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BIG STORY

FG Panel To Reconvene On Monday Over “Naira-For-Crude” Crisis

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The significant allocation of crude oil by the Nigerian National Petroleum Company Limited (NNPCL) to foreign creditors is affecting supply to local refiners, including Dangote Petroleum Refinery.

Sources familiar with the situation revealed that NNPCL has assigned large crude volumes to foreign creditors to settle debts, making it challenging to sustain the “naira-for-crude” agreement with Dangote Refinery.

However, multiple officials from the Federal Ministry of Finance and Federal Ministry of Petroleum Resources confirmed on Thursday that the Technical Sub-Committee on the “naira-for-crude” Policy is set to reconvene on Monday to discuss the issue.

The committee has directed the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to propose solutions for review as efforts continue to restore the “naira-for-crude” arrangement.

Marketers Seek Alternatives

Following the suspension of Dangote Refinery’s sale of petroleum products in naira, petroleum marketers are exploring alternative supply sources.

The refinery announced on Wednesday that it had temporarily stopped selling petroleum products in naira due to challenges in its negotiations with NNPCL.

An industry insider, speaking on condition of anonymity, clarified that the transaction is not permanently halted. The source noted that NNPCL is struggling with crude oil availability, stating:

“From all indications, the scheme won’t end. The sticking point is the issue of crude availability, with NNPC claiming it has pre-sold large volumes of crude.”

When asked about the panel’s next meeting, the source responded:

“The committee agreed to reconvene on Monday (next week) to review options that NUPRC has been mandated to come up with. The committee is trying to dimension solution options.”

Earlier reports had it that the panel met at the Ministry of Finance headquarters in Abuja to evaluate the situation and reaffirm commitment to the policy.

The meeting included Minister of Finance and Coordinating Minister of the Economy, Wale Edun (who joined virtually), Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, Chief Financial Officer of NNPCL, and Executive Commissioner of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (who also joined virtually).

Other attendees were the Special Adviser to the Minister, Nana Ibrahim, the Coordinator of NNPC Refineries, and representatives from NUPRC, Central Bank of Nigeria, Dangote Petroleum Refinery, and NNPC Trading Ltd.

The NNPC presented a crude delivery report detailing the volume allocated for domestic refining under the policy. However, the discussions did not result in crude supply transactions in naira, prompting Dangote Refinery to suspend naira-based petrol sales.

Market Response and Potential Price Hikes

Petroleum marketers indicated they are actively seeking alternatives if Dangote Refinery insists on selling in foreign currency.

Market stakeholders are preparing for possible “surprises” following the suspension of naira-based petrol sales, considering alternatives such as sourcing from NNPCL, other local refineries, and fuel importation.

On Wednesday, Dangote Refinery released an official statement:

“Dear valued customers, we wish to inform you that the Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars.

“To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.”

Immediately after the announcement, petrol loading costs at private depots in Lagos surged to about N900/litre, up from under N850/litre before the decision.

Speaking on Thursday, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), stated that the market is bracing for potential changes:

“The market is making preparations for any surprises. So, if there are surprises, we’ll have alternatives to go to.”

He expressed optimism that the Federal Government and Dangote Refinery would resolve the issue soon to prevent a return to fuel scarcity:

“We do hope that all of this will be resolved in no distant time and we should get back to normal.

“We’re already enjoying the availability of petroleum products. So we must have all that put into consideration.”

On the possibility of fuel prices being set in dollars, Gillis-Harry commented:

“The surprises are that we may be told to start buying products at dollar-denominated rates. We may be told to do a direct conversion, but Dangote did not tell us how business will go forward. All that they said is just a suspension. So, we hope that they will change their focus and we’ll see how it works.”

Discussing supply alternatives, Gillis-Harry emphasized the need for diversification in the downstream sector:

“We will make sure that we have different sources of petroleum products. So, if one source is creating difficulty, then we have to look at other sources.

“One of the alternatives is the NNPC. We have also talked about some of the other refineries that are upgrading to 25,000 metric tonnes per day like the Azikel refinery in Bayelsa. And then, importation is also going to be in the mix.

“So we’ll then look at what is best suited in the market and what can make sure that we have a price that is affordable.”

Rising Fuel Costs and Government Intervention

When asked about the increasing petrol prices, Gillis-Harry assured that PETROAN would resist any exploitative price hikes:

“PETROAN will resist anything that is going to be giving us challenges. Nobody should take advantage of situations negatively. So, we will explore all possibilities and get the best for all.”

Meanwhile, NNPCL, responsible for supplying crude to Dangote Refinery, has neither confirmed nor denied claims that the refinery has been buying crude in dollars.

Olufemi Soneye, NNPC Spokesman, reaffirmed the company’s commitment to supplying crude based on agreed terms:

“As I have repeatedly stated, NNPC remains committed to supplying crude for local refining based on mutually agreed terms and conditions. Additionally, the NUPRC has disclosed that all local refining companies collectively produce less than 50 per cent of our national consumption. You can do the Maths.”

Hammed Fashola, Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), urged the government to continue the “naira-for-crude” policy to stabilize fuel prices:

“I would like to advise the FG to look into the agreement with Dangote again to maintain the tempo of the prices of petroleum products. The masses today are happy with the drop in petrol prices. But just a few hours later, the private depot owners started reacting to the Dangote press release by reviewing their prices upward.

“On Tuesday we closed with N825 to N826, but on Wednesday afternoon, prices started increasing again to N835 to N836 per litre. I will appeal to the FG to continue supplying crude to Dangote and other local refiners to maintain stability in the sector.”

BIG STORY

Police To Resume Nationwide Tinted Glass Permit Enforcement January 2, 2026

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The Nigeria Police Force has announced that it will resume the nationwide enforcement of the tinted glass permit policy from January 2, 2026, citing growing security concerns linked to the misuse of unauthorized tinted vehicle glass.

The announcement was contained in a statement issued on Monday by the Force Public Relations Officer, Chief Superintendent of Police Benjamin Hundeyin.

The police said the decision followed a review of emerging security threats and the need to enhance public safety, pending the final determination of a related matter currently before the court.

The Force clarified that there was no court order restraining it from enforcing the law regulating the use of tinted glass on vehicles.

It explained that enforcement was earlier suspended in the interest of transparency and public convenience, to allow motorists sufficient time to regularize their documentation and complete the permit application process without pressure.

According to the statement, recent security trends have revealed a rise in criminal activities carried out with the aid of vehicles fitted with unauthorized tinted glass.

Such vehicles, the police noted, have been used by criminals to conceal their identities while committing offences including armed robbery, kidnapping and other violent crimes.

In view of these developments, the police said the resumption of enforcement had become necessary and urgent as a proactive step to safeguard lives and property across the country.

“Recent trends, however, reveal a disturbing rise in criminal activities perpetrated with the aid of vehicles fitted with unauthorized tinted glass.

“Some individuals and organized criminal groups have exploited this gap to conceal their identities and facilitate crimes ranging from armed robbery to kidnapping and other violent crimes.

“In view of this, the Nigeria Police Force has found it both necessary and urgent to resume full enforcement as a proactive measure to safeguard our communities. Consequently, enforcement of Tinted Glass Permit will resume on 2nd January, 2026,” the statement read.

 

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BIG STORY

Buhari Believed Aso Rock Gossip I Planned Killing Him, Began Locking His Room —— Aisha

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Former First Lady, Aisha Buhari, has narrated how her husband, the late President Muhammadu Buhari “began locking his room” following gossip in Aso Rock that she (Aisha) planned to kill him.

The ex-First Lady also said the health crisis that forced Buhari, to take 154 days of medical leave in 2017 began with a broken feeding routine and mismanaged nutrition.

She argued that Buhari’s illness was not a mysterious ailment or poisoning.

Her account of the health crisis appeared in a new 600-page biography, ’From Soldier to Statesman: The Legacy of Muhammadu Buhari’, authored by Dr. Charles Omole, launched at the State House on Monday.

It read, “According to Aisha Buhari, her husband’s 2017 health crisis did not originate as a mysterious ailment or a covert plot. It started, she says, with the loss of a routine; ‘my nutrition,’ she describes it, a pattern of meals and supplements she had long overseen in Kaduna before they moved into Aso Villa.”

The former First Lady convened a meeting with close staff, including the physician, Suhayb Rafindadi; the CSO, Bashir Abubakar; the housekeeper, and the SSS DG to explain the plan.

She said, “Daily, cups and bowls with tailored vitamin powders and oils, a touch of protein here, a change to cereals there.”

“When the Presidency’s machinery took over our private lives, she explained the plan: daily, at specific hours, cups and bowls with tailored vitamin powders and oil, a touch of protein here, a change to cereals there. Elderly bodies require gentle, consistent support,” Omole narrated.

However, the routine frayed.

“Then came the gossip and the fearmongering. They said I wanted to kill him,” the book quotes her as saying.

“My husband believed them for a week or so,” she said, revealing that the President began locking his room, changed small habits, and crucially, “meals were delayed or missed; the supplements were stopped.”

“For a year, he did not have lunch. They mismanaged his meals,” she added.

The deterioration culminated in Buhari’s two extended medical trips to the United Kingdom, totalling 154 days in 2017, during which he ceded authority to Vice President Yemi Osinbajo.

Upon return, he admitted to being “never so ill” and having received blood transfusions.

Buhari’s absences “sparked rumours, speculation, and even conspiracy theories,” Omole wrote.

Mrs Buhari debunked stories of plots to poison her husband.

Her contention, Omole noted, is that “loss of a routine, ‘my nutrition,’ was the genesis of the crisis.”

In London, doctors prescribed an even stronger regimen of supplements, he explained.

Initially, Buhari “was frightened and not taking them as prescribed. So she took charge of his welfare, slipping hospital-issued supplements into his juice and oats,” it read.

The former First Lady described the turnaround as swift, noting, “After just three days, he threw away the stick he was walking with. After a week, he was receiving relatives.”

“‘That,’ she says, ‘was the genesis, and also the reversal of his sickness,’” the book stated.

According to Omole, critics said Buhari’s reliance on UK hospitals exposed the failure of Nigeria’s health system.

A “more compassionate perspective,” he wrote, recognises that a man in his 70s may require specialised care “not readily available in Nigeria” after “decades of underinvestment.”

He also noted Buhari’s habit of handing power to his deputy during absences, which, he said, ensured “institutional propriety, even during personal health crises.”

The book also revealed a climate of mistrust around the Presidency.

Mrs Buhari alleged surveillance, the bugging of the President’s office with listening devices and playback of private conversations, saying, fear and conscience “contributed to taking his life.”

She refuted the long-held rumour that Buhari had a body double, popularly known as “Jibril of Sudan,” as absurd, arguing that poor strategic communication in government allowed simple, banal developments to metastasise into conspiracies.

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BIG STORY

Dangote Releases Details of ‘$5m Spent By NMDPRA CEO’ On His Children’s Secondary School Education In Switzerland [PHOTO]

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Aliko Dangote, chairman of the Dangote Group, says Farouk Ahmed, chief executive officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), spent about $5 million on the secondary school education of his children in Switzerland.

In a paid newspaper advert on Tuesday, the billionaire said Ahmed paid the said amount for four of his children, covering a period of six years.

On Monday, Dangote had alleged that Ahmed Farouk “paid $5 million” to a Swiss secondary school for his children’s education, describing the act as “economic sabotage and corruption”.

Releasing details of his allegations, in the newspaper advert, Dangote listed the four children as Faisal Farouk, Farouk Jr., Ashraf Farouk, and Farhana Farouk.

According to the billionaire entrepreneur, the secondary schools the children attended for a duration of six years were Montreux School, Aiglon College, Institut Le Rosey, and La Garenne International School.

Dangoted also presented estimated annual tuition, living expenses, air travel, and upkeep, which were multiplied across four children and several years of study.

He said the annual cost of tuition, airfare, and upkeep per child was $200,000, which totals $800,000 per year for his four children.

The businessman further explained that the total living expenses and air tickets per child over six years was $1.2 million, amounting to $4.8 million for all four children.

Overall, Dangote estimated that the combined cost of tuition and upkeep for all the children reached $5 million.

He also listed the tertiary education expenses for Ahmed’s children, noting that tuition, upkeep, airfare, and other costs average approximately $125,000 per year over a four-year period.

According to the billionaire, this adds up to $500,000 for four years per child, totaling $2 million for all of them.

“Faisal just finished the 2025 Harvard MBA at $150,000 and $60,000 for upkeep, tickets and other incidentals. Total =$210,000 spent in 2025 for Faisal’s MBA,” he added.

Dangote said Nigerians deserve to know the source of the money “paid by a public officer while many parents in his home state of Sokoto cannot afford to pay N10,000 school fees for their children and wards”.

 

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