Economy
Dangote PMS Supply: Otedola Urges DAPPMAN to Change Business Model
By Adedapo Adesanya
Nigerian businessman, Mr Femi Otedola, has shown support to his ally, Mr Aliko Dangote, amid his ongoing tussle with the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) over his new petroleum supply model.
In a statement issued on Sunday on recent developments in the downstream sector, Mr Otedola praised the Dangote Petroleum Refinery’s entry into local fuel supply, describing it as a “historic leap for Nigeria’s energy independence and economic future.”
He further described the refinery’s operations as part of a broader transformation that is making Nigeria’s energy market more efficient and accountable, noting that the President Bola Tinubu administration has fully deregulate the downstream petroleum sector, stressing, “This singular act has broken the grip of entrenched interests and ushered in a new era of transparency, healthy competition, and customer-centric service delivery,”
He added that deregulation dismantled systems that encouraged subsidy fraud, product diversion, and smuggling, pointing out he founded the association in 2002 to give independent depot owners a platform to thrive, but argued that many are resisting inevitable change.
The business mogul warned that the old business model built around imports and Product Forwards/Payments from the Nigerian National Petroleum Company (NNPC) is crumbling now that local refining and supply have arrived.
“You can delay change, frustrate it, even sabotage it, but you can never stop it,” Mr Otedola said, urging members to adapt or exit while their assets still hold value.
He pointed out that Nigeria now reportedly has over 4 million metric tonnes of storage capacity, much of it idle, while the Dangote Refinery is supplying fuel locally.
Mr the son of a former Governor of Lagos State, Mr Michael Otedola, also questioned DAPPMAN’s demand that Dangote Refinery should pay N1.5 trillion, emphasising that these funds would simply be passed on to consumers and recalled past abuses under subsidy regimes, saying “over N2 trillion was siphoned through questionable claims” tied to depot licenses.
He also highlighted downstream benefits beyond fuel production, noting Dangote’s investments in logistics including the purchase of 10,000 new CNG eco-friendly trucks and dry cargo carriers.
Mr Otedola argued that these vehicles will reduce pollution, lower breakdowns, and unclog gridlock at major ports and terminals.
Drawing on his own depot and tanker-business experience, he suggested depot ownership no longer delivers the employment or returns some claim.
Mr Otedola counselled that rather than fight reform, DAPPMAN members should explore strategic options such as sell or repurpose depots, invest in last-mile retail (filling stations), restructure, or even combine resources to acquire and run existing refining capacity.
He held up the Folawiyo Group’s early exit from depots as a model of foresight, and warned that failure to adapt could lead to irrelevance or bankruptcy.
In closing, he proposed an unequivocal endorsement of Dangote’s role in the sector’s transformation.
“Aliko’s refinery is not the problem. It is the solution. Let’s move forward.
“Africans are proud of you. And yes, my dear brother Aliko, you can now go to Monaco and rest jejely like me. You’ve earned it,” he remarked.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved fresh import licences for petrol and diesel for the third quarter of 2026 (July – September) to prevent potential supply shortages in the domestic market.
According to a report by global energy intelligence firm, Argus Media, the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced petrol production at the 700,000 barrels per day Dangote Petroleum Refinery in Lagos.
The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.
According to the Argus report, domestic firms, including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil, received permits to import Premium Motor Spirit, popularly known as petrol, during the July-September period.
The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil, commonly known as diesel. The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.
Quoting a regulatory source, Argus noted that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.
It was also claimed that AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.
For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently, after being delayed from an initial target date of June 15.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.01 per cent on Tuesday, June 23, dragging the market capitalisation down by N25.91 billion to N2.544 trillion from Monday’s N2.570 trillion. Also, the NASD Security Index (NSI) decreased by 43.17 points to 4,239.34 points from 4,282.51 points.
The triplet price losers were Central Securities Clearing System (CSCS) Plc, which gave up N4.82 to trade at N75.00 per unit versus Monday’s closing price of N79.82 per unit. NASD Plc depreciated by N3.70 to close at N33.30 per share compared with the preceding day’s N37.00 per share, and Nitrox Industrial Gases Plc marginally lost 1 Kobo to sell at N21.41 per unit, in contrast to the previous session’s N21.42 per unit.
Tuesday’s trading data showed that the volume of securities traded by investors retreated by 35.9 per cent to 211,671 units from 330,034 units, and the value of securities fell by 82.9 per cent to N5.6 million from N32.7 million, while the number of deals doubled to 38 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.1 million units transacted for N4.7 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
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