Dangote Vows to Keep Petrol Prices Low After Meeting Tinubu, Intensifies Pressure on Importers Aliko Dangote has assured Nigerians that petrol from the Dangote Refinery will continue to sell at “reasonable” and competitive prices, a move expected to heighten pressure on fuel importers. Speaking after a meeting with President Bola Tinubu, Dangote said the refinery aims to stabilise domestic supply despite global volatility and persistent smuggling driven by price gaps with neighbouring countries. He emphasized that the $20bn refinery is a long-term investment, not one focused on quick profit recovery. The refinery, which began supplying diesel and jet fuel in early 2024 and petrol in September, is driving down pump prices nationwide, with NNPC recently reducing rates at its stations. Dangote highlighted that his engagement with Tinubu focused on energy security and economic stability, noting that collaboration between government and private operators is crucial as Nigeria adjusts to post-subsidy pricing realities.

EFCC Seals Timipre Sylva’s Abuja Home; Aide Condemns Raid as Unlawful and Politically Motivated The Economic and Financial Crimes Commission (EFCC) has sealed the Maitama residence of former Petroleum Minister Timipre Sylva, a move his aide Julius Bokoru described as illegal, vindictive, and politically driven. Bokoru criticised the EFCC for acting without a warrant or due process, alleging harassment of Sylva’s family and aides who remain detained. He insisted President Tinubu had no role in the incident, attributing the action to local political rivalry. The EFCC had earlier declared Sylva wanted over an alleged $14.8 million fraud.

The Nigeria Customs Service, under Operation Whirlwind, has seized petroleum products valued at N181.6m in eight weeks between the Nigeria and Cameroon borders.

Dangote Surge Forces Petrol Prices Down as Depots, NNPC Slash Rates Nationwide Nigerians are beginning to feel relief as private depots and NNPC retail stations slash petrol prices following a major increase in supply triggered by the Dangote Refinery. After Dangote announced it is now producing 50 million litres of petrol daily, depot owners across Lagos, Port Harcourt, Warri and Calabar reduced ex-depot prices to stay competitive, with rates now ranging between ₦835 and ₦853 per litre depending on location. NNPC stations also cut pump prices to ₦905 in Lagos and ₦930 in Abuja, with major marketers like MRS and Ardova selling below ₦900. With strong supply from Dangote and incoming oil cargoes, more price reductions may follow. Diesel prices are also falling, driven by increased supply and lower demand.

FG Completes $5B Africa Energy Bank Headquarters in Abuja, Set for Full Operations Nigeria has completed and fully furnished the headquarters of the $5 billion Africa Energy Bank (AEB) in Abuja, with the facility now ready for operations. Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, confirmed that the country has met all host-nation obligations, paving the way for the bank’s launch. Established to bridge Africa’s energy-financing gap amid global restrictions on fossil-fuel funding, the bank will begin with over $5 billion in capital and aims to expand its portfolio to $120 billion. The AEB is expected to support exploration, gas infrastructure, refinery upgrades, and cleaner technologies, positioning Nigeria as a central hub for energy development on the continent.

BREAKING: Petrol tanker falls, blocks Igboukwu-Uga Road in Aguata Local Government Area of Anambra State, causing a major obstruction and raising fears of an explosion.

Atiku Slams Tinubu Over ₦17.5trn Pipeline Security Spending in One Year Former Vice President Atiku Abubakar has strongly criticized the Bola Tinubu administration over revelations that the Nigerian National Petroleum Company Limited (NNPCL) spent ₦17.5 trillion within 12 months on fuel pipeline security. Atiku described the revelation as “one of the most brazen financial scandals in our nation’s history,” questioning how such an enormous amount could be justified for a single line item. The opposition leader is calling for full transparency and an independent investigation into the expenditure. #AtikuAbubakar #TinubuAdministration #NNPC

Nigeria’s Fuel Demand Hits 56.7 Million Litres Daily, Dangote Refinery Leads Local Supply Nigeria’s daily fuel consumption surged to 56.74 million litres in October 2025, the highest in a year, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Of this, 27.6 million litres were imported, while local refineries, led by Dangote Refinery, supplied 17.08 million litres. The data highlights Nigeria’s continued reliance on petroleum products, with diesel, aviation fuel, and LPG also showing significant daily usage. NMDPRA noted that verified consumption data is crucial for energy sector transformation, import reduction, and economic stability. emand #PMSConsumption #DangoteRefinery

The Senate has ordered the Nigerian National Petroleum Company Limited (NNPCL) to refund ₦210 trillion to the Federation Account after rejecting the firm’s explanations over unaccounted funds. The Senate Committee on Public Accounts, led by Senator Aliyu Wadada, said NNPCL’s responses to audit queries were inconsistent and unjustifiable. The committee questioned how the company claimed ₦103 trillion in expenses and ₦107 trillion in receivables, far exceeding its revenue between 2017 and 2022. It vowed to summon past officials if the current management fails to provide satisfactory answers.

EFCC Declares Timipre Sylva Wanted Over $14.8 Million Scandal — Aide Cries Political Witch-Hunt The Economic and Financial Crimes Commission (EFCC) has declared former Bayelsa State Governor and ex-Minister of State for Petroleum Resources, Chief Timipre Sylva, wanted over an alleged case of conspiracy and dishonest conversion of $14,859,257. According to a statement by EFCC spokesperson Dele Oyewale, the funds in question were reportedly part of an investment made by the Nigerian Content Development and Monitoring Board (NCDMB) into Atlantic International Refinery and Petrochemical Limited. The EFCC urged anyone with useful information about Sylva’s whereabouts to contact its nearest office or the police. However, Julius Bokoru, Sylva’s Special Assistant on Media and Public Affairs, dismissed the EFCC’s move as a “digitally orchestrated political attack” designed to discredit his principal. “It is, to say the least, curious that what was once whispered as a coup matter has now metamorphosed into a financial allegation,” Bokoru said. “No formal communication was made to him — just a sudden digital proclamation meant to inflame public sentiment.” Bokoru alleged that “shadowy political forces” threatened by Sylva’s influence were behind the renewed attacks. He confirmed that the former minister is currently in the United Kingdom for medical treatment and would honor the EFCC’s invitation upon his return. “Chief Timipre Sylva has clean hands. He has not diverted a single dollar, and the refinery project is transparent, legitimate, and verifiable,” Bokoru insisted. The media aide urged supporters to remain calm, stressing that “truth, though often delayed, remains immutable.” In October, security operatives reportedly raided Sylva’s residences in Abuja and Bayelsa, arresting his brother amid allegations linking him to a failed coup plot against President Bola Tinubu — claims his camp has also branded politically motivated.

Senate moves to phase out petrol cars, advances electric vehicle bill. The Nigerian Senate has moved closer to adopting clean energy transportation after a bill seeking to phase out petrol-powered cars and promote electric vehicles (EVs) scaled second reading on Tuesday. The proposed legislation, sponsored by Senator Orji Uzor Kalu, aims to provide the legal and policy framework for Nigeria’s transition from fossil fuel dependence to electric mobility. Kalu explained that the bill would help reduce carbon emissions, encourage local vehicle production, and align the country with global efforts toward sustainable transport. According to him, the transport sector contributes between 20 and 30 percent of Nigeria’s greenhouse gas emissions. “This bill seeks to establish a comprehensive legal and institutional framework to guide Nigeria’s gradual move from petrol-powered vehicles to cleaner, energy-efficient, and environmentally friendly alternatives,” he said. The bill also proposes creating a National Electric Vehicle Development and Promotion Council to coordinate policy implementation at all levels of government. In support of the proposal, Senator Adamu Aliero (Kebbi Central) described it as timely, noting that countries like Kenya and South Africa are already progressing in electric mobility. He said adopting EVs would reduce emissions in cities such as Lagos and Kano, improve public health, and create new jobs. Senator Osita Ngwu (Enugu West) added that Nigeria’s population gives it a critical role in global climate action, while Senator Titus Zam (Benue North-West) highlighted the environmental and health gains of the transition. Senate President Godswill Akpabio commended the initiative, calling it a “very good innovation,” and expressed confidence in its potential impact. The bill has been forwarded to the Senate Committee on Industries for further consideration, with a report expected in four weeks.

NNPCL targets 20 per cent ownership stake in Dangote Refinery. The Nigerian National Petroleum Company Limited (NNPCL) said it plans to increase its ownership stake in Dangote Refinery to 20 per cent from 7.2 per cent. NNPCL Group Chief Executive Officer, Bayo Ojulari, disclosed this in his remarks at the Abu Dhabi International Petroleum Exhibition and Conference 2025. According to him, the move is part of the state-owned firm’s strategy to deepen participation in the country’s energy value chain. “The company is working towards increasing its stake in Nigeria’s Dangote Refinery to 20 per cent,” Ojulari was quoted by Reuters as saying. This comes as the President of Dangote Refinery, Aliko Dangote, recently said the NNPCL could expand its stake. He, however, noted that this would only happen after Dangote Refinery had proven to NNPCL what the plant can do. NNPCL retail outlets in Abuja also reduced their petrol pump price to N945 per litre from N955 as supply glitches at the Dangote Refinery eased.

BUA Refinery: Nigeria’s Next Big Move to End Fuel Import Dependence Nigeria is set for another major breakthrough in its energy sector as BUA Group pushes forward with the construction of its new 200,000 barrels-per-day refinery in Akwa Ibom State. Led by billionaire industrialist Abdul Samad Rabiu, the project aims to strengthen Nigeria’s ability to refine its own crude oil locally — a crucial step toward ending decades of fuel import dependence. 🌍 A Game Changer for Nigeria’s Economy For years, Nigeria has exported crude oil only to import refined fuels at high costs. With the new BUA refinery coming onstream, this cycle is expected to change dramatically. The refinery will produce: • Petrol (PMS) • Diesel (AGO) • Aviation fuel (Jet A1) • LPG (cooking gas) • Petrochemicals This means more jobs, cheaper domestic fuel, and extra revenue for the nation through exports. 🏗️ Why This Refinery Matters ✔ Supports fuel supply stability ✔ Reduces foreign exchange pressure ✔ Expands Nigeria’s refining capacity ✔ Encourages competition with other refineries — especially Dangote Refinery ✔ Boosts development in the Niger Delta region The refinery is already attracting international partners in engineering, technology, and infrastructure. 🚀 Driving Local Content & Industrial Growth BUA Group is one of Nigeria’s fastest-growing conglomerates — with investments in: • Cement • Foods & sugar • Port operations • Real estate • Energy & power The refinery project expands BUA’s footprint into the petroleum value chain, helping to keep more wealth within Nigeria. 🔮 Looking Ahead Once completed, the BUA refinery will become one of West Africa’s largest privately-owned refineries, adding healthy competition to the market and supporting Nigeria’s long-awaited shift toward full downstream independence. “Nigeria should not be importing fuel when we have crude oil.” — Abdul Samad Rabiu The journey continues — and the results could reshape the nation’s economic future. 🇳🇬✨

NNPCL Reduces Petrol Price by N10 as Supply Reportedly Improves. The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol as fuel supply from the Dangote Refinery stabilises. On Saturday, NNPCL adjusted the retail price at its outlets from N955 to N945 per litre, reflecting a N10 reduction. The revised price has already taken effect at stations in areas such as Gwarimpa and Wuse Zone 4 in Abuja. Other petrol marketers have also followed suit, with stations like Eterna adjusting their pump price to N945 per litre. The price drop comes after weeks of nationwide increase caused by supply challenges at the Dangote Refinery. Improved distribution from the refinery & product importers has now eased the pressure on fuel supply. However, there are concerns that prices could climb again, following President Bola Ahmed Tinubu’s recent approval of a 15% import tax on petrol & diesel, a move analysts say may impact pump prices in the coming weeks.

Bayelsa in Political Turmoil as Diri Joins APC, Deputy Governor Faces Impeachment. Bayelsa State Deputy Governor, Lawrence Ewhrudjakpo, is facing impeachment by the State House of Assembly following Governor Douye Diri’s formal defection to the All Progressives Congress (APC) today. The crisis erupted after Ewhrudjakpo refused to leave the Peoples Democratic Party (PDP) despite Diri’s resignation from the party on October 15. The House of Assembly, reportedly acting under the governor’s influence, has since commenced impeachment proceedings against the deputy governor. In a swift move to save his position, Ewhrudjakpo filed a suit at the Federal High Court in Abuja last week, seeking an injunction to halt the process. Speaking during the state’s 14th annual thanksgiving service on Sunday, Diri defended his decision to join the APC, describing it as a step taken “in the best interest of Bayelsa.” He said, “Somebody had to make the decision, and I did it for the good of the state. You may not understand now, but time will tell.” The governor emphasized that his administration’s priority remains peace, development, and continuity of governance. Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, hailed Diri’s defection as a strategic move to align Bayelsa with the federal government, warning against acts of disloyalty a veiled reference to Ewhrudjakpo’s insistence on staying with the PDP. Delta State Governor Sheriff Oborevwori, represented by his Senior Policy Adviser, Rt. Hon. Funkekeme Solomon, urged Bayelsans to maintain unity for continued progress, while NDDC Managing Director, Dr. Samuel Ogbuku, praised Diri’s “visible developmental achievements,” describing him as “a blessing to the state.”

[10/31, 8:07 PM] null: Presidency Defends 15% Fuel Import Tariff. The Presidency has confirmed President Bola Tinubu’s approval of a 15% import duty on petrol and diesel, saying the move is intended to boost local refining and reduce Nigeria’s reliance on imported fuel. The announcement was made by the Special Adviser to the President on Media and Public Communications, Sunday Dare, in a statement posted on X on Friday. He described the policy as “a bridge, not a burden,” aimed at reshaping Nigeria’s energy sector for long-term stability. Dare said the tariff is meant to discourage fuel importation, encourage investment in domestic refining, and help Nigeria take control of its energy supply after years of depending on foreign refineries. He noted that despite being a major crude oil producer, Nigeria has spent years importing refined products, which drained foreign exchange and cost the nation jobs. According to him, the new policy gives a competitive edge to local refineries such as Dangote Refinery, the Port Harcourt Refinery, and modular refineries currently being developed. “By making imported fuel less competitive, the government is tilting the market in favour of local refineries, laying the groundwork for a self-sustaining and resilient energy sector,” he stated. Dare added that as local refining output increases, fuel availability will improve and pump prices are expected to stabilize, while job creation and industrial activity expand. However, petroleum marketers have warned that the policy could push petrol prices above ₦1,000 per litre in the short term. Government officials argue that temporary price pressure is necessary to secure long-term gains. The 15% tariff will take effect after a 30-day transition period, ending November 21, 2025.

Fuel prices will eventually moderate – Tinubu Spokesperson on 15% petrol import duty. Spokesperson to President Bola Tinubu, Sunday Dare, has claimed the president’s approval of a 15 per cent import duty on petrol and diesel is a bridge and not a burden on Nigerians. Dare made the assertions in a statement on his X account on Friday, while reacting to Tinubu’s approval of a 15 per cent import duty on petrol and diesel. Recall that there has been diverse reactions from Nigerians, stakeholders and economists alike over the new tariffs and their possible impact on the price of fuel and diesel. In a clarification, Dare said the policy is designed to reverse the fuel and diesel import dependency trend by encouraging local refining, boosting domestic capacity, and ensuring that Nigeria’s oil wealth translates directly into national prosperity. He noted that the tariff will mark imported fuel as less competitive and encourage local refineries such as Dangote Refinery. He said as local refining ramps up and supply strengthens, prices of petrol are expected to moderate while jobs, investment, and industrial activity expands. “It’s no longer news that President Bola Ahmed Tinubu has approved a 15 per cent import duty on petrol and diesel—a bold and strategic move aimed at reshaping Nigeria’s energy landscape. “For years, the nation has depended heavily on imported fuel despite being a leading crude oil producer, draining foreign exchange and exporting jobs that should have been created at home

"Give President Tinubu Time, He Will Tax the Air We Breathe" —SDP’s Adewole Adebayo. The 2023 presidential candidate of the Social Democratic Party (SDP), Adewole Adebayo, has condemned the federal government’s decision to impose a 15 per cent import duty on refined petroleum products.  Adebayo described the move as “an anti-people decision” and accused President Bola Tinubu of pushing excessive taxation policies. Speaking during an interview on Channels Television’s Politics Today on Thursday, Adebayo argued that the administration is prioritising revenue collection over citizens’ welfare. According to him, “President Tinubu is a clever tax collector. He wants to collect taxes from you for everything, including the oxygen tax, very soon. If you’re not careful, yes, the air we breathe. Just give him time; he’s going to get there,” he said. Adebayo contended that the new import duty contradicts the principles Tinubu once promoted. “It is an anti-people decision and a trend in the new Tinubu. Tinubu that used to be in SDP, following Abiola everywhere doing Hope 93, has practically changed to the side of the money people. They see you as a customer, not a citizen. If you have twins and triplets in your house, Tinubu is going to think of twins tax or ‘multiple childbirth tax.’ He’s just thinking of how to collect more money. It’s wrong,” he said. He warned that the tariff will ultimately fall on ordinary Nigerians, especially given current economic hardships. “If you put 15 per cent tariffs on imported petrol, who is going to pay for it? It’s going to be paid by the person who buys the petrol at the filling station,” Adebayo added.

Fuel price increase looms as tinubu approves 15% import tariff on petrol,diesel. Fuel prices in Nigeria are expected to increase as President Bola Tinubu has approved a 15% import tariff on petrol and diesel, to take effect immediately. According to a government document obtained by THISDAY, the decision aims to protect local refineries, stabilise prices, and strengthen energy security under the administration’s Renewed Hope Agenda. While the tariff could push pump prices up by about ₦150 per litre, the report stated that the real impact may not exceed ₦100 per litre. The directive, copied to the Attorney General, FIRS Chairman, and NMDPRA Chief Executive, introduces a 15% ad-valorem duty on the Cost, Insurance, and Freight (CIF) value of imported fuels. Payments will be made into a designated federal government account, verified by the NMDPRA before any fuel is discharged. The policy is intended to prevent cheap imports from undercutting local refiners like the Dangote Refinery, and to ensure fair competition in the downstream market. Though the proposal suggested a 30-day transition period, the President reportedly ordered immediate implementation. Officials insist the move is not revenue-driven, but designed to align import costs with domestic realities while keeping prices lower than those in neighbouring countries. However, industry stakeholders have raised concerns, warning that the tariff could further strain consumers, as Nigeria still imports over 60% of its refined petroleum products.

Aide clears Sylva of coup involvement, confirms Abuja home raid. Mr. Timipre Sylva, Minister of State, Petroleum Resources. PORT HARCOURT — The Special Assistant on Media and Public Affairs to former Minister of State for Petroleum, Chief Timipre Sylva, Chief Julius Bokoru, has dismissed rumours linking his principal to an alleged coup plot, describing them as false and politically motivated. Bokoru stated that the former Bayelsa State governor had no connection to any coup-related activity, affirming that Sylva remains a committed democrat and supporter of President Bola Ahmed Tinubu. According to him, the rumour was the handiwork of political opponents seeking to tarnish Sylva’s image ahead of the 2027 elections. He confirmed, however, that Sylva’s Abuja residence was recently raided by individuals believed to be operatives of the Defence Headquarters, during which some damage occurred. “For the avoidance of doubt, it is true that the residence of His Excellency, Chief Timipre Sylva, was recently subjected to a raid by individuals believed to be operatives of the Defence Headquarters. During the operation, considerable damage was inflicted on the property,” Bokoru said. He added that the reason for the raid was not communicated by the security operatives, noting that Sylva and his wife were out of the country at the time. “As of my last communication with His Excellency, he was undergoing routine medical checks in the United Kingdom, after which he was scheduled to attend a professional conference in Malaysia,” he stated.