Economy
IPMAN Changes Tone, Hails Dangote’s Distribution Move
By Adedapo Adesanya
In an apparent change of stance, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has now hailed the management of Dangote Petroleum Refinery over its plan to commence free distribution of petrol and diesel to independent marketers an large-scale consumers across the country, beginning from August 15, 2025.
Earlier, the marketers’ association had lamented that the development could lead to problems, calling it a “dangerous monopoly.”
In a new statement, IPMAN in Rivers State described the development as “bold, strategic and transformative,” noting that the initiative, accompanied by the deployment of 4,000 Compressed Natural Gas (CNG)-powered tankers, will significantly ease the challenges facing Nigeria’s downstream petroleum sector.
Mr Tekena Ikpaki, Chairman of IPMAN Rivers State Chapter, in an official statement issued on Tuesday, said, “This is a timely intervention that could not have come at a better time. It addresses a multitude of issues plaguing our members, especially supply inconsistency, high transportation costs, infrastructural bottlenecks, and unstable market prices.”
Dangote Refinery last week announced it would distribute fuel free-of-charge to marketers and other large consumers, in what the company described as a corporate intervention aimed at stabilizing the downstream sector.
Mr Ikpaki emphasized that independent marketers, who account for the majority of fuel distribution in the country, stand to benefit significantly.
“With the planned deployment of 4,000 brand-new CNG-powered tankers, Dangote is not just addressing supply but also investing in a cleaner, more sustainable logistics model. This aligns with global climate goals while resolving domestic distribution gaps.”
IPMAN stressed that the emergence of Dangote as a credible alternative to the Nigerian National Petroleum Company (NNPC) Limited offers marketers a “multi-source supply model” that will drive competition and improve pricing mechanisms in the retail market.
“The era of single-source dependence is no longer viable. Multiple supply routes mean better pricing, improved logistics, and more reliability for consumers at the pump,” he added.
Mr Ikpaki also called for inclusive implementation and regulatory oversight to ensure that independent marketers from all regions benefit equitably from the initiative.
“While the offer of free product distribution appears generous, we encourage government regulators to ensure the program is implemented transparently and without favoritism. Independent marketers across Nigeria must benefit without discrimination.”
He further reiterated the association’s commitment to supporting investments aimed at improving Nigeria’s fuel supply chain, including infrastructure upgrades and market efficiency. But he warned against any monopolistic tendencies by dominant players.
“We welcome industry giants like Dangote and NNPCL playing critical roles, but we must ensure no single entity overwhelms the market to the detriment of smaller operators. A level playing field is non-negotiable.”
IPMAN also linked the Dangote initiative to NNPC’s ongoing Crude-for-Naira programme, describing both as complementary efforts aimed at improving fuel availability, supporting the naira, and stabilizing the energy sector.
“These are the types of public-private partnerships Nigeria needs, strategic actions with long-term benefits. They restore confidence and offer renewed hope for a more affordable, efficient, and inclusive energy future for Nigeria.”
He concluded by reaffirming the association’s readiness to collaborate with all key stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA), to ensure successful execution of the fuel distribution program.
“Let us all work together to build a more resilient and prosperous petroleum sector that truly serves the Nigerian people,” he said.
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) has accused an investment online platform, Investment Management (VIM), of operating illegally in the Nigerian capital market.
In a notice obtained from the website of capital market regulator by Business Post, Voya Investment was accused of deceiving unsuspecting members of the public with fake certificate of identity verification, purportedly issued by SEC.
The agency emphasised that Voya Investment is not authorised to operate in the nation’s capital market because it is not registered to do so.
“The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments purportedly under the supervision of the Commission. Voya Investment Management is also parading a certificate of identity verification purportedly issued by the commission.
“The commission hereby informs the public that Voya Investment Management (VIM) is NOT REGISTERED or licensed by the commission to carry out any activity in the Nigerian capital market,” parts of the statement stressed.
The organisation further declared that, “The certificate being paraded by Voya Investment Management was neither issued nor endorsed by SEC Nigeria as the commission does not issue certificates of identity verification.
“Furthermore, claims by VIM that it is supervised, licensed, or approved by the commission to undertake operations in the capital market are false, misleading and fraudulent.”
It added that, “Complaints received by the commission regarding the fraudulent activities of VIM and the misleading information by the company to the investing public that it is licensed by the commission, bear clear characteristics of illegal investment schemes designed to defraud unsuspecting members of the public.”
“Accordingly, the public is advised to refrain from dealing with Voya Investment Management (VIM) , as any person who engages with the entity or its representatives does so at his/her own risk.
“The commission hereby reiterates that transacting in the Nigerian capital market with unregistered entities exposes investors to financial risks including fraud and potential loss of investments.
“The investing public is therefore reminded to VERIFY the status of companies and entities purporting to offer investment opportunities in the capital market on the commission’s dedicated portal – www.sec.gov.ng/cmos, prior to transacting with such companies and entities.”
By Adedapo Adesanya
PwC Nigeria has projected that Nigeria’s real Gross Domestic Product (GDP) would grow at about 4.3 per cent this year, supported by higher crude oil production and stronger performance in dominant sectors.
The consultancy firm gave this projection in its Economic Outlook 2026 released on Wednesday.
It also said the Naira is expected to remain broadly stable through 2026, underpinned by ongoing reforms by the Central Bank of Nigeria (CBN) and improved portfolio inflows.
Headline inflation is also projected to moderately ease, supported by the CBN’s tight monetary policy stance, rebasing effects, and improved stability in the foreign exchange market.
With regards to interest rate, the PwC report said with inflation trending down, the apex bank may cautiously ease its monetary policy stance this year.
The report, however, said fiscal sustainability risks are expected to persist, driven by low revenue to GDP, fiscal leakages, higher spending and elevated debt service obligations.
PwC Nigeria said with fiscal constraints persisting, they reinforce the importance of capital efficiency and balance-sheet discipline.
Against this backdrop, PwC Nigeria highlights practical imperatives for business leaders in 2026: making selective investment bets in attractive sectors and regions, and scenario-planning for macroeconomic and geopolitical shocks.
Other imperatives for business leaders include adapting business models and cost structures for resilience, accelerating digital transformation and responsible AI adoption, and strengthening regulatory and tax compliance as reforms move from design to execution.
The firm noted that Nigeria recorded improvements in macroeconomic stability in 2025 following key monetary and foreign-exchange reforms, with inflation easing, exchange-rate conditions stabilising, and external reserves strengthening.
Speaking on this, the Country Senior Partner, PwC Nigeria, Mr Sam Abu, said: “PwC Nigeria’s Economic Outlook 2026 provides forward-looking analysis of key macroeconomic indicators and what they signal for the economy and for business leaders.
“Nigeria has achieved improved macroeconomic stability over the past year. The focus now is how that stability is translated into sustainable economic growth, and how businesses position for 2026. For companies, this stability provides a more predictable operating environment for planning, investment, and growth decisions.”
On his part, the Partner and Chief Economist, PwC Nigeria, Mr Olusegun Zaccheaus, said, “Globally, growth is projected at around 3.1 per cent, while merchandise trade growth slows to about 0.5 per cent, keeping oil prices, capital flows, and access to foreign inflows as key channels influencing Nigeria’s growth and FX liquidity.
“Domestically, improved monetary effectiveness has reduced volatility and clarified pricing, cost, and funding signals, even as fiscal pressures, security challenges, and weak household purchasing power continue to shape sector outcomes.”
According to Mr Zaccheaus, “growth is more likely to remain concentrated in services and selected capital-intensive sectors, placing a premium on disciplined capital allocation and sector selection.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 1.08 per cent on Wednesday, January 7, pushing the market capitalisation higher by N23.38 billion to N2.185 trillion from the preceding session’s closing value of N2.162 trillion.
Also during the trading session, NASD Unlisted Security Index (NSI) further went up by 39.08 points to close at 3,653.04 points compared with the 3,613.96 points recorded on Tuesday.
The midweek session witnessed a rise in the share prices of three securities on the unlisted securities market, with Central Securities Clearing System (CSCS) Plc adding N3.40 to close at N42.14 per share versus the preceding day’s N38.74 per share.
Further, FrieslandCampina Wamco Nigeria Plc expanded by N3.05 to finish at N59.92 per unit compared with the N56.87 per unit it ended a day earlier, and Geo-Fluids Plc jumped by 10 Kobo to end at N6.88 per share versus N6.78 per share.
Yesterday, the volume of securities rose by 39.0 per cent to 1.9 million units from the previous day’s 1.4 million units, the value of securities surged by 29.5 per cent to N36.3 million from N28.0 million, while the number of deals slid by 19.6 per cent to 45 deals from 56 deals.
The most active stock by value on a year-to-date basis was CSCS Plc with 1.1 million units exchanged for N41.6 million, followed by Geo-Fluids Plc with 2.9 million units valued at N19.4 million, and Okitipupa Plc with 49,424 units worth N11.0 million.
In terms of volume, Industrial and General Insurance (IGI) Plc led with 2.9 million units traded for N1.9 million, trailed by Geo-Fluids Plc with 2.9 million units sold for N2.9 million, and CSCS Plc with 1.1 million units traded for N41.6 million.
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