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

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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.

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Why Nigeria is lucky to have Tinubu as leader now – Oyedele

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Nigeria’s Finance Minister and the Coordinating Minister of the Economy, Taiwo Oyedele, on Wednesday said the country is fortunate to have President Bola Tinubu at the helm of affairs at a time of economic challenges and global uncertainty.

Mr Oyedele made the remark on Wednesday on the sidelines of the World Bank/International Monetary Fund (IMF) meetings in Bangkok, Thailand, where he praised the president for his willingness to implement difficult economic reforms and his understanding of economic and monetary policy issues.

“I say to myself every time that Nigeria is lucky to have a leader like Mr President,” the minister said.

“A leader that says ‘I’ll do the right thing, even when it’s not popular’. There are so very few of them, and our president is not saying it; he’s doing it, he’s doing it even with pre-election (concerns),” he added.

Since assuming office in May 2023, the Tinubu administration has introduced a series of economic reforms, the impact of which international institutions like the World Bank and the IMF have acknowledged

The reforms include the removal of costly petrol subsidies, which had been a major drain on public finance for years, the unification of the foreign exchange rates and the sharp devaluation of the naira to attract foreign capital.

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Although abolishing fuel subsidies has boosted government revenue and is seen as an investor-friendly move, it has triggered a cost-of-living crisis and spurred inflationary pressures.

Reforms in the foreign exchange market have helped increase accretion to external reserves, which stood at $55.1 billion as of 9 October, its peak level in over 18 years.

The banking sector also underwent a recapitalisation exercise that ended in March and helped Nigerian banks raise N4.7 trillion in new capital.

According to the Central Bank of Nigeria, the recapitalisation strengthened banks’ capital adequacy ratios, keeping the sector above international Basel benchmarks.

Mr Oyedele said President Tinubu possesses two attributes uncommon among leaders, notably those of democratic governments.

READ ALSO: AFC appoints Cardoso as board chairman

The first is his willingness to do what he considers right, even when the decision is unpopular or politically difficult.

“I remember at least three issues that were discussed with him recently, and on my own I would offer to say ‘maybe we wait until after the election’. And his question is always, ‘Is it the right thing to do?’ Yes, yes, it is. Why do we have to wait?” Mr Oyedele said.

“Number two attribute is that our President gets it. It’s not easy to understand issues to do with the economy, finance, monetary policy, like respect for the independence of the monetary authority. For Mr President, it’s 100 per cent,” he added.

The minister added that the president’s position on such matters has made it unnecessary for officials to discuss the issue with him repeatedly.

“We don’t even talk about it. So, I feel like we are so blessed, we cannot afford to wait even one minute,” he said.


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AFC Appoints CBN Governor Yemi Cardoso as Board Chairman

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Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, has announced the appointment of Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as Chairman of its Board of Directors.

He succeeds the immediate–past Chair, Ireti Samuel-Ogbu, who served the Corporation meritoriously during her tenure and continues to serve as a board member.

Cardoso brings extensive experience spanning international banking, investment management, economic policy and public sector leadership.

Since assuming office as Governor of the CBN in September 2023, he has led a far-reaching programme of monetary, financial-sector, and institutional reforms to restore macroeconomic stability, strengthen policy credibility, and rebuild investor confidence in Nigeria’s economy.

Under his leadership, the CBN has implemented significant reforms to Nigeria’s foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission, and enhanced institutional governance and transparency.

The Bank has also concluded a recapitalisation programme for the banking sector, aimed at strengthening the resilience and capacity of Nigeria’s financial system to support sustainable economic growth.

Prior to his appointment as Governor, Mr Cardoso built a distinguished career in international banking and public service, including a 12-year tenure as Chairman of Citibank Nigeria and service as Commissioner for Economic Planning and Budget in Lagos State.

In the latter role, he contributed to economic planning and fiscal management in one of Africa’s largest economies.

He holds a degree from Aston University in the United Kingdom and a master’s in public administration from Harvard Kennedy School, where he also served on the Alumni Board.

Mr Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration.

His experience in financial sector reform, institutional governance and capital markets will providevaluable perspective on the Corporation’s strategic direction as it mobilises investment to unlock Africa’s economic potential.

Samaila Zubairu, President & CEO of AFC, said: “We are delighted to welcome Mr Cardoso as our Board Chairman. He shares our conviction that Africa’s lasting stability depends on its productive capacity. His leadership will strengthen AFC as we advance The Africa We Build 2050, mobilising African capital to build the infrastructure and industries that create jobs, prosperity and dignity for our people. We also sincerely thank Mrs Samuel-Ogbu for her dedication and contribution to AFC‘s board during her tenure.”

Mr. Cardoso commented on his appointment, saying: “A more productive Africa is a more stable Africa. AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation. I look forward to working with the Board, management and member states to advance The Africa We Build 2050. Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support.”

AFC continues to advance transformational infrastructure and industrial investments across Africa, with recent milestones including achieving financial close on the US$753 million Lobito Corridor Railway Project in Angola, to support the rehabilitation, upgrade, and long-term operation of the 1,300-kilometre brownfield rail corridor; supporting a US$600 million facility for Dangote Group’s US$7 billion fertiliser expansion programme to scale production in Nigeria; and committing to a combined US$300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across the continent. These investments reflect AFC’s unique approach to developing strategic infrastructure platforms that connect markets, strengthen industrial value chains and mobilise capital at scale to drive Africa’s economic transformation.

About AFC

AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Nineteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 49 member countries and has invested over US$20 billion in 36 African countries since its inception.

The post AFC Appoints CBN Governor Yemi Cardoso as Board Chairman appeared first on Business Today NG.

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