Business
Matrix Energy Appoints Umunna as Group Deputy Managing Director
In a strategic move to bolster operational excellence and drive profitability across its diverse business units, Matrix Energy Group is pleased to announce the appointment of Mr. Patrick C. Umunna as Group Deputy Managing Director (G-DMD), effective 3 November 2025.
Mr. Umunna brings over 27 years of distinguished experience in banking, corporate management, and the oil & gas, energy, and financial services sectors. He has held senior leadership roles at Premium Trust Bank and Polaris Bank Limited, where he managed large business portfolios and delivered consistent growth.
In his new role, Mr. Umunna will work closely with the Group Chief Executive Officer to drive strategic execution, operational excellence, and sustainable innovation across all units of Matrix Energy. His mandate includes ensuring continued growth, profitability, and leadership in key sectors of the company.
_Matrix Energy Group is one of Nigeria’s leading integrated energy companies with diversified interests in petroleum products trading, oil and gas downstream operations, shipping, storage, and logistics. The Group continues to play a pivotal role in ensuring energy accessibility and economic development across Africa through innovation, efficiency, and strategic partnerships._
The Group warmly welcomes Mr. Umunna to the Matrix family and looks forward to his leadership in advancing the company’s mission of being a preferred energy partner for success.
Business
Bokku Mart Apologises For Ethnic Slur In Viral Advert
Retail brand, Bokku Mart, has apologized following backlash over a viral “Omo Igbo” advert described by many Nigerians as ethnically insensitive.
The controversy began after a female content creator, in a promotional video posted on the supermarket’s social media page on Tuesday, used the phrase “Omo Igbo” in a context viewers considered derogatory towards Nigerians of South-East origin.
In the now-deleted video, the influencer identified as Defolah, while attempting to promote the affordability of items sold at Bokku Mart, said, “No Omo Igbo can cheat me,” a statement that immediately drew outrage online, with users accusing her of bigotry.
The ad triggered calls for a boycott of the supermarket, with critics accusing the brand of promoting ethnic bigotry.
Reacting in a statement uploaded on its X handle on Friday, Bokku Mart described the language used in the advert as “offensive and hurtful,” stressing that it did not reflect the company’s values.
“We are deeply saddened and disturbed by a video recently shared online that contained offensive and hurtful language.
“The language used in the video was unacceptable and deeply misaligned with Bokku’s values,” the company said.
The supermarket clarified that the controversial content originated from an external influencer and was published by a third-party media agency without internal review.
“While the content originated from an external influencer and was published by a third-party media firm without prior review by our team, we take full responsibility for its appearance on our platforms,” the company stated.
Bokku Mart added that it has strengthened its internal review and vendor oversight processes to prevent similar incidents.
“We have since strengthened our content approval and vendor oversight processes to ensure such an incident never happens again,” the statement continued.
Reaffirming its commitment to inclusivity, Bokku Mart said its brand stands for unity and respect for all Nigerians.
“Bokku Mart is more than a retail brand; we are a proudly Nigerian company built on love for our people and communities.
“Our mission is to make everyday life better for all Nigerians by ensuring access to quality products at affordable prices.
“We celebrate our nation’s rich diversity and stand firmly against all forms of discrimination,” the company added.
Meanwhile, the content creator involved has reportedly issued an apology, sharing screenshots on social media to express regret over the incident.
The incident has reignited conversations around the responsibility of influencers and brands to promote inclusivity and cultural sensitivity in advertising.
Business
Competition: Private Depots Slash Petrol Price Below Dangote’s Rate
Price competition between Private fuel depots and Dangote petroluem refinery has intensified.
Checks show that most depots are now selling petrol at prices lower than Dangote Refinery.
Filling station owners and companies buying in large quantities now have to make a choice where to buy petrol from.
Private fuel depots across Nigeria are selling petrol at prices lower than the Dangote Petroleum Refinery.
Checks revealed that the average ex-depot price at major private depots has dropped to between N872 and N875 per litre, down from the previous average of N900.
The new rate at several depots is lower than Dangote refinery’s current price of N877 per litre.
The changes are seen at Aiteo, Pinnacle, Rainoil, Emadeb, Eterna, Ardova, Nipco, and Integrated Oil.
The ex-depot price reduction is expected to determine how much Nigerians pay for petrol in the coming days.
According to Petroleumprice.ng, private depots have become “noticeably busier” than Dangote’s plant, which has recorded slower activity since launching its N877 per litre pilot scheme earlier this month.
The pilot framework, a temporary supply arrangement jointly developed by Dangote Refinery and a coalition of 20 depot owners, began on October 10 and is set to end on Friday, October 31, 2025.
The initiative, covering about 600 million litres of petrol, followed a high-level meeting between Aliko Dangote and key downstream operators, including Salbas Energy, Optima Energy, Shafa, and Rano.
While the scheme was designed to stabilize prices, it has created new market competition.
Depot owners have responded to Dangote’s scheme and decided to slash their ex-depot prices to attract marketers.
A depot operator in Satellite Town, Lagos, said the renewed market activity has been encouraging.
“We are happy now, the place is much busier than before. Trucks are loading again, and retailers are coming back.”
Market analysts believe this resurgence reflects growing confidence in private depots as they resume active importation after weeks of slow operations.
They note that while Dangote remains a dominant player, private depots are using pricing flexibility and strong customer networks to stay relevant.
Experts, however, caution that sustaining these lower prices may be difficult.
President Bola Tinubu has approved a 15% import duty on petrol and Automotive Gas Oil (AGO), commonly known as diesel.
ThisDay reports that the new duty will be applied to the cost, insurance, and freight (CIF) value of imported fuels.
This means that imported petrol will now be more expensive, giving Dangote refinery an edge over depots in the race to win customers.
Earlier, Legit reported that Dangote Refinery has announced Optima Energy as its latest partner for the sale of petrol across the country.
The new marketer has now increased the number of partnerships available for Dangote Refinery petrol to four
Optima Energy joins MRS Nigeria, Ardova PLC, and Hyden as the other partners working directly with Dangote to sell affordable fuel.
Business
Tinubu Approves 15% Fuel, Diesel Import Tariff
President Bola Tinubu has given the green light for the implementation of a 15 per cent ad-valorem import duty on petrol and diesel brought into Nigeria — a move expected to protect domestic refineries and promote stability in the downstream oil sector.
In a directive dated October 21, 2025 — made public on October 30 — Tinubu ordered the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to immediately begin enforcing the tariff. The decision, according to the government, forms part of a new “market-responsive import tariff framework.”
The letter, signed by the president’s private secretary, Damilotun Aderemi, confirmed Tinubu’s approval of a proposal submitted by FIRS Chairman Zacch Adedeji. The plan recommends a 15 per cent duty on the cost, insurance, and freight (CIF) value of imported petrol and diesel to reflect true market conditions and encourage local production.
Adedeji explained in his memo that the initiative was designed to support Nigeria’s “Renewed Hope Agenda” for energy security and economic stability.
“The core objective of this initiative is to operationalize crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria,” Adedeji stated.
The FIRS boss cautioned that the disparity between locally refined fuel prices and import parity benchmarks has fueled market volatility.
“While domestic refining of petrol has begun to increase and diesel sufficiency has been achieved, price instability persists, partly due to the misalignment between local refiners and marketers,” he wrote.
He pointed out that import parity pricing often falls below cost recovery levels for domestic refiners, especially amid foreign exchange and freight fluctuations — a situation that threatens the viability of emerging local producers.
He added that the government now faces a “twofold” responsibility “to protect consumers and domestic producers from unfair pricing practices and collusion, while ensuring a level playing field for refiners to recover costs and attract investments.”
According to him, the new tariff system will prevent duty-free fuel imports from undermining local refineries and promote a fair, competitive downstream sector.
At current CIF levels, this represents an increment of approximately 99.72 per litre, which nudges imported landed costs toward local cost-recovery without choking supply or inflating consumer prices beyond sustainable thresholds. Even with this adjustment, estimated Lagos pump prices would remain in the range of N964.72 per litre ($0.62), still significantly below regional averages such as Senegal ($1.76 per litre), Cote d’Ivoire ($1.52 per litre), and Ghana ($1.37 per litre),” the letter read.
The decision aligns with Nigeria’s broader efforts to cut reliance on imported petroleum products and increase domestic refining output.
The 650,000 barrels-per-day Dangote Refinery in Lagos has begun producing diesel and aviation fuel, while modular refineries in Edo, Rivers, and Imo states are conducting small-scale petrol refining.
Despite these developments, imported petrol still meets around 67 per cent of Nigeria’s total consumption.
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