Business
We’ve a Lot to Benefit from Dangote Petroleum Refinery on Downstream Sector – GPA

The Chief Executive Officer, National Petroleum Authority (NPA) of Ghana, Mustapha Abdul-Hamid, said the coming on stream of 650,000 barrels-per-day (bpd) Dangote Petroleum Refinery will transform the Ghanaian downstream sector through the reduction in the cost of importation of petroleum products.
Speaking at the 16th Oil Trading and Logistics Expo in Lagos with the theme: “Regulating Downstream Energy Transition in Dynamic Times”, Abdul-Hamid said the completion of Dangote Petroleum Refinery project would be a breakthrough for the West African region which has for long depended on importation of petroleum products.
According to him, Ghana is presently facing the challenge of continuous rise in the cost of petroleum products, adding that getting importers to turn their attention towards Nigeria, rather than going all the way to Netherlands for petroleum products importation, would help his country stem the tide of a continuous increase in the price of fuel.
He stated: “The Dangote Petroleum Refinery will have a huge impact on Ghana downstream sector. Right now, the Ghana’s downstream industry is completely deregulated. There is no petrol subsidy in Ghana. For a deregulated market where the importers recover their cost fully, importing from Nigeria will certainly be more cost effective and cheaper than importing from Rotterdam in the Netherlands where we get the bulk of our fuel in Ghana.
“As we all know, the price build up for a litre of fuel will include the cost of shipment, transportation, insurance and others, but if we are importing from Nigeria into Ghana, this will bring down the cost of fuel in our country. Ghanaians are very excited about the prospect of the Dangote Petroleum Refinery. Ghana had in the past built a good relationship where we get petroleum products from Nigeria at a reasonable and more affordable cost. I believe that the coming on stream of Dangote Petroleum Refinery will further strengthen the existing relationship between Nigeria and Ghana.”
Abdul-Hamid said the Ghanaian government was also developing a 60 billion-dollar petroleum hub project on 20,000 acres in the western part of the country for storage and marine facilities.
“All the above-mentioned projects will help accelerate the petroleum hub, consisting of refineries, petrochemical development of the continent’s oil and gas resources, by connecting the downstream to the upstream. It will promote cleaner fossil fuels and biofuels as the pathway to a just energy transition. Gas has been accepted as the transition fuel because gas is the least carbon emitting fossil fuel”, he added.
Speaking also at the event, Permanent Secretary, Ministry of Petroleum Resources, Nigeria, Gabriel Aduda said deregulation would increase transparency in the downstream sector of the petroleum industry. He said full deregulation would also create healthy competition among investors.
Aduda, who was represented by Mr. Augustine Okwudiafor, the Deputy Director, Downstream Department, Federal Ministry of Petroleum Resources, noted that deregulation would give business guaranty to potential investors at the stage of conceptualisation. According to him, deregulation would significantly reduce, if not eradicate completely, the diversion and smuggling of petroleum products across Nigerian boarders.
“All hands are on deck towards full deregulation of the downstream sector, as this will ensure commercialisation and liberalisation of the sector. It will also increase investment opportunities, create more jobs and promote seamless energy transition. All these measures and many more will cushion the projected impact of downstream sector deregulation on consumers and the economy at large,” he said.
He further said data was key in the Oil and Gas Industry, and that any reliable and accurate data would give investors a certain level of assurance.
“Hence, government is keen and determined to harmonise all downstream data across the relevant agencies and parastatals to eradicate data variations. Government, through the Ministry of Petroleum Resources, its agencies and Federal Ministry of Science and Technology, is considering enhanced technologies. They include Machine Learning (ML) and Artificial Intelligence (AI) to monitor and gather downstream data for effective policy formulation and investment guidance,” he said.
Aduda emphasised that oil also had a place in the energy transition space in the sense that oil could be made cleaner through the development and use of appropriate technologies. He said moving the downstream sector forward to that enviable position required collaborative efforts from all stakeholders. “I challenge you all to come along to move the downstream sector towards achieving the downstream we could all be proud of,” he added.
Business
Naira Gains over Dollar for Three Straight Days in Parallel FX Market

The Naira recorded three consecutive days of appreciation against the dollar in the parallel foreign exchange market, ending the week on a high note on Friday.
According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the Naira strengthened to N1,565 per dollar on Friday, up from N1,570 on Thursday.
On a day-to-day basis, the Naira gained N5 against the dollar compared to the N1,570 traded on Thursday.
In the last three days, the Naira has gained N15 against the dollar in the black market.
In contrast, in the official market, the Naira continued to depreciate as of Thursday, according to data from the Central Bank of Nigeria.
The apex bank’s exchange rate data showed that the Naira fell to N1,507.88 per dollar on Thursday from N1,504.30 on Wednesday.
Overall, exchange rate movements across FX markets showed that the Naira ended the week with mixed sentiments of losses and gains against other foreign currencies.
Business
MoneyMaster Enriches Service Delivery with New Agency Software

Payment service bank, MoneyMaster PSB, has announced the integration of a new agent banking software with powerful and secured features to enhance its agency banking offerings and encourage financial inclusion.
The new agency banking software extensively supports a variety of agency banking services, such as paying bills, instantly reversing unsuccessful transactions, paying for lottery and betting, checking customers’ balances, linking cards to point-of-sale systems, and retrieving transaction histories from other channels.
The basic banking platform of MMPSB has been connected with the new software to enhance the experience of agents, clients, and other value chain stakeholders in their daily transactions.
The bank disclosed that the new software was implemented “to provide a seamless banking experience to customers using our POS terminals across the country. Customers can now enjoy a wide range of banking transactions from a single point while improving revenue streams for Agents.
MoneyMaster has now joined the league of leading financial institutions with state-of-the-art technology for POS terminal operations thanks to the implementation of the new software. The bank was among the first to promote USSD banking among the financially excluded population after obtaining its payment service banking license. Later on, it added internet and mobile banking apps to its list of banking channels.
In addition to supporting customers with creative, customer-focused solutions to improve their banking experience, Moneymaster PSB is dedicated to advancing financial inclusion among the unbanked and underbanked population. Because of the smooth payments made on its point-of-sale terminals. the Lagos State government last year chose MoneyMaster as a payment partner for the Ounje Eko food discount store in order to collect payments on its market days.
Business
CBN Reviews ATM Fees, Imposes N100-600 Charges for N20k Withdrawal

The Central Bank of Nigeria (CBN) has imposed a withdrawal charge of between N100 and N600 for every N20,000 worth of interbank ATM withdrawals.
The new policy eliminates the three free monthly withdrawals that customers enjoy on interbank ATM withdrawals.
According to a CBN circular, FPR/DIR/GEN/CIR/001/002 with title, ‘Review of Automated Teller Machine Transaction Fee,’ dated February 10, 2025, the new fees would take effect March 1, 2025.
The apex bank said: “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide)”.
The CBN said customers withdrawing at the ATM of their financial institution in Nigeria would not be charged.
“Withdrawal from another institution’s ATM in Nigeria (Not-On-Us): On-site ATMs (within bank premises): A fee of N100 per N20,000 withdrawal will apply,” the apex bank further directed.
For Off-site ATMs (outside bank premises), the apex bank said a charge of N100 plus a surcharge of not more than N500 for every N20,000 withdrawal would be applicable.
It said that international withdrawals would be based on the exact amount imposed by the international acquirer.
The CBN added: “This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.
“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”