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Market Forces, Not Short Supply Responsible For Rising Petrol Prices — NNPCL CEO, Mele Kyari

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Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, says market forces are responsible for the rising pump prices of Premium Motor Spirit (PMS) known as petrol.

Kyari made this known on Tuesday afternoon after a meeting with Vice President Kashim Shettima at Aso Rock, Abuja.

He said with deregulation of the oil sector, market realities will force the prices of petrol up sometimes and at other times force the prices down.

The NNPCL boss said the increase in the price per litre of petrol from over N500 to N617 is not a supply issue, assuring Nigerians that the country has “robust supply” of the vital commodity.

Kyari said Nigeria has over 32 days of supply and not short of petrol.

He said the marketing team of the NNPCL is responsible for price adjustment and that the team “adjust prices depending on market realities”.

He said, “This is really what is happening; this is making sure that the market regulates itself so that the prices will go up and sometimes, it will come down also.”

PMS is selling for ₦617 in Abuja, and ₦575 in Lagos.

However, Kyari has assured Nigerians that the country is not in short supply of the essential commodity, adding that the rising price of petrol has nothing to do with supply difficulties.

“There is no supply issue; when you go to the market, you buy the product. You come to the market and sell it at the prevailing market prices, nothing to do with supply issues.

“We have robust supply; we have over 32 days of supply within the country,” he said.

On his message to Nigerians lamenting the skyrocketing prices of petrol, the NNPCL boss said allowing market realities to determine the prices of petrol is the way to go.

“What I know is that the market forces will regulate the market; prices will go down sometimes, sometimes it will go up, but there will be stability of supply. I am also assuring Nigerians that this is the best way to go forward so that we can adjust prices,” he said.

Also, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, who addressed reporters after Kyari, corroborated the NNPCL boss’ position on market forces.

BIG STORY

Dangote Signs $400 Million Equipment Deal, Set To Become Largest Refinery In The World

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Dangote Group has signed a $400 million construction equipment agreement with XCMG Construction Machinery Co., Ltd., one of China’s leading manufacturers of construction machinery, in a move set to accelerate the expansion of the Dangote Petroleum Refinery & Petrochemicals from 650,000 barrels per day to 1.4 million barrels per day, positioning it to become the largest refinery in the world.

The agreement will enable the Group to acquire additional wide range of advanced construction equipment to support ongoing and forthcoming projects across refining, petrochemicals, agriculture, and large-scale infrastructure development. The new equipment will complement existing assets deployed for the refinery expansion, which is expected to be completed within three years.

Beyond refining, the expansion programme will see polypropylene production increase from 900,000 metric tonnes per annum to 2.4 million metric tonnes per annum. Urea capacity in Nigeria will be tripled from 3 million to 9 million metric tonnes per annum, in addition to the 3 million metric tonnes per annum capacity in Ethiopia, strengthening the Group’s position as the largest urea producer globally.

Production capacity for Linear Alkyl Benzene (LAB) will also be increased to 400,000 metric tonnes per annum, positioning the Group as the largest producer in Africa and strengthening supply to the detergent and cleaning agents manufacturing industry. Additional base oil production capacity also forms part of the broader expansion programme.

In a statement, the Group described the agreement as a strategic investment aimed at deepening its construction footprint and accelerating its ambition to build a $100 billion enterprise by 2030.

“The additional equipment we are acquiring under this partnership will significantly enhance execution across our projects. With this investment, we are positioning ourselves to become the number one construction company in the world,” the statement said.

Dangote Group is currently accelerating expansion and regional market development as it advances toward its long-term vision of building a $100 billion enterprise by 2030.

 

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BIG STORY

EFCC Detains El-Rufai Over N432bn Probe, DSS Reopens Dadiyata’s 2019 Disappearance Case

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Former Kaduna State Governor, Nasir El-Rufai, was detained at the headquarters of the Economic and Financial Crimes Commission in Abuja on Monday night after hours of interrogation over an alleged N432 billion corruption probe.

El-Rufai, a chieftain of the African Democratic Congress, is also expected to face criminal prosecution over the alleged bugging of the National Security Adviser, Nuhu Ribadu’s phone.

Multiple sources within the anti-graft agency confirmed to journalists that the former governor, who arrived at the commission’s Jabi headquarters around 10 am in response to an invitation, was grilled over allegations arising from the 2024 report of the Kaduna State House of Assembly, which accused his administration of misappropriating loans, violating due process in contract awards and plunging the state into heavy debt.

“The commission has been investigating him for about a year now. As a commission, we don’t just rush to invite suspects. Persons accused are always the last; that is, after we might have done our investigation to an advanced stage.

“We are investigating him on the allegations against him by the Kaduna State Assembly,” a senior EFCC source told one of our correspondents.

Asked late Monday night whether El-Rufai would regain his freedom, the source responded bluntly, “He is still in our custody and wouldn’t be released today (Monday).”

The EFCC spokesman, Dele Oyewale, confirmed that the former governor honoured the commission’s invitation but declined further comments on the nature of the interrogation or the next line of action.

The detention marks a dramatic escalation in the legal troubles confronting the outspoken former Minister of the Federal Capital Territory, whose recent public criticism of the Federal Government and security agencies has triggered fresh political tensions.

Alleged N423bn Misappropriation

The EFCC interrogation is rooted in the report of the Kaduna State House of Assembly’s ad hoc committee constituted in 2024 to investigate finances, loans, and contracts awarded between 2015 and 2023 under El-Rufai’s administration.

Presenting the committee’s report during plenary last year, the committee chairman, Henry Zacharia, alleged that most of the loans obtained by the El-Rufai administration within the eight years were not utilised for the purposes for which they were secured.

While receiving the report, the Speaker of the House, Yusuf Dahiru Leman, alleged that about N423bn was siphoned under the El-Rufai administration, leaving Kaduna State with heavy financial liabilities and a rising debt profile.

The committee recommended the investigation and prosecution of the former governor and several members of his cabinet over alleged abuse of office, award of contracts without due process, diversion of public funds, money laundering, and reckless borrowing.

The Assembly subsequently endorsed a petition to the EFCC and the Independent Corrupt Practices and Other Related Offences Commission, urging them to take up the matter.

Beyond the headline N423bn allegation, the legislative report also referenced disputed cash payments and contracts amounting to over N155m, as well as the alleged diversion of N1.37bn earmarked for a light rail project. It also cited the purported laundering of N64.8m by senior aides.

El-Rufai has consistently denied the allegations, describing the probe as politically motivated and insisting that all loans obtained during his tenure were duly appropriated and applied to infrastructural development, education reforms, healthcare upgrades, and security interventions.

However, Monday’s detention suggests that anti-graft agencies have moved beyond preliminary review to active interrogation.

Dadiyata Case Reopened

In a parallel development, the Department of State Services has reopened investigations into the 2019 disappearance of Abubakar Idris, popularly known as Dadiyata, and has begun probing El-Rufai and his sons over the case.

Dadiyata, a lecturer at the Federal University Dutsinma, Katsina State, was declared missing on August 1, 2019, after gunmen reportedly took him from his residence in Kaduna. His whereabouts remain unknown nearly seven years later.

A security source told The PUNCH that the DSS recently seized El-Rufai’s passport at the Nnamdi Azikiwe International Airport, Abuja, to prevent him from travelling abroad while investigations are ongoing.

“The DSS has reopened the case of the 2019 disappearance in Kaduna of a renowned government critic, Abubakar Idris, better known as Dadiyata, and several other cases of missing persons.

“El’Rufai is fully aware that the DSS is investigating him and his two sons for Dadiyata’s kidnapping. That was why he rushed to the ARISE news channel to cook up stories about (Umar) Ganduje and the confessions of a ghost police officer, all in a bid to divert attention.

“He is aware of the security implications of seizing his passport. He knows he can’t officially leave the country, which is very bad for him. Several laws place a responsibility on citizens to assist with crime reporting and prevention.

“Section 123 of the Criminal Code Act prohibits the willful destruction or concealment of evidence, while the Criminal Code Act and the Penal Code, applicable to Kaduna State, deals with covering up treason, destroying evidence, or aiding suspects,” the source said.

Another source said investigators were examining social media posts made by El-Rufai’s sons, Bello and Bashir, following Dadiyata’s disappearance.

“Former governor El’Rufai claimed that until Dadiyata’s disappearance, he didn’t know that anybody with such a name existed. However, social media posts by his sons, Bello and Bashir, suggest otherwise. Posts by his sons on ‘X’ clearly showed that Dadiyata was a problem for their family.

“That is why Bello and Bashir will be invited along with their father to help in our investigations,” the source added.

El-Rufai has maintained publicly that he neither knew Dadiyata personally nor had any reason to target him, insisting that the missing lecturer was a critic of the Kano State Government at the time.

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BIG STORY

Tinubu To Ribadu: We’ll Defeat Bandits and Terrorists, You’re Doing An Excellent Job

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President Bola Tinubu says Nuhu Ribadu, the national security adviser (NSA), is doing an “excellent job” in coordinating the fight against banditry and terrorism.

Speaking on Monday in Yola, while inaugurating projects completed by the Adamawa state government, Tinubu said he is proud of Ribadu.

The president said the country would overcome terrorism and banditry under Ribadu’s leadership.

“I must say clearly here that you are doing an excellent job, and we have seen the results. With you, we will defeat the bandits and terrorists. You are a good national security adviser, honest, bold, courageous and committed to the job. I believe the state of Adamawa is strongly proud of you, because I am too,” Tinubu told the NSA, who hails from the north-east state.

Tinubu’s commendation of Ribadu comes amid the allegations levelled against the NSA by Nasir el-Rufai, former governor of Kaduna.

Last month, el-Rufai accused the office of the national security adviser of procuring about 10 kilogrammes of thallium sulphate, a highly toxic, colourless and odourless compound that can kill humans in small doses.

The ONSA denied the allegation and asked him to supply any evidence he has to the Department of State Services (DSS) for a thorough investigation.

Last Thursday, security operatives attempted to arrest el-Rufai at the Nnamdi Azikiwe International Airport, Abuja, when he touched down from Cairo, the capital of Egypt.

El-Rufai would later allege that the Independent Corrupt Practices and Other Related Offences Commission (ICPC), at Ribadu’s instruction, asked DSS officials to arrest him upon arrival.

On Saturday, during an interview on Prime Time, an Arise Television programme, el-Rufai said “someone wiretapped” Ribadu’s phone, allowing him to listen to the NSA directing security operatives to effect his arrest.

The DSS has filed a three-count charge against el-Rufai for allegedly intercepting the NSA’s telephone conversation.

 

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