NEWS
FG Ends NNPC’s Monopoly, Opens Direct Purchase of Petrol From Dangote Refinery
In a landmark move aimed at fully deregulating Nigeria’s downstream oil sector, the federal government has announced that oil marketers can now purchase petroleum products directly from the Dangote Refinery and other local producers, effectively ending the Nigerian National Petroleum Company (NNPC) Limited’s decades-long monopoly as the sole distributor.
The announcement was made on Friday, signaling the government’s resolve to open up the oil market to foster competition and enhance efficiency.
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This comes on the heels of the NNPC stepping away from its intermediary role with the Dangote Refinery, allowing for a direct purchase arrangement between marketers and local refineries.
The federal government had already commenced the sale of crude oil to local refineries, including Dangote, in naira as of October 1, an effort to address fuel supply shortages that had been exacerbated by NNPC’s financial challenges.
Under the previous arrangement, Dangote Refinery was only permitted to sell petrol to NNPC in local currency, leaving marketers reliant on the national oil company.
The new policy now enables marketers to bypass NNPC and negotiate directly with refineries for petroleum products.
Wale Edun, Minister of Finance, provided key updates during a post-commencement review meeting of the naira-based crude oil and refined products sale initiative on Thursday.
According to Edun, the initiative is progressing smoothly, in line with directives from the Federal Executive Council (FEC).
He said,“This committee is pleased to report a successful transition in line with the FEC directive. We have established a robust framework for local production and the distribution of crude oil and refined products, all for local consumption in naira.
“With this mechanism fully operational, we are on track to achieving a fully deregulated market for all petroleum products.”
He emphasized that oil marketers are now encouraged to engage in direct commercial negotiations with refineries, a step he believes will increase market competition and drive efficiency across the sector.
The government remains confident that these measures will, in the long run, create a more favorable market for Nigerian consumers.
The federal government’s decision to deregulate the sector comes at a critical time when the country is grappling with petrol shortages and rising energy costs.
By allowing direct purchases from refineries, the government aims to stabilize the supply chain and reduce costs associated with fuel distribution.
Industry stakeholders are now watching closely to see how the deregulated market will evolve and what impact this shift will have on fuel prices and availability for Nigerians.
The Nigerian Content Development and Monitoring Board (NCDMB) has launched a 5-day Hands-on Oracle Primavera P6 Training in Rivers State, targeting 50 participants.
The training, being executed by Mathnebi Nig. Ltd, commenced today, March 16th and will run until Friday, March 20th.
The intensive hands-on program aims to equip participants with practical skills in project management using Oracle Primavera P6, enhancing their capabilities in the energy and construction sectors.
The NCDMB’s sponsorship of the training underscores its commitment to boosting local capacity and driving Nigeria’s economic growth through skills development.
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The training is expected to benefit participants and contribute to the development of Nigeria’s project management landscape.
President Bola Ahmed Tinubu has sworn in Mr. Taiwo Oyedele as Nigeria’s new Minister of State for Finance at the Aso Rock Presidential Villa.
The swearing-in ceremony took place shortly after the Senate confirmed Oyedele’s nomination last Wednesday.
Oyedele, 50, from Ikaram, Akoko in Ondo State, brings over two decades of experience in fiscal policy and tax administration.
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He previously chaired the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system, introducing zero income tax for Nigerians earning N800,000 or less and exemptions for small businesses with turnovers below N50 million.
During his Senate screening, Oyedele described his appointment as “a call to serve at a critical time when Nigeria faces significant fiscal challenges and remarkable opportunities.”
He replaces Dr. Doris Uzoka-Anite, who has been redeployed to the Ministry of Budget and National Planning.
Oyedele also spent 22 years at PricewaterhouseCoopers, held executive programs at top global institutions including the London School of Economics and Harvard Kennedy School, and currently serves as a professor at Babcock University.
The minister’s appointment signals a continued focus on implementing the Tax Reform Acts, which took effect on January 1, 2026, and aim to simplify Nigeria’s tax system while boosting economic growth.
Passengers were thrown into panic on Monday after a train operating along the Abuja–Kaduna rail corridor derailed, leaving several passengers injured and disrupting services on the busy route.
The train, which was travelling from Kaduna to Abuja, reportedly failed to reach its destination as scheduled after the incident occurred along the rail line linking both cities.
According to passengers on board, the incident happened suddenly, sending shock through the coaches as the train came to an abrupt halt.
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Some passengers said they heard a loud bang before the train jolted violently, throwing several occupants off their seats.
Eyewitnesses said the sudden impact caused confusion inside the train compartments, with some passengers sustaining cuts and bruises after hitting seats and metal fittings.
Initial reports suggested that the Abuja-bound train might have collided with another train along the corridor, forcing rail operations to pause temporarily while authorities assessed the situation.
A source within the Nigerian Railway Corporation confirmed the incident but declined to give full details, noting that he was not authorised to speak publicly on the matter.
One of the passengers, Sada Malumfashi, shared his experience on social media shortly after leaving the train.
He described the moment as frightening, stating that the loud sound and sudden stop caused many passengers to be flung from their seats.
He said the train remained stationary for about 30 minutes before the journey resumed slowly toward Kubwa, located on the outskirts of Abuja.
When contacted, the spokesperson for the Nigerian Railway Corporation, Callistus Unyimadu, confirmed the development and said an official statement would be issued.
Authorities are yet to disclose the exact cause of the derailment or the full extent of injuries as investigations continue.
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