Business

Work rate at Lekki deep seaport excites Sanwo-Olu, 2023 delivery date affirmed

Published

5 years ago

March 20, 2021

Commercial operations at the Lekki Deep Seaport in Lekki FT Zone, Lagos, will begin by the first quarter of 2023, the investor, Tolaram Group, has said.

This emerged during a meeting of the group management team with the Lagos State Governor, Babajide Sanwo-Olu, who expressed excitement at the rate of work and commitment of the investor.

Indeed, the governor on Friday tweeted about this, expressing excitement, saying, “I was glad to hear from the Tolaram Group today, that commercial operations at the Lekki Deep Seaport in Lekki FT Zone will begin by the first quarter of 2023.”

The governor on Friday led members of the state’s cabinet on a two-day working tour of the three free trade zones established in Ibeju Lekki area of Lagos.

The port, which is being constructed by China Habour Engineering firm, is occupying 90 hectares in the entire 830 hectares of land carved out for the Lagos Free Zone, created in 2012 to enhance economic position of Lagos as manufacturing and logistics hub in West Africa.

The first phase of the seaport project, which is being financed by $629 million facility from China Development Bank (CDB), is at 48 per cent completion.

Sanwo-Olu said his administration remained committed to delivering the project, stressing that the deep seaport and other investments happening on the corridor had the potential to increase the state’s gross domestic product in multiple folds.

He said, “Given the report I got and what I have seen here, I can say that Lagos Free Zone has made tremendous improvement. We have seen the level of partnership Tolaram Group is bringing in terms of international investment and local brands on this corridor.

“I commend all stakeholders that are with us on this journey we have found ourselves. With the level of work we have seen, I’m truly excited. It is more gratifying that we are taking up this assignment with all energies required and we all can see what we can achieve when we work together.

“Since we signed a loan agreement less than 18 months ago, we have demonstrated strong capability in bringing the project to reality. This is the first quarter of 2021 and we have seen the project in about 48 per cent completion. The investors have given us the commitment on first quarter of 2023 completion date. We will fulfill all our parts to make sure this date becomes reality.”

Sanwo-Olu, who noted that he had been part of the conversation for the development of the free zones as Commissioner for Commerce and Industry in 2006, said his administration had recorded significant progress in bringing the projects to reality.

The governor said the priority accorded to the construction of complementary infrastructure projects along the corridor was a demonstration of his government’s fulfilment of its pledge to Lagos residents.

He promised the state would work with the timeline to ensure all projects mapped out in the zones were delivered right on time.

Sanwo-Olu said the size of the deep seaport would allow 18,000 TEU capacity vessels, which are four times bigger than the ones berthing at Apapa seaports, thereby scaling down the cost of container transportation from any part of the world.

He said, “The interesting part is that our youths and young women will be the beneficiaries of this project. The project managers have engaged large number of our citizens in the construction parts of the work; all personnel are not expatriates. All the technical work and technology deployed have local component to it.

“For us as a government, this is the strongest point we have made with the project. I am fully convinced that the delivery of this project will transform commercial architecture of West Africa and bring about quick turnaround time in maritime sector.”

Chief Executive Officer of Lagos Free Zone, Mr Dinesh Rathi, said Tolaram, a Singaporean firm, initiated a $2 billion investment in the Lagos Free Zone, out of which the investor committed $950 million to develop manufacturing hub in the zone.

He said, when completed, the deep seaport would generate more than 170,000 direct and indirect job opportunities for Lagos residents, and serve as alternative in an effort to decongest the Federal Government-owned seaports in Apapa.

Chairman of Lagos Free Zone Development Company, Mr Biodun Dabiri, hailed the state government for its commitment towards changing the face of commerce in Africa, stressing that all statutory permits, licences and endorsement for the Lekki port project were already secured.

“There is strong guarantee that the port will be delivered before time, going by the inflow of capital investment and technical services,” Dabiri said.

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Insurance

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements

Published

1 second ago

July 9, 2026

Trends Admin

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements

Lasaco Assurance Plc has reinforced its reputation as a reliable insurance provider after paying N17.60 billion in claims during its 2025 financial period, reaffirming its commitment to settling genuine claims promptly despite prevailing economic challenges.

The company said the impressive claims payout reflects its unwavering dedication to protecting policyholders and honouring its obligations whenever insured losses occur.

According to recent industry data, the N17.60 billion paid in claims underscores Lasaco Assurance’s financial strength and its resolve to deliver on its promise to customers across its motor, property, life and other insurance portfolios.

For millions of Nigerians who rely on insurance to protect their vehicles, homes, businesses and livelihoods, prompt claims settlement remains one of the most important measures of an insurer’s credibility. Lasaco said its latest claims record demonstrates its continued focus on customer satisfaction and dependable service delivery.

The company noted that every genuine claim is carefully assessed and settled in line with policy terms, reinforcing public confidence in its operations and strengthening trust in the Nigerian insurance industry.

Beyond its claims performance, Lasaco Assurance Plc has also recorded significant progress in strengthening its capital base.

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The insurer recently concluded a successful rights issue, achieving a 104.5 per cent subscription from existing shareholders, a development the company described as a strong vote of confidence in its long-term growth strategy and corporate leadership.

The successful capital raise has further positioned the company to expand its operations, improve service delivery and enhance its capacity to meet the evolving insurance needs of individuals, families and businesses across Nigeria.

Lasaco also disclosed that it is on course to meet the National Insurance Commission (NAICOM) recapitalisation requirements well ahead of regulatory deadlines.

According to the company, the ₦18.47 billion fresh capital injection, alongside other ongoing strategic initiatives, provides a solid financial foundation that will enable it to remain competitive and continue delivering value to policyholders for years to come.

Management said the strengthened capital structure will further improve the company’s underwriting capacity, claims-paying ability and overall financial resilience, giving customers greater confidence that their insurance policies are backed by a financially stable institution.

The insurer reiterated that prompt claims settlement remains at the heart of its business philosophy, assuring existing and prospective customers that it will continue to honour valid claims without unnecessary delays.

Industry analysts note that timely claims payment is one of the key indicators of an insurer’s financial health and operational efficiency. They believe companies that consistently fulfil their claims obligations are more likely to strengthen customer confidence and contribute to the growth of insurance penetration in Nigeria.

As the Nigerian insurance sector continues to evolve under ongoing regulatory reforms, Lasaco Assurance Plc says it remains committed to innovation, financial stability and customer-centric service, positioning itself as a trusted partner for individuals and businesses seeking reliable insurance protection.

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements

Business

Dangote cuts petrol price again as crude oil surge threatens fuel price relief

Published

6 hours ago

July 9, 2026

Trends Admin

Dangote cuts petrol price again as crude oil surge threatens fuel price relief

Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, despite renewed pressure in the international oil market caused by a sharp increase in global crude oil prices.

The latest adjustment comes as Nigeria’s downstream petroleum sector records mixed pricing trends, with wholesale petrol prices remaining largely stable across major depots while diesel prices climbed in several locations, particularly in Lagos.

According to the latest depot pricing data released on Wednesday, Dangote Refinery reduced its petrol loading price by ₦1 per litre, bringing the ex-depot price down from ₦1,076 to ₦1,075 per litre.

Although the reduction appears marginal, it reinforces the refinery’s commitment to maintaining competitive pricing in Nigeria’s deregulated downstream petroleum market.

The latest adjustment follows Dangote Refinery’s recent decision to slash its ex-gantry petrol price by ₦50 per litre to ₦1,075, marking its fourth major reduction within one month and bringing cumulative cuts to ₦200 per litre since late May.

The refinery has consistently maintained that its pricing decisions are driven by production economics, inventory costs and operational sustainability rather than short-term movements in international crude oil prices.

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According to the company, a significant portion of the crude currently being refined was purchased when global oil prices were much higher, limiting the extent of immediate reductions despite recent improvements in market conditions.

The refinery has also aligned its coastal loading price with the new ex-gantry rate and expanded fuel sales to all qualified petroleum marketers after ending its previous consortium sales arrangement, a move expected to improve product availability and encourage greater competition across the country.

In another development, MRS Oil Nigeria reduced its wholesale petrol price by ₦2 per litre, lowering its depot price from ₦1,076 to ₦1,074 per litre, making it one of the cheapest suppliers in the Lagos market.

However, other major marketers, including NIPCO, Sahara Energy, Aiteo and African Terminal, retained their previous petrol prices, reflecting relative stability in the wholesale market despite growing competition.

Across Lagos depots, wholesale petrol prices remained within a narrow range of ₦1,074 to ₦1,075 per litre, indicating that marketers are adopting cautious pricing strategies while closely monitoring developments in the global energy market.

Unlike petrol, diesel (Automotive Gas Oil – AGO) recorded widespread price increases across several depots in Lagos.

African Terminal increased its diesel price from ₦1,410 to ₦1,450 per litre, while Duport, Ibachem, Ibeto and T-Time implemented similar ₦40 per litre increases, pushing their depot prices to ₦1,450 per litre.

In contrast, the Port Harcourt market recorded lower diesel prices.

Matrix Depot reduced its AGO price by ₦50 per litre, from ₦1,550 to ₦1,500, while Sigmund trimmed its diesel price from ₦1,463 to ₦1,460 per litre.

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Petrol prices in Port Harcourt remained unchanged, with Matrix maintaining its PMS depot price at ₦1,100 per litre.

In Warri, competition among marketers resulted in slight reductions in petrol prices.

Nepal and Optima each lowered their depot prices by ₦2 per litre to ₦1,083, while Parker reduced its price by ₦1 to ₦1,084 per litre.

Other marketers, including Matrix, Rain Oil, Prudent Energy and A.Y.M. Shafa, maintained their petrol prices at ₦1,085 per litre.

Diesel prices in Warri, however, moved in the opposite direction.

Prudent Energy raised its AGO price by ₦70 per litre, from ₦1,480 to ₦1,550, while A.Y.M. Shafa retained its diesel price at ₦1,435 per litre.

In Calabar, Soroman maintained its petrol price at ₦1,100 per litre, while Fynfield increased its diesel price by ₦30, from ₦1,450 to ₦1,480 per litre.

Meanwhile, developments in the international oil market have raised fresh concerns over the sustainability of recent fuel price reductions.

On Wednesday, the global oil market witnessed a strong rally as renewed geopolitical tensions and concerns over tighter crude supplies pushed prices sharply higher.

The international benchmark Brent crude gained 7.32 per cent to trade at $79.59 per barrel, while West Texas Intermediate (WTI) rose 6.79 per cent to $75.22 per barrel.

Energy analysts say a sustained increase in global crude prices could eventually reverse the downward trend in domestic fuel prices because crude oil accounts for the largest share of refining costs.

Although Nigeria’s growing domestic refining capacity—led by Dangote Refinery—is expected to reduce dependence on imported petroleum products and improve market competition, experts note that exchange rates, international crude oil prices, logistics costs and broader market dynamics will continue to influence fuel prices under the country’s deregulated downstream petroleum regime.

For consumers, transport operators and manufacturers, the latest petrol price adjustment offers modest relief. However, industry observers caution that the direction of future fuel prices will largely depend on developments in the global oil market and the cost of crude available to local refiners.

Dangote cuts petrol price again as crude oil surge threatens fuel price relief

Business

Dangote launches free petrol delivery in Lagos, Abuja, five other states

Published

23 hours ago

July 8, 2026

Trends Admin

Dangote launches free petrol delivery in Lagos, Abuja, five other states

Dangote Petroleum Refinery has launched a free delivery programme for Premium Motor Spirit (PMS), popularly known as petrol, to customers in Lagos, Ogun, Rivers, Kaduna, Delta states and the Federal Capital Territory (FCT), Abuja, while maintaining its ex-depot price at N1,075 per litre.

The refinery announced the initiative in a notice published on its official X (formerly Twitter) account on Wednesday, describing the programme as part of efforts to improve the distribution of locally refined petrol, reduce logistics costs for marketers and ensure more efficient fuel supply across Nigeria.

According to the company, the free delivery service is available to customers purchasing a minimum of 250,000 litres of petrol. The current rollout covers six strategic locations, with plans to expand the initiative to other parts of the country in subsequent phases.

In addition to free transportation, the refinery introduced a 10-day credit facility for qualified bulk buyers, a move expected to ease cash flow challenges for marketers, improve inventory management and encourage wider distribution of fuel nationwide.

The latest initiative comes days after Dangote Petroleum Refinery held a meeting with stakeholders in Nigeria’s downstream petroleum sector to discuss cost-reflective petrol pricing, supply stability and measures to make fuel more affordable for consumers.

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The meeting ended with marketers and industry operators expressing support for further reductions in petrol prices as local refining capacity continues to improve.

The free delivery programme also follows the refinery’s latest reduction in its ex-depot (gantry) price of petrol from N1,125 to N1,075 per litre, marking the fourth downward price review by the company in recent weeks.

Industry analysts believe the consistent price cuts reflect increasing production capacity at the refinery, improved operational efficiency and growing competition in Nigeria’s deregulated downstream petroleum market.

The refinery has also widened access to its products by allowing all licensed petroleum marketers to purchase directly, ending its previous consortium sales arrangement. The move is expected to promote competition, improve product availability and reduce supply bottlenecks across the country.

By absorbing transportation costs to the six pilot locations, Dangote Petroleum Refinery is expected to lower operational expenses for marketers. Analysts say the savings could translate into lower retail pump prices if passed on to consumers.

Commenting on recent market trends, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, disclosed that the retail price of petrol has dropped by about N125 per litre within the last three weeks.

According to him, pump prices currently range between N1,155 and N1,299 per litre, depending on transportation costs, location and individual marketers’ pricing structures.

Maigandi attributed the reduction to increased local supply from the Dangote Petroleum Refinery, heightened competition among marketers and the refinery’s successive reductions in ex-depot prices.

Industry experts believe the combination of lower gantry prices, free product delivery and easier access to supplies for marketers could further stabilise Nigeria’s fuel market, improve nationwide availability of petrol and moderate pump prices in the coming weeks.

The development represents another milestone for Dangote Petroleum Refinery as it expands its influence in Nigeria’s energy sector through increased domestic refining, improved fuel distribution and market-driven pricing strategies aimed at reducing the country’s dependence on imported petroleum products.

If successfully implemented on a wider scale, the initiative is expected to enhance fuel supply efficiency, strengthen competition in the downstream petroleum sector and deliver cost savings that could ultimately benefit millions of Nigerian motorists and businesses.