By Modupe Gbadeyanka

The price of Premium Motor Spirit (PMS), commonly known as petrol, has again been reduced by Dangote Petroleum Refinery and Petrochemicals by N15 to N875 per litre.

The private refiner confirmed this in a statement made available to Business Post on Thursday afternoon, noting that it was to make the product affordable to Nigerian consumers.

It stated that consumers can purchase its high-quality PMS at N875 per litre in Lagos, N885 per litre in the South West, N895 per litre in the North West and North Central; and N905 per litre in the South East, South South, and North East.

Consumers can buy Dangote petrol at retail stations of MRS, AP (Ardova), Heyden, Optima Energy, Techno Oil, and Hyde.

The refinery called on other marketers to join its expanding network of partners, thereby demonstrating their support for President Bola Tinubu’s Nigeria First policy, which advocates for the prioritisation of locally-produced goods and services.

The company assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.

“By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Tinubu’s Renewed Hope Agenda, which focuses on addressing the nation’s economic challenges and improving the well-being of Nigerians.

“We are immensely grateful to the President for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians,” a part of the statement said.

Since the commencement of operations, Dangote Petroleum Refinery has consistently implemented cost-reduction strategies aimed at delivering tangible savings to Nigerians.

In February 2025, the company carried out two price reductions on petrol, resulting in a total decrease of N125 per litre. This was followed by a further reduction of approximately N45 per litre in April.

Additionally, the prices of other key products, such as diesel and Liquefied Petroleum Gas (LPG), have been significantly lowered, improving affordability across transportation, industrial, and domestic energy sectors.

Dangote Petroleum Refinery recently reassured Nigerians of price stability despite fluctuations in global crude oil prices, reaffirming its commitment to supporting Nigeria’s economy.

The founder of the Lagos-based oil facility, Mr Aliko Dangote, was named on Tuesday in the inaugural 2025 TIME100 Philanthropy list, which recognises the 100 most influential leaders shaping the future of philanthropy worldwide.

The list, published by TIME Magazine, includes Aliko Dangote, whose Foundation spends an average of $35 million annually on programmes across Africa, alongside other global figures in charitable work, such as Michael Bloomberg, Oprah Winfrey, Warren Buffett, and Melinda Gates, all of whom were recognised as Titans.

By Modupe Gbadeyanka

A strategic collaboration aimed to drive seamless cross-border transfers has been entered into between dLocal and Panda Remit.

This partnership is expected to unlock financial access and increase payment efficiency across key markets in North, West, and East Africa.

This will drive Panda Remit’s expansion of its payout capabilities in the region, offering users secure and efficient payment solutions.

By leveraging dLocal’s payment network, Panda Remit is able to tackle these challenges head-on, offering recipients in critical African markets faster, more efficient solutions.

This collaboration reduces transaction costs, increases operational efficiency, and accelerates market expansion, ensuring reliable access to funds for those who rely on remittances.

With access to local and alternative payment methods—including bank transfers and mobile wallets like M-Pesa, Orange, and Airtel—across key markets in North, West, and East Africa, Panda Remit now offers tailored solutions that meet diverse recipient needs. This integration enables faster transfers, lower costs, and enhanced security and flexibility, improving the experience for both senders and recipients.

“Partnering with dLocal enables us to expand our presence across Africa, offering reliable payout options that meet the diverse needs of our users.

“At Panda Remit, it’s crucial to simplify international cross-border remittances and provide an affordable, efficient way for users to send and receive funds,” the Head of Region at Panda Remit, Mr Alfred Yang, stated.

Also, the Head of China at dLocal, Mr Justin Goh, said, “Seamless remittances are a lifeline for millions in emerging markets, and enabling fast, cost-effective cross-border payments is at the core of what we do.

“By partnering with Panda Remit, we’re driving their expansion of financial services across Africa, enabling faster, more secure fund transfers that not only benefit individuals but also strengthen the remittance landscape.”

Access to fast and reliable remittance services is crucial for individuals in emerging markets. However, traditional remittance solutions often come with high fees, delays, and limited accessibility.

In Africa, where mobile wallets and bank transfers are essential for financial inclusion, ensuring a seamless payout experience is critical.

According to the World Bank, Sub-Saharan Africa has the highest remittance costs globally, with an average of 8.72 per cent for sending $200 in 2022. Additionally, 5 per cent of adults in Sub-Saharan Africa lack access to formal financial services.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange dropped by a marginal 0.01 per cent on Wednesday, May 20, with the NASD Unlisted Security Index (NSI) falling by 0.42 points to 3,154.16 points from the previous session’s 3,154.58 points.

In the same vein, the market capitalisation of the alternative stock exchange lost N240 million to remain relatively unchanged at N1.847 trillion.

During the session, the volume of securities transacted by investors went down by 30.5 per cent to 398,093 units from the 372,645 units traded in the previous trading day, the value of transactions declined by 32.4 per cent to N4.1 million from N6.1 million quoted on Tuesday, and the number of deals slid by 5.0 per cent to 19 deals from 20 deals.

Data indicated that Okitipupa Plc suffered a 50 Kobo loss to end at N240.00 per unit compared with the previous day’s N240.50 per unit, FrieslandCampina Wamco Nigeria Plc tumbled by 9 Kobo to close at N40.01 per share compared with Tuesday’s closing price of N40.10 per share, and Industrial and General Insurance (IGI) Plc dropped 2 Kobo to finish at 34 Kobo per unit, in contrast to the preceding day’s 36 Kobo per unit.

On the flip side, the price of AG Mortgage Bank Plc appreciated by 6 Kobo to 69 Kobo per share from the 63 Kobo per share it ended a day earlier.

At the close of trades, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.7 million, followed by Geo-Fluids Plc with 266.9 million units sold N471.4 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.

In the same vein, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units worth N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 21.8 million units valued at N837.9 million, and Impresit Bakolori Plc with a turnover of 536.9 million units sold for N524.7 million.