Business
‘Governor Fayose is funding IPOB’ – APC
On the day the federal government accused disgruntled politicians of sponsoring the separatist group, IPOB, the All Progressives Congress, APC, in Ekiti State has accused the state governor, Ayodele Fayose, of funding the group and its leader, Nnamdi Kanu.
The party accused Mr. Fayose, a vocal critic of the Muhammadu Buhari federal administration, of plotting to destabilise Nigeria.
The party also said that the governor’s counsel in a press release on Saturday urging dialogue to resolve the Biafran crisis was an afterthought.
The Publicity Secretary of the party in the state, Taiwo Olatunbosun, said in a statement on Sunday that the Nigerian Army was performing its constitutional role of preserving the unity of Nigeria and bringing all secessionists and their backers to justice.
Mr. Fayose had urged the federal government to embrace dialogue in the resolution of the Biafran agitation after the Nigerian military declared IPOB a terrorist organisation.
He had earlier accused the government and the military of ethnic cleansing in their handling of the Biafran agitation.
Mr. Olatunbosun said the governor’s actions and utterances had shown that he was “solidly behind any activity that will bring Nigeria down.”
“On April 26 and as published by The Nigerian Tribune Newspaper and its online publication on April 27, 2017, Fayose said he was working in conjunction with Deputy Senate President, Ike Ekweremadu, to raise funds for Kanu, stressing that he was taking his support for Kanu beyond showing solidarity in court by raising funds that would be deposited in an account opened in Kanu’s name,” Mr. Olatunbosun alleged.
He quoted the governor as saying that, “as many lawyers willing to fight the oppression should join the struggle for liberation from the oppression,” alleging that Mr. Fayose was not new to seditious and treasonable activities to bring Nigeria down.
“He led a campaign to the Chinese Embassy in Abuja and later to Shanghai, the Chinese capital, to urge the Chinese government not to lend hands in helping Nigeria out of recession,” continued Mr. Olatunbosun.
“Relentlessly, he led hate campaigns against the symbol of the Nigerian authority, President Muhammadu Buhari, wishing him dead, including hounding and haunting the President across the world, including on his sick bed, and threatening to expose the President on a life-support machine, all these in spite of swearing to uphold the Constitution of the Federal Republic of Nigeria and to be loyal to the Nigerian state and her President.
“He went further as reported in the media on May 25, 2017 that ‘Ekiti State is now part of Biafra’, which drew the ire of several Yoruba groups as reported in the media.
“Not done, while Nigerians and indeed the country’s leaders were celebrating Nigeria’s exit from recession, Fayose was the only governor across the country who dismissed the celebration as a ruse, maintaining that Nigeria was still in a deep economic mess even though in his state, he is the biggest stumbling block to the survival of Ekiti people by diverting all loans he took to pay workers salary to needless projects contracts awarded to his friends’ companies in which he allegedly has interest.”
Mr. Olatunbosun further alleged that Mr. Fayose demonstrated the seriousness of his support for the collapse of Nigeria when he released his telephone number 070300000393 and email: [email protected] as reported in the media on April 27, 2017, urging all that were interested in the Biafra cause to contact him through the phone number and email address.
“All the South-east governors, including the Deputy Senate President Ike Ekweremadu, have opposed Kanu in his secessionist activities while Governor Nyesom Wike of Rivers State has warned Kanu and IPOB to stay away from Rivers; but Fayose declared Ekiti State as part of Biafra and that has confirmed the report that he is part of Biafra’s financiers as he had publicly declared to the media,” said Mr. Olatunbosun.
“No wonder, just four months after Fayose started mobilising funds for Biafra, thousands of deadly weapons, including military assault rifles, were smuggled into the country but were intercepted by the Nigerian Customs while it was also discovered that uniformed Biafran militants already have military training camps where they are planning deadly assaults against Nigeria after threatening her leaders.
“We had earlier alerted the security agencies to the presence of armed gangs and stockpiling of arms in the Ekiti State Government House and his present activities in raising funds for Kanu only confirm that he is part of rebellion against the Nigerian state.
“We have always insisted that Fayose is a threat to the Nigeria’s unity and the economic survival of her people.”
The APC spokesman urged security agencies and Interpol to investigate Mr. Fayose in his support for funding IPOB with “the latest influx of military assault rifles into the country.”
“His support for Kanu in funds mobilisation for his treasonable act and the activities of Fayose’s media men in promoting the Biafran cause only point to one agenda to destabilise Nigeria and that has proved us right that Fayose has no agenda than the destabilisation of Nigeria to enable him escape all illegal and criminal activities linked to him in recent past,” he added.
But Mr. Fayose has described the allegation as baseless, saying his support for the group did not translate into funding of the IPOB.
His Chief Press Secretary, Idowu Adelusi, who spoke on his behalf, told PREMIUM TIMES on Sunday that the APC allegation was an attempt to “cover up the federal government’s torture and killing of the Igbo people.”
He said the governor had the right to express his support for any group, including the IPOB, arguing that the travails of the Igbo people should be the concern of all Nigerians.
“The attack by the military on the IPOB should be a concern for all Nigerians,” he said. “The people are expressing their fundamental rights. Their demands are legitimate.”
He denied raising funds for the group, saying that it was the ploy of the APC and the government at the centre to defend their wrongdoings and silence any opposition.
“The agitation of the IPOB is as a result of bad governance by the present administration,” Mr. Adelusi said.
“If there was good governance, there would not have been any need for the agitations; there would not have been calls for restructuring by the Niger Delta agitators, Afenifere and other groups.”
Mr. Adelusi further reasoned that the proclamation of IPOB as terrorist organisation was uncalled for, given that far more dangerous groups like the Fulani herdsmen, who had been accused of killing, maiming and raping, had been treated lightly.
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
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Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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