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Petrol Landing Cost Now N278, As Crude Reaches $80/Barrel

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The Major Oil Marketers Association has said that the landing cost of petrol has risen to N278 just as the price of crude oil in the international market reached $80 shortly on Tuesday, with experts worrying that subsidy payments would increase.

The international crude oil benchmark traded at $80.02 per barrel, its highest since October 2018, as of 12:09pm Nigerian time on Tuesday according to Oilprice.com. Brent had fallen to $78.89 per barrel as of 7:14pm on Tuesday, while the United States West Texas Intermediate traded 0.45 per cent lower at $75.11 per barrel.

The executive secretary and chief executive officer of MOMAN, on a phone call with our correspondent, said, “The last time we checked in September, the spot price if we assume an exchange rate of N410 per $, you have a landing cost price of N278 per litre.

“The truth is for as long as we continue to subsidise the price of fuel, we are borrowing money to consume. This means we are selling short the future generations. We need to adopt mass transportation to cut the per capita consumption of fuel and also reduce our dependence on importation to reduce the stress on the naira.”

It was earlier stated that subsidy payments on petrol had amounted to N905.27bn in eight months from the Nigerian National Petroleum Corporation’s data. Nigeria fell short of its August quota set by the Organisation of Petroleum Exporting Countries and its allies.

This has raised concerns about double stress on the country’s finances from the angle of increased subsidy payments without a corresponding increase in crude oil earnings.

The Group Managing Director, Geoplex Drillteq Limited, Mr Wole Ogunsanya, told our correspondent that the country failed to meet its quota due to lack of investments and poor management of assets.

He said, “The OPEC quota issue is very simple; we are not doing enough work. Oil on the ground is like a swimming pool; if you take water from it every day without replenishing it, it will keep reducing till it empties.

“We are not meeting OPEC+ quota because we are either not producing, or when the price crashes, we stopped drilling new wells, repairing old ones.

“Unless we sustain investment in the upstream oil and gas sub-sector, the amount that we produce will not be sufficient. Subsidy payment now is going to increase because as the price is fixed at N165 per litre, rising crude prices would mean we pay more per litre of fuel imported into the country.”

Ogunsanya said that until Nigeria produces and refines locally, fixes its refineries and build more, subsidy payments would continue and it would be subject to the price of crude oil in the international market.

Oil and gas industry analyst, Mr Bala Zakka, said that Nigeria needed to fix its economic model as regards petroleum.

He said most OPEC+ countries had refineries and stood to benefit from rising crude prices but Nigeria might not, due to the current circumstances.

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Buhari Never Honoured Anyone The Way Tinubu Did To Him — Shehu Sani

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Former senator representing Kaduna Central, Shehu Sani, stated that while he was alive, late President Muhammadu Buhari never paid tribute to anyone in the same way President Bola Tinubu did for him.

He mentioned that Tinubu declared a public holiday on the day of Buhari’s funeral, personally attended the burial, and also renamed a federal institution in Buhari’s honour, among other gestures.

Sani referred to these actions as extraordinary and worthy of recognition.

He took to X to outline the several ways Tinubu showed respect to his predecessor.

These actions included declaring a public holiday, being physically present at Buhari’s burial, visiting his family, holding a Federal Executive Council meeting in his memory, and renaming a university to commemorate him.

The President physically attended the burial of Buhari, met with his family, declared a public holiday, held a FEC meeting in his honor and renamed a university to immortalise him.

Something even the late President never did to others. And yet they said he is ‘exploiting the death of Buhari’.

What would they have said if he had done none of the above? Politics is something else, the senator tweeted.

The post continued to draw reactions, with over 1,000 likes recorded at the time this report was made.

Sani’s statement came amid increasing political discourse regarding Tinubu’s actions following Buhari’s death, especially from opposition groups.

His remarks appeared to be a direct response to criticisms from parties such as the African Democratic Congress (ADC), which accused Tinubu’s administration of leveraging Buhari’s death for image-boosting.

Presidential media aide, Sunday Dare, dismissed ADC’s claims, describing them as nothing but an opportunistic exercise in manufactured outrage.

He pointed out the irony of the same party accusing Tinubu of politicising Buhari’s passing while also trying to gain attention by speaking ill of the late president.

Their latest press release alleging that President Tinubu’s government is ‘exploiting’ the passing of former President Muhammadu Buhari for political gain is not only dishonest.

It is an insult to millions of Nigerians who genuinely mourned the loss of a statesman, and who watched the State Burial accorded Buhari with solemn respect and dignity, he said.

He added that the funeral was held with full honours appropriate for a former leader, and witnessed by dignitaries worldwide, with millions following on various media platforms.

According to him, Tinubu is not chasing superficial popularity but rather letting his growing accomplishments speak louder than the distractions posed by groups like the ADC.

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BIG STORY

Court Jails Gospel Singer Moses Otitoju, Eight Others For Cybercrime

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The Federal High Court in Ilorin, Kwara State, has sentenced Moses Otitoju, a self-proclaimed gospel singer, and eight others to prison for crimes linked to cybercrime, conspiracy, and misuse of funds.

Otitoju was sentenced along with Ayodele Joseph, Adeoye Joseph, and Abubakar Abdulmalik, all charged with similar offences by the anti-corruption agency.

The charges were filed by the Ilorin Zonal Office of the Economic and Financial Crimes Commission.

According to a statement issued Friday by Dele Oyewale, Head of Media and Publicity at the EFCC, the 31-year-old gospel singer from Iyamoye in Ijumu Local Government Area of Kogi State was sentenced to six months in prison by Justice Abimbola Awogboro without the option to pay a fine.

Otitoju was convicted for keeping over N8.4 million in his bank account, which was traced to illegal activities.

One of the charges read, “That you, Otitoju Moses Sesan, sometime between October 2024 and December 2025, within the jurisdiction of this honourable court, did retain control of the gross sum of N8,404,339 in your account, being proceeds of criminal conduct, thereby committing an offence contrary to and punishable under Section 17(a) and (b) of the EFCC Act, 2004.”

Ayodele, who had N243,750 in his account, received an eight-month jail sentence without an option of fine.

His Tecno 19 phone was confiscated by order of the court and handed over to the Federal Government.

Adeoye, a native of Okene LGA in Kogi State, was also sentenced to eight months without the option of a fine.

He forfeited $220, an iPhone 13, and a Tecno Pop 9 phone to the Federal Government.

Abubakar was handed a six-month prison term. His iPhone 16 and Samsung S10 were also ordered forfeited to the Federal Government.

EFCC prosecutors Aliyu Adebayo, Sesan Ola, Rashidat Alao, and Mustapha Kaigama led the cases, presenting statements, exhibits, and recovered funds as evidence, all of which were admitted in court.

In another case, Justices Haleema Saleeman and Sulaiman Akanbi of the Kwara State High Court found Emeka Achi, Isaac Oluwafemi, Afolabi Olatoye, Zubeiru Zubeiru Junior, and Abdulkadir Taofeek guilty of cybercrime and diversion of funds.

Justice Akanbi sentenced Abdulkadir to three years in prison with an option to pay a N500,000 fine, and ordered that N800,000, an iPhone 14 Pro Max, and a Samsung phone be permanently forfeited to the Federal Government.

Justice Saleeman sentenced Emeka, Isaac, and Afolabi to six months in jail each, with the option to pay N100,000 as a fine.

In addition, Emeka was ordered to repay N3.35 million within three months and report to the EFCC every two weeks alongside his parents until full payment is made.

Tunde Oyekola

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Kogi University Lecturer Dies During Sex Romp In Hotel Room With 200-Level Student

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A senior lecturer at Kogi State University, Anyigba, named Dr. Olabode Abimbola Ibikunle, reportedly died in a hotel room following a sexual encounter with a 22-year-old student in her second year.

It was reported that the event happened on Tuesday, July 15, and the police at Anyigba were alerted shortly after. The student involved was taken into custody for questioning.

The lecturer, known across the university for his strict approach, was allegedly infamous for taking advantage of female students in return for academic favours.

Sources claim Dr. Ibikunle, who was married with children, had booked a room in a hotel alongside the student, who is studying Social Studies Education.

According to those familiar with the situation, the lecturer consumed several energy drinks prior to the incident, presumably in anticipation of vigorous activity.

Unfortunately, the lecturer collapsed and passed away during the act.

The Kogi State Police Command verified the incident to SaharaReporters on Friday, labeling it as unfortunate.

In a statement to SaharaReporters, the Command’s spokesperson, SP William Ovye Aya, stated that the student had been moved to the State Criminal Investigation Department (SCID) for deeper inquiry and potential charges.

Aya explained: “The report was received on July 16, but the unfortunate incident happened on July 15, 2025. It was the manager of the hotel (name not disclosed), who came to the police station at Anyigba and reported about his guest, the lecturer who had lodged in their facility with a 22-year-old 200-level student, 22 years old, named Gloria Samuel.

“According to the manager, the girl on that fateful day rushed to the reception and complained that the lecturer took her to the hotel, and after they had sex, the man slumped.

“So the manager rushed and informed the DPO, and the DPO rushed to the scene, and they moved the man to the hospital. On arrival, a doctor on duty confirmed the lecturer’s death.

“So the girl in question has been transferred from Anyigba Police Division to the State CID for further investigation and prosecution. An autopsy has been conducted, but right now I don’t know whether the result of the autopsy is out because I haven’t spoken with the SCID.”

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