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BIG STORY

Marketers Import 156.9m Litres As Petrol Landing Cost Drops To N853

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Amidst an ongoing price war between players in the nation’s downstream oil sector, fresh investigations have revealed that the landing cost of imported Premium Motor Spirit (petrol) dropped to N853 per litre on Tuesday.

This comes as marketers secured regulatory approval to import 117,000 metric tonnes—equivalent to 156.897 million litres—of petrol within eight days, from April 8 to 16, 2025, to boost fuel supply nationwide.

These figures were revealed in separate documents obtained by our correspondent from the Nigerian Port Authority and the Major Energies Marketers Association of Nigeria.

Last week, Nigerians heaved a sigh of relief after the Dangote refinery resumed sales of its refined petroleum products in naira and slashed its loading cost to N865 per litre. The relief was evident after its initial suspension of the sales of petroleum products increased the pump price to almost N1,000.

But a new drop looks imminent as the latest Competency Centre daily energy data showed that the landing cost has reduced to N853 per litre, N12 lower than the price offered by the 650,000-capacity refinery in Lagos.

Dealers said the N853 per litre on-spot estimated import parity into tanks, which factors in various expenses including shipping, import duties, and exchange rates, is a considerable reduction of N3 from the N856.75 per litre landing cost last week Monday and N852.02 on Tuesday.

The document showed that on-the-spot sales at the NPSC-NOJ terminal dropped to N853.12 per litre, while the average cost for 30 days also dropped to N844.84 per litre.

The document also noted that the price of Brent crude was benchmarked at $64.76 per barrel, from $62.82 per barrel quoted on Tuesday, with an exchange rate of N1,603.78 per dollar. This price was calculated based on 38,000 metric tonnes by the marketers.

It further noted that the refinery priced its PMS coastal price at $682.75 per metric tonne, its gantry price at N926.58 per litre and its coastal price at $603.50 per MT for AGO.

It read, “International petroleum product prices declined after President Trump announced new tariffs on Chinese goods, triggering concerns about the global economy and weaker fuel demand. Despite initial fears of supply disruption, the market reacted harshly due to oversupply and slowing industrial activity.

“However, prices began to recover slightly when President Trump later paused some of the tariffs, easing trade tensions and boosting market sentiment. Overall, this highlights how demand-side concerns are increasingly outweighing supply risks in shaping oil market dynamics.

“Dangote Refinery reduced its petrol ex-depot price to N865 per litre during the week, intensifying competition in Nigeria’s downstream oil sector. The foreign exchange rate continues to exhibit significant volatility, with the Naira experiencing renewed depreciation, thereby further delaying imports.

“Nevertheless, as landing costs are directly tied to these variables, they are expected to fluctuate several times intra-day. Cost savings can be achieved through optimising supply chain management by securing long-term contracts at favourable rates and leveraging economies of scale to streamline inland distribution networks.”

Meanwhile, an analysis of the NPA document revealing details of each import showed that the commodities landed at the Tincan port in Lagos and the Calabar port in Cross River State.

The first shipment carrying 21,000 metric tonnes of PMS allocated to the Peak Shipping Agency berthed at the KLT Phase 3A terminal on Tuesday, April 8, 2025, at midnight.

This was followed by the arrival of a 20,000 metric-tonne SL Aremu vessel on Wednesday, April 10, at midnight. It berthed at the KLT Phase 3A terminal and was handled by the Tiger shipping maritime agent.

Similarly, a Fatima Sarah ship handled by Dozzy Oil and Gas berthed at the Calabar port in Cross Rivers carrying 15,000 metric tonnes of imported petrol on Saturday, April 12, at 09:25pm.

On Monday, April 14, at 3:20 pm, another vessel carrying 20,000 metric tonnes of fuel berthed at the Tincan port. It was assigned to Peejay Shipping as its agent.

Also, two vessels carrying a combined sum of 41,000 metric tonnes of fuel are scheduled to berth at midnight on Tuesday and Wednesday, April 15 and 16, respectively. This shipment will arrive at the KLT Phase 2.

This means the six vessels brought in 117,000 metric tonnes.

Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers are bringing in about 156.897 million litres of petrol at an average of 19m.

BIG STORY

Otunba Gbenga Daniel, Prominent Nigerians Mourn With Otunba Femi Davies Over Mother’s Passing

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Former Governor of Ogun State and the Senator representing Ogun East Senatorial District, Otunba Gbenga Daniel, has extended his heartfelt condolences to veteran journalist and media icon, Otunba Femi Davies, following the death of his beloved mother, Deaconess Bolajoko Idowu (née Showemimo), who passed on Friday, July 4, 2025, at the age of 78.

In a moving tribute, Senator Daniel described the late Deaconess as a virtuous matriarch and a woman of profound grace, faith, and character whose nurturing presence and moral uprightness shaped many lives beyond her immediate family.

“Your mother was more than a vessel of life; she was a beacon of strength, faith, and dignity. Her grace illuminated every path she walked, and her character left lasting impressions on all privileged to encounter her,” he stated.

Senator Daniel urged Otunba Davies to take solace in the impactful life his mother lived and the enduring legacy she left behind. “May you find true consolation in the fact that hers was a life well spent, and that she now rests peacefully, embraced by divine light,” he added.

Beyond Senator Daniel, a host of prominent personalities from across various sectors have also sympathized with Otunba Davies. They include former Lagos West Senator, Senator Ganiu Olanrewaju Solomon; Fuji music legends, K1 De Ultimate and Pasuma Wonder; Afro-Juju maestro, Sir Shina Peters; and respected engineer and philanthropist, Engr. Toyin Omotosho.

Others who paid tributes include Alhaji Olanrewaju Mohammed Masika, popularly known as Lamex; Alhaji Lukman Hamzat, the Babalaje of Yewaland; Chief Adewale Adeshina, Otunba Bestman Nze-Jumbo, media colleagues among several others who described the late Deaconess as a woman of virtue and rare influence.

The final journey of Deaconess Bolajoko Idowu will commence on Thursday, July 24, with a Service of Songs at Christ Baptist Church, located at 46 Akiwowo Street, off Jimoh Akinremi Street, Akowonjo, Dopemu, Lagos, starting at 5:00 p.m.

The burial service will be held the next day, Friday, July 25, at the same church, followed by interment at a private cemetery. A grand reception will take place afterward at the Conference Hotel, Presidential Boulevard, 1 Golf Resort Drive, Oke Mosan, Abeokuta.

The late Deaconess Bolajoko Idowu is remembered for her unwavering Christian faith, her commitment to family values, and the positive impact she made within her community.

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BIG STORY

FRSC Boss Shehu Mohammed Decries Rising Indiscipline, Bribery Among Personnel

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The Corps Marshal of the Federal Road Safety Corps, Shehu Mohammed, has expressed deep concern over increasing incidents of misconduct, bribery, drug use, and other unethical behavior among staff, warning that such issues could damage public confidence and harm the credibility of the agency.

While addressing officers during the 2025 Half-Year Strategy Session in Abuja on Wednesday, Mohammed issued a strong call to action, urging leaders within the agency to tackle emerging behavioral problems and enforce discipline at all levels.

The theme of this year’s meeting was “Driving Change from Within: Reinforcing Integrity, Accountability, and Performance.”

He noted that recent reports have shown problems in enforcement activities due to unprofessional behavior during patrols, growing cases of misconduct, corruption, weak oversight from commanders, truancy, drug-related issues, and disrespectful treatment of road users.

These challenges, he explained, are hindering internal control and negatively impacting how well the corps performs. He added that they have also raised major concerns among citizens who expect the corps to fulfill its responsibilities effectively.

Mohammed stressed that leaders must be accountable for how their personnel behave and cautioned that failing to act could damage the agency’s integrity.

He directed that commanding officers should identify troubling behaviors, uncover the causes, and apply appropriate disciplinary measures to maintain order and public trust.

Pushing for a shift in culture within the corps, he said there is a need to reinforce leadership responsibilities and ensure proper command structures to restore order and discipline.

He emphasized the need to deal with the tendency for compromise and tackle the moral decline within the corps, which he said is damaging both its integrity and public image.

He encouraged officers to recommit themselves to ethics and responsibility, and emphasized that recognizing good performance and penalizing poor conduct must become a standard practice in the corps.

Mohammed said it was important to take firm steps against truancy, lack of enthusiasm, and abandoning duties, while rewarding productivity and accountability as a way to boost staff motivation.

Due to reduced financial support, he urged operational leaders to think creatively about how to keep their work effective despite limited resources.

He also called on commanders to build strategic partnerships, particularly with state governments, to support vital FRSC operations.

Despite internal struggles, he said the agency has earned international recognition. Nigeria recently received the Kofi Annan Road Safety Award for Best in Road Safety Management in Africa and was selected to host the permanent office of the African Association of Road Safety Lead Agencies.

Mohammed attributed this progress to the hard work of FRSC personnel and the support of the federal government, adding that the achievements have positioned FRSC as a leading road safety agency on the continent.

To boost the agency’s legal authority, he said the FRSC Amendment Bill, which recently passed in the House of Representatives, is now waiting for Senate approval. The proposed law includes changing the agency’s name and expanding its responsibilities.

He explained that the current FRSC law from 2007 will be updated to become the Nigeria Road Safety Commission Act 2024.

He added that under the new law, the Federal Road Safety Corps will become the Nigeria Road Safety Commission, its authority will cover all public roads, senior officers’ salaries will be consolidated, and a special armed unit will be created within the commission.

He mentioned that the corps recently completed a round of promotions, raising three Assistant Corps Marshals to Deputy Corps Marshals, 18 Corps Commanders to ACMs, and promoting more than 1,200 other officers.

He said management is working hard to motivate staff and create conditions that encourage better performance.

He expressed hope that both officers and rank-and-file members would commit themselves to providing quality service.

To strengthen partnerships between agencies, he said the FRSC signed a Memorandum of Understanding with the Nigerian Safety Investigation Bureau to broaden safety efforts across all transportation sectors.

Mohammed noted that the agreement with NSIB aims to improve safety beyond aviation, extending to roads and railways, with both agencies working together to make transportation safer for the public.

NSIB’s Director General, Captain Alex Badeh Jr., described the collaboration as important in helping to ensure safety in transportation.

He said their role was to provide recommendations that would enable the FRSC to carry out its responsibilities more effectively and protect lives.

He also commended the FRSC for recent improvements in its enforcement and response strategies.

Senator George Akume, Secretary to the Government of the Federation, who officially opened the session, praised the FRSC for its continued efforts despite budget and resource challenges.

Referring to accident figures between January and May 2025, which showed 2,406 deaths and more than 33,000 injuries, Akume (represented by Sanusi Danjuma) called for stronger enforcement, education, and inter-agency collaboration.

He said reviewing past performance helps highlight strengths and weaknesses, and assured the corps that government will keep supporting its programmes to achieve the goal of zero road traffic deaths.

He concluded by applauding the corps’ use of digital solutions such as the FRSC mobile app and the National Crash Information System, which he said have helped improve real-time tracking and policy development.

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BIG STORY

I’m Vindicated, Says Onasanya As Court Throws Out Loan Controversy Case

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Former Group Managing Director of FirstBank Nigeria, Dr Olabisi Onasanya, has said he is now vindicated after the Federal High Court in Lagos struck out the controversial loan-related case involving his name.

Justice Chukwujekwu Aneke of the Federal High Court, Lagos on Wednesday, July 23, 2025 struck out the case after the anti-graft agency, the Economic and Financial Crimes Commission, EFCC, withdrew the suit following an out-of-court settlement among the parties involved including the nominal complainant (First bank of Nigeria PLC), the erstwhile Chairman of the Bank, Oba Otudeko, who is the first defendant, and his Anchorage Leisure Limited standing as the fourth defendant as well as the intervention of the office of the Attorney General of the federation.

Rotimi Oyedepo (SAN), the counsel to the prosecution, the EFCC, said the withdrawal of the suit was consequent on the confirmation of the repayment of the controversial loan by the defence and the intervention by the office of the Attorney General of the Federation.

Mr. Rotimi Oyedepo, SAN, appearing for the prosecution, further informed the Court that the Honourable Attorney-General of the Federation (AGF) received a formal request to discontinue the matter. He noted that on 16th July 2025, First Bank of Nigeria (FBN), the nominal complainant, wrote to the AGF confirming that a settlement had been reached with the 1st Defendant (Oba Otudeko) and that the Counsel to the 1st Defendant similarly wrote to the AGF, confirming the settlement.

‘’Subsequently, by a letter dated 21st July 2025, FBN formally communicated its decision to no longer pursue the allegations against the Defendants. Following a thorough review of the representations by both the nominal complainant and the First defendant, and since the funds in question had been fully recovered and returned to the Bank’s treasury, the Honourable AGF considered it appropriate on grounds of justice, public policy, and to prevent abuse of legal process to withdraw the charge subject to Section 108 of the Administration of Criminal Justice Act (ACJA) 2015, we hereby move a motion to withdraw the case,” Oyedepo told the court.

Bode Olanipekun (SAN), the counsel to the first defendant, did not object to the withdrawal, confirming the settlement between the nominal complainant (First Bank) and his client, the first defendant (Oba Otudeko).

Adeyinka Olumide-Fusika (SAN), the counsel for Onasanya, told the court, “My lord, I have no objection to the withdrawal. I attended the first meeting of the parties with the AGF (Attorney General of the Federation) and I affirmed that the matter was strictly between the nominal complainant, which is the First Bank and the first defendant (Otudeko). I am happy that the matter has now been resolved among them, and I thank all the parties for resolving it.”

With no objection to the withdrawal of the suit by any of the parties, Justice Aneke declared the suit ‘struck out’.

Speaking to journalists after the case was dismissed, Michael Osunnuyi, Media Advisor to the retired banker, strongly affirmed Onasanya’s innocence and said he had always been determined to clear his name.

“He’s completely vindicated. From the beginning, we have maintained that he did nothing wrong. He was not actively involved in the approval process for the transaction, as investigated by the EFCC about eight years ago. Dr Onasanya has never taken part in any form of fraud in his over three decades of service in the Nigerian financial sector,” Osunnuyi said.

Osunnuyi said his principal demonstrated his innocence by voluntarily presenting himself to the court at each sitting to prove that he had nothing to hide.

Onasanya, who retired voluntarily as FirstBank Group managing Director in 2015 after years of meritorious service, said the case had been particularly painful because of the attempted damage to his legacy.

“Dr Onasanya’s reputation is everything to him. He built a name in banking and corporate governance through dedication, discipline, professionalism and integrity. That’s why he didn’t run. That’s why he always came to court to defend his name and to uphold the values he has always believed in. Let it be known that Dr Onasanya will continue to defend himself where necessary and will not succumb to the antics of mischief makers who target him in the advancement of their aggrandisement,” Osunnuyi said.

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