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Naira-for-crude: Marketers fear price hike as FG suspends sale to Dangote
Following the Dangote Petroleum Refinery’s suspension of the sale of petroleum products in naira, some filling stations have started stockpiling Premium Motor Spirit, otherwise known as petrol.
The retailers are storing the product to ensure they have enough to sell at a higher rate, having projected that the price of petrol would go up soon as a result of the failure of the Federal Government to continue the sale of crude oil to the Dangote refinery in the local currency.
However, the Independent Petroleum Marketers Association of Nigeria warned these retailers to stop panic buying as they may run into heavy losses.
Last week, the Dangote refinery announced that it had temporarily halted the sale of petroleum products in naira as the naira-for-crude talks between it and NNPCL appeared to have failed.
The 650,000 barrels per day capacity refinery lamented that there was a mismatch between its sales proceeds and its crude oil purchase obligations, which it said are currently denominated in US dollars.
“Dear valued customers, we wish to inform you that the Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars.
“To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the firm announced.
Immediately after the announcement, the cost of loading petrol at private depots in Lagos jumped to about N900/litre. It was less than N850/litre before the announcement.
In an interview on Sunday, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said depot owners were profiteering even as some owners of filling stations were in a rush to stockpile fuel.
According to him, the demand for PMS has risen since Wednesday, when Dangote made the announcement. As a result, depot owners were said to have raised their prices to make more profit.
It was observed that players in the downstream petroleum sector have been left to continue speculating on the prices of petroleum products as the Federal Government had kept mute since the announcement made by the Dangote refinery.
Five days after the announcement, the refinery has yet to tell marketers how the dealers will buy PMS going forward.
Private depot owners wasted no time in jerking up their prices in anticipation of a possible hike in petrol prices. Although owners of filling stations have yet to increase their prices, they are already buying to sell for more gains when the price goes up later.
But Ukadike condemned depot owners for profiteering from the impasse between the Federal Government and the Dangote refinery, saying that is not good for the economy.
He warned marketers not to panic-buy because the Dangote refinery may crash the price.
“Some depot owners are already increasing the price. But we are also asking our marketers not to panic-buy. Because definitely when the Dangote refinery comes back and reverses the price, it will be a huge loss for these marketers. Depot owners are using this opportunity to profiteer. This is not good for the economy.
“Some marketers are also stockpiling PMS in a bid to increase the price based on the suspension of naira sales by the Dangote refinery. They speculate that the price will go higher and they will make more money from the fuel they are buying now. It may not be so. This issue will be resolved,” Ukadike stated.
He warned all marketers against buying large volumes of petrol to avoid running into debt.
“We, the independent marketers, are asking our members not to buy so much goods because when they buy so much volume of fuel at a higher rate from the depot owners, at the end of the day, it might result in losing a lot of capital.
“Dangote may crash the price and most of them with high volumes of PMS will run into problems. So, all marketers should be careful to avoid losses,” he advised.
The IPMAN spokesman disclosed that the Federal Government and Dangote refinery are resolving their misunderstanding to allow the resumption of the naira crude sales. He stated that stakeholders are waiting to hear the conclusion from either party.
“I have gathered that the Federal Government and Dangote refinery are almost resolving this matter.
“The two of them are reviewing the naira-for-crude deal to continue the sale of crude oil in naira to the refinery again. But the official statement has not come out. We are waiting for the official statement,” Ukadike revealed.
Sources from the Federal Ministry of Finance and the Federal Ministry of Petroleum Resources had earlier confirmed that the Technical Sub-Committee on the Naira-for-Crude Policy would reconvene today (Monday) to deliberate on the matter.
It was gathered that the committee had mandated the Nigerian Upstream Petroleum Regulatory Commission to come up with options that would be reviewed by the panel as it struggles to return the naira-for-crude deal.
The insider familiar with the workings of the naira-for-crude said the transaction would not be halted permanently. The source, who spoke in confidence due to lack of authorisation to speak on the matter, pointed out that NNPCL had issues with crude availability.
Industry experts and oil marketers warned that the halt in naira sales by the Dangote refinery could increase the pressure on the foreign exchange market, as dealers would now have to access the United States dollars in large amounts to buy petroleum products.
This came as multiple industry sources familiar with what prompted the failure in the naira-for-crude talk decried the Nigerian National Petroleum Company Limited’s humongous forward sale of crude.
They stressed that the national oil company had used large volumes of its yet-to-be-produced crude oil to acquire loans from various international financial institutions, making it tough for the oil firm to have enough crude to supply the domestic market.
Soneye said 48 million barrels of crude had been supplied to the Dangote refinery since October.
The Dangote refinery’s suspension of the sale of petroleum products in naira means marketers would have to source dollars before buying petrol from the facility.
The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, said there could be pressure on the naira, and it would lose the stability it had gained lately.
Experts have said that the naira-for-crude deal emboldened the Dangote refinery to lower the prices of PMS repeatedly, forcing the NNPC to do so even when it was affecting its margins.
At a point, the Petroleum Products Retail Outlet Owners Association of Nigeria, which once commended Dangote for the price slashes, kicked against it, asking the regulator to make it mandatory that prices should only be slashed after six months.
Meanwhile, industry sources said stopping the naira-for-crude deal might be a calculated attempt to reduce the influence of the Dangote refinery, which some players in the downstream accused of planning monopolistic tendencies.
Reacting, domestic crude oil refiners argued that the halt in crude supply in naira was the latest ploy to frustrate the Dangote refinery and bring back the full importation of refined petroleum products.
The National Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, disclosed that suspending the deal defeats the efforts of all stakeholders in the sector to achieve energy security.
Seven vessels carrying imported Premium Motor Spirit, popularly called petrol, were expected to berth at seaports along the nation’s borders between March 17 and 23.
According to a document obtained from the Nigerian Port Authority on Thursday, these vessels carrying 115,000 metric tonnes representing 154.22 million litres of PMS will bring in products through three seaports to improve fuel supply nationwide.
An analysis of the document from NPA showed that the commodities landed at the Tincan port in Lagos, the Lekki Deep Seaport in Lagos, and the Calabar port in Cross River State.
The document also revealed that the Dangote refinery imported 654,766 metric tonnes of crude oil within the same period.
Fuel crisis
Recall that the Dangote refinery in Lekki, Lagos State, was greeted by crude challenges when it began operations last year.
The President of the Dangote Group, Alhaji Aliko Dangote, had cried out, saying some international oil companies were planning to sabotage the investment by refusing to supply crude.
The Dangote Group had alleged that the IOCs insisted on selling crude oil to its refinery through their foreign agents.
It said the local price of crude would continue to increase because the trading arms offered cargoes at $2 to $4 per barrel, above the official price.
The group also alleged that the foreign oil producers seem to be prioritising Asian countries in selling the crude they produce in Nigeria.
Despite the intervention of the Nigerian Upstream Petroleum Regulatory Commission in July, the group insisted that the IOCs were still frustrating the refinery.
The Vice President, Oil & Gas, Dangote Industries Limited, Mr Devakumar Edwin, said, “If the Domestic Crude Supply Obligation guidelines are diligently implemented, this will ensure that we deal directly with the companies producing the crude oil in Nigeria as stipulated by the Petroleum Industry Act.”
Edwin insisted that IOCs operating in Nigeria had consistently frustrated the company’s requests for locally-produced crude as feedstock for its refining process.
He highlighted that when cargoes were offered to the oil company by the trading arms, it was sometimes at a $2 to $4 (per barrel) premium above the official price set by the NUPRC.
The issue escalated and drew angry reactions from many Nigerians when the Chief Executive of the NMDPRA, Farouq Ahmed said local refineries were producing fuels less in quality than imported ones.
Concerned by the controversies, President Bola Tinubu, during a Federal Executive Council meeting on July 29 proposed the sale of crude to local refineries in naira.
The Federal Executive Council adopted the proposal by Tinubu to sell crude to the Dangote refinery and other upcoming refineries in the local currency.
FEC approved that the 450,000 barrels meant for domestic consumption be offered in naira to Nigerian refineries, using the Dangote refinery as a pilot.
A media aide to the President, Bayo Onanuga, said in July that “the exchange rate will be fixed for the duration of this transaction.”
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18 LG Chairmen, 22 Exco Members, 28 Aspirants Shun “Kangaroo Grand Entry,” Pledge Loyalty to Anosike
In a fresh show of solidarity within the Anambra State chapter of the All Progressives Congress (APC), sixteen Local Government Chairmen, twenty-two State Executive Committee members, and twenty-eight aspirants across the state have distanced themselves from what they described as a “kangaroo grand entry,” reaffirming their allegiance to the state chairman, Senator Emma Anosike.
The mass show of support comes amid lingering tension in the party following a controversial court process that had sought to challenge Anosike’s leadership , a move the state APC executive had earlier dismissed as a “kangaroo judgment” lacking the backing of genuine party stakeholders.
Sources within the party say the boycotted event, tagged a “Grand Entry,” was organized by a faction opposed to the current leadership, apparently in an attempt to project an alternative structure and challenge the legitimacy of Anosike’s executive. However, the near-total absence of substantive party officials at the event has been read by observers as a clear indication that the rival faction lacks the grassroots backing it claims to have.
In separate statements, the affected chairmen, exco members, and aspirants said their decision to stay away was a deliberate stand against what they called an orchestrated distraction targeted at the “constitutionally recognized” leadership of the party in the state. They restated their commitment to the Anosike-led executive, insisting that the chairman and his team remain the only legitimate authority running the affairs of the APC in Anambra.
Party loyalists argue that the scale of the boycott — spanning local government administration, the state working committee, and aspiring candidates — sends a strong signal about where the balance of support lies within the party’s grassroots structure. They maintain that any parallel structure or gathering outside the recognized leadership amounts to a distraction that will not derail the party’s preparations for the National Assembly, State Assembly, and local government polls.
As of press time, the organizers of the “Grand Entry” have yet to respond publicly to the mass boycott, while the Anosike-led executive is expected to address the development formally in the coming days.
For many Nigerians hoping to relocate abroad, 2026 has presented both new opportunities and tougher challenges.
Several traditional migration destinations, including the United States, the United Kingdom, Australia and parts of Europe, have tightened immigration policies through stricter visa rules, tougher residency requirements and increased scrutiny of foreign applicants.
These changes have made relocation more difficult for many prospective students, skilled workers and families.
However, not every country is moving in the same direction.
Driven by labour shortages, ageing populations, economic growth plans and regional integration efforts, a number of countries have introduced visa reforms, new work permit schemes, residency pathways and visa-free travel policies that could make it easier for Nigerians to live, work or travel abroad.
Here are 9 countries that have introduced measures in 2026 that could improve relocation opportunities for Nigerians.
Canada
Canada has introduced new permanent residency pathways specifically for internationally trained medical doctors, including Nigerians.
The initiative expands access to permanent residency through Express Entry and provincial or territorial immigration programmes. Qualified doctors can also begin working while their immigration applications are being processed, helping to address the country’s healthcare workforce shortage.
Russia
Russia launched a new Skilled Worker Visa programme to attract foreign professionals into sectors facing acute labour shortages.
The programme allows eligible applicants to obtain a three-year temporary residence permit or apply directly for permanent residency. It also removes the mandatory Russian language examination and aims to process applications within 30 days.
Ìreland
Ireland expanded its employment permit system by introducing 32 reforms aimed at filling vacancies across critical sectors.
The changes affect industries including healthcare, construction, agriculture, transport, food production and specialist services. More occupations have been added to the Critical Skills Employment Permit list, giving skilled Nigerian workers greater access to employment and long-term residency opportunities.
Lithuania
Lithuania overhauled its work permit system with a fully digital application platform to attract foreign talent.
The country also replaced sector-specific labour quotas with a unified national quota, simplifying recruitment for employers and creating new opportunities in more than 100 occupations experiencing worker shortages.
Greece
Greece revised its Digital Nomad Visa programme to provide a clearer pathway for remote workers.
Applicants must now obtain a 12-month Digital Nomad Visa before travelling, which can later be converted into a two-year residence permit. The reforms provide greater legal certainty for freelancers, entrepreneurs and remote employees seeking long-term residence.
Spain approved a large-scale regularisation programme aimed at granting legal status to hundreds of thousands of undocumented migrants already living in the country.
Eligible applicants can obtain renewable work permits and legal residency, allowing them to work across sectors such as hospitality, tourism, agriculture and other service industries.
Ghana
Ghana introduced visa-free entry for all African citizens from May 25, 2026.
Under the new policy, Nigerians can travel to Ghana without obtaining a traditional visa, instead using a free electronic travel authorisation. The initiative is expected to boost tourism, trade, business and regional integration across Africa.
Togo
Togo removed visa requirements for all African passport holders.
Nigerians and other African travellers can now enter the country without a visa for stays of up to 30 days, provided they meet applicable immigration, health and security requirements. The move is expected to encourage tourism, business travel and regional commerce.
Republic of the Congo
The Republic of the Congo has announced plans to introduce visa-free entry for all African nationals from January 2027.
Although the policy has not yet taken effect, it signals the country’s commitment to improving intra-African mobility and regional integration. Once implemented, Nigerians will be able to visit without undergoing traditional visa application procedures.
Growing opportunities despite tougher migration rules.
While many popular destinations continue to tighten immigration policies, several countries are opening new pathways for skilled workers, healthcare professionals, entrepreneurs, remote workers and African travellers.
For Nigerians planning to relocate, these reforms offer alternative destinations with improved access to employment, residency and cross-border mobility, although applicants should always review each country’s official immigration requirements before making relocation plans.
A 27-year-old hairstylist from Oraifite in Ekwusigo Local Government Area of Anambra State, Loveth Sunday, has narrated how a tragic road accident changed the course of her life, leaving her with an amputated leg and ending her relationship just weeks after her introduction ceremony.
Speaking about her ordeal, Loveth said she was knocked down by a commercial bus that reportedly suffered brake failure on April 12, 2019, in front of the Oraifite Police Station while waiting by the roadside to travel to Onitsha.
According to her, the bus veered off the road and hit three people. Two victims died instantly, while she survived with severe injuries.
She said sympathisers rushed her to several hospitals, but she was allegedly turned away by five medical facilities before she was finally admitted to a sixth hospital, where she remained unconscious for five days.
After regaining consciousness, Loveth said doctors informed her that her left leg had been badly damaged and would have to be amputated to save her life after the tissue had become infected.
She was later transferred to Uzondu Orthopaedic Hospital in Ojoto, where doctors insisted that delaying the procedure could allow the infection to spread to her heart and become fatal.
Although her parents initially opposed the amputation, fearing they would lose their daughter, Loveth said she eventually consented to the procedure after doctors explained the risks.
She disclosed that her family spent about ₦2.5 million on medical treatment after initially being asked to deposit ₦350,000.
Loveth also revealed that the accident occurred barely three weeks after her introduction ceremony with her fiancé, held on March 23, 2019.
She said her fiancé visited her in the hospital shortly after the accident but later stopped communicating with her and eventually informed her that he was no longer interested in continuing the relationship.
“I expected him to encourage me, but instead he ended the relationship while I was still in the hospital,” she said.
Beyond losing her fiancé, Loveth said the experience also exposed those who truly cared about her, noting that while some friends stood by her, others—including her best friend—never visited or contacted her after the accident.
She currently relies on crutches after her prosthetic limb became damaged. According to her, a basic prosthesis costs about ₦850,000, while more advanced versions range from ₦1.5 million to ₦2.5 million.
Loveth appealed for financial assistance to enable her acquire a new prosthetic limb and expand her small perfume business, which she says provides the income she uses for medical check-ups and daily living expenses.
She also expressed disappointment that the driver responsible for the accident allegedly paid only ₦50,000 through his relatives, despite the family’s medical expenses running into millions of naira.
According to Loveth, the driver’s relatives claimed they had exhausted their resources after selling land to bury the two other victims who died in the crash.
Despite the challenges, she said she remains grateful to be alive and continues to draw strength from her faith while hoping for a better future.
A senior consultant physician in Kano State has died after collapsing barely 15 minutes after arriving at a private hospital where he was scheduled to attend to patients.
The tragic incident occurred on Saturday at Arewa Surgery Hospital, Hotoro, Kano, where the doctor, identified simply as Dr. Ibrahim, had reportedly agreed to replace another consultant who was unavailable for an evening clinic, according to Daily Trust.
The account was shared by Suleiman Harbo, an aide to the Jigawa State Governor, who said he witnessed the incident while accompanying his elderly mother to the hospital for a medical appointment.
Harbo said he arrived at the hospital around 5 p.m. with his mother, only to be informed that the consultant originally scheduled to see patients would not be available. Hospital staff then advised the waiting patients to see Dr. Ibrahim instead.
According to him, about six patients, most of them over 80 years old, waited for the physician’s arrival. Concerned about the delay, Harbo contacted the hospital reception, which reached the doctor by telephone.
Dr. Ibrahim reportedly informed the receptionist that he would come after observing the Maghrib prayer.
Shortly after arriving at the hospital, the physician allegedly became dizzy immediately after stepping out of his vehicle and collapsed.
He was rushed to the hospital’s emergency unit, where fellow consultants made frantic efforts to revive him. However, he was pronounced dead about 15 minutes later.
“The painful irony was this: all the patients waiting to see him were above 80 years of age, while about five senior consultant doctors fought to save him, yet all of them broke down in tears,” Harbo wrote.
He said his mother was initially unaware of what had happened and asked whether the doctor had arrived. Before he could respond, another patient informed her that the physician they had all been waiting to see had died.
According to Harbo, his mother responded by offering prayers for the deceased, saying: “Innalillahi wa inna ilaihi raji’un. So that was the doctor they rushed inside? May Allah have mercy on him. Let us just go home. I am already healed.”
Harbo also disclosed that those who were with Dr. Ibrahim during his final moments said his last audible words were, “La ilaha illallah,” the Islamic declaration of faith.
The cause of the doctor’s sudden collapse has not yet been disclosed.
The United States has withdrawn most of its military personnel deployed to Nigeria for a joint counterterrorism mission in the Lake Chad Basin, while maintaining intelligence-sharing and other security cooperation with Nigerian authorities.
The Commander of the US Air Forces in Africa, General Dagvin R.M. Anderson, announced the development during a virtual press briefing on the outcome of the African Chiefs of Defence Conference 2026.
Anderson said the partnership between Washington and Abuja remains strong, particularly in intelligence operations targeting the Islamic State (ISIS/Daesh).
According to him, the specific mission that required the deployment of US troops has been successfully completed, leading to the withdrawal of most of the personnel. He, however, stressed that the United States would continue providing intelligence support at the request of the Nigerian government.
“And so that operation in the Lake Chad Basin of Nigeria not only helped the countries in that immediate region; it also helps countries globally as it disrupts the ISIS network,” Anderson said.
“And so we have withdrawn much of our forces that were there specifically for that operation, but we are continuing the partnership that Nigeria has asked for to support intelligence sharing and provide the understanding necessary to prosecute these difficult tasks.”
The US Air Force commander described Nigeria as a key regional partner with a capable military, noting that cooperation between both countries has yielded significant gains in the fight against ISIS.
He credited intelligence collaboration between the two nations with enabling the operation that eliminated Abu-Bilal Al-Minuki, the second-highest-ranking leader of ISIS, who was responsible for much of the group’s global operations, media activities and recruitment.
“I think the partnership we’ve shown recently with Nigeria demonstrates what can be achieved. Nigeria is a capable country with a strong economy, a large, educated population and a professional military,” Anderson said.
“There are things we have learned over years of counterterrorism operations that we were able to integrate with Nigeria’s efforts. By combining intelligence sharing with unique US capabilities, we were able to support a cooperative operation that eliminated the number two leader of ISIS.”
According to Anderson, the operation highlights the effectiveness of intelligence collaboration rather than prolonged foreign troop deployments.
“As we move forward, this is the model we want to pursue—bringing unique US capabilities that enable our partners to be more effective in confronting terrorist threats,” he added.
The US commander also called for stronger intelligence cooperation among African countries to combat terrorism, drug trafficking and other transnational crimes.
He cited a recent multinational operation that intercepted a record 31-ton shipment of cocaine originating from South America and transiting through the West African coastline. According to him, intelligence sharing among partner nations made the seizure possible.
“I coordinated through our interagency partners in the United States, through AFRICOM, and informed regional partners. Eventually, it was a Spanish naval vessel that intercepted the ship carrying 31 tons of cocaine—the largest drug seizure at sea on record,” Anderson said.
He stressed that sustained collaboration among African governments, international partners and the private sector would be essential to addressing security challenges, promoting economic growth and attracting investment across the continent.
The United States deployed about 200 military personnel to Nigeria in February 2026 to support intelligence, surveillance and counterterrorism operations in the Lake Chad Basin as both countries expanded cooperation against ISIS and other extremist groups operating in the region.
The deployment followed US President Donald Trump’s redesignation of Nigeria as a Country of Particular Concern and his pledge to strengthen American support for Nigeria’s counterterrorism efforts.
On December 25, 2025, US forces carried out airstrikes on two terrorist camps in the Bauni Forest in Tangaza Local Government Area of Sokoto State.
The security partnership recorded a major breakthrough in May 2026 when a joint US-Nigerian operation killed Abu-Bilal Al-Minuki, the second-in-command of ISIS, during a raid on his hideout in Borno State.
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