General
Dangote Refinery Reduces Petrol Price to N899.50 Per Litre
By Adedapo Adesanya
Dangote Petroleum Refinery has reduced the price of its Premium Motor Spirit (PMS), otherwise known as petrol, to below N900 per litre, in a move to provide much-needed relief for Nigerians ahead of the holiday season.
This will be the second time that Africa’s first privately owned oil refinery will slash the price of the product. It had previously lowered the price to N970 per litre on November 24.
The Dangote Refinery, with a capacity of 650,000 barrels per day (BPD), is the largest single-train refinery in the world. It is fully capable of meeting 100 per cent of Nigeria’s refined petroleum product requirements, with a surplus available for export.
According to a statement on Thursday, Dangote Refinery announced a new price of N899.50 per litre.
“This reduction is designed to ease transport costs during the festive period,” it said in the statement issued by the Group Chief Branding and Communications Officer of Dangote Group, Mr Anthony Chiejina.
The company will also allow consumers to purchase an additional litre of fuel on credit for every litre bought on a cash basis.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.
“Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” Mr Chiejina noted.
The refinery also expressed gratitude to Nigerians for their continued support as the country enters the festive season.
Mr Chiejina further emphasised the refinery’s commitment to ensuring Nigerians have access to premium quality petroleum products that are competitively priced, as well as environmentally and engine friendly.
He highlighted that the refinery’s operations mark the end of Nigeria being a dumping ground for substandard and blended imported products, which have posed significant risks to human health, machinery, and the environment.
By Adedapo Adesanya
Party organisers, entertainment hubs, and partygoers are on alert amid the spread of counterfeit and substandard drinks proliferating the markets following recent revelations by the National Agency for Food and Drug Administration and Control (NAFDAC).
The December period – often tagged Detty December – in Nigeria is associated with merriment and parties, and a major feature of these events is alcoholic beverages.
However, recent revelations show that a lot of these consumables are substandard and fake with three people sharing with this newspaper about consuming some of these, albeit unknowingly.
“I am sure the Casamigos I drank were fake. This is not good considering the possible health implications,” one visibly seething person told our correspondent.
“We cannot even verify what we drink in this country. This is supposed to be a carefree period for me but I always have to be careful that I am drinking poison,” another person in Lagos for the holidays based in the United Kingdom shared.
The apprehension has heightened in recent days with the NAFDAC shutting down 150 shops at Eziukwu Market, Aba, Abia State, during a two-day operation on December 16 and 17, 2024.
The agency uncovered large-scale production and distribution of fake and expired goods, including beverages, carbonated drinks, wines, spirits, vegetable oils, and revalidated food items such as noodles, powdered milk, and yoghurt.
NAFDAC noted that the team destroyed items that were valued at N5 billion at the market it described as a hub for counterfeit and substandard products.
The agency’s Director in the South-East Zone, Mr Martins Iluyomade, expressed dismay at the continued illegal activities, despite a previous undertaking signed by market leaders in December 2023 to expose counterfeiters.
On her part, NAFDAC’s DG, Mrs Mojisola Adeyeye, reaffirmed the agency’s zero tolerance for such practices and emphasised its unwavering commitment to safeguarding public health while working toward a permanent solution to the problem of counterfeit products in the market.
Earlier this month, the agency also seized fake alcoholic drinks worth over N180 million in Lagos after a raid on a makeshift factory in Oke Arin market, Lagos Island.
The operation, NAFDAC stated, followed a complaint about the illegal production of alcoholic beverages.
By Adedapo Adesanya
The Nigerian Electricity Regulatory Commission (NERC) has approved the transfer of regulatory oversight of the electricity market in Lagos State to the Lagos State Government.
This was disclosed in a statement seen by Business Post on Thursday, which noted that this is in compliance with the amended Nigerian constitution and the Electricity Act 2023 (Amended), which was signed by President Bola Tinubu last year.
NERC issued the order to transfer regulatory oversight of the electricity market in Lagos State from the commission to the Lagos State Electricity Regulatory Commission (LASERC).
Recall that with the Electricity Act 2023, the commission retains the role as a central regulator with regulatory oversight on the inter-state/international generation, transmission, supply, trading and system operations.
It also mandates any state that intends to establish and regulate intrastate electricity markets to deliver a formal notification of its processes and requests NERC to transfer regulatory authority over electricity operations in the state to the state electricity regulator.
NERC affirmed that Lagos State complied with the conditions precedent in the law and duly notified it and requested for the transfer of regulatory oversight of the intrastate electricity market in Lagos State.
With this, NERC has directed Eko Electricity Distribution Plc (EKEDP) to incorporate a subsidiary (EKEDP SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Lagos State from EKEDP.
There are two electricity distribution companies serving Lagos customers – EKEPC and Ikeja Electricity Distribution Company (IKEDC).
EKEDP shall complete the incorporation of EKEDP SubCo within 60 days from December 5, 2024. The sub-company shall apply for and obtain a licence for the intrastate supply and distribution of electricity from LASERC, among other directives.
It also directed Ikeja Electric Plc to incorporate a subsidiary (IE SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Lagos State from IE.
IE shall complete the incorporation of IE SubCo within 60 days from December 5, 2024. The sub-company shall apply for and obtain a licence for the intrastate supply and distribution of electricity from LASERC, among other directives.
NERC noted that all transfers should be completed by June 4, 2025.
By Adedapo Adesanya
The federal government has announced plans to establish a youth bank to offer loans, grants and other financial products to support young entrepreneurs fostering innovation and job creation.
According to the Minister of Youth Development, Mr Ayodele Olawande, this is among the efforts that are in the Nigerian Youth Employment Action Plan to address the problem of unemployment in the country.
“The establishment of a youth bank has numerous benefits for young people and communities.
“By supporting youth-led businesses, youth banks can contribute to employment generation and economic growth.”
He said the bank would provide opportunities for education, training and employment.
Mr Olawande said that the ministry also unveiled the Youth Activities Dashboard where activities and initiatives would displayed.
“We are saying that everybody should go on this dashboard to get information. We have discovered that there are more than 7,000 activities of youths in Ministries, Departments and Agencies (MDAs) and others that do not reside in Ministry of Youth,” he said.
The minister said the student loan scheme was a tool to fight poverty, adding that the loan scheme aligned with his administration’s commitment to inclusiveness.
He assured of sufficient funding to sustain the programme.
Mr Olawande said that education was the greatest weapon against poverty in any society as it was essential for vision, development and successfully combating insecurity, including terrorism and banditry.
He advocated for an enabling environment for young people to thrive and achieve their goals in life.
According to him, the country has more than 60 per cent young people; hence, much can be achieved with the enabling environment.
Mr Olawande said that the ministry was making critical decisions and suggestions to President Bola Tinubu for implementation.
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