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Petrol Landing Cost Drops Amid Naira Appreciation

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The landing cost of petrol has decreased from N981/litre on September 25, 2024, to N945.63/litre as of September 27, 2024.

According to data released by the Major Energies Marketers Association of Nigeria on Monday, this reduction is attributed to the appreciation of the naira against the United States dollar.

In the MEMAN report, the exchange rate was N1,586.26 to a dollar on September 27, compared to N1,667.22 on September 25.

Additionally, Brent crude, the global benchmark, fell from $73.67/barrel in the previous MEMAN report to $72.45/barrel in the latest update. This likely contributed to the decrease in the landing cost of imported petrol.

The average ex-depot price of PMS also saw a slight drop in Lagos, Calabar, and Port Harcourt.

The report indicated that the landing cost of diesel, previously N1,089/litre, had decreased to N1,068.04/litre. Similarly, aviation fuel saw a reduction from N1,117.34/litre to N1,079.79/litre.

It was noted that the difference between imported petrol and that sourced from Dangote might be less than N46 when calculated using the N898/litre figure cited by the Nigerian National Petroleum Company for Dangote’s petrol.

It should be remembered that the NNPC increased the pump prices of petrol on the same day the Dangote refinery introduced its locally-produced petrol. The NNPC also stated that it would sell Dangote petrol at over N1,000/litre in northern regions.

The NNPC spokesperson, Olufemi Soneye, mentioned that prices could reach as high as N1,019/litre in places like Borno State, and N999.22 in Abuja, Sokoto, Kano, and similar locations.

In southern states such as Oyo and Rivers, prices are expected to be N960/litre, with Lagos and its surroundings seeing the lowest price at N950/litre, according to an NNPC infographic.

However, despite petrol prices reaching up to N1,200 or more in some parts of the country, some major marketers in Lagos continued to sell a litre for N870.

During a media discussion with senior journalists, Dapo Segun, the Executive Vice President, Downstream at NNPC, explained that even though an agreement had been reached with Dangote refinery management, pricing remains “market-driven.”

Segun also shared insights into the negotiations with Dangote:

“Dangote said to us, ‘This is how much I want for it (PMS)’. And we say, ‘Hey, Dangote, if we go out there, we can get it for this much, so we won’t pay you this much for it‘. And we went into the negotiation. And that negotiation took us over a week to complete. They (Dangote officials) will come with their position, we’ll come with a counter; they’ll come with a revised position, and we’ll counter it.

“At the end of the day, we were able to reach an agreement on what to be the price to pay for it,” Segun said, highlighting Soneye’s statement that the NNPC would only lift Dangote’s PMS if it was cheaper than imported petrol.

Meanwhile, the sale of petrol from the Dangote refinery to NNPC continues, with Nigerians hoping that the price will decrease when the naira crude sale begins today (October 1, 2024).

BIG STORY

Lagos Lawmakers Call For Financial Autonomy For Local Government Legislative Arm

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Members of the Lagos State Assembly have called for financial autonomy for the legislative arms of the Local Governments (LGs) and Local Council Development Areas (LCDAs) throughout the state.

The call was made at Plenary session on Tuesday, September 16, presided over by the Speaker, Rt Hon Mudashiru Obasa.

The motion, titled “Call for Financial Independence for the Legislative Arms of Local Government Areas and LCDAs in Lagos,” was introduced by Hon. Sanni Babatunde, the Chairman of the Committee on Local Government Administration, Chieftaincy Affairs, and Rural Development.

Hon. Babatunde underscored that the legislative arm at the local level plays a crucial role in Nigeria’s democratic framework, bearing constitutional responsibilities for law-making, oversight, and constituency representation.

Contributing to the discussion, Hon. Obafemi Saheed highlighted that the 1999 Constitution emphasizes the separation of powers, asserting that granting autonomy at the local level would enhance representation, oversight, and independence, aligning it with practices at the state and federal levels. He argued that such measures would foster good governance at the grassroots.

Hon. Temitope Adewale, OON, who supported the motion, stressed that councilors perform functions comparable to those of state legislators. He expressed concern that many council leaders often face undue influence from local government chairpersons due to their financial reliance. He proposed that training for local government legislative leaders should involve cooperation between the Ministry of Local Government and the Lagos State House of Assembly.

Further insights were shared by Hon. Bonu Solomon, who commended President Bola Ahmed Tinubu for providing financial autonomy to local governments through direct allocations from the federation account, which has reportedly improved their operational efficiency. He insisted that similar financial independence should also be granted to local legislative bodies.

Hon. Aro Moshood added that empowering local government legislatures is essential for effective governance, suggesting that lawmakers should actively observe local legislative sessions to understand the issues faced by councilors without autonomy.

The lawmakers decided to urge Governor Babajide Sanwo-Olu to instruct the Ministry of Local Government, Chieftaincy Affairs, and Rural Development to formulate a strategy for the independent financing of Legislative Councils within Lagos State.

Speaker Obasa echoed the importance of financial independence for councilors to effectively perform their oversight roles. He noted the increased allocations to local governments and emphasized the need to empower grassroots legislatures to maintain proper checks and balances for the benefit of the citizens.

The House resolved to instruct the Commissioner of the Ministry of Local Government, Chieftaincy Affairs, and Rural Development to prioritize ongoing training and capacity-building programs for councilors in financial management, budgeting, and legislative practices. They also urged the Ministry to pursue the enactment of a self-accounting law that would secure financial autonomy for the legislative arms in all local governments and LCDAs.

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BIG STORY

Customs Automates Clearance Of Overtime Cargoes, Extends Window To 120 Days

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The Nigeria Customs Service (NCS) has introduced an automated clearance system for overtime cargoes and extended the clearance window to 120 days in a bid to enhance trade facilitation across the country.

Bashir Adeniyi, comptroller-general of customs, announced the development on Monday at a sensitisation programme held in Lagos for stakeholders on the new system. The stakeholders included consignees, brokers, terminal operators, and customs officials from Zone ‘A’.

According to Adeniyi, the initiative is designed to tackle delays associated with abandoned consignments and reduce the number of extension requests, which currently make up nearly half of daily correspondence to his office.

“We have created a help desk at the headquarters to prioritise clearance of project cargoes belonging to government agencies,” he said. “Importation is critical to Nigeria’s economic development, and our goal is not just to generate revenue but to ensure goods reach their owners quickly and efficiently.”

‘Automation ready for deployment’

The customs chief disclosed that less than one percent of cargoes arriving at Nigerian ports in 2024 were classified as overtime. He expressed confidence that the new system would cut that figure to zero.

He also pledged continued sensitisation to ensure a seamless transition, while urging shipping companies, clearing agents, and terminal operators to provide feedback to further improve the system.

Adeniyi explained that while some consignments were deliberately abandoned, others faced delays due to network challenges. “The overtime cargo automation programme is fully developed and ready for deployment,” he said.

Assistant comptroller-general of customs, Isah Umar, said the e-clearance platform would simplify procedures, improve transparency, minimise human interference, and strengthen data integrity for both imports and exports.

He added that the system would automatically document cargo disposals and harmonise records through the Single Goods Declaration (SGD) platform.

Aliyu Abdulkadir, chief superintendent of customs, pointed out that under the Nigeria Customs Service Act 2023, overtime cargoes can be disposed of after 120 days. Perishable and inflammable goods, however, may be auctioned immediately through e-auctions or other approved means to avoid accidents.

Also speaking, Ibrahim Muhammed, assistant comptroller of customs, clarified that cargoes are classified as overtime after 30 days. If unresolved, clearance requests are escalated from the area controller to the zonal level and, ultimately, to customs headquarters. He described the new framework as transparent, efficient, and accountable.

Similarly, Muhammed Babadede, zonal coordinator of Zone ‘A,’ hailed the NCS as the most digitalised customs administration in West and Central Africa. He commended Adeniyi for pushing reforms through automation and said the innovation would further modernise port operations.

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BIG STORY

Adron Homes Launches Lemon Friday Plus Promo 2025 With Discounts, Flexible Payments, And December Rewards

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Adron Homes and Properties has announced the official launch of its Lemon Friday Plus Promo 2025, an exciting opportunity for Nigerians to own land at discounted rates while enjoying mouth-watering rewards this festive season.

This year’s edition allows customers to begin their homeownership journey with an initial deposit as low as ₦50,000 and spread payments over multiple instalments. Subscribers also enjoy a 30% discount on land purchases with the option to clear the balance conveniently over 24 months.

Adron Homes’ estates are carefully designed to provide residents with the best of modern living, featuring adequate power supply, good road networks, functional drainage systems, CCTV, 24-hour security, recreational centers, shopping malls, and green spaces that promote healthier lifestyles.

The promo covers estates across Lagos, Ogun, Oyo, Ekiti, Abuja (FCT), Nasarawa, Plateau, Osun, and Niger States, giving prospective homeowners multiple location options in rapidly developing communities.

Promo Rewards by Category:

• BRONZE (₦300,000 deposit): 25kg bag of Rice + 2 Chickens + Vegetable Oil OR Home Theatre.
• SILVER (₦500,000 deposit): A Goat OR 50kg Bag of Rice + 3 Chickens + Vegetable Oil OR Rechargeable Fan.
• GOLD (₦1,000,000 deposit): A Goat + 50kg Bag of Rice + Palm Oil + Garri Ijebu OR 2 Bags of 50kg Rice + 4 Chickens + Palm Oil + Garri OR Washing Machine.
• DIAMOND (₦3.5M deposit on estates above ₦20M before discount): A Cow OR Double-Door Fridge.

Adron Homes has consistently bridged the home ownership gap in Nigeria by introducing flexible and convenient payment plans that allow more families to become homeowners. With initiatives like Lemon Friday Plus, the company is breaking down financial barriers and creating sustainable pathways for Nigerians to secure their future through real estate.

Promo Duration

• Instalment payments for initial deposits run from 7th July to 31st November 2025.
• The promo officially ends 6th January 2026.

“The Lemon Friday Plus Promo is our way of making December unforgettable for our customers,” said Adron Homes’ management. “We are not only offering affordable land ownership, but also giving families gifts that make the festive season brighter.”

Adron Homes invites all aspiring homeowners, investors, and families to take advantage of this limited-time opportunity to own property with flexible payment plans and rewarding bonuses.

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