Feature/OPED
Dangote Refinery: Finally, a Solution Nigeria Can’t Import!
By Abiodun Alade
If there’s one burning question on the minds of Nigerians these days, it’s this: why are we paying between N1,000 and N1,500 for a litre of Premium Motor Spirit (PMS)?
Sadly, the very people who should be explaining this strange new reality have decided to stay tight-lipped with heads buried in the sand like ostriches. Meanwhile, those who have been milking the country’s oil wealth while keeping its four refineries comatose – have been busy peddling a lot of dubious narratives to discredit Dangote Petroleum Refinery. Apparently, some people would rather pull the wool over our eyes than let us see the real picture.
Let’s get one thing straight: the Dangote Refinery is not to blame for the price of PMS in Nigeria. In fact, without this refinery, we might be staring at petrol prices as high as N2,500 a litre – just like the recent strident gloomy predictions from oil marketers and analysts.
The real culprits in this price mess are the oil cabals and their cosy friends at the Nigerian National Petroleum Corporation Limited (NNPCL). These folks are busy trying to spin the tale that locally refined products are somehow more expensive than imported fuel, which, in their view, justifies the ongoing need to import fuel and keep those highly subsidised prices intact. Let’s pause for a moment and ask: since when did importing fuel become a better deal than refining it locally? That’s like paying extra for a loaf of bread because someone else baked it in their oven… miles away.
As with all global refineries, the Dangote Petroleum Refinery doesn’t set pump prices for petroleum products. Those decisions, much to the chagrin of the refinery’s critics, are based on market dynamics, government policies, and, the influence of some very powerful individuals. The real reason for the recent hike in petrol prices is a simple equation: subsidy removal plus the floating of the Naira.
As recently as August, reports showed that the NNPCL was selling petrol at half the actual cost of imported fuel. Officially, the pump price was N568 per litre, but the true landing cost was a shocking N1,100 per litre. So, the NNPC was generously “subsidising” fuel imports by almost N600 per litre – subsidising, that is, until the entire scheme became too expensive to sustain. So, naturally, prices were hiked to N855 per litre.
And here’s the kicker: the Federal Government racked up an eye-watering N5.1 trillion in under-recovery and energy security expenses on fuel imports in 2023. Guess where that money came from? The same pockets that should have been filled with healthcare, education, and infrastructure funds. Instead, we were left with an empty wallet and a bill that was too big to ignore.
Meanwhile, on the other side of the world, Guyana – the third-smallest sovereign state in the world, is generously handing out $100,000 cash grants to its adult citizens as part of its oil boom, while Nigeria – the most populous black nation on Earth – is amassing foreign debt to pay for fuel subsidies.
If the pricing template used to offset imported petrol costs was applied to products from Dangote Refinery, the price of petrol could be much lower than what we’re seeing today – possibly as low as N500 per litre. That’s right, N500. But of course, the government, apparently has decided not to restore the subsidies. After all, what was once intended as relief for the people has now turned into a siphoning operation.
According to a report by The Guardian Newspapers in October, oil marketers are making an extra 48% profit by smuggling petrol out of Nigeria to neighbouring countries, where the price is far higher. In Mali, the price is N2,266 per litre, in Cote d’Ivoire it’s N2,289, in Cameroon N2,196, and in Benin Republic N1,779. No surprises there, then, that daily PMS consumption in Nigeria keeps rising. And if the oil cabals get their way, we’ll be looking at a whopping 103 million litres per day – just like we saw in 2022.
The government is, understandably, trying to keep local prices aligned with those in neighbouring countries to curb smuggling. But honestly, until the greedy cabals are shown the red card and we finally declare that “business as usual” is over, the government strategy is dead on arrival.
While President Bola Ahmed Tinubu’s Naira-for-Crude initiative is certainly a step in the right direction, the floating of the Naira is still keeping petrol prices stubbornly high. Why? Crude oil is priced in dollars, so domestic refiners, including the Dangote Refinery, are still paying the exact dollar amount for crude, but now in Naira. And when you convert dollar to Naira, it’s expensive. For instance, a mere $90 per barrel now translates to over N150,000.
Currently, a litre of Nigerian crude costs between N890 and N910, before factoring in refining and logistics costs. So, what’s the magic number? How much can a refinery – domestic or foreign – realistically sell a litre of refined petrol for? That’s the million-naira question!
With the Naira-for-Crude policy, the expectation is that the Naira will stabilise over time. If that happens, petrol prices should eventually fall. Imagine, if the Naira strengthens to N1,000 to the dollar – the price of petrol could drop significantly. That’s what every genuine, patriotic Nigerian should be rooting for – not chasing after mythical dollars that only serve to put more pressure on the Naira.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, proudly stated that the government would earn about N700 billion monthly from the sale of crude in Naira and from the subsidy removal policies, compared to the $600 million it was previously spending on fuel imports. So, let’s do the math: one option helps the people, the other helps the oil cartels. No prizes for guessing which one benefits Nigeria in the long run.
Of course, the oil cabals won’t see the benefits because it will take away their free access to wealth, allowing them to continue living their best lives. Isn’t it funny that these same marketers who have been crying about petrol prices because of a lack of local refining capacity are now saying it’s cheaper to import fuel than to refine it here? Where were they when the government was doling out trillions for the turnaround maintenance of refineries? Suddenly, the landing cost of imports, which was as high as N1,400 per litre, has magically dropped to under N1,000. How convenient!
It’s clear that the cartels have been blending off-spec fuel while collecting subsidies for “premium” products. Or perhaps they’ve been stealing crude and blending it abroad – after all, crude theft in Nigeria is a well-known business, especially when it’s done using large vessels under the radar.
Already, Nigerians are seeing the benefits of the Dangote Petroleum Refinery in reducing the prices of other petroleum products like diesel and aviation fuel by over 45% and 35% respectively. Naturally, this earned Dangote a fair bit of flak from the oil cabals, who promptly wrote to President Tinubu, complaining that this “patriotic man” was ruining their business by alleviating the suffering of the people. Whoever knew that doing something good for the public could be so controversial?
Nevertheless, we’re confident that a similar reduction in PMS prices will follow once local refining capacity is fully embraced and stakeholders start putting Nigeria’s interests ahead of their own pockets. After all, if it works for diesel and aviation fuel, surely it’s not too much to ask that petrol prices follow suit – unless, of course, the oil cartels have a different agenda.
The Dangote Petroleum Refinery has chosen to rise above the noise, urging all stakeholders to put the nation’s progress and the welfare of its people above personal gains. Unfortunately, some prefer to keep spreading falsehoods about a private investment that is designed to propel Nigeria towards economic self-sufficiency.
For those still sceptical, I’ll say this: the Aliko Dangote I know is not the type to bow to propaganda, hate, or lies – especially when it’s all in defence of Nigeria’s national interest and the development of Africa.
Abiodun writes from Lagos
Feature/OPED
The Role of TV in Preserving African Stories and Identity
Scroll through social media today, and you will notice something interesting: everyone is either reacting to a series, quoting a movie line, or debating a character as though they personally know them. Beneath the memes and binge-watch culture, however, lies something deeper. Television remains one of the most powerful tools shaping how Africans see themselves, remember their history, and tell their own stories. In a continent as diverse and expressive as Africa, that matters more than ever.
TV as a Cultural Archive, Not Just Entertainment
Long before streaming algorithms began shaping our viewing habits, television was already preserving African identity. From Nollywood dramas that capture the rhythm of everyday Lagos life to documentaries exploring Maasai traditions and Ghanaian folklore, TV has served as a living archive of the continent’s stories.
It preserves more than entertainment; it preserves language, culture, humour, values, and shared experiences. Unlike fleeting social media content, television allows stories to unfold with depth, exploring the realities of family, tradition, ambition, and modern African life without reducing them to stereotypes. That is the power of TV: preserving not just stories, but perspective.
Why Representation on TV Still Matters
There is a subtle but important truth: if people do not see themselves on screen, they may begin to believe their stories are not worth telling. This is why African TV content is more than entertainment; it is affirmation.
Seeing a character who speaks like you, struggles like you, or celebrates like your community does something powerful. It validates identity and challenges outdated narratives that have historically defined Africa through external lenses.
This is where MultiChoice Group, through platforms such as DStv and GOtv, plays an important role. They do not simply broadcast content; they help distribute cultural memory at scale.
GOtv, DStv, and the Everyday African Viewer
Think about a typical evening in many African homes: the TV is on in the background, someone is laughing at a comedy show, another person is watching a local series, and someone else is catching up on the news. That shared viewing experience remains very real.
Through platforms such as DStv and GOtv, African households are exposed to a blend of local storytelling and global content. More importantly, they have helped amplify African-produced content by bringing Nollywood films, African reality shows, talk shows, and documentaries into mainstream rotation.
It is not just about access. It is about visibility.
A young filmmaker in Lagos today is more likely to believe their story matters because they have seen similar stories broadcast widely. A child in Accra grows up hearing familiar accents and seeing environments that look like their own on screen, not as exceptions, but as the norm.
TV Is Also Shaping Modern African Identity
African identity is not static; it is evolving. Television reflects that evolution in real time.
Today, audiences see:
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Young Africans balancing tradition and modern dating culture
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Stories tackling mental health in African households
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Fashion and music influences spreading through TV series
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Political satire shaping public conversation
Conversations that were once confined to homes are now being explored on screen, giving audiences the language to discuss issues that were previously unspoken.
In many ways, television is doing what oral tradition has always done: passing stories, values, humour, warnings, and history from one generation to the next. The difference is that today’s griots are writers, directors, and broadcasters.
The Future: From Watching to Owning Our Narratives
The next stage of African storytelling is not just about being seen; it is about ownership.
As more African creators produce content and platforms continue to invest in regional storytelling, television becomes more than a mirror. It becomes a tool for shaping how Africa is represented to itself and to the world.
While streaming continues to grow, television, particularly accessible platforms such as GOtv, remains one of the most effective ways to reach everyday audiences across different income levels and regions. After all, storytelling only matters if people can access it.
African stories are not new. They have always existed in families, on streets, in markets, in history books, and through oral traditions. What television has done, and continues to do, is give those stories a stage wide enough for millions to experience them at once.
The next time you watch a local series or documentary on DStv or GOtv, remember that you are not just being entertained. You are participating in the preservation of African identity itself.
Feature/OPED
The Future of AI in Nigerian SMEs: Overcoming Barriers to Implementation
By Kehinde Ogundare
Ask a tech entrepreneur in San Francisco what AI means for their business, and they are likely to talk about competitive advantage, product differentiation, and scale. Ask a small business owner in Kano or Onitsha the same question, and the conversation shifts entirely.
For many Nigerian SMEs, the priority is keeping the lights on, managing costs, and finding sustainable ways to grow in a challenging economic environment. This difference in perspective explains why the global AI conversation, often shaped by assumptions about stable infrastructure, deep capital, and abundant technical talent, frequently fails to address the realities facing Nigerian SMEs.
This matters because Nigerian SMEs are not a peripheral concern. In 2024 alone, MSMEs contributed 46.32% to Nigeria’s GDP, accounting for 96.9% of businesses and 87.9% of employment. These businesses are the backbone of the Nigerian economy, and if AI is going to mean anything for Nigeria’s development, it has to work for them in the daily conditions they actually operate in.
However, research drawing on empirical data from 144 Nigerian SMEs found that inadequate infrastructure, low digital literacy, skills shortages, and regulatory gaps are collectively preventing them from meaningfully engaging with AI. Awareness of AI is high and growing. What is missing is a clear and honest conversation about what adoption actually requires in this specific context. The barriers are real, but none of them are insurmountable. The question is whether the tools, pricing models, and support structures being offered to Nigerian SMEs are designed with those barriers in mind, or whether they have been built for another market entirely.
Subscription models making AI affordable for small businesses
When most small business owners hear “AI,” they imagine expensive software, specialist consultants, and a hefty upfront bill.
That assumption is not entirely wrong, but it describes a particular way of buying technology, not AI itself. The shift that makes AI genuinely accessible at the SME level is the move away from large, one-time capital purchases towards tools that charge a predictable monthly subscription. Businesses can pay for what they use, scale back when necessary, and avoid the debt that a major technology investment can create.
The deeper opportunity here is consolidation. Many SMEs are already spending money across multiple disconnected tools—one for invoicing, another for customer records, another for stock tracking—none of which talk to each other. An integrated platform that handles several of these functions together, with AI built in, can actually cost less than the sum of those separate subscriptions while giving business owners a clearer picture of their operations.
With margins already under pressure, any technology a business adopts needs to visibly show an increase in productivity or bottom line. Subscription-based, integrated platforms, priced transparently and honestly, are the model that best fits this reality.
Infrastructure challenges demand a mobile-first approach
No conversation about technology in Nigeria is complete without confronting the infrastructure problem, and AI is no exception. Nigeria continues to face major infrastructure barriers, including limited broadband access, unreliable power supply, and high data costs, all of which constrain deeper AI adoption. These are structural features of the operating environment that any sensible technology strategy must account for today.
The electricity situation alone is significant. The World Bank estimates that the lack of stable electricity costs Nigeria’s economy approximately $26.2 billion annually, equivalent to about 2% of GDP, forcing many businesses to run on expensive diesel generators. That cost ripples outward.
In practical terms, AI tools built for Nigeria cannot assume a stable broadband connection or a computer that is always powered on. The tools that will actually get used are the ones that work on a smartphone, consume minimal data, and can function offline when connectivity drops, syncing back up when it returns. The mobile phone is already how many Nigerian SME owners run their businesses. AI that meets them there, rather than demanding infrastructure they do not have, is AI that has a genuine future in this market.
The direction is clear: build capability from within, using tools that make that possible. Recent AI performance research reveals that 64% of African workers are already actively using AI at work, signalling massive grassroots readiness and driving forward-thinking organisations across Nigeria, Kenya, and South Africa to aggressively prioritise internal upskilling frameworks to bridge the talent gap.
As the policy groundwork is being laid, the commercial ecosystem is beginning to respond. What remains is a clear-eyed acceptance that AI tools built for this market need to look different from those built for markets with different realities. Low cost, low bandwidth, and usability for non-technical people are not modest ambitions; they are the actual requirements. Build for those realities, and AI has a real future in Nigeria’s SME economy.
Feature/OPED
When Leaders THRIVE: Yetunde B. Oni’s Candid Counsel to Lateef Jakande Leadership Academy
Union Bank’s Managing Director and Chief Executive Officer sat with 30 of Nigeria’s most promising young leaders for a frank conversation on character, relationships and the discipline of growth.
Out of 25,000 applicants, only 30 earned a place. That single figure tells you how rare the room was when Yetunde B. Oni, Managing Director and Chief Executive Officer of Union Bank of Nigeria, recently sat down with a cohort of the Lateef Jakande Leadership Academy.
The Academy, a Lagos State Government initiative established in honour of Alhaji Lateef Kayode Jakande, the state’s first civilian governor, exists to raise a generation of ethical and capable young leaders. Its fellows are drawn from across professions, sectors and ethnicities, and shaped through a fellowship facilitated by the Africa Leadership Initiative, West Africa (ALI WA), whose work on values and principled leadership has become a quiet engine behind some of the country’s most thoughtful emerging talent.
It was into this gathering that Mrs Oni brought not a corporate address, but a conversation. Honest, personal and at times disarming, she spoke about the philosophies that have carried her through a career spanning more than three decades, the setbacks she has had to surmount, and the values that opened doors she never expected to walk through.
She gave them a framework to hold on to. She called it THRIVE.
The six principles
T — Take ownership of your relationships. Leadership, she argued, begins with the deliberate stewardship of the people around you. Relationships are not incidental to a career. They are infrastructure.
H — Honour God. She spoke openly about faith as a steadying force, an anchor that keeps ambition tethered to something larger than the self.
R — Recharge and refresh. Mental and physical health, she insisted, are not luxuries to be deferred until the work is done. Leaders who neglect their well-being eventually have less to give.
I — Invest in your growth. Continuous and heavy investment in personal development is, in her telling, the price of staying relevant. The learning never ends.
V — Value your work. She pressed the fellows on identity and brand. What do you stand for? Do you create value? Who, in truth, are you? The questions were not rhetorical.
E — Embrace setbacks. Failure, she said, is not the opposite of progress but a part of it. The leaders who endure are the ones who learn to metabolise disappointment rather than be defeated by it.
The people behind the leader
If one theme threaded the entire conversation, it was relationships. Mrs Oni was candid that she did not arrive at the top of Nigerian banking alone. She credited the steady support of family, her parents and her husband, alongside the mentors, friends, coaches and sponsors who shaped her at different stages.
She drew a sharp and useful distinction between a mentor and a coach, two roles often conflated and rarely understood, and she traced much of her progress back to a foundation of Nigerian cultural values: hard work, honesty and integrity, courtesy and respect. These, she told the fellows, are not relics. They are the very qualities that have earned her trust and opened doors throughout her journey.
“You need people,” was the message, delivered without sentiment. Relationships, she explained, must be managed and nurtured with the same seriousness one brings to any other discipline. Time must be managed with equal care.
On believing, and risking
Perhaps the most resonant moment came when Mrs Oni spoke about self-belief. She admitted that becoming the MD/CEO of Standard Chartered Bank, Sierra Leone, did not cross her mind – not because she was unqualified, but because she didn’t think she would get it. Encouraged by her husband, she applied anyway, and she got it!
That appointment would later see her make history as the first woman to lead a Standard Chartered Bank operation in her market.
The Union Bank of Nigeria appointment told a similar story. She had not even known the position existed after the CBN’s intervention. It came to her through relationships; through the quiet networks of people who knew her work and recommended her name while she was unaware in faraway Sierra Leone.
The lesson she left with the fellows was unambiguous. Believe in yourself. Take the risk. Put in for the thing you are not yet certain you deserve, because the opportunity you are waiting for may be one you cannot see, reaching you through someone you have not yet met.
Why this matters
Engagements of this kind are easy to underestimate. They produce no headlines about balance sheets and no immediate line on a financial statement. Yet they speak to something Union Bank has long understood: that institutions endure when they invest in people, and that leadership is built one honest conversation at a time.
Credit is due to the Africa Leadership Initiative, West Africa, whose facilitation of the Lateef Jakande Leadership Academy continues to shape young Nigerians of real promise, and to the Academy itself for the rigour of a process that turned 25,000 hopefuls into 30 fellows ready to lead.
For Yetunde B. Oni, the afternoon was less about what she had achieved than about what she was willing to give: her time, her story and her counsel, offered freely to those coming after her. It is, in the end, what the best leaders do. They light the path for the next generation, and they THRIVE.
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