Business
Unbelievable As NIMASA Sells 82 Vehicles For N5.8m In 12 Years
Unbelievable As NIMASA Sells 82 Vehicles For N5.8m In 12 Years
NIMASA– Members of the House of Representatives on Friday were shocked to the marrow as the Nigerian Maritime Administration and Safety Agency (NIMASA) publicly justified the sales of 82 vehicles for the sum of N5.8 million over the past 12 years.
Trouble started when the NIMASA Executive Director, Mr. Chudi Offodile, announced during the resumed investigative hearing into the disposal of public property by the Agencies between 2010 and 2022 to unravel the extent of illegal auctioning of public property and non-remittance of revenue realized into the Consolidated Revenue Fund’, chaired by Hon. Julius Ihonbvere, that due process was followed.
The documents presented and obtained by the Nigerian Tribune showed that a Peugeot Expert Ambulance with a market value of N200,000 was sold at a forced liquidation or auction value of N95,000; a Honda Civic Saloon Car with a market value of N170,000 was sold at N76,500; a Toyota Hilux (Grounded) with a market value of N300,000 was sold at N140,000; another Toyota Hilux (Accidental) with a market value of N200,000 was sold at N96,000; and another Toyota Hilux (Grounded) with a market value of N250,000 was sold at N115,000.
In the same vein, two units of Toyota Hilux, which were at the time of inspection in the custody of Carbotage Consultant in Lagos and put at N1 million market value, were sold at N470,000 each for forced liquidation or auction value; a Honda Civic put at N210,000 was sold at N95,000; a Honda City put at N190,000 market value was sold at N80,000, among others.
Through its office in Abuja, a Toyota Hilux put at N500,000 market value was sold at N245,000; a Toyota Avensis put at N300,000 market value was sold at N145,000; a Toyota Corolla put at N300,000 market value was sold at N147,000; and two units of Honda Civic put at N90,000 market value were sold at N30,000 each, among others.
Other lawmakers who spoke during the investigative hearing demanded documentary evidence of funds remitted into the CRF account as provided by extant provisions of the Procurement Act, Proceeds of Crimes Act, and other known legislation or financial regulations.
In his presentation, Mr Offodile, who denied knowledge of the provisions of the Public Procurement Act, 2007 on the remittance of the funds generated from the sale of public assets, however, affirmed that the proceeds of sales were paid by the Auctioneers into NIMASA’s coffers.
When asked whether the Agency has a mechanic’s workshop where faulty vehicles can be repaired, Mr. Offodile answered in the negative.
While expressing surprise that most of the vehicles displayed in the document presented to the Ad-hoc Committee didn’t show that they are old or not in good condition, Hon. Ihonbvere said: “Looking at them (pictures of vehicles captured in the documents), some of them are looking new,” adding that for Nigerians, a 13-year-old Toyota Hilux is not old.”
Hon. Ihonbvere thereafter narrated how a former Edo State Governor engaged a female mechanic to fix some of the vehicles tagged as unserviceable and recovered over 100 vehicles while other spare parts were stored.
He explained that over 100 vehicles fixed by the female mechanic were deployed to various MDAs, thereby blocking financial leakages.
Hon. Ihonbvere specifically expressed concern over the rationale behind the placement of an advertisement on March 29, 2022, calling for a public auction of NIMASA vehicles and the sale of all the vehicles on March 30, 2022, through forced liquidation or auction.
While alleging that the move “leaves us with the impression that it’s a pre-arrangement,” the Majority Leader argued that the process contravened the extant Public Procurement Act to dispose of public assets within 24 hours.
Hon. Ihonbvere, who disclosed that the Ad-hoc Committee is in the custody of petitions against NIMASA alleging that the vehicles were sold to some officials and staff of the Agency, maintained that the Auctioneers engaged by NIMASA were merely hired to rubber stamp the fictitious insider trading.
Hence, the lawmakers requested a list of all the Auctioneers as well as beneficiaries of the vehicles, the original cost of the vehicles and invoices, a letter of contract awards for the auctioning of the assets to the auctioneers, and relevant approvals obtained from the Federal Ministry of Works and Housing as well as the Bureau of Public Procurement (BPP).
One of the lawmakers expressed worry about why the Agency only carried out sales of vehicles and did not have any record of sales of computers and other office equipment within the period under review.
Hon. Ihonbvere, who requested the registers of all the assets of NIMASA and other MDAs, disclosed that the asset registers would be computerised in the state-of-the-art library, which is currently under construction within the National Assembly complex, to be commissioned by the end of September 2023.
In the same vein, the lawmakers quizzed the Sokoto River Basin’s delegation over indiscriminate sales of public assets to the management of the Agency in breach of the extant Public Procurement Act at ridiculous prices.
To this end, Hon. Ihonbvere directed the delegation from NIMASA and the Sokoto River Basin to provide relevant documents that will aid the ongoing investigation. The ad hoc Committee is expected to resume hearings on Wednesday, September 20, 2023.
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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