Business
Dangote Refinery Distances Self from Petrol Pump Price Hike
Dangote Petroleum Refinery has distanced itself from allegations of arbitrarily increasing petrol pump prices.
The refinery attributed the recent adjustment in the ex-depot price of Premium Motor Spirit to fluctuations in global crude oil prices.
This was contained in a press release titled “Increase in Pump Price Not From Us”, issued on Sunday by Anthony Chiejina, Group Chief Branding and Communication Officer.
The statement read: “The recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices.
“As crude oil remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.”
The refinery clarified that while its ex-depot price increased by 5%, from N899.50 to N950 per litre, the adjustment remains significantly lower than the 15% rise in global crude oil prices.
“Brent Crude rose from $70 to $82 in a matter of days, alongside the premium for Nigerian crude (approximately $3 per barrel). Despite this, we have kept our Single-Point Mooring (SPM) ex-vessel price steady at N895 per litre,” the statement added.
In a bid to shield consumers from the full impact of rising costs, Dangote Refinery disclosed it has absorbed approximately 50% of the cost increases caused by surging global crude oil prices.
The refinery’s partners, including Ardova, Heyden, and MRS Holdings, will retail petrol at a uniform price of N970 per litre across Nigeria.
“Without our intervention, the retail price of PMS could have risen to N1,150 or even N1,200 per litre in some locations. This demonstrates our unwavering commitment to affordability and quality, even in challenging times,” the statement explained.
To address concerns over price transparency, the company announced plans to publish its ex-depot, ex-vessel, and pump prices on a weekly basis.
“In the interest of transparency and good governance, consumers will now have access to accurate information to ensure they are not exploited,” the statement assured.
Additionally, the company expressed gratitude to President Bola Tinubu for introducing the Naira for Crude Initiative, describing it as “visionary.” Dangote Refinery noted that the initiative ensures consistent access to high-quality PMS for Nigerians while mitigating the effects of global oil market volatility.
The statement concluded with a reaffirmation of the company’s dedication to serving Nigerians.
“We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations,” it said.
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Fidelity Bank Plc has received the Straight-Through Processing (STP) Excellence Award from Citigroup in recognition of its outstanding operational efficiency in foreign currency payments in 2024.
STP refers to transactions processed accurately and without human intervention, resulting in a cost-effective and timely process. Fidelity Bank, which has consistently earned this award over the years, achieved an impressive 97%+ STP rate in concluding USD payments in the awarding period.
Citigroup, a leading global bank headquartered in New York and present in more than 160 countries, annually honors select banks and financial institutions that demonstrate the highest levels of efficiency in foreign currency transactions.
Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer, Fidelity Bank Plc, attributed the achievement to customer trust and the team’s dedication.
“This award reflects the quality of initiatives we have implemented to simplify cross-border payments for our customers. It affirms our commitment to delivering cutting-edge services in servicing our valued customers,” said Dr. Onyeali-Ikpe.
The recognition adds to a growing list of accolades for Fidelity Bank especially in deploying innovative services and products in meeting customer needs. These include an award from the Nigeria Customs Service for being the first bank to successfully process Customs Duty and the Pre-Arrival Assessment Report (PAAR) on the Unified Customs Management System (UCMS). The bank also won Most Innovative Bank of the Year and Best Bank for Export and Trade Finance at the 2025 BusinessDay Bank and Other Financial Institutions’ (BAFI) Awards.
“We are delighted by this recognition and remain committed to providing seamless, value-adding services to our customers as we pursue our mandate to help individuals grow, support businesses to thrive and propel economies to prosper,” added Dr. Onyeali-Ikpe.
The Executive Director, IT and Digitisation, Access Holdings, Mr. Lanre Bamisebi, has called for sector-focused, AI-driven transformation in corporate African banking. This is even as corporate banking in Africa is undergoing a transformation, and the conversation has shifted beyond traditional deposits and loans.
Bamisebi made the submission while speaking as a panelist during a session at Future of Finance Summit, highlighting the urgent need for financial institutions to bridge the widening gap between what corporates require and what banks currently provide.
“Corporates are no longer asking for just an ad or a simple product, they want visibility into liquidity, frictionless cross-border payments, and integrated solutions that anticipate their changing needs.” Bamisebi noted.
Despite progress across the industry, he acknowledged a persistent disconnect between corporate expectations and available banking services.
Drawing from Access Bank’s scale, serving over 65 million customers and processing up to 12.5 million transactions daily, Bamisebi underscored the transformative potential of technology and artificial intelligence in closing this gap. Advanced data management and AI-driven insights, he said, now make it possible to personalise corporate solutions at a level previously unimaginable.
“Retail banking is straightforward, corporate banking is complex. Every company, even within the same sector, has unique needs that require tailored solutions.” he explained.
The Access Holdings ED also addressed the realities of legacy systems and the challenge of innovating while maintaining stability.
“It is like flying a plane while serving meals, We have to keep operations steady while deploying technology and AI to adapt to corporate requirements as they evolve,” he quipped.
He emphasised that generic, one-size-fits-all products no longer meet the needs of companies in sectors such as oil and gas, mining, and telecommunications.
Instead, banks must invest in deep sector expertise, build flexible AI-enabled solutions, and continuously evolve with their clients. The future, he said, belongs to institutions that can deliver predictability and proactive service, anticipating needs before clients even voice them.
On the growing reliance on AI, Bamisebi expressed measured optimism. While AI is now essential to modern banking, he cautioned that its biases and potential “hallucinations” require strong oversight. He compared today’s stage of AI adoption to the early days of the Internet: transformative, necessary, and demanding vigilance.
Looking ahead, Bamisebi offered three strategic recommendations for banks aspiring to become the preferred corporate banking partners across Africa: Model success; Study and adapt effective frameworks, including Access Bank’s customer-centric approach. Focus on a niche; Rather than attempting to serve every sector, specialize deeply and deliver superior value in selected industries and Commit to continuous learning; Stay attuned to clients’ evolving needs and invest in technology capable of anticipating those changes.
Bamisebi concluded that the future of corporate banking in Africa lies in the fusion of sector-specific expertise, AI-driven insights, and relentless adaptability. Banks that embrace this trifecta, he affirmed, will not only meet the needs of modern corporates but also play a defining role in shaping the continent’s financial future.
The Monetary Policy Committee of the Central Bank of Nigeria has maintained the benchmark interest rate at 27 per cent, extending its pause on monetary tightening.
The CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at the end of the committee’s 303rd meeting in Abuja.
Cardoso said, “The Committee decided by a majority vote to maintain the monetary policy stance,” indicating that members were not yet convinced that current economic conditions warranted another reduction.
The move follows the 50-basis-point cut implemented in September 2025, the only rate reduction since the tightening cycle began under the current CBN leadership.
It also marks the fourth consecutive hold this year.
The MPC had raised rates six times in 2024 amid surging inflation and currency pressures.
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