Connect with us

Business

Petrol scarcity: Confusion As NNPCL bars independent marketers amid surging prices

Published

on

Petrol scarcity: Confusion As NNPCL bars independent marketers amid surging prices

Petrol scarcity: Confusion As NNPCL bars independent marketers amid surging prices

 

Nigerian National Petroleum Corporation has reportedly suspended the sale of Premium Motor Spirit – popularly called petrol – to independent marketers after it hiked the product’s price on Tuesday.

This is even as three vessels berthed at the Apapa, Lagos jetty on Wednesday to discharge imported petrol.

The price hike sparked a protest in Delta State as commercial tricycle operators, also known as ‘keke’ riders, took to the streets of Warri and Effurun metropolis to resist the price hike.

 

Checks by our correspondents revealed that commuters across the country were either stranded or trekked long distances on Wednesday as fuel queues worsened amid scarcity of the product.

Few commercial motorists came out for business, with most of them lamenting the agonising hike in fuel, barely a month after the hardship protest rocked the nation.

The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, told The PUNCH that the NNPC stopped selling fuel to independent marketers on Tuesday when it raised the price of a litre of PMS to N855 and above across its retail outlets nationwide.

 

Independent marketers sold the product for as much as N1,200 and N1,300/litre in some states following the upward review of prices by the NNPC.

Fashola wondered why the national oil firm would suspend the sale of petrol to the marketers take without any official communication, even when the marketers had paid for the product over two months ago.

Asked if it was true that many of the independent marketers did not go to the depot to lift fuel, Fashola responded, “What are they going there to do? They have stopped our loading. All the tickets we have in the kitties of NNPC, they are not treating them; everything has been suspended.”

When our correspondent inquired to know if the suspension was done despite having paid for the product ordered, he replied, “Yes, our tickets were suspended for loading. They have not been attending to us since yesterday (Tuesday), and there is no official communication yet.

“It is a very bad situation for somebody who has paid for the product, maybe like two to three months ago, and all of a sudden, you stopped loading, maybe because you want to change the price. And it’s not the fault of that customer, because it is supposed to be cash-and-carry. So, I think the NNPC should look at that situation critically.”

It was learnt that NNPC usually prioritised major marketers while IPMAN members resorted to private depot owners, who sold at higher prices, leading to a wide gap between the prices offered by both categories of marketers.

“We’re usually forced to go to private depots, it’s not out of our own volition. We were forced to go there because of inadequate supply,” Fashola stressed.

Speaking on the Dangote refinery fuel, which is expected to hit the pumps soon, Fashola said marketers would monitor the situation till Friday.

“We are watching the development. We are monitoring it; we will wait, maybe by Friday we will know where we are going by the time the Federal Government makes a pronouncement as regards the price. There is no official communication yet.”

The IPMAN official added that each filling station sold at their convenient price because NNPC couldn’t fix prices for other operators in the sector.

He stated that the new price announced by the state-owned company is only binding on the NNPC retail outlets.

“You know, NNPC cannot fix the price for us. They fixed the price for their stations; they are now a limited company. They have their retail outlets. That new price is their internal arrangement. So, we are yet to have an ex-depot price or marketer’s price,” he explained.

While believing that the new arrangement will close the price disparity between major and independent marketers, Fashola reiterated that at N855 per litre, the NNPC was still paying subsidy on petrol.

“I believe the price disparity gap will be closed somehow now. That is our belief. The truth is that, with the N855 in Lagos, and the landing cost of petrol, there are still some elements of subsidy. If the NNPC claimed that they are selling at half the cost of the landing price at N568/litre, it means the landing cost should be around N1, 200/litre. If they are selling a litre of petrol at N855/litre, there are still some elements of subsidy,” he added.

 

He said the association was expecting the details of the arrangement between Dangote and the government on the supply of PMS, especially as Aliko Dangote announced that the NNPC would fix the price.

“For now, we don’t have the details; it’s only Dangote who made the announcement that NNPC would fix the price. So, it’s in two ways. Maybe NNPC wants to act as an off-taker for the Dangote refinery, and they will now start distributing on behalf of Dangote to the marketers. There are a lot of things involved in this Dangote naira-to-naira transaction. There must be something that’s a factor. Maybe that will bring the price to a reasonable level, I don’t know. It may not be called a subsidy, maybe an in-house arrangement.

“If Dangote is buying naira-to-naira, there must be some little difference in terms of cost. It might be so small, but I believe there must be a difference. They know what they are doing, we are waiting for them to come out and we will react,” Fshola noted.

NNPC spokesperson, Olufemi Soneye, did not reply to calls or messages from our correspondent on the matter.

The PUNCH reports that the fuel crisis that has lingered for two months worsened on Wednesday following the price hike.

Several filling stations seized the opportunity to extort customers who were in dire need of the product for their vehicles, power generators and other machines.

Some of the stations in Lagos and along the Lagos-Ibadan Expressway sold petrol around N900 and N1,200/litre as the queues worsened across Nigeria’s commercial capital city.

Residents of Ogun border communities disclosed that they got PMS at N1,600/litre from black marketers, claiming petrol supply had been banned from the areas.

Though the NNPC denied ordering Tuesday price increase, all its retail stations have adjusted to the new price, leaving Nigerians not knowing who to believe.

Commuters were stranded as there were a few commercial buses on the road to convey passengers. The drivers conveyed only commuters who were ready to pay more for transport fares, blaming the rise in fares on the high cost of fuel

@PUNCHNG

Continue Reading
Advertisement

celebrity radar - gossips

Herbal Life Hikers Take On De Wildt Trails in Empower-Active Adventure!

Published

on

Herbal Life Hikers Take On De Wildt Trails in Empower-Active Adventure!

 

De Wildt, July 19, 2025 – The crisp morning air of De Wildt did little to deter a vibrant group of adventure-seekers who came out in full force for the “#Empower-Active! Let’s Have Some Fun! Let’s Go Hiking” event. Dressed in lime green and black, the enthusiastic hikers turned the trails into a vibrant wave of energy, unity, and wellness.

Organized by wellness coach Busi Jele—popularly known as Aunty BJ—and anchored by Neo Kgosana, the event was hosted under the banner of community wellness and empowerment. Kicking off at 7 a.m., participants set off with smiles, camaraderie, and a shared goal of physical rejuvenation and social connection.

“This is more than a hike,” said Aunty BJ. “It’s a movement to get people active, connected, and recharged—away from the stress of everyday life. We’re thrilled at the turnout and the energy everyone brought today.”

The event drew a diverse mix of nature lovers, fitness enthusiasts, and first-time hikers, all eager to embrace the outdoors. For a registration fee of R250, participants received a hike pack, entry access, and a refreshing post-hike snack—carefully curated to support health and vitality.

As hikers made their way through the picturesque De Wildt trails, laughter echoed through the hills, new friendships were forged, and many paused to soak in the breathtaking views and stillness of nature. The event’s theme colours, lime green and black, symbolized vitality and strength—perfectly capturing the spirit of the day.

With the success of this edition, there are growing calls for the hike to become a regular wellness fixture. For many attendees, today’s hike was not just a physical activity but a therapeutic experience—filled with joy, connection, and empowerment.

Herbal Life Hikers Take On De Wildt Trails in Empower-Active Adventure!

Continue Reading

Bank

FIRSTBANK MARKS SIGNIFICANT MILESTONE: ₦1 TRILLION IN INSTANT DIGITAL LOAN DISBURSEMENTS

Published

on

FIRSTBANK MARKS SIGNIFICANT MILESTONE: ₦1 TRILLION IN INSTANT DIGITAL LOAN DISBURSEMENTS

 

Lagos, 18 July 2025 – FirstBank, a leading financial institution and provider of financial inclusion services in West Africa, announces the achievement of ₦1 trillion in cumulative instant digital loan disbursements. This accomplishment further consolidates the Bank’s reputation for innovation, leadership in financial inclusion, and commitment to customer empowerment within.

Since its inaugural digital loan in August 2019, FirstBank has developed an unconventional and robust digital lending ecosystem designed with Artificial Intelligence and Machine Learning, to improve access to finance, especially to the high-risk customer segment. The Bank created a multi- channel loan disbursement service that requires no collaterals, zero documentation and is void of human interactions. Through its FirstAdvance, FirstCredit and AgentCredit products, 1.5 million unique borrowers enjoyed instant and secure access to credit. This is irrespective of whether they are salary earners, non-salary earners, or micro business owners. They also have the convenient options of accessing these loans through platforms such as *894# (FirstBank’s USSD service), FirstMobile, LitApp and the FirstMonie Agent App.

Regarding this milestone, Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank, stated: “This success underscores our ongoing commitment to innovation and a customer-focused approach, which are central to FirstBank’s core values. Beyond achieving substantial figures, we remain dedicated to fostering opportunities for financial independence across Nigeria in particular, and in Africa at large.’’

He added, “We value the trust our customers place in us to support their financial aspirations. Our efforts to advance digital lending will persist, especially to the excluded and underserved customer segments, while effectively managing risks in the process.”

FirstBank currently disburses about N1 Billion daily in digital loans, demonstrating its commitment to fostering an inclusive, technology-driven future for Nigerians. By consistently investing in advanced technologies and developing customised financial solutions, the Bank seeks to improve the financial well-being of individuals and businesses across the nation.

Continue Reading

Business

Group slams NMDPRA Boss Farouk’s Diversionary Newspapers Ads On $5.5 Million In Children’s Tuition Fees

Published

on

Group slams NMDPRA Boss Farouk's Diversionary Newspapers Ads On $5.5 Million In Children's Tuition Fees

…charges relevant agencies to open immediate investigation.

 

The Concerned Citizens Network of Nigeria (CCNN) has slammed Engineer Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), for his full-page newspaper advertisements published on July 11, 2025, as a “disgraceful charade” and “diversionary” designed to dodge accountability.

The group said the ads, appearing on page 12 of Thisday, page 17 of The Guardian, page 15 of Vanguard, page 3 of BusinessDay, and page 19 of Daily Trust, were unsigned and devoid of substance, failing to address explosive allegations that Ahmed spent over $5.5 million (approximately N8.25 billion) on his children’s secondary education abroad.

In a fiery press conference on Monday in Abuja, the CCNN, led by Dr. Emmanuel Agibi, demanded an immediate investigation, accusing Ahmed of insulting Nigerians’ intelligence with his evasive tactics.

The CCNN highlighted that Ahmed’s children—Faisal Farouk attended the Montreux school, Farouk Jr attended the Aiglon college, Ashraf Farouk attended the Institut Le Rosey while Farhana Farouk attended the La Garenne International School for six years each.

With annual tuition and upkeep exceeding $200,000 per school, the total cost for the four children is estimated at $5 million, or roughly $1.2 million per child over six years.

“The cost per child included annual tuition fees of approximately $130,000–$150,000 and an additional $50,000 for upkeep, flights, and other expenses. For each child, this amounts to roughly $180,000–$200,000 annually, or $1,080,000–$1,200,000 over six years,” the statement said.

“For four children, the total expenditure ranges from $4,320,000–$4,800,000. Even now, questions remain unanswered about the tertiary education of Ahmed’s children. Having completed their secondary education, Faisal, Farouk Jr., Ashraf, and Farhana are enrolled in prestigious universities abroad, where annual costs often exceed $70,000–$100,000 per student.

“Further compounding public outrage, Engr. Farouk Ahmed’s son recently graduated from Harvard University, where tuition and associated costs exceeded $152,000, with additional expenses in the range of $100,000. This extravagant expenditure, far beyond the gross earnings of a civil servant of his calibre, places an immense burden on Nigeria’s poor taxpayers, many of whom struggle to afford three meals a day or school uniforms for their children, particularly in the northern regions.

“Notably, Ahmed has never held employment outside his role with the Federal Government since leaving school, raising further questions about the source of his wealth. The opulence displayed in funding such elite education underscores a stark disconnect between Ahmed’s lifestyle and the economic realities faced by ordinary Nigerians.”

The group urged the Code of Conduct Bureau (CCB), Independent Corrupt Practices Commission (ICPC), and Economic and Financial Crimes Commission (EFCC) to investigate how a civil servant’s salary could fund such lavish expenditure.

“In a nation where over 10 million children, particularly in the north, lack access to basic education, this lavish spending by a public servant is not merely a matter of personal choice—it is a moral outrage,” the statement added.

“While countless Nigerian families struggle to afford primary schooling, Ahmed’s children attended secondary institutions costing more per term than the annual budgets of some federal colleges. This stark inequality represents an injustice that cannot be ignored.

“The absence of transparency regarding how these ongoing expenses are funded further fuels public suspicion. If Ahmed’s wealth can support such elite secondary and tertiary education, the public deserves to know the legitimate sources of these funds, especially given his role as a public servant accountable to Nigerian taxpayers.

“The CCNN’s allegations are grounded in rigorous evidence, stemming from a petition to the Attorney-General of the Federation after weeks of verification, fact-finding, and public record reviews.We question how a public official, whose salary is known and whose assets must be constitutionally declared, could finance such an extraordinary level of overseas education without a visible commercial empire or disclosed inheritance.

“The petition raises serious concerns about potential abuse of office, asset concealment, or diversion of public funds under Ahmed’s leadership at NMDPRA. Public response has been resolute, with peaceful protests by lawyers, students, and civic groups targeting the Attorney-General’s office, ICPC, EFCC, National Assembly, and NMDPRA headquarters. These demonstrations, supported by formal letters and placards, demanded a transparent investigation.

“The NMDPRA’s attempt to dismiss these voices as ‘faceless’ is a cynical effort to undermine lawful civic engagement, further eroding public trust. The NMDPRA’s statement conspicuously avoided addressing key issues: it did not deny the children’s attendance at the listed secondary schools, nor did it provide any breakdown of how tuition was funded.

“It offered no details on asset declarations, loans, business income, family inheritance, or blind trusts, relying instead on vague appeals to Ahmed’s ‘reputation’ and ‘integrity.’ In a democracy, such claims are insufficient when a public servant’s lifestyle appears misaligned with their declared income. The burden of proof rests with Ahmed, not the public.

“The CCB, ICPC, and EFCC have constitutional mandates to investigate cases of unexplained wealth, ensuring that public officials are held accountable. This case tests the credibility of President Bola Tinubu’s anti-corruption and transparency agenda. The CCNN is not calling for Ahmed’s immediate removal but for an open, independent investigation. If he is innocent, a transparent process will vindicate him.

“However, continued silence risks tarnishing both his reputation and the government’s reform efforts. Ignoring these allegations would be a grave miscalculation. The CCNN is submitting additional letters, pursuing legal action, and mobilising further protests to ensure accountability. Civic vigilance is not a nuisance—it is the cornerstone of a functioning democracy.

Group slams NMDPRA Boss Farouk's Diversionary Newspapers Ads On $5.5 Million In Children's Tuition Fees

“Engr. Farouk Ahmed must step forward, disclose his funding sources, and submit to a full inquiry. This is not persecution—it is the price of public trust. The CCB, ICPC, and EFCC must act swiftly to investigate these allegations, ensuring that justice and transparency prevail.”

Continue Reading

Cover Of The Week

Trending