Business
Dangote to IPMAN, PETROAN: Claims of Landing Fuel Cheaper Than Ours Means Importing Substandard Products
In response to allegations by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) about high fuel prices from the refinery, and importing cheaper fuel, Dangote Refinery has said that its ex-depot price of petrol ia pegged at N990 per litre for sale into trucks, and N960 for ships.
While defending pricing strategy, the refinery insisted that its rates are competitive and in line with international standards.
The refinery, in a statement signed by the company’s Group Chief Branding and Communications Officer, Anthony Chiejina, claimed that the assertions made by IPMAN and PETROAN that they can land cheaper petroleum products meant that they were importing substandard products into the country.
“We had lately refrained from engaging in media fights, but we are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN, and other associations.
“Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. We benchmark our prices against international prices, and we believe our prices are competitive relative to the price of imports. If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles.
Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.
“Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for our pricing, and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.
“In good faith, and in the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased.
“At the same time, an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production.
“This is detrimental to the growth of domestic refining in Nigeria. We should point out that it is not unusual for countries to protect their domestic industries in order to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips in order to protect their domestic industries.
“While we continue with our determination to provide affordable, good quality, domestically refined petroleum product in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty” he stated.
Financial Strength and Market Position
Fidelity Bank Plc has demonstrated remarkable financial resilience, solidifying its position as one of Nigeria’s leading financial institutions. Recent reports highlight the bank’s impressive growth trajectory, including its re-entry into the N1 trillion market capitalization club and a 167.8% increase in profit before tax (PBT) to N105.8 billion in Q1 2025. Fidelity Bank’s financial performance has been exceptional, with a 64.2% year-on-year increase in gross earnings to N315.4 billion in Q1 2025. The bank’s total deposits have surged to N6.6 trillion, driven by a 21.4% increase in foreign currency deposits. These figures highlight its ability to attract and retain capital, ensuring liquidity and operational efficiency.
Investor Confidence and Regulatory Compliance
Fidelity Bank’s stock performance has been impressive, with a 237% oversubscription in its capital raise venture. Analysts predict continued growth, with gross earnings expected to reach N1.5 trillion and profit before tax projected at N415.4 billion in 2025. The bank’s ability to meet the N500 billion capitalization target set by the Central Bank of Nigeria (CBN) underscores its financial resilience and regulatory compliance.
Support for Small and Medium Enterprises
Fidelity Bank’s commitment to supporting Small and Medium Enterprises (SMEs) plays a crucial role in its significance to the economy. By providing tailored financial solutions and resources for SMEs, such as the recently launched SME Hub, the bank contributes to job creation and economic development, further cementing its importance in the financial ecosystem.
Regulatory Compliance and Risk Management
Fidelity Bank has demonstrated a strong commitment to regulatory compliance and risk management. By maintaining capital adequacy ratios above the required thresholds – liquidity ratio at 54.7% and capital adequacy ratio (CAR) at 20.3%, compared to the minimum requirement of 30.0% and 15.0%, respectively- the bank not only ensures its own stability but also contributes to the overall health of the banking sector.
Strategic Expansion and International Presence
The bank’s acquisition of Union Bank UK in 2023 marked a significant step toward international expansion. This move strengthens its global footprint and enhances its ability to serve a diverse clientele. Fidelity Bank’s leadership has also set ambitious goals to elevate the institution to tier-1 status, further reinforcing its stability and growth potential.
It is also worth noting that global best practice allows for judgement payments of this nature to be made in installments as agreed by the relevant parties. This is to ensure that the judgement is executed to the letter in a sustainable manner.
Fidelity Bank on Monday confirmed a subsisting Supreme Court judgement involving GCappa and Sagecom Concepts Limited, adding its computation puts the settlement figure at N14 billion.
The bank disclosed this in a statement on Monday, maintaining that the issues leading up to the judgment arose from a legacy transaction between the defunct FSB International Bank and Sagecom Concepts Limited.
The bank clarified, however, that a sponsored publication of the apex court judgement has allegedly been orchestrated and syndicated in the media with the aim of embarrassing the bank.
Source: Nairametrics
As global financial fraud surges to over $485 billion in annual losses, Access Holdings PLC is setting a new standard in Africa’s banking industry through aggressive and strategic investment in technology aimed at combating the growing threat, National Association of Online Security News Publishers, NAOSNP can report.
With Nigeria’s financial sector experiencing a spike in digital fraud, particularly through mobile and online channels, Access Holdings has emerged as a front-runner in fraud prevention through innovation.
In 2024, Access Holdings, the parent company of Access Bank, recorded a landmark ₦193.5 billion ($120.5 million) in technology investments, a 147% increase over the previous year and the highest IT spend in Nigeria’s banking industry. This bold move has paid off significantly. The Group reported a 73% drop in fraud-related losses, falling from ₦6.15 billion in 2023 to just ₦1.64 billion in 2024.“Our customers’ trust is our most valuable asset,” said Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc.
“In a world of rising digital risks, we have chosen to lead with innovation and resilience. Our sustained investment in cybersecurity, AI-driven fraud detection, and biometric authentication is delivering real results, and reinforcing confidence in our digital banking platforms.”
Globally, banks like JPMorgan Chase are increasing technology budgets to combat fraud, with a record $17 billion in 2024. Nigeria is not left behind. Among local peers, Access Holdings has demonstrated the strongest correlation between strategic tech spending and measurable fraud reduction.
Access Holdings’ investments include AI-driven transaction monitoring, biometric verification systems, enhanced core banking upgrades, and real-time fraud analytics, all designed to detect and respond to threats with speed and precision.
While digital innovation is expanding access to banking, it has also exposed customers and institutions to evolving threats.
According to Nigeria Inter-Bank Settlement System (NIBSS) data, fraud incidents in the country jumped 112% from 2019 to 2023, underscoring the urgent need for systemic countermeasures.
Access Holdings’ proactive stance not only affirms its leadership in Nigeria’s digital banking landscape but also offers a compelling model for financial institutions across Africa looking to secure trust in an increasingly digital world.
