Dangote Petroleum Refinery has distanced itself from allegations of arbitrarily increasing petrol pump prices.

The refinery attributed the recent adjustment in the ex-depot price of Premium Motor Spirit to fluctuations in global crude oil prices.

This was contained in a press release titled “Increase in Pump Price Not From Us”, issued on Sunday by Anthony Chiejina, Group Chief Branding and Communication Officer.

The statement read: “The recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices.

“As crude oil remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.”

The refinery clarified that while its ex-depot price increased by 5%, from N899.50 to N950 per litre, the adjustment remains significantly lower than the 15% rise in global crude oil prices.

“Brent Crude rose from $70 to $82 in a matter of days, alongside the premium for Nigerian crude (approximately $3 per barrel). Despite this, we have kept our Single-Point Mooring (SPM) ex-vessel price steady at N895 per litre,” the statement added.

In a bid to shield consumers from the full impact of rising costs, Dangote Refinery disclosed it has absorbed approximately 50% of the cost increases caused by surging global crude oil prices.

The refinery’s partners, including Ardova, Heyden, and MRS Holdings, will retail petrol at a uniform price of N970 per litre across Nigeria.

“Without our intervention, the retail price of PMS could have risen to N1,150 or even N1,200 per litre in some locations. This demonstrates our unwavering commitment to affordability and quality, even in challenging times,” the statement explained.

To address concerns over price transparency, the company announced plans to publish its ex-depot, ex-vessel, and pump prices on a weekly basis.

“In the interest of transparency and good governance, consumers will now have access to accurate information to ensure they are not exploited,” the statement assured.

Additionally, the company expressed gratitude to President Bola Tinubu for introducing the Naira for Crude Initiative, describing it as “visionary.” Dangote Refinery noted that the initiative ensures consistent access to high-quality PMS for Nigerians while mitigating the effects of global oil market volatility.

The statement concluded with a reaffirmation of the company’s dedication to serving Nigerians.

“We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations,” it said.

The Punch

Africa’s Global Bank, United Bank for Africa (UBA) Plc has distributed over N41.8m in prizes to over 100 lucky customers in its just concluded UBA Legacy Promo series.

The promo which began last year, was specially designed by the bank to celebrate UBA’s rich legacy spanning over 75 years, as well as its long-standing commitment towards rewarding its loyal customers in a grand style.

The campaign, which was opened to several categories of Account holders including Bumper Account holders, Savings account, Kiddies & Teens Account holders as well as Nextgen account holders, also saw lucky customers winning other consolidation prizes including educational grants.

The winners were announced during the Grand Finale draw of the promo which held at the UBA Head-office, Marina, Lagos last Thursday and was witnessed by members journalists and representatives of relevant regulatory bodies including the National Lottery Regulatory Commission (NLRC), among other stakeholders.

In the Savings Account category, ten loyal customers walked away with N1,000,000 each. The lucky winners are: Olonade Funmilayo, Abdullahi Yunusa, Anibueze Augustine Chidozie, Ibironke Adedayo, Gilbert Godswill Pepple, Ekonmene Daniel Leghemo, Oligbo Francis Azuka, Liafeez Adebowale, Abiodun Bolanle Felicia, and Adamu Bappayo.

When contacted over the phone, one of the winners, Mr. Oligbo Francis Azuka, who won N1,000,000 in the savings account category expressed his surprise and excitement, stating that it was totally unexpected. He was however grateful to the bank for the gesture, adding: “I am deeply grateful and surprised by this reward from UBA. I honestly, didn’t expect this. I really appreciate the fact that UBA recognizes me. I am very grateful,” he stated.

The Bumper Category saw 10 people who emerged winners of N1,000,000 each. They are: Emem Christian Thompson, Lateefat Omotayo Waheed, Victoria Oluwaferanmi Adebusoye, Nkechinyere Agnes Okolo, Ibrahim Rabiu, Hammed Akande Idowu, Modester Chiadikobi Nwoke, Ajisafe Folashade Success, Thelma Ndubisi Enajiyerin, and Sunday Obaje.

20 lucky customers also received N500,000 each. They are: Ojo Goroye Banjo, Sandra Christopher Effiong, Femi Henry Idehen, Rashida Oiza Momohjimoh, Umar Usman, Joshua Chidera Nweke, Racheal Erhieyovwe, and Fatima Muhammed. Others include Ogbonna Edward, Eziuche Goodluck Chinyere, Lydia Bawa, Obiajulu Augustine Agwazia, Sale Barde, and Sikiru Morakinyo; Tajudeen Kareem Opeloyeru, Regina Queen Abeekaa, Isaac M. Ponfa, Mary Amos, Emmanuel Isa, and Amaechi Okoro.

Also in the bumper category another twenty customers got N250,000 each, while 10 lucky customers each won N100,000 each during the live draws.

In the NextGen category, Emmanuel Olakotan Oke, Sharon Oluwafunmilayo Ibitoye, Fortunate Izegboya Ijewemen, Anozie Janerose Chinelo, Maryam Zaharaddeen, Oluwakamikun Faidat Taiwo, Daniel Ayomikun Olawale, Ayomide Goodness Olowodara, Dennis Ogina Gbele, and Ofeoritse Jessica Waya each received N180,000 pocket money for a year.

The Kiddies and Teens category, also saw 20 young customers receiving N200,000 each in educational grants.

UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, who spoke at the event, emphasized the significance of the promotion in strengthening the relationship between the bank and its community.

He said, “UBA Legacy Promo is our way of saying thank you to our loyal customers who have trusted us over the years. As we celebrate 75 years of impact, we remain committed to deepening financial inclusion and providing innovative and customer-focused products and services. Our goal is to make banking more rewarding and life-changing, improving lives and building stronger communities.”

Over the past six months, from July till December 2024, UBA has through a series of draws; cluster, monthly, and quarterly draws, rewarded over 600 customers with prizes totaling more than ₦200 million. This remarkable initiative has created over 60 millionaires, highlighting the bank’s commitment to enriching the lives of its customers and promoting savings culture, as UBA continues to reaffirm its dedication to launching more impactful initiatives, ensuring customer satisfaction and financial well-being remain at the forefront of its operations.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

The Tony Elumelu Foundation (TEF), Africa’s leading champion of entrepreneurship, is pleased to announce that applications for its 2025 Entrepreneurship Programmes are now open. Aspiring and existing entrepreneurs from across Africa are invited to apply for a chance to receive world-class training, expert mentoring, and non-refundable seed capital funding to scale their businesses.

Programmes Open for Application:
1. Tony Elumelu Foundation (TEF) Entrepreneurship Programme: the flagship TEF Entrepreneurship Programme is open to all entrepreneurs across Africa with innovative business ideas or existing businesses not older than five years. This year, there is a special emphasis on businesses leveraging Artificial Intelligence (AI) and green initiatives. Applicants must be at least 18 years old.
2. IYBA-WE4A Entrepreneurship Programme: Launched by the Tony Elumelu Foundation in partnership with the European Union (EU) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), IYBA-WE4A stands for Investing in Young Businesses in Africa – Women Entrepreneurship for Africa and is exclusively for women entrepreneurs with green business ideas or existing green businesses in Senegal, Tanzania, Uganda, Cameroon, Kenya, Mozambique, Malawi, and Togo. Applicants must be at least 18 years old, with businesses not exceeding five years in operation.
3. Aguka Ideation Programme: The Aguka Ideation Entrepreneurship Programme is a partnership with the Tony Elumelu Foundation, UNDP Rwanda and the Rwandan Ministry of Youths and Arts to support young Rwandan entrepreneurs between 18 -30 with business ideas with a seed capital of $3000, with the aim of nurturing and developing innovative concepts into viable enterprises.

Application Details:
• Platform: Applications are to be submitted through TEF’s proprietary digital hub, TEFConnect.
• Application Period: January 1, 2025 – March 1, 2025. Applicants are encouraged to complete and submit their applications well ahead of the deadline.
• Eligibility: Open to African entrepreneurs with scalable business ideas or existing businesses not older than five years. Applicants must be at least 18 years old.

To learn more about the Tony Elumelu Foundation’s transformative work and the success of our African entrepreneurs. Explore our:
• Impact Report, which highlights the Tony Elumelu Foundation’s achievements and contributions to Africa’s economic growth.
• African Entrepreneurs’ Success Stories, showcasing the inspiring journeys of Tony Elumelu Entrepreneurs.
• Annual Reports, offering insights into the Tony Elumelu Foundation’s strategies and outcomes.

About the Tony Elumelu Foundation:
The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing women economic empowerment.
Founded in 2010, the Tony Elumelu Foundation is committed to empowering African entrepreneurs as a catalyst for the continent’s economic transformation.
Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has provided up to 2.5 million young Africans with access to training on its digital hub, TEFConnect, and disbursed over USD$100 million in direct funding to over 21,000 African women and men, who have collectively created over 800,000 direct and indirect jobs, and generated over USD$4.2 billion in revenue. The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

For More Information:
• FAQs: Click here for detailed answers to frequently asked questions are available on the TEF website.
• Contact: For more information, please contact moyo.awotile@tonyelumelufoundation.org.