Lagos, Nigeria – Dangote Petroleum Refinery has rejected circulating reports claiming the refinery is shutting down for maintenance, describing the story as false and misleading. In a statement on Monday, the refinery stressed that production remains ongoing, stable, and uninterrupted, with the capacity to supply between 40 million and 50 million litres of Premium Motor…
Nigeria’s banking sector recorded a rise in bad loans in 2025 following the withdrawal of regulatory forbearance by the Central Bank of Nigeria (CBN), according to the apex bank’s latest macroeconomic outlook report. The report showed that the industry’s non-performing loans (NPL) ratio climbed to an estimated seven per cent, exceeding the regulatory benchmark of…
Petroleum marketers have called on the Federal Government to account for an estimated ₦11.35 trillion reportedly spent on the rehabilitation of Nigeria’s state-owned refineries, warning that the lack of transparency continues to erode confidence in the petroleum sector and deepen the country’s energy challenges. In its 2025 sectoral review and outlook for 2026, the Petroleum…
Spending on the board and workforce of the Nigerian National Petroleum Company Limited (NNPC) rose significantly in 2024, with directors’ fees and reimbursable expenses climbing to ₦4.096 billion, representing a 58 per cent increase from ₦2.593 billion recorded in 2023. The increase is contained in the company’s audited 2024 annual financial report, which also shows…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed that the daily supply of Premium Motor Spirit (PMS), commonly known as petrol, rose sharply to 71.5 million litres per day in November 2025, up from 46 million litres per day in October. According to the November 2025 fact sheet released by the authority…
At a time when Lagos is launching its most ambitious water transport overhaul in decades, the €410 million Omi Èkó Project, the synergy between Sunreef’s proven global expansion model and the State’s inland waterway renewal has never been more compelling.The project includes 15 new Ferry routes covering 140 km of Waterways, over 25 modernised Terminals,…
Dangote Petroleum Refinery has commenced nationwide sales of Premium Motor Spirit (PMS) at a pump price of ₦739 per litre across all MRS Oil Nigeria Plc filling stations, marking a major step toward affordable fuel pricing and improved stability in Nigeria’s downstream petroleum market. With more than 2,000 MRS stations spread across the country, the…
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, to about ₦835 per litre in major cities across the country, marking its third price reduction this month. The latest adjustment brings prices down from ₦915 per litre. In Lagos, some NNPCL retail outlets—including…
Nigeria’s headline inflation rate declined to 14.45 per cent in November 2025, easing from 16.05 per cent in October, according to the latest Consumer Price Index (CPI) report released on Monday by the National Bureau of Statistics (NBS). The moderation represents a 1.6 percentage-point drop month-on-month, marking a continued slowdown after years of steep price…
Niger State Governor, Umaru Bago, has presented a ₦1.031 trillion Appropriation Bill for the 2026 fiscal year to the State House of Assembly, describing it as a “Budget of Consolidation” focused on sustaining development gains and addressing emerging socio-economic challenges. Unveiling the proposal at the Assembly Chamber in Minna, the governor said the budget allocates…
