Business
Crude price hike: Dangote alleges IOCs frustrating refinery
Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, has accused International Oil Companies in Nigeria of plans to frustrate the survival of the new Dangote Oil Refinery and Petrochemicals.
Edwin said the IOCs were “deliberately and willfully frustrating” the refinery’s efforts to buy local crude by hiking the cost above the market price, thereby forcing the refinery to import crude from countries as far as the United States, with its attendant high costs.
Speaking to journalists at a one-day training programme organised by the Dangote Group on Friday, Edwin also accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority of granting licences indiscriminately to marketers to import dirty refined products into the country.
According to Edwin, the Federal Government issued 25 licences for the construction of refineries in Nigeria, but only the Dangote Group delivered on its promise.
While calling for the government’s support, the vice president noted that more than 3.5 billion litres of diesel and aviation fuel had been exported to Europe by the refinery in the past few months.
The exported fuel, it was said, represented about 90 per cent of its production.
“The Federal Government issued 25 licences to build refineries and we are the only one that delivered on our promise. In effect, we deserve every support from the government. It is good to note that from the start of production, more than 3.5 billion litres, which represents 90 per cent of our production, have been exported. We are calling on the Federal Government and regulators to give us the necessary support to create jobs and prosperity for the nation,” Edwin stated.
He added that though the Nigerian Upstream Petroleum Regulatory Commission was trying its best to allocate crude oil for the 650,000-capacity refinery, “the IOCs are deliberately and willfully frustrating our efforts to buy the local crude.”
The Dangote official said the IOCs sometimes made the refinery pay $6 over and above the market price, saying this has forced the company to reduce its output as well as import crude from countries like the United States at a higher cost.
He said, “Recall that the NUPRC recently met with crude oil producers as well as refineries’ owners in Nigeria, in a bid to ensure full adherence to Domestic Crude Oil Supply Obligations as enunciated under section 109(2) of the Petroleum Industry Act. It seems that the IOCs’ objective is to ensure that our petroleum refinery fails. It is either they are deliberately asking for a ridiculous/humongous premium or they simply state that crude is not available. At some point, we paid $6 over and above the market price. This has forced us to reduce our output as well as import crude from countries as far as the US, increasing our cost of production.
“It appears that the objective of the IOCs is to ensure that Nigeria remains a country which exports crude oil and imports refined petroleum products. They (IOCs) are keen on exporting the raw materials to their home countries, creating employment and wealth for their countries, adding to their Gross Domestic Product, and dumping the expensive refined products into Nigeria – thus making us to be dependent on imported products. It is the same strategy the multinationals have been adopting in every commodity, making Nigeria and Sub-Saharan Africa to be facing unemployment and poverty, while they create wealth for themselves at our expense.”
“This is exploitation – pure and simple. Unfortunately, the country is also playing into their hands by continuing to issue import licences at the expense of our economy and at the cost of the health of the Nigerians who are exposed to carcinogenic products.”
It was said that even though Dangote is producing and bringing diesel into the market, complying with the regulations of the Economic Community of West African States, “licences are being issued, in large quantities, to traders who are buying the extremely high sulphur diesel from Russia and dumping it in the Nigerian market.”
Edwin explained, “Since the US, European Union and the United Kingdom imposed a price cap scheme from February 5, 2023, on Russian petroleum products, a large number of vessels are waiting near Togo with Russian ultra-high sulphur diesel and they are being purchased and dumped into the Nigerian market.
“Some of the European countries were so alarmed about the carcinogenic effect of the extra high sulphur diesel being dumped into the Nigerian market that countries like Belgium and the Netherlands imposed a ban on such fuel being exported from its country, into West Africa recently. Sadly, the country is giving import licences for such dirty diesel to be imported into Nigeria when we have more than adequate petroleum refining capacity locally.”
He recalled that in May, Belgium and the Netherlands adopted new quality standards to halt the export of cheap, low-quality fuels to West Africa, harmonising its standards with those of the European Union.
These measures, according to Edwin, synchronised fuel export standards with the European domestic market, specifically targeting diesel and petrol with high sulphur and chemical content.
Historically, he recounted that these fuels with sulphur content reaching up to 10,000 ppm, were exported at reduced rates to countries like Nigeria and other West African consumers.
He mentioned that Belgium’s Minister of Environment, Zakia Khattabi, announced that his country followed the Netherlands, which in April 2023 also prohibited the export of low-quality petrol and diesel to West Africa via the ports of Amsterdam and Rotterdam.
He quoted Khattabi as saying, “For far too long toxic fuels have been departing from Belgium to destinations including Africa. They cause extremely poor air quality in countries such as Ghana, Nigeria, and Cameroon and are even carcinogenic.”
Edwin narrated that a September 2017 investigation by an international organisation, Public Eye, revealed that polluted and toxic fuels were being exported on a large scale from the ports of Rotterdam and Amsterdam for export to African markets.
He reiterated that as much as a quarter of the petrol and diesel available in West Africa originated from the ports of Amsterdam, Rotterdam, and Antwerp, stressing that these fuels contain sulphur and other pollutants, such as cancer-causing benzene, in quantities up to 400 times the limits permitted in Europe.
Edwin fumed, “The decision of the Nigerian Midstream and Downstream Petroleum Regulatory Authority in granting licenses indiscriminately for the importation of dirty diesel and aviation fuel has made the Dangote refinery expand into foreign markets. The refinery has recently exported diesel and aviation fuel to Europe and other parts of the world. The same industry players fought us for crashing the price of diesel and aviation fuel, but our aim, as I have said earlier, is to grow our economy.”
He noted that because the refinery meets the international standard as well as complies with stringent guidelines and regulations to protect the local environment, it has been able to export its products to Europe and other parts of the world.
While appealing to the Federal Government and the National Assembly to urgently intervene for speedy implementation of the PIA and to ensure the interest of Nigeria and Nigerians are protected, he remarked, “Recently, the government of Ghana, through legislation has banned the importation of highly contaminated diesel and PMS into their county.
“It is regrettable that in Nigeria, import licences are granted despite knowing that we can produce nearly double the amount of products needed in Nigeria and even export the surplus. Since January 2021, ECOWAS regulations have prohibited the import of highly contaminated diesel into the region.”
The PUNCH reports that the President of the Dangote Group, Aliko Dangote, had recently accused some powerful individuals of frustrating his refinery, adding that the IOCs were denying him access to crude oil.
“In a system where, for 35 years, people are used to counting good money, and all of a sudden, they see that the days of counting that money have come to an end, you don’t expect them to pray for you. Of course, you expect them to fight back.
“And I think that is the process that we’re now really going through. But the truth is that, yes, the country, the sub-region, and also the continent, of sub-Saharan Africa, need this refinery. So, you expect them to fight through non-supply of crude, non-purchase of the product, but I think it’s all temporary. We’ll get there,” Aliko added.
Dangote recalled that he was once persuaded by a former Minister of Energy in Saudi Arabia, Khalid Al-Falih, to shelve the idea of building a refinery. However, he said he told the former minister that he did not need his advice.
“Four years ago, I was in Saudi Arabia during the fasting period, and I was invited for the breaking of the fast, Dr Falih, who used to be the Minister of Energy invited me to come and break the fast with him and I went there. He just said, ‘Aliko, I heard that you’re planning on building a refinery, what capacity?’ I said 650,000. He kept quiet for a while and said, ‘You know just about 120km from Mecca, we are building one and I think I would like you to go and have a look. We as Saudi Aramco, are facing a lot of challenges and, we are proceeding with it, but my advice to you is not to do it because normally, refineries are built by major oil corporations or sovereign countries.’
“I said, ‘But Your Excellency, unfortunately, we have already started, so I’m not looking for advice.’ That was really how we continued,” he recounted.
Dangote revealed that both local and international cartels, which he described as “mafia”, made repeated attempts to sabotage the $19bn refinery project located in Lagos.
“Well, I knew that there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs. I can tell you that. Yes, it’s a fact,” he said.
Dangote, who described himself as a fighter, said they tried all sorts to stop him.
“As a matter of fact, during the COVID period, some of the international banks were looking forward to making sure that they push us into default of our loans so that the project would just be dead. And that didn’t happen with the help of banks like Afreximbank,” it was stated.
The PUNCH reports that despite its huge crude oil reserves, Nigeria still depends heavily on imported refined fuel.
But Dangote recently said Nigeria would no longer import any fuel by the time he begins the sale of PMS in the third week of July.
Efforts to get the IOCs to react to the development through the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry were unsuccessful.
The Director-General, LCCI, Chinyere Almona, had yet to respond to a text sent to her on the matter up till when this report was filed after her phone number remained unreachable.
Also, the spokesperson of NMDPRA, George Ene-Ita, requested details about the claims of the Dangote official when contacted. This was sent to him, but he had yet to send a response up till when this report was filed.
Source: The Punch
Despite the significant challenges and hardships that Nigerians are currently experiencing as a result of various economic policies, recent developments indicate that some positive shifts are starting to emerge within the market.
The recent appreciation of the Naira reflects a broader trend of market stabilization that may be yielding beneficial outcomes, despite the ongoing economic struggles faced by the population.
Specifically, the Nigerian Naira achieved a notable milestone by closing at ₦1,421.73 per U.S. dollar on Friday during trading at the official Investors and Exporters (I&E) window. This marks its strongest position since early February, showcasing a dramatic turnaround from the currency’s previous volatility observed earlier this year.
The 1.07% gain or ₦15.23, against Tuesday’s rate of ₦1,436.97 extends a five-day rally that has shaved nearly 2.2% off the dollar’s value in just one week, signaling renewed investor confidence in Africa’s largest economy.
Central Bank of Nigeria (CBN) data underscores the momentum: The Naira opened Monday at ₦1,452.79, dipped slightly to ₦1,448.20 on Tuesday, and climbed to ₦1,444.42 by Wednesday before accelerating to Friday’s peak.
This trajectory mirrors gains in the parallel market, where the local currency traded between ₦1,479 and ₦1,490 per dollar, down from highs above ₦1,500 just two weeks ago.
Trading volumes surged 12% week-on-week at the official window, reflecting heightened foreign inflows and reduced dollar demand amid stabilizing global oil prices.
Economists are hailing the uptick as a “turning point” for Nigeria’s battered currency, which lost over 70% of its value against the dollar in 2024 amid fuel subsidy cuts and foreign reserve drains.
Nigeria’s delisting from the Financial Action Task Force (FATF) “grey list” on October 24, after three years of compliance hurdles on anti-money laundering, has been a game-changer, analysts say.
The move restores access to international capital markets, slashing compliance costs for banks by up to 20% and drawing in $1.2 billion in fresh FDI pledges within days.
The rally’s broader implications are profound. Inflation, which peaked at 34.2% in June, eased to 28.1% last month, buoyed by cheaper imports and a 5% drop in food prices.Groceries
The sharp increase in cooking gas prices in Nigeria is significantly jeopardizing the nation’s clean energy transition efforts.
As prices soar beyond what many households can afford, experts caution that millions of Nigerians are turning back to firewood and charcoal.
This trend not only threatens environmental sustainability but also poses serious risks to public health.
Field interviews by Nairametrics across Abuja’s Karu, Mararaba, Nyanya, and Gwarimpa areas reveal that Liquefied Petroleum Gas (LPG), popularly known as cooking gas, has recorded a steep price increase in recent weeks.
As of late October, a 12.5kg cylinder that sold for between N9,000 and N10,000 in early September now costs between N15,000 and N16,500, depending on the area. At A.A Rano filling station along the Keffi–Abuja Expressway, LPG retailed at N1,200 per kilogram, while outlets like Onas Gas in Nyanya charged as high as N1,600/kg.
In Lagos, price fluctuations have also been pronounced. Earlier in October, residents paid between N2,500 and N3,000 per kilogram.
However, recent checks show a partial decline, with rates in Apapa, Ketu, Fadeyi, Somolu, Bariga, and Surulere averaging between N1,300 and N1,500 per kilogram.
Filling stations along Ikorodu Road, Palmgrove, Anthony, and Apapa now sell between N1,100 and N1,300/kg. Consequently, the cost of refilling a 12.5kg cylinder dropped from about N27,500 to around N20,500 as of October 27.
Small businesses and food vendors bear the brunt
The rising prices have hit food vendors and small restaurant owners particularly hard. Mrs. Blessing Ogar, a food vendor in Mararaba, lamented that cooking gas, once considered the cheapest and cleanest option, has now become a luxury.
“I tried to return to using charcoal, but even that is becoming expensive,” she said.
Similarly, Ms. Esther, another vendor in Gwarimpa, said she recently paid N18,125 to refill her 12.5kg cylinder, a sharp increase from N15,000 previously.
“Customers will leave if I raise my prices too much. At this point, profit margins are disappearing,” she added.
For civil servants and low-income earners, the impact has been equally distressing. Mr. Musa Abdul, a resident of Nyanya, said,
“I used to fill my cylinder with N8,500 last year. Now it’s N15,000. How are ordinary people supposed to survive this?”
Retailers defend price hike
Meanwhile, gas retailers insist they are not responsible for the surge, attributing the increases to higher depot and transportation costs.
“If I get gas from the depot at N1,000, I can’t sell it at that same price. We sell what we buy,” explained Mr. John Okafor, a retailer in Nyanya.
He noted that the cost of refilling a truckload of gas has risen dramatically, threatening the survival of small operators.
“Transportation and depot charges are killing small businesses. Without government support, many of us will close shop,” he warned.
Some other gas retailers also shared similar sentiments in Mararaba axis.
Experts call for FG’s urgent intervention
Energy and environmental experts have warned that the persistent rise in Liquefied Petroleum Gas (LPG) prices could jeopardize Nigeria’s clean cooking and energy transition goals, which aim to ensure that at least 30 million households adopt cleaner cooking fuels by 2030.
Dr. Bala Zakka, an energy analyst, said the situation reflects a deeper structural failure in Nigeria’s gas policy.
“It is tragic that a country with over 200 trillion cubic feet of proven natural gas reserves is still struggling to make LPG affordable for its citizens,” he said.
“Without strong government intervention, Nigeria’s energy transition targets will become unrealistic.”
Dr. Nnimmo Brimah, an environmental analyst at Nasarawa State University, noted that Nigeria’s over-reliance on imported LPG and poor investment in local gas processing are major contributors to the crisis.
“Despite having one of the largest natural gas reserves in Africa, Nigeria continues to depend on imports for domestic consumption. This is both unsustainable and economically reckless,” Bassey said.
He urged the Federal Government to accelerate investment in domestic gas infrastructure, promote modular LPG plants, and support local distributors through tax reliefs and incentives.
Another expert, Mrs. Adaobi Okonkwo, an energy policy analyst, emphasized that the situation calls for an urgent review of fiscal policies affecting gas production and distribution.
“The high cost of foreign exchange and the removal of energy subsidies have worsened LPG affordability. The government must work with private stakeholders to stabilize prices and ensure access for low-income households,” she explained.
Environmentalist and director of SafeEarth, Dr. Umo Bassey, noted that the government’s failure to prioritize domestic gas supply is crippling its own environmental commitments.
“We are supposed to be transitioning to cleaner energy sources, but current realities show that affordability is a huge barrier. Without access, the transition plan is just a slogan,” he warned.
FG to intensify clampdown on hoarders
Earlier this month, Nairametrics reported that Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has ordered a clampdown on marketers hoarding or exploiting consumers following the recent surge in the price of cooking gas.
According to him, the sharp increase in price was caused by two main factors: the industrial action by PENGASSAN at the Dangote refinery and the ongoing maintenance activities at the Nigeria LNG Train 4 facility.
The minister explained that the strike by PENGASSAN at the Dangote refinery temporarily halted LPG loading, while the maintenance work at NLNG reduced the volume of gas available in the domestic market.
Nigeria’s energy transition plan under threat
Nigeria’s Energy Transition Plan, launched in 2021 and updated in 2022, seeks to achieve net-zero carbon emissions by 2060, with gas serving as the nation’s bridge fuel. The plan also targets the adoption of clean cooking energy by 30 million households by 2030.
However, with prices spiraling and households reverting to firewood and charcoal, experts fear that Nigeria’s energy transition goals are slipping out of reach.
“If clean energy becomes a privilege for the rich, Nigeria’s sustainability efforts will collapse,” warned Dr. Brimah. “The government must treat the cooking gas crisis as an emergency — not just an economic issue, but a public health and environmental one.”
Until decisive action is taken to stabilize the market and expand local gas production, millions of Nigerian households may continue to suffocate under the weight of rising energy costs, and the country’s clean energy dream may remain just a dream.
Zenith Bank Plc has released its Group financial results for the nine months ended 30 September 2025, according to Nairametrics.
According to the unaudited report, the Group recorded a pre-tax profit of N917.4 billion in 9M 2025.
For Q3 alone, the Group posted a pre-tax profit of N291.78 billion, which represents a 6% growth from the N275.8 billion recorded in Q3 2024.
On the revenue front, Zenith Bank reported a significant 16.29% growth in gross earnings, which totaled N3.37 trillion in 9M 2025, up from N2.89 trillion in the same period of 2024.
Key Highlights (9M 2025 vs. 9M 2024)
- Gross Earnings: N3.37 trillion (+16.29% YoY)
- Net Interest Income: N1.93 trillion (+50.4% YoY)
- Non-Interest Revenue: N539.7 billion (+18.4% YoY)
- Operating Profit (Pre-Impairment): N1.31 trillion (+15.2% YoY)
- Profit Before Income Tax: N917.4 billion (-8.5% YoY)
- Profit After Tax: N764.2 billion (-7.6% YoY)
- Total Assets: N31.18 trillion (+2.6% YoY)
- Customer Deposits: N23.69 trillion (+9.8% YoY)
- Loans and Advances to Customers: N9.37 trillion (-1.1% YoY)
Commenting on the results, Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said:
“Zenith delivered a solid nine-month performance despite a demanding backdrop. We stayed disciplined on risk, deepened customer relationships across retail and corporate segments, and deployed our balance sheet where we saw quality opportunities.”
On the Outlook of the Bank
“As we enter the final quarter, our priorities are clear: service excellence, prudent growth, and sustained value creation for our shareholders,” the CEO further noted.
Cursory analysis of the key drivers
Zenith Bank’s profit growth was mainly driven by a sharp increase in interest income, which grew by 40.7% to N2.74 trillion, compared to N1.95 trillion in the same period in 2024. This increase was largely attributed to:
Interest income on loans and advances: N1.36 trillion
Interest income from investment securities (including treasury bills): N740.5 billion (from treasury bills) and N400.3 billion (from investment securities)
On the expense side, interest expenses rose by 22.2% to N814.2 billion for the period. This increase was primarily due to higher costs associated with customer deposits, which surged by 9.8% YoY to N23.69 trillion.
Despite the increase in interest expenses, Zenith Bank maintained a strong net interest income:
The net interest income for the nine months ended September 30, 2025, stood at N1.93 trillion, reflecting a solid 50.4% YoY growth.
After accounting for impairment charges of N781.5 billion, net interest income after impairment reached N1.15 trillion, an increase of 42.2% from the previous year’s N802.9 billion.
Notably, though impairment charges increased for the nine-month period, in Q3, impairment dropped to N20.71 billion compared to N62.5 billion in Q3 2024, suggesting easing in impairment.
This illustrates how net interest income after impairment was bolstered by both the growth in interest income and the reduction in impairment charges, despite the rise in interest expenses.
Non-interest income
Zenith Bank recorded N539.7 billion in non-interest income, a decline of 38%. The drop was driven by a 60% decline in trading income, especially the decline in gain on other trading books to N261 billion from N755 billion in 9M 2024. In fact, in Q3, the bank recorded a loss of N222.4 billion in the other trading books.
However, fees and commission income, which is part of non-interest income, grew by 10.45% to N299 billion in 9M 2025, driven by:
Account maintenance fees (N64 billion)
Fees on electronic products (N59 billion)
Balance sheet
Zenith Bank’s total assets rose by 2.6% to N31.18 trillion, driven by:
Growth in cash and bank balances increased to N6.85 trillion from N5.38 trillion in the previous year.
An increase in loans and advances, which amounted to N9.37 trillion.
Investment securities (up 2% to N4.86 trillion) and treasury bills (up 46% to N4.2 trillion), reflecting a continued push for liquidity management.
Liabilities saw an increase, with customer deposits driving the balance sheet and growing by 9.8% to N23.69 trillion.
Market performance
Zenith Bank’s share price surged by 38.5% YTD, closing at N63 as of the last session, up from the beginning of the year when the share price stood at N45.50.
Source: Nairametrics
Bokku Mart, the Nigerian grocery store, has come under heavy criticism on social media after posting what users described as a “tribalistic” advertisement video.
The video, which has since been deleted, featured influencer Defolah comparing the store’s prices to those in local markets.
In the clip, she made a remark implying that Igbo traders cheat their customers.
“So you mean I can get beans and garri Ijebu at Bokku without any Omo Igbo cheating me?” the content creator said.
“It’s so relaxing to shop without someone pulling you from the left and right, shouting my colour.”
The comment triggered widespread outrage online, with several users accusing Bokku of promoting ethnic bias and disrespecting the Igbo community.
Following the backlash, Defolah issued a public apology, saying her statement was not intended to promote tribalism.
“I sincerely apologize. It was never my intention to promote any form of tribal bias or disrespect to the Igbo people,” she said.
Despite her apology, Bokku has continued to attract criticism on social media, with many users vowing to boycott its stores.
One user wrote: “Bokku Mart posted an advert insulting Igbos with slurs. Any Igbo who still patronizes them is an enemy of their tribe”.
“Do you know how brazen the Igbophobia is for a brand to endorse such? It’s like ShopRite doing an Ad in Nigeria and letting their influencer call Nigerians thieves,” another user added.
@firstladyship argued the store’s marketing strategy was “lazy and divisive”.
“By engaging in stereotyping by calling another tribe ‘cheaters,’ you reduced your business to another ethnocentric brand in existence to service just a section of the country,” she wrote.
Another user said: If you’re an Igbo person and you give your money to Bokku so they can use it and run ads to call us cheats, then you have yourself to blame.”
See more reactions below:
“Do you know how brazen the Igbophobia is for a brand to endorse such? It’s like ShopRite doing an Ad in Nigeria and letting their influencer call Nigerians thieves,” another user added.
I’m not going to let this Bokku thing go because I’ve been so tired of being gas lit. Do you know how brazen the Igbophobia is for a brand to endorse such? It’s like ShopRite doing an Ad in Nigeria and letting their influencer call Nigerians thieves.
It’s not just to delete the…
— CHIKAMMA (@AlexVivyNnabue) October 28, 2025
@firstladyship argued the store’s marketing strategy was “lazy and divisive”.
“By engaging in stereotyping by calling another tribe ‘cheaters,’ you reduced your business to another ethnocentric brand in existence to service just a section of the country,” she wrote.
Another user said: If you’re an Igbo person and you give your money to Bokku so they can use it and run ads to call us cheats, then you have yourself to blame.”
You all asking, this is the now deleted ad @bokkumart posted.
Deleting it without any apologies is a no!Same time people are claiming Igbo importers are the reason for the expensive products in the market Bokku mart subtly saying Igbo traders cheat.
Make it make sense? pic.twitter.com/8gVtjzdFpw— Ugegbe ✨ (@MarinatedTurks) October 28, 2025
The Bureau De Change (BDC) operators have lamented that they are close to going out of operations as most of its members are struggling to stay afloat and meet up with overhead expenses.
These licensed currency traders have attributed this mainly to the suspension of dollar allocation by the Central Bank of Nigeria (CBN) to the BDCs, as they struggle to have access to foreign exchange from the official window.
The operators lamented that with the huge drop in income level, paying staff salaries, office rent, licenses and other compliance expenses has become a major challenge.
This is further compounded by the uncertainty in the retail sub-sector of the forex market, with many of the BDC operators still battling to meet up with the recapitalization and license processes.
The BDC operators had always advocated for increased participation and involvement in the foreign exchange market to help sustain the success of the various policies being implemented by the CBN and help provide more liquidity.
This push by the BDCs followed the June 2023 unification of all segments of Nigeria’s foreign exchange market, consolidating all windows into one. This action by the apex bank was part of a series of immediate changes aimed at improving liquidity and stability in the Nigerian Foreign Exchange (FX) Market.
The currency traders had advised the CBN to always leverage the BDCs and allow them access to banks’ autonomous window and agencies of international money transfer operators.
The CBN had in July 2021 stopped the sale of forex to BDC operators across the country, accusing them of becoming conduit for illegal financial flows, working with corrupt people to conduct money laundering in Nigeria.
In February 2024, the apex bank announced the resumption of forex sales to the BDCs following the revocation of operational licenses of over 4,173 of these licensed currency traders over their failure to comply with some regulatory guidelines. This was to help enhance liquidity in the retail segment of the forex market.
However, the CBN has since stopped the sales of forex to the licensed currency traders with little or no intervention till date. The BDC operators, who said that the CBN could not sustain the exercise, however, noted that they are `engaged in positive discussion with the apex bank for the return of their active participation in the BDCs in the retail end of the forex market.
Customers now prefer to use IMTOs
In an exclusive chat with Nairametrics, a BDC operator, Abubakar Ardo, said that most of them are barely managing to stay in business, as the non-sale of forex directly to the BDCs has affected their operations badly.
Apart from the challenge of getting forex from the official window, Ardo explained that the demand for forex has dropped sharply as most customers now prefer to do transfers or use online platforms or International Money Transfer Operator (IMTOs) instead of physical cash exchanges.
He said, ‘’Honestly, things have been extremely tough for us lately. Most operators are just managing to stay afloat. Since the CBN stopped selling forex directly to us, our operations have been badly affected. We used to depend largely on the official window to get foreign exchange at regulated rates, but that avenue has been shut for a long time.
‘’Right now, survival depends mostly on what we can get from walk-in customers — people coming in to sell small amounts of dollars, pounds, or euros. But that’s not structured or steady. Sometimes, you can go days without a single serious transaction. The market is very dislocated, and demand has dropped sharply because most people now prefer to do transfers or use online platforms or IMTOs instead of physical cash exchanges.
‘’This may be good for the Naira, but sincerely, many of us are suffering. That’s why we’re proposing we get fully integrated.
‘’Meeting up with overhead costs has become a major challenge. Office rent, staff salaries, licenses, and other compliance expenses are still there, but the income isn’t coming in as before. As I talk with you, many operators have either closed shop temporarily or reduced their workforce just to cut costs.’’
He insisted that they are basically operating in survival mode — trying to keep their licenses active and hoping that the CBN will eventually re-integrate BDCs into the official market.
Going extinct
Making his own contribution, the President of the Association of Bureau Dec Change Operators of Nigeria (ABCON), Aminu Gwadebe, pointed out that the majority of its members are struggling to meet up with their overhead expenses, with their operations almost going extinct.
He said, ‘’The market is stable. As patriotic citizens, we align with policies that strengthen our sovereignty, which is the naira and commend both the regulatory and fiscal authorities on the naira stability and elimination of the exchange rate spikes.
‘’Our operations are currently near extinction, with the majority of our members struggling to meet up with overhead expenses. There is an ongoing positive collaboration between the CBN and the operators on the return of active participation of the BDCs in the retail end of the FX market.
‘’The BDCs, over time, remained the most potent tool of the CBN’s foreign exchange policy transmission mechanism. The majority of us are comatose as survival is largely dependent on the official foreign exchange market, which is not accessible to the BDCs, with only very few grappling with dislocated and unstructured walk-in customers.’’
Gwadebe noted that the CBN discontinued the sales of forex to BDCs a long time ago, with little or no intervention to date.
The Federal Government has successfully obtained N700 billion to install 1.1 million meters by December 2025, paving the way for a transformative upgrade in our power infrastructure.
The Minister of Power, Adebayo Adelabu, announced this on Tuesday in Lagos at the 2025 Nigerian Energy Forum (NEF), themed “Powering Nigeria through Investment, Innovation, and Partnership”, according to the News Agency of Nigeria (NAN).
According to the minister, the initiative is part of the Presidential Metering Initiative (PMI), a comprehensive plan to close Nigeria’s metering gap, strengthen revenue assurance, and promote transparency in the electricity supply chain.
He said the PMI complements the 3.2 million meters being procured through the World Bank’s Distribution Sector Recovery Programme (DISREP), positioning the country to bridge the metering gap within five years.
FG leveraging on bilateral funding to attract investment
The minister added that the government was leveraging bilateral funding and development finance to attract private investment and expand electricity access in underserved communities, schools, hospitals, and public institutions.
“In the past two years, more than $2 billion has been mobilised through key programmes, including the World Bank’s DARES, NSIA’s RIPLE, and the JICA fund.
“These interventions are accelerating renewable energy deployment and access to reliable power,” he said.
Adelabu also revealed that agreements signed at the 2025 Nigerian Renewable Energy Innovation Forum would add nearly four gigawatts of solar manufacturing capacity annually, about 80 per cent of Nigeria’s current generation capacity.
“With this level of renewable energy production, Nigeria is on track to meet its domestic transition targets and serve regional power markets,” he said.
Adelabu said the Electricity Act 2023 had transformed the sector by empowering states to establish subnational electricity markets.
“Fifteen states have received regulatory autonomy, with one fully operational.
“We’re ensuring alignment between wholesale and retail markets,” Adebayo noted.
He maintained that tariff reforms had improved supply reliability, reduced industrial energy costs, and boosted sector revenue from N1 trillion in 2023 to N1.7 trillion in 2024, with projections to exceed N2 trillion by 2025.
The minister added that President Bola Tinubu had approved a N4 trillion bond to settle verified debts owed to generation companies and gas suppliers, alongside a targeted subsidy plan to protect vulnerable consumers.
Adelabu reaffirmed the government’s commitment to partnering with the private sector to unlock stranded generation capacity and build a sustainable power future.
“Through sustained investment, innovation, and strong partnerships, we can power Nigeria’s journey toward a brighter, more resilient energy future,” he said.
In mid-October, the Nigerian Electricity Regulatory Commission (NERC) approved the disbursement of N28 billion to electricity distribution companies (DisCos) for the procurement and installation of prepaid meters under the Meter Acquisition Fund (MAF) Tranche B scheme.
According to Order No: NERC/2025/107 published on the commission’s website, the MAF provides a financial mechanism for accelerating meter rollout to unmetered customers at no cost, while ensuring a credible revenue stream that supports long-term financing for DisCos.
NERC also reported that DisCos installed a total of 225,631 meters in the second quarter of 2025, marking a 20.55% increase compared to the 187,161 meters installed in the first quarter of the year.
According to NERC’s Second Quarter 2025 Report, of the total meters installed, 147,823 units (65.52%) were deployed under the Meter Asset Provider (MAP) framework, 65,315 meters under the Meter Acquisition Fund (MAF) scheme, 12,259 meters through the Vendor Financed framework, and 234 meters were installed under the DisCo Financed scheme.
Despite this progress, NERC noted that as of June 2025, only 6,422,933 out of the 11,821,194 active registered customers in the Nigerian Electricity Supply Industry (NESI) had been metered. This translates to a national metering rate of 54.33%, leaving nearly half of electricity consumers still unmetered and subject to estimated billing.
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