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Economy

Again, Dangote Refinery crashes petrol price from N890 to 825.

Funso OLOJO
The Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N65.00, from N890 to N825 per litre, effective from 27th February 2025.
According to the management of the Refinery, the  price adjustment is is strategic designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season.
It is also meant to support President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.
 Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians.
The latest adjustment marks the second price reduction of PMS in February 2025, following a previous decrease of N60.00 earlier in the month.
Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season.
“These  reductions have positively impacted the overall cost of living, benefiting various sectors of the economy, and have also ensured that Nigerians did not experience the perennial fuel scarcity and price hikes typically associated with the yuletide season” the local refiner stated.
“Nigerians will be able to purchase the high-quality Dangote petrol at the following prices in all our partners’ retail outlets.
” For MRS Holdings stations, it will sell for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East respectively.
“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East.
“Dangote Petroleum Refinery assures the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.
” The company calls on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.
“This collective action will contribute to the broader economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and establishing the country as a leading oil export hub” the company concluded.
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Economy

FOU A seizes N3.95bn worth of Illicit drugs, mercury, hands over to NDLEA, NESREA

Funso OLOJO, Editor

The Federal Operations Unit (FOU), Zone A of the Nigeria Customs Service (NCS), has intercepted illicit drugs and other prohibited substances with a combined duty-paid value of N3.951 billion along trans-border routes within its area of operations.

The seizures, which included thousands of parcels of cannabis, tramadol tablets, codeine syrup and crystal methamphetamine, were handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.

The Unit also seized four cylinders of high-grade mercury, weighing 34.5kg each, allegedly intended for use in illegal gold mining.

The mercury was subsequently handed over to the National Environmental Standards and Regulations Enforcement Agency (NESREA).

Addressing journalists at the Unit’s headquarters in Lagos on Thursday, September 3rd, 2026, the Controller of FOU Zone A, Comptroller Gambo Aliu, said the seizures were the outcome of intelligence-driven operations and sustained surveillance along the nation’s trans-border routes.

Among the narcotics seized were 5,669 parcels and 19 sacks of synthetic cannabis sativa weighing 3,116.9kg; three-and-a-half packs of ground cannabis (Skunk) weighing 3.45kg; two packs of granulated cannabis (Skunk) weighing 1kg; and 11 small packs of granulated cannabis weighing 0.35kg.

Others were 24 packets of Backwoods Russian Cream cigars weighing 0.5kg; 49 wraps of cannabis (Skunk) weighing 26.1kg; and one wrap of crystal methamphetamine weighing 0.35kg.

The Unit also intercepted 1,754 packs and 6,948 sachets of tramadol tablets in 225mg and 100mg variants, 1,200 Hypnox tablets of 1mg each, and 97 bottles of codeine syrup.

Comptroller Aliu said the latest enforcement operation was deliberately targeted at drug-trafficking syndicates operating within the Unit’s jurisdiction, stressing that the illicit movement of narcotics and other dangerous substances posed grave threats to public health, national security and the future of Nigerian youths.

He described the handover of the seized items to the relevant agencies as evidence of the growing operational synergy among government agencies in the fight against trans-border crime.

“Today’s event is a practical demonstration of the commitment of the Nigeria Customs Service to national security, public health, environmental safety and the economic well-being of Nigerians.

“It also reflects the importance of strategic partnership in the fight against smuggling and other forms of trans-border crime,” Aliu said.

According to him, the Customs Service would continue to strengthen the integrity of the nation’s supply chain while supporting the NDLEA in disrupting the movement of narcotics and other illicit goods across Nigeria’s borders.

“We are equally committed to providing relevant information and supporting further investigation whenever necessary,” he added.

Aliu explained that the formal transfer of the narcotics to the NDLEA would enable the agency to undertake the necessary forensic, investigative and prosecutorial processes in accordance with the law.

He added that the procedure would also ensure that the seized drugs were handled, stored and disposed of securely and professionally.

On the mercury seizure, the FOU Controller said its transfer to NESREA would enable the agency to take appropriate regulatory and environmental action, particularly given the use of mercury in illegal mining activities.

While assuring Nigerians that the crackdown on illicit traders and trans-border criminal networks would continue, Aliu said the Unit would simultaneously facilitate legitimate trade and sustain collaboration with sister agencies.

“I wish to commend the leadership and personnel of the NDLEA and NESREA for their cooperation and professionalism.

“I also appreciate the support of all sister security and regulatory agencies whose contributions continue to strengthen our collective efforts,” he said.

Aliu warned smugglers and criminal networks that the FOU Zone A would not relent in its enforcement responsibilities.

“Let me reiterate that the Federal Operations Unit will not relent in its responsibilities. We will continue to deploy intelligence-driven strategies, enhanced surveillance, effective patrols and robust enforcement operations to disrupt the activities of smugglers and criminal networks,” he declared.

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Economy

Oyebamiji, ex- NIWA boss, promises economic boom for Osun residents as he targets Dagbolu Dry Port, Free Trade Zone  to boost investment, jobs,SMEs

Members of maritime journalists coalition in a group photograph with Asiwaju Bola Oyebamiji

Funso Olojo Editor

The All Progressives Congress (APC) governorship candidate for Osun State, Asiwaju Munirudeen Bola Oyebamiji, has pledged to revive key economic assets, including the Dagbolu Dry Port, Osun Free Trade Zone, Ido-Osun Airport, Osun-Osogbo Grove and Oba Hills National Park, as part of a comprehensive strategy to reposition the state as a leading investment, industrial and tourism destination.

Oyebamiji, a former Managing Director of the National Inland Waterways Authority (NIWA), made the pledge on Saturday, August 1st, 2026 while receiving members of the Coalition of Maritime Journalists of Nigeria during a courtesy visit to his campaign office in Osogbo.

The visit was facilitated by the Waterfront Boat Owners and Transporters Association of Nigeria (WABOTAN) in recognition of Oyebamiji’s contributions to the development of Nigeria’s inland waterways sector during his tenure at NIWA.

Addressing the journalists, the APC standard-bearer in the August 15th governorship election in Osun state,unveiled his Osun Prosperity Agenda, themed “A Pact for Growth, Inclusion and Lasting Development,” describing it as a practical blueprint for accelerating economic transformation, promoting inclusive governance and delivering sustainable development across the state.

He said unlocking the economic potential of strategic assets such as the Dagbolu Dry Port, Osun Free Trade Zone, Osun-Osogbo Grove, Oba Hills National Park and the Ido-Osun Airport would stimulate commerce, expand tourism, attract domestic and foreign investments, strengthen entrepreneurship and create sustainable employment opportunities for the people of Osun.

According to him, reviving the Dagbolu Dry Port and the Osun Free Trade Zone would improve trade facilitation, enhance logistics services and position Osun as a competitive industrial and export hub within Nigeria.

“We will resuscitate strategic economic assets that have the capacity to transform Osun’s economy, stimulate private sector investment and create wealth for our people,” Oyebamiji said.

On poverty reduction and workers’ welfare, the APC candidate promised targeted social intervention programmes for vulnerable citizens while ensuring prompt payment of salaries, improved working conditions and the restoration of dignity within the public service.

He also pledged to tackle unemployment through public works programmes, enterprise support initiatives and strategic investments capable of generating sustainable jobs, particularly for young people.

To attract more investments, Oyebamiji said his administration would strengthen the Osun State Investment Promotion Agency, develop industrial parks with modern infrastructure, improve the ease of doing business and position Osun among Nigeria’s most attractive investment destinations.

He further assured micro, small and medium enterprises (MSMEs) of improved access to microcredit, grants and business development services, while expanding entrepreneurship and empowerment programmes for youths and women.

On education and healthcare, Oyebamiji promised to modernise educational infrastructure, recruit and train teachers, strengthen technical and vocational education, expand apprenticeship programmes and upgrade healthcare facilities across the state.

He added that strategic partnerships would be leveraged to advance universal health coverage and improve access to quality healthcare for all residents.

Reaffirming his commitment, Oyebamiji said the Prosperity Agenda represents a covenant with the people of Osun to deliver economic growth, social inclusion and lasting development through prudent leadership, strategic investments and private sector-driven development.

Speaking earlier, President of WABOTAN, Comrade Tope Fajemirokun, described Oyebamiji as a tested and result-oriented administrator whose achievements at NIWA demonstrated his capacity for effective governance.

Fajemirokun expressed confidence that, under Oyebamiji’s leadership, Osun State could emerge as a major player in Nigeria’s marine and blue economy by harnessing its tourism assets, including the Osun-Osogbo Grove and Erin-Ijesha Waterfalls, to drive maritime tourism, investment and economic growth.

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Economy

News Alert! Tinubu sacks Wale Edun as Finance Minister in cabinet reshuffle, appoints Taiwo Oyedele as replacement 

Funso OLOJO, Editor 
President Bola Ahmed Tinubu has carried out a major reshuffle exercise in his cabinet in which he dropped the Minister of Finance and the Coordinating Minster, Mr Wale Edun.
Taiwo Oyedele, who was recently appointed as the Minister of State for the Ministry, has now replaced the sacked Edun.
Also removed in the reshuffle exercise was the Minister of Housing and Urban Development, Ahmed Dangiwa.
A statement on Tuesday, April 21st, 2026,by the Special Adviser, Media and Publicity to the Secretary to the Government of the Federation, Yomi Odunuga, said the development was contained in a memo signed by the
Secretary to the Government of the Federation, George Akume.According to the memo, Taiwo Oyedele has been appointed as the new Minister of Finance and Coordinating Minister of the Economy.
Also appointed was Dr. Muttaqha Darma as Minister-designate for Housing and Urban Development.

The memo directed the outgoing ministers to complete handover processes to their respective successors or supervising officials.It stated that all handing over and taking over activities must be concluded on or before the close of business on Thursday, 23rd April, 2026.

Explaining the decision, Akume said the changes were aimed at improving coordination and strengthening delivery across key sectors of the economy under the Renewed Hope Agenda.

“These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda,” Akume stated.

He added that President Tinubu acted in line with his constitutional powers as provided under Sections 147 and 148 of the 1999 Constitution (as amended).

The SGF also conveyed the President’s appreciation to the outgoing ministers for their service to the nation and wished them well in their future endeavours, noting that the process of cabinet reinvigoration would remain continuous.

The statement further noted that Taiwo Oyedele was appointed as Minister of State for Finance in March 2026, while Edun was among the ministers appointed on August 16, 2023.

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