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Economy

Dangote splashes N720bn on 4000 CNG- powered trucks, lifts 42m MSMEs

–as Presidency, stakeholders hail bold move
Funso OLOJO 
Dangote Petroleum Refinery has invested over N720 billion to implement its landmark initiative of deploying 4,000 Compressed Natural Gas (CNG)-powered trucks for the nationwide distribution of petroleum products, which is expected to save Nigerians over N1.7 trillion annually.
This bold step will see the privately-owned refinery absorb over N1.07 trillion annually in fuel distribution costs.
The initiative is also poised to significantly benefit over 42 million Micro, Small and Medium Enterprises (MSMEs) by reducing energy costs and enhancing profitability.
The initiative, which eliminates transportation costs for fuel marketers and large-scale consumers, is expected to help reduce pump prices and inflation.
From 15 August, Dangote will begin the direct delivery of petrol and diesel to filling stations, industrial facilities, and other high-volume consumers.
According to a statement from the refinery, it aims to meet Nigeria’s daily consumption of 65 million litres of refined petroleum products.
This includes 45 million litres of Premium Motor Spirit (PMS), 15 million litres of diesel, and 5 million litres of aviation fuel.
With the average logistics cost estimated at N45 per litre, the refinery will cover over N1.07trn annually in free distribution expenses.
Dangote Group is investing N720 billion in the acquisition of 4,000 CNG-powered trucks as well as the establishment of nationwide CNG ‘mother and daughter’ stations, among other infrastructure to implement the free distribution initiative.
This strategic programme forms part of Dangote’s broader commitment to eliminating logistics bottlenecks, enhancing energy efficiency, promoting environmental sustainability, and supporting Nigeria’s economic development.
 The company noted that lower fuel distribution costs will help reduce production costs, ease inflationary pressures, and stimulate economic growth.
The initiative is also expected to resuscitate dormant filling stations, fostering job creation in the process.
 Over 15,000 direct jobs are projected to be created across the logistics chain, including drivers, station managers, and attendants at the CNG stations.
The refinery also emphasised that this programme would help curb cross-border smuggling of petroleum products and support a more efficient and environmentally friendly distribution system.
Meanwhile, the Presidency has described the initiative as a pivotal moment in the Federal Government’s push to mainstream gas-powered transportation.
Commercial Coordinator of the Presidential Compressed Natural Gas Initiative (PCNGI), Tosin Coker, praised the move as a strong vote of confidence in Nigeria’s gas-fuelled future.
“Dangote Group’s acquisition of 4,000 CNG trucks is not only impressive in scale but also highly strategic,” he said.
 “It signals to the market that CNG is no longer a distant prospect but a current, practical solution to high energy costs, emissions, and supply chain challenges.
” PCNGI regards this as a milestone achievement in our efforts to accelerate gas-powered transport adoption.”
The Independent Petroleum Marketers Association of Nigeria (IPMAN) also commended the development, calling it a timely resolution to longstanding challenges in the downstream sector.
IPMAN’s National Publicity Secretary, Chinedu Ukadike, stated that the new model would significantly reduce logistical burdens for independent marketers by delivering more affordable fuel directly to filling stations.
“Our pipelines have been non-functional for years, yet nothing has been done to revive the infrastructure linking the country’s 21 depots.
“We’ve had to rely on expensive transport from coastal depots,” Ukadike said.
 “Dangote’s intervention lifts a huge burden off the shoulders of independent marketers.”
Development Economist and Policy Analyst, Professor Ken Ife, said the initiative would drive down the price of PMS and yield widespread benefits for Nigerians.
CEO, Financial Derivatives Company, Bismarck Rewane, dismissed concerns about the refinery becoming a monopoly, arguing that inefficiencies in the sector have been systemic and long-standing.
 He added that the scheme would help curb the parasitic role traditionally played by middlemen.
“What Dangote is doing achieves two key objectives: delivering products across the entire country at a uniform price by eliminating bridging costs, and significantly reducing logistics expenses through the use of CNG-powered trucks to reach every corner of the nation.
“In economic terms, middlemen—who typically do not invest—are often viewed as parasitic, extracting margins simply for distributing goods.
“Dangote is bypassing this layer by directly handling distribution and, notably, providing credit facilities to the retail end of the business,” he said.
Energy expert and co-founder of Dairy Hills, Kelvin Emmanuel, said Dangote’s decision to absorb logistics costs marks a turning point that could finally allow Nigerians to enjoy the benefits of local refining.
Energy analyst Ibukun Phillips described the move as “revolutionary”, suggesting it could reshape Nigeria’s energy sector by improving affordability and access, particularly in rural communities.
“Rural consumers, who typically pay more despite earning less, stand to benefit immensely.
“This could also revive abandoned filling stations and promote equitable distribution,” she explained.
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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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