Business
Situation Room Commends Dangote Over Commencement of PMS Production
Situation Room Commends Dangote Over Commencement of PMS Production
The Situation Room on Energy Sustainability, a coalition of civil society organizations, has commended the President of Dangote Group, Alhaji Aliko Dangote, on the resumption of Premium Motor Spirit (PMS) production in Nigeria for the first time in almost three decades.
In a statement signed by Dr. Ikenna Nnaji, the group described the milestone achievement as a testament to Dangote’s visionary leadership and commitment to Nigeria’s economic growth and development.
The Dangote refinery, with a capacity to produce 650,000 barrels per day, is expected to significantly reduce fuel scarcity, leading to lower prices and increased economic activity, which will improve livelihoods, reduce hunger, and save lives.
The group noted that Nigerians have suffered from perennial fuel scarcity, skyrocketing prices, hunger, and even death due to the inability of the country’s refineries to produce, resulting in untold hardships and economic losses.
However, with the commencement of PMS production at the Dangote refinery, Nnaji expects a significant reduction in fuel scarcity, leading to improved livelihoods, reduced poverty, and increased access to healthcare and education.
“We wish to express our heartfelt commendation to the President of Dangote Group, Aliko Dangote, on the resumption of Premium Motor Spirit (PMS) production in Nigeria for the first time in almost three decades,” the statement said.
“This milestone achievement is a testament to the visionary leadership and unwavering commitment of Mr. Dangote to Nigeria’s economic growth and development. The Dangote refinery, with its capacity to produce 650,000 barrels per day, is a game-changer for our country’s energy sector.
“For years, Nigerians have suffered from perennial fuel scarcity, skyrocketing prices, hunger, and even death due to the inability of our refineries to produce. This has led to untold hardships, economic losses, and loss of lives. The impact on our economy, healthcare, and education has been devastating.
“However, with the commencement of PMS production at the Dangote refinery, we expect a significant reduction in fuel scarcity, leading to lower prices and increased economic activity, which will in turn improve livelihoods, reduce hunger, and save lives.
“The resumption of PMS production will also lead to reduced fuel scarcity, lower prices, and increased economic activity, resulting in improved livelihoods, reduced poverty, and increased access to healthcare and education due to reduced economic burdens.
“Additionally, this development will save Nigeria billions of dollars in foreign exchange, enhance the local availability of critical fuel for businesses and households, impact billions of dollars of trade in fuel markets regionally and beyond, position Nigeria as a leader in energy production and sustainability in Africa, and encourage private sector investment in the energy sector.”
The group commended Dangote for his perseverance and dedication to making Nigeria self-sufficient in petroleum production, despite numerous challenges faced during the refinery’s development.
Nnaji also praised the Federal Government for providing an enabling environment for private sector investment in the energy sector, particularly the crude-for-Naira initiative.
The group, however, urged other private sector players to emulate Dangote’s example and invest in Nigeria’s energy sector to achieve energy sustainability and prosperity.
“We also commend the Federal Government for providing an enabling environment for private-sector investment in the energy sector,” the statement noted.
“The government’s crude-for-Naira initiative, as acknowledged by Mr. Dangote, will contribute to the stability of our currency.
“We urge other private sector players to emulate Mr. Dangote’s example and invest in Nigeria’s energy sector. Together, we can achieve energy sustainability and prosperity for our nation.”
Why Pay Rent Endlessly When You Can Own Your Dream Home Now?
FirstBank’s MREIF mortgage loan product is an opportunity waiting for Nigerians to grab, as FirstBank, Ministry of Finance Incorporated (MOFI) partner to bridge housing deficit and empower citizens with credit to own their own homes of choice in any 36 states of the federation including Federal Capital Territory (FCT).
This laudable initiative considers the importance of shelter to Nigerian citizens especially low and middle income earners that have to save for years before they can build for themselves. It aims at delivering homes to those who would apply without stress, putting smiles on the faces of Nigerians now, and during retirement.
Through MREIF, FirstBank will provide eligible customers with access to loans of up to N100 million with a repayment period of up to 20 years, at an attractive interest rate of 9.75% per annum. This is less than the usual interest rate on regular loans which sit at about 27% or more today. The repayment duration of 20 years makes the loan attractive for customers without stress.
The mortgage facility is available to salary account holders, business owners, and diaspora customers.
Interested customers are required to visit the Bank’s website: https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ where they can find detailed information and begin their journey toward homeownership
Riceocracy: When Tinubu and the APC Government Substitutes Governance with Handouts
By George Omagbemi Sylvester
“Tinubu’s administration faces mounting criticism as rice palliatives replace real solutions to Nigeria’s deepening crisis.”
ABUJA, Nigeria — March 17, 2026
A growing wave of public frustration is sweeping across Nigeria as citizens decry what has now been dubbed “Riceocracy” a governance pattern where the government of President Bola Ahmed Tinubu and the ruling All Progressives Congress (APC) respond to systemic failures with the distribution of rice rather than meaningful reforms.
Across the country, from major cities like Lagos and Abuja to underserved rural communities, Nigerians are voicing anger over persistent issues: no stable electricity, deteriorating road networks, unaffordable fuel and cooking gas, and a struggling education system. Yet, in response to these structural problems, the government’s most visible intervention has been the distribution of food palliatives; particularly rice.
The central figures in this unfolding crisis are President Tinubu and the APC-led federal and state governments, who have overseen the rollout of these relief measures. On the other side are millions of Nigerians battling rising inflation, joblessness, and declining living standards.
The trend gained momentum following the removal of fuel subsidies in May 2023, a policy decision by the Tinubu administration that triggered a surge in transportation and commodity prices. By 2024 and into 2025, the government intensified the distribution of rice and other palliatives as a stopgap measure to quell public discontent. Now, in 2026, the approach has become a defining feature of the administration’s response to economic hardship.
The “Riceocracy” phenomenon is nationwide. Reports from states such as Kano, Rivers, and Borno show large crowds gathering for rice distribution exercises, even as basic infrastructure continues to decay. Urban centers are not exempt; in cities like Lagos, residents still grapple with erratic power supply and high living costs despite periodic palliative programs.
Analysts point to political convenience and immediate optics. Distributing rice is quick, visible, and politically advantageous, especially in a climate of widespread hardship. However, critics argue that it reflects a deeper governance failure; an inability or unwillingness to implement long-term solutions.
Nobel laureate Wole Soyinka has long warned against superficial governance, describing such approaches as “a betrayal of democratic responsibility.” In the same vein, global economist Ngozi Okonjo-Iweala has stressed that “palliatives may provide temporary relief, but they cannot replace sound economic management and structural reform.”
Political economist Pat Utomi offers a sharper critique: “A state that reduces its responsibility to food sharing risks institutionalizing poverty rather than eliminating it.” His statement captures the growing concern that Nigeria’s leadership is addressing symptoms rather than causes.
The implications are severe. Nigeria’s power sector remains unreliable, forcing businesses to depend on costly alternatives. Road infrastructure continues to hinder economic activity, while the education sector suffers from underfunding and frequent disruptions. Despite these challenges, rice distribution has become the most consistent government response.
Critics further argue that this strategy fosters dependency and weakens civic engagement. Instead of demanding accountability, citizens may feel compelled to accept handouts as substitutes for rights and services. Allegations of mismanagement and politicization of palliative distribution also persist, raising questions about transparency and fairness.
The term “Riceocracy” may sound satirical, but it reflects a sobering reality. It highlights a governance model where survival replaces development, and where public policy is reduced to emergency relief rather than strategic planning.
As Nigeria marks this moment on March 17, 2026, the message from scholars, civil society, and frustrated citizens is unmistakable: rice cannot fix a broken system. Only deliberate investments in infrastructure, education, energy, and economic productivity can restore confidence and chart a sustainable path forward.
Until then, the image of Nigerians queuing for bags of rice will remain a stark symbol of a nation still searching for leadership that goes beyond palliatives to deliver real progress.
ZENITH BANK OPENS MANCHESTER BRANCH TO SUPPORT CROSS-BORDER TRADE AND INVESTMENT
Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.
The official opening ceremony, scheduled to hold on Tuesday, March 17, 2026, is expected to attract government officials from Nigeria and the United Kingdom, regulators, investors, customers, and business leaders from both countries, underscoring the growing economic ties and investment opportunities between the two markets.
The new Manchester branch will complement Zenith Bank’s existing operations in the United Kingdom and serve as a strategic hub for supporting businesses engaged in international trade and investment. Through the branch, the bank will provide corporate banking, trade finance, treasury and related financial services to clients operating across the United Kingdom, Europe and Africa.Speaking ahead of the launch, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said: “The opening of our Manchester branch represents another important step in Zenith Bank’s growth as a leading African financial institution connecting businesses and markets across continents. Manchester is one of the United Kingdom’s most dynamic commercial centres, and our presence here will further strengthen financial connections between businesses in the UK and opportunities across Africa’s rapidly expanding markets.
”Founded in 1990 by its Founder and Chairman, Jim Ovia, CFR, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability. Built on a strong foundation of people, technology and service, the Bank has consistently delivered innovative financial solutions while maintaining a disciplined approach to growth and risk management. The impressive performance of the Bank has consistently earned it excellent ratings, recognition and endorsement from local and international agencies and institutions.Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT). The Bank currently operates subsidiaries in several African countries including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres including the United Kingdom, France, UAE and China.
In recent years, Zenith Bank has continued to expand its international network as part of its strategy to support global trade and investment flows involving Africa.Manchester, widely regarded as one of the United Kingdom’s most vibrant economic centres, hosts a diverse base of businesses across sectors such as manufacturing, engineering, logistics, technology and consumer goods. The city’s strong commercial ecosystem and international outlook align closely with Zenith Bank’s expertise in corporate banking, structured finance and trade finance.The Manchester branch will work closely with the Bank’s London operations and its broader international network to support clients seeking to expand across markets and unlock new opportunities in both the United Kingdom and Africa.
With the opening of the Manchester branch, Zenith Bank continues to advance its vision of building a truly global African banking institution that connects businesses, facilitates trade and investment, and creates stronger economic bridges between Africa and the world.
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