Business
15% duty on petroleum products will protect local refineries, attract investors — Osatuyi
The former National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Mike Osatuyi, has commended President Bola Tinubu for approving a 15 per cent import duty on petrol and diesel.
In an interview with the News Agency of Nigeria (NAN) in Lagos on Sunday, Osatuyi said that the policy would protect local refineries and attract new investments into the sector.
NAN reports that on Oct. 29, President Bola Tinubu approved a 15 per cent import tariff on petrol and diesel, a policy expected to raise the landing cost of imported fuel.
He added that it would ensure the sustainability of both existing and upcoming private refineries, encourage modular refinery operators, and attract foreign investors.
Osatuyi added that the policy would discourage importation of cheaper refined products, improve competition among marketers, and ultimately benefit Nigerians.
“The Federal, State and Local Governments will also gain from increased revenue, job creation, foreign exchange savings, and the stabilization of the naira,” Osatuyi noted.
According to him, the import duty demonstrates the Tinubu administration’s commitment to protecting domestic investment in the downstream petroleum sector.
He described the Dangote Refinery in Lekki, Lagos, as a “national asset and Nigeria’s energy security facility,” commending its role in reducing dependence on imported petroleum products.
Osatuyi criticized the prolonged non-performance of government-owned refineries like Port Harcourt, Warri, and Kaduna, saying that over ₦11 trillion had been spent between 2010 and 2023 on maintenance and rehabilitation without results.
“It is unpatriotic that attempts to privatize these refineries in 2007 were resisted, costing the nation over ₦264 billion annually in maintenance with zero output,” he said.
He emphasised that the 15 per cent import duty would not primarily serve as a revenue measure but as a protective policy to ensure local refineries remain viable against imported products.
Osatuyi highlighted the growth of Nigeria’s refining capacity, citing the Dangote Refinery’s current 650,000 barrels per day (bpd) capacity—making it the seventh largest in the world—and its planned expansion to 1.4 million bpd, which would make it the largest globally.
He also mentioned other upcoming projects such as the BUA Refinery in Akwa Ibom State with 200,000 bpd capacity and several modular refineries including OPAC, Duport, Niger Delta (Aradel Holdings), Edo, Waltersmith, Azikel, Ogbele, and Abia refineries, with a combined capacity of about 150,000 bpd.
“A responsible government must protect these massive private investments worth billions of dollars,” Osatuyi stated.
He further explained that fears of product scarcity were unfounded, as Dangote Refinery alone could meet national demand and still have excess for export.
The refinery, he said, has a storage capacity of over 4.6 billion litres, 200 loading gantries, and can produce 57 million litres of petrol, 25 million litres of diesel, and 20 million litres of jet fuel daily when fully operational.
Osatuyi urged local refiners to act responsibly and not exploit the import duty policy to make excessive profits.
Stressing that regulators such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) must ensure fair pricing and market stability.
He called for vigilance to prevent abuse of the import duty protection, fuel scarcity, or black-market activities.
He noted that the Federal Government’s new centralised revenue collection system, effective January 2026, would ensure compliance.
The former IPMAN official also applauded the President’s directive allowing local refineries to purchase crude oil in Naira, describing it as a major step in stabilising operations and reducing pressure on foreign exchange.
“President Tinubu has again demonstrated courage and patriotism by prioritising national interest over political considerations.
“His decision to impose a 15 per cent import duty on petrol and diesel is a bold step to protect Nigeria’s economic sovereignty,” he said.
Business
Pumpkin Property Introduces Nigeria’s First Starlink-Powered Housing Initiative
Pumpkin Property, a fast-growing real estate development firm committed to creating modern, affordable, and sustainable housing solutions across Nigeria, has announced a groundbreaking initiative that integrates high-speed satellite internet into its housing projects, redefining modern living standards in the country.
Under this initiative, homebuyers in selected Pumpkin Property estates will receive Starlink hardware, professional installation, and three months of complimentary high-speed internet subscription upon purchasing a home.
The initiative will initially be available in Prime Living Estate and Prime View Estate located within Millennium City, Kaduna, as well as Pumpkin Homes located in Karsana, Abuja.
Pumpkin Property focuses on developing well-planned residential communities supported by essential infrastructure—including road networks, drainage systems, street lighting, and modern utilities—while embracing innovative technology that enhances residents’ quality of life.
To support the rollout of this initiative, Pumpkin Property has entered into a collaboration agreement with Konga Online Nigeria Limited for the supply, installation, and technical support of Starlink hardware and related connectivity products across Pumpkin housing projects and real estate developments in Nigeria.
In addition, Pumpkin Property has partnered with TD Africa, an authorized distributor of Starlink solutions in Africa. Through this partnership, Pumpkin Property will have direct access to the latest Starlink hardware, including Starlink kits and accessories, ensuring reliable deployment within its estates.
Starlink, the satellite internet constellation developed by SpaceX, delivers high-speed broadband connectivity through a network of low-Earth orbit satellites. The technology expands access to reliable internet in regions where traditional fibre or terrestrial infrastructure remains limited. As Elon Musk explained:
“Starlink is designed to provide high-speed, low-latency broadband internet to places where access has been unreliable, expensive, or completely unavailable.”
Speaking on the initiative, the CEO of Pumpkin Holdings Limited, Mr Oladeji Bamidele, emphasized the growing importance of digital infrastructure in modern housing developments.
“Connectivity has become as essential as electricity and water in modern communities. By integrating Starlink technology into our housing developments, we are ensuring that our homeowners enjoy reliable high-speed internet from the moment they move in. This initiative reflects our commitment to building future-ready communities across Nigeria.”
By integrating satellite connectivity into its housing projects, Pumpkin Property is positioning itself at the forefront of technology-enabled real estate development in Nigeria, setting a new benchmark for smart living communities.
Prospective homeowners and investors interested in the Starlink-powered homes at Prime Living Estate and Prime View Estate in Millennium City, Kaduna, and Pumpkin Homes in Karsana, Abuja, are encouraged to contact Pumpkin Property for further information on availability and purchase options.
Business
Safety First: Transcorp Hilton Abuja Stages Fire Drill
Transcorp Hilton Abuja has conducted its first-quarter unannounced fire drill simulation as part of efforts to strengthen safety measures and emergency preparedness within the facility.
The exercise, which took place on 19th February 2026, was carried out in collaboration with the Federal Fire Service. The simulation forms part of the hotel’s structured safety programme aimed at ensuring a high level of emergency readiness and effective coordination with relevant authorities.
Management of the hotel said the initiative underscores its unwavering commitment to the safety and well-being of guests and team members.
“We successfully carried out our Q1 unannounced fire drill simulation with the support of the Nigeria Fire Service. This exercise forms part of our structured safety programme, designed to ensure a high level of emergency preparedness and effective coordination with relevant authorities,” the management stated.
The drill comes shortly after the hotel hosted its Valentine’s Day weekend promotion across its rooms and restaurants. The celebration, characterised by romance, entertainment and vibrant experiences, was warmly received by guests.
As preparations begin for the Holy Month of Ramadan, the management reassured guests of a safe, serene and memorable stay.
“We appreciate the understanding of our guests and apologise for any inconvenience the exercise may have caused,” the management added.
Business
NIA trains underwriters on NIIRA 2025, container insurance
The Nigerian Insurers Association (NIA) has commenced a two-day training workshop for underwriters on the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to a statement from NIA, the training is focused on Sections 75 and 76, as well as the Compulsory Container Insurance scheme.
The workshop, which began on Thursday, is scheduled to end on Friday.
The News Agency of Nigeria (NAN) reports that no fewer than 40 underwriters involved in container insurance, were participating in the training held at the Insurers House, Victoria Island, Lagos.
At the opening of the workshop, Director-General of the NIA, Mrs Bola Odukale, said that insurance remained a critical pillar of national development and economic stability.
Odukale noted that a well-regulated and legally backed insurance industry, was essential for economic growth, investor confidence and the protection of the public.
She urged participants to engage actively in the sessions, adding that the training would strengthen professional capacity and improve effective implementation of compulsory insurance provisions for the overall benefit of the economy.
NAN reports that facilitators at the workshop include: Mrs Margaret Ogbonnah, Director at the Nigerian Shippers’ Council; Mr Soji Oni, Controller 1, Technical, NIA, Mr Owolabi Longe, Chief Executive Officer of Ironlink Communications, among others.
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