Dangote Group has assured Nigerians that the correct price for its Premium Motor Spirit, PMS also known as Petrol, would be determined after 1st October this year when it begins to buy crude oil from the Nigerian National Petroleum Company Limited in Naira.

Dangote therefore described a statement by the NNPC that it bought petrol at N898 per litre from the indigenous refinery as “misleading and mischievous”.

The NNPC earlier on Sunday announced its fuel purchase from Dangote Refinery at a rate of N898 per litre.

The national petroleum firm had dispatched about 300 trucks to the 650,000-barrels-per-day capacity refinery in Lagos on Saturday, with loading operations commencing on Sunday.

Spokesperson for the NNPCL, Olufemi Soneye, on Sunday said it  bought the fuel as N898 per litre contrary to reports claiming N760.

“We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N760 per litre is incorrect. For this initial loading, the price from the refinery was N898 per litre,” he said.

However, Anthony Chiejina, Dangote Group Chief Branding and Communications Officer, in a statement on Sunday evening, knocked the claim made by the NNPC.

He said, “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL.

“This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years.

“We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.

“It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature.”

“We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country,” he added

A new deal has been sealed between Dangote Refinery and the Nigerian National Petroleum Company Limited, NNPCL that would guarantee steady and uninterrupted supply of petroleum products from Sunday, September 15, 2024.

A Nigerian presidential committee announced on Friday that NNPC Limited will distribute gasoline from the 650,000 barrels-per-day Dangote Refinery to the local market which would end the deadlock that had stalled distribution.

The $20 billion refinery, built by Nigerian billionaire Aliko Dangote in Lagos, began processing gasoline last week. However, disagreements over offtake rights and pricing had delayed distribution.

“I am glad to announce that all agreements have been finalised, and the first batch of Premium Motor Spirit (Gasoline) will begin loading on Sunday,” Zacch Adedeji, head of Nigeria’s tax authority, said.

Adedeji said that in exchange for crude oil, Dangote will supply gasoline and diesel of equivalent value to the domestic market, with transactions settled in the local naira currency.
The Nigerian government previously said it would facilitate the sale of crude to Dangote in naira.

While Dangote’s diesel, which has primarily been exported, will now be sold to local fuel traders in naira, NNPC will have exclusive rights to lift gasoline and sell locally both in bulk to fuel traders and at its gas stations for now.

About 1000 Coalition of Civil Society Organisations (CSOs) has commended Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), for his pioneering efforts in revolutionizing Nigeria’s tax system to accommodate cryptocurrencies.

In a press conference addressed in Abuja on Monday and signed by Mallam Yakubu Mohammed, National Coordinator, and Barr Godspower Ebi, National Secretary, the CSOs praised Dr. Adedeji’s visionary leadership in addressing the challenges posed by digital currencies.

“Dr. Adedeji’s commitment to modernizing Nigeria’s tax system is a bold step towards embracing the digital economy,” the statement read. “His efforts will not only boost confidence in the cryptocurrency market but also protect consumers, reduce tax evasion, and attract international investment.”

The CSOs noted that Nigeria’s current regulations, such as the Stamp Duty Act of 1939, are outdated and inadequate for addressing the complexities of digital currencies. They applauded Dr. Adedeji’s plans to establish clear guidelines for digital assets, simplify tax reporting, and leverage technology to ease compliance.

“Dr. Adedeji’s approach aligns with global best practices, and his leadership ensures that Nigeria’s tax policies adapt to the evolving digital financial economy,” the statement added.

The CSOs urged stakeholders to support Dr. Adedeji’s initiatives, saying, “This move will create a more transparent, secure, and thriving financial system for Nigeria.”

With Nigeria’s growing engagement in digital currency trading, the CSOs recognized the need for a regulatory framework that effectively manages the evolving financial world.

“Dr. Adedeji’s crypto tax revolution is a game-changer for Nigeria. We commend his dedication to making Nigeria’s tax system fit for the digital age.”