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Oil Marketers, Refiners Demand Total Subsidy Removal

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Major stakeholders in Nigeria’s oil and gas industry, including marketers, refiners, and depot owners, are pushing for the full deregulation of the downstream oil sector, seeking an end to government price controls and subsidies.

The call was made during a webinar themed “Optimising the Nigerian Oil and Gas Industry,” organized by the Major Energies Marketers Association of Nigeria (MEMAN) in collaboration with:

1. Depot and Petroleum Products Marketers Association of Nigeria.

2. Crude Oil Refiners Association of Nigeria.

3. African Refiners and Distributors Association.

4. Petroleum Products Retail Outlets Owners Association of Nigeria.

Participants discussed the challenges and opportunities in the sector, emphasizing the need for full market deregulation amidst recent price hikes in petroleum products.

According to a communique released by MEMAN, stakeholders highlighted the importance of deregulation for enhancing the sector’s efficiency and sustainability.

“A market-driven pricing mechanism was advocated to promote competitiveness and operational efficiency. The removal of government controls on pricing was seen as essential to fostering a more dynamic and responsive industry.

“The call for complete deregulation and market liberalisation was reiterated. The benefits include improved efficiency, enhanced product availability, and increased private sector participation,” the communique read partly.

There was a strong emphasis on supporting local refineries to decrease dependency on imported petroleum products.

The stakeholders called for freedom for marketers to purchase crude oil from local and international sources and for refineries to enter into processing agreements with retail companies.

The discussions also underscored the importance of transitioning towards cleaner energy sources, including Compressed Natural Gas and Liquefied Petroleum Gas.

The stakeholders also made a proposal for the establishment of a new committee structure in the petroleum sector, inspired by the Bankers’ Committee in Nigeria.

This structure, they said, would include a Midstream and Downstream Industry Coordination Committee to focus on enhancing collaboration within these sectors, chaired by the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

They called for an Industry Interface Committee to manage interactions between the upstream and downstream sectors; and a Petroleum Industry Consultative Assembly assembly bringing together stakeholders from across the oil and gas sectors, chaired by the Minister of State for Petroleum Resources (Oil).

“These committees aim to foster collaboration, ensure regulatory compliance, facilitate conflict resolution, and provide strategic oversight, akin to the role played by the bankers’ committee in the banking sector.

“The creation of industry-wide consultative committees was suggested to enhance collaboration, innovation, and conflict resolution, addressing supply chain inefficiencies and infrastructure deficits was deemed crucial for long-term sustainability,” the communique said.

The oil sector investors also advocated for significant investment in infrastructure to enhance distribution and storage of petroleum products.

They called for the adoption of new technologies to optimise supply chains, reduce smuggling, and prevent adulteration.

Similarly, the business owners emphasised implementing sustainable practices, such as reducing gas flaring, promoting renewable energy use, and investing in carbon capture and storage technologies to align with global sustainability goals.

They also saw the need for a clearer and more supportive regulatory environment with references to the Petroleum Industry Act and its provisions, saying better implementation of policies is necessary to facilitate easier licensing, investment, and refinery operations.

“The webinar also highlighted Nigeria’s potential to become a significant producer of plastics and petrochemical products. Stakeholders discussed leveraging the country’s abundant natural gas resources to develop a robust petrochemical industry. “This would reduce imports, create jobs, and support the local economy. Emphasis was placed on establishing the necessary infrastructure, such as petrochemical complexes, and adopting policies that encourage local manufacturing and value addition. The shift toward producing plastics domestically aligns with the broader strategy of industrial diversification and economic resilience.

“The webinar concluded with a commitment from all stakeholders to work collaboratively toward optimising the Nigerian oil and gas industry. Emphasis was placed on the need for strategic investments, policy reforms, and innovative practices that align with global standards and sustainability goals.

“The proposed establishment of the petroleum committee will serve as a key platform for fostering collaboration and guiding the sector through its ongoing transition,” the communique stated.

BIG STORY

JUST IN: Ex-IGP Solomon Arase Dies At 69

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The family of Solomon Arase, former Inspector-General of Police, has confirmed his death at the age of 69. He passed away early on Sunday, August 31, 2025, at Cedarcrest Hospital in Abuja following a brief illness. The announcement was made by his son, Solomon Arase Jr.

In their statement, the Arase family of Benin City, Edo State, described him as a distinguished servant, noting his later roles as Chairman of the Police Service Commission and as a member of the Body of Benchers

The police public relations officer, Muyiwa Adejobi, said an official statement from police authorities is forthcoming

Separately, Channels TV also reported the death of the former IGP, citing a family source and confirming that he died at Cedarcrest Hospital in Abuja. They added that the police are preparing a formal statement

Background & Legacy

Career Highlights
Arase served as Nigeria’s 18th Inspector-General of Police (2015–2016). Before that, he headed the Force’s Criminal Intelligence and Investigation Bureau—its highest intelligence unit. He later chaired the Police Service Commission from January 2023 until June 2024

Professional Impact
His tenure was marked by reforms such as the introduction of the Intelligence Response Team, Complaint Response Unit, and Safer Highway Patrols, which enhanced police response and accountability

Life & Education
Born on June 21, 1956, in Edo State, Arase graduated in Political Science from Ahmadu Bello University (1980) before joining the police in 1981. He later earned a law degree from the University of Benin and a master’s from the University of Lagos. He also served in Namibia under a UN peacekeeping mission and was a Fellow of the Nigerian Defence Academy

Reactions & Role in Security
News of his passing sparked national concern. Social media users praised his reform-driven leadership and listed his progressive contributions—like the Police Complaints Response Unit—as part of his enduring legacy

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BIG STORY

37-Year-Old American Nicholas Giroux Jailed For Life Over Murder Of Nigerian boxer Olugbemi

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A 37-year-old man, Nicholas Giroux, has been sentenced to life imprisonment plus an additional 20 years for killing Nigerian-American boxer, Isaiah Olugbemi, in Anne Arundel County, Maryland.

According to the Anne Arundel County State’s Attorney’s Office, Giroux received the sentence on Friday from Judge Richard Trunnell after pleading guilty to first-degree murder and use of a firearm in a violent crime. The prison terms will run consecutively.

Olugbemi, 27, a father and highly regarded amateur boxer, was shot several times by Giroux on June 17, 2024, along Meadowmist Way in Odenton. He later died from his injuries at the R. Adams Cowley Shock Trauma Center in Baltimore.

Surveillance video revealed Giroux approaching Olugbemi, firing multiple rounds until he collapsed, and then discharging three more shots before fleeing. Police later recovered 9mm casings from the crime scene.

Investigators noted that Giroux had previously confronted Olugbemi and a neighbour at a cookout about two weeks earlier, where he displayed a firearm, though he did not fire it at that time.

Following the shooting, Giroux confessed during interrogation and directed authorities to the location of the gun he used.

Describing the murder, State’s Attorney Anne Colt Leitess called it “cruel and senseless,” stressing that the victim had a bright future in boxing.

“Mr. Olugbemi was a father and a rising star in amateur boxing. The callousness and lack of remorse on the part of this Defendant is really disturbing. He deserves this sentence. And to the family and friends of Mr. Olugbemi, I hope that today provides some sense of justice for this terrible ordeal,” Leitess said.

The case was prosecuted by Assistant State’s Attorney Carolynn Grammas, with homicide detectives from the Anne Arundel County Police Department leading the investigation.

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BIG STORY

40-Year-Old US-Based Nigerian Daniel Chima Risks 20-Year Jail Term Over ‘$405,000 Romance Scam’

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Daniel Chima Inweregbu, a 40-year-old Nigerian, has pleaded guilty to multiple fraud charges in the United States, according to the Department of Justice (DOJ).

US prosecutors said Inweregbu conspired to commit mail and wire fraud, while also using a false identity to carry out a romance scam that ran from July 2017 to December 2018.

The scheme, which cost victims over $405,000, involved Inweregbu and his partners contacting Americans through email and messaging platforms. They pretended to be “Larry Pham,” built online romantic relationships, and then tricked victims into sending money to bank accounts they controlled.

Once received, the funds were laundered through intermediaries to conceal their source, ownership, and movement, the DOJ added.

According to court filings:

  • Count 1 carries up to 20 years in prison, three years of supervised release, and a fine of $250,000.
  • Count 12 also carries up to 20 years in prison, with a fine of up to $500,000.
  • He must also pay a mandatory $100 special assessment fee for each count.

Sentencing has been fixed for December 4, 2025, before Judge Brown.

This is not Inweregbu’s first conviction. In December 2020, a Federal High Court in Lagos sentenced him to 18 months in prison (with an option of a ₦300,000 fine) for a similar romance scam. He was also ordered to refund $15,000 to the US Consulate.

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