Dangote Petroleum Refinery has reduced the price of aviation fuel, also known as Jet A1, from N1,750 to N1,650 per litre.

The company said the move is aimed at reducing the financial burden on airline operators and ensuring steady fuel supply across the country.

The development was announced in a statement issued on Tuesday in Lagos by the company’s spokesperson, Anthony Chiejina.

According to him, the refinery also introduced a 30-day interest-free credit facility for marketers and airline operators backed by bank guarantees.

He added that the company had also changed its pricing structure from dollar-based transactions to payments in Naira, a move expected to ease pressure on local operators.

Chiejina stated that the reduction was necessary due growing concerns over the rising operational costs in Nigeria’s aviation sector.

According to him, aviation fuel accounts for a major part of airline expenses.

He said, “Industry stakeholders have repeatedly warned that the increasing cost of Jet A1 fuel was putting serious financial pressure on domestic airlines and threatening smooth flight operations.

“The refinery’s latest decision is expected to provide relief for airline operators by lowering fuel costs, improving operational stability and supporting efforts to reduce airfares for passengers.”

Access ARM Pensions has posted a sharp rise in revenue in its first full financial year following the merger between Access Pensions and ARM Pensions. The results underscore the scale benefits and operational efficiencies already being unlocked by the combination of the two entities.

The Pension Fund Administrator grew gross revenue 50.

4 per cent, rising to N42.4bn in the 2025 financial year from N28. 2bn in 2024. Profit after tax also saw a significant jump, rising 48 per cent to N16.1bn from N10.9bn in the previous year.

Assets Under Management followed a similar upward trajectory, surpassing N4tn in 2025, up from approximately N3tn in 2024. This growth reinforces the company’s position as one of Nigeria’s largest PFAs.

Consequently, at the company’s Annual General Meeting held in Lagos, shareholders approved a dividend payout of N2 per share.

Speaking at the meeting, the Acting Managing Director and Chief Executive Officer, Abimbola Sulaiman, described 2025 as a defining year for the business.

“If you recall, FY2025 was our first full year post-merger. In 2024, ARM Pensions was part of the business for only about five months, so 2025 marked the first full year of consolidation,” Sulaiman said.

She noted that the company successfully extracted substantial operational synergies, particularly through cost optimisation, while simultaneously strengthening customer acquisition.

“The business is strong, the brand is strong, and we recorded gains in customer acquisition and assets under management. We are seeing strong double-digit growth, not only in line with the industry but ahead of it, largely because of the value capture achieved from the merger,” she added.

Sulaiman emphasised that the company expects even stronger performance over the medium term as integration benefits continue to mature across operations and revenue channels.

“Mergers and acquisitions typically take between one and three years before full integration benefits are realised. We are therefore optimistic about the growth trajectory ahead,” she stated.

Addressing new regulatory capital requirements, Sulaiman expressed confidence that the firm would meet the new thresholds internally without diluting existing shareholders, affirming, “The fact that we are able to pay dividends while still working towards meeting the new minimum capital requirement demonstrates our confidence. We will meet the requirement before the deadline and will not require any external capital injection to do so.”

The performance was well-received by investors. Obinna Anyanwu, a shareholder present at the meeting, described the commitment to returns as a “positive sign” for the investment community.

“We are beginning to reap the benefits of the merger with ARM Pensions. Based on the performance presented today, we are optimistic that the company will continue to build on and consolidate these gains,” Anyanwu noted.

He concluded by praising the management team, adding, “The quality of leadership within the organisation gives us confidence. We believe the company will perform even better in the years ahead.”

Two commercial vessels have successfully passed through the Strait of Hormuz despite ongoing tensions in the Gulf, as Iran submitted its response to a United States proposal aimed at ending the war and reopening peace talks.

Iranian state media reported on Sunday that Tehran’s response was transmitted through Pakistan, which has been mediating between both sides.

According to Iranian state television, the response focused on ending hostilities “on all fronts”, particularly in Lebanon, and guaranteeing the safety of maritime traffic through the strategic waterway.

The report, however, did not specify when or how the strait would fully reopen to international shipping.

The development came after Washington proposed halting the fighting before broader negotiations on contentious issues, including Iran’s nuclear programme. There was no immediate reaction from the United States government.

The Strait of Hormuz, which previously handled about one-fifth of global oil supplies, has remained one of the most volatile flashpoints in the conflict, with Tehran restricting non-Iranian vessels from transiting the route.

Despite the tension, it was reported that the QatarEnergy-operated liquefied natural gas carrier, Al Kharaitiyat, safely crossed the strait and headed for Pakistan’s Port Qasim, according to shipping analytics firm Kpler.

The vessel became the first Qatari LNG carrier to transit the strait since the outbreak of the US-Israeli war with Iran on February 28.

Sources familiar with the arrangement said Iran approved the shipment to help ease Pakistan’s worsening electricity shortages caused by disrupted gas imports and to build confidence with both Qatar and Pakistan, which have been involved in mediation efforts.

Also on Sunday, Iran’s semi-official Tasnim news agency reported that a Panama-flagged bulk carrier bound for Brazil passed through the strait using a designated route approved by Iranian armed forces after an earlier failed attempt on May 4.

The passage of the vessels came amid continuing regional security threats.

Meanwhile, as tensions persist around the strategic waterway, Britain announced that it was deploying HMS Dragon, one of the Royal Navy’s six Type 45 destroyers, to the Middle East ahead of a possible multinational mission to protect shipping in the Strait of Hormuz.

According to the UK Ministry of Defence, the warship would “pre-position” in the region for a “potential role” in a future “strictly defensive and independent” operation.

British Prime Minister Keir Starmer, who is championing the proposed mission alongside French President Emmanuel Macron, said the operation would only proceed after active fighting in the region ends.

The deployment comes after months of disruption in the strait, which Iran has been controlling in retaliation for attacks by the US and Israel.

HMS Dragon, designed for anti-aircraft and anti-missile warfare, recently operated in the eastern Mediterranean, where it was tasked with protecting British air bases in Cyprus following a drone attack near RAF Akrotiri in March.

The UK Ministry of Defence said the latest deployment formed “part of prudent planning” and would allow the warship to contribute immediately to any future multinational maritime security mission.

The ministry added that the mission “provides the UK Armed Forces with additional options for the defensive multinational Hormuz mission”.

Last month, representatives from 51 countries reportedly met to discuss securing commercial shipping through the strait, with Britain and France leading discussions on a coordinated response.

Meanwhile, US President Donald Trump is facing growing pressure to end the conflict ahead of a planned visit to China this week, amid mounting fears that the war could deepen the global energy crisis and further destabilise the world economy.

Qatari Prime Minister Mohammed bin Abdulrahman al-Thani reportedly told Iranian Foreign Minister Abbas Araqchi that using the Strait of Hormuz as a “pressure tool” would worsen the crisis.

According to Qatar’s foreign ministry, the prime minister stressed during a telephone conversation that “freedom of navigation should not be compromised.” Over the weekend, oil prices hovered around $100 per barrel.