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Depots Deserted As Petrol Landing Cost Hits N720/Litre

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Many petroleum product depots are currently deserted due to a lack of products caused by foreign exchange rate volatility, as the landing cost of Premium Motor Spirit, often known as petrol, has risen to N720/liter, according to oil marketers on Thursday.

Petroleum product merchants also indicated that filling stations were closing down in huge numbers on a daily basis because the industry was getting increasingly difficult to maintain. According to them, this could lead to widespread gasoline scarcity in the coming months.

It was also learned that the cost of landing PMS into Nigeria has risen to N720/liter, up from N651/liter in August of this year.

Speaking at the National Executive Council meeting of the Natural Oil and Gas Suppliers Association of Nigeria, in Abuja on Thursday, the National President, NOGASA, Benneth Korie, said many depots were presently dried up or out of stock.

He said, “Depot owners are so terribly affected by the increasing cost of crude oil and exchange rate, to the extent that many depots are practically deserted as their owners are unable to secure bank loans to fund their business due to high-interest rates.

“Banks are not willing to guarantee funds release to stakeholders as a result of the difficulty, instability and galloping rates of foreign exchange and high cost of the dollar. Many depots are presently dried up or out of stock, and this is no gainsaying as it is evidently verifiable.”

He added, “Worst hit are filling stations whose owners find it extremely difficult to secure funds to procure products for their retail outlets. Both independent and major marketers are terribly affected.

“As of today, filling stations are shutting down in great numbers on a daily basis and dealers are going out of business, with many more on the verge of bankruptcy because of their inability to secure funds to facilitate orders for their stations.”

Korie said the government must therefore urgently come to the aid of the industry as quickly as possible to save it from an impending colossal collapse, which would result in a more devastating blow to the economy at large.

N720/litre Landing Cost

It was further gathered that the landing cost of petrol has risen to N720/liter from N651 in August.

The Chief Executive Officer, PETROCAM Trading (Nig) Ltd., Patrick Ilo, during an interview session (with The Punch), said 52,000 metric tonnes of petrol imported by the company on Tuesday was already N720/litre without subsidies.

According to him, if the landing cost was already N720, the pump price should be around N729/liter in Lagos State if the Federal Government had truly stopped subsidizing the product.

“This is the second time I am bringing in my vessel. But after bringing it in, I am trapped. I can’t sell it because I landed my own product at N720. And if you add transportation from depot to station, the value today should be N729/liter at the pump.”

He blamed the price hike on a high foreign exchange rate, adding that the Federal Government was still subsidizing petrol through the Nigerian National Petroleum Company Limited.

The foreign exchange rate of the Central Bank of Nigeria as of Wednesday was around N766/$1, while it hovered around N990/$ at the parallel market.

He said.”Yes, PETROCAM has an import license, and we have products in Nigeria. I want to say this out loud that I brought (in product) 52,000 metric tonnes of PMS today, which I borrowed about sixty-something million dollars to import.

“But I cannot sell. Why? Because of the price NNPC is selling. NNPC to my mind, they are still subsidizing. NNPC is quietly subsidizing the market. And I don’t blame the government. It is when we have a stable government that there could be prosperity.”

Ilo added, “As of today, NNPC is subsidizing these products. And I’m talking about a subsidy of more than N100/liter. Because if you need to sell today, I landed my own product at N720. So how do you look at it? You look at it from the perspective of how much is diesel”

Credit: The Punch

BIG STORY

BREAKING: Humanitarian Minister, Nentawe, Emerges APC National Chairman

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The National Executive Committee of the All Progressives Congress has appointed the Minister of Humanitarian Affairs and Social Development, Yilwatda Nentawe, as the party’s substantive chairman.

Hope Uzodimma, Governor of Imo State and chairman of the Progressive Governors’ Forum, moved the motion during the ongoing 14th Committee meeting at the State House Conference Centre in Abuja.

The motion was supported by the Speaker of the House of Representatives, Tajudeen Abbas.

The minister was sworn in immediately after.

 

More to come…

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BIG STORY

EFCC Declares 28-Yr-Old Woman Wanted Over Alleged Fraud, Theft

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The Economic and Financial Crimes Commission has declared Oyinkansola Folashade Okanlawon, aged 28, wanted over alleged involvement in fraud and the illegal acquisition of funds.

The announcement was made through the Commission’s official X handle, stating that Okanlawon is being sought for reportedly obtaining money through false pretence and theft.

The notice reads: “The public is hereby notified that OYINKANSOLA FOLASHADE OKANLAWON, whose photograph appears above, is wanted by the EFCC in an alleged case of Stealing and Obtaining Money by False Pretence.

“She is 28 years old and a native of Ipokia LGA in Ogun State. Her last known address is 21 Hammed-Kasumu Street, Chevron Drive, Lekki, Lagos.

“Anybody with useful information as to her whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: [email protected] or the nearest Police Station and other security agencies.”

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BIG STORY

Building A Cleaner Lagos: Environment Commissioner Tokunbo Wahab Backs LAWMA’s Triad of Education, Collaboration — By Babajide Fadoju

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  • As LASEPA Drives Science-Based Environmental Solutions

 

Lagos generates over 13,000 tonnes of waste daily, with single-use plastics clogging drainages, polluting water bodies, and threatening public health.

The Lagos Waste Management Authority (LAWMA) has historically relied on enforcement to manage this crisis, but recent initiatives signal a shift toward education, collaboration, and innovation.

The awareness walk, organized in collaboration with the Lagos State Environmental Protection Agency (LASEPA) and Alternative Bank, in Yaba and Tejuosho markets, exemplifies this evolution, promoting a zero-plastic lifestyle and responsible waste management.

While LAWMA’s progress is commendable, scaling these efforts to address Lagos’ massive waste challenges requires deeper public engagement, sustained partnerships, and innovative solutions.

Plastic pollution is a pressing issue in Lagos. With 2.5 million tonnes of plastic waste generated annually, less than 10% is recycled.

Single-use plastics, like sachets and styrofoam, exacerbate flooding, harm aquatic life, and infiltrate the food chain, posing health risks such as asthma and heart disease.

A 2023 audit by LASEPA revealed that each Lagosian discards roughly 34 kilograms of plastic into water systems yearly, equivalent to 10 plastic bottles daily. The state response includes the 2024 styrofoam ban and the “Adopt-a-Bin” program, which encourages waste sorting.

As spearheaded by the commissioner of Environment and Water Resources, Honourable Tokunbo Wahab. LAWMA has demonstrated collective responsibility, aligning with the THEMES+ agenda of Governor Babajide Sanwo-Olu’s administration.

LAWMA’s educational efforts are gaining traction. The agency’s collaboration with the Glo Skillbridge programme, graduating street sweepers trained in skills like baking, fashion design, and digital marketing, empowers its workforce while fostering environmental stewardship.

These initiatives complement LAWMA’s enforcement, which saw over 6,700 arrests for environmental violations from January to May 2025. This “stick and carrot” approach; balancing penalties with education, aims to create an informed populace capable of making responsible waste disposal choices.

Collaboration is central to LAWMA’s strategy. The partnership with LASEPA and Alternative Bank during the awareness walk highlights the power of public-private partnerships (PPP). Alternative Bank’s donation of waste bins to markets supports the Zero-Plastic Lagos initiative, while their emphasis on converting plastic waste into economic value through recycling aligns with global circular economy principles.

Dr. Babatunde Ajayi, LASEPA’s General Manager, stressed the need for sustainable alternatives, noting that plastic waste in the food chain endangers public health. Market leaders at Tejuosho, speaking in local dialects, pledged to adopt waste sorting and regular sanitation, reinforcing community-driven change. Dr. Gaji Omobolaji Tajudeen, Permanent Secretary of the Office of Environmental Services, praised Alternative Bank’s corporate social responsibility and urged other organizations to join LAWMA in delivering a cleaner, safer Lagos.

Despite these efforts, challenges persist. Public resistance to policies like the 2025 single-use plastics ban stems from concerns over the cost of sustainable alternatives and inadequate transition periods. Businesses argue that reusable options are less affordable, while enforcement measures sometimes alienate communities. Lagos’ rapid urbanization, with over 1,500 sachet water factories producing 60 million sachets daily, overwhelms existing waste infrastructure. LAWMA’s Smart Bin innovation and decentralized operations across Local Council Development Areas (LCDAs) are steps forward, but scaling these requires significant investment and public cooperation.

To address these hurdles, LAWMA must deepen community engagement. The use of local languages in outreach, as seen in the Yaba and Tejuosho walk, ensures inclusivity across Lagos’ diverse population. Expanding campaigns with influencers, traditional media, and community leaders can build consensus and counter resistance. LAWMA should also explore deposit schemes for sachets and bottles, incentivizing recycling while reducing litter. The agency’s collaboration with LASEPA, as seen in their joint push for regional air quality standards at the Nairobi Clean Air Forum, offers a model for waste management. By integrating waste sensors into Lagos’ public transit network and training African engineers to build affordable monitors, LAWMA can enhance data-driven governance.

Private sector partnerships are equally critical. Alternative Bank’s support, alongside initiatives like the Glo Skillbridge programme, shows how corporate involvement can amplify LAWMA’s impact. Expanding the PPP model to include more businesses could fund infrastructure upgrades, such as waste-to-energy plants and additional transfer loading stations. These partnerships can also drive innovation, like upcycling plastics into construction materials, creating jobs and reducing environmental harm.

LAWMA’s collaboration with LASEPA is particularly promising. By aligning with a science-based agency, LAWMA can refine its data-driven approach, ensuring policies are grounded in evidence.

For instance, LASEPA’s work with University of Lagos to develop affordable air quality sensors could inspire similar innovations in waste monitoring. Such synergies can strengthen enforcement while fostering public trust through transparent, science-backed policies.

LAWMA’s shift toward education, collaboration, and innovation marks a turning point in Lagos’ waste management journey. As envisioned by Commissioner Tokunbo Wahab and ultimately, Governor Babajide Sanwo-olu, the end goal to have a cleaner, greater Lagos.

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