Business
NNPC, others defy DPR’s directive, sell petrol above N100/ltr
Despite warnings by the Department of Petroleum Resources, DPR, to marketers to desist from arbitrary pump price increase of fuel, a Nigerian National Petroleum Corporation, NNPC, outlet at Amuwo, Festac area of Lagos State is selling petrol at N100 per litre.
The NNPC outlet joined others, including Conoil, Oregun Road; Total, Amukoko Alaba; Mobil, Festac; Capital Oil, Ago, Olufemi Arowolo, Iyana-Iba and a host of others, which have stock of the scarce commodity, also sold above regulated price of N87 per litre.
These outlets are selling petrol at between N100 and N120 per litre, depending on the outlet and location.
The petroleum industry regulator, DPR, at an emergency stakeholders’ meeting in Lagos on Wednesday, warned depot operators and marketers against arbitrary increase in the ex-depot and pump prices of petrol, by taking advantage of the current scarcity situation.
DPR had cautioned operators still engaged in the practice of selling petrol and kerosene above government stipulated prices as well as “those who engage in the acts of hoarding of these products to desist from it in the interest of the public, the economy and your petroleum business.”
Acting Director, DPR, Mr. Danteni Ladan, who issued the warning, said that the regulator will no longer tolerate a situation where the supply of petrol was dictated by dealers and marketers’ private interests to the detriment of the Nigerians.
He said DPR will sanction such operators, including the withdrawal of licence of any found selling above the recommended price prescribed by the Federal Government.
On PSF
He further said: “In the last few months, the nation has experienced epileptic supply of fuel, which has reflected in the sale of this product above official pump price. We have evidence to buttress this.
“We find this trend unacceptable given that marketers with whom we have constantly interacted have benefited from the Petroleum Support Fund, PSF.
“This PSF has enabled marketers to operate their businesses at a level that should guarantee constant and uninterrupted supply of products. Our interaction with you has been quite cordial and collaborative in ensuring uninterrupted supply of petroleum in particular to the Nigerian public at government-approved price.”
However, NNPC’s spokesman, Mr. Ohi Alegbe, neither picked his call nor responded to a text message to his phone line on the development. But the corporation’s Retail Department promised to close down such outlets found selling above the prescribed pump price.
NNPC, MOMAN helpless
The Major Oil Marketers Association of Nigeria, MOMAN, said its members were doing their best to make the product available at the regulated price, but cannot monitor all activities in some outlets, particularly those in the outskirts.
Alegbe, responding to another text message on efforts being made to ease the scarcity situation, had asked oil marketers to support NNPC’s efforts by also importing petroleum products, since allocations for third quarter had been approved.
He had asked: “Why are the marketers not bringing in products when they already have the third quarter allocations? They should not rely on NNPC’s so-called little stock to go round.
“NNPC is only entitled to supply 50 percent of the products. The other 50 percent are meant to be supplied by oil marketers. Where is their supply?”
While calling on members of the public to refrain from panic buying, he said the corporation had petrol stock in its coastal depots in Port Harcourt, Warri, and Calabar, besides the stock it holds in the national strategic reserves.
MOMAN, while waiting on the Federal Government to fulfil its promise to pay oil marketers for their outstanding claims, also criticised Alegbe for his comments.
According to the MOMAN scribe, Mr. Obafemi Olawore, “Alegbe is not an importer and as such does not understand the dynamics of the market.”
vanguard
Renewed Hope Ambassadors Inspect RHA Secretariat
Renewed Hope Ambassadors, led by its Director-General and the Governor of Imo State, Hope Uzodinma, alongside Zonal Coordinators (NW, NC, SE), the Media & Publicity Directorate, and other key stakeholders, inspected the RHA Secretariat two days after President Bola Tinubu unveiled the Renewed Hope Ambassadors grassroots engagement drive in Abuja.
Harmony Gardens’ Ibeju-Lekki Portfolio Crosses $1bn
Harmony Garden & Estate Development Limited has expanded its development activities across Ibeju-Lekki, pushing the projected long-term value of its estate portfolio beyond $1 billion.
Led by Chief Executive Officer Hon. Dr. Audullahi Saheed Mosadoluwa, popularly know Saheed Ibile, the company is developing seven estates within the Lekki–Ibeju corridor. Details available on Harmony Garden & Estate Development show a portfolio spanning land assets and ongoing residential construction across key growth locations.
A major component is Lekki Aviation Town, where urban living meets neighborhood charm, located near the proposed Lekki International Airport and valued internally at over $250 million. The development forms part of the company’s broader phased expansion strategy within the axis.
Other estates in the corridor tagged as the “Citadel of Joy” (Ogba-idunnu) include Granville Estate, Majestic Bay Estate, The Parliament Phase I & II, and Harmony Casa Phase I & II.
With multiple projects active, the rollout of the Ibile Traditional Mortgage System, and structured expansion underway, Harmony Garden & Estate Development Ltd continues to deepen its presence within the fast-growing Ibeju-Lekki real estate market.
Business
BUA Group Showcases Food Manufacturing Strength at 62nd Paris International Agricultural Show
BUA Group Showcases Food Manufacturing Strength at 62nd Paris International Agricultural Show
BUA Group, one of Africa’s leading diversified conglomerates, is maintaining a strong presence at the ongoing 62nd edition of the Paris International Agricultural Show in France, participating as a premium sponsor and supporting the Nigeria Pavilion at one of the world’s most respected agricultural gatherings.
The 62nd Paris International Agricultural Show, taking place from February 21 to March 1, 2026, at Porte de Versailles in Paris, convenes global leaders across farming, agro processing, technology, finance, and policy. The event serves as a strategic platform for industry engagement, knowledge exchange, and commercial partnerships shaping the future of global food systems.
BUA Group’s participation reflects its long term commitment to strengthening the entire food production value chain. Through sustained investments in large scale processing, value addition, and branded consumer products, the Group continues to reinforce its role in advancing food security, industrial growth, and regional trade integration.
Speaking on the Group’s participation, the Executive Chairman of BUA Group, Abdul Samad Rabiu CFR, said, “BUA’s presence at the Paris International Agricultural Show reflects our belief that Africa must be an active participant in shaping the future of global food systems. We have invested significantly in local production capacity because we understand that food security, industrial growth, and economic resilience are interconnected. Platforms like this allow us to build partnerships that strengthen Nigeria’s competitiveness and expand our reach beyond our borders.”
BUA Foods, a subsidiary of BUA Group, maintains a strong footprint in flour, pasta, spaghetti, sugar, and rice production, serving millions of consumers within Nigeria and across neighbouring African markets. The Managing Director of BUA Foods, Engr. Abioye Ayodele, representing the Executive Chairman, is attending the event at the Nigeria Pavilion, engaging industry stakeholders and showcasing the company’s manufacturing capabilities.
Also speaking at the show, Engr. Ayodele stated, “BUA Foods has built scale across key staple categories that are central to household consumption. Our participation at this Show allows us to demonstrate the quality, consistency, and operational strength behind our products. We are also engaging global stakeholders with a clear message that Nigerian manufacturing can meet international standards while serving both domestic and regional markets efficiently.”
The Show provides BUA Group with an opportunity to deepen trade relationships, explore new export pathways, and reinforce Nigeria’s growing relevance within the global agricultural and food ecosystem.
BUA Group remains focused on building enduring institutions, expanding productive capacity, and positioning African enterprise competitively within global markets.
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