The President Bola Tinubu-led Nigerian government has approved N225 ($0.15) per kilowatt-hour tariff increment for Band A electricity consumers in the country.

The Vice Chairman of the Nigerian Electricity Regulatory Commission (NERC), Musliu Oseni, who made this known at a press briefing in Abuja on Wednesday said the increase will see the customers paying N225 kilowatt per hour from the current N66.

According to Oseni, customers in Band A who are those who enjoy 20 hours of electricity supply daily represent 15 percent of the 12million electricity customers in Nigeria.

Oseni further said that the NERC had also downgraded some customers on the Band A to Band B due to non-fulfilment of the required hours of electricity provided by the electricity distribution company.

“We currently have 800 feeders that are categorised as Band A, but it will now be reduced to under 500. This means that 17 per cent now qualify as Band A feeders. These feeders only service 15 per cent of total electricity customers connected to the feeders.

“The commission has issued an order which is titled April supplementary order and the commission allows a 235 kilowatt per hour,” he said.

Oseni added that the upward review of the electricity tariff will not affect customers on the other Bands.

Gospel minister, Nathaniel Bassey, has petitioned the Inspector General of Police, Kayode Egbetokun, to investigate and prosecute four persons who he accused of criminal defamation and cyberstalking.

The singer submitted the petition to the IGP on April 1, 2024, through his lawyers, Peter Abraham, Uche Matthew, Gbenga Agunloye, and Anthony Abia.

Last week, four social media users alleged that Bassey fathered the son of fellow popular gospel singer, an allegation that went viral on X.

The lawyers, therefore, urged the police authorities to urgently treat the petition against the four social media users, identified in the petition as Okoronkwo Ejike, Kingsley Ibeh, Terrence Ekot and Dj Spoiltkid.

“Our client is a gospel music minister whose songs and ministrations have impacted the lives of so many from different walks of life across the globe,” the petition partly read.

“On Friday, the 29th day of March 2024, Mercy Chinwo Blessed another popular gospel music minister, and her husband posted pictures of their son and themselves on different social media platforms.

“However, our client was disheartened, saddened, and grossly disturbed to find that the above-mentioned suspects, as mischief makers with a criminal intent to destroy the image and character of our client, had made different social media posts of defamatory matter, calling our client ‘the father of minister Mercy Chinwo Blessed’s son,’ a woman who is married to another man.

“The post by Mr. Okoronkwo Ejike has since gone viral on the platform. In reaction to the post, Mr. Kingsley Ibeh commented on Mr. Okoronkwo’s post with a picture of our client with the caption “The real father of the baby.”

“In a post on the platform “X” formerly known as Twitter, “Dj SpoiltKid” a verified X user, quoted the statement by Okoronkwo Ejike along with a screenshot of the post and added, “When are we doing DNA test?”

“In another post, Mr. Terrence Ekot, on the platform “X” made a post thus: “Take a look at the stunning resemblance of mercy chinwo’s son and Nathaniel Bassey. Though duo has been working together on several projects in the past..what do you have to say?” (sic)

The lawyers said the social media posts by the four individuals amounted to complete assassination of Bassey’s character.

“These nefarious acts of these suspects, if not immediately dealt with, will continue to destroy our client’s image, injure his reputation, assassinate his character, and cast aspersion on the good name built by our client over the years.

The lawyers said the alleged actions of the four individuals contravened Sections 373 and 375 of the Criminal Code Act as well as Section 24(1)(b) of the Cybercrimes (Prohibition, Prevention, etc.).

“The consequences of making such statements on social media have been known to tarnish the reputations of individuals, render marriages unstable, and many never recover from them. International reputation is an asset—both for the individual and for the nation—and it takes time to acquire.

“Consequently, we urge you to use your good offices to, in the interest of justice, investigate this matter, arrest, and bring the suspect to justice, which will serve as a deterrent to others.”

Efforts to reach the Police Spokesman, Muyiwa Adejobi, for comments were not successful as of press time. Also, calls to Mercy Chinwo’s lawyer, Pelumi Olajengbesi, rang out.

Nigerian commercial banks have set withdrawal limits on their automated teller machines (ATMs), TheCable can report.

Findings showed the limits vary across banks.

This followed reported cases of cash scarcity in some parts of the country in the second half of last year.

On November 2, 2023, the Central Bank of Nigeria (CBN) said the scarcity experienced in some locations was due to a high volume of withdrawals from its branches by banks and panic withdrawals by customers from ATMs.

The CBN also said there was sufficient stock of currency notes for economic activities in Nigeria and assured its branches across the country were working to ensure seamless cash circulation in their respective states of operation.

While the scarcity persisted, the apex bank, on December 13, blamed the situation on hoarding, stating most of the cash given to banks was in the hands of individuals.

A year before, the CBN had attempted to limit cash circulation by implementing a cap on ATM withdrawals, to encourage cashless transactions.

The CBN reduced ATM withdrawals on December 6, 2022, to N20,000 daily and N100,000 per week. However, on December 21 of the same year, the regulator reviewed the cash withdrawal limits across all channels to N500,000 and N5,000,000 per week for individual and corporate organisations, respectively — after a public outburst.

This took effect on January 9, 2023.

However, recent findings across various locations in Lagos showed that banks have restored limits on ATM withdrawals.

TheCable understands that the cap set on account holders also restricts the customers to a certain amount should they attempt to withdraw from a different bank.

BANKS’ NEW DAILY ATM WITHDRAWAL LIMITS

At three Guaranty Trust Bank (GTB) branches located in Ogba, Egbeda, and Fagba in Lagos state, the company’s account holders are only allowed to withdraw N20,000 per day at the ATM, while it dispenses a maximum of N5,000 to non-customers daily.

However, another GTBank in Egbeda has a daily cap of N50,000 for customers and N20,000 for non-customers.

Also, Polaris Bank branches at Festac and Ikeja have N50,000 ATM withdrawal limit per day for the lender’s account holders — but non-customers can only withdraw N20,000 per day.

The limit is different for account holders of United Bank for Africa (UBA), as ATMs at the lender’s branches at Fagba and Ogba only dispense N20,000 and N60,000 to N100,000, respectively, whereas non-customers have a cap of N5,000 and N40,000 to N60,000, respectively.

At Union Bank branches in Ikeja, Ilupeju, and Berger, account holders can withdraw N20,000, N60,000 to N70,000, and N70,000 per day, respectively.

However, non-customers have a limit of N20,000 daily at Union Bank branches in Ikeja and Ilupeju, while they can withdraw up to N40,000 at the Berger office.

For Ecobank account holders, the maximum ATM withdrawal at its branches in Ogba and Berger is N400,000 and N40,000 per day, respectively, while non-customers can withdraw N20,000 daily.

Keystone Bank branches at Ilupeju, Ogba, and Allen set a limit of N40,000, N50,000, and N200,000 per day for account holders, respectively; while the ATM dispenses N20,000, N30,000, and N100,000, (respectively) to non-customers.

The withdrawal limit for Zenith Bank account holders is N100,000 per day at ATMs located at the company’s branches in Aguda and Festac, but non-customers can only withdraw N30,000 and N50,000, respectively.

At its branches in Allen and Akowonjo, First City Monument Bank (FCMB) has an ATM withdrawal cap of N40,000 for account holders, while N20,000 is dispensed to non-customers per day.

Also, Sterling Bank branches at Ilupeju and Allen have a limit of N50,000 for account holders, but the maximum non-customers can withdraw are N25,000 and N50,000, respectively.

Access Bank also has a limit on ATM withdrawals, as the company’s branches in Allen and Ogba offer N40,000 per day to account holders, but dispense N20,000 to N25,000 to non-customers.

Checks at Fidelity Bank’s branches in Ilupeju and Aguda showed account holders can withdraw a maximum of N40,000 — but for non-customers at the Ilupeju office, the amount depends on the bank they are using, while for the Aguda branch, non-customers can withdraw N20,000 or until they can no longer take out funds from the ATM.

First Bank of Nigeria (FBN) also limited account holders’ ATM withdrawals to N40,000 daily, according to findings at its branches in Allen and Berger.

Although non-customers can withdraw N20,000 at FBN’s Allen office, withdrawal at the Berger branch depends on the bank used by non-customers.

For Globus Bank account holders, ATMs at the company’s branches in Ilupeju and Allen have a limit of N150,000 per day, however, non-customers withdrawal limit also depends on their banks.

Providus Bank branches in Allen and Adeola Odeku offer account holders a maximum of N100,000 and N150,000 (respectively) per day, with the ATMs dispensing N20,000 to non-customers daily.

However, account holders of Premium Trust Bank can withdraw N40,000 daily at the company’s ATMs in Allen and Adeola Hopewell branches but non-customers are only able to withdraw N10,000 and N40,000 to N50,000 per day, respectively.

At Allen and Mowe (Ogun state), ATMs in Unity Bank branches dispense N40,000 per day to account holders and non-customers.

But at Parallex Bank in Adeola Hopewell, the ATM withdrawal limit for account holders is N100,000, while that of non-customers depends on their banks.

Heritage Bank in Ilupeju has a cap of N150,000-N200,000 per day for account holders, but non-customers cannot withdraw more than N40,000 daily.

Also, findings at Suntrust Bank, located in Sanusi Fafunwa, showed account holders are limited to N20,000 a day and non-customers can withdraw N20,000-N30,000 daily.

At Titan Trust Bank in Egbeda, both account holders and non-customers are unable to withdraw more than N20,000 per day.

It is different at Stanbic IBTC in Computer Village and Ogba, where ATM withdrawal for account holders is capped at N80,000 to N100,000 daily.

However, non-customers can withdraw N40,000 daily at the Computer Village branch, while they can withdraw until they are unable to at the Ogba office.

TheCable also learnt that ATMs at Wema Bank branches in Oba Akran and Ojodu are dispensing N40,000 to account holders daily, but non-customers limit depends on their banks.

WHY BANKS ARE SETTING LIMITS TO ATM WITHDRAWAL

In a notice to customers, seen by TheCable, Stanbic IBTC Bank advised withdrawals should be limited to one bank card per transaction when using the company’s ATM to avoid cash shortage.

In the statement, pasted at its ATM gallery, Stanbic IBTC said cash shortage occurs when individuals use multiple cards from different banks in a single ATM transaction.

“To ensure uninterrupted access to cash withdrawals through our Automated Teller Machines (ATMs), we kindly request that you limit your withdrawals to one bank card per transaction when using our ATMs,” Stanbic IBTC said.

“This measure aims to prevent instances of cash shortages that may occur when individuals use multiple cards from different banks in a single ATM transaction, surpassing the maximum daily withdrawal limit per individual. This practice may inadvertently restrict other customers’ access to cash.”

Also, a top official in the banking industry — with knowledge of the withdrawal limits adopted by the banks — said financial technology (Fintechs) firms are one of the reasons banks are limiting withdrawal at their ATMs.

Speaking on condition of anonymity, he said fintech companies have no ATMs but offer their customers debit cards to withdraw all the cash from banks’ ATMs.

“They give cards to people. Most of the people that are doing POS, they go to commercial banks to go and clean out all the money in their ATMs, denying the real customers of the banks to have access to the cash that are in the ATM,” he said.

The source told TheCable point of sale (POS) operators thereafter charge bank customers in need of the cash POS operators withdrew from the ATMs.

He said banks had to become creative to tackle the issue.

In a statement shared with TheCable, Access Bank said every bank “sets ATM withdrawal limits based on available ‘ATM fit’ cash and the number of ATMs for the bank as well as the needs of the customers”.

Commenting on the disparity in limit for its account holders and non-customers, Access Bank said the former are prioritised.

“It is important for us to give priority to our customers cash need; we owe them that duty. Subject to cash availability we can allow other banks’ card holders to also access cash,” Access Bank said.

“Every bank issuing cards is expected to also deploy ATMs to match the need of her customers.”

When asked if the CBN approved the limit, Access Bank said every financial institution has the right to set its withdrawal cap which may change from time to time subject to cash availability, among other things.

However, Access Bank acknowledged CBN had issued a directive that the maximum cash withdrawal limit on all channels is N500,000 weekly for individuals.

Meanwhile, the ATM withdrawal restrictions — as observed by TheCable — violate the limits set by Nigeria’s financial regulator.

When contacted on February 12, Hakama Sidi Ali, CBN’s acting director of corporate communications, requested the enquiry be sent to her WhatsApp. The following day, she asked for the locations of the banks for an independent investigation.

Since the disclosure of the banks’ locations, CBN has not responded to questions on the matter despite several calls, and WhatsApp messages to the regulator’s spokesperson.

Some residents of Akure, the Ondo state capital, have looted a truck conveying food items.

TheCable understands that the truck developed a mechanical fault at the popular cultural centre junction, along Ondo-Akure expressway, on Monday.

The mechanical fault enabled the residents to overpower the driver and loot the truck.

It was observed that the food bags in the truck were branded in the name of President Bola Tinubu.

Those who looted the truck were petty traders, artisans, drivers and commercial motorcyclists.

The latest incident adds to the worrisome list of recent looting of food items in trucks and warehouses amid the current economic hardship in the country.

On Saturday, residents of Kebbi invaded a government warehouse in the Bayan Kara area of the state capital, and looted food items.

On March 1, a truck conveying cartons of spaghetti was looted by hoodlums at Dogarawa axis of Zaria-Kano expressway.

Two days later, some residents broke into the federal capital territory (FCT) warehouse in Abuja and carted away foodstuffs, doors of the warehouse and roofing.

Nnaemeka Obiaraeri, a respected development economist, has voiced strong criticism against the Minister of Agriculture’s recent proposal to import 10,000 tractors, echoing concerns previously raised during the administration of former President Muhammadu Buhari in 2019.

Obiaraeri emphasized that the current proposal, which is projected to incur a hefty $1.1 billion expense through a public sector arrangement, signifies a repetition of the same error witnessed during Buhari’s tenure.

In an interview with Channels TV on Tuesday, Obiaraeri advocated for a more cost-effective strategy, suggesting allocating $750 million towards the importation of both tractors and bulldozers.

Reflecting on past decisions, he remarked, “Back in 2019, when the Buhari administration proposed borrowing $1.1 billion for importing 10,000 tractors…”

He continued, expressing concern about the Minister of Agriculture’s actions, stating, “The current administration is following in the footsteps of the Buhari government, pursuing a memorandum of understanding to import 10,000 tractors under a public sector arrangement, all at the expense of $1.1 billion.”

“Does it strike you as reasonable that we could achieve the same goal with a budget of $750 million, encompassing both tractors and bulldozers?” he questioned, highlighting apparent discrepancies in expenditure.

Obiaraeri outlined an alternative framework, envisioning the establishment of agro clusters across Nigeria’s 8,000 electoral wards, managed by skilled mechanical engineers.

Within these clusters, farmers would have access to machinery at an affordable average cost of N40,000, fostering economic growth and job creation.

He concluded with a poignant observation, “The repetition of past mistakes, as witnessed under the Buhari regime, raises serious questions about the priorities of our current administration.”

The Federal Government has announced it will be removing electricity subsidy for 15 per cent of consumers.⁣

FG said this will reduce its N3.3tn cost and save the government about N1.1tn annually.

The President’s Special Adviser on Information and Strategy, Bayo Onanuga, said this to Reuters on Tuesday. ⁣

Onanuga said the Bola Tinubu-led administration was poised to allow the price hike in electricity given its N450bn budget for energy subsidies in 2024. ⁣
⁣
Consequently, power distribution companies will be allowed to increase prices from N68 to N200 per kilowatt-hour for urban consumers in April, the presidential aide explained in another interview with Bloomberg.
⁣
He explained that the country last reviewed electricity tariffs in 2020, and the planned increase would enable Discos to recover costs and improve investments.⁣⁣

“With the huge subsidy burden and high cost of gas…the current electricity tariff is not realistic,” he told Reuters.
⁣
Confirming this to our correspondent, Onanuga said the tariff hike would affect only 15 per cent of consumers, accounting for 40% of electricity consumption. ⁣
⁣
He said the FG would help power generating companies to offset about N1.5tn debts they owe the country’s bulk electricity buyer.⁣
⁣
An electricity report released by the National Bureau of Statistics on Monday showed that electricity distribution companies in Nigeria saw their revenues surge to N1.1tn in 2023.⁣ This is despite the persistent epileptic power supply nationwide.⁣⁣

The figure represents an increase of N234.4bn or 28.2 per cent from the N831bn generated by the power firms over a similar period in 2022.⁣
⁣
Nigeria’s national power grid collapsed 46 times from 2017 to 2023, a report by the International Energy Agency revealed.⁣⁣

The IEA said Nigerians endured more nationwide blackouts in 2023, especially on September 14 when the grid collapsed due to a fire on a major transmission line.⁣
⁣
An analysis of the revenue data showed that the Ikeja Electricity Distribution Company got the highest revenue of N218.6bn, up by 31.7 per cent or N52.7bn from N165.9bn recorded in 2022.⁣
It was followed closely by the Eko Distribution Company, which got a revenue increase of N52.8bn or 42.3 per cent from N124.8bn in 2022.⁣
⁣
Third on the list is the Abuja Electricity Distribution Company, with a revenue generation of N167.4bn from N125.7bn recorded in 2022.⁣
⁣
Similarly, Ibadan Electricity Distribution Company got a revenue of N111.3bn, Enugu Electricity Distribution Company got a revenue of N82.5bn, Yola Electricity Distribution Company (N22.3bn), and Benin Electricity Distribution Company (N84.6bn), and Kaduna Electricity Distribution Company (N32.4bn).⁣
⁣
Also, Jos Electricity Distribution Company increased its revenue to N38.9bn, Kano Electricity Distribution Company (N55.2bn), and Port-Harcourt Electricity Distribution Company (N74.7bn).⁣
⁣
Findings also showed that the increased efficiency in revenue collection might not be unconnected to rise in the overbilling of customers, especially those on the estimated billing system.⁣

Also, The PUNCH had observed that Discos were able to capture more customers under the estimated billings system.⁣
⁣
Further analysis revealed that the number of metered numbers increased by 9.38 per cent or 480,833 while the number of customers under estimated billings reduced slightly by 1.73 per cent to 5.8m.

The Debt Management Office, DMO, has unveiled plans to raise N1.8 trillion through new issuance and reopening of federal government bonds over the next three months amid the country’s increasing debt stocks.

This is as DMO opened offer for the April 2024 Savings Bond.

The debt office in the bond issuance calendar for the second quarter of 2024 said it plans to raise between N300 billion to N600 billion every month between April and June this year.

According to the calendar, the DMO plans to open a new five-year bond this month to raise between N100 and N200 billion.

Also, it plans to reissue the 7-year 18.50 per cent FGN FEB 2031 paper and the 10-year 19.00 per cent FGN FEB 2034 paper during the three months.

Meanwhile, it plans to raise more funds this week through the 2-year and 3-year savings bonds due April 2026 and April 2027.

According to the offer document, the DMO is issuing the 2-year paper at 17.046 per cent per annum while the 3-year paper is being issued at 18.046 per cent per annum.

Last month, it issued the 2-year savings bond at 15.097 per cent, while the 3-year paper was raised at 16.097 per cent.

The increased rate on the savings bond, according to DMO, is to bring the interest closer to the Monetary Policy Rate, which was raised to 24.75 per cent at the last Monetary Policy Committee meeting last month.

Recall that Nigeria’s’ total public debt stock more than doubled to N97.3 trillion in 2023.

The total public debt stock includes external and domestic loans from federal and state governments.

The newly inaugurated President of Senegal, Bassirou Diomaye Faye, has appointed Ousmane Sonko as the prime minister of the country.

The 44-year-old Faye had earlier on Tuesday, took the presidential oath in the presence of hundreds of officials and several African heads of state, including President Bola Tinubu of Nigeria at an exhibition centre in the new town of Diamniadio, near Dakar.

Shortly after, he returned to the capital, with his motorcade greeted by hundreds of jubilant residents and supporters who lined the roads leading to the presidential palace, where his predecessor, Macky Sall, symbolically handed Faye the key to the presidential headquarters before leaving the palace.

Hours after officially taking over the reins of power, the administration of the new president, named 49-year-old opposition leader, Sonko as prime minister.

“Mr Ousmane Sonko is named prime minister,” said Oumar Samba Ba, the general secretary of the presidency, who read out a decree on the public television station RTS.

Sonko was disqualified from running in the most recent presidential race and picked Faye as his replacement on the presidential ballot.

Faye and Sonko were among a group of opposition politicians freed from prison 10 days before the March 24 presidential ballot under an amnesty announced by former president Macky Sall, who had tried to delay the vote.

Five weeks after the inauguration of two judicial commissions of inquiry to look into the activities of ex-Governor Samuel Ortom while in office, Arewa PUNCH investigations reveal that they are now set to quiz him and his aides.

Our correspondent reports that the state governor, Rev Fr Hyacinth Alia, had on February 26, 2024, inaugurated the two judicial commissions of inquiry to look into the activities of his predecessor, Ortom.

The inaugurated probe panels are the Judicial Commission of Inquiry into the Income and Expenditure of Benue State Government from May 29, 2015, to May 28, 2023, while the other one is the Judicial Commission of Inquiry into the Sale/Lease of Government Assets, Companies and Markets (both state and local government owned markets), as well as moribund companies from or before May 28, 2015 to May 28, 2023.

The two commissions of Inquiry comprise 16 members with their chairmen drawn from the South-West and North-East.

They are retired Justice Taiwo Taiwo from South-West who will chair the former and Justice Appolos Idi (retd) from Gombe, North-East will preside over the latter commission.

Arewa PUNCH further findings indicate that tongues are already wagging over the cause(s) of the delay in the take-off of the probe panels.

When our correspondent contacted the state Commissioner for Justice and Public Order, Fidelis Mnyim, on Monday, he dismissed the idea of any possible obstacles that might be hindering the sitting of the panel.

Mnyim assured the residents that the panels would begin to sit from next week.

“There are no obstacles at all. The point is that the panels are waiting to begin sitting after Easter, so by next week, they will commence sitting,” the Attorney General of the state told Arewa PUNCH.

The two judicial commissions of inquiry are, among others, to identify the income of the Benue State Government from May 28, 2023, 2015, to May 29, 2023.

They will also look into the expenditure and utilisation of the Benue State income from 29 of May, 2015, to day 28 of May, 2023.

Also, they are to identify all the Benue State bank accounts and examine the propriety or otherwise of the transactions in the accounts from day 29 of May, 2015 to the day 28 of May, 2023.

Further more, they will identify the various loans taken by the Benue State Government from May 29, 2015 to May 28, 2023 and ascertain the appropriateness of the utilisation, interest charge on the loans and the possible abuses thereof.

The probe panels will equally identify the loan(s) given out by the Benue State Government, the alleged waiver, and the possible abuses thereof.

Finally, the panels will identify the special interventions, including but not limited to the Bailout Funds, Paris Club Refunds received by the Benue State Government from May 29, 2015 to May 28, 2023 and the application thereof.

Though the immediate past governor, Samuel Ortom, through his media aide, Terver Akase had stated that he was ready to face the panels and also urged all his aides to prepare to appear before the two panels.

The pump price of Automotive Gas Oil, popularly called diesel, has dropped from about N1,700/litre which it sold for a few weeks ago, to around N1,350/litre in some locations across the country following the sale of the commodity by the Dangote Petroleum Refinery.

It was gathered on Tuesday that the $20bn worth refinery started pumping out diesel to the domestic market last Wednesday.

It sold a minimum of one million litres to each registered oil marketer that got the product from the plant since it commenced diesel sale.

Officials of the multi-billion dollar plant and oil dealers confirmed that the product was dispensed to marketers at between N1,225/litre and N1,300/litre depending on the volume of purchase.

This came as it was also gathered that the refinery would start releasing Premium Motor Spirit to the domestic market in May this year.

“They started pumping out diesel to marketers since last week. They also promised to sell aviation fuel soon. Some of my members confirmed this to me after making the purchase,” the National President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, told one of our correspondents.

He added, “So some of our marketers have started getting the product, but as an association we have not got the product yet, because we want to get the actual rate that it will be sold to us when we buy in bulk. However, they have started selling diesel because some of our marketers have started buying.

“They are selling at N1,225/litre and the minimum volume they are giving is one million litres per marketer. Also, they assured us that they will release more products, but for now this (diesel) is what they are starting with. So we are expecting them to release PMS anytime from now.”

Maigandi said the move by Dangote would definitely lead to a crash in diesel price, as the commodity rose to a high of about N1,700/litre recently.

“The price of diesel is going to fall because of the release of products from Dangote refinery. In fact, it is already coming down in Lagos,” Maigandi stated.

Another oil marketer, who is the Chief Executive, AF Ralph Oil and Gas Ventures, Dr Ralph Arokoyo, confirmed that the refinery had started the sale of diesel to dealers, adding that the plant started dispensing the product last Wednesday.

Asked if Dangote refinery had started supplying diesel to the market, Arokoyo replied, “Yes they have started. They started diesel sales last Wednesday and they have sold to many marketers including members of IPMAN and MEMAN (Major Energy Marketers Association of Nigeria), as well as other private registered independent dealers.”

When also asked about the minimum volume being sold to dealers and at what rate, Arokoyo said, “One million litres is the minimum and the rate is okay considering what other major tank farms are selling, which is why people are trooping to the refinery now.

“The price ranges between N1,250/litre and N1,300/litre depending on the volume you are buying. This is good news for Nigerians because in the last few weeks the price of diesel hovered between N1,600 and N1,700/litre.

“But in many locations across the federation, the prices are beginning to drop due to the emergence of products from that refinery and as the products are being dispatched since last Wednesday. Now you can get AGO (diesel) in some stations at N1,400/litre.

“Some are even doing N1,350/litre now and I want to believe that in a couple of weeks to come, we should see more reduction in the price of the product as more products from the plant hit the market and spread very well across the country.”

On whether the company informed dealers when it would start releasing petrol into the market, Arokoyo replied in the affirmative.

“They (Dangote refinery) said it (petrol) will be available between now and May, which is next month. We are optimistic about this, because PMS is largely used by Nigerians,” the oil marketer stated.

A senior official at Dangote refinery confirmed the sale of diesel to marketers, as the source noted that Premium Motor Spirit, popularly called petrol, would soon be released to the market.

“The product (diesel) is everywhere and they (marketers) are accessing it with ease. The product has been on sale to marketers since last week and the transactions have been better.

“The price of the product in various locations of the country will come down, and it is already coming down in many parts of Lagos since we started releasing products to marketers,” the official, who spoke on condition of anonymity due to lack of authorisation to speak on the matter, stated.

The Dangote refinery has faced a series of hurdles as it strives to release refined products into the market after it was officially inaugurated by former President Muhammadu Buhari in May last year.

Recall that on February 8, 2024, indications emerged that lingering regulatory approvals stalled Dangote Petrochemical Refinery’s plan to release aviation fuel (Jet A1) and diesel for sale in the Nigerian market in January.

The report had stated that weeks after the January 31 timeline set by the management of Africa’s largest refinery to begin sale of its petroleum product in the local market, the refinery was still battling to cross the hurdles of the several layers of regulatory approvals.

It stated that the development came after the refinery began the production of refined petroleum products at the expansive facility.

On January 12, 2024, Dangote refinery announced that it had commenced the production of Automotive Gas Oil, popularly called diesel, and aviation fuel or JetA1.

Aliko Dangote, in a statement issued by his firm at the time, thanked President Bola Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of the project.

Dangote also thanked the Nigerian National Petroleum Company Limited, Nigerian Upstream Petroleum Regulatory Commission, NMDPRA and Nigerians for their support and belief in the historic project, as he revealed that the facility would pump out diesel and aviation fuel in January, subject to regulatory approvals.

He said, “We thank President Bola Tinubu for his support and for making our dream come true. This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to details.

“His intervention at various stages cleared all impediments thereby accelerating the actualisation of the project. We also thank the NNPC, NUPRC and NMDPRA for their support. These organisations have been our dependable partners in this historic journey.

“We also thank Nigerians for their belief and support in this project. We have started the production of diesel and aviation fuel, and the products will be in the market within this month once we receive regulatory approvals.”

The refinery, Africa’s largest with a nameplate capacity of 650,000 barrels per day, was built on a peninsula on the outskirts of the commercial capital Lagos.

Nigeria has for years relied on expensive imports for nearly all the fuel it consumes but the $20bn refinery is set to turn it into a net exporter of fuel to other West African countries, in a huge potential shift of power and profit dynamics in the industry.

Meanwhile, the National Vice Chairman of IPMAN, Hammed Fashola, also confirmed that Dangote refinery had commenced the sale of diesel to marketers.

However, Fashola said IPMAN had yet to start receiving diesel from the private oil refining company.

“Yes, it is correct (that Dangote has started selling diesel), but not yet to IPMAN. Some marketers are already getting allocation, we are still waiting for our own. We’ve put in our request, and I am very sure that at the appropriate time, they will call us,” Fashola stated.

On the current price of diesel, he said, “In filling stations now, diesel ranges from N1450, N1500 to N1600, depending on the location”.

Fashola noted that Dangote’s diesel would have a positive effect on the price of the product, saying “at least there would be a difference from the imported one”.

While saying there was no financial commitments made yet, he expressed confidence that the independent marketers would fuel from Dangote this month.

“No financial commitments made yet, but we’ve put in our papers to make known our intentions and our requests. When they issue allocation, then we can talk of financial commitments,” he stated.

Meanwhile, a diesel distributor in Ogbomoso, Oyo State, Kayode Lawal, said the pump price of diesel is now between N1420 and N1500 as of Tuesday.

Also, an attendant in Badagry Lagos State, Bose Opeyemi, told our correspondent that the product now sells at the rate of N1,395 in some parts of Badagry, Lagos State, while some sell at N1,450.

In Abeokuta, the Ogun State capital, Saheed Babalola, who is a quarry agent, also said he got a litre of AGO at the rate of N1,45O