By Adedapo Adesanya

The Dangote Petroleum Refinery has called for the expansion of the federal government’s Naira-for-Crude policy, describing this initiative as a strong indication of support for domestic refining.

The newly appointed Managing Director of the oil facility, Mr David Bird, made this call during a press briefing at the refinery complex in Lagos, noting that the scheme has significantly contributed to stabilising the the local currency and should be expanded in Nigeria’s overall economic interest.

“I think it’s a great testimony to the level of government support that we get,” he said on Wednesday.

According to Mr Bird, between 30 and 40 per cent of the refinery’s current crude feedstock is sourced under the Naira-for-Crude arrangement, with ongoing monthly engagements between the refinery and the Nigerian National Petroleum Company (NNPC) Limited to determine suitable crude grades.

“Let’s say between 30 and 40 per cent of our current crude diet is on the crude-for-naira programme. We engage with NNPC monthly on the grades to buy because there is a lot of variability in the Nigerian crude grades.

“So, we have a preference, we have a wish list, and we continue to work with government support to ensure we get the right allocations,” he explained.

Mr Bird noted that while the refinery is optimised for Nigerian crude, supply volumes fluctuate.

He said approximately 30 per cent of crude supply is obtained through the Naira-for-Crude programme, another 30 per cent from Nigerian crudes purchased on the spot market, while the remaining 40 per cent comes from international grades, adding that even at that, the refinery would welcome an expansion of the policy.

“We would always like to enhance the crude-for-naira programme. Even at that level, five cargoes a month, for example, it has contributed to the stabilisation of the naira enormously,” Bird said, in response to a question.

Mr Bird added that the refinery has the capacity to absorb additional crude volumes if allocations are increased, noting that continued engagement with NNPC and the federal government is ongoing.

“We would have the potential to take further grades if and when, and we continue to engage with NNPC and the government on further increasing that,” he said, pointing to global geopolitical uncertainties as a reason Nigeria should prioritise domestic crude supply.

“It is in the country’s interest to supply domestically, because geopolitically it’s a very volatile situation. If Venezuelan crude comes back on the market, for example, it is in Nigeria’s interest to secure an offtaker through domestic refining,” he said.

The Naira-for-Crude policy, which began in October 2024, allows local refineries to purchase crude oil from NNPC in Naira instead of US Dollars. This approach reduces pressure on foreign exchange, lowers transaction costs, stabilises the local currency, and strengthens domestic refining capacity.

By Adedapo Adesanya

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has said there may be cuts in the interest rate if Nigeria’s inflation keeps cooling.

Mr Edun revealed this during an interview on the sidelines of the Abu Dhabi Sustainability Week, as reported by Bloomberg.

According to Mr Edun, a sustained decline in inflation would create room for additional rate cuts, helping to reduce borrowing costs and easing the government’s debt servicing burden.

Although the Minister has no control over interest rate decisions – a primary responsibility of the Central Bank of Nigeria (CBN), he said lower inflation and borrowing costs would free up revenue currently spent on servicing debt and improve the fiscal balance.

Mr Edun, according to Bloomberg, commended the apex bank for what he described as “excellent” progress in curbing inflation, attributing recent improvements to aggressive monetary tightening implemented over the past two years.

The CBN had more than doubled its policy rate from 2022 levels in a bid to rein in inflationary pressures, before implementing a 50 basis-point cut in September that brought the monetary policy rate to 27 per cent.

The move followed a sharp moderation in inflation from its late-2024 peak. As at November 2025, headline inflation rate eased to 14.45 per cent down from 16.05 per cent recorded in October. On a year-on-year basis, the headline inflation rate was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024.

The Finance Minister also revealed that the government’s borrowing strategy would remain flexible and market-driven, with decisions on domestic and external issuances guided by pricing, timing, investor appetite, and adherence to debt limits outlined in the medium-term expenditure framework.

Mr Edun also said the Bola Tinubu-led administration is intensifying efforts to boost revenue mobilisation and reduce reliance on borrowing, particularly through structural reforms and improved efficiency in revenue collection.

He noted that the government is rolling out directives requiring ministries, departments, and agencies (MDAs) to halt cash collections and migrate fully to automated payment platforms to improve transparency and reduce leakages.

According to him, the federal government is also counting on privatisation proceeds, divestments by the Nigerian National Petroleum Company (NNPC), and increased crude oil production to support budget funding.

By Aduragbemi Omiyale

The Securities and Exchange Commission (SEC) has received a renewed backing of the Nigeria Police Force (NPF) to flush out criminals from the nation’s capital market.

At a meeting with the Director General of SEC, Mr Emomotimi Agama, the Inspector General of Police, Mr Kayode Egbetokun, agreed to forge an alliance against illegal scheme operators, investment frauds, and cryptocurrency frauds in a bid to protect the hard-earned savings and the financial dreams of the Nigerian people.

He assured the capital market regulator of the readiness of the security agency to strengthen partnership in all the ways possible to achieve a clean market.

“SEC is very crucial to the Nigerian economy, and with our supervision and support from the government, we will ensure economic recovery and growth. If the police unit in SEC is strengthened, it is going to make so much impact in your enforcement drive. What you said speaks so much to your determination to ensuring effective drive in the capital market and when we are able to achieve effective enforcement, it comes with so many benefits,” the police chief said, approving the collaboration between SEC and the Cyber Security Centre of the NPF.

Earlier at the meeting on Wednesday in Abuja, Mr Agama informed Mr Egbetokun that his organisation has the mandate to protect investors, maintain fair, efficient, and transparent markets, and promote the growth of a vibrant economy built on trust, which are done by setting rules, licensing operators and market surveillance.

He, however, stated that the commission faces adversaries who operate in the shadows, outside regulated gates by exploiting the trust of people and promising miraculous returns such as 200 per cent in 30 days.

“They cloak their deceit in the glamorous but misunderstood language of cryptocurrency and forex trading. They target the vulnerable, the optimistic, and the simply unsuspecting, leaving behind a trail of shattered lives, depleted pensions, and broken trust. This is not just a financial crime; it is a social menace that erodes public confidence in our entire financial system.

“This is where our authority, as the SEC, meets its necessary complement: your power, your reach, and your mandate. The Nigeria Police Force is the primary law enforcement agency with the national presence, the investigative muscle, and the constitutional authority to track, apprehend, and bring these criminals to justice. Where we identify the illegality and the regulatory breach, you possess the apparatus for criminal investigation, arrest, and prosecution.

“Currently, there is a gap, a seam between identification and enforcement that these scammers exploit. Today, we aim to close that gap permanently. Therefore, we propose a robust, institutionalized collaboration with the following pillars: joint intelligence and operations task force: capacity building and knowledge transfer; streamlined processes for enforcement and national public awareness campaign,” he stated.

The SEC DG advocated the establishment of a dedicated SEC-NPF team that combines market intelligence, forensic accounting, and understanding of complex financial schemes with investigative and intelligence-gathering capabilities. This team will be the rapid-response unit to new frauds.

Mr Agama also sought the permission of the IGP to go into a Memorandum of Understanding with the Cyber Security Unit of the Police Force in a bid to ensure the cyber space is safe for all Nigerians

“Mr Inspector General, the fight against financial crime is a fight for the soul of our economy. It is a fight for the widow who has lost her savings, the youth lured by fake crypto promises, and the retiree seeking a safe return. The SEC cannot win this fight alone. The Police should not have to decipher these complex schemes without specialist support. Together, however, we form an impenetrable shield.

“Let this meeting be remembered as the day the two guardians of Nigeria’s safety the safety of our streets and the safety of our savings joined hands. Let us send a clear, unequivocal message to every scammer, from the dusty streets to the dark web: Your time is up. Nigeria’s investors are now under our combined protection. We are ready to work with you. We look forward to your guidance and partnership,” he added.