
News
Dangote, others adjust petrol depot prices to N823 per litre
Three operators – Dangote Petroleum Refinery, Aiteo and AA Rano – weekend, adjusted the depot prices of Premium Motor Spirit, PMS, also known as petrol to N823 per litre from N821 per litre as crude oil rises to $67 per barrel from $65 per barrel in the international market.
Dangote Petroleum Refinery, Aiteo and Rano had previously sold the product at N821 per litre.
Checks by Vanguard yesterday indicated that the domestic market would continue to respond to global changes due to competition in Nigeria’s downstream sector.
The checks further showed that the pump prices of the product remain unchanged, but may be adjusted this week if the market situation persists.
In an interview with Vanguard, Olajide Jeremiah, Chief Executive Officer of Petroleumprice.ng, said: “We are witnessing frequent adjustment of depot prices for some reasons. These include the low crude oil prices and also competition among downstream players in Nigeria.

“The market would continue to record more price adjustments in the coming weeks as new changes occur in the global oil market.
“We also expect the adjustments would be extended to pumps so that consumers would feel the impact going on in the market.”
However, in another interview with Vanguard yesterday, Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, said the domestic market remains dynamic and responsive to development at the global market.
Gillis-Harry stressed the importance of increased and stable supply, while calling for the privatisation of government-owned refineries.
He said: “Full privatization with participation of grassroots stakeholders such as PETROAN, Major Energy Marketers Association, MEMAN, and others remains the real solution.
Meanwhile, Dangote Petroleum Refinery has concluded plans to increase its capacity by 7.7 percent to 700,000 barrels per day (bpd), from the current 650,000 bpd.
However, checks by Vanguard indicated that the refinery’s operations have already altered the previous flows of petroleum products, mainly from Europe and other markets, to Nigeria in particular and Africa in general.
Nigeria, which previously relied heavily on foreign refineries to meet its domestic fuel needs, has, through the Dangote Petroleum Refinery, helped meet domestic demand while also exporting to other markets worldwide.
This shift has affected the European gasoline market, with the Organisation of Petroleum Exporting Countries, OPEC, noting that the Dangote Refinery’s production and exports will likely weigh further on the European gasoline market.
The refinery’s production has freed up gasoline volumes in global markets, prompting the need for new destination markets and adjustments in the flow of gasoline. This has led to declining petroleum product imports into Nigeria and affected Europe’s gasoline inventory levels. (Vanguard)
News
UBA Commences Contempt Proceedings Against WEMPCO Directors over Alleged Disobidence of Court Order
The Federal High Court, presided over by Honourable Justice Aluko, has granted an application by United Bank for Africa (UBA) Plc for substituted service of Form 49 on directors of Wempco named as alleged contemnors in the case of UBA v. Wempco.
The application forms part of proceedings seeking to determine whether the named individuals disobeyed an order of the court and whether they should be committed to prison for contempt.
The directors named as alleged contemnors are Lewis Shui Ngor Tung, Phillip Shui Chei Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Aali Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, C.L. Ip and Taiwo Alli.
In advancing the application, counsel to UBA argued that service of Form 49 on the alleged contemnors was necessary to enable them to appear before the court and show cause why an order of committal should not be made against them.
He also argued that the Directors of Wempco and some members of staff took illegal steps in an attempt to disobey the Order of Court.

The court’s decision to grant substituted service provides a procedural step towards bringing the notice to the attention of the individuals concerned in accordance with the court’s directions.
Form 49 is a notice requiring an alleged contemnor to show cause why an order of committal to prison should not be made against them for alleged disobedience of a court order.
The Federal High Court had earlier made an Order of Mareva Injunction and appointed a Receiver/Manager over some of the Assets of Wempco following the indebtedness of Wempco to UBA in the sum of N61,445,695,993.76 (Sixty One Billion FourHundred and Forty-Five Million Six Hundred and Ninety Five Thousand, Nine Hundred and Ninety Three Naira, Seventy Six Kobo).
News
$242m Petroleum Products Diversion Claim: UBA Secures Court Order Against Vitol, Four Others
A Lagos State High Court has granted interim preservative orders, including a Mareva injunction, in favour of United Bank for Africa (UBA) Plc in a dispute involving the alleged diversion of petroleum products valued at $242 million.
The orders, granted last Thursday by Justice K. A. Jose, followed allegations by UBA that Vitol SA, a Switzerland-based energy trading company, wrongfully released cargoes of petroleum products consigned to the bank in the bills of lading.
UBA’s lead counsel, Bode Olanipekun, SAN, urged the court to grant the interim orders to preserve assets and prevent the dissipation of funds pending the determination of the substantive dispute.
In her ruling, Justice Jose granted three of the prayers sought by the bank, including requests to restrain dealings with assets and funds up to the disputed amount.
“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.

The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.
In the substantive proceedings, UBA is seeking to establish the liability of Vitol SA and the owners of the vessels over alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.
The bank also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.
In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank had issued a letter of credit in favour of Vitol SA to facilitate petroleum products transactions.
According to the affidavit, the cargoes were transported to Nigeria, and the masters of the vessels issued several bills of lading.
UBA alleged that Vitol subsequently endorsed the bills of lading “to the order of” the bank and handed over the original documents to it.
The bank maintained that the endorsement entitled it to take possession of the cargoes upon completion of the voyages.
However, Chilaka stated that UBA had not received the gasoil despite the completion of the voyages.
“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.
UBA alleged that the cargoes were instead diverted for the use of another party, arguing that the failure to deliver the products amounted to conversion and negligence.
The bank further contended that the respondents had obligations arising from the transactions and the endorsement of the shipping documents but failed to fulfil them.
UBA also alleged that cargoes linked to the transactions were diverted to other parties after the completion of their voyages rather than delivered to the bank as stipulated in the shipping documents.
The allegations are expected to be determined in the substantive proceedings.
News
Enugu CP Warns Officers Against Extortion, Degrading Treatment of Citizens
The Commissioner of Police in Enugu State, Mr Mamman Giwa, has warned police officers against degrading treatment of citizens, extortion and other forms of unprofessional conduct.
Giwa gave the warning on Wednesday during an emergency conference with senior officers at the Senior Police Officers’ Mess, Agbani Road, Enugu.

He also directed senior and supervisory officers to strengthen oversight of personnel and improve security management for political and election-related activities ahead of the 2027 General Elections.
The commissioner said the conference followed directives issued by the Inspector-General of Police, Mr Olatunji Disu, during a virtual strategic meeting with senior officers on October 20.

According to him, the I-G emphasised professionalism, compliance with the Nigeria Police Force’s social media policies, adapting policing to contemporary realities, respectful treatment of citizens, and effective management of political activities and election security.
“It is clear that officers cannot effectively discharge their policing responsibilities without treating citizens with respect and conducting their duties in accordance with extant laws and established professional standards,” Giwa said.
He charged senior officers to take responsibility for the conduct of personnel under their supervision, warning that any officer found engaging in misconduct would face the consequences.
The conference also featured a health talk on the Ebola virus, focusing on its symptoms and preventive measures.
Those in attendance included Deputy and Assistant Commissioners of Police, Area Commanders, Divisional Police Officers, heads of formations, tactical and operational units, and heads of various sections of the Enugu State Police Command.
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