BREAKING: Dangote Refinery Raises Petrol Price to ₦1,350 Per Litre

The Dangote Refinery has implemented another upward adjustment in the ex-depot price of Premium Motor Spirit (PMS), increasing it to ₦1,350 per litre, according to confirmation from industry sources and Petroleumprice.ng.

The new adjustment represents a ₦75 increase from the previous ₦1,275 per litre, continuing a series of frequent price changes that have characterised Nigeria’s downstream petroleum market in recent weeks.

The revised price has reportedly been implemented across all loading depots, with marketers already adjusting their pricing templates in response to the new cost structure.

A senior industry official said the updated pricing has been activated across all gantries, adding that distribution channels have already reflected the new rate as supply conditions remain tight.

According to the official, marketers are quickly recalibrating their depot and retail prices to align with the latest adjustment, which reflects ongoing shifts in production and distribution costs.

The latest increase comes just days after the refinery raised its ex-depot price from ₦1,200 to ₦1,275 per litre, making it the second ₦75 hike within one week.

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Market observers say the rapid adjustments underscore the volatility currently shaping Nigeria’s deregulated fuel sector, where prices now respond directly to supply and demand dynamics.

Industry sources attributed the latest increase to a combination of factors, including fluctuations in global crude oil prices, foreign exchange pressures, and logistics costs associated with fuel distribution.

They also pointed to a temporary disruption in the issuance of pro forma invoices earlier in the week, which contributed to tighter supply conditions across the downstream market.

A senior official explained that the suspension of PFIs created short-term supply constraints, which, when combined with global oil market movements, led to the latest upward price revision.

Despite the recent increases, a senior Dangote Group official had earlier stated that the refinery has been subsidising petrol and diesel sales to stabilise supply within the Nigerian market.

Analysts, however, note that the refinery’s pricing pattern reflects a transitional phase in Nigeria’s downstream sector, where domestic refining is increasingly replacing imports but remains sensitive to international crude prices.

The latest increase is expected to translate into higher pump prices nationwide, as marketers adjust retail rates to reflect new depot costs.

Economists warn that sustained fuel price increases could further intensify inflationary pressures, particularly on transport fares, food distribution, and other essential goods and services.

Within the past month, Dangote Refinery has adjusted petrol prices multiple times, reflecting changes in crude sourcing costs, foreign exchange movements, and domestic supply conditions.

Market watchers say this volatility highlights the evolving nature of Nigeria’s deregulated petroleum market, where pricing is increasingly determined by global and local economic forces rather than fixed controls.

BREAKING: Dangote Refinery Raises Petrol Price to ₦1,350 Per Litre

Jim Ovia Retires as Zenith Bank Chairman After 12-Year Tenure

Zenith Bank has announced the retirement of its Founder and Group Chairman, Jim Ovia, marking the end of a transformative era for one of Nigeria’s leading financial institutions.

The development, disclosed in a corporate notice issued in Lagos on May 5, 2026, confirms that Ovia stepped down after completing the mandatory 12-year tenure required under Nigeria’s corporate governance rules for financial holding companies, as regulated by the Central Bank of Nigeria.

Widely regarded as the architect of Zenith Bank’s growth, Ovia founded the bank in 1990 and led its evolution from a modest startup into a tier-one Nigerian bank with strong international operations. During his tenure, the bank built a reputation for strong corporate governance, consistent profitability, and early adoption of digital banking technologies.

In a statement, the Board praised Ovia’s “visionary leadership, strategic direction and effective oversight,” noting that his stewardship significantly enhanced the bank’s credibility within Nigeria’s financial services sector.

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His exit represents a major leadership transition, given his longstanding influence on the bank’s strategy, culture, and expansion across Africa and beyond.

In a swift succession plan, the Board confirmed the appointment of Mustafa Bello as the new Group Chairman.

Bello, who previously served as a non-executive director at Zenith Bank, brings decades of experience spanning engineering, public service, and investment promotion. A graduate of Ahmadu Bello University, he holds a degree in Civil Engineering and began his career with the Nigerian Army before moving into the public sector.

He later served as Nigeria’s Minister of Commerce (1999–2002), where he contributed to shaping national trade policies. Bello also led the Nigerian Investment Promotion Commission (NIPC) from 2003 to 2014, spearheading reforms to improve Nigeria’s investment climate and attract foreign direct investment.

Currently, he chairs Invest-in-Northern Nigeria Limited and has contributed to key national initiatives, including reforms linked to the digitalisation of the Corporate Affairs Commission.

Analysts say the Zenith Bank leadership change reflects a growing emphasis on structured succession planning and regulatory compliance in Nigeria’s banking industry. Despite Ovia’s exit, the bank’s strong institutional framework is expected to ensure stability and continuity.

As one of Nigeria’s most profitable banks, Zenith Bank is expected to maintain its competitive edge while navigating evolving economic realities, regulatory pressures, and the ongoing shift toward digital banking in Nigeria.

Jim Ovia Retires as Zenith Bank Chairman After 12-Year Tenure

CFAO Mobility Targets Growth, Innovation at 2026 Open Day in Lagos

…As Company Gives Out Brand-New BYD Seagull to Lucky Guest

The Managing Director of CFAO Mobility Nigeria, Mr Denis Martin, has reaffirmed the company’s commitment to growth, innovation, sustainability, and customer satisfaction amid evolving market conditions.

He made this known during the 2026 CFAO Mobility Open Day held at Harbour Point Event Centre, Victoria Island, Lagos.

The Open Day, which was attended by auto enthusiasts and industry stakeholders, featured the various brands distributed by CFAO Mobility in Nigeria, comprising Toyota, BYD, Mitsubishi Motors, Suzuki, Yamaha, Fuso, JCB, Howo, King Long, Toyota Material Handling, TechKing Tyres, Winpart, and Auto Fast.

CFAO Mobility also used the event to give away a brand-new BYD Seagull during its VIP evening cocktail for key customers.

Speaking at the event, Martin noted that the Open Day, now in its second edition, reflects the company’s steady progress and continuous improvement.

“We held the first edition a year ago, and now we’re hosting the second. It’s clear we’ve made significant improvements, which is very encouraging,” he said.

He acknowledged the volatility in the global economic and mobility landscape, emphasizing the need for adaptability.

According to him, CFAO Mobility’s diverse portfolio of 14 brands positions the company to respond effectively to shifting market trends, regulatory changes, and evolving customer preferences in Nigeria.

Despite ongoing challenges, he expressed optimism about the sector’s prospects. “There is a lot of volatility, but there are also opportunities to grow and innovate,” he stated.

Highlighting why customers should choose CFAO Mobility, Martin stressed the company’s strong customer-centric philosophy, explaining that every decision and service offering is designed to deliver value, with particular emphasis on after-sales support.

“It’s not only about selling a car. What is important is keeping it running throughout its lifespan,” he said.

The managing director also pointed out that the company’s extensive portfolio is known for reliability and high performance.

Backed by a presence in 38 African countries and ownership by Toyota Tsusho Corporation, CFAO Mobility boasts one of the continent’s largest distribution networks.

Looking ahead, Martin disclosed plans to introduce new models across its brand lineup.

Beyond expansion, he emphasized the importance of sustainability, highlighting efforts to introduce fuel-efficient engine technologies and reduce carbon emissions. He noted that Japanese brands continue to lead in low-consumption engines.

He added that CFAO Mobility is investing in solar energy solutions across its facilities and has expanded into cleaner alternatives such as electric vehicles and compressed natural gas (CNG) options for trucks and buses.

Mr. Martin also underscored the importance of an enabling environment, including considerations around duty to support the adoption of hybrid vehicles, noting that hybrids remain among the most effective technologies for reducing carbon emissions globally.

He concluded by reiterating CFAO Mobility’s mission to deliver safer and greener mobility solutions while maintaining sustainable growth in Nigeria’s dynamic automotive sector.

With over 120 years of presence in Nigeria, CFAO remains a key player across the mobility and healthcare sectors.

Managing Director, Toyota by CFAO, Mr. Boye Ajayi (right), in a discussion with a participant at the 2026 CFAO Mobility Open Day held in Lagos Thursday, April 30, 2026.