Economy
Dangote Refinery Will Accelerate Nigeria’s Economic Development—Oil Marketers
By Aduragbemi Omiyale
Oil marketers in the country, particularly those under the aegis of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), have expressed confidence that the Dangote Petroleum Refinery in Lagos would accelerate that nation’s economic development.
DAPPMAN is one of the three key associations in the downstream oil sector in Nigeria that have been authorised to lift petroleum products from Dangote Refinery.
The two others are the Independent Petroleum Marketers Association of Nigeria (IPMAN), and the Major Oil Marketers Association of Nigeria, (MOMAN).
These three groups constitute 75 per cent of the total market in Nigeria and have been registered by Dangote Refinery to distribute its products across the country.
In a statement over the weekend, Dangote Refinery said it was also considering other marketers that have signified interest in the lifting and distribution of its petroleum products in the country.
The Executive Secretary of DAPPMAN, Mr Olufemi Adewole, said his group commenced discussions with Dangote Refinery regarding the lifting and distribution of refined petroleum products last year during a meeting with the President of Dangote Group, Mr Aliko Dangote.
According to him, the meeting was to explore collaboration between the refinery and DAPPMAN members whose nationwide presence will be critical in distributing products from the refinery to the consumers.
Speaking in the same vein, the National Vice President of IPMAN, Mr Hammed Adekunle Fasola, said the association had declared its intention to lift and distribute petroleum products from Dangote Refinery.
“We have already established a business relationship with Dangote Refinery. We believe that the relationship is going to be a win-win one.
“Our association owns 80 per cent of the retail outlets in the country and we have all it takes to ensure smooth distribution of petroleum products from Dangote Refinery across the country,” he stated.
On his part, the Executive Secretary/Chief Executive Officer of MOMAN, Mr Clement Isong, said members of his organisation have registered with Dangote Petroleum Refinery to become marketers of its products.
“I confirm that my members have registered with them. We were waiting for the production to start and now it has started, and they will start discussing the commercial terms. So yes, major marketers and other players will buy for the market. The important thing was the registration.
“So now, the commercial terms will be agreed with each marketer and then they will buy from them. There are several ways you can buy from them.
“They have loading ranks, over 90, so you can take your truck to go and pick. You can also use vessels to pick. Those are the two ways you pick products,” he disclosed.
Meanwhile, reacting to the spate of reports claiming to be appointed distributors of Dangote Petroleum products, the management of Dangote Industries Limited noted that, “All news regarding the Dangote Refinery should not be taken as a matter of fact if not officially communicated by the company.”
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
