*Dangote Refinery’s Price Cut Prompted Reduction in Pump Prices

The attention of Dangote Petroleum Refinery has been drawn to a series of misleading publications claiming that the recent reduction in pump prices by oil marketers is a consequence of the Federal Government’s reversal of the 15 per cent import tariff.

This narrative is entirely false, deliberately misleading, and inconsistent with actual market dynamics. For the avoidance of doubt, the factor that prompted the price adjustment was our own reduction of PMS gantry and coastal prices on November 6. The subsequent change in pump prices is now being wrongly attributed to a tariff decision in an attempt to distort the facts and misinform the public.

To reiterate, Dangote Petroleum Refinery, on November 6, reduced its PMS gantry price from N877 to N828 per litre, representing a 5.6 per cent decrease, and its coastal price from N854 to N806 per litre. These changes were publicly announced across major media platforms, including, but not limited to, The Punch, Vanguard, The Cable, Daily Trust, The Sun, The Street Journal, Petroleumprice.ng, New Telegraph, Business Hallmark, and several others, and were implemented well before marketers adjusted their pump prices.

The claim that the reduction in pump prices was driven by the suspension of the 15 per cent import tariff is therefore incorrect. The import tariff had received the approval of His Excellency, President Bola Ahmed Tinubu, GCFR as far back as October 21 for immediate implementation.

Despite the non-implementation of the tariff, we reduced the price of our products. As a socially responsible company, this decision, which was not affected by whether the tariff was implemented or not, aligns with our long-standing commitment to ensuring Nigerians enjoy the full benefits of domestic refining. Since commencing operations, we have reduced prices on more than seven occasions, absorbed logistics costs to ensure nationwide price uniformity during festive periods, and played a major role in ending the perennial and artificial fuel scarcity typically associated with the ember months.

Contrary to repeated claims by certain interests, imported products which are often below acceptable standards have consistently been sold at higher pump prices than the premium-grade fuel supplied by Dangote Refinery. The continued importation of substandard fuel constitutes dumping, a harmful practice that undermines economic growth and industrial development. Nigeria has witnessed the devastating consequences of such unchecked dumping before, including the collapse of the once-thriving textile industry, which was a major employer of labour.

Dangote Petroleum Refinery remains fully committed to supplying high-quality, internationally benchmarked petroleum products at competitive prices. Our operations continue to moderate prices in the market, ensuring Nigerian consumers receive genuine value for money.

We are not moved by the short-term tactics of speculative importers who enter and exit the market at will. With a long-term investment exceeding $20 billion, we are steadfastly committed to Nigeria’s energy sector and remain unfazed by temporary policy shifts. Our focus is clear: to deliver reliable, high-quality, and competitively priced fuel to all Nigerians.

Dangote Petroleum Refinery will continue to operate with integrity, transparency, and an unwavering commitment to Nigeria’s energy security. We encourage all stakeholders and media organisations to report responsibly and rely on verified information in the interest of the Nigerian public.

Investors Cautioned: Nestoil Towers Under Court Restraint, Not for Sale — Drawcok

Drawcok Estate Limited has issued a formal public warning highlighting unlawful efforts to sell, lease, or assume control of the iconic Nestoil Towers in Victoria Island, Lagos, notwithstanding multiple court orders that restrain any dealings with the property.

In a detailed public notice released in Lagos, the company alerted potential buyers, investors, financial institutions, and the general public that the property located at 41/42 Akin Adesola Street and 60 Saka Tinubu Street, popularly known as Nestoil Towers, is currently the subject of ongoing litigation before both the Federal High Court and the Court of Appeal.

Drawcok, the legal owner of the property, said it was compelled to issue the notice following recent “misleading and unlawful” representations by individuals allegedly acting on behalf of Guaranty Trust Bank (GTBank) and others.

Although widely known as Nestoil Towers due to branding arrangements with its first tenant, the company clarified that all legal title to the land and the building—above and beneath the ground—belongs exclusively to Drawcok, not to Nestoil Limited or any bank.

At the centre of the dispute is Suit No. FHC/L/CS/1812/2024, in which the Federal High Court granted a binding order restraining GTBank, its agents, and assigns from transferring, leasing, selling, mortgaging, or otherwise dealing with the multi-storey commercial complex pending the determination of the suit.

Drawcok emphasised that the restraining order remains valid and has not been set aside or vacated.

The company further disclosed that multiple appeals—CA/LAG/PRE/ROA/CV/66M1/25; CA/LAG/PRE/ROA/CV/66M2/25; and CA/LAG/PRE/ROA/CV/161M1/25—are pending before the Court of Appeal, underscoring the complexity and ongoing nature of the cases.

According to the notice, individuals claiming to act under the authority of GTBank’s lead counsel in the subsisting suit have been approaching third parties and suggesting that they have a mandate to sell or lease the high-rise building.

Drawcok dismissed these claims as false, misleading, and legally unenforceable, insisting that no party is permitted to transact on the property in view of the binding court order.

The company also referenced another case, Suit No. FHC/L/CS/2127/2025, filed by FBNQuest Merchant Bank Limited and First Trustees Limited against Nestoil Limited.

Drawcok said the FBN parties “wrongfully, whether by error or otherwise,” obtained an order purporting to seal or take control of the property.

It added that a purported Receiver, Abubakar Sulu-Gambari, SAN, has been taking actions that infringe on Drawcok’s proprietary rights, even though the company is not the judgment debtor in that matter.

In its strongest warning yet, Drawcok urged the public to disregard any communication from GTBank, its lawyers, the FBN parties, Sulu-Gambari, or any other individual claiming authority to sell, mortgage, transfer, or lease the property.

The company stressed that any person or entity entering into any commercial arrangement relating to the sale, purchase, lease, licence, or transfer of interest in the property does so entirely at their own risk.

Drawcok maintained that any such transaction will be considered null, void, and unenforceable, noting that the doctrine of lis pendens applies, given the multiple ongoing suits and appeals.

Reiterating the principle of caveat emptor (buyer beware), the company stated that Nestoil Towers is not available for sale, lease, mortgage, or any related transaction, and any advertisement or offer suggesting otherwise is fraudulent and should be ignored.

The notice concluded by stating that it was issued in good faith and in the interest of legal compliance. It warned that anyone who disregards the notice risks significant financial and economic loss, as Drawcok will not recognise or ratify any unauthorised transaction.

Before You Buy Land This Ember Months in Nigeria, Read This Shocking Warning About Ibeju-Lekki – By Gbolahan Adetayo

As Ibeju-Lekki continues in its rapid rise as Africa’s fastest-growing real estate corridor, concerns are mounting over the increasing activities of land scammers targeting unsuspecting buyers, especially Nigerians in the diaspora returning home for the festive season.

Once a quiet suburb of Lagos, Ibeju-Lekki has transformed into a prime investment destination, driven by major infrastructural projects such as the Dangote Refinery, the Lekki Deep Seaport, and the proposed Lekki International Airport. These multibillion-naira developments have not only boosted commercial interest in the corridor but have also caused a dramatic spike in land value, turning the axis into a hotspot for real estate investors worldwide.

However, this boom has come with its own challenge and investment scammers are everywhere exploiting the Boom

Renowned Nigerian journalist, Gbolahan Adetayo has issued a strong warning to Nigerians abroad who intend to purchase land in Ibeju-Lekki during the upcoming Detty December holiday season. According to him, while genuine investors will return home eager to acquire property, others may fall prey to fraudulent individuals posing as real estate professionals.

“Christmas is almost here and the fact is that many Nigerians will smile to the bank, while others will return online shouting about being scammed after buying land from fake agents,” Adetayo cautioned.
“Shine your eyes. January is usually full of these heartbreaking complaints.”

Several cases of land fraud, illegal sales, and “Omo Onile” harassment have been reported in the media over the years, with victims particularly those abroad, losing millions to bogus companies.

The developer of the Seven Citadels of Joy tags Harmony Garden and Estate Developement is A Safer Option for not only Investors but for all Nigerians in Diaspora looking for Home Ownership Made Easy platform to become home owners at ease.

To help buyers avoid costly mistakes, Adetayo recommends sticking to trusted and verifiable developers. Among those he endorses are the estates owned by Harmony Garden and Estate Development Ltd, led by respected real estate entrepreneur Hon. Dr. Saheed Mosadoluwa a.k.a. Mr. Ibile and that is the man behind the 10,000 homes in 5 years initiative tags Ibile Traditional Mortgage System.

The recommended estates include as stated on the company official website : Home | Harmony Garden – Nigeria’s Most Trusted Real Estate Developer

Home | Harmony Garden – Nigeria’s Most Trusted Real Estate Developer
Secure land, property, and affordable housing with Harmony Garden. Trusted real estate developer in Lagos, Nigeria with flexible payment plans.

that house the seven estates which includes Granville Estate, Lekki Aviation Town, Majestic Bay, The Parliaments, Harmony Casa 2.0, Oju-Alaro GRA, and Harmonyville Estate all on Lekki-Epe Expressway, Ibeju-Lekki.

Harmony Garden is widely recognized for its zero-tolerance policy on corruption, land grabbing, and sharp practices issues that plague many parts of Ibeju-Lekki.

Why Harmony Garden Estates Keep Appreciating:
Beyond integrity, experts attribute the rising value of Harmony Garden estates to strategic land banking within Ibeju-Lekki’s development belt. The company’s estates are strategically positioned around critical infrastructure, such as:

Dangote Refinery, which is already reshaping industrial activity, Lekki Deep Seaport, boosting international trade, Lekki International Airport project, set to increase commercial traffic and residential demand, A rapidly expanding network of roads, industries, and residential hubs.

These factors have made the corridor one of Nigeria’s most lucrative real estate zones, with land prices rising significantly year after year.

Harmony Garden prides itself on transparency, ethical dealings, and long-term value creation. The company has earned national recognition as one of Nigeria’s top-selling real estate firms, focusing on quality, affordability, and accessible housing for all income levels.

“In an industry frequently tainted by fraudulent operators, Harmony Garden stands out for integrity,” Adetayo noted. “This is why I always recommend them for anyone buying property in Ibeju-Lekki.”

As Nigerians in the diaspora prepare to return for the festive holidays, the message is clear: invest wisely, verify every detail, and work only with trusted developers. With Ibeju-Lekki’s transformation accelerating, the stakes and the risks are higher than ever.