Fresh pressure is building in Nigeria’s fuel market after Dangote Refinery raised the price of petrol and halted supply operations.

The development has triggered concerns among marketers and consumers, as the impact is expected to ripple across the country in the coming days.

The refinery increased its ex-depot price of Premium Motor Spirit by N75 per litre. This pushed the loading cost from N1,200 per litre to N1,275 per litre.

Coastal supply price was also adjusted upward to N1,215 per litre. The new pricing structure has already begun to influence activities in the downstream sector.

A senior official at the facility confirmed the adjustment. According to the official, “Yes, the increase of PMS to N1,275 per litre is true. Coastal price is N1,215.”

The confirmation puts to rest earlier uncertainty among marketers who had reported sudden changes in depot pricing.

At the same time, operations were disrupted after the refinery suspended its Proforma Invoice process. This system is critical for product allocation and loading schedules.

Sources familiar with the situation said the process was halted at about 4:00 pm on Tuesday. The decision affected the normal flow of transactions within the loading system.

The disruption immediately led to a pause in the sale of petrol and Automotive Gas Oil. Trucks waiting for loading were reportedly left stranded, while marketers struggled to secure fresh allocations. The halt in supply has created anxiety across distribution channels.

Nigeria’s credit sector has, in the space of just a few years, moved from a niche fintech offering to a mainstream financial tool used by millions.

A major driver of this surge is mostly limited access to traditional bank loans, and the speed at which digital platforms can deliver cash when it is needed most.

By mid-2025, the market will have expanded sharply, with approved digital lenders rising to about 425 as of May 2025, up from 320 a year earlier.

According to a 2024 report based on a five-year historical analysis, Nigeria’s online loan & credit platforms market is valued at approximately $600 million.

According to the report, recent market estimates indicate that Nigerian digital lending apps issued about 145 million loans worth over $2 billion in a recent year, reflecting the sector’s scale and consumer appetite for digital credit solutions

However, the speed and accessibility of digital loans have also created a crowded and uneven market, where hundreds of platforms compete with different pricing models, especially around one key factor that directly affects borrowers: interest rates.

Based on the list of approved digital lending platforms by the Federal Competition and Consumer Protection Commission (FCCPC), this article ranks apps that offer monthly interest rates below 3%.

Here are 10 loan apps with the lowest interest rates in Q1 2026

10. Renmoney – 2.12% to 2.65% monthly interest rate

9. Nmoney – 2.4% monthly interest rate

8. Singacash – 2.4% monthly interest rate

7. Ease Cash – 2.1% monthly interest rate

6. Letshego – from 2% monthly interest rate

5. Futurecash –1.5% to 2.7% monthly interest rate

4. Flash Loan – 1.8% to 2.7% monthly interest rate

3. Airmoni – 1.5% monthly interest rate

2. True Loan –1.2%–2.7% daily interest rate

1. NiNiMoney – 0.3% monthly interest rate

The Economic and Financial Crimes Commission (EFCC) has apprehended Tunde Ayeni, the former Chairman of the defunct Skyebank Plc, as part of an investigation into alleged financial misconduct involving approximately N36,540,058,400.00 and $30 million.

Ayeni is currently being held for questioning regarding allegations of money laundering, misappropriation, and diversion of these substantial sums.

Reports indicate that the investigation has expanded to include the activities of twelve companies associated with Ayeni.

These companies are under scrutiny due to their alleged involvement in obtaining loans from Polaris Bank Plc, which were initially earmarked for specific investment projects but were instead redirected to other accounts.

According to sources, the loans were intended for purposes such as funding marine security operations, handling electricity distribution contracts, and developing real estate. However, it was revealed that the funds were ultimately funneled into the acquisition of assets from NITEL/MTEL through a NATCOM account.

The EFCC has indicated that the investigation will examine the various entities involved in this matter, as they were allegedly utilized by Ayeni to secure loans under false pretenses.

The loans in question, described as depositors’ funds, were reportedly misused for unrelated and questionable activities.

Upon the conclusion of the investigation, Ayeni is expected to face arraignment.

Dele Oyewale, the Head of Media and Publicity for the EFCC, has confirmed Ayeni’s arrest but has not provided additional details regarding the ongoing investigation.