Business

Petrol Prices Drop at Filling Stations Nationwide

Published

2 months ago

June 23, 2026

Pump prices of Premium Motor Spirit (PMS) have begun to drop at filling stations in some parts of Lagos and Ogun states following the recent reduction in the gantry price of petrol by the Dangote Petroleum Refinery. This price adjustment responds to the reduction in global crude oil prices as Iran and the United States reached an agreement.

Punch reports that at the SGR filling station in Mowe, Ogun state, a litre of petrol sells for N1,199, the lowest price encountered at the stops we visited. NIPCO, SAO, AP and MRS filling stations dispense a litre of fuel at N1,205 per litre, while Mobil petrol stations sell at N1,220 per litre.

A litre at Heyden’s station in Iperu went for N1,285 per litre. Other filling stations selling petrol at N1,245 per litre include NNPC Retail outlets in Ogun state.

Chinedu Ukadike, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), told Legit. during an interview that many filling stations are yet to reduce prices below N1,300 per litre because they are still managing old stock purchased at higher rates.

He explained that immediate price cuts could lead to losses for marketers still holding expensive inventory.

Ukadike said: “This announcement is enabling people who have old stocks to clear out their stocks, not only clearing out their stocks but also enabling them to prepare to take the fresh stocks.”

“Once the Dangote refinery announces a new price, there is a serious pause in loading. It will enable people who just bought new products to see how they can clear the old stocks within a window of a day or two.” He said once new products enter circulation, pricing adjustments will naturally follow.

Ukadike identified the cost of funds as another key factor affecting petrol pump prices, noting that financing expenses influence how quickly marketers adjust prices.

Business

Breaking: CBN Crashes Dollar, Announces New Rates

Published

6 days ago

August 18, 2026

The Daily Voice

The Central Bank of Nigeria (CBN) has announced a new exchange rate for the dollar, with the naira closing at N1,357 per dollar despite high demand for the greenback.

According to data from the CBN, the naira closed flat at N1,357 to a dollar, indicating no change from the previous trading session.

The current rate comes as Nigeria’s external reserves hit $52 billion, a 17-year high. Experts have said the current naira stability has trickled down to other sectors, with imports now getting cheaper.

The CBN sharply ramped up its foreign exchange interventions in March 2026, selling $953.41m to the market in what the data shows is the strongest central bank FX activity since April 2025.

Figures published in the CBN’s latest Quarterly Statistical Bulletin showed that spot market transactions made up the bulk of the March sales, with $950.10m channelled through that route and a further $3.31m directed to Ministries, Departments and Agencies.

The March figure represents a dramatic swing from the opening months of 2026. The CBN sold just $58.93m in January and $244.13m in February, meaning March’s intervention was more than 16 times the January level and roughly 291 per cent above February’s sales.

The last time interventions reached a comparable scale was April 2025, when the CBN supplied $1.65bn to the market. Sales cooled significantly after that peak, falling to $838.93m in May, $676.31m in June, and then sliding further to $399.80m in September and $150.10m in October before picking up again towards the close of 2025.

Business

No More N14,000/Bag: Dangote Cement Breaks Silence on New Prices Nationwide

Published

7 days ago

August 18, 2026

The Daily Voice

The chairman of Dangote Cement Plc, Emmanuel Ikazoboh, has explained why cement prices remain high across Nigeria, attributing the persistent increases to rising energy costs and the impact of foreign exchange on production expenses.

His comments come amid growing concerns from Nigerians over the soaring cost of building materials, with many calling on the government to intervene as cement prices continue to put pressure on construction projects and housing development.

Speaking during the 17th Annual General Meeting (AGM) of Dangote Cement Plc in Lagos, Ikazoboh said energy remains the biggest cost component in cement manufacturing, accounting for about 60 per cent of total production expenses.

Energy, dollar exchange rate driving costs According to Ikazoboh, cement manufacturers rely heavily on gas, coal, and diesel to power their operations. He noted that gas, one of the key energy sources, is sold in United States dollars, exposing manufacturers to exchange rate fluctuations. He explained that the continued depreciation of the naira against the US dollar has significantly increased production costs, making it difficult for manufacturers to maintain lower prices.

According to Ikazoboh, cement manufacturers rely heavily on gas, coal, and diesel to power their operations. He noted that gas, one of the key energy sources, is sold in United States dollars, exposing manufacturers to exchange rate fluctuations.

He explained that the continued depreciation of the naira against the US dollar has significantly increased production costs, making it difficult for manufacturers to maintain lower prices. “To produce a bag of cement, we need energy, which constitutes about 60 per cent of the production cost. To generate that energy, we use gas, coal or diesel,” he said.

“Gas is sold to us in US dollars, and its price continues to increase. We all know the impact of the exchange rate between the dollar and the naira. As a result, the cost of generating energy keeps rising.”

His remarks offer one of the clearest explanations yet from the country’s largest cement producer on the factors behind recent price increases.

Business

Dr. Deji Adeleke: How Davido’s Billionaire Father Built His Business Empire; Major Companies Linked to Him

Published

1 week ago

August 17, 2026

The Daily Voice

Dr. Deji Adeleke, the father of the globally recognized musician Davido, is not just known for his familial ties to the entertainment industry but also his immense wealth and substantial impact on Nigeria’s economic landscape. Born on March 6, 1957, in Enugu, Nigeria, Adedeji Adeleke has built a formidable empire through his business acumen and educational investments.

Adeleke’s Business Ventures
Dr. Adeleke founded Pacific Holdings Limited in 1983, which has grown into a major conglomerate in Nigeria, encompassing various sectors such as agriculture, energy, and real estate.

This company is a cornerstone of his financial success, with divisions like Pacific Farm Limited, Pacific Freightliners Limited, and Pacific Gas Company Limited contributing significantly to his wealth.

Adeleke’s Real Estate Investments
Adeleke’s real estate portfolio is vast and diversified. He owns properties across Nigeria, including high-value areas like Ikoyi, Lekki, Banana Island, and Victoria Island in Lagos. Additionally, he has invested in international properties, including a mansion in Atlanta, USA, which he acquired to celebrate his 60th birthday.

Adeleke’s University and Philanthropy
In line with his passion for education, Adeleke founded Adeleke University in Ede, Osun State, under the auspices of the Springtime Development Foundation, which he established in 1996. The university operates on the Seventh-day Adventist philosophy of education and offers various undergraduate and postgraduate programs.

His philanthropic efforts extend beyond education, impacting healthcare and community development. These initiatives not only enhance his public image but also contribute to long-term societal benefits, reinforcing his legacy as a socially responsible entrepreneur.

Adeleke’s Luxurious Lifestyle
Dr. Adeleke’s lifestyle reflects his financial success. He owns luxury cars such as a Rolls Royce Phantom and a 2017 Bentley Mulsanne, and he flies in style with his Bombardier Global Express 6000 private jet, valued at $62 million.

Adeleke’s Net Worth
Estimations of Adeleke’s net worth vary, with some sources placing it around $700 million, while others suggest it could be as high as $2 billion. His wealth is attributed to his diversified investments in real estate, stocks, and bonds, alongside the thriving operations of Pacific Holdings Limited.

Adeleke’s Family and Personal Life
Adeleke is a father to four children: Adewale, David (Davido), Sharon, and Coco Adeleke. Despite initial resistance to Davido’s music career, he eventually supported his son’s passion, even funding the establishment of a music department at Babcock University for him. Today, Davido is not only a successful musician but also a director in the family business.

Conclusion
Dr. Deji Adeleke’s story is one of remarkable success through strategic education, entrepreneurship, and philanthropy. His wealth and business acumen have positioned him as one of Nigeria’s most influential figures, contributing significantly to the nation’s economic and social development. As he continues to invest and expand his empire, his legacy is set to influence future generations both within and outside Nigeria.

Adeleke’s Early Life and Education
Adeleke’s journey began in an affluent family in Lagos. He attended Ansar-ud-Deen Primary School and Seventh-Day Adventist Grammar School before moving to the United States, where he earned a degree in Finance from Western Kentucky University in 1979, followed by an MBA. Furthering his education, he obtained a Ph.D. in International Business from Pacific Columbia University, and another Ph.D. in Business Administration from the University of Phoenix in 2010.

– kashgain