Nigeria: First Bank CEO Backs Government’s 15% Tax On Imported Fuel

First Bank of Nigeria’s Chief Executive Officer (CEO), Olusegun Alebiosu, has thrown his weight behind the Federal Government’s decision to impose a 15% import duty on gasoline (petrol) and gasoil (diesel).

The policy aims to protect local refineries and strengthen the naira.

Nigeria’s oil refinery market is at a critical turning point, and Alebiosu—an alumnus of Harvard Business School—has made clear his support for domestic refining efforts.

Speaking exclusively to Energy News Africa (https://energynewsafrica.com) on the sidelines of the OTL Africa Downstream Energy Week 2025 in Lagos, he noted the growing influence of Namco de Refinery and the broader energy market.

Alebiosu highlighted concerns over market control, warning: “When new refineries join the market, who is buying them? They will control the market. When there’s a put-up block, prices will drop.”

Backing the Federal Government’s 15 percent ad valorem tax on imported diesel and Premium Motor Spirit (PMS), Alebiosu described the move as a necessary shield against unfair foreign dumping, particularly from Russia, whose fuel has been flooding African markets amid the ongoing Ukraine conflict.

He further noted that refinery ownership sometimes falls into the hands of “criminal” actors who manipulate prices for personal gain.

Alebiosu also drew attention to the dominance of international oil giants such as BP and Qatar Energy, pointing out that they “benefit from every process they undertake,” operating with European costs, banks, and salaries — factors that ultimately push prices higher for African consumers.

He stressed the need to rebalance this dynamic, saying:

“Now I produce in Africa. I refine in Africa. I use in Africa. My cost must come down to the African economy. It’s important because Russia is dumping PMS in Africa. People will continue dumping products in Africa and Nigeria.”

Alebiosu cautioned that failing to protect domestic refineries could have dire consequences.

“If we don’t protect our refinery industry, it will collapse. If we don’t protect the refineries our economies won’t stand.”

To safeguard the sector, he urged Nigerians to buy from Dangote Refinery saying  “We must protect our interest in the market. We must buy from Dangote Refinery because it’s cheaper.”

Alebiosu’s remarks carry weight not only because of his position as a seasoned banking executive with over 28 years of experience, but also due to his strong academic background, including degrees from the University of Lagos, the London School of Economics, and Harvard Business School.

His firm backing of local refining and support for government policy underscore a pragmatic approach toward energy independence and economic stability—key ambitions for Nigeria’s future.