Business

Marketers behind petrol scarcity, high pump price – PENGASSAN

Published

3 years ago

December 16, 2022

Petrol marketers are behind the lingering product scarcity and the instability in pump price, oil workers under the auspices of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) said yesterday.

The association accused the marketers of trying to force an increase in the pump price of petrol above the threshold approved by the Federal Government.

For weeks, Nigerians have been enduring pains to buy petrol at filling stations, especially those belonging to Independent Petrol Marketers Association of Nigeria (IPMAN), where products sell for as high as N300 per litre.

The government has pegged the pump price at between N165 and N169.

IPMAN yesterday announced that its members have dropped the plan to go on strike.

But PENGASSAN President Festus Osifo rejected a situation whereby non-state actors arrogate to themselves the power to determine the litre price of petrol far above government regulation.

Osifo spoke yesterday during the National Executive Council (NEC) meeting of the association in Abuja.

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He said it was disturbing that the Federal Government was equally demonstrating high level of culpability in the unwholesome situation by its silence and unwillingness to frontally and publicly address the harrowing experiences of Nigerians.

The PENGASSAN president said: “The persistent shortage of petrol has become a source of pain to the Nigerian people as the current shortages are been perpetuated by players in the downstream sector in order to hike the price far above the government-approved threshold.

“It is an added problem when non-state actors begin to arrogate to themselves the power to determine the price of a liter of fuel far above the rate pegged by the government in the current subsidy regime.

“It is more disturbing that the government is equally demonstrating high level of culpability in the unwholesome situation by its silence and unwillingness to frontally and publicly address the harrowing experiences of Nigerians in the current situation, because no concerned and responsive government will bury its head in the sands like the proverbial Ostrich while the citizens are being brutally exploited.”

Osifo urged security agencies, especially the Nigerian Customs Services (NCS) and Nigerian Immigration Services (NIS) charged with manning the nation’s borders, to stop the high rate of smuggling of the products across West African countries.

He added: “We demand that the various security agencies, especially the men of NCS and NIS charged with manning the nation’s borders, act professionally and in dictates to their oaths of allegiances to stop high rate of smuggling of the products across the West African countries.

“The various depots and other storage facilities, especially those owned and operated by the NNPC, should be upgraded and made accessible to all operators to lift the product.

“Consequently, we demand an immediate end to the avoidable, unnecessary, crippling and pain-inducing fuel shortages and unapproved price hike in the country. No excuse is good enough to cripple the country. If there are challenges, they should be fixed; we have a government in power to fix challenges, not to make excuses.

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“We are ready and willing to collaborate with the Federal Government and assist in all ways possible to overcome the country’s present challenges. But we caution it not to take the Nigerian people for granted as it seems to be manifestly doing on various crucial national issues.”

The PENGASSAN chief also demanded the prosecution of those arrested in connection with the oil theft be prosecuted and if found guilty be made to face the consequences.

He urged the government to sustain the current effort in restoring the vandalised pipeline and increasing crude oil production.

IPMAN’s National Operations Controller, Mr. Mike Osatuyi, said markets have no plan to shut down their stations as being speculated.

According to him, the Nigerian National Petroleum Company Ltd (NNPCL) has promised to henceforth, sell directly to IPMAN members at official rate of ex-depot price.

He said the backlog of IPMAN members’ tickets, which was over 2,000 currently, was being cleared.

Osatuyi said: “Nigerians should not engage in any panic buying as we are entering Christmas period. Our wide network nationwide makes us the perfect outlets to ensure sustained distribution of petroleum products across the country.”

On December 10, the Ogun State chapter of IPMAN threatened to shut down all its outlets across the state over an ultimatum issued to marketers by the Department of State Security (DSS).

The DSS had directed all petrol stations nationwide to sell fuel at the regulated price, and threatened to shoot down defaulting stations.

The petrol supply situation in Lagos, Abuja and other cities has remained unstable.

The Nation

Related Topics:Featured marketers PENGASSAN petrol

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Business

Dangote Sugar Plans ₦485.9bn Rights Issue for Expansion Drive

Published

7 hours ago

April 26, 2026

Trends Admin

Dangote Sugar Refinery

Dangote Sugar Plans ₦485.9bn Rights Issue for Expansion Drive

Dangote Sugar Refinery Plc has begun plans to raise approximately ₦485.9 billion through a rights issue, in a major capital market move aimed at strengthening its financial position and supporting ongoing expansion projects.

According to a regulatory filing, the company has submitted an application to the Nigerian Exchange Limited (NGX) seeking approval for the listing of 8,097,918,827 ordinary shares of 50 kobo each at a price of ₦60.00 per share.

The proposed offer will be executed on a 2-for-3 basis, meaning shareholders will be entitled to acquire two new shares for every three shares already held.

The company stated that the rights issue will give existing investors an opportunity to increase their stake while enabling Dangote Sugar Refinery to raise fresh capital to fund strategic growth initiatives, expand production capacity, and strengthen its operational efficiency.

A qualification date has been fixed for April 20, 2026, meaning only shareholders recorded on the company’s register as of that date will be eligible to participate in the offer.

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The transaction is being facilitated by a consortium of stockbrokers, including Meristem Stockbrokers Limited, Stanbic IBTC Stockbrokers Limited, and Vetiva Securities Limited, who are responsible for coordinating regulatory approvals and execution of the offer.

Market analysts say the planned ₦485.9bn capital raise ranks among the largest equity issuances on the Nigerian stock market in recent years, reflecting strong corporate appetite for expansion funding amid evolving economic conditions.

They also noted that the pricing structure and rights ratio could encourage strong investor participation, particularly given Dangote Sugar’s dominant position in Nigeria’s sugar production and refining sector and its long-term growth strategy.

The move comes at a time when listed companies in Nigeria are increasingly turning to the capital market to raise funds, as firms respond to inflationary pressures, foreign exchange challenges, and rising production costs.

If fully subscribed, the funds are expected to support backward integration projects, including agricultural expansion and improved refining infrastructure aimed at reducing import dependence and boosting local sugar production.

Dangote Sugar Plans ₦485.9bn Rights Issue for Expansion Drive

Insurance

Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026

Published

2 days ago

April 24, 2026

Trends Admin

L-R: Managing Director, Lasaco Assurance Plc, Ademoye Shobo; Managing Director, Continental Re, Dr. Fatai Lawal; Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, Mr. Stephen Alangbo; Josephine Ogundeji; Group CEO of Continental Reinsurance Holdings, Lawrence Nazare; Blessing Ifechukwude; Chief Executive, Stanbic IBTC Insurance Limited, Mr Jide Orimolade; Henry Uche; Chief Underwriting Officer – Facultative, Continental Reinsurance, Bashir Akinsiku

Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026

Stanbic IBTC Insurance Limited has emerged as the overall winner of the CRe Momentum Award at the inaugural CRe Insurance Awards for Africa 2026, announced during the Continental Reinsurance CEO Summit held in Kigali, Rwanda, on April 17, 2026.

The prestigious award recognises insurers that demonstrate consistent growth, strong financial performance, and strategic impact across Africa’s insurance industry. Stanbic IBTC Insurance was singled out for its disciplined execution, strong commercial results, and highly effective bancassurance model, which has significantly driven its life insurance growth.

Judges at the awards noted that the company’s bancassurance strategy—leveraging banking platforms to distribute insurance products—remains one of the most efficient on the continent. The firm’s ability to combine innovation, customer reach, and operational efficiency has positioned it as a leader in Nigeria’s insurance market.

Beyond its growth metrics, Stanbic IBTC Insurance has built a reputation for prompt claims settlement, sound risk management, and customer-focused service delivery, further strengthening trust among policyholders and stakeholders.

In the same CRe Momentum Award category, Cornerstone Insurance Plc (Nigeria) secured second place, while La Générale des Assurances (Benin) finished third, reflecting strong competition among leading African insurers.

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In the Emerging Champions category, which celebrates fast-growing and innovative insurance companies, Agrails Ltd (Kenya) emerged winner, while Britam Connect (Kenya) came second.

The event also featured the 11th Pan-African Re/Insurance Journalism Awards, organised by Continental Reinsurance Plc, to honour excellence in reporting the insurance and reinsurance sector across Africa. A total of 184 entries from both Anglophone and Francophone countries were reviewed.

Uganda’s Isaac Khisa of The Independent Publications was named Overall Winner, also clinching the top spot in the English Print category for his report on Africa’s reinsurance market. Nigeria’s Josephine Ogundeji of Punch Newspaper was named first runner-up, while Ojeme Sunday of New Telegraph came second.

In the English Online category, Henry Uche of Daily Sun (Nigeria) emerged winner, followed by Isaac Khisa as first runner-up and Tendai Makaripe of 263 Chat (Zimbabwe) as second runner-up.

The English Broadcast category was won by Blessing Ifechukwude of Voice of Nigeria, with Mercy Tyra Murengu of Media Max Network (Kenya) and Samuel Nana Effah Obeng of GN Media (Ghana) finishing as first and second runners-up respectively.

Taurai Museka won the English Social Media category, while winners also emerged from Burkina Faso in the French category and Egypt in the Arabic category, highlighting the awards’ growing continental reach.

Additionally, Josephine Ogundeji received the Dr Femi Oyetunji Future Talent Award, while Mercy Tyra Murengu earned Special Recognition for her contribution.

Speaking at the event, Group CEO of Continental Reinsurance Holdings, Lawrence Nazare, said the inclusion of 10 new participating countries reflects the expanding influence of the awards across Africa. Chief Judge Michael Wilson also noted that the quality of entries continues to improve, making the selection process increasingly competitive.

Winners across categories received certificates, trophies, and cash prizes, with the overall winner earning $2,000, category winners receiving $1,500, first runners-up $1,000, and second runners-up $500.

The launch of the CRe Insurance Awards for Africa marks a significant step in recognising excellence, innovation, and leadership within the continent’s insurance ecosystem. Stanbic IBTC Insurance’s victory further reinforces Nigeria’s growing role as a hub for insurance innovation and life insurance expansion in Africa.

Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026

Auto

Jetour Nigeria consolidates as sole authorised distributor, gets global market award

Published

3 days ago

April 23, 2026

Trends Admin

Jetour Nigeria consolidates as sole authorised distributor, gets global market award

Jetour Nigeria has consolidated its position as the exclusive representative of the Jetour brand in the country following its 2022 appointment by Jetour International.

The company said the move to clarify its exclusive status came after its successful hosting of the “Jetour Experience” in Lagos, where it unveiled its nationwide dealership structure and addressed lingering market ambiguity over distribution rights.

Since securing the mandate in 2022, Jetour Nigeria has led the importation, distribution, and provision of manufacturer-backed after-sales services for the brand’s full vehicle range in the country.

Its growing influence recently earned global recognition at the 2026 Jetour Global Conference, where the firm received the “Market Share Leadership Award 2025,” underscoring its dominance in the African market.

To strengthen nationwide service delivery, the company operates through a network of seven authorised dealers — Elizade Nigeria Limited, New Era Autovehicle Services Limited, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited, and Mandilas Motors.

These partners, according to the company, are the only entities authorised to sell and service Jetour vehicles in Nigeria.

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At the four-day exhibition held at the Podium Events Centre, the dealers provided product information and customer engagement services, reinforcing what the company described as a unified and regulated distribution ecosystem.

“The ‘Jetour Experience’ was more than a celebration; it was a statement of clarity,” noted a representative of Jetour Nigeria. “By bringing our seven authorized dealers together under one roof, we have shown the public exactly where the Jetour brand lives.

“Since our 2022 appointment, we have invested heavily in a structure that guarantees customers genuine parts, expert technicians, and valid warranties—benefits, only available through our official channels.”

The company also received a boost from the visit of Anguo Yuan, Vice President of Jetour International, who commended the Nigerian team for its rapid expansion and infrastructure investment.

Industry recognition has followed the brand’s growth, with awards including the Nigeria Auto Journalists Association’s New Entrant of the Year, Fastest Growing Auto Brand, and Car of the Year for the Jetour Dashing.

Jetour Nigeria said its current lineup — including the rugged T2, plug-in hybrid models, and the flagship G700 — reflects its commitment to innovation and market leadership.

It advised customers to engage only its authorised dealer network to guarantee access to genuine parts, certified service, and full manufacturer warranty coverage.