Economy
IPMAN Rejects Fuel Imports as Dangote Refinery Denies Supply Disruption Claims
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has voiced strong opposition to the continued importation of Premium Motor Spirit (PMS) into the country. The association also distanced itself from reports suggesting that the surge in petrol imports in November 2025 was linked to a breakdown in supply arrangements between Dangote Refinery and petroleum marketers, describing such claims as inaccurate and misleading.
According to IPMAN, the report does not reflect the reality experienced by its members. The association emphasised that the commencement of supply from Dangote Refinery has significantly improved product availability nationwide.
Speaking on the issue, IPMAN National President, Abubakar Maigandi Shettima, stated:
“Our members fully support Dangote Refinery. Since supply began, marketers have consistently lifted products without any complaints. We oppose continued importation because Dangote Refinery has the capacity to meet the country’s entire PMS demand.”
Shettima further noted that members are satisfied with the reliability of supply and welcomed the refinery’s commitment to direct delivery to filling stations—a move he described as critical to stabilizing distribution and benefiting consumers. He stressed that improved access to locally refined products has eased supply pressures and boosted confidence among independent marketers, reaffirming IPMAN’s commitment to domestic refining as a sustainable solution for Nigeria’s downstream petroleum sector.
Similarly, Dangote Petroleum Refinery dismissed the media reports as baseless and inaccurate. In its statement, the refinery clarified that no supply agreement with marketers had collapsed, adding that its engagement with the downstream market was deliberately structured to meet rising demand and enhance access, competition, and efficiency.
The refinery disclosed that supply under the marketers’ arrangement began in October 2025 with an agreed offtake volume of 600 million litres of PMS. This was later increased to 900 million litres in November and further expanded to 1.5 billion litres in December.
“In line with market growth and absorption capacity, volumes were scaled up accordingly. Subsequently, and in line with downstream market liberalisation, we opened PMS supply to all qualified marketers, bulk consumers, and filling station operators,” the statement signed by Group Chief Branding and Communications Officer, Anthony Chiejina, read.
Since December 16, 2025, Dangote Refinery has consistently loaded between 31 million and 48 million litres of PMS daily from its gantry, subject to market demand. These figures, the refinery noted, are verifiable against depot and loading records maintained under routine regulatory oversight.
To broaden participation and improve distribution efficiency, the refinery introduced several measures, including reducing minimum purchase volumes from two million litres to 250,000 litres and offering a 10-day credit facility backed by bank guarantees. These initiatives aim to enhance liquidity, support small and medium-sized operators, and reduce reliance on imported fuel.
The refinery added that this expanded access framework has driven higher utilisation of locally refined PMS and contributed to more competitive retail pricing, with domestic products priced significantly lower than imported alternatives. It also dismissed claims that marketers withdrew due to pricing concerns, affirming that its ex-gantry prices remain competitive, market-responsive, and aligned with import parity indicators while meeting all regulatory and quality standards.
Addressing the surge in petrol imports recorded in November, Dangote Refinery explained that the increase coincided with import licensing decisions approved by the former leadership of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which sanctioned volumes beyond prevailing domestic demand. The refinery stressed that this development was unrelated to its operational capacity or supply commitments.
Dangote Refinery reaffirmed its commitment to reliable supply, transparency, and the orderly development of a competitive downstream petroleum market. It pledged continued collaboration with regulators and industry stakeholders to support Nigeria’s domestic refining, conserve foreign exchange, moderate prices, and strengthen long-term energy security.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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