Headlines
Dangote refinery explains hike in ex- factory price of PMS amidst global market volatility

– laments Nigeria’s crude expensive than brent benchmark price
Funso OLOJO, Editor
The on-going crisis in the Middle East occasioned by the United States of America (USA) and Israel attacks on Iran, has disrupted crude oil supply chain in the international market, thereby pushing up the price of the product.
In a statement by Dangote Petroleum Refinery & Petrochemicals, the conflict in the Middle East has led to the shutdown of some refineries and cut in refinery production across the world.
This, according to the company, is leading to a global scarcity of petroleum products.
China has banned export of gasoline and diesel but Dangote Refinery pledged that it will ensure that Nigeria is insulated from these supply shocks by prioritising supply to the domestic market.
“This is one of the many benefits of domestic refining” the company asserted.
The conflict has driven global crude and freight prices sharply higher, with benchmark Brent prices rising by about 26% within a short period to above $84.0 per barrel.
The petrochemical company explained that this reality makes it to readjust its ex- factory price of PMS by implementing “a measured adjustment of N100 per litre in its ex-depot price of Premium Motor Spirit, representing an increase of about 12 percent.”
Accordingly, the refinery claimed it has absorbed 20 per cent of the cost escalation, for now, to cushion the domestic market.
This is despite continuing to source crude at prevailing international market prices, whether purchased locally or from foreign suppliers.
The company lamented that Nigerian crude oil is more expensive than the Brent benchmark price by $3 to $6 per barrel.
“After adding freight of $3.50 per barrel, crude oil will be landing in our tanks between $88 and $91 per barrel.
” For context, crude oil was landing our tanks at about $68 per barrel when our ex-depot price was N774/litre.
“Furthermore, while we receive about five cargoes a month from NNPC which we pay for in Naira, these cargoes are priced at international market prices + Premium and fall short of the 13 cargoes which we require to support sales into Nigeria.
” We therefore, end up procuring foreign exchange at open market rates to pay for crude cargoes purchased from local and international traders.
” The high crude cost is compounded by the fact that Nigeria upstream producers have failed to supply crude oil to the refinery as required under the PIA, forcing us to source a substantial portion through international traders who charge an additional premium.
“As a private enterprise operating in a deregulated environment, Dangote Petroleum Refinery has remained responsive and has made significant sacrifices by aligning pricing with market realities to ensure sustainability, particularly as it sources all its crude at prevailing international market prices, whether locally or from foreign suppliers.
” Selling below cost would undermine its ability to procure crude, sustain production and guarantee uninterrupted supply to Nigerians.
“Despite these pressures, local refining at this scale continues to reduce exposure to international supply disruptions, moderate foreign exchange demand and protect the country from severe shortages during periods of global instability.
“The refinery is also accelerating deployment of Compressed Natural Gas-powered trucks to cushion the impact of global shocks, enhance nationwide distribution efficiency, reduce logistics costs and improve delivery timelines across the downstream sector.
” The rollout is scheduled to commence this month.
“We remain committed to transparency, operational excellence and the long-term objective of securing sustainable energy security and stability for Nigeria at an affordable cost” the refinery assured.
reassures Nigerians of its unwavering commitment to serving as a stabilising force amid recent shocks in the international oil market.
Customs
Customs, NDLEA bust major drug syndicate, seize 9 containers of illicit goods worth N53.39 Billion at Apapa port

Funso OLOJO and Gloria Odion
The Nigeria Customs Service (NCS), in collaboration with the National Drug Law Enforcement Agency (NDLEA), has recorded a major breakthrough in the fight against illicit trade with the interception of nine containers laden with narcotics, expired pharmaceutical products and falsified medicines valued at N53.391 billion at the Apapa Port in Lagos.
Speaking during the unveiling of the seizures on Wednesday, July 1st, 2026, the Comptroller-General of Customs, Adewale Adeniyi, said the operation was made possible through intelligence sharing, inter-agency collaboration and the deployment of non-intrusive inspection technology.
According to Adeniyi, the containers, which initially appeared to contain legitimate imports, were subjected to detailed intelligence analysis and verification that exposed sophisticated concealment methods used by the syndicate.
The seizures comprised:
A 40-foot container (CAAU7569127) containing 3,639 parcels of Cannabis Sativa (Canadian Loud) weighing 1,819.5 kilograms, concealed alongside three imported vehicles and assorted automobile spare parts.
Another 40-foot container (HAMU3246311) conveying 9,918 sachets of Cannabis Sativa weighing approximately 4.95 metric tonnes, hidden with two imported vehicles and household items.

A 40-foot container (MRKU3816476) loaded with 1,700 cartons (170,000 bottles) of Codeine Syrup, concealed with 38 cartons of insulated casserole dishes.
Another container (TGBU5399178) containing 1,698 cartons (169,800 bottles) of Codeine Syrup, hidden inside 36 cartons of casserole products.
Container HASU4519480 carrying 1,300 cartons of expired pharmaceutical products, including Tramadol (Timakadol).
Container MRKU4961275 containing 1,269 cartons of expired pharmaceutical products, including Oxytocin injections, Mexclor Eye Drops and Carbamazepine tablets (Termigral brand).
Container PCIU8771576 conveying expired pharmaceutical products, including Cloxicillin capsules, Cynamine Vitamin B12 injections and Becoline B-Complex injections.
A 20-foot container (MRKU6964435) loaded with Piccan Teething Powder.
Container TCKU7000791 carrying 1,100 packages of CHACOLD Chlorpheniramine Maleate Capsules bearing a fake NAFDAC registration number (04-6646) and an expiry date of December 2028.
Adeniyi explained that the narcotic consignments would be handed over to the National Drug Law Enforcement Agency (NDLEA), while the expired and falsified pharmaceutical products would be transferred to the National Agency for Food and Drug Administration and Control (NAFDAC) for further investigation, regulatory action and safe disposal.
“In accordance with the Nigeria Customs Service Act, 2023, narcotic drugs falling within the statutory jurisdiction of the NDLEA will today be formally handed over to the Agency for further investigation and prosecution.
“Similarly, expired pharmaceutical products will be transferred to NAFDAC for regulatory action and safe disposal.
“The remaining goods shall remain in the custody of the Nigeria Customs Service for seizure, forfeiture, condemnation, revenue recovery and other enforcement actions as provided by law,” the CGC stated.
He stressed that the seizures represented far more than their monetary value.
“These seizures represent far more than monetary value. They represent lives protected, families preserved, communities secured and countless young Nigerians shielded from the devastating consequences of drug abuse and unsafe medicines,” Adeniyi said.
The Customs boss commended officers and men of the Apapa Area Command for their professionalism, vigilance and dedication, while also praising the sustained collaboration among the NCS, NDLEA, NAFDAC and other security agencies.
“We shall continue to intercept, expose and prosecute all those who threaten our economy, compromise public health or undermine the security of our nation.
“Together with our partner agencies, we remain steadfast in protecting our borders, facilitating legitimate trade, preserving the health of our citizens and securing the future of our country,” he added.
The Chairman/Chief Executive of the NDLEA, Buba Marwa, disclosed that the interception of 6,778.5 kilograms of Canadian Loud was the outcome of a painstaking intelligence-driven operation undertaken by the agency’s Special Investigation Unit and Marine Intelligence Unit in collaboration with foreign partners, particularly the Royal Canadian Mounted Police.
According to Marwa, intelligence gathering and surveillance lasted for more than four months before the containers were intercepted.
“Over four months, actionable intelligence was carefully developed, and our marine surveillance officers tracked the vessels and containers throughout their journey until both were successfully intercepted,” he said.
The operation underscores the growing effectiveness of inter-agency cooperation and international intelligence sharing in disrupting transnational drug trafficking networks and preventing dangerous narcotics and counterfeit medicines from reaching the Nigerian market.
Customs
Wale Adeniyi, CGC, bags one-year tenure extension as WCO Council Chairman

Funso OLOJO, Editor
Few days after President Bola Ahmed Tinubu extended the tenure of the Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, by an additional six months, the World Customs Organization (WCO) has also renewed his tenure as Chairman of its Council for another one year.
The decision was unanimously endorsed by member countries during the 147th and 148th sessions of the WCO Council held in Brussels, Belgium, reaffirming the confidence of the global customs community in Adeniyi’s leadership.
Addressing members of the NCS management team who gave him a rousing welcome on his return to Nigeria on Monday, June 29, 2026, Adeniyi revealed that he had travelled to Brussels expecting to hand over the chairmanship but was instead entrusted with another one-year mandate.
“I sincerely appreciate your support. I went to Brussels believing I was going to hand over, but the outcome was different. The Council renewed my tenure for another one year, and I dedicate this achievement to the entire Nigeria Customs Service,” he said.
Adeniyi made history in June 2025 when he became the first Nigerian to be elected Chairman of the WCO Council, the highest decision-making body of the global customs organisation.
The renewal of his international mandate comes just days after President Tinubu approved a six-month extension of his tenure as Comptroller-General of Customs, a development widely seen as a strong endorsement of his leadership, reform initiatives and outstanding performance both nationally and internationally.
In recognition of the milestone, the NCS management team presented the Comptroller-General with a symbolic souvenir to celebrate his exemplary leadership and contributions to the transformation of the Service.
Responding to the gesture, Adeniyi expressed appreciation to the management team for their unwavering support, describing the honour as a reflection of the unity, professionalism and shared commitment that exist within the Nigeria Customs Service.
The renewed confidence reposed in him by both the Federal Government and the international customs community is expected to further strengthen the Nigeria Customs Service’s ongoing reform agenda, deepen global partnerships, enhance trade facilitation and reinforce Nigeria’s growing influence in international customs administration.
Customs
Wale Adeniyi,CGC, bags tenure extension as WCO Chairman

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