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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.

BIG STORY

JUST IN: Tinubu Asks Senate To Confirm New NUPRC, NMDPRA Chief Executives

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President Bola Tinubu has asked the Senate to confirm the nominations of new chief executives for the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The request followed the resignation of Farouk Ahmed as the chief executive of the NMDPRA and Gbenga Komolafe, chief executive of the NUPRC.

Ahmed and Komolafe were appointed in 2021 by the late former Muhammadu Buhari to head the two regulatory agencies created under the Petroleum Industry Act (PIA).

In separate letters to the Senate, Tinubu nominated Oritsemeyiwa Amanorisewo Eyesan as chief executive of the NUPRC and Saidu Aliyu Mohammed as chief executive of the NMDPRA.

President Tinubu has written to the Senate, requesting expedited confirmation of Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Engineer Saidu Aliyu Mohammed as CEO of NMDPRA.

The two nominees are seasoned professionals in the oil and gas industry.

Eyesan, a graduate of Economics from the University of Benin, spent nearly 33 years with the NNPC and its subsidiaries. She retired as Executive Vice President, Upstream (2023–2024), and previously served as Group General Manager, Corporate Planning and Strategy at NNPC from 2019 to 2023.

Engineer Saidu Aliyu Mohammed, born in 1957 in Gombe, graduated from Ahmadu Bello University in 1981 with a Bachelor’s in Chemical Engineering. He was announced today as an independent non-executive director at Seplat Energy.

His prior roles include Managing Director of Kaduna Refining and Petrochemical Company and Nigerian Gas Company, as well as Chair of the boards of West African Gas Pipeline Company, Nigeria LNG subsidiaries, and NNPC Retail.

He also served as Group Executive Director/Chief Operating Officer, Gas & Power Directorate, where he provided strategic leadership for major gas projects and policy frameworks, including the Gas Masterplan, Gas Network Code, and contributions to the Petroleum Industry Act (PIA).

Engineer Mohammed played a pivotal role in delivering key projects such as the Escravos–Lagos Pipeline Expansion, the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, and Nigeria LNG Train.

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BIG STORY

BREAKING: NMDPRA Boss Farouk Ahmed, NUPRC CEO Gbenga Komolafe Resign As Tinubu Names New Oil Regulators

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President Bola Tinubu has asked the Senate to confirm new chief executives for the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Petroleum Regulatory Commission following the resignation of the current heads of the agencies.

The President’s request was contained in separate letters to the Senate on Wednesday.

Farouk Ahmed resigned as Chief Executive of the NMDPRA, while Gbenga Komolafe stepped down as Chief Executive of the NUPRC.

Both officials were appointed in 2021 by former President Muhammadu Buhari after the enactment of the Petroleum Industry Act.

This was announced in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

More details later…

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BIG STORY

Alaafin To Install Seyi Tinubu As ‘Okanlomo of Yorubaland’ Saturday

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The Alaafin of Oyo, Oba Abimbola Owoade, is set to install Seyi, the son of President Bola Tinubu, as the “Okanlomo of Yorubaland” on Saturday.

The monarch on the same occasion will also install Senator Abdul’Aziz Yari representing Zamfara West as the “Obaloyin of Yorubaland”.

The chieftaincy installation of the duo was contained in a flyer that was obtained on social media platforms on Wednesday.

In the flyer, the monarch and his wife, Ayaba Abiwumi Owoade, invited the general public to the event and implored them to save the date, as it was scheduled to take place on Saturday, December 21, 2025.

“Okanlomo of Yorubaland” is a prestigious Yoruba title meaning “the one dear to the hearts of all Yoruba people” or “beloved child,” signifying deep affection and importance to the race.

Confirming the chieftaincy installation to our correspondent in a telephone conversation on Wednesday, the Alaafin’s media aide, Bode Durojaiye, said it is true and that the event will hold as planned.

He affirmed that the press statement for the said event would be made available to journalists any time soon.

“Yes, it is true. The Alaafin of Oyo wants to install Seyi Tinubu as the Okanlomo of Yorubaland and Senator Abdul’Aziz Yari as the Obaloyin of Yorubaland.

“The press statement on the said event would be made available today or anytime soon,” he said.

This was coming a few months after Alaafin’s counterpart, the Ooni of Ife, Oba Enitan Ogunwusi, bestowed the title of “Okanlomo of Oodua” on an Ibadan-born philanthropist and the Bada Olubadan designate, Dotun Sanusi.

This title sparked supremacy controversy between the two respected monarchs of Yorubaland, but was quelled by the region’s stakeholders.

Recently, the Ooni also conferred the First Lady, Remi Tinubu, with the prestigious chieftaincy title of Yeye Asiwaju Gbogbo Ile Oodua.

Arriving at the Ooni’s palace around 1 pm amid fanfare and heightened security, Mrs Tinubu was received by the monarch and his chiefs.

The installation ceremony, held at the Palace Square, coincided with celebrations marking Oba Ogunwusi’s 10th coronation anniversary.

The event drew a gathering of traditional rulers and dignitaries from across Yorubaland, including the Olu of Warri, Ogiame Atuwatse III; the Sultan of Sokoto; and the Soun of Ogbomoso, alongside cultural leaders and other notable personalities.

The title Yeye Asiwaju Gbogbo Ile Oodua carries historical significance, having been previously held by the late Hannah Idowu Dideolu Awolowo, wife of the revered statesman Chief Obafemi Awolowo.

The title Yeye Asiwaju Gbogbo Ile Oodua carries historical significance, having been previously held by the late Hannah Idowu Dideolu Awolowo, wife of the revered statesman Chief Obafemi Awolowo.

It is a recognition of leadership, influence, and contributions to society, particularly within the Yoruba cultural sphere.

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