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Dangote slashes petrol price to N860 per litre in Lagos

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petrol

 

Dangote Petroleum Refinery has announced a drop in the ex-depot (gantry) price of Premium Motor Spirit (PMS), often known as petrol, by N65.00, from N890 to N825 per litre, effective February 27th, 2025.

Under the new system, purchasers in Lagos will pay N860 per liter at MRS stations.

The price adjustment, according to Dangote was designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.

This marks the second price reduction of PMS in February 2025, following a previous decrease of N60.00 earlier in the month.

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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.

With the latest reduction, the management of the refinery said Nigerians will be able to purchase the 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.”

The company assured 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.

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It called on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.

 

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Lagos Traffic Jam: Explore Flexible Work Arrangements, Sanwo Olu Tells Lagosians

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Lagos State Governor Babajide Sanwo Olu has urged businesses and organizations across Lagos to explore flexible work arrangements, including remote work and hybrid models, pending the complete repairs of the Independence Bridge.

During the governor’s visit to the bridge this morning, Sanwo Olu noted that a temporary shift in work culture can go a long way in reducing traffic pressure and supporting our collective well-being.

He apologised to Lagosain for the inconvinences experienced on the road yesterday noting that the decison to fix the Independence Bridge was not made overnight.

” I sincerely apologise to all Lagosians for the severe traffic congestion experienced yesterday. I understand the frustration, delays, and disruption this has caused in your daily lives. As someone who also moves through this city, I feel your pain, and we do not take your patience and resilience for granted.”

“The decision to fix the Independence Bridge was not made overnight. This repair has been in the works for over three years, carefully planned to avert a potential disaster. The structural integrity of the bridge had deteriorated, and delaying this intervention any further would have put lives at risk.”

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” While this repair is necessary for the safety of all, I acknowledge the burden it has placed on commuters. We are working closely with all relevant agencies to improve traffic management, and find immediate solutions to ease the congestion.”

” I assure you that we are not just watching from the sidelines; we have deployed additional traffic monitoring officials and security personnel to ensure traffic flows freely.
I also want to urge businesses and organisations across Lagos to explore flexible work arrangements, including remote work and hybrid models. A temporary shift in work culture can go a long way in reducing traffic pressure and supporting our collective wellbeing.”

” Let us embrace innovative solutions that keep our city moving while we carry out critical infrastructure repairs. Together, we can build a more resilient, responsive, and liveable Lagos.
Lagosians, I ask for your continued patience and cooperation. Your safety remains our priority, and we are committed to ensuring that our city remains not only a hub of progress but also a place where infrastructure serves the people effectively.”

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PalmPay Unveils New Debit Card in Partnership with Verve, Marks Its Evolution into Full-Service Digital Banking

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PalmPay, one of Africa’s fastest-growing fintech platforms, today officially launched its new PalmPay Debit Card in partnership with Verve, Africa’s largest domestic card scheme.

This partnership reflects PalmPay and Verve’s shared commitment to driving financial inclusion by expanding access and delivering greater value across the digital payments ecosystem.

With over 35 million users and a network of 1.1 million agents and merchants across Nigeria, PalmPay is building one of the continent’s most dynamic fintech ecosystems. The launch of its debit card represents a key milestone in PalmPay’s transformation from a mobile wallet and agent network into a comprehensive digital financial services provider – offering integrated solutions for payments, savings, credit, insurance, and now, card access.
The PalmPay Debit Card is seamlessly integrated with the PalmPay wallet, combining the convenience of a traditional bank card with the speed and flexibility of a digital platform, and access to PalmPay’s unique financial ecosystem.

Key Features include:
Zero maintenance fees
Easy in-app application and nationwide delivery
Exclusive cashback and merchant rewards
Full wallet integration, including access to high-yield savings (up to 16% APR, paid daily)
Seamless offline and online payments across the Verve network
The card is accepted at all major payment terminals within Nigeria, offering both debit and contactless options. With this launch, PalmPay aims to redefine the everyday banking experience – making it more accessible, reliable, and rewarding.

Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a tailored offering for high-volume users. Benefits include:
A dedicated PalmPay Premium Card
Priority customer support
Higher transaction cashbacks and savings interest rates
Exclusive merchant rewards and advanced financial tools

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This premium service reinforces PalmPay’s commitment to empower users at every stage of their financial journey – from first-time account holders to high-earning professionals seeking more from their financial tools.
The PalmPay Debit Card was made possible through PalmPay’s strategic partnership with Verve, reinforcing both companies’ shared commitment to inclusive, locally relevant digital banking solutions.

“PalmPay is dedicated to using technology to broaden financial access,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “This collaboration enables us to offer secure, widely accepted payment cards integrated with the full power of PalmPay’s ecosystem. Together, we’re reshaping how Nigerians experience digital finance.”
Vincent Ogbunude, Managing Director of Verve International, added:

“We are proud to partner with PalmPay on this important milestone. Our alliance with PalmPay reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers.”

From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is building the financial infrastructure of the future – redefining digital banking to be more personalised, comprehensive and accessible to everyone.

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Tinubu dissolves NNPC board, replaces Kyari as GCEO with Ojulari, names Kida as new non-executive chairman

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• targets attracting $30bn investments by 2027, $60bn by 2030.
President Bola Tinubu in a bold move to reshape Nigeria’s oil and gas sector as well as restore investor confidence in a more commercially viable entity,
has dissolved the board of the Nigerian National Petroleum Company (NNPC) Limited, removing its chairman, Chief Pius Akinyelure, and Group Chief Executive Officer (GCEO), Mallam Mele Kolo Kyari.
The sweeping changes, effective April 2, 2025, were announced in a statement signed by Special Adviser to the President on Information and Strategy, Bayo Onanuga,
President Tinubu cited the need for enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC as the driving forces behind the decision.
Invoking his powers under Section 59(2) of the Petroleum Industry Act (PIA) 2021, he reconstituted the board with new leadership aimed at repositioning NNPC Limited for greater productivity and alignment with global best practices.
He appointed Ahmadu Kida as the new non-executive chairman of NNPC Limited. Kida, an oil industry veteran with extensive experience at Elf Petroleum and Total Exploration and Production, previously served as Deputy Managing Director of Deep Water Services at Total Nigeria. He also held a position as an Independent Non-Executive Director at Pan Ocean-Newcross Group. Beyond his oil industry career, Kida is known for his tenure as president of the Nigerian Basketball Federation.
Replacing Kyari as GCEO is Bashir Ojulari, a seasoned executive in Nigeria’s oil and gas sector. Ojulari’s career spans roles at Shell Petroleum Development Company of Nigeria and Renaissance Africa Energy Company. Notably, he led a consortium of indigenous energy firms in acquiring Shell’s equity holdings in Nigeria for $2.4 billion. His expertise includes petroleum engineering and strategic planning across Europe, the Middle East, and Nigeria.
The newly constituted 11-member board includes Adedapo Segun as Chief Financial Officer alongside six non-executive directors representing Nigeria’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). Mrs. Lydia Shehu Jafiya from the Federal Ministry of Finance and Aminu Said Ahmed from the Ministry of Petroleum Resources will also serve on the board.
President Tinubu also  set ambitious targets for the oil sector under his administration’s reforms.
By 2027, it aims to increase oil production to two million barrels per day and gas production to eight billion cubic feet daily. By 2030, these f
igures are expected to rise to three million barrels and ten billion cubic feet daily, respectively.
Additionally, NNPC’s crude oil refining capacity is projected to reach 200,000 barrels per day by 2027 and 500,000 barrels daily by 2030. President Tinubu envisioned attracting $30 billion in investments by 2027 and $60 billion by 2030.
To achieve these goals, Tinubu directed the new board to conduct a strategic portfolio review of NNPC-operated and joint venture assets to align operations with value maximization objectives. The restructuring also seeks to boost local content development and accelerate gas commercialization to diversify Nigeria’s energy resources.
President Tinubu expressed gratitude to outgoing board members for their service, particularly their efforts in rehabilitating refineries such as Port Harcourt and Warri. He wished them success in their future endeavors as his administration moves forward with its vision for a transformed oil and gas sector.
Daily Sun
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