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NNPC accuses Dangote refinery of seeking fuel monopoly in court filing

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The Nigerian National Petroleum Company Limited (NNPC Ltd) has accused Dangote Petroleum Refinery of attempting to monopolise Nigeria’s fuel market through a lawsuit challenging import licences granted to rival marketers.

In court documents, the state oil company argued that granting Dangote’s request to void or restrict fuel import permits would undermine competition and expose Nigeria to supply disruptions, price instability and threats to national energy security.

The position was contained in a proposed defence filed before the Federal High Court in Lagos in response to a suit instituted by Dangote Petroleum Refinery against the Attorney-General of the Federation.

Reuters reported that the legal dispute has resulted in the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) applying to join the case.

The move comes less than a month after Dangote Petroleum Refinery filed a fresh lawsuit against Nigeria’s Attorney-General, seeking to overturn fuel import licences granted to oil marketers and the NNPC.

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The lawsuit exchange has also broadened the battle over Nigeria’s fuel import policy and the market influence of Dangote’s 650,000 barrels-per-day refinery.

The dispute comes ahead of Dangote Refinery’s planned initial public offering (IPO) in September, raising fresh concerns over market regulation, competition, and the refinery’s future revenue outlook.

In its lawsuit against the government, the refinery argued that licences issued to rival marketers undermine local refining efforts and violate provisions of the Petroleum Industry Act (PIA), which it said was designed to encourage domestic refining capacity.

However, NNPC has rejected the claim, arguing that the law permits the issuance of import licences to companies with local refining licences or established records in international crude oil and petroleum products trading.

The state oil company further argued that regulators retain the discretion to manage fuel imports under Nigeria’s backward integration policy and that there is no outright ban on fuel imports except where local production sufficiently meets domestic demand.

According to the court documents, NNPC also contended that Dangote refinery had failed to provide “credible, independent or verifiable evidence” that it could consistently meet Nigeria’s total fuel demand and guarantee uninterrupted nationwide supply.

Dangote refinery declined to comment on the matter, citing the ongoing court proceedings.

NNPC also denied allegations that it deliberately frustrated Dangote refinery’s operations or withheld crude oil supplies from the facility.

The company said crude oil allocations were determined by operational, commercial, security and logistical considerations.

Fuel marketers have equally opposed Dangote’s suit, warning that restricting import licences could weaken market competition and threaten fuel supply stability across the country.

The court is expected to hear the matter in the coming weeks.

Background

Since commencing operations in 2024, Dangote Refinery has repeatedly pushed for local marketers to source petroleum products primarily from domestic refineries rather than continue importing refined fuel.

However, the former NMDPRA leadership under Farouk Ahmed consistently resisted any move perceived as creating a monopoly, insisting that allowing a single refinery to dominate supply would undermine competition and threaten Nigeria’s long-term energy security.

That disagreement led to a feud between Aliko Dangote and Mr Ahmed.

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

He also alleged that Mr Ahmed was living beyond his legitimate means, claiming that four of his children were enrolled in expensive secondary schools in Switzerland, raising concerns over possible abuse of office and regulatory integrity.

Mr Ahmed later resigned following the controversy.

Previous lawsuit

In 2024, Dangote Refinery, in suit number FHC/ABJ/CS/1324/2024, asked the court to award N100 billion in damages against the NMDPRA for issuing import licences to some marketers and permitting the importation of petroleum products.

The marketers listed in the suit were 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 plaintiff’s lawyer, Ogwu Onoja, asked the court to declare that the NMDPRA violated Sections 317(8) and (9) of the Petroleum Industry Act (PIA) by issuing licences for the importation of petroleum products.

Dangote Refinery argued that such licences should only be issued when a petroleum product shortfall exists.

The refinery also asked the court to declare that the NMDPRA failed in its statutory responsibility under the PIA by failing to encourage local refineries, such as Dangote Refinery.

However, in a counter-affidavit marked FHC/ABJ/CS/1324/2024 dated 5 November 2024 and filed by Ahmed Raji (SAN), the marketers asked the court to dismiss Dangote Refinery’s claims, insisting that competitive practices are essential to Nigeria’s economic health and the viability of the oil sector.

They argued that they were fully qualified to receive import licences from the NMDPRA under Section 317(9) of the PIA.

The defendants further alleged that the plaintiff was attempting to monopolise Nigeria’s petroleum industry by seeking sole control of supply, distribution, and pricing.

In July 2025, Dangote Refinery quietly discontinued the lawsuit challenging the import approvals without publicly stating its reasons, leaving unresolved concerns over market competition and supply dynamics in one of Africa’s largest fuel markets.

READ ALSO: NNPC posts N276 billion profit in March

For decades, Nigeria has relied heavily on imported petrol because its state-owned refineries have performed poorly.

The $20 billion Dangote Refinery, owned by billionaire businessman Aliko Dangote, was expected to end that dependence by supplying refined petroleum products locally.

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

However, petrol imports have persisted as the refinery continues to ramp up production and distribution capacity, while marketers maintain that domestic output alone has yet to meet national demand fully.

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Business

Airtel Money sets IPO price at £1.96 per share, targets £5.3bn valuation

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Airtel Mobile Commerce N.V. (Airtel Money), the mobile money business of Airtel Africa, has set the offer price for its planned initial public offering (IPO) at £1.96 per share, implying an estimated market capitalisation of £5.3 billion ($7.0 billion) at admission.

Airtel Africa disclosed this in a statement on Thursday, saying Airtel Money intends to list its ordinary shares on the London Stock Exchange, with admission currently expected on 14 October.

The planned listing followed Airtel Africa’s announcement on 23 September of its intention to undertake an IPO for Airtel Money, which operates mobile money services across several African markets.

Listing offer

Under the offer, certain existing shareholders of Airtel Money are expected to sell 270 million existing shares. Also, an additional 27 million shares may be sold if the over-allotment option is fully exercised.

Airtel Africa said it does not expect to sell its existing Airtel Money shares in the offer, except pursuant to the over-allotment option.

The telco said it would remain a “long-term strategic shareholder” in Airtel Money and support the business as it moves into its next phase as an independently listed company.

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Based on current indications from existing shareholders, approximately 16.5 per cent of Airtel Money’s issued ordinary share capital is expected to be held in public hands if the over-allotment option is not exercised.

This could rise to approximately 17.5 per cent if the maximum additional shares are sold, according to Airtel Africa.

Airtel Money expects the level of public ownership to make it eligible for inclusion in the FTSE UK indices.

The company said it intends to apply for admission of its ordinary shares to the equity shares category of the Official List of the UK Financial Conduct Authority and for trading on the London Stock Exchange’s Main Market.

Airtel Money said further details of the offer would be contained in its prospectus, which it said would be made available on Airtel Money’s IPO website, subject to applicable access restrictions, on Thursday.

READ ALSO: What Dangote IPO signals – NGX Chairman 

Airtel Africa has been planning to spin off its mobile money business from its core telecoms operations following the financial subsidiary’s performance in previous years.

Its mobile money unit, Airtel Money, logged a strong performance in 2025, recording $1.4 billion in turnover, more than one-third higher than what it reported a year before.

Airtel Africa is a leading provider of telecommunications and mobile money services, with operations in 14 countries in sub-Saharan Africa.

Airtel Africa provides an integrated offer to its subscribers, including mobile voice and data services, as well as mobile money services, both nationally and internationally.


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Business

Independence Day: Hope “Will Not Fall From the Sky,” NLC Tells Nigerians, Govt

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Sixty-six years ago, our founding fathers and mothers wrestled this nation from the grip of colonial rule, convinced that political independence would translate into economic freedom and dignity for the Nigerian people. Today, as we mark another Independence Day, the Nigeria Labour Congress salutes every worker, artisan, youth, woman, retiree, informal economy operator, and every Nigerian who wakes up each morning to struggle for survival in a country that has increasingly turned its back on its own people. We honour the sacrifices of those who paved the path to liberation with their sweat and blood. However, we refuse to drown in empty patriotic rituals while the masses drown in poverty.

Sixty-six years after independence, Nigeria has become a nation whose governance decisions have been captured by neoliberalism; an ideology and a policy framework that does not serve workers, does not serve the masses, does not serve the nation, but is designed to serve Western capital. From policy formulation to resource allocation, from taxation to subsidy removal, from wage suppression to price escalation, the beneficiaries of this arrangement are a tiny elite (who keeps applauding) and international capital, while the costs are borne by the very people whose labour built this country.

Yet oppression has never been a permanent destiny. The power of Nigerian workers and the people ended colonial rule and forced one government after another to retreat from anti-people policies. Hope exists, but it will not fall from the sky. Hope depends on the decisions we make and the actions we take as trade unions, workers, and as a people.

We stand at the crossroads of a full-scale survival crisis. The real value of wages has been devoured by structural inflation. Petrol now sells at ₦1,430 per litre or higher in major cities and far more in remote areas. The surge in transportation costs drives up the prices of food, school fees, rent, and nearly every necessity of life, while nominal wages remain stagnant.

The root of this crisis is very clear. The May 2023 petrol price hike was a systematic assault on the working class. Government claimed subsidy removal would free up resources for infrastructure and social services. Three years later, petrol prices have multiplied several times over, yet the promised infrastructure and social services remain mirages. Where exactly did the subsidy savings go? Nigerians deserve an answer, and they deserve it now.

More infuriating is that Nigeria, Africa’s largest oil producer, depends on imported refined petroleum, while domestic refining capacity has been systematically neglected, except the effort of a few private refineries. When international oil prices fluctuate, the Nigerian working class bears the consequences. This is not an economic law. It is a policy choice that favours importers and Western refining capital while sacrificing our own people by ensuring the four publicly owned domestic refineries remain comatose.

Our demands are clear, just, and cannot be delayed any further. First, we demand that government seek ways to immediately reduce the price of petrol as transportation costs are the central transmission mechanism of inflation in Nigeria. Without cutting this chain, any effort to ease the suffering of the people is futile.

Second, we demand the immediate implementation of a nationwide wage award for all workers. A wage award is not charity. It is an emergency intervention against the collapse of real income. We demand that this relief reach all workers in federal, state, and local governments.

Third, we demand that the government deliver the tax relief agreed upon in the October 2023 dialogue with labour. The tax incentives promised in the Memorandum of Understanding signed between government and labour have not been implemented.

Fourth, we demand that government expedite action on the new national minimum wage negotiation. The current ₦70,000 minimum wage was already destroyed by inflation before it was implemented. We demand the immediate establishment of a tripartite committee to ensure that a new wage standard for 2027 is formulated and legislated before the year runs out.

Fifth, we demand that the government reduce the cost of governance and practise transparent governance. When workers are asked to tighten their belts, the extravagance and waste of the governing class are unacceptable. Government must lead by example.

Beyond these immediate demands, we insist that the government  invest massively and genuinely in road and social infrastructure, make our hospitals, schòols and other social services work. Public education must be affordable, high-quality, and accessible. Good roads are a basic precondition for reducing transport costs and improving economic efficiency.

The governmentnt must create genuine opportunities so that young people can see hope instead of being preached to about hope…so that desperate journeys  across the Sahara and the Mediterranean do not remain the only source of hope.

We must also remind the   government that insecurity has worsened the macroeconomic situation and has become one of the greatest threats to national stability. In the first quarter of 2026, nearly 2,000 Nigerians died from violence. Farmers cannot farm. Teachers and doctors dare not go to work in some places. Poverty, unemployment, desperation, and inequality are the most fertile soil for violence and crime. Without addressing distributive justice, insecurity cannot be cured, and without curing insecurity, no economic recovery is possible.

As campaigns rage on for the 2027 general elections, we warn all political forces that the choice of the people must be respected and must prevail. Any attempt to manipulate elections, intimidate voters, or exploit divisive rhetoric to incite ethnic and religious antagonism will be unacceptable to workers or all progressive forces. We will not forget the politicians who turned a deaf ear to the demands of workers. We will not forget the parties that made promises before elections and abandoned workers after winning power.

NLC  will, at the appropriate time, use our Workers’ Charter to make it clear which policies and candidates deserve the support of the working class. However, we will never accept any force treating workers’ organisations as dispensable electoral tools. Workers have the right to independent political thoughts, judgement, and choice.

NLC  will always stand on the side of workers, fighting to the end for decent wages, safe workplaces, and a life of dignity. We will uncompromisingly pursue accountability in governance, ensuring that public resources serve the people and not a predatory few. The unity and action of the masses is the only reliable force capable of changing this country. Hope belongs to those who organise, who struggle, and who choose their own destiny.

The post Independence Day: Hope “Will Not Fall From the Sky,” NLC Tells Nigerians, Govt appeared first on Business Today NG.

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