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Fuel Imports Hit 2.3bn Litres Despite Local Production

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Despite the commencement of petrol production by two major refineries in Nigeria in the last three months, oil marketers have continued to import and distribute the product nationwide.

According to The Punch, marketers imported “2.3 billion litres” of petrol between September 11 and December 5, 2024.

The continued importation of petrol is contrary to a public announcement by some groups of marketers who earlier stated their intention to halt petrol imports and focus on domestic supply.

The local refineries are the 650,000 barrel per day capacity Dangote Petroleum Refinery located in Lagos and the 210,000bpd capacity Port Harcourt Refining Company in Rivers State. PHRC currently produces from its old plant with a capacity of 60,000bpd.

The Dangote refinery began selling petrol in September, while the Area 5 facility of the Port Harcourt refinery started operations last Tuesday.

Despite this, recent findings (by The Punch) revealed that in the past three days alone, a total of 52,000 metric tonnes of petrol were brought into the country.

About “1322.76 litres” of petrol weighs one metric tonne. This implies that 68.74 million litres of imported fuel was brought in by dealers in three days.

For decades, Nigeria depended on the import of petroleum products to meet local demands. The situation remained even after the commencement of production by the Dangote refinery in September because of its price and insufficient output. During this period, the Nigerian National Petroleum Company Limited was the sole off-taker from the refinery.

But after intense discussions, the Federal Government, in a statement from the finance ministry on October 11, 2024, announced that oil marketers were now free to negotiate the purchase of petrol directly from the Dangote refinery without recourse to NNPC.

This allowed for direct negotiations. Already the Independent Petroleum Marketers Association of Nigeria has signed an agreement with the refinery for product offtake, with negotiations ongoing with the Petroleum Products Retail Outlets Owners Association of Nigeria.

Amid these, oil marketers promised to stop fuel imports and focus solely on domestic supply.

Last week, the PETROAN National President, Billy Gillis-Harry, told our correspondent that its members would temporarily suspend the importation of petrol for the next 180 days due to the coming onstream of the Dangote and Port Harcourt refineries and production ramp-up plans by the refineries.

Similarly, major petroleum marketers announced a suspension of petrol imports following a significant boost in local supply from the Dangote Refinery, which has ramped up its operations.

The association, at a webinar last week, said its members have sourced a total of “148 million litres” of petrol from the Dangote refinery over the past 10 weeks, contributing to a major shift in the country’s fuel supply dynamics.

IPMAN is yet to secure an import licence.

But fresh findings, utilising documents obtained from the Nigerian Port Authority, on Wednesday, showed that marketers have continued fuel imports.

The products were conveyed in three vessels and berthed at the Apapa Port in Lagos State, Tin Can Port in Lagos State, and the Calabar Port in Cross Rivers.

An analysis of the document showed that on Tuesday, December 3, 2024, a ship named Binta Saleh carrying “12,000MT” (“15.864 million litres”) of petrol berthed at the Apapa port at 8:12 am. The vessel had Blue Seas Maritime as its agent and was handled at the Bulk Oil Plant terminal.

On Wednesday, December 4, 2024, another vessel named Shamal brought in “20,000mt” (“26.44 million litres”) of petrol through the Tin Can port at midnight. The ship was handled by the Peak Shipping Agency at Terminal KLT Phase 3a.

Similarly, another vessel named Watson will bring in “20,000MT” (“26.44 million litres”) of refined fuel today (Thursday) by 4:52 pm at the Calabar port. The agent, Kach Maritime, will handle the vessel at the Ecomarine Terminal.

This development indicates that the recent conversation organised by the NNPCL Group Chief Executive Officer, Mele Kyari, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority to eliminate the importation of petrol into the country may have ended in limbo.

The meeting attended by representatives of the Major Oil Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association of Nigeria, and key stakeholders from companies such as 11 Plc, Matrix, and AA Rano, was in growing confidence of Dangote Refinery’s ability to meet the nation’s domestic fuel demand and the need to cut fuel imports.

One of the major marketers who attended the meeting confirmed to our correspondents that the discussion was still ongoing on the plan.

In the month of September, precisely on September 18, three major oil marketers brought in 141 million litres following the full deregulation of the downstream oil sector by the Federal Government.

The marketer stated that each vessel would bring in about “35,000 metric tonnes” of PMS, making a total of “105,000 metric tonnes” (“141 million litres”).

Between October 1 and November 11, 2024, more than two billion litres of petrol were imported by the Nigerian National Petroleum Company Limited and other marketers.

Documents obtained showed that NNPC and its partners imported “1.5 million metric tonnes” of PMS, “414,018.764 metric tonnes” of diesel, and “13,500 metric tonnes” of jet fuel. This is worth about “N3tn” or “$1.8bn.”

In October, NNPCL and its partners imported a total of “994,446.438 metric tonnes” of PMS, with Lagos receiving “555,121.617 metric tonnes,” Warri “281,100 metric tonnes,” Port Harcourt “94,224.821 metric tonnes,” and Calabar “64,000 metric tonnes.”

A total of “285,518.764 metric tonnes” of diesel was also imported, with Lagos receiving “162,500 metric tonnes,” Warri “58,500 metric tonnes,” Port Harcourt “56,018.764 metric tonnes,” and Calabar “8,500 metric tonnes.”

Between November 1 and November 11, a further “358,083 metric tonnes” of PMS, “112,500 metric tonnes” of diesel, and “13,500 metric tonnes” of aviation fuel were discharged at Nigerian ports.

Also, between November 23 and November 28, “78,800 metric tonnes” representing “105.67m litres” of petrol were discharged at the nation’s sea borders for onward distribution.

BIG STORY

Muslims Working On Fridays Is Unfair While Sunday Is Work-Free — Reno Omokri

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Former presidential aide, Reno Omokri, has urged Nigeria to review its work calendar to reflect the importance of Friday prayers for Muslims, describing the current setup as discriminatory.

In a Facebook video posted on Friday, Omokri argued that before colonialism, Fridays were recognized locally as a rest day for Muslims.

He noted that while Christians enjoy Sunday as a public holiday, Muslims are still expected to work on Fridays, despite its centrality to their religious practice.

As a solution, Omokri proposed an adjustment in working hours. He suggested offices could begin earlier from Monday through Thursday, allowing workplaces to close at midday on Fridays. According to him, this arrangement would make it possible for Muslims to observe Jumu’ah prayers without any drop in national productivity or GDP.

He explained that such a schedule would create a fair balance between Christian and Muslim worship practices within Nigeria’s work structure.

Omokri said:

“I don’t think it is fair for the Muslim Ummah for us to have Friday as a working day in Nigeria. Originally, before colonialism, it was not like that.

“Now we have Sunday as a non-working day and Friday as a working day. I think that we can achieve a compromise. What we can do is that instead of work beginning on Mondays all the way to Friday at 9am or 8am, we can start work at 7:30am on Mondays to Fridays and then on Friday we close at 12 o’clock.

“So the time we are going to lose on Friday we are going to gain it back from Monday to Thursday. So it is not going to affect our productivity as a country and our GDP. And then the Muslim Ummah can close at 12 noon and go for Solat Jumaat. That way, there would be a more equitable balance of our workday lives in Nigeria.”

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BIG STORY

Polytechnic Workers Issue FG 21-Day Ultimatum Over Unpaid Arrears

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The Senior Staff Association of Nigerian Polytechnics (SSANIP) has issued a fresh 21-day ultimatum to the Federal Government, warning of a possible national industrial action if longstanding issues remain unresolved.

The ultimatum, effective from August 27, 2025, followed the conclusion of the union’s 77th General Executive Council meeting held at Audu Bako College of Agriculture in Danbatta, Kano State.

SSANIP demanded the release of a new Scheme of Service, the setup of a committee to renegotiate the 2010 Agreement, payment of owed arrears, and the disbursement of the 2023, 2024, and 2025 Needs Assessment Funds.

The joint communiqué by the union’s President, Philip Ogunsipe, and National Secretary, Shehu Gaya, accused the government of offering nothing more than “lip service” to previously agreed demands.

The statement read:

“The Senior Staff Association of Nigeria Polytechnics (SSANIP) held its 77th General Executive Council meetings between Tuesday, 26th and Thursday, 28th August, 2025 at Audu Bako College of Agriculture, Danbatta, Kano State, where issues affecting the Union and welfare of its members were extensively discussed.”

“Council also observed that despite several efforts to ensure peaceful resolution of the above-stated demands, the government has only paid lip service to the issues. Based on the above, the Union demands immediate action on the listed issues within twenty-one (21) days beginning from today, 27th August, 2025, or we will be left with no option but to withdraw our services across the Nation.”

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BIG STORY

GTCO Increases GTBank’s Paid-Up Capital To ₦504 Billion

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Guaranty Trust Holding Company Plc (NGX: GTCO; LSE: GTCO), today announced that it has increased its investment in its wholly owned Banking subsidiary, Guaranty Trust Bank Limited (“GTBank”) to ₦504 billion through a rights issue subscription for 6,994,050,290 ordinary shares of fifty kobo each made by GTBank for a total consideration of ₦365,850,403,572.67, thus increasing GTBank’s paid-up share capital from ₦138,186,703,485.78 to ₦504,037,107,058.45.

This Capital Injection ensures GTBank’s compliance with the new minimum capital requirement for commercial banks with international authorisation stipulated by the CBN.

The Capital Injection was funded by the two-phased equity capital raising programme recently undertaken and concluded by GTCO Plc with an international fully marketed offering on the London Stock Exchange (LSE) that secured $105 million from high-quality, long-term institutional investors in exchange for 2.29 billion new ordinary shares, making GTCO Plc the first financial services institution in West Africa to dual list on both the NGX and LSE. Launched in July 2024, GTCO’s equity capital programme began with a public offering to Nigerians that raised ₦209.41 billion from 130,617 valid applications for 4.7 billion ordinary shares, fully allotted and evenly split between retail and institutional investors.

Commenting on the recapitalisation of Guaranty Trust Bank Ltd, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, said: “The successful recapitalisation of our flagship banking subsidiary, Guaranty Trust Bank Limited, marks a pivotal step in strengthening the foundation of our Group. With significant new capital secured and the CBN’s recapitalisation directive for Guaranty Trust Bank now fulfilled, we are focused on deepening innovation and service excellence, delivering improved performance, and expanding our footprint across high-growth markets, while upholding the industry-leading standards that define the GTCO brand.”

The additional equity capital will be deployed by GTBank primarily for branch network expansion and asset growth (loans, advances, and investment securities portfolio), fortification of its information technology infrastructure and to leverage emerging opportunities in Nigeria and the operating environments where it maintains banking presence.

Following the Capital Injection, the Company continues to hold 100% of the entire issued and paid-up share capital of the Bank. None of the Directors of the Company has any interest, direct or indirect, in the Bank.

About GTCO Plc

GTCO Plc is one of Africa’s leading financial services institutions with a longstanding track record of strong growth, service excellence, and shareholder returns. The Group operates across banking, payments, asset management, and pension administration in eleven countries, including Nigeria, the UK, and key African markets.

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