-2025 season, which would move it into fourth place behind Ivory Coast, Ghana, and Indonesia. Adebola doubts Nigeria can reach the target this season, but he believes it is feasible in the next few years as interest rises in rehabilitating old plantations or establishing new ones. He said Nigerian growers are much more exposed to the highs and lows of the global cocoa market than their peers in Ivory Coast and Ghana, as prices are regulated in those countries. Cocoa futures contracts in New York have fallen from their December record, but they remain high at more than $8,000 per tonne. Cocoa prices typically ranged between $2,000 and $3,000 before the recent surge. “Individuals are going into cocoa production at every level… to make sure they also enjoy the current price,” said Comrade Adeola Adegoke, President of the Cocoa Farmers Association of Nigeria. ‘Full-sun’ monocrop Ivory Coast is by far the world’s top grower, producing more than two million tonnes of cocoa beans in 2023, followed by Ghana at 650,000 tonnes. However, both countries had poor harvests last year, as crops were hit by bad weather and disease, causing a supply shortage that sent global prices to all-time highs. Nigeria’s cocoa has largely been spared from the worst effects of climate change so far, but expanding the crop could carry environmental risks. The government has stepped up efforts to promote the long-unregulated sector via the National Cocoa Management Committee, established in 2022 to regulate the industry and support farmers. However, agriculture modernization efforts have encouraged the development of “full-sun” monocrop plantations that focus solely on growing cocoa beans without using companion plants or trees. A recent study in the journal Agroforestry Systems has raised concerns about this approach, stating that monocrop farming can be less sustainable than growing cocoa alongside shade trees, which promote biodiversity and improve environmental health. Land and money? Scaling up the sector could also prove challenging because much of Nigeria’s cocoa is grown by small-scale farmers.Peter Okunde, a farmer in Ogun State, told AFP he lacks both the capital and land to expand his four-hectare (10-acre) cocoa plantation. “Land is the major instrument farmers need… and the money to develop it,” said Okunde, 49. However, John Alamu, Group Managing Director of Johnvents, told CNBC Africa this week that “the problem is not land area.” Noting that Nigeria has 1.4 million hectares dedicated to cocoa production—more than Ghana’s 1.1 million—he told the broadcaster that a more holistic approach was needed.…
FUEL PRICE SLASH: WE WON’T REDUCE FARES – TRANSPORTERS
FUEL PRICE SLASH: WE WON’T REDUCE FARES – TRANSPORTERS Road transport operators in Nigeria have ruled out the possibility of reducing transport fares as a result of the further cut in the prices of petrol by Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). Some of the transporters and leaders of the National Union of Road Transport Workers (NURTW) told LEADERSHIP Weekend that they would not reduce the fares because of the high cost of vehicle maintenance and other related expenses. In their competition for a fair share of the market, Dangote Refinery and NNPCL recently reduced the pump price of a litre of Premium Motor Spirit (petrol) to N825 and N860 respectively. When LEADERSHIP Weekend asked some transporters in Kano whether they would reduce fares because of the lower fuel prices, the organising secretary of NURTW, Yushu’a Haruna, said the union had no plans to reduce transport fares because of the reduction of PMS pump price at some filling stations. He said the reduction in fuel price was very insignificant to push for a cut in transport fares as they still battle to replace or buy spare parts at exorbitant rates. His National Association of Road Transport Owners (NARTO) counterpart, Ado Inuwa Yakasai, admitted that both Dangote and NNPCL have reduced the prices of fuel per litre but the prices of a new car and spare parts were still on the high side. He said some years ago, spare parts such as a new tyre cost between N15,000 and N20,000 but sells for N68,000 or more while an engine of a Sharon car is about N1.5 million, which is very expensive for individuals who acquired vehicles on hire purchase basis to cope with. They both lamented the long queues at the fuel stations where the prices are reduced which most times they are not ready to join in order to meet up with their schedule of trips. Yakasai said under such conditions, they have no option than buying from fuel stations with higher pump prices. According to them, the only way to reduce fares is when there is a significant reduction in fuel price and the cost of spare parts. A passenger at the Kano Line bus stop, Dr Aminu Galandanchi, lamented that despite the reduction of fuel price, it had not been reflected on fares which is the natural thing to do. In Lagos State, the reduction in the price of PMS has not translated to a reduction in transport fares. A passenger, Mudashiru Kilani, said there were no changes in fares because he still pays N300 from Egbeda to Ikeja which used to be N100. Another passenger, Debo Adewale, said he paid N200 from Ikeja to Oshodi and N300 from Oshodi back to Ikeja, which ordinarily should be N100. He questioned the disparity, asking, “Is it not the same distance?” One of the transporters in the state, who wished to remain anonymous, said, “Yes, fuel prices are reducing, but the cost of vehicle maintenance is not dropping. Additionally, the prices are not consistent across all stations, with only MRS and NNPCL reflecting the changes. Once these changes have spread more widely, I believe, we will consider a downward price review. “But remember, the cost of maintenance has not decreased. Mechanics still charge high rates, and the spare parts sellers at Ladipo Market are not reducing their prices. These also affect how we charge for our services,” he said. A former chairman of Airport Shuttle Union, Austin Orowe, expressed his concerns about the recent changes in petrol prices, saying many petrol stations haven’t reduced the price of petrol. “Only MRS and NNPC are selling at N825 and N860. But other stations are still selling above N900. For instance, Conoil…
TRANSPORT FARES REMAIN HIGH DESPITE PETROL PRICE DROP
TRANSPORT FARES REMAIN HIGH DESPITE PETROL PRICE DROP Fares for inter and intra-state transportations have remained high across the country despite the recent reduction in the price of petrol, checks by Daily Trust have shown. The Dangote Petrol Refinery and the Nigerian National Petroleum Company Limited (NNPCL) had reduced their prices. In Lagos, a litre of petrol was reduced from N925 per litre to N860 at filling stations following the cut in the ex-depot price initially by Dangote. The NNPCL also cut its price to N860. With the reduction in petrol price and the much promoted Compressed Natural Gas (CNG) of the federal government, it was expected that there would be an impact on transport fares. However, checks by Daily Trust show otherwise. ‘2025 year of hope for Nigeria’s transportation sector’Explosion: FG to review fuel transportation protocols Oil industry players say the reduction in the pump price is still not significant, and considering other variables, it will take a long time for Nigerians to feel the impact. Muhammed Abdullahi, who works with one of the oil marketing companies in Abuja, said only NNPC stations and others affiliated with the Dangote refinery have significantly reduced their pump price. “And these stations are only a fraction of the thousands of filling stations in the country who are selling at almost N1,000. I believe for Nigerians to feel the impact of the reduction, majority of the filling stations have to reduce their pump price,” he said. Situation in states In Kano State, after the removal of fuel subsidy, commercial transporters jerked-up transport fares to all destinations following the increase in the price of fuel. Abubakar Adamu, who claimed to have been plying the Abuja – Kano route for over a decade, said Kano to Abuja transport fare was jerked up from N5,500 to N9,000. He said the fare from Abuja to Kano skyrocketed between N13,000 to N15,000 depending on the number of passengers in the car. But a visit to Na’ibawa Motor Park revealed that a few drivers had reduced the fare by N1,000 for Abuja-Kano trip. However, at ‘Yan Kaba Motor Park, Kano to Damaturu in Yobe State was N6,000 and after the fuel subsidy removal, the fare was increased to N10,000. Usman Dauda, a commercial driver operating in the motor park, said: “Many commercial operators can only reduce the transport fares after buying their fuel, because filling stations sell based on their discretion as there is no static fuel pump price. “You may charge N9,000 from Kano to Damaturu and on your way back, you have to charge N10,000 to balance the gap, because you probably got the fuel at a higher cost than that of Kano.” A commuter plying the Kano-Maiduguri route said transport operators might not reduce the transport fare “because the fuel price isn’t static.” According to him, “It is unfortunate that commuters now have to travel with extra money because the fare can change at any moment,” he said. In Borno, when our correspondent visited the Tashar Kano Motor Park in Maiduguri, the transport fare had not changed. One of the drivers, Aisami Isa, said they did not notice much change in the price of petrol in most filling stations in Maiduguri. “As it is now, the transport fare from Maiduguri to Kano is: Mercedes Benz, N20, 000; Sharon bus, N12,000 and Hummer bus N9, 000,” Isa said. The Administration Secretary of the National Union of Road Transport Workers (NURTW) Borno State branch, Alhaji Gana Mohammad Shuwa, said with the reduction in the price of fuel, the union was anticipating good days ahead, but most filling stations in Maiduguri, particularly independent marketers, were still selling at N1,030 to N1,040 per litre. “We only buy at a discounted price from NNPC…
I’M RESTING AFTER DELIVERING $20BN REFINERY – DANGOTE
I’M RESTING AFTER DELIVERING $20BN REFINERY – DANGOTE President of Dangote Industries Limited, Alhaji Aliko Dangote, has said he is currently resting after delivering his refinery project. The 650,000-barrel refinery and petrochemicals project worth over $20bn has come to disrupt the oil and gas market in Africa and the world even as the refinery now exports refined products to other countries in Africa and Middle East. Dangote recently spoke about the challenges he faced constructing the refinery which he described as the biggest risk of his life, saying he went through hell. But speaking during the groundbreaking ceremony of the 43-storey building new First Bank Head Office at Eko Atlantic City in Lagos, Dangote said he’s now resting after delivering the project. He commended his friend and ally, Mr. Femi Otedola, who is the Chairman of FirstHoldCo for daring to put up a 43-storey edifice in Eko Atlantic as the new Head Office of FirstBank, Nigeria’s oldest financial institution. He said Eko Atlantic has become the new City of Lagos and with FirstBank joining the list of corporate entities in the emerging industrial city, more banks would come in. Dangote however stated that Otedola had also invited him to come to Eko Atlantic, adding, “Maybe soon, not now I’m resting right now. Having delivered the refinery I need some rest but I’ll come, I’ll be here very soon. So I want to congratulate you (Otedola) and the entire board and management of First Bank for taking this bold move of building a massive edifice in the new City of Lagos.” The groundbreaking is being attended by Vice-President Kashim Shettima, Governors of Lagos, Ogun and Ondo – Babajide Sanwo-Olu; Dapo Abiodun and Lucky Aiyedatiwa respectively. Others are Deputy Governor of Lagos State, Dr. Femi Hamza; former Senate President, Dr. Bukola Saraki; former Governor of Delta State, James Ibori, among others. Other billionaires and CEOs in attendance included CEO of Pacific Holdings, Dr. Deji Adeleke; CEO of Sapetro, Senator Daisy Danjuma; Ambassador Gilbert Chagoury; Alhaji Mustapha Indimi, among others.
FG TO REVIEW ELECTRICITY TARIFF FOR BAND B, C CUSTOMERS
FG TO REVIEW ELECTRICITY TARIFF FOR BAND B, C CUSTOMERS The Federal Government has announced plans to review electricity tariffs for customers outside the Band-A category. The proposed hike aims to bring tariffs for other customer categories closer to the N206/kW paid by Band-A customers. Speaking at the public presentation of the National Integrated Electricity Policy (NIEP) and Nigeria Integrated Resource Plan (NIRP) in Abuja, the Minister of Power, Chief Adebayo Adelabu, stated that the government can no longer sustain the N3 trillion subsidy on the power sector. Adelabu emphasized that with power generation and distribution increasing by about 35% in 2024, ensuring the commercial sustainability of the industry is crucial for continued growth. ‘We will look at the tariff again. I am not saying that we’re going to increase the tariff before I am misquoted. We are going to look at it and see how we can improve upon our modest achievement of last year, not only to ensure that we grow the sector that we need but also to ensure that we can invest more in revamping all these dilapidated infrastructures.” The migration to Band A should have been faster, but we found out that the DisCos refuse to invest. They have refused to invest in this sector. A lot of investment is required for us to achieve an accelerated migration of lower-band customers into Band A. It is taking a lot of time.” he said