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NNPC releases PMS prices from Dangote Refinery, says it bought N898 

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The Nigerian National Petroleum Company Limited (NNPC Ltd.), has released estimated prices of Premium Motor Spirit (PMS), known as fuel, obtained from the Dangote Refinery in its retail stations nationwide.

According to NNPC Ltd.,  the prices are based on Sept. 2024 pricing.
The NNPC Ltd. said it bought fuel from the Dangote Refinery at N898 per litre for PMS offtake.
Mr Olufemi Soneye,  the Chief Corporate Communications Officer, NNPC Ltd. made this known on Monday.
This followed a denial by Dangote Refinery on Sunday after the NNPC Ltd.’s initial disclosure of N898 pump price obtained from the refinery.
The News Agency of Nigeria (NAN) reports that the Dangote Refinery commenced the first loading of PMS at its facility in the Ibeju-Lekki area of Lagos State on Sunday.
The Refinery had on Sunday described the disclosure made by the NNPC Ltd. as ‘misleading and mischievous’ aimed at undermining the milestone achievement recorded by the refinery in addressing Nigeria’s energy insufficiency.
Dangote Refinery’s Group Chief Branding and Communications Officer, Anthony Chiejina had in a statement urged Nigerians to disregard NNPC Ltd.’s statement and await a formal announcement on the pricing by the Technical Sub-committee on Naira-based crude sales to local refineries on Oct. 1.
Chiejina, while failing to tell Nigerians the price at which the refinery sold its fuel to the NNPC Ltd., said its current stock of crude was procured in dollars and sold to the NNPC Ltd. in dollars with a lot of savings against current imports.
Reacting to this, the NNPC Ltd.’s Spokesperson said in line with the provisions of the Petroleum Industry Act (PIA), PMS prices were not set by Government, but negotiated directly between parties on an arms length.
“The NNPC Ltd. can confirm that it is paying Dangote Refinery in United States Dollars (USD) for September 2024 PMS offtake, as Naira transactions will only commence on Oct. 1, 2024.
“The NNPC Ltd. assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100 per cent to the general public.
“Attached to this statement are the estimated pump prices of PMS obtained from the Dangote Refinery across NNPC Retail Stations in the country, based on Sept. 2024 pricing,” the spokesperson said.
Based on the estimated PMS pump prices document, N950.22  is showed as the estimated pump price in Lagos of fuel sources from the Dangote Refinery, indicating selling price at NNPC’s retail stations in other states to be higher as transport costs will be factored in.
The estimated price document also revealed that the NNPC Ltd. paid the refinery N898.78 per litre for PMS, while the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee is N8.99 and inspection fee is N0.97.
It also showed that Distribution cost (Lagos) is N15, while ‘Margin’ is N26.48. (NAN)
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EFCC Secures Arrest Warrant For Six CBEX Promoters Over ‘$1bn Fraud‘

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A federal high court in Abuja has granted permission to the Economic and Financial Crimes Commission (EFCC) to arrest and detain six Crypto Bridge Exchange (CBEX) promoters over allegations of investment fraud to the tune of over one billion dollars.

Emeka Nwite, the presiding judge, gave the order following an ex parte application moved by Fadila Yusuf, counsel to the EFCC.

In the application by the EFCC, the six suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.

The commission sought an order of the court for a warrant of arrest of the defendants.

They also prayed the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution”.

Yusuf said that the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.

In the affidavit in support of the motion, the EFCC said preliminary investigation into the intel revealed that the defendants “using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making adverts and lured unsuspecting members of the public to invest crypto cryptocurrencies on the CBEX investment platform”.

The EFCC said the defendants promised an unrealistic return on investment of up to 100 percent.

“The victims were made to convert their digital assets into a stablecoin of USDT for onward deposit into the suspects’ crypto wallet,” Yusuf said.

“The victims were initially given full access to the platform to monitor their investment.

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“Following the deposits valued at over $1 billion by the victims, the CBEX investment platform became inaccessible to them, and they could no longer withdraw from the investment made.

“The victims later discovered that the said scheme is a scam.

“During the course of investigation, it was discovered that the said ST Technologies International Limited, though registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC) for investment purposes.

“It was also discovered during the investigation that the defendants had moved out of their last known address in Lagos and Ogun states.”

The anti-graft agency said obtaining a warrant of arrest was necessary in order to place the defendants on a watch list, enabling authorities to trace and apprehend the suspects to face the charges brought against them.

Nwite granted the request for a warrant of arrest and remand, adding that the order was necessary to enable the commission to apprehend the defendants and conclude its investigation.

“I have listened to the submission of the learned counsel for the applicant,” Nwite said.

“I have also gone through the affidavit evidence with exhibits thereto, along with the written address.

“I am of the view and I so hold that the application is meritorious.

“Consequently, the application is granted as prayed.”

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2025 UTME begins nationwide

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The 2025 Unified Tertiary Matriculation Examination (UTME) has begun across Nigeria, with nearly two million candidates participating at hundreds of Computer-Based Test (CBT) centres.

The examination started as planned at all accredited CBT centres in Abuja and likely across other locations nationwide.

A visit to Zinaria International School Mararaba, Nasarawa state as CBT centre, candidates arrived as early as 6am for those scheduled for the 7 a.m. session.

Speaking to NATIONAL ACCORD at the centre, the Biometric Verification Officer, Jamila Karimu disclosed that out of 250 candidates that were expected to sit for the first session, 238 candidates were successfully verified, while 12 candidates were absent.

As for the External Supervisor, Comfort Ochepo, apart from 2-3 candidates who initially found it difficult to access verification, every other things went seamless.

According to her the first session started as early as 8:10am and that the second was expected to start at 1:30pm.

On the issue of security, he noted that apart from the school security agents, external securities were deployed to maintain law and order during the examination.

Also, the Resident Monitor, Ramat Ali, disclosed that apart from the few issues of the system disconnection which were solved immediately, the examination went seamlessly.

Susan Arigu, a candidate said they have no prble logging into the system and that the exercise was hitch free.

Another Candidate, Joseph James, who told our Correspondent that he sat for last year UTME and had to resit this year because he had deficiency in his WAEC added that he found mathematics a little difficult, he believes he will scale through.

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JAMB Registrar Prof. Ishaq Oloyede assured candidates of a smooth experience. “We’ve introduced innovations to enhance the system’s credibility, efficiency, and seamlessness,” he said.

The UTME, conducted by the Joint Admissions and Matriculation Board (JAMB), tests candidates seeking university admission.

A few weeks ago, JAMB held a mock-UTME for 211,000 candidates. The board clarified that mock results would not count towards the main UTME scores. Introduced years ago, the mock-UTME helps candidates experience the exam format, overcome anxiety, and allows JAMB to test new strategies for the main exam, which began on April 24.

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IMF urges Nigeria to be prudent in spending

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The International Monetary Fund (IMF), has urged Nigerian Government to be prudent in spending following implementation of hard economic reforms that has made it to save more revenue.

The Director, Fiscal Affairs Department IMF, Vitor Gaspar, said this at a Fiscal Monitor news conference at the ongoing 2025 IMF/World Bank Spring Meetings in Washington D.C. on Wednesday.

He said that there was an urgent need for fiscal authorities and governments to build buffers.

According to him, governments need to act urgently and decisively as they face harsh trade offs and painful choices.

He said it was important for policy makers to invest their political capital in building confidence and trust that starts with keeping their own houses in order.

” This is especially important in a situation that tests the resilience of individual economies, not to mention the entire system.

“Putting house in order involves three policy priorities. first, fiscal policy should be part of an overall policies.

“Secondly, fiscal policy should in most countries, aim at reducing public debt and rebuilding buffers to create space to respond to spending pressures and other economic shocks through a credible medium term framework.

“Thirdly, fiscal policy should together with other structural policies, aim at improving potential growth, thereby easing policy trade offs in these times of high uncertainty.

“Fiscal policy must be an anchor for confidence and stability that contributes to a competitive economy, delivering growth and prosperity for all ministers of finance must build trust, tax fairly, spend wisely and take the long team,” the director said.

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The Nigerian Division Chief in the Fiscal Affairs Department of the IMF, Davide Furceri, said that Nigeria had been able to make some of those painful choices to have space for fiscal savings but it needs to spend wisely.

“Nigeira managed to do a very difficult reform that was important in delivering fiscal savings.”

Furceri said that the country need to focus on boosting revenue through improved mobilisation efforts, and secondly, scaling up spending in key areas like social protection and investment.

“That said, we understand that many countries, including Nigeria, face pressing spending needs. But spending must be done wisely, this means stronger prioritisation and greater efficiency in how resources are allocated.

“One key message not just for Nigeria, but for many countries, is the importance of strong fiscal institutions. Medium-term fiscal frameworks and solid public financial management systems.are essential.

“They provide a fiscal anchor to guide necessary adjustments and help reduce uncertainty. We want fiscal policy to be a source of stability, not a source of volatility,” he said. (NAN)

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