Connect with us

Business

NMDPRA approves 830,000-tonne petrol imports amid Dangote legal battle

info

Published

on

428683862 796449282514152 6787495153779598606 n e1733992153588.jpg

The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved petrol import permits covering about 830,000 metric tonnes for multiple companies ahead of the fourth quarter of 2026, PREMIUM TIMES has learnt.

George Ene-Ita, spokesperson for the authority, confirmed the development to PREMIUM TIMES on Tuesday.

“Yes, petrol import permits were approved for Q4 2026 to ensure there’re no supply gaps heading into the critical end-of-year period,” Mr Ene-Ita said.

Companies reportedly granted the permits include Matrix Energy, A.A. Rano, AYM Shafa, NIPCO, Pinnacle Oil and Bono Energy.

The approvals were reportedly issued on 18 September, although details of the individual allocations to the marketers were not immediately available as of the time of filing this report.

The latest approvals come amid an ongoing legal dispute between Dangote Petroleum Refinery and the regulator over the continued issuance of petrol import licences.

They also come as heightened tensions in the Middle East continue to disrupt global energy markets, keeping crude oil prices elevated and raising concerns about the cost of petroleum supplies.

Dangote’s legal challenge

In May, PREMIUM TIMES reported that Dangote Petroleum Refinery filed a fresh lawsuit against the Attorney-General of the Federation, challenging fuel import licences issued to oil marketers and the Nigerian National Petroleum Company Limited (NNPC Ltd).

In the suit, the refinery argued that the licences granted to some marketers threatened its operations and were contrary to provisions of the Petroleum Industry Act (PIA).

The refinery contended that fuel import licences should only be issued when domestic supply is insufficient to meet national demand.

Nigeria has historically depended heavily on imported petrol, largely because of the poor performance of its state-owned refineries.

The $20 billion Dangote Refinery, owned by businessman Aliko Dangote, was expected to reduce the country’s dependence on imported refined petroleum products by supplying the domestic market.

With an installed capacity of 650,000 barrels per day, the facility is Africa’s largest single-train refinery and was projected to significantly reduce the foreign exchange burden associated with fuel imports.

However, petrol imports have continued as the refinery ramps up production and distribution, while some industry operators maintain that domestic output has yet to fully meet national demand.

Regulatory dispute

Since commencing operations in 2024, Dangote Refinery has repeatedly pushed for local marketers to source petroleum products from domestic refineries rather than rely on imports.

The former NMDPRA leadership under Farouk Ahmed resisted measures that it considered capable of creating a monopoly, arguing that allowing a single refinery to dominate the market could undermine competition and create risks for Nigeria’s energy security.

The disagreement contributed to a public dispute between Mr Dangote and Mr Ahmed.

Mr Dangote subsequently accused the former regulator of corruption and alleged that the NMDPRA was colluding with international traders and fuel importers to frustrate local refining by continuing to issue import licences.

He also raised questions about Mr Ahmed’s lifestyle and alleged that four of his children attended expensive secondary schools in Switzerland, claims that formed part of the broader controversy over the regulator’s conduct.

Mr Ahmed later resigned as NMDPRA chief executive.

Previous lawsuit

In 2024, Dangote Refinery instituted a separate suit, marked FHC/ABJ/CS/1324/2024, seeking N100 billion in damages against the NMDPRA over the issuance of import licences to some marketers and the subsequent importation of petroleum products.

The marketers named in the suit included NNPC Ltd, Matrix Petroleum Services Limited, AYM Shafa Limited, A.A. Rano Limited, T. Time Petroleum Limited and 2015 Petroleum Limited.

In the suit dated 6 September 2024, the refinery’s lawyer, Ogwu Onoja, asked the Federal High Court to declare that the NMDPRA violated Sections 317(8) and (9) of the Petroleum Industry Act by issuing licences for the importation of petroleum products.

Dangote Refinery argued that such licences should only be issued where a shortfall in domestic petroleum supply exists.

The refinery also asked the court to declare that the NMDPRA failed in its statutory responsibility under the PIA to encourage domestic refining.

However, in a counter-affidavit dated 5 November 2024 and filed by Ahmed Raji (SAN), the marketers asked the court to dismiss the refinery’s claims.

They argued that competition was essential to the health of Nigeria’s economy and the viability of the petroleum sector, insisting that they were qualified to receive import licences under Section 317(9) of the PIA.

The defendants further accused Dangote Refinery of attempting to monopolise the petroleum industry by seeking sole control over fuel supply, distribution and pricing.

In July 2025, Dangote Refinery discontinued the lawsuit challenging the import approvals. The refinery did not publicly state its reasons for withdrawing the case.

Meanwhile, the Dangote Refinery’s current case challenging the continued issuance of petrol import licences is scheduled for further hearing on 7 October.

Asked on Tuesday for an update on the legal dispute with Dangote Refinery, Mr Ene-Ita declined to comment, citing the ongoing court proceedings.

“The Dangote case is still in court. I cannot say anything in a court case,” he said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Retirees Earning ₦150,000 or Less to get Free Health Insurance-PenCom

info

Published

on

BY NKECHI NAECHE-ESEZOBOR—Nigerian retirees aged 60 and above who receive a monthly pension of ₦150,000 or less are to get free health insurance, according to the National Pension Commission (PenCom).

The commission disclosed this in a notice posted on its X account, titled “Something big is coming for Nigeria’s retirees.” The notice says the development “concerns you directly” for pensioners in that category and names November 10, 2026 as the date to mark.

The free healthcare initiative is expected to enhance the well-being of retirees and strengthen their retirement security.

According to PenCom, the initiative is meant to reward retirees for the years they spent in active service.

“You gave Nigeria your best. Now, it’s your turn to be cared for,” the notice says.

The commission also directed retirees and other interested persons to visit its official website, pencom.gov.ng, or the websites of any Pension Fund Administrator (PFA) for more information.

The post Retirees Earning ₦150,000 or Less to get Free Health Insurance-PenCom appeared first on Business Today NG.

Continue Reading

Business

Afrinvest CEO recalls how Elumelu’s $1 million loan helped salvage firm from crisis

info

Published

on

IMG 2935.jpeg

Tony Elumelu played a supreme role in getting investment bank Afrinvest back on track in 2011 after the global financial meltdown pushed the investment bank to the brink, its chief executive recalled in a letter to the tycoon seen by PREMIUM TIMES.

The multisectoral magnate, who is the top shareholder of United Bank for Africa, the Transcorp Group, and Seplat Energy, granted a soft loan of $1 million to Ike Chioke, the CEO of the financial institution, as a mark of urgent support when the firm direly needed the cash to recapitalise, the latter said.

“Fifteen years ago, Afrinvest was navigating one of the most challenging periods in its history, as we struggled to rebuild and recapitalise the business in the aftermath of the global financial crisis,” Mr Chioke said.

“At that critical juncture, when the future was far from certain, you made the remarkable decision to lend me US$1 million of your personal funds. You placed your confidence not simply in the prospects of a business but in me as an individual, my integrity, my determination and my conviction that Afrinvest could emerge stronger from adversity.”

This June, Mr Chioke eventually completed the repayment of the credit, according to the letter, describing the gesture as an extraordinary act of friendship, generosity and trust.

READ ALSO: Afrinvest repays undocumented $1 million from Elumelu with interest

Mr Elumelu, whose economic vision is anchored on what he calls “Africapitalism” – an investment philosophy that prioritises the private sector’s role in democratising the wealth Africa needs to power large-scale growth, has been involved in active philanthropic initiatives on the continent.

PT WHATSAPP CHANNEL
Dangote Refinery AD

In March, his foremost charity project, the Tony Elumelu Foundation, turned sixteen, and he said the initiative had disbursed over $100 million in seed capital to 24,000 entrepreneurs in Africa and created more than 1.5 million jobs over the period.

The foundation expects to fund an additional 3,200 entrepreneurs this year, it said in September.

Mr Chioke applauded the profound impact Mr Elumelu’s financial assistance has had on Afrinvest, notably transforming it into a diversified regional financial services group with an expanding universe of clients and operations in asset management, investment banking, research & consulting, and securities trading.


Discover more from Premium Times Nigeria

Subscribe to get the latest posts sent to your email.

Continue Reading

Trending