Business
Collaborate to tackle fuel scarcity, Disco exploitation —CNG implores Presidency , NASS
The Coalition of Northern Groups (CNG) has tasked the Presidency and the National Assembly to work together to swiftly address the lingering fuel scarcity crisis and the recent rooftop electricity tariff in Nigeria as posterity would judge them in the end.
The CNG National Coordinator, CNG Com. Jamilu Aliyu Charachi spoke in a statement shared with journalists in Abuja on Monday.
President Bola Tinubu must engage with NNPLC and marketers to pursue an immediate and comprehensive solution to this artificially-created fuel scarcity as a ploy by unscrupulous elements in the system to sabotage it and ooze out the remnant of good life from ordinary Nigerians.
The CNG is dismayed that despite the assurances from the NNPCL, the fuel scarcity has continued to worsen selling above N1000 per liter, leading to skyrocketing prices of goods and services.
We are worried that if this situation is not addressed urgently, it could lead to further impoverishment and destitution of the already dejected Nigerians.
The statement reads:”The CNG demands that the Executive and the Legislative arms need to understand the implications of fuel scarcity on national security and the economy.
“The CNG argues that excuses from the Marketers and explanations from the NNPLC are flawed and untenable as there are no fundamental disruptions in the system that can warrant current predicament.
“The Minister of State for Petroleum Resources and the GMD of the NNPLC must explain measures being taken to end the fuel scarcity and ensure that fuel is available to citizens at affordable prices.
“The CNG urges the Federal Government and the National Assembly to take this matter seriously and act with urgency to address the situation as it has the potential to erode lives and livelihoods if left unchecked.
“We warn that if the issue is not decisively dealt with, Nigerians will continue to view them as monstrous and wicked people that are after their personal aggrandizement to the detriment of unsuspecting Nigerians.
“Nigerians may not continue to endure more sufferings due to the incompetence and corruption of a few individuals without due regards to their human dignity and minimum means of economic survival with a fickle prosperity.
“Similarly, the CNG is further alarmed by the perennial electricity blackout and recent tariff hike that have plunged Nigerians into darkness and economic hardship.
“The DISCOs backed by the Nigerian Electricity Regulatory Commission (NERC) have continued to charge Nigerians a new exorbitant price of N225 per unit as against the old N68 that the National Assembly instructed them to revert.
“We condemn this as unacceptable and the National Assembly must rise to the occasion utilizing their constitutionally-backed institutional response to ensure the Electricity Distribution Companies (DISCOs) comply with their earlier directive of reversing the exploitative tariff on Nigerians.
“The CNG contends that such policies have devastating impacts on the economy, security, and wellbeing of Nigerians, particularly in the northern regions.
“We urge the President through NERC to enforce compliance of reversion to the old price as instructed by the legislature as NERC and DISCOs must not continue the upward review amidst epileptic power supply that has stooped to an unprecedented low in recent history.
“Failure to revert to the old price in the interest of the people would directly depict the administration as unpopular, undemocratic and in complete departure from people-centric policies.
“The recent raise, which has increased the cost of electricity by over 200%, is not only discriminatory but also insensitive to the plight of the poor and working-class Nigerians through exploitations by the power sector operators.
“We challenge the leaders to prove their concern and compassion to the masses through leveraging on their power and influence to bring succor to Nigerians.
“We are therefore compelled to counsel President Tinubu to take result-oriented actions to put a halt to the dual devastating exploitations through artificial fuel scarcity and inhumane electricity tariff increment by a select few that must be held accountable.”
Sterling Bank has announced the removal of transfer fees on all local online transactions.
The move was confirmed by the bank on Tuesday in a press release.
The development makes it the first major Nigerian bank to eliminate the contentious charges for digital banking.
The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately.
The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.
The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision—it’s about redefining banking to put customers first,” he stated.
Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.
Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.
He said, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.
The Central Bank of Nigeria dismissed a report claiming it had introduced N5,000 and N10,000 banknotes to facilitate cash transactions as false.
In a statement posted on its official X handle on Wednesday, the apex bank described the report as fake and urged Nigerians to disregard it.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.
A statement from the CBN’s communications department further clarified, “The only official sources for releasing statements to the media are our website or statements from our department. There is also no Deputy Governor by such name. We are investigating the source of this fake content.”
The report quoted one Deputy CBN Governor, Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.
“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash,” the Governor stated. The CBN said there is no such name in its leadership.
“The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.
“Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.
The fake report also said the nationwide rollout would begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via ATMs and over-the-counter transactions.
Mixed reactions have trailed changes in the management of the Nigerian National Petroleum Company Limited (NNPC Ltd.) and its board by President Bola Tinubu.
The President had on Wednesday reconstituted the board of the NNPC Ltd., removing the Chairman, Chief Pius Akinyelure and the Group Chief Executive Officer (GCEO), Malam Mele Kyari.
Tinubu removed all the board members appointed with Akinyelure and Kyari in November 2023.
The new 11-man board has Mr Bayo Ojulari as thevGroup Chief Executive Officer (GCEO) and Ahmadu Kida as Non-Executive Chairman.
Some experts have reacted to the development in an interview with the News Agency of Nigeria (NAN)non Wednesday in Abuja.
Mr Olabode Sowunmi, an Oil and Gas Expert described the development as a calculated effort to put some life and energy into the oil and gas industry.
Sowunmi, CEO, Cabtree, described it as a welcome development.
He said that the NNPC Ltd. was a limited liability company with the
Federal Government as its major shareholder.
“It is a calculated effort to put some life and energy into the industry.
“It is expected that this will mean new thinking, new focus and more results,” he said.
According to Sowunmi, even the proposed Initial Public Offer (IPO) which is targeted at listing NNPC in the stock market, will not have prevented Kyari’s removal, as he is a government appointee.
“The government can remove any government appointee at anytime,” he said.
Yushau Aliyu, an economic expert said the changes were timely, especially when the IPO was underway.
“However, the IPO must be professionally determined by relating to the development in the oil market as well as the willingness of the general public.
“Investment potential with the economic growth targets of Nigeria 2030 should also be considered,” he said.
He said that the President was empowered by the Petroleum Industry Act (PIA 2021) to dissolve both the NNPC Ltd. board and the CEO.
Another expert, Dr Sand Mba-Kalu, said that Nigeria’s oil and gas sector needed stability and predictability, along with strict adherence to legal standards, to attract sustainable investment and encourage transformation.
According to him, the move represents a bold initiative within the larger framework of aiming to meet our national production and refining targets in the energy sector by 2027 and 2030.
Mr Lawrence Nze, an Economist said that most of the policies introduced under Kyari never solved the challenges in the oil sector.
Nze said that the Naira for crude policy appeared not to be working since it had not resulted to any serious reduction in price.
According to him, Dangote Refinery was gradually achieving that with its slight reduction in ex-depot price which usually affects pump price, but suddenly, authorities in the oil sector cancelled it.
“To me, it looks like a sabotage against the people. Why can we not stop importation? It means that there is a deal that someone or group of people are benefiting from.
“It is not rocket science to get the energy sector working. Nigerians want cheaper petroleum products, is that too much to ask for?
“Only President Tinubu knows why he sacked Kyari, and whatever be the reason, Nigerians should have access to cheaper petroleum products, especially fuel.
“I will advise the president to ensure that the Naira for crude policy works in the country to enable local refineries operate on a cheaper scale,” he said.