Africa
‘Why independent marketers can’t buy PMS from Dangote Refinery’

Due to the pricing mechanism in the oil sector, independent oil marketers may not be able to buy petrol for sale from the Dangote Refinery.
The Nigerian National Petroleum Company Limited (NNPCL) has been the sole off-taker of petrol in the refinery since it rolled out product on September 15.
However, there has been a pricing disagreement, following which independent marketers have been itching to be given the opportunity for direct purchase from the refinery.
Also yesterday, the House of Representatives made a case for the marketers to be given the opportunity.
But an expert in the industry, Festus Osifo, said with the current situation of things, even if independent markets are allowed to buy the product from the refinery, the pump price will be higher than it is present.
Osifo, who spoke at a news conference in Lagos said: “The NNPCL buys petrol from Dangote Refinery at a cost, but does some level of subsidy on it.
This is the reason other marketers cannot go and buy directly from Dangote Refinery today; not that NNPCL is stopping them (other marketers) from going to buy.
“But the truth is that if NNPCL is buying at N898 and selling at N950, including factoring in all the costs like those payable to NIMASA, NPA, NMDPRA, etc, and now selling at N700+ to marketers, it means there is a shortfall which NNPCL is managing.
“However, if other marketers go directly to buy from Dangote at the same price, they will probably sell at N1,200 per litre. This is the difference. So, it is not that NNPCL is trying to play monopoly.”
Osifo, who is President of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), added: “But if there was 100 percent deregulation, then, everybody can go and buy and sell at whatever price they want; but because there is still some form of under-recovery which NNPCL undertakes, then, that is why we still have some price distortions.”
However, Osifo, who doubles as the President of the Trade Union Congress (TUC), absolved Dangote Refinery of any blame on the petrol price disagreement.
“You must understand where Dangote is coming from. He didn’t invest that amount of money($20 billion) because he is a charity. He will pay interest on the loans obtained to build the refinery,” he said.
Giving an insight into the crude supply crisis, the PENGASSAN boss said the public must understand that the oil and gas industry is still highly regulated.
According to him, the management of the 650,000 barrels per day capacity Dangote Refinery should have long-negotiated crude supply to the refinery by IOCs and NNPCL before the facility was completed.
This, he said, is because crude supply or purchases are usually booked ahead of time because the IOCs always have long-term contractual agreements with their customers.
Besides, he explained that Nigeria had already tied some of its crude oil to loan repayments since 2015.
This means that the quantity the country produces already has quotas for disbursement.
Osifo said: “Dangote should have negotiated crude oil supply long before he completed his refinery, not after completion. What Dangote should have done is that he should have started discussing the crude supply and signed contracts with crude suppliers five years ago, not six months into refinery production. This is the truth. Nigeria has already tied some of the crude oil to loan repayment; this happened between 2015 and today.
“When you hear that Nigeria produces 1.6 mbpd, it is not entirely for the country because there are lots of IOCs as Joint Venture (JV) partners and all of them are in production. So, in crude production, the Federal Government has at best 60 percent while the IOCs have 40 percent at best.
“This means the portion of JVs has to be disaggregated from the total production volume and once that is done, the portion left is for the government; the IOCs put money in producing the crude oil and it means they are at liberty to sell crude to the highest bidder.
“Besides, the IOCs have their trading companies, which they are locked in a contract with; these IOCs may also have had off-takers since 2020 or even more whom they may have signed a supply contract with.
“Government cannot literarily come and compel IOCs to take crude oil and sell to Dangote Refinery. It is a bit tricky because if it also fails to meet their obligation to their contractors, it will become a problem.
‘’One of the platforms owned by TotalEnergies, that is, the Egina FPSO, costs $16 billion to build; so they must recover their money. If you strangulate them here, they can go elsewhere.”
Osifo added that crude supply to Dangote Refinery was also affected by the likely request to pay a premium since it was an emergency need.
“They (IOCs) could have told him (Dangote Refinery) that if you want us to supply you immediately, then, you will have to pay a premium because everybody is in business.
“So, it was the issue of premium payment that led to the initial conversation that they were not supplying him crude oil because most of the IOCs asked him for premium payment.
“On the part of the NNPCL, they also have their crude oil. But some years ago, the Buhari government borrowed money from AfriExim Bank and some quantities of crude produced daily were tied to paying back this money.
“NNPCL was importing PMS at a price; so, Dangote is saying pay me the same price that you are paying Rotterdam or Malta to import PMS; but NNPCL is reluctant to pay such because it feels that it pays a high premium on PMS from Malta and others, whereas Dangote Refinery is a Nigerian company and as such, it can’t pay the firm the same amount at which it imports; and that became a problem,” the TUC President said.
However, Osifo agreed that Dangote Refinery has a right to ask for such payments because it has to pay back his loan.
“NNPCL wants to calculate it in local conversion. Platts is an international price to calculate PMS and it is usually fixed based on the crude oil price weekly. So, people buy from the refinery at Platts without a premium, but at a particular time NNPCL was importing at Platts plus premium; Dangote wanted the premium paid on the Platts, but NNPCL said since Dangote wanted a premium on the Platts, then, it also has to pay premium on the crude.’’
Osifo explained that the agreement as of today is that Dangote is offering PMS at Platts plus N42 as seen in the price template sheet released by NNPCL
“It was just a contractual issue between both parties; but thank God that they have found a way to resolve it as of today. So, with all the costs imputed, PMS will be around N950 per litre- this is what NNPCL will pay to Dangote, NIMASA, NPA, NMDPRA, and others,” Osifo added.
House of Reps intervention
The House of Representatives has called on the Federal Government to direct the Nigerian National Petroleum Corporation Limited (NNPCL) and Dangote Refinery to work out a modality for independent petroleum marketers to be able to lift petrol from the $ 20 billion newly established facility in Lagos
The House also wants the NNPCL and Dangote to tell Nigerians the exact depot price of petrol at the refinery.
The requests followed a motion of urgent public importance by a member of the House, Oboku Oforji.
Oforji recalled that NNPCL had been the sole off-taker of petrol from the refinery since September 15.
He added that it was only recently that major marketers got access to lift the Dagote petrol from the NNPCL depots.
The lawmaker argued that since Nigerians pass through a lot to buy petrol, NNPCL should allow independent marketers to lift the product from the Dangote Refinery.
He reasoned that doing so would lead to competition, availability and a reduction in petrol price.
The lawmaker advised that apart from allowing independent marketers to also lift fuel, Dangote Refinery should either build or acquire tank farms or depots in the six geo-political zones of the country .
He also wants the government to direct NNPCL to reveal the price it sells crude to Dangote Refinery and for the refinery to make public the price it sells petrol to the oil giant
Oforji said: “The House is worried that NNPCL and the major marketers as exclusive off-takers, spell monopoly which is equivalent to greed. This is the same NNPCL that has failed to manage our crude and refineries for decades.
“If this monopoly is not nipped in the bud, the suffering of Nigerians occasioned by the scarcity of PMS will continue and we all know the implications on the economy.
“No wonder the late MKO Abiola of blessed memory, in a viral video, some years ago, lamented that the NNPCL lacks transparency and accountability.
“The House is disturbed that allowing the NNPCL and major marketers to lift Premium Motor Spirit from the refinery to the exclusion of independent marketers, is not good enough.”
According to him, “IPMAN representatives have expressed fears that it may be forced to resort to fuel imports to sustain their businesses.”
While commending Dangote Group for the commencement of petroleum refining, Oforji said with the feat, the journey to Nigeria’s energy self-sufficiency may have begun.
“The House notes that by this feat, Nigeria is driving towards energy self-sufficiency, cost and foreign exchange savings, meeting the increasing demand for fuels and attracting foreign capital investment. The generation of forex through the export of finished products, conservation of foreign exchange and huge value addition will contribute to an increase in Nigeria’s Gross Domestic Product.”
Speaker of the House, Tajudeen Abass inaugurated a panel to investigate the crisis in the petroleum and gas sector
The committee chaired by House Leader, Julius Ihonvbere will be a joint committee with the Senate.
Members of the committee are Kelechi Nwogu, Patrick Umoh and Sada Soli.
There is need for focus, says Kalu
Policies have to be taken very seriously,” one-time Minister of Finance Dr. Kalu Idika has said.
He argued that the management of subsidies and similar policies “goes to the question of economic leadership”.
“We should not just say we don’t know where we are going,” Kalu said. According to him, the managers of the nation’s economy should work on the best model that will deliver development to the citizens.
The former minister said the managers of the economy must be flexible to ensure the country is well-positioned to grow.
Africa
‘Misplaced Priority’: Peter Obi Blasts FG’s ₦142bn Bus Terminal Project

Former Labour Party presidential candidate Peter Obi has slammed the Federal Government’s approval of ₦142 billion for the construction of bus terminals across Nigeria, describing it as a reckless misplacement of priorities.
Obi issued a statement on Friday, August 22, via his Official X formerly Twitter platform, warning that the project reflects poor leadership and lack of focus in managing Nigeria’s limited resources. He titled his statement, “₦142 Billion for Bus Terminals.”
According to him, the true test of leadership is how scarce resources are prioritized.
He stressed that investing such a huge amount in bus terminals while critical sectors like healthcare suffer shows a government that is out of touch with citizens’ realities.
Obi said: “The difference between success and failure in any nation is how leaders prioritise resources.
The decision to spend ₦142 billion on six bus terminals exposes a lack of competence and vision. It is a clear sign of poor leadership.”
The Federal Executive Council had recently approved the funds for the construction of one modern bus terminal in each of the six geopolitical zones.
The government described it as part of efforts to modernise transport infrastructure and improve mobility nationwide.
But Obi strongly disagreed. He compared the allocation to healthcare funding, pointing out that the combined budget for all teaching hospitals and federal psychiatric centres in Nigeria is less than ₦100 billion in the 2024 budget.
“This is disturbing,” Obi continued, “because health remains one of the most critical sectors of development. Yet it is underfunded and deteriorating rapidly.
The World Health Organization has reported that over 20 million Nigerians live with mental health conditions.
This is a tragic irony. How can the government ignore this crisis and focus on bus terminals?”
He argued that the health sector, alongside education and poverty reduction programs, deserves priority attention.
Obi insisted that until government spending reflects the real needs of Nigerians, the country will remain trapped in poor governance.
Many Nigerians have also taken to social media to express anger, echoing Obi’s concerns. Critics argue that the decision proves the Federal Government is disconnected from the economic struggles of ordinary citizens.
For Obi, the ₦142 billion project is not just a case of wrong timing.
He sees it as a clear example of governance failure and misplaced priorities.
Africa
Canada Announces Permanent Residence Lottery Results for Foreign Workers

Canada has carried out a new Express Entry lottery, inviting thousands of skilled workers to apply for permanent residency.
Financial Express report that the Announcement which came on Wednesday, August 20, 2025, marks one of the most significant rounds this year.
Immigration, Refugees and Citizenship Canada (IRCC) invited 4,200 candidates in the latest Express Entry draw.
The invitations were sent under the no-program-specified category, which means candidates from all economic immigration programs were considered.
To qualify, candidates needed a Comprehensive Ranking System (CRS) score of at least 507 points.
This cut-off is higher than several recent rounds, showing rising competition in Canada’s immigration pool.
Breakdown of Recent Express Entry Draws
The August 20 general draw came just a week after Canada held two smaller, targeted draws.
On August 14, 2025, IRCC issued 1,500 invitations in a Healthcare category-based draw, with a minimum CRS of 430.
On August 13, 2025, another STEM occupation draw invited 1,000 candidates, with a CRS cut-off of 481.
This means Canada has invited more than 6,700 candidates in August alone, highlighting its steady demand for skilled workers.
Why Express Entry Remains Key
The Express Entry system is Canada’s main pathway for skilled migration. It manages applications for three major programs:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
- Canadian Experience Class (CEC)
Through this system, candidates are ranked by CRS points based on age, education, work experience, language skills, and adaptability. Higher scores improve the chance of receiving an Invitation to Apply (ITA).
Impact of the Rising CRS
The 507-point cut-off has sparked concern among applicants.
Many worry that higher thresholds make it harder to qualify unless they boost their profiles with stronger English or French test results, higher education, or Canadian job offers.
Immigration experts note that Canada is prioritizing candidates who are more likely to integrate quickly into the economy.
With rising competition, applicants may need to explore provincial nomination programs (PNPs), which can add up to 600 extra CRS points.
Canada’s Immigration Targets
Despite higher CRS cut-offs, Canada’s immigration outlook remains ambitious.
The government has pledged to welcome 485,000 new permanent residents in 2024 and 500,000 in 2025.
Skilled workers make up a large share of this intake.
With labor shortages in sectors like healthcare, technology, and construction, Canada continues to use Express Entry to attract foreign talent.
What Applicants Should Do
Experts recommend that prospective migrants keep their profiles updated and monitor both general and category-based draws.
Targeted draws for healthcare, STEM, and trades occupations often have lower CRS cut-offs, giving candidates more opportunities.
For those struggling to meet the high CRS threshold, exploring study routes in Canada, provincial nominations, or job offers may increase chances.
The August 20 Express Entry draw shows Canada’s ongoing commitment to skilled immigration.
With over 4,200 invitations issued and CRS cut-offs climbing, the competition is intense.
However, the system continues to provide multiple entry points for determined applicants worldwide.
Africa
Japan Designates City as Hometown for Nigerians

The Japanese government has officially designated the city of Kisarazu as the hometown for Nigerians, marking a major step in strengthening cultural diplomacy and workforce collaboration between both nations.
The announcement was made during the ninth Tokyo International Conference for African Development (TICAD9) and confirmed by the Director of Information at Nigeria’s State House, Abiodun Oladunjoye.
According to the agreement, the Japanese government will introduce a special visa category for highly skilled and innovative young Nigerians who are willing to relocate to Kisarazu to live and work.
This initiative also extends to artisans and blue-collar workers from Nigeria who are ready to upskill and contribute to Japan’s economy.
At the same event, the Japan International Cooperation Agency (JICA) designated three other cities as hometowns for African nations:
Nagai in Yamagata Prefecture for Tanzania,
Sanjo in Niigata Prefecture for Ghana, and Imabari in Ehime Prefecture for Mozambique.
These hometown designations aim to foster manpower development, cultural exchanges, and economic partnerships that will benefit both Japan and the participating African countries.
Nigeria-Japan Partnership
Nigeria’s Charge d’Affaires and Acting Ambassador to Japan, Mrs. Florence Akinyemi Adeseke, received the certificate on behalf of Nigeria alongside Yoshikuni Watanabe, the Mayor of Kisarazu.
The ceremony highlighted the city’s longstanding relationship with Nigeria, as Kisarazu was the official host town for the Nigerian contingent during the 2020 Tokyo Olympics, where athletes trained and acclimatised before moving to the Olympic village.
Local Japanese authorities hope that designating Kisarazu as Nigerians’ hometown will boost the city’s population, enhance regional revitalisation, and strengthen bilateral cooperation.
Japan’s Vision for Africa
Japanese Prime Minister Shigeru Ishiba, in his address at TICAD9, announced $5.5 billion in new investments across Africa.
He stressed the importance of mutual understanding, local solutions, and collaborative development, focusing on three key areas:
Private sector-led sustainable growth,
Youth and women empowerment.
Prime Minister Ishiba also acknowledged Japan’s challenges with an ageing population and shrinking agricultural land, calling on African nations to support Japan while benefiting from expanded cultural and economic opportunities.
What This Means for Nigerians
For Nigerians, the recognition of Kisarazu as their official hometown in Japan provides more than symbolic value.
It creates new employment opportunities, encourages skills transfer, and opens a pathway for closer cultural integration between both nations.
This strategic move underscores Japan’s commitment to forging deeper ties with Africa, while offering Nigerians a platform to thrive abroad
Africa
Kenyan Police Exhume Five More Bodies Linked to Starvation Cult

At least five more bodies, including two children, have been exhumed in coastal Kenya in connection with the country’s most infamous starvation cult.
Police confirmed on Friday, August 22, 2025, that the discovery is linked to the “Shakahola Forest Massacre,” a tragedy that shocked the world in 2023.
The fresh graves were found near Binzaro village in Kilifi County’s Chakama area, according to Robert Kiinge of the Directorate of Criminal Investigations (DCI).
He revealed that officers had excavated at least 27 sites spread across a five-acre plot.
“We retrieved five bodies,” Kiinge confirmed.
He explained that most of the remains were in advanced stages of decomposition, suggesting they had been buried more than a year ago.
However, one of the victims may have been buried as recently as seven to eight months ago.
Tragically, two of the bodies were those of children, estimated to be between five and seven years old.
Kiinge added that the evidence strongly pointed to a link with the original Shakahola massacre, where more than 400 victims of a starvation cult were discovered in 2023.
The cult was led by self-proclaimed pastor Paul Mackenzie, who is currently on trial in Mombasa for multiple counts of manslaughter. Mackenzie has denied all charges, but his followers have continued to draw scrutiny from investigators.
So far, 11 people have been taken into custody in connection with the new graves.
Three of them, however, are being treated as victims rather than suspects.
“The people we have in custody today are followers of Mackenzie,” Kiinge told reporters, stressing that investigations remain ongoing.
Post-mortem examinations are expected in the coming days to determine the exact cause of death.
Until then, police have avoided speculation.
The renewed discoveries come just weeks after a Mombasa court adjourned Mackenzie’s trial due to new evidence.
The case has reignited national debate about the regulation of fringe religious movements in Kenya.
Following the Shakahola tragedy, the Kenyan government introduced stricter oversight measures for religious organizations.
However, these proposals have been met with resistance from some groups, who argue that tighter controls infringe on constitutional protections separating church and state.
Africa
UK Dominates Nigeria’s Q1 2025 Capital Inflows With N5.5tn — NBS

The United Kingdom has once again cemented its position as Nigeria’s leading source of foreign capital, accounting for more than N5.5 trillion in inflows during the first quarter of 2025, according to the latest data from the National Bureau of Statistics (NBS).
Figures from the Capital Importation Report show that capital from the UK rose to $3.68bn (N5.52tn) in Q1 2025, representing 65.26% of Nigeria’s total $5.64bn inflows for the quarter.
This marked a 29.2% rise from the $2.85bn recorded in Q4 2024 and more than double the $1.81bn inflows seen in Q1 2024.
This underscores Britain’s dominance in Nigeria’s external financing profile and highlights the strong bilateral financial ties between both nations.
Breakdown of Q1 2025 Capital Inflows by Country
United Kingdom: $3.68bn (65.26%)
South Africa: $501.29m (8.88%)
Mauritius: $394.51m (6.99%)
United States: $368.92m (6.54%)
United Arab Emirates: $301.72m (5.35%)
Together, these top five countries accounted for over 92% of Nigeria’s capital inflows, reflecting both the concentration of Nigeria’s foreign investments and the risks of over-dependence on limited markets.
Other contributors included:
Cayman Islands: $114.76m (up sharply from $0.64m in Q4 2024)
Belgium: $70.54m
France: $47.33m
Netherlands: $42.68m (down significantly from $425.61m in Q4 2024)
Singapore: $36.79m
Overall, capital importation into Nigeria stood at $5.64bn in Q1 2025, up 10.9% from Q4 2024’s $5.09bn, and a remarkable 67.1% higher than the $3.38bn recorded in Q1 2024.
The NBS noted:
“Capital Importation during the reference period originated largely from the United Kingdom with $3,681.96m, showing 65.26 per cent of the total capital imported.”
A separate survey by Strategy Management Partners (UK) reveals that British companies are increasingly targeting Africa as a strategic growth frontier.
50% of UK firms with annual turnover above £20m are already operational in Africa and planning expansions.
Another 28% of executives said they are interested but remain cautious about entry strategies.
Africa’s appeal lies in its resource wealth and demographic potential:
30% of the world’s mineral reserves
8% of natural gas reserves
12% of oil reserves
65% of the world’s arable land
Projected to host 25% of the global workforce by 2035
Seven key sectors remain magnets for foreign capital inflows into Nigeria and Africa at large:
1. Technology
2. Oil & Gas
3. Power and Renewable Energy
4. Agriculture
5. Manufacturing
6. Infrastructure
7. Strategic Minerals
Analysts warn that while Nigeria’s reliance on UK-driven inflows reflects strong global confidence, the concentration of sources exposes the economy to external shocks if investor sentiment shifts in these countries.
Diversification of investment partnerships particularly within Asi
a, the Americas, and intra-African trade will be crucial to ensuring long-term resilience in capital inflows.
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