Connect with us

News

Petrol price increases at filling stations amid Dangote-NNPCL crude dispute

Published

on

Petrol prices in Lagos, Nigeria’s commercial hub, have surged by ₦70 per liter, rising from ₦860 to ₦930, adding to the financial burden of consumers.

The fuel price hike has also taken hold in other regions, including Abuja and major northern cities, where petrol is now being sold at filling stations for between ₦950 to ₦970 per liter. This marks a significant increase of ₦70 to ₦90 per liter, up from the previous price of ₦880 last week.

Our correspondents in Lagos and Abuja observed that filling stations like MRS Oil & Gas, Ardova Plc, Heyden, and others with special agreements with the Dangote Petroleum Refinery have adjusted their pumps to the new price.

Petrol stations like Matrix Energy, North-West Petroleum, Total Energies, Mobil, Bovas, Enyo, amongst others also followed suit.

The new price regime followed an announcement by Dangote Refinery temporarily halting the sale of petroleum products in Naira.

“This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars,” the company said in a statement earlier in March 2025.

The $20bn refinery based in Lagos said the sales of its products in Naira have exceeded the value of Naira-denominated crude it has received from the Nigerian National Petroleum Company Limited (NNPCL).

“As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the company explained.

The refinery said it remained committed to serving the Nigerian market and would resume the sale of its product to the local market in Naira as soon as it received crude cargoes from the NNPCL in Naira.

ALSO READ:  NAF increases feeding fees, introduces accident policy for personnel

The announcement by the refinery came amid its price war with the NNPCL.

On February 26, 2025, the $20bn refinery owned by Africa’s richest man and industrialist Aliko Dangote, slashed the ex-depot price of petrol from ₦890 to ₦825 per litre.

Under the new arrangement, customers purchase the premium commodity at ₦860 per litre at selected outlets in Lagos, ₦870 in the South-West, ₦880 in the North, and ₦890 in the South-South and South-East. Dangote has also reduced the price of diesel in recent times.

Almost immediately, the NNPCL reduced its retail price from ₦945 to ₦860 in Lagos, with a similar price reduction reflection at NNPCL outlets in other states of the Federation.

Some analysts and industry experts have hailed the price war, saying it will “erode abnormal profit” enjoyed by capitalists but petrol marketers who still import the premium commodity have lamented the loss they incurred as a result of the sudden price drop.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Abdulaziz Who Joins SDP Not Minister Of Environment’s Aide – Source Clarifies

Published

on

By Israel Bulus, Kaduna

A source from the Ministry of Environment, has distanced the Minister’s office from Abdulaziz Musa Alhassan’s recent political move, saying Abdulaziz is not currently an aide to the Honorable Minister.

The source in an exclusive interview with Elanza News on Thursday, clarified that Abdulaziz was officially released to the office of the Kaduna State Accountant General, Alh. Bashir Suleiman Zuntu and has no working relationship with the Ministry of Environment.

“For the record, Abdulaziz Musa Alhassan is no longer with the office of the Minister,” source stated.

“He was released months ago, and any attempt to tie his recent political defection to the Minister or the Ministry is entirely misleading.”

According to him, a letter obtained by the Minister’s office in March 2025 showed that Abdulaziz had sought to return as a Personal Assistant to the Minister, but the request was denied.

“In his letter, Abdulaziz appealed to be reinstated in his former capacity,” source added.

“However, the Honorable Minister did not approve the request, as the office had moved on and reassigned responsibilities.”

The source emphasized that linking Abdulaziz’s resignation from the ruling All Progressives Congress (APC) and his defection to the Social Democratic Party (SDP) with the Minister’s office is “unfounded and should be disregarded.”

He concluded by urging the public and media outlets to verify such claims before publication.

“Let it be clear that Abdulaziz acted in his personal capacity, and his political decisions do not reflect the position of the Honorable Minister or his office,” the source said.

ALSO READ:  IED explosion: Rivers Govt. confirms detention of suspect
Continue Reading

News

Nigeria to exit financial action task force grey list soon – SEC

Published

on

The Securities and Exchange Commission (SEC) has expressed optimism that Nigeria is on the verge of being removed from the Financial Action Task Force (FATF) grey list.

This confidence stems from the recent signing of the Investments and Securities Act (ISA 2025) by President Bola Tinubu.

Director-General, SEC, Dr. Emomotimi Agama, confirmed this in a statement on Wednesday.

A key component of this new legislation is the inclusion of comprehensive regulations for digital assets, a factor that the FATF has emphasised in its assessment of countries on the grey list.

The News Agency of Nigeria (NAN) reports that Nigeria was placed on the FATF “grey list” on Feb. 24, 2023, alongside other jurisdictions.

This was due to deficiencies in its anti-money laundering (AML) and counter-terrorism financing (CFT) regime.

Agama said the inclusion of digital assets in the ISA 2025 provided the country with an avenue to exit the grey list.

He noted that the new law aimed to curb fraudulent activities in the digital space, fostering trust and innovation in blockchain technologies.

He said, “The AML CFT issue is what brought about our inclusion in the grey list; the inclusion of this law today provides us an avenue to exit that grey list, and that is very critical to the international community.

“We are telling the international community that we are ready for business, and we are ready to protect every business that operates within Nigeria and all those involved in such activities within Nigeria.”

Agama emphasised that trading in cryptocurrencies does not translate into a weaker Naira.

ALSO READ:  CDS's Pledge To Eradicate Bandits And Terrorists In Kaduna: A Homecoming Mission

He explained that the commission was going to provide guidance for all the actors to ensure that their acts do not go against the national interest.

He said, “SEC now has the power to clamp down on such entities. So, we encourage everyone who is in this space to come under regulation to seek clearance.

“To seek guidance for whatever reason, and we are ready and able to provide solid guidance so that at least the national economic interest is truly protected.

“So we believe that the regulation, the law itself, will bring succor to them, because once clarity is provided, they are safer in dealing in this kind of businesses.

“The essence of regulating is to provide fences around the institutions, the products, the persons involved in it, and to make sure that they do not involve in things that are illegal.

“We are working with the Central Bank of Nigeria, the Economic and Financial Crimes Commission, the Nigeria Financial Intelligence Unit, and the Office of the National Security Adviser on the regulation of this space, in order that it should not be inimical to the existence of Nigeria as a country.

“We want to make sure that everyone that is involved in this space is properly guided, because for every investment, even when it is a traditional investment, there’s usually the risk aspect of it. That risk aspect of it is what we are managing.”

Agama disclosed that the commission is currently carrying out moderated regulation as it is not possible to grant licenses to all those that have applied to operate in the space at the same time.

ALSO READ:  FCTA, others adopt minimum standard conduct for schools

“SEC currently has two programmes: the regulatory incubation programme and the accelerated incubation programme, which are tools that will aid in the evaluation of the risks that the institutions pose to the Nigerian economy and its citizens.

“It is a process, and in the next quarter, we are going to release the next cohort, and after the evaluation of what has happened in the last two quarters, we are going to do that release in this next quarter.

“We are happy to note that the processes around that are almost concluding, and we will inform the public of the outcome very soon,” he said.

He noted that in a bid to deal with challenges that may arise in the process of regulation, the Commission was introducing risk management as a legal instrument to guide the operations of capital market operators and the issuances of securities.

He said this was also to be able to mitigate any risk that will arise in the nearest future.

“Now, once this happens, the tendency is that investors will be more confident, because they know that we have their back.

“That certainly will improve investor protection.

“Therefore, KYC is also beefed up through the risk management process today.

“That also helps us to be able to seek out genuine investors from people who do not mean well for the market, and that also will improve investors’ protection,” he said. (NAN)

Continue Reading

News

Court summons Rivers Administrator over LGA appointments  

Published

on

The Sole Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ibas

The Federal High Court in Port Harcourt has directed the Rivers State Administrator to appear before it and justify why an interim injunction should not be granted to halt the appointment of Sole Administrators for the state’s 23 Local Government Areas (LGAs).

The order, issued by Honourable Justice Adamu Turaki Mohammed on Monday, April 7, 2025, followed an ex-parte motion filed by the Pilex Centre for Civic Education Initiative and its Coordinator, Courage Nsirimovu.

The applicants sought to restrain the Rivers State Administrator and his agents from proceeding with the controversial appointments, arguing that such actions could undermine democratic processes in the state.

In his ruling, Justice Mohammed emphasized the need for fairness, ordering the respondent to be put on notice and to “show cause” why the injunction should not be granted.

The court also issued a hearing notice and adjourned the case to April 14, 2025, for further proceedings.

Legal counsel for the applicants, A. O. Imiete, urged the court to grant the reliefs, adopting a written address in support of the motion. The respondent was absent during the hearing.

This development comes amid heightened political tensions in Rivers State, where the appointment of Sole Administrators has sparked debates over local governance and constitutional compliance.

Observers are keenly awaiting the next hearing, which could set a significant precedent for administrative actions in the state.

The case marked *FHC/PH/CS/46/2025*, continues to draw public attention as stakeholders weigh in on its implications for democracy and the rule of law.

ALSO READ:  Oluremi Tinubu Opens Up On Aso Villa Chapel
Continue Reading