Business

Access Holdings Plc has announced the resignation of Mr. Roosevelt Ogbonna, a Non- Executive Director, from its Board after three and a half years of dedicated service. The announcement was made in a statement released on Tuesday and signed by the Company Secretary, Sunday Ekwochi. According to the statement, Mr. Ogbonna will continue in his role as the Managing Director and Chief Executive Officer of Access Bank Plc, the Group’s flagship banking subsidiary. The company explained that his resignation became necessary to ensure compliance with the Central Bank of Nigeria’s Corporate Governance Guidelines for Financial Holding Companies (2023), which limit the number of directors on a financial holding company’s board to nine. “The board appreciates Mr. Ogbonna for his outstanding and continued contributions to the Access Group,” the statement read. Mr. Ogbonna was appointed Managing Director and Chief Executive Officer of Access Bank Plc in May 2022, after serving as Deputy Managing Director from 2017 and Executive Director from 2013. He joined Access Bank in 2002 from Guaranty Trust Bank and has over two decades of experience in the banking sector. A Fellow of the Institute of Chartered Accountants of Nigeria (FCA), an Honorary Member of the Chartered Institute of Bankers (HCIB), and a CFA charter holder, Mr. Ogbonna holds an MBA from IMD Business School in Switzerland, an LL.M in International Corporate & Commercial Law from King’s College London, and an Executive MBA from Cheung Kong Graduate School of Business. He also earned a B.Sc. in Banking and Finance from the University of Nigeria, Nsukka, and completed the Senior Executive Fellow programme at Harvard Kennedy School of Government. In 2015, he was recognised by the Institute of International Finance as one of its Future Global Leaders. Beyond his role as CEO, Mr. Ogbonna sits on the boards of Access Bank’s subsidiaries in the UK and South Africa and represents the bank on the boards of the Africa Finance Corporation and CSCS Plc. As of August 2025, the Board of Access Holdings Plc is chaired by Aigboje Aig-Imoukhuede, with Bolaji Olaitan Agbede serving as Acting Group CEO, and Lanre Bamisebi as Executive Director. The independent non-executive directors include Abubakar Aribidesi Jimoh, Fatimah Bintah Bello-Ismail, and Ibironke Adeyemi, while other members are Ojinika Nkechinyelu Olaghere and Olusegun Babalola Ogbonnewo. Mr. Ogbonna’s resignation, as confirmed in the statement, reflects Access Holdings’ commitment to regulatory compliance while he continues to lead Access Bank Plc’s growth and strategic direction.

By

Ayobami Adedeji Business 29/08/25

There’s a moment we all wait for. The shift from almost to finally, from planning to  doing, from dreaming to living. That moment when it’s your turn. At Oxygen X Finance Company, that moment has a name: You Are Next. In a country where access to finance often feels like a long shot, Oxygen X is helping Nigerians move from “almost ready” to “ready and running.” Whether it’s expanding a business, getting professional training, handling an emergency, or setting up that side hustle that’s been sitting in your notes app, Oxygen X wants to be the push that makes it happen. And the message is simple: You Are Next to achieve your dreams. Not next year. Not next election cycle. Not next payday. Now. Chase Your Dreams, Not Interest Rates
Too many Nigerians are used to being punished for asking for help. Small loan offers.High interest. Long wait times. Oxygen X is flipping that experience by offering:
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By

Ayobami Adedeji Business 29/08/25

When the children from Booker Roots Club stepped into an Access Bank branch in Abuja on Wednesday, 30 July, 2025, for their special field trip, they were stepping into the beginning of a lifelong journey with money. In many homes, money remains a grown-up topic, something children are not expected to understand until much later. But the truth is, financial habits begin to form early, and unfortunately, so do financial mistakes. That’s why teaching children how money works: how to earn, save, spend, and give, is one of the most powerful things we can do for their future.
This field trip was designed to bridge that gap. Through a hands-on, age- appropriate tour of the banking hall, conversations with Access Bank staff, and fun, relatable activities, the children were introduced to concepts like saving, needs vs wants, and how banks help people grow their money.
It was not just a fun day out; it was a deliberate move to equip the next generation with financial confidence. Access Bank, long committed to driving community impact through education and inclusion, is reinforcing a simple but powerful message: you’re never too young to understand money. By making banking approachable and financial education
accessible, the bank is helping shape a future where young people are not only dreamers, but planners, savers, and future investors. With every curious question asked and every eye widened in discovery, one thing became clear: these kids are ready. And with Access Bank opening the doors to them, the future looks brighter, more inclusive, and financially empowered.

By

Ayobami Adedeji Business 5/08/25

Zenith Bank Plc has been named “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025, emerging as Nigeria’s standout performer, and clinching the biggest and most coveted country award. The award, which was presented to the bank on Thursday, July 17, 2025 at The Peninsula, London, is a testament to its commitment to delivering exceptional banking services, innovative products and superior value to its customers and shareholders.
Euromoney’s Awards for Excellence are one of the most highly coveted awards that matter to banks and bankers who matter. The annual Awards for Excellence celebrates financial
institutions that demonstrate leadership, innovation, and resilience in their markets, with this year’s edition seeing a record number of over 770 entries from world class financial
institutions including HSBC, Morgan Stanley, CitiBank, Barclays, Standard Bank and Development Bank of Singapore (DBS), amongst others.
Commenting on the award, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON said, “We are absolutely thrilled to be recognized as
Nigeria’s Best Bank by Euromoney. This award is not just a testament to our relentless pursuit of excellence, but also a validation of the unwavering trust and confidence our
customers have placed in us. We are once again reminded that our success is not just about us, but about the impact we continue to have on the financial ecosystem. We will
continue to work tirelessly to support the growth and development of our economy and uphold the highest standards of governance, integrity and transparency that has earned us
this recognition”. She dedicated the award to Zenith Bank’s customers across the globe for their loyalty, and to the Founder and Chairman, Jim Ovia, CFR, for his visionary leadership and commitment to excellence which formed the foundation for the bank’s successes. She also thanked the Board for their guidance, as well as the staff for their unwavering dedication to building a formidable and best in class global financial institution that will outlive generations.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1
Capital for the sixteenth consecutive year in the 2025 Top 1000 World Banks Ranking, published by The Banker. The Bank was also awarded Bank of the Year (Nigeria) in The
Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank

for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.
Further recognitions include Best Commercial Bank, Nigeria for five consecutive years from 2021 to 2025 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for four consecutive years from 2022 to 2025 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the
Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in
2024 at the BAFI Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022
Banking Awards.
Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in transparency and Reporting and Best Company in Gender Equality and Women
Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME
Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.

By

Ayobami Adedeji Business 25/07/25

NIGERIAN billionaire businessman Femi Otedola,has pulled a fast one.It is evidently clears that the N324.47 billion value for 10.47 billion units of shares in off-market block trading on First Holdco Plc shares,which took place on the floor of the Nigerian Exchange Limited (NGX) recently,has been linked to him.This mega deal, increased his current 15 percent holdings to about 40 percent, giving him total control of Nigeria’s oldest bank which has so far punched below its potential.

Oba Otudeko, the erstwhile Chairman of FirstHoldco, was forced to sell off over 20 percent of shares linked to him as the bank’s management, controlled by Otedola, moved to criminalise and prosecute Otudeko’s past misdeeds in the Federal High, Lagos, even when the issues had been settled commercially with regulatory action.  With these share transactions, First Bank is expected to withdraw its criminal complaint against Otudeko who at 82 can retire gracefully with over N300 billion in cash.

Another long term shareholder; The Hassan-Odukales voluntarily exited the bank and sold 5 percent of their holdings in a mega transaction as they  seek better shareholder value elsewhere.

These acquisitions by Otedola, markets believe,  is the first step to bringing stability to the troubled bank after years of shareholder in fighting.

But the challenge ahead is raising the N500 billion new share capital before CBN deadline less than a year away. They will need to raise another N154 billion and contend with none performing loans of up to a trillion naira and  CBN directives to end forbearance

It was gathered that the off-market deal was executed at a fixed price of  N31.00 per share on NGX as the lender’s stock price yesterday gained 9.9 per cent to close at N32.2 per share.

A source disclosed to THISDAY that the transactions were negotiated deals, which meant the trades were arranged privately between parties and then reported to the Exchange—not through the regular buy/sell orders seen during daily trading sessions.

Findings showed that 17 separate deals took place involving First Securities Ltd as the buyer with CardinalStone Securities Ltd, Meristem Stockbrokers Ltd, Renaissance Capital (Rencap) Securities Ltd, Regency Asset Management Ltd, United Capital Securities Ltd, Stanbic IBTC Stockbrokers Ltd as the seller of First Holdco’s stock.

It was learnt that First Securities Ltd also acted as seller in some deals, indicating a portfolio reshuffling or inter-account transfer.

A significant negotiated off-market trade rippled through the NGX, pushing the market value past N1.44 trillion.

GTCO Emerges as First Listed Financial Institution on NGX to Cross N100 Per Share

Meanwhile, Guaranty Trust Holding Company (GTCO), yesterday emerged as the first listed financial institution in Nigeria to cross the N100 per share mark on the Nigerian Exchange Limited (NGX).

As markets continue to bet on GTB as the most profitable bank in Nigeria.

The stock price closed for trading on the NGX at N101.00 per share, about 7.62 per cent or N7.15 per share increase from the N93.85 per share it opened for trading.

THISDAY’s check showed that GTCO’s stock price this week alone has appreciated by 7.3per cent from N94.10 per share the stock closed for trading last week amid its dual listing of 2,288,250,000 ordinary shares on NGX and on the London Stock Exchange (LSE).

So far in 2025, investors that invested in GTCO have reap a 57per cent or N44.00 per share stock yield, considering the N57 per share price the stock closed for trading in 2024.

GTCO’s rally was likely fuelled by positive market reaction around its cross-border listing and strong first quarter (Q1) ended March 2025 earnings.

The stock has gained over 27per cent month-to-date (MtD)  from N81.25 per share it opened for trading.

GTCO began trading on the Exchange in 2025, opening in January at N57.00 per share and trading a total of 393 million shares that month, closing at N61.05 per share.

Although February 2025 started on a bullish note, price action soon lost steam, and the stock closed the month with a muted gain of just 0.25 per cent.

Momentum returned in March with a sharp 12.4per cent rise, lifting first-quarter performance to a solid 20.7per cent.

The second quarter opened on a bearish note, as the stock shed 4.9per cent in April, its only red month so far.

GTCO’s additional 2.29 billion ordinary shares of 50 kobo each listing on NGX has positively impacted on the lender’s outstanding shares.

GTCO trading above N100 per share is driven by a wave of positive developments, part of which includes Q1 2025 earnings, possible interim dividend payout in the half year (H1)  ended June 2025, listing on the LSE, and meeting Central Bank of Nigeria (CBN) regulation on forbearance.

The lender posted profit before tax of N300.4 billion in Q1 2025, supported by strong growth in core earnings.

In mid-June 2025, the CBN directed all banks under regulatory forbearance—due to credit exposure or breaches of single obligor limits—to suspend dividend payments, defer executive bonuses, and halt new investments in FX subsidiaries.

In addition, GTCO’s recent move to seek global capital likely lifted investor interest.

On July 9, 2025, it listed 2.29 billion ordinary shares on the London Stock Exchange’s Main Market, followed by an additional 2.28 billion shares on the Nigerian Exchange the next day.

Commenting on the dual listing recently, Group CEO,  Mr.  Segun Agbaje said GTCO was targeting a minimum dividend yield of 15 and return on equity (ROE) of at least 25per cent — reflecting confidence in the group’s growth outlook.

In his words, he said, “A lot of our Nigerian retail shareholders judge us more on dividends. So, we’re now going to work on two parameters.

“I think that every Nigerian company should try and pay at least 15per cent dividend yield when you look at the rate of inflation.

“So we’re going to keep that as a parameter. I think when you look at some of the volatility in the macros, you’ve got to do at least a 25per cent ROE at the minimum.

“So it means, by doing this deal now, we’re going to be managing, hopefully, a dividend yield about 15per cent ROE expectations for retail Nigerians and a 25per cent minimum for foreign institutions.”

By

Ayobami Adedeji Business 18/07/25

Access Holdings PLC, the parent company of Access Bank, has reaffirmed its long-term strategic blueprint anchored on a deliberate and structured progression: scale, optimise, and sustain.

This roadmap, which has driven the Group’s aggressive expansion across Africa and into key global markets, is now entering a crucial optimisation phase, expected to unlock significant value for stakeholders as the organisation heads toward 2027.

Speaking on the strategy, Bolaji Agbede, Acting Group Chief Executive Officer, noted: “Our approach has always been clear: scale first through strategic expansion, then optimise through consolidation, synergy realisation, and operational efficiency. During the scale-up phase, a considerable amount of funding is required to drive investments in people, systems, infrastructure, and acquisitions.

“But as we move deeper into the optimisation phase, we will begin to see the full benefits manifest, especially in terms of profitability, capital efficiency, and shareholder returns.”

Access Holdings’ five-year strategic plan, which runs through to 2027, also places financial inclusion and impact at the core of its growth agenda. By expanding digital access and scaling low-cost delivery platforms, the Group aims to onboard millions of previously unbanked and underserved individuals and MSMEs across Africa into the formal financial system. This is part of a broader strategy to enhance intra-Africa trade, empower smallholder businesses, and strengthen the value chain across key sectors including agriculture, commerce, and manufacturing.

The Full Year 2024 financial results demonstrate that the Group’s investments are already yielding meaningful outcomes. Gross earnings rose to N4.878 trillion from ₦2.594 trillion in 2023, while profit before tax increased by 19% to N867.0 billion. Total assets surged by 55.5% to N41.498 trillion, reinforcing Access Holdings’ position as one of Africa’s most formidable financial services institutions.

Access Holdings has continued to deepen its footprint across more than 20 markets, including key subsidiaries in the UK, France, South Africa, and major trade corridors in Asia and the Middle East. These strategic investments, although capital intensive, are already contributing to a more diversified earnings base and positioning the Group as a global player from Africa.

As the Group transitions into the optimisation phase, its focus will shift to streamlining operations, deepening digital innovation, enhancing customer experience, and improving capital productivity. A critical part of this phase is leveraging data and technology to improve access, reduce transaction costs, and accelerate financial inclusion, particularly for women, youth, and rural communities.

“We are confident that as we approach 2027, the full impact of our strategic moves will become evident. This is about growing bigger and becoming better, faster, and more resilient,” Agbede stated.

Access Holdings remains committed to building a globally connected community and delivering sustainable value to its stakeholders, while maintaining its position at the forefront of innovation, inclusion, and impact in the financial services industry.

By

Ayobami Adedeji Business 17/07/25

Halima Buba, the chief executive officer of SunTrust Bank Nigeria Limited, has been arraigned by the Economic and Financial Crimes Commission, EFCC, over alleged fraud.

Buba, alongside the bank’s Executive Director and Chief Compliance Officer, Innocent Mbagwu, were on Friday docked before Justice Emeka Nwite of the Federal High Court, Abuja for the alleged crime.

The defendants are being prosecuted on a six-count charge bordering on money laundering to the tune of $12 million (Twelve Million Dollars).

Count two of the charge reads: “That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd on the 10th day of March, 2025 in Abuja within the jurisdiction of the Honourable Court aided Femi Gbamgboye to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2(1), 19(l)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”

Count three reads: “That you, HALIMA BUBA, the Managing Director/Chief Executive Officer of SunTrust Bank Ltd and INNOCENT MBAGWU, the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd on the 13th day of March, 2025 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Mukhtar Miko an associate of Suleiman Muhammed Chiroma without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2(1), 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”

They pleaded “not guilty” to all the charges when they were read to them, following which the lead prosecution counsel, Rotimi Oyedepo, SAN, announced the readiness of the prosecution to proceed with the trial and prayed for accelerated hearing of the case.

The defence counsel, J.J. Usman, SAN, on his part, reminded the court of subsisting bail applications of the defendants, dated May 27, 2025, and prayed that the court should uphold the applications and admit the defendants to bail.

The prosecution counsel, in his response, described the May 27, 2025 bail application of the defendants as incompetent, given that the defendants were neither under arrest, nor in detention, nor had appeared before the court — being the grounds provided by the Administration of Criminal Justice Act, ACJA — that should precipitate a bail application. He noted that the application was made “from the comfort of their homes or offices” when no action had been taken against them. He therefore prayed the court to discountenance the said bail application and urged the defendants to make fresh bail applications in court.

While the position of the prosecution met opposition from the defence, Justice Nwite, however, admitted the defendants to bail in the sum of N100 million (One Hundred Million Naira) each, as well as one surety each in like sum. The sureties, he held, must have landed properties in Abuja, the particulars of which must be deposited with the court. The sureties are also to deposit their passports and two recent passport photographs with the court. In addition, all the documents the sureties provided, including their residences, must be verified by the court before approval.

He ordered that they should be remanded in a correctional facility pending the fulfilment of their bail conditions and adjourned the matter till July 17 and 18 for continuation of trial.

By

Ayobami Adedeji Business 14/06/25

Three employees of Wema Bank Plc have been arraigned by the Economic and Financial Crimes Commission (EFCC) for allegedly defrauding customers of the bank to the tune of ₦8.5 billion.

The three bankers—Samuel Ihechukwu Asiegbu, Fabian Chizaram Onyeimachi, and Kingsley Kelechi Ejim—were arraigned on Friday, May 23, 2025, by the anti-graft agency before Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos.

Other accomplices in the alleged crime are Hanna Okunlola Adesokan, Hamza Zakariya, Achionu Chukwuka Ubaku, and Sunday Osademe.

A statement by the EFCC on Monday said the seven persons are facing an eight-count charge bordering on conspiracy and obtaining money under false pretence to the tune of ₦8.5 billion.

One of the charges reads: “That you SAMUEL IHECHUKWU ASIEGBU, EJIM KINGSLEY KELECHI, HAMZA ZAKARIA, ONYEIMACHI FABIAN, ACHIONU CHUKWUKA UBAKA, ADESOKAN, HANNAH OKUNLOLA, Nurudeen Ibrahim (at large), Alhaji Sulaiman (at large) and other persons at large sometime in January 2025, conspired amongst yourselves to cause loss of property to bank accounts domiciled in Wema Bank Nigeria Plc. in order to confer economic benefit to yourselves, and thereby committed an offence contrary to Section 27(1)(a) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 and punishable under the same Act.”

Another count states: “That you SAMUEL IHECHUKWU ASIEGBU and other persons at large, sometime in January 2025, within the jurisdiction of this honorable court knowingly and without authority caused the loss of an aggregate sum of ₦8,568,090,500 (Eight Billion, Five Hundred and Sixty-eight Million, Ninety Thousand, Five Hundred Naira) property of Wema Bank Plc. by altering, erasing and inputting data held in accounts domiciled in Wema Bank Plc. computer for the purpose of conferring economic benefit on yourself and you thereby committed an offence contrary to Section 14(1) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 and punishable under the same Act.”

All seven defendants pleaded not guilty when the charges were read to them.

Following the plea, prosecution counsel Aso Larrys Peters requested a trial date and urged the court to remand the defendants in the Nigeria Correctional Facility.

In response, the defence counsel asked the court to remand his client, Hanna Okunlola, in EFCC custody due to concerns over her health.

Justice Daniel Osiagor adjourned the case to June 6, 2025, for trial. He ordered that five of the defendants be remanded at the Nigerian Correctional Service facility, while Kingsley Kelechi Ejim was allowed to continue on his existing bail.

Hanna Okunlola was ordered to be remanded in EFCC custody due to her health condition.

By

Ayobami Adedeji Business 27/05/25

The communications team at United Bank for Africa (UBA) has another reason to celebrate as Abiodun Coker, Media & External Relations Lead, has been honored with the "Future Leader in Media Management" award at the  6th edition of The Industry Summit/Awards, recently held in Lagos

Organized by The Industry Newspaper, the leading brand marketing publication in West Africa — the prestigious awards recognize outstanding professionals shaping the future of brand marketing and communications across the region.

The award jury, chaired by Mr. Tolulope Ogunjobi, renowned broadcast business correspondent and Business Editor at TVC News, cited Coker’s exceptional achievements in the public relations field during the year 2024. Particularly noted were his masterful handling of UBA’s 2024 Rights Issue, which successfully closed on December 24, 2024, and the impactful execution of the bank’s 75th Anniversary Campaign, both of which were described as commendable and exceptional.

A seasoned professional, Coker’s journey from an acclaimed financial journalist at BusinessDay Newspapers to a powerhouse in corporate communications has been nothing short of inspiring. With over eight years of robust journalism experience, coupled with leadership roles at top-tier public relations firms such as BD Consult Ltd and Quadrant, he has consistently demonstrated his ability to transform and manage leading brands successfully.

According to the jury, Coker’s management of UBA’s media ecosystem during the year under review was remarkable, with several media professionals praising his public relations craftsmanship and ability to skillfully manage the image of one of Africa’s most formidable financial brands.

"Abiodun Coker’s achievements in 2024 are a beacon for greater accomplishments ahead," the jury noted. "He is undoubtedly one of the strategic communication experts to watch in 2025."

Abiodun Coker’s recognition further cements his growing reputation as one of Nigeria’s most dynamic and future-ready communications leaders, with his eyes firmly set on redefining the media management landscape.

He is purposefully forging his path at UBA Group, widely regarded as a formidable team player in the communication strategic industry, his contributions are both impactful and impossible to overlook. He is undoubtedly a strong candidate for future leadership roles in the communications industry.

By

Ayobami Adedeji Business 15/05/25

The Pan African Conglomerate Dangote Industries Limited, (Dangote Group), and its subsidiaries has disclosed that it paid over N402 billion in taxes in 2024, making it the highest taxpayer in the country.

Dangote’s Chief Branding and Communication Officer, Anthony Chiejina, declared during a meeting with some senior media executives who visited him in his Lagos Office that Dangote Industries Limited (DIL) and its subsidiaries, namely, Dangote Cement, NASCON, Dangote Packaging Limited among others, remitted a total of N402.319billion for the out-gone year as taxes as responsible business enterprises.

Recall that Federal Inland Revenue Service (FIRS) had in late 2024 recognised DIL and its subsidiary, Bluestar Shipping as the most tax compliant organizations in the country during its Special Day at the 2024 Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI).

The Federal Inland Revenue Service is Nigeria’s agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria.

Chiejina told his visitors that as a responsible business organisation, DIL and its subsidiaries have never shied away from its obligations either to the government in the form of tax payment at all levels or to host communities in the form of Corporate Social Responsibility (CSR).

According to him, the Group’s corporate strategy has evolved just as its businesses have grown, matured and diversified into new sectors and regions over the last four decades, noting that Dangote Group has almost single-handedly taken Nigeria to self-sufficiency in cement and refined petroleum products and is expanding rapidly across Africa.

Dangote Group and its and its subsidiaries, were recognised as number one most compliant in tax payment in the country, just as its subsidiary Dangote Cement, the country’s leading cement manufacturer, at another occasion won three awards at the FMDQ Gold Awards in Lagos as the most active business in the Foreign Exchange market.

By

Ayobami Adedeji Business 6/03/25

Dangote Petroleum Refinery & Petrochemicals has slashed the price of Premium Motor Spirit (PMS), or petrol, for the second time this month. It has cut N65 off the previous price of N890, bringing it down to N825 per litre at the gantry (ex-depot). This follows a N60 reduction on February 1.

The ex-depot price has thus decreased from N950 per litre in January to the current price of N825 per litre, representing a reduction of N125 per litre within 26 days.

This recent price reduction will also ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos.

In a statement from the first privately owned petroleum refinery in Africa, it was announced that the price adjustment will take effect from Thursday, February 27, and is intended to provide essential relief to Nigerians.

"This strategic price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.

"It is important to note that Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians. This marks the second reduction of PMS prices in February 2025, following a previous decrease of N60 earlier in the month. Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season," the statement read.

The refinery highlighted that previous reductions have positively impacted the overall cost of living, benefiting various sectors of the economy. They also helped ensure that Nigerians did not experience the typical fuel scarcity and price hikes associated with the yuletide season.

Dangote reiterated that its high-quality products, which have become a favourite in both domestic and international markets, will remain available nationwide, particularly through its key partners—MRS Holdings, AP (Ardova Petroleum), and Heyden—at market-friendly rates.

"Nigerians will be able to purchase high-quality Dangote petrol at the following prices across our partners’ retail outlets: For MRS Holdings stations, it will be sold for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East regions, respectively.

"The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East," it added.

Dangote Petroleum Refinery assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand and a surplus for export, thereby boosting the country’s foreign exchange earnings.

The refinery called on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.

"This collective action will contribute to the broader economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub," it concluded.

Dangote Petroleum Refinery, which has exported its products to Europe, America, Asia, and other regions, recently supplied jet fuel to Saudi Arabia. The refinery has confirmed it holds over 500 million litres of petrol in storage, enough to meet Nigeria's petrol demand for several days. Additionally, the refining capacity of the 650,000 barrel per day refinery has surpassed Nigeria's average daily requirement of 385,000 barrels.

By

Ayobami Adedeji Business 26/02/25