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BusinessI Don’t Intend To Acquire Filling Stations—dangote Declares by modgba(op): 7:44pm On Sep 17, 2025
By Aduragbemi Omiyale

Africa’s richest man, Mr Aliko Dangote, has emphasised that he has no plans to play in the retail petroleum market at the moment, saying his major focus is to ensure the country continues to enjoy sufficient supply of petroleum products, ending 50 years of fuel queues.

Speaking at a press conference to mark the first anniversary of the launch of premium motor spirit (PMS), commonly called petrol, from his Lagos-based crude oil refinery, the businessman noted that he declined opportunities to acquire filling stations when they were offered for sale.


There had been fears that Mr Dangote could venture into the retail end of the petroleum industry by acquiring petrol stations to compete with others.

At the moment, he only supplies petroleum products to existing players in the sector, with the prominent off-takers being MRS Oil Nigeria, a company believed to be owned by a relative of Mr Dangote, Mr Sayyu Dantata.

The others buying petroleum products from Dangote Refinery include Ardova Plc, Heyden, Heyde, Optima, and Techno Oil.


Mr Dangote has been having issues with some stakeholders in the industry because of his decision to supply the products directly to consumers, especially petrol stations across the country.

He acquired about 4,000 CNG-powered trucks to lift petroleum products from his refinery to filling stations and others consuming a significant volume of the products.

The businessman said the company’s CNG truck drivers could apply for and get a housing loan after five years of working and not being involved in any accident and that it is optional for them to join any of the labour unions.

“We are not trying to take anybody out of the market. These trucks that we launched didn’t stop anybody from their work…You are saying there will be a loss of jobs, will our own tankers be driven by robots?… We have not displaced any jobs; we are creating many more…Our employees earn salaries three times the minimum wage. Our drivers receive a living wage, life insurance, health insurance covering themselves, their spouses, and up to four children, as well as a lifelong pension. We are not only employing drivers but also mechanics, fleet managers, and other professionals to support the CNG fleet,” he stated.

https://businesspost.ng/economy/i-dont-intend-to-acquire-filling-stations-dangote-declares/
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 6:37pm On Dec 05, 2020
PoliticsFG Threatens To Sanction Discos Selling Prepaid Meters by modgba(op): 2:12pm On Dec 04, 2020
By Adedapo Adesanya

The federal government has said it will sanction any electricity distribution company or its representatives selling meters or asking Nigerians to pay money to get the item.

The Special Adviser to the President on Infrastructure, Mr Ahmed Zakari, gave the warning at a stakeholders’ engagement on electricity tariff organised by the FGN/NLC-TUC Ad-hoc Committee.

Mr Zakari said, “We have made it clear through the regulator’s direct order as well as the intervention from the Ministry of Power that these meters are to be provided to Nigerians at no cost.

“Even for meters that will be paid for through the MAP, there is a directive from the regulator to the discos that they need to find a way to reimburse citizens over time.

“If we find any disco or its representatives selling these meters or exploiting Nigerians to be able to get them, we will sanction such disco.”

According to him, the presidential directive is that meters should be made available to Nigeria free of charge and that they must be produced locally in order to create jobs and revive the electricity industry.

“Though it is our belief that everyone will be obliged to do the right thing, we will still be vigilant and monitor developments,” Mr Zakari said.

In his address, the Minister of State for Power, Mr Festus Keyamo, said that the committee had been working to achieve an equilibrium figure that would reflect the true price and value for the service of the electricity consumed.

“We are not working from an answer to a question but from the question to an answer.

“To ask if there will be an increase or a decrease is premature. What we are doing is an honest and open fact-finding. We want to question the rationale for the service reflective tariff,” he said.

According to Mr Keyamo, the aim is to ensure that consumers are not strangulated by unnecessary exploitative tendencies of the discos and that the discos are also kept afloat so that they can employ more workers and deliver quality service to Nigerians.

“We are not saying service delivery will automatically mean a price increase. We are only saying there should be an acceptable equilibrium figure that everybody will be happy about.

“And that means that the discos can be kept afloat to deliver services without having to go and look for money to subsidise their operations.

“It is also to ensure that the ordinary consumer is not cheated but is made to pay the actual price for the service being rendered and that is why it is called service reflective tariff,” he said.

The minister further said that whatever consensus reached at the end of the day would form the agreement between the government and labour as far as electricity was concerned.

Also speaking, the representatives of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), Messrs Oroho’omhen Ebhommhen and Joe Ajaero respectively, said that the committee would address issues raised by the consumers and ensure that issues on electricity tariff were resolved amicably.

In his remarks, Mr John Ayodele, the acting Managing Director of IBEDC, said that the issue of banding was being fine-tuned, notwithstanding the current challenges.

Some of the electricity consumers, who spoke at the event, identified estimated billings and lack of meters as part of the major challenges facing the sector.

https://businesspost.ng/general/fg-threatens-to-sanction-discos-selling-prepaid-meters/
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 5:47pm On Dec 03, 2020
Seplat Fumes After Access Bank Seals Lagos HQ Loan Default
https://businesspost.ng/economy/seplat-fumes-after-access-bank-seals-lagos-hq-over-loan-default/

Stock Investors Prepare for Implementation of 0.08% Stamp Duty on Trades
https://businesspost.ng/economy/stock-investors-prepare-for-implementation-of-0-08-stamp-duty-on-trades/

Asset Managers Mop up United Capital N15bn Commercial Papers at 1.26%
https://businesspost.ng/economy/asset-managers-mop-up-united-capital-n15bn-commercial-papers-at-1-26/

It’s Wrong for FG to Spend Investors’ Unclaimed Dividends—Lawmaker
https://businesspost.ng/economy/its-wrong-for-fg-to-spend-investors-unclaimed-dividends-lawmaker/

FG Threatens to Sanction DisCos Selling Prepaid Meters
https://businesspost.ng/general/fg-threatens-to-sanction-discos-selling-prepaid-meters/

SEC, SON Move to Stop Rejection of Nigerian Commodities Abroad
https://businesspost.ng/economy/sec-son-move-to-stop-rejection-of-nigerian-commodities-abroad/
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 3:22pm On Dec 02, 2020
Investor Begs CBN for More Time to Conclude Resort Savings Recapitalisation
https://businesspost.ng/economy/resort-savings-recapitalisation-investor-begs-cbn-for-more-time/

CBN Converts Debited Banks’ Excess CRR to Special Bills
https://businesspost.ng/banking/cbn-converts-debited-banks-excess-crr-to-special-bills/

Tantalizers Declares N245m Loss in Nine Months
https://businesspost.ng/economy/tantalizers-declares-n245m-loss-in-nine-months/

Underwriters Get NAICOM's Permit for Micro-Insurance Services
https://businesspost.ng/economy/firms-get-naicoms-permit-for-micro-insurance-services/

Naira Depreciates at I&E on 379.6% Jump in FX Demand
https://businesspost.ng/economy/naira-depreciates-at-ie-on-379-6-jump-in-fx-demand/

Third Editor of Business Day in Five Years Patrick Atuanya Resigns
https://businesspost.ng/jobs/third-editor-of-business-day-in-five-years-patrick-atuanya-resigns/
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 4:11pm On Dec 01, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 5:58am On Nov 30, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 5:14pm On Nov 26, 2020
InvestmentRe: Treasury Bills In Nigeria by modgba: 10:10pm On Nov 25, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 7:09pm On Nov 25, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 4:01pm On Nov 24, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 2:49pm On Nov 23, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 2:02pm On Nov 20, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 10:21am On Nov 19, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 11:42am On Nov 17, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 6:05pm On Nov 16, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 5:23pm On Nov 13, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 6:10pm On Nov 09, 2020
Demand for Transcorp Stocks Surges After Purchase of Afam Power
https://businesspost.ng/economy/demand-for-transcorp-stocks-surges-after-purchase-of-afam-power/

University Press Sees Future in e-Book Publishing, But Identifies Key Threats
https://businesspost.ng/economy/university-press-sees-future-in-e-book-publishing-but-identifies-key-threats/

Stanbic IBTC, Dangote Cement Shine at 2020 FMDQ GOLD Awards
https://businesspost.ng/economy/stanbic-ibtc-dangote-cement-shine-at-2020-fmdq-gold-awards/

Access Bank Invests in Technology to Boost Nigeria’s Economy
https://businesspost.ng/banking/access-bank-invests-in-technology-to-boost-nigerias-economy/

Nigerian Youth, Social Media and the Gathering Storm
https://businesspost.ng/featureoped/nigerian-youth-social-media-and-the-gathering-storm/

Ecobank Emerges Best Retail Bank in Nigeria
**Assures Deployment of Robust Digital Platforms for Better Customer Experience
https://businesspost.ng/economy/ecobank-emerges-best-retail-bank-in-nigeria/
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 4:01pm On Nov 05, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 1:24pm On Aug 06, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 7:51am On Aug 06, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 6:00pm On Aug 05, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 7:13am On Aug 04, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 6:12pm On Aug 03, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 2:07pm On Jul 31, 2020
InvestmentRe: Treasury Bills In Nigeria by modgba: 5:50pm On Jul 30, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 7:11pm On Jul 29, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 4:43pm On Jul 28, 2020
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by modgba: 5:46pm On Jul 27, 2020

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