Dangote Refinery Cuts Petrol Before Gantry Price By N50 To N1,125/litre

In a notice to customers, the refinery said the ex-depot price has been adjusted downward from N1,175 per litre to N1,125 per litre, while the coastal supply price was reduced from N1,495,215 per metric tonne to N1,428,165 per metric tonne.
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The refinery attributed the price reduction to the easing of tensions in the Middle East, which has led to a decline in global energy prices.

The latest adjustment comes barely a week after the refinery reduced its ex-gantry petrol price by N75 per litre to N1,175 from N1,250, citing the de-escalation of geopolitical tensions in the Middle East and the resulting impact on energy markets.

The refinery had increased petrol prices several times earlier in the year amid supply concerns triggered by tensions in the Middle East and disruptions to global oil flows.

In March, the plant raised its ex-gantry price to N1,175 per litre following a sharp increase in crude oil prices linked to the conflict in the region.

The latest reduction is expected to influence depot and retail pump prices across the country as marketers adjust to the new pricing template.

Dangote Refinery

Global oil prices have significantly fallen since the United States and Iran signed a peace agreement in Switzerland that will mark the start of a 60-day negotiation period.

Brent crude, the global oil benchmark, dropped to $72.97 per barrel — lowest since February, when the conflict began.
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Alleged $1.5m Fraud: EFCC Presents Two Witnesses Against Defendant In Lagos

The Economic and Financial Crimes Commission, EFCC, on Tuesday, 23 and Wednesday, 24 June, 2026 presented two prosecution witnesses, PW1, Babatunde Adebayo, and PW2, Paul Olufemi, in the trial of Ifoma Immanuel, who is facing charges an alleged $1.5 million fraud before Justice Mojisola Dada of the Lagos State Special Offences Court sitting in Ikeja.
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Investigations revealed that the defendant allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million under the guise of financing projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.

According to investigations , the investment was accompanied by assurances of reimbursement, a development capital fee of $2.25 million, and a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.

Following the conclusion of investigations, the EFCC’s Lagos Zonal Directorate 1 arraigned Immanuel and his company, Intermediate Investment Holdings Limited, on March 11, 2026, on a two-count charge bordering on obtaining by false pretence and forgery involving $1.5 million.

The defendants pleaded not guilty to the charges.

At the resumed hearing on Tuesday, June 23, 2026, PW1, led in evidence by prosecution counsel, Babatunde Sonoiki, told the court how he facilitated the transfer of $500,000 into accounts nominated by the defendant in the United States and Mauritius.

Adebayo, a financial adviser, testified that in 2022, Immanuel approached him seeking financial assistance, claiming that he had secured an investor interested in funding a business venture.

“The defendant informed me that he had an investor willing to invest in a business. At that time, the exchange rate was about N600 to one US dollar,” he told the court.

He further stated that the defendant later sent payment instructions via WhatsApp, including details relating to a total sum of $500,000.

According to him, Immanuel provided his personal bank account details in Jersey Island, where $400,000 was to be credited, and directed him to confirm from Sheriff Oluwo and Chikezie Evuluchkwu where the remaining $100,000 should be sent.

“He forwarded his personal bank details in Jersey Island, where the sum of $400,000 was to be credited. He also directed me to confirm from Sheriff Oluwo and Chikezie Evuluchkwu where the balance of $100,000 should be sent,” he said.

Adebayo added that although the defendant initially requested that the funds be transferred into his personal account, he declined and insisted on a corporate account.

“We requested a corporate account, and the defendant nominated Intermediate Investment Holdings Limited. All proof of payment was sent to Ifoma Immanuel. He gave instructions regarding the $400,000 transfer and directed me to contact Sheriff Oluwo and Chikezie Evuluchkwu concerning the balance of $100,000,” he testified.

The prosecution also called PW2, Paul Olufemi, a compliance officer with Providus Bank, who testified on Wednesday, June 24, 2026.

Olufemi, led in evidence by another prosecuting counsel E. E. Iheanacho, SAN, told the court that he had worked in the bank’s compliance department for about four years and regularly interfaced with law enforcement agencies, including the EFCC.

He stated that Providus Bank received a letter from the EFCC on May 30, 2025, requesting account-opening documents and statements of accounts relating to the first defendant.

“We received the request and, after scrutinising it, retrieved and printed the account-opening documents and statements of account from our records. We also attached a certificate of identification duly certified by the bank,” he said.

The witness identified the EFCC request letter, the bank’s covering letter, the certificate of identification, account-opening documents, and statements of account, and sought to tender them as exhibits.

Counsel to the first defendant, Awah Kalu, SAN, raised no objection to the documents being admitted in evidence.

However, counsel to the second defendant, C. E. Wilson Okereke, objected to the admissibility of some of the documents, arguing that they were photocopies that had not been duly certified by the EFCC.

He further contended that the Certificate of Incorporation of 107 Global Ventures, being a public document, ought to have been properly certified before being tendered.

EFCC

In response, prosecution counsel Iheanacho, SAN, argued that the documents originated from Providus Bank, which had custody of them, and that the witness, being a bank official, was competent to tender them. He further submitted that the documents were original bank records accompanied by the bank’s certification and covering letter.

Following the objections, the prosecution opted to withdraw the disputed documents to regularise their status.

Justice Dada subsequently granted the application, striking out the EFCC request letter and the Providus Bank response letter from the list of exhibits.

The matter was adjourned until June 29, 2026, for the continuation of trial.
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Ex-Osun lawmaker: State Police Not Enough, Nigeria Needs Highway, Tourist Cops

A former member representing Obokun State Constituency in the Osun State House of Assembly, Olatunbosun Oyintiloye, has said that beyond the establishment of state police, Nigeria should create additional specialised policing structures to effectively tackle the country’s security challenges.
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Oyintiloye made the call while congratulating Nigerians on the Senate’s approval of state police, describing the development as a historic milestone in the nation’s pursuit of a more effective, responsive and community-oriented security architecture.

In a statement obtained in Osogbo on Thursday, the All Progressives Congress stalwart said security is most effective when it is locally driven, intelligence-led and supported by the people.

“For years, I have remained a vocal advocate of state police because I firmly believed that Nigeria’s evolving security realities require a more localised approach.

“Today, I am delighted that this long-held dream for our dear nation has become a reality under the courageous and visionary leadership of the President,” he said.

While describing the approval of state police as a step in the right direction, Oyintiloye argued that the country should adopt a multi-layered policing system to address emerging security concerns.

“The truth is, Nigeria needs more policing structures. It is good that we have state police now. It is the right step. But beyond that, we should have other policing structures. We should have highway police, tourist police, among others,” he said.

The former lawmaker expressed satisfaction that a cause he had championed for years had finally gained traction under the administration of President Bola Tinubu.

He recalled that he had consistently advocated the establishment of state police as a practical solution to Nigeria’s growing security challenges, citing a public intervention published in a national newspaper on February 25, 2018, where he canvassed a decentralised policing system capable of addressing peculiar security concerns across the country.

“The establishment of state police will strengthen intelligence gathering, enhance rapid response to security threats, deepen community policing, create employment opportunities and empower law enforcement agencies to better understand and address local security challenges,” he added.

Oyintiloye also called for the deployment of modern security technology to support the new policing structure.

According to him, tools such as closed-circuit television cameras, drones, digital communication systems and integrated crime databases are essential for improving the effectiveness of security operations.

He further stressed the need for a strong community policing framework that would integrate traditional rulers, community leaders, youth groups and other stakeholders into intelligence-sharing networks.

The debate over state police has remained one of Nigeria’s most contentious security and constitutional issues for decades. Advocates argue that decentralised policing would improve intelligence gathering, response times and community engagement, especially in addressing local security threats such as banditry, kidnapping and communal conflicts.

State Police

However, critics have expressed concerns about the potential abuse of state-controlled police by political office holders and have called for strong legal safeguards, oversight mechanisms and accountability frameworks to prevent misuse.

The Senate’s approval of state police is widely regarded as a significant step towards restructuring Nigeria’s security architecture amid growing calls for reforms to address the country’s complex and evolving security challenges.
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