Business
Fuel scarcity: APC senators frustrate move to summon Buhari
ABUJA—EFFORTS by senators of the opposition Peoples Democratic Party, PDP, to convince the Senate to summon President Muhammadu Buhari to give reasons for the ongoing fuel scarcity in the country, were frustrated, yesterday, by their counterparts in the ruling All Progressives Congress, APC.
The PDP senators, who berated the President’s handling of current economic situation in the country, insisted that he be made to a appear before the Senate to give explanations on the cause of the fuel scarcity and how he intended to solve the issue as Minister of Petroleum.
Their frustrated efforts came following a motion, tagged: “The current fuel scarcity all around the country and the need to urgently resolve the crisis,” sponsored by Senator Jibrin Barau, APC, Kano North and 23 other senators, which was debated upon.
Speaking through Senator Enyinnaya Abaribe, PDP, Abia South, the opposition senators accused the President of mismanaging the country’s oil sector, causing untold hardship for Nigerians, barely six months after being in the saddle as president.
But the Senate, in a reaction to the development, said the President could not be summoned even as Minister of Petroleum.
The red chamber, reacting through its chairman on Media and Publicity, Aliyu Sabi, insisted that the fact that the President was overseeing the Petroleum ministry as a substantive minister, did not make him to be easily summoned like other ministers.
Abaribe had, while contributing to the motion, urged the Senate to summon President Buhari to explain why the Federal Government was yet to find solutions to the continued fuel problem in spite of its claim that the refineries in the country were working.
He said the unnecessary hardship occasioned by the scarcity could only be resolved if lawmakers were adequately briefed on the true state of affairs. Senator Abaribe‘s submission received wide support from other PDP senators, as they all hailed him.
Senator Abaribe supported his call with a prayer for adoption but it was defeated when the Senate President, Dr. Bukola Saraki, put it up for a voice vote.
At this point, the APC Senators, who were more in number, defeated their PDP colleagues with overwhelming shout of “yes” against the PDP’s “nay.”
President cannot be summoned —Senate
Earlier, in his motion, Senator Barau regretted that Nigerians were going through untold hardship following the lingering fuel problem.
“We are worried that the scarcity is creating an untold hardship to our citizens who have to pay higher prices for these products especially petrol. We are convinced that the current situation is not in tune with the desire of the progressively inclined government to bring succour to Nigerians in all spheres of their lives,” Senator Jibrin noted.
But at a briefing after the plenary session, Chairman, Senate Committee on Media and Publicity, Aliyu Sabi, explained why President Buhari could not be summoned by the Senate.
He said as the Commander-in-Chief, it was wrong to invite him to appear before the Senate, despite the fact that he was the Minister of Petroleum.
Senator Sabi said in the place of President Buhari, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu would be summoned to brief the Senate on plans put in place by the Federal Government to end the fuel scarcity.
Senator Gbenga Ashafa, APC, Lagos East, while also contributing, called for the approval of the supplementary budget which he noted, contained the amount proposed for payment of subsidy to the marketers. He pleaded that the issue be treated with uttermost urgency.
We must reconsider PIB to stop scarcity —Saraki
Meanwhile, Senate President, Dr Bukola Saraki, said the Senate must take the issue of passage of the Petroleum Industry Bill (PIB) seriously if scarcity of petroleum products would end in the country.
Saraki stated this while commenting on a motion seeking permanent solution to recurring scarcity of petroleum products in the country at Senate plenary.
He said with a law regulating the petroleum industry, relevant institutions would function effectively and urged senators not to politicize issues relating to petroleum products production and supply as they affected the live of every Nigerian.
“Scarcity has continued to plague this country and we must find a lasting solution to this problem,” he said.
After debate on the motion moved by Sen. Barau Jibrin (APC Kano North), the senate directed its Committee on Petroleum Upstream to proffer a lasting solution to the recurring problem of scarcity of petroleum products.
The upper chamber sought means of collaboration with the executive to end the recurring fuel supply challenge.
It urged the Nigerian National Petroleum Corporation (NNPC) to continue its current push to stem the scarcity, and commended President Muhammadu Buhari for his commitment in tackling issues in the sector.
Moving the motion earlier, Jibrin expressed worry that scarcity, whenever it occurred, brought untold hardship on Nigerians.
He said that problem was not in line with the goals of the current administration and as such, urged the senate to liaise with the executive and other relevant stakeholders to solve the problem.
In his contribution, Sen. Olugbenga Ashafa (APC Lagos East) recommended stringent punishment, including jail term for marketers who hoard petroleum products.
He said that such marketers contributed in making the lives of Nigerians more miserable, adding that their stations should not just be shut ‘’but they should be jailed”.
“Some marketers derive pleasure in hoarding petroleum products; if we do not set example with such people, the dastardly acts of hoarding will continue.
“Our regulators must ensure that marketers that are hoarding are not just clamped down on but prosecuted.
“We must assist Mr President in reviving our ailing refineries; if our refineries function optimally, we will not have the problem of scarcity,” he said.
On his part, Sen. Eyinnaya Abaribe, specifically said that the “senior” minister of petroleum resources should be summoned to explain the problems with fuel supply.
The senator questioned why the country still paid subsidies and experienced long queues when the present administration had in their campaign promised to end the problem.
“Many thought there will be no fuel queues under the APC but we see it everywhere; we are seeking the approval of over N400billion for payment of subsidy.
“Change has come but there is no change because we are still doing the same things; the fuel queues are still here; the subsidy payment is still there and there is no hope in sight.
“So we are asking, where is this change?
“We will ask the Minister of Petroleum to come and tell this senate what the ministry is doing to solve this problem.
“I support this motion, but I do not support the part where we are thanking a minister for not solving the problem,” he said.
Sen. Adamu Aliero (APC Kebbi Central) said that the issue of deregulation must be revisited if private investors must delve into local refining of crude.
Sen. Dino Melaye (APC Kogi West) in his contribution recalled that the cost of crude has dropped from about 120 dollars per barrel to about 40 dollars per barrel.
He pointed out that the subsidy being paid was what was owed to oil marketers, and urged that the issues should not be politicized.
In the meantime, the North East Development Commission Bill sponsored by Sen. Ali Ndume and Frivolous Petition Prohibition Bill sponsored by Sen. Ibn Na’Allah passed first reading at the Senate on Tuesday.
Also passed for first reading was the National Youth Service Corps (amendment) Bill, 2015 sponsored by Sen Stella Odua (Anambra North).
Source: Vanguard
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
Business
BUA Group, AD Ports Group and MAIR Group Launch Strategic Plan for World-Class Sugar and Agro-Logistics Hub at Khalifa Port
BUA Group, AD Ports Group and MAIR Group Sign MoU to Explore Collaboration in Sugar Refining, Agro-Industrial Development, and Integrated Global Logistics Solutions
Abu Dhabi, UAE – Monday, 16th February 2026
BUA Group, AD Ports Group, and MAIR Group of Abu Dhabi today signed a strategic Memorandum of Understanding (MoU) to explore collaboration in sugar refining, agro-industrial development, and integrated global logistics solutions. The partnership aims to create a world-class platform that strengthens regional food security, supports industrial diversification, and reinforces Abu Dhabi’s position as a hub for trade and manufacturing.
The proposed collaboration will leverage BUA Group’s industrial and logistics expertise, Khalifa Port’s world-class infrastructure, and AD Ports Group’s operational experience. The initiative aligns with the objectives of the UAE Food Security Strategy 2051, which seeks to position the UAE as a global leader in sustainable food production and resilient supply chains. It also aligns with Nigeria’s food production- and export-oriented agricultural transformation agenda, focused on scaling domestic capacity, strengthening value addition, improving post-harvest logistics, and unlocking new markets for Nigerian produce across the Middle East, Asia, and beyond.
Photo Caption: L-R: Kabiru Rabiu, Group Executive Director, BUA Group; Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group
Through structured aggregation, processing, storage, and maritime export channels, the partnership is designed to reduce supply chain inefficiencies, enhance traceability and quality standards, and also create a predictable trade corridor between West Africa and the Gulf.
BUA Group—recognised as one of Africa’s largest and most diversified conglomerates, with major investments across sugar refining, food production, flour milling, cement manufacturing, and infrastructure- brings extensive industrial expertise and large-scale operational capability to the venture. MAIR Group will provide strategic support in developing integrated logistics and agro-industrial solutions, creating a seamless platform for production, storage, and distribution.
Abdul Samad Rabiu, Founder and Chairman of BUA Group, said:
“This MoU marks an important milestone in BUA’s international expansion and reflects our long-term vision of building globally competitive industrial platforms. Together with AD Ports Group and MAIR Group, we aim to develop sustainable food production and logistics solutions that strengthen regional supply chains and support the UAE’s Food Security Strategy 2051.”
He further added that, “This partnership represents not just a commercial arrangement but a strategic food corridor anchored on shared economic ambition, resilient infrastructure, and disciplined execution, reinforcing long-term food security objectives for both nations.”
A representative of MAIR Group added:
“This collaboration underscores our commitment to advancing strategic industries in Abu Dhabi and building integrated solutions that reinforce the UAE’s position as a global hub for trade, food security, and industrial excellence.”
A spokesperson from AD Ports Group commented:
“Our partnership with BUA Group and MAIR Group highlights Khalifa Port’s role as a catalyst for high-impact industrial investments. This initiative will enhance regional food security, strengthen global trade connectivity, and support Abu Dhabi’s economic diversification goals.”
This MoU marks a historic collaboration that combines world-class infrastructure, industrial expertise, and strategic vision, setting the stage for a sustainable and resilient food and logistics ecosystem that will benefit the UAE, the region, and global markets alike.
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