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BREAKING: Tinubu Led Government Fines Binance $10 Billion, For Unlicensed Transactions In Nigeria—-Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, disclosed this on Friday in an interview with the BBC.

The development comes amid a crackdown on crypto exchange platforms — including Binance — by the federal government.

Nigeria’s government had reported detained two top executives of Binance on February 208, 2024, over allegations of price manipulations.

Speaking during the interview, Onanuga said the cryptocurrency platform is causing massive losses for “fixing exchange rates”.

He said the federal government is seeking such retribution from Binance for also fixing foreign exchange rates on its peer-to-peer platform.

“The platform fixes the exchange rate for the country and it is an illegal rate. The CBN is the only authority that can fix the exchange rate for the country,” Onanuga said.

“Binance platform harbours people who fix the exchange rate which quickly affects the Nigerian economy for the time when Nigeria is trying to stabilize the economy.

“Binance staff cooperated with the government to provide information.”

Prior to the interview, Onanuga had said Binance would destroy Nigeria’s economy if the federal government did not clamp down on the company.

On June 9, 2023, the Securities and Exchange Commission (SEC) said the operations of Binance Nigeria Limited, a subsidiary of Binance, were illegal.

Speaking on the infractions by the crypto exchange platform, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), on February 27, 2024, said $26 billion passed through Binance Nigeria from unidentified sources in one year.

Cardoso said the apex bank is collaborating with the SEC to eliminate price manipulations in the FX market.

The CBN, had on February 20, announced a partnership with the Office of the National Security Adviser (ONSA) to investigate and penalise those involved in illicit activities within the FX market.

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BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain

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March 9, 2026

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Dangote Refinery Hikes Petrol And Diesel Prices

BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain—-Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), or petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.

The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.

Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.

Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.

The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

The refinery had yet to issue an official statement on the development as of the time of filing this report.

Oil prices soared 30 per cent today on fears about supplies from the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of letting up.

Fears grew that the Middle East conflict could last for some time after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.

He added at the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.

Since the beginning of the war, WTI is up more than 75 per cent and Brent more than 60 per cent.

Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, which forced a US-run oilfield to cease production, while the United Arab Emirates and Kuwait have started reducing output.

That came with maritime traffic in the Strait of Hormuz — through which a fifth of global crude and gas passes — halted since the war began on February 28.

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JUST IN: Dangote Refinery Increases Petrol Price as Middle East Tensions Put Upward Pressure on Crude

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March 2, 2026

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Dangote Refinery Increases Petrol Price

JUST IN: Dangote Refinery Increases Petrol Price as Middle East Tensions Put Upward Pressure on Crude—Dangote Refinery has increased its Premium Motor Spirit gantry price.
The 650,000-barrel-per-day refinery increased its petrol price to N874 per litre, up from N799.

This means that the African’s largest refinery adjusted its petrol price by N75 per litre on Monday.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed Dangote Refinery’s price hike to Newsmen exclusively on Monday.

According to him, the move comes amid a hike in global crude oil prices following the Iran-United States-Israel conflict escalation in the past three days.

“It is due to global crude oil price volatility following the Iran-US-Israel war. It is the ripple effect of ongoing conflict,” he told Newsmen.

According to him, the development would trigger a retail fuel price hike nationwide.

The Genius Media Nigeria reports that on Monday, Brent and West Texas Intermediate crude blends rose to $78.50 and $71.84 per barrel, respectively, up from $72.87 and $67.02 on Saturday.

Recall that on January 27, Dangote Refinery had hiked its petrol price by N100 per litre to 799 per liter.

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