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The Federal Government on Tuesday hinted that independent marketers might be allowed to sell petrol above the current regulated pump price N145 per litre.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, gave the hint in a presentation at an investigative hearing organised by the Senate on the lingering scarcity of the product in the country.

He said the N26 differential between the current pump price and the landing cost of the commodity was caused by the rise in the exchange rate.

The minister recalled that naira was 285 to a dollar when the pump price was raised to N145 per litre, adding that the rate would have to drop to N240 to a dollar for marketers to be able to sell at the official price.

Kachikwu stated that the government had come up an 18-month emergency period within which issues affecting supply and pricing of the commodity should be solved.

The minister said the government was considering three models for the regulation of the pump price of petrol, one of which is a “plural pricing system” that would allow independent marketers to either stick with the distribution chain of the government and the official price, or sell the commodity based on the variations in the importation and landing costs.

The minister explained that while the government could retain the current official pump price of N145, marketers who were not okay with its supply chain could be allowed to import and distribute the product independently.

Kachikwu said, “We are looking at an 18-month emergency period. During this emergency period, we need to address the issue of pricing. There is price disparity between the landing cost and the cost of selling. If we must sell at N145 (per litre), we need to put mechanisms in place so that the private sector can go back to importation. We now have a committee that is looking at this and it will be subjected to review.

“The landing cost of the product today is about N170 or N171. The price that we should sell is N145. So, there is a disparity. What that means is that those individuals who are bringing in theirs will not be able to meet their obligations like the NNPC for commercial supply. We need to step back.”

The Chairman of the Senate committee, Senator Kabiru Marafa, who interjected Kachikwu at this point, said the minister had stirred the hornets’ net by the statement.

He asked, “Are you saying that the N171 is what an average Nigerian will pay at the filling station or what the marketer will lift from the depot or the cost of importation?”

Responding, Kachikwu said, “Our point is that there is a gap and we need to see how we can fill that gap. There are three mechanisms that we are looking at in dealing with that gap. Whatever we do, giving the constraints of the NNPC in handling 100 per cent of the supply, which may become an overriding burden on the corporation, we need to free the marketers to do their business. To do their business is to address the pricing issue.

“To address the pricing issue, we are looking at three models. When we got to N145, the exchange rate was N285 (to a dollar); today, it is at N305. Even at the minimum, there is a gap there. If you walk to the CBN to check the modulation of the exchange rate to sell at N145, the cost of purchasing it today is about N240; it is not N285 or N305.”

Listing the options available to the government to maintain the current pump price, the minister stated that one of the mechanisms being considered was to work with the Central Bank of Nigeria to create a forex policy for marketers to be able to sell at N145.

Another option, he said, was to relax some of the taxes imposed on the marketers in the importation and distribution chain, thereby reducing their running costs.

Kachikwu added, “We are also looking at the potential of – going theoretically to respect the N145 pump price – having a plural pricing system. The NNPC and all its stations, about 400 across the country, will sell at N145. At the same time, marketers are able to import the product at their own cost and sell. It will now be for the individual to stay with NNPC or not. It does not affect the Federal Government on what the NNPC is selling.”

The minister pointed out that unless the pricing problem was resolved, the issues would remain persistent.

A member of the committee, Senator Tayo Alasoadura, who is also Chairman of the Senate Committee on Petroleum Resources (Upstream), asked Kachikwu how the NNPC had been sustaining the pump price.

“We were told that the landing cost is now high, now at N171. The government had gone out with fanfare that subsidy (on petrol) had been abolished but within a year, we are now talking about a landing cost that is high. Did the government not do its homework properly before arriving at N145 per litre?” he said.

Another member, Senator Bassey Akpan, who is the Chairman of the Senate Committee on Petroleum Resources (Gas), also asked why the minister was considering pricing modulation and if he had the approval of President Muhammadu Buhari to modulate the petrol pump price.

Corroborating Alasoadura, stated, “Now that the NNPC is importing at a loss of about N800m to N900m daily, we need to understand how these losses are being treated. You have said you are doing away with subsidy and the NNPC has said tit imports 25 million on the average daily at N26 per litre loss. We need to reconcile that.”

A twist was, however, recorded in the probe when Kachikwu and Baru were about to answer questions posed to them by members of the panel.

Marafa, who had vowed that the Federal Government must explain alleged payment of subsidy without the National Assembly’s approval, asked that they ignore questions on subsidy payment.

He said, “Let me state one thing: there are questions asked about subsidy issues. I don’t want us to derail. The essence of this sitting is not on whether there is subsidy or no subsidy.

“Answer the questions on subsidy as far as it affects supply, which caused the fuel scarcity. I don’t want us to go into issues of subsidy for now at this meeting. The Committee on Downstream is going to pick on that matter immediately and look into it holistically. So, questions bothering on who is paying subsidy should be dropped for this purpose. I don’t want us to derail.

“What we want are issues of supplies, where the gaps are and why we have this crisis. These are the hallmark of this problem.”

Earlier in his presentation, Kachikwu described Nigeria’s inability to refine crude oil locally as “shameful” after operating a downstream sector for over 40 years, adding that the country could still not make petroleum products sufficient for the people despite having crude oil.

“For the long-term, finally, we must address the issues with our refineries. Like I said in the beginning, the solution to the problem must be the refineries. And whatever it takes, we need to put the refineries together. Once we do that, we are ready to go,” he stated.

The Director, Department of Petroleum Resources, Mr. Mordecai Ladan, stated that the NNPC did not have the capacity to be the sole importer and distributor of petrol.

“The situation is improving. The NNPC is doing its best. For now, the NNPC is the sole importer and almost the sole distributor of this product. The NNPC cannot do it alone. We want the independent and major marketers as well to please come in and assist in this current situation,” he said.

BIG STORY

Tokunbo Wahab at 54: A Quiet Force in Public Service —– By Ayobami Ladipo

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As Tokunbo Wahab turns 54 today, the occasion feels more than another birthday on the calendar. It is a moment to recognize a public servant who has come to symbolize steadiness, discipline, and a certain uncommon seriousness about service.

Known publicly as the Lagos State Commissioner for the Environment and Water Resources, Tokunbo Wahab has spent recent years carrying out his responsibilities with a mix of firmness and restraint that is becoming increasingly rare in public life.

What stands out most about him is not noise, but consistency. In a world that often rewards the loudest voice in the room, Tokunbo Wahab has built a reputation around substance. He appears to understand something simple yet powerful: leadership is not only about holding public office but also about leaving people better than you found them. That is the kind of leadership people remember. It is the kind that builds confidence, sharpens others, and creates room for growth.

Those who admire him often speak of his human side just as much as his professional side. They describe a man who values people, takes mentorship seriously, and does not seem interested in protecting his own status at the expense of others’ rise. In many spaces, especially public service, it is easy for influence to become self-preservation. Wahab, at least by reputation, seems to lean in the opposite direction. He is the sort of leader who wants his protégés to succeed, not merely survive.

There is also something admirable in the way he carries responsibility without overplaying it. A good administrator does not always need applause to prove impact. Sometimes, impact is seen in the structure of the work, the clarity of the process, and the people who quietly grow under that leadership. That is where Tokunbo Wahab’s value seems to sit: in the patient work of building systems and building people at the same time.

At 54, he stands at a point where experience and maturity should naturally deepen purpose, and by every indication, that is exactly what has happened. He has become one of those figures whose presence suggests order. Not the kind of order that stifles, but the kind that gives direction. Not control for its own sake, but discipline with intent. In that sense, his birthday is not just a personal milestone; it is also a reminder of the kind of leadership people still respect when they see it up close.

So, on this special day, the tribute is simple. Tokunbo Wahab deserves to be celebrated not only for what he does, but for how he does it. For the grace in his administration. For the dignity in his conduct. For the way he appears to invest in people, not just positions. And for proving, in his own quiet way, that a good man in public office is still one of the most valuable things a society can have.

Sir …. I celebrate you today and always, my mentor, my leader, and benefactor.

Ayobami Adegboyega Ladipo
(Mr Porsche)

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BIG STORY

Tinubu Confirms Killing of ISIS Leader In Nigeria-US Joint Operation

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President Bola Tinubu has announced the killing of a senior Islamic State leader, Abu-Bilal Al-Manuki, also known as Abu-Mainok, during a joint operation carried out by Nigerian and United States forces in the Lake Chad Basin.

In a statement personally signed on Saturday, Tinubu said the operation marked “a significant example of effective collaboration in the fight against terrorism” between both countries.

The President said Nigerian troops, working with the US Armed Forces, carried out “a daring joint operation that dealt a heavy blow to the ranks of the Islamic State.”

He added that “early assessments confirm the elimination of the wanted IS senior leader, Abu-Bilal Al-Manuki, also known as Abu-Mainok, along with several of his lieutenants, during a strike on his compound in the Lake Chad Basin.”

Tinubu described the operation as a major step in advancing the security objectives of both countries and commended the forces involved for their conduct.

“Nigeria appreciates this partnership with the United States in advancing our shared security objectives. I extend my sincere gratitude to President Trump for his leadership and unwavering support in this effort,” the statement read.

The President also praised military personnel from both countries, saying, “I commend the personnel involved on both sides for their professionalism and courage, and I look forward to more decisive strikes against all terrorist enclaves across the nation.”

The development comes amid renewed military offensives against insurgent groups operating in the North-East and the Lake Chad region, where Islamic State-linked factions have sustained attacks on military formations and civilian communities.

United States President Donald Trump had earlier confirmed the operation, describing Al-Minuki as “the most active terrorist in the world.”

“Tonight, at my direction, brave American forces and the Armed Forces of Nigeria flawlessly executed a meticulously planned and very complex mission to eliminate the most active terrorist in the world from the battlefield,” Trump wrote on Truth Social on Friday.

Trump said the slain militant leader, whom he described as the “second in command of ISIS globally,” had believed he could evade capture in Africa.

“Abu-Bilal al-Minuki, second in command of ISIS globally, thought he could hide in Africa, but little did he know we had sources who kept us informed on what he was doing,” he said.

The US leader added that Al-Minuki, who was placed under American sanctions in 2023 over his ties to the Islamic State group, would “no longer terrorize the people of Africa, or help plan operations to target Americans.”

He further stated that “with his removal, ISIS’s global operation is greatly diminished,” while thanking the Nigerian government for its “partnership” in the operation.

The joint operation underscores growing security cooperation between Nigeria and the United States as both countries intensify efforts to weaken extremist networks operating across the Lake Chad Basin and the wider West African region.

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BIG STORY

ISIS Second-in-Command Killed By US, Nigerian Troops —– Trump

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US President Donald Trump says Abu-Bilal al-Minuki, the second-in-command of ISIS, has been killed in Nigeria.

Trump said al-Minuki was killed in a “complex mission” carried out by Nigerian and American troops.

The US president shared updates on the operation in a social media post in the wee hours of Saturday.

“Tonight, at my direction, brave American forces and the Armed Forces of Nigeria flawlessly executed a meticulously planned and very complex mission to eliminate the most active terrorist in the world from the battlefield,” Trump wrote.

“Abu-Bilal al-Minuki, second in command of ISIS globally, thought he could hide in Africa, but little did he know we had sources who kept us informed on what he was doing.

“He will no longer terrorise the people of Africa, or help plan operations to target Americans.

“With his removal, ISIS’s global operation is greatly diminished.”

Trump also acknowledged and thanked the Nigerian government for its “partnership on this operation”.

US-NIGERIA MILITARY COOPERATION

Nigeria had entered into a military partnership with the United States following Trump’s re-designation of the West African nation as a country of particular concern (CPC).

It was reported in February that a drone refuelling station was among the demands made by the US as part of the security partnership.

In March, the US deployed multiple MQ-9 drones alongside 200 troops to Nigeria to provide training and intelligence support to the country’s military in its fight against Islamist militants.

The Defence Headquarters had said the Nigerian troops, alongside the US forces, would commence a series of joint training engagements and intelligence-focused cooperation initiatives.

SECOND HIGH-PROFILE US OPERATION IN NIGERIA

Late last year, the US began conducting intelligence-gathering flights over swathes of Nigerian territory.

On Christmas Day, the US launched missile strikes on two terrorist enclaves in the Bauni forest in Tangaza LGA, Sokoto state.

It was widely reported that the strike involved more than a dozen Tomahawk cruise missiles fired from a Navy ship in the Gulf of Guinea.

But officials familiar with the operation told TheCable that the strikes involved drones.

Communities in Sokoto and Kwara states had reported explosions at the same time the US launched a fusillade of air strikes on ISIS terrorists.

The federal government later confirmed that the explosions in Kwara were caused by debris from the precision-guided munitions (PGMs) fired by the US.

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