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PETROAN Warns Petrol Could Hit N2,000/Liter in Nigeria, NNPCL Moves to Increase Supply to Dangote Refinery

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the pump price of Premium Motor Spirit (PMS) could surge to nearly N2,000 per liter if tensions in the Middle East continue to disrupt global oil supply chains.

The association said Nigeria must urgently accelerate domestic refining to shield the economy from escalating international petroleum market shocks triggered by the conflict involving Israel, the United States, and Iran.

PETROAN’s National President, Billy Gillis-Harry, delivered the warning in Port Harcourt while presenting a keynote address titled “Deconstructing Energy Trilemma” at an event organized by the Department of Petroleum Economics and Policy Studies at Ignatius Ajuru University of Education.

The remarks were contained in a statement signed by the association’s National Public Relations Officer, Dr. Joseph Obele.

According to PETROAN, the conflict in the Middle East is already exerting significant pressure on global oil markets, with sustained drone and missile attacks threatening critical energy infrastructure and major oil shipping routes.

The association said the resulting uncertainty around global supply has pushed petroleum prices higher internationally and is beginning to transmit directly into Nigeria’s domestic fuel market.

Before the latest escalation in the conflict, PMS sold at around N774 per liter. The price has since climbed above N1,000 per liter, representing an increase of roughly 30 percent. Automotive Gas Oil (AGO), or diesel, has risen even faster. The product previously sold for about N950 per liter but now trades above N1,400 per liter, a jump of nearly 49 percent.

Gillis-Harry warned that if the geopolitical crisis persists and global crude supply tightens further, PMS could approach N2,000 per liter, while diesel may climb toward N3,000 per liter.

The warning highlights Nigeria’s continued exposure to global petroleum price volatility despite being one of Africa’s largest crude oil producers. Although the country exports crude oil, it still depends heavily on imported crude and refined petroleum products due to years of underperforming state-owned refineries.

In a deregulated downstream market, international price movements now translate more quickly into domestic pump prices. Brent crude futures have already surged to around $120 per barrel amid fears of supply disruptions tied to attacks on oil facilities and the potential escalation of hostilities in the Middle East.

Market analysts say sustained disruptions in the region could tighten global crude supply and drive prices even higher, especially if key shipping lanes such as the Strait of Hormuz face security threats.

Call To Revive Domestic Refineries

PETROAN said strengthening local refining capacity remains the most effective way for Nigeria to cushion the impact of international oil price swings.

The association urged the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC Ltd.), Bayo Ojulari, to prioritize the immediate resumption of operations at key state refineries. It specifically called for accelerated completion of rehabilitation work at the Area 5 plant in the Port Harcourt Refinery, as well as the Warri Refinery.

According to the association, operational domestic refineries would reduce Nigeria’s reliance on imported refined products and provide a buffer against global supply disruptions.

Gillis-Harry added that state-owned refineries that process domestically produced crude are less vulnerable to international supply chain disruptions than privately operated facilities that rely on imported crude feedstock.

Inflation And Economic Risks

PETROAN warned that further increases in fuel prices would deepen Nigeria’s economic strain by driving inflation, raising transportation costs, and increasing the price of goods and services.

PMS remains the dominant fuel for transportation across the country, while diesel is critical for manufacturing, logistics, and electricity generation in industries that rely on diesel-powered generators.

A sustained spike in both fuels could therefore ripple across nearly every sector of the economy. The association said prolonged high energy costs could also lead to job losses in energy-intensive sectors and further weaken consumer purchasing power.

Nigeria’s petroleum regulator has already acknowledged that fuel prices are now driven largely by global market dynamics. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said fluctuations in pump prices are a direct result of the country’s fully deregulated downstream petroleum sector.

The authority’s spokesperson, George Ene-Ita, said the pricing changes reflect the supply-and-demand dynamics typical of open fuel markets.

“Nigeria has been operating a fully deregulated downstream petroleum regime since the inception of the current administration. Therefore, pump price vagaries are purely a result of market dynamics,” he said.

Dangote Refinery And Crude Supply Challenge

Even Nigeria’s newest refining asset, the $20 billion Dangote Petroleum Refinery in Lagos, faces supply constraints that limit its ability to stabilize the domestic fuel market. The refinery requires between 13 and 14 cargoes of crude oil each month to operate at full capacity, but NNPC currently supplies only about five cargoes monthly.

As a result, the refinery has had to source additional crude from international traders, often at a premium price because of heightened geopolitical tensions and rising global crude benchmarks.

Industry officials said the refinery has absorbed about 20 percent of the recent price increase to cushion the market, but the remaining costs have been passed on to fuel marketers and eventually consumers. Oil dealers have also reported temporary pauses in PMS loading at the Lekki facility, fueling speculation about additional price adjustments.

Against that backdrop, the federal government, through the Nigerian National Petroleum Company Limited, took steps to secure crude oil supply for the Dangote Petroleum Refinery via third-party international traders to sustain local refining operations.

Meanwhile, major global economies are exploring emergency measures to contain the oil price surge.

Finance ministers from the Group of Seven (G7) countries are considering a coordinated release of crude from strategic reserves managed by the International Energy Agency.

The move is aimed at stabilizing global supply if disruptions linked to the Middle East conflict worsen.

Analysts say the crisis lends credence to the calls for urgent building of a resilient domestic energy system capable of insulating the Nigerian economy from geopolitical shocks.

LemFi Achieves Regulatory Milestone as it Joins Canada’s RPAA Framework, Enhancing Trust in Cross-Border Transfers

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LemFi, a leading fintech app known for enabling low-cost and instant money transfers to Africa and Asia, has announced its official registration as a Payment Service Provider (PSP) under Canada’s new Retail Payment Activities Act (RPAA).

The registration places the company within a robust federal supervisory framework designed to enhance consumer protection and strengthen trust in the country’s payments ecosystem.

Announcing the development, the company wrote, “We are pleased to announce our official registration as a Payment Service Provider (PSP) with the Bank of Canada under Canada’s new Retail Payment Activities Act (RPAA).”

The RPAA framework is intended to bring the same level of safety and reliability to payment providers that Canadians expect from their major banks. Under the regulatory structure overseen by the Bank of Canada, payment service providers must meet strict standards for operational resilience, fund safeguarding, and risk management.

By successfully registering under the RPAA, LemFi has demonstrated its ability to meet these enhanced federal requirements, placing the company within a high-standard regulatory environment that prioritizes consumer protection and accountability.

The registration also brings the fintech fully into Canada’s strengthened federal supervisory framework, reinforcing oversight under the central bank’s new payments regime.

According to LemFi, the milestone forms part of its broader strategy of reinforcing trust through strong compliance and regulatory frameworks while expanding its global financial infrastructure. It also aligns with its long-term ambition to build a full-stack financial services platform that supports people across borders.

While many fintech platforms concentrate solely on remittances, LemFi is working to develop a broader financial ecosystem that includes payments, credit, savings, and other financial tools within a single platform.

Canada has become one of the world’s fastest-growing outbound remittance markets. Data from the Migration Policy Institute estimates that outbound remittances from Canada reached approximately $8.6 billion in 2023. Major recipient countries include India, China, and the Philippines, key payment corridors already supported by LemFi’s global infrastructure.

The company noted that its PSP registration reflects its commitment to building a platform that is both innovative and aligned with the highest regulatory and operational standards.

“It means our customers can move money across borders knowing their funds are handled securely within a robust supervisory framework, while still benefiting from the speed, affordability, and simplicity that define the LemFi experience”, said Rian Cochran, Co-founder and CFO of LemFi. 

The new registration also expands LemFi’s growing global regulatory footprint. The company currently holds licenses and approvals across several jurisdictions, including the United Kingdom, Ireland, Australia, and multiple U.S. states.

Today, LemFi serves more than 2 million customers worldwide, enabling money transfers to over 30 countries across Africa, Asia, Europe, and Latin America.

Founded in 2020 by Ridwan Olalere and Rian Cochran, to transform international money transfers, particularly for immigrant communities. LemFi (formerly Lemonade Finance) initially launched with multi-currency accounts and cross-border payment services offering competitive exchange rates and zero transaction fees, positioning itself as a more affordable alternative to traditional banking systems.

Headquartered in London, the company has experienced rapid growth, raising more than $86.8 million across several funding rounds while expanding its services to millions of users globally.  Its early focus centered on serving the African diaspora and addressing financial challenges faced by individuals with international financial ties. Since its founding, LemFi has grown into a prominent fintech player in the global cross-border payments sector.

The Rise of Hybrid Casinos: Online and Physical Synergy

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The gambling industry has been changing for some time now. Everything started with land-based casinos, the ones like in Las Vegas, Monte Carlo, and so on. However, our modern world provides more accessibility via the internet, so online casinos took over.

Some people still prefer to visit land-based establishments, others like the accessibility of online sites. But there’s an interesting and relatively new option: hybrid casinos.

You’ve probably already guessed that in this context, hybrid means a combination of physical and online casinos. For example, you get the benefits of playing at a real location, but you can visit a site like Royal Sea and get access to promotions and a wider range of games.

These casinos have emerged because companies noticed the flow of their customers to online gambling sites. So, in order to be competitive, they had to adapt. Check out this article to learn whether that adaptation was successful.

The Raising Popularity of Online Gambling Sites: Their Influence on Physical Casinos

Online casinos grow in popularity every year. Users get access to a massive range of slots, table games, live dealers, and unique titles like crash games. There are many other games, too, as popular software developers create virtual representations of traditional options.

A traditional casino can’t compete with the size of these game libraries because it has limited physical room for machines and tables. Online casino websites give players promotions that include welcome gifts, reload bonuses, betting boosts, cashback, and so on. There are tournaments and many financial benefits, which a physical location offers less often. A player can access these options instantly from their own house.

Certain traditional casinos realized they had to change to keep their standing when users began to prefer easy website access. They made a smart move: they created websites that operate with their established physical name.

Online and Physical Casinos: Their Features in Comparison

Some services are similar at both establishments, while others are different. Here’s a short comparison:

Feature Physical casino Online casino
Range of games The game selection is limited to the available floor space. The selection is huge, as the number depends on the online infrastructure.
Accessibility You must travel to the location during operating hours. You are able to access it anytime from a mobile device or desktop computer.
Atmosphere Has a social setting with real dealers, other players, and music. Similar social interactions, but via real dealer games and live streaming.
Promotions Barely any rewards, unless you’re a high roller. Bonuses are available for all users and change often.
Safety Personal security and cash handling are excellent at the location. Financial transactions use encryption to protect your money and data.

So, two options have very different qualities. The traditional house relies on its physical presence, while the website relies on its massive variety and convenient service.

What are Hybrid Casinos

Hybrid casinos are gaming names that have a physical casino and a corresponding website that works under the same company. These establishments let users move between the two environments with ease. You can visit the physical location for the social atmosphere and then switch to the website when you want to play at home. This connection between the two venues creates a complete gaming service.

These companies often link user accounts so you are able to use the same loyalty program points whether you play on the website or in the building. Examples of casinos that have built this type of connection include famous places like Caesars and BetMGM. These names use their well-known reputation from the physical world to give users trust in their online products. They represent the merge of old tradition and new technology.

Benefits of Hybrid Casinos for Players

Hybrid casinos give players a full service that combines convenience with human interaction. They give you more ways to play and more opportunities to get rewards, which makes the whole service more satisfying. You do not need to choose between a night out and a quiet game at home; you are able to have both.

Here are some reasons why hybrid casinos are beneficial for a player:

  • You are able to use the same player loyalty account everywhere. The points you earn from playing slot machines in the physical venue apply to the rewards you get on the website, and vice versa.
  • The connection between the venues gives you many options for deposits and withdrawals. You can make an instant deposit online and then cash out the winnings.
  • The name has greater recognition and more history, which gives you more trust. When you play on the website of a well-known physical house, you know the business is reliable.
  • You get access to exclusive promotions that link the two processes. The website may give you a free hotel stay or a ticket to a show at the physical location as a reward for playing online.

These benefits show that hybrid casinos are a good choice for anyone. They combine the best of both worlds, plus are reliable and safe.

Why USDT TRC-20 Transfers Sometimes Cost More Than Users Expect

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USDT on TRC-20 has a reputation for being one of the cheapest ways to move stablecoins, which is exactly why so many traders and everyday users choose it. Yet people comparing wallet fees, exchange withdrawal charges, and network behavior often discover that the final cost is not always as simple as it looks, and resources such as https://stashcrypto.com/ can help illustrate why the practical cost of sending funds depends on more than the token standard alone.

The Main Reason: “Cheap” Does Not Mean “Fixed”

Many users hear that TRC-20 transfers are inexpensive and assume every transaction will cost roughly the same amount. That expectation creates the first problem. A low-fee network does not automatically guarantee a predictable fee for every user, every wallet, and every moment.

In practice, the cost of a USDT TRC-20 transfer can vary because the user is not paying only for the idea of “sending a token.” They are paying for network resources, wallet or platform policies, and sometimes extra conditions that are invisible until the transfer is about to be signed.

Understanding What You Are Really Paying For

USDT TRC-20 Transfers Use a Smart Contract

A TRC-20 transfer is not the same as moving a native coin in the simplest possible way. USDT on TRON is a token that works through a smart contract, and interacting with that contract consumes network resources. That alone can make the cost higher than a beginner expects.

On TRON, transaction processing is tied to resource concepts such as bandwidth and energy. A wallet may hide these technical details behind a single displayed fee, but the fee is still shaped by how many resources the transaction requires and whether the sender already has enough of them available.

Having TRX Matters Even When You Are Sending USDT

Another common surprise is that sending USDT usually still requires access to TRX-related resources. If the wallet does not already have what is needed to execute the token transfer efficiently, it may convert that requirement into a fee. Users who hold only USDT and no TRX often discover this at the worst possible moment: right before sending.

That is why a transfer can feel unexpectedly expensive even if the wallet advertised TRC-20 as a low-cost option. The network may be cheap in general, but the account still needs the right conditions to perform the transaction.

Why Different Platforms Show Different Costs

Wallet Fees and Exchange Fees Are Not the Same Thing

A major source of confusion is the difference between a network fee and a platform fee. A non-custodial wallet may show an amount closely tied to blockchain resources, while an exchange may charge a fixed withdrawal fee that is higher than the actual on-chain cost.

Exchanges do this for several reasons. They may batch operational expenses into one fee, protect themselves against changing network conditions, or simply use a conservative pricing model. From the user’s perspective, it looks like the blockchain suddenly became expensive, when in reality the platform added its own cushion.

Some Services Build Convenience Into the Price

Certain services simplify everything for the user by handling resource management in the background. That convenience can save time, but it may also increase the visible fee. In other words, the user is not only paying for the blockchain transaction; they may also be paying for automation, risk management, and ease of use.

Why Costs Can Rise at Certain Moments

Resource Availability Changes

TRON’s fee experience depends heavily on whether an account has enough bandwidth and energy or access to them through the wallet’s internal model. If those resources are not available at the time of transfer, the fallback cost may be noticeably higher.

This is one reason two users can send the same amount of USDT and still see different fees. One account may already be prepared, while the other needs to pay more to complete the same contract interaction.

Congestion and Demand Still Matter

Even networks known for low fees can become less predictable during periods of heavy use. When demand rises, the practical cost of obtaining the required resources can change. Users often remember the best-case scenario they saw once and treat it as a permanent rule, but real network conditions are never perfectly static.

Hidden Triggers That Make a Transfer More Expensive

New or Inactive Recipient Addresses

Some transfers cost more because the destination address creates extra work on the network. If the recipient address is new or requires activation-related processing, the transaction may involve more than a routine token movement. The sender may not realize that this extra step exists until the wallet calculates the fee.

Failed Attempts and Retries

A transaction attempt that fails or is canceled after preparation can also affect what the user experiences as the total cost. Even when funds are not lost in the way beginners fear, repeated attempts, incorrect resource estimates, or last-minute wallet adjustments can create the impression that a simple transfer turned expensive for no clear reason.

How Users Can Avoid Fee Surprises

Check Whether the Fee Is On-Chain or Platform-Based

Before sending, it helps to identify whether the displayed charge is a pure network estimate or a service fee set by the wallet or exchange. That one distinction explains many misunderstandings.

Keep a Small TRX Balance

For users who regularly send USDT on TRC-20, keeping a small amount of TRX available often reduces friction. It gives the account more flexibility when the wallet needs native-network support for token movement.

Compare Before Withdrawing

If the transfer starts from an exchange, compare withdrawal fees across platforms instead of assuming they all pass through the same network cost. The blockchain may be the same, but the service pricing can differ significantly.

Final Thoughts

USDT TRC-20 transfers sometimes cost more than users expect because people usually focus on the token name and ignore the mechanics underneath it. The real price is shaped by smart contract execution, TRON resource availability, TRX support, address conditions, and the fee policy of the platform being used.

So the network’s low-cost reputation is not false, but it is incomplete. TRC-20 can be very economical, yet the amount a user actually pays depends on whether the transaction is viewed at the blockchain level or through the lens of a wallet, exchange, or service layer.

African Startups Raise $272 Million in February 2026, Rebounding After Slow January

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African startups experienced a notable rebound in funding activity in February, following a relatively slow start to the year in January.

A report by Africa: The Big Deal, revealed that African startups raised a total of $272 million across 40 deals valued at $100,000 and above. The funding included a mix of equity, debt, and grants, excluding exits.

The February total marked a significant improvement from January’s $174 million and came in slightly above the previous 12-month monthly average of $254 million. The number of startups announcing funding also increased compared to January, though it remained marginally below the 12-month monthly average of 46 deals. Recall that only 26 start-ups announced at least $100k in funding in January.

Overall, the data indicates that after a relatively muted start to the year, February restored funding activity to levels commonly seen throughout 2025. In terms of deal structure, equity financing accounted for 54% of the capital raised, while debt represented 45%, highlighting the continued importance of alternative financing structures in the African startup ecosystem.

As has often been the case in the region, a small number of large deals drove the bulk of the month’s funding. The largest came from Spiro in Benin, which announced $57 million in debt across two transactions. Close behind was Egypt’s Breadfast, which secured $50 million in pre-Series C funding.

Meanwhile, GoCab in Côte d’Ivoire raised $45 million through a combination of debt and equity, further boosting the month’s total. Several other companies also announced sizable rounds exceeding $20 million.

Terra Industries in Nigeria added $22 million to a previously announced round, while Enko Education in South Africa secured $22 million in debt financing. Additionally, South African fintech Lula raised $21 million from Dutch development finance institution FMO.

Together, these six companies accounted for around 80% of all funding announced in February, underscoring the continued concentration of capital within a relatively small group of ventures.

Geographically, Egypt led the continent with $64 million raised, followed closely by Benin with $57 million, Côte d’Ivoire with $45 million, and South Africa with $44 million. From a regional perspective, West Africa dominated funding activity, attracting 53% of total capital during the month. Northern Africa followed with 24%, while Southern Africa secured 21%.

One notable development was the sharp drop in East Africa’s share of funding. The region, which led the continent in 2025 with 34% of total startup funding, ranked fourth in February with just 3% of the total. Even when looking at year-to-date figures for 2026, East Africa’s share stands at only 4%, a trend that observers say will be important to monitor in the coming months.

With February’s results included, African startups have now raised more than $446 million in the first two months of 2026, slightly ahead of the $417 million recorded during the same period in 2025.

Outlook

While February’s recovery signals renewed momentum for Africa’s startup funding landscape, the data suggests that the ecosystem remains heavily reliant on a small number of large deals. Sustained growth will likely depend on a broader distribution of funding across early- and growth-stage startups.

Looking ahead, investors and ecosystem watchers will be paying close attention to whether East Africa regains its momentum, whether West Africa can maintain its dominant share, and whether the continent can continue matching or surpassing the funding pace seen in 2025.

If larger rounds continue and more startups secure capital in the coming months, 2026 could still emerge as another resilient year for African venture funding despite global investment uncertainties.