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Petrol Price Hike: IPMAN Tackles NNPCL, Threatens To Stop Operations

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a threat to halt operations across the nation due to the escalating cost of Premium Motor Spirit, commonly referred to as petrol, which is being sold to its members by the Nigerian National Petroleum Company Limited (NNPCL).

On Thursday, IPMAN disclosed that “the cost of petrol from the Dangote Petroleum Refinery to NNPC was about N898/litre,” but noted that NNPC was selling the same product to independent marketers at “N1,010/litre in Lagos.”

Controlling over 70 per cent of filling stations across the country, the association expressed strong opposition and threatened to suspend services. IPMAN also demanded a refund from NNPC for payments made by its members for earlier petrol supplies. This situation has the potential to exacerbate the fuel scarcity and long queues already present in various regions of Nigeria.

On Thursday, it was also learned that members of the Major Energies Marketers Association of Nigeria (MEMAN) were still loading subsidised petrol from Dangote refinery, based on prior arrangements with NNPC.

During a discussion with one of the correspondents, IPMAN’s National Publicity Secretary, Chinedu Ukadike, said the association may be compelled to take action if the ongoing dispute with NNPC is not promptly resolved.

The IPMAN national president, Abubakar Maigandi, previously revealed that NNPC was asking independent marketers to purchase petroleum products from its depot at “N1,010/litre in Lagos State.”

Speaking in a live television interview on Thursday, Maigandi argued that this price exceeded what NNPC paid for the product from the Dangote refinery.

He further mentioned that funds belonging to independent marketers had been held by the national oil company for approximately three months.

According to him, “NNPC purchased the product from the refinery at N898/litre but is asking marketers to buy it at N1,010/litre in Lagos; N1,045 in Calabar; N1,050 in Port Harcourt; and N1,040 in Warri.”

Maigandi emphasized that IPMAN’s funds held by NNPC have accumulated to “N15bn,” and marketers are eager to fully engage in the petrol business and its components following the sector’s deregulation.

He added, “Marketers want to be fully engaged in the business of petrol and its components. NNPC has been the one bringing in the product and loading and has an off-take in the Dangote refinery.

“We are now being allowed to import, and there is no challenge on that issue. What we are after is to get the product directly from Dangote and not through NNPC. Currently, they owe us up to N15bn.”

On Wednesday, NNPC’s retail stations increased the petrol price to “N1,030 from N897/litre in Abuja,” and “N998/litre from N868/litre in Lagos.” Other regions experienced similar hikes, sparking widespread anger among Nigerians.

This second price hike in a month represents an increase of about “14.8 per cent or N133.” The Nigeria Labour Congress and the Organised Private Sector have called for an immediate reversal of the price hikes.

As of now, the price of petrol has surged by over “430 per cent” in the 17 months since the current administration took office on May 29.

When asked if NNPC had reached out to resolve the issue with independent marketers, Ukadike stated that no contact had been made by the oil company.

“There have been no changes or feedback at all. NNPC hasn’t responded to us. They haven’t returned our money. We are still observing what the situation would turn to since they haven’t reached out to us, or probably we would have to withdraw our services if the issue is not resolved.”

Efforts to arrange direct loading from Dangote are ongoing, with a meeting expected to take place soon. Ukadike also mentioned that marketers would sell petrol at a lower rate of “N970/litre” if they could purchase products directly from Dangote.

“Any moment from now, Dangote will invite us, from the fillers we have received,” Ukadike said. “If we start buying from Dangote at its current price, we will sell at N970, lower than the price of NNPC. Dangote sold to NNPCL at N898/litre. But they are asking us to buy from them at their pump price, can you imagine this kind of slavery? We continue to talk about price disparity every day and it’s there for all Nigerians to see.”

Phone calls and messages to NNPC officials to respond to IPMAN’s concerns were not returned at the time of filing this report. Likewise, officials from Dangote refinery did not reply to enquiries regarding IPMAN’s allegations.

Meanwhile, MEMAN stated that it is not being owed by NNPC, attributing this to its integrated storage systems, which shield it from abrupt price shifts in the market.

MEMAN’s Executive Secretary, Clement Isong, explained during a phone conversation, “We have storage tanks, unlike other oil marketers that only have trucks to transport directly to their filling stations. MEMAN is integrated. We have storage tanks, trucks and we have filling stations. So, we have products that we have bought into our storage tanks, which is a big difference from people who buy and take them straight to the station.”

Isong added that MEMAN’s existing relationship with NNPC allows them to adapt when prices fluctuate. He also noted, “Everybody will charge its price according to its business strategy to optimise costs.”

A major oil marketer revealed that MEMAN members are still loading subsidised petrol from Dangote refinery based on prior arrangements with NNPC, though this stock will likely be exhausted within the next two weeks. Thereafter, MEMAN will begin purchasing directly from Dangote refinery.

As the new pricing regime takes hold, one major dealer noted, “I believe the price of PMS has finally been deregulated, and subsidy has finally been eliminated. Henceforth, the price of PMS will be determined by market dynamics.”

The dealer further explained that the government’s decision to sell crude oil to local refineries in naira at a fixed exchange rate will protect consumers from exchange rate fluctuations and reduce the costs of transporting crude to offshore refineries.

“The era of full competition has come to Nigeria. With time, things will settle down, and people will make informed choices. The government should invest in mass transportation, especially with CNG buses.”

Meanwhile, data from MEMAN indicates that the landing cost of petrol has dropped to “N975.89/litre,” while the landing costs of diesel and aviation fuel are “N1,076.35/litre” and “N1,111.97/litre,” respectively.

In Abuja, filling stations have been selling petrol at rates ranging from “N1,025 to N1,120,” depending on location.

NNPC’s recent decision to terminate its exclusive purchase agreement with Dangote refinery has raised concerns about the impact on Nigeria’s economy, with experts warning of a rise in unemployment and a growing strain on businesses.

Dr. Onuche Unekwu, an Associate Professor at the University of Africa in Bayelsa State, said, “As prices rise, demand will fall, leading to increased unemployment rates. This is a concerning cycle that can ensnare many households.”

Victor Agi, an expert at the Centre for Fiscal Transparency and Public Integrity, warned that inflation would spike and small businesses would struggle to cope, stating, “If there’s an increase in transportation and raw material costs, it will affect their businesses. If they lack sufficient funds, they may not be able to continue operations.”

He also suggested that businesses explore alternative energy sources like solar and CNG, although these options may not be affordable for many small enterprises.

Agi further added, “The government should seek alternative energy sources, such as CNG, which is cheaper and abundant. However, it must address the costs associated with transitioning to CNG facilities for average Nigerians.”

 

Credit: The Punch

BIG STORY

Somolu Embraces Generational Shift In Line With President Tinubu’s Youth Agenda

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In the heart of Somolu, Lagos, President Bola Ahmed Tinubu’s call to “let the youth breathe” is not just a slogan it’s becoming a lived political reality. The just-concluded All Progressives Congress (APC) chairmanship primaries reflect a growing demand for generational change, transparency, and inclusive governance.

Since 2017, under the leadership of Executive Chairman Hon. Abdul Hamed Salawu (Dullar) Somolu has witnessed significant modernization and people-centered governance. Notably, his administration created opportunities for young, capable leaders with strong grassroots credibility. This laid the foundation for the emergence of Hon. Lateef Ashimi 46 years and Hon. Taiwo Ojomu 40 years as APC candidates for Chairman and Vice Chairman, respectively. Both men are deeply involved in community service and political development, with Hon.Ashimi an alumnus of Yaba College of Technology and Hon. Ojomu a graduate of the University of Lagos.

The APC primary election was conducted through indirect voting, with 27 constitutionally recognized party delegates participating. Hon. Ashimi secured an overwhelming majority, winning 23 votes. In contrast, Hon. Bowale Sosimi despite holding a strategic state appointment garnered only four votes, a result widely viewed as a reflection of his disconnect from local party structures.

Allegations of irregularities emerged post-primary but have largely been dismissed as expressions of political disappointment rather than credible claims. The process was widely regarded as free, fair, and transparent, supervised by a respected panel chaired by Barr. Babatunde Ogala (SAN). Observers praised the peaceful conduct and strict adherence to party guidelines.

Yet, elements resistant to this democratic shift remain active. Chief among them is Hon. Ademorin Kuye, current Member of the House of Representatives for Somolu Federal Constituency. Hon. Kuye has long been accused of dominating local politics, manipulating internal party decisions, and imposing loyal candidates. Notably, in 2017, despite Ashimi winning the APC councillorship primary, he was denied the ticket reportedly on Hon. Kuye’s orders an episode many still regard as emblematic of systemic injustice.

Hon. Kuye’s recent political maneuvers appear aimed more at maintaining influence than fostering growth. Allegations have surfaced that he is sowing division within the Muslim community in Somolu, reportedly leveraging personal ties being the son-in-law of the Oba of Somolu to gain undue influence within religious institutions. Tensions escalated when Grand Chief Imam of Somolu, Sheikh Boonyamin Dabiri, called for religious fairness in political appointments. His stance drew hostile reactions, including an alleged physical assault by Kuye’s loyalists. The fallout led to a sparsely attended Jum’ah service at the Somolu Central Mosque last Friday an incident that sparked concern across the community.

Despite these tensions, support for the Ashimi-Ojomu ticket is growing stronger. From Bajulaiye to Akoka, Okesuna to Onipanu, celebration has erupted among the youth and key stakeholders. Representatives from the NURTW, market unions, religious groups, community leaders, and youth organizations have visited the APC secretariat to congratulate the candidates and pledge their commitment.

A recent attempt at destabilization an alleged protest organized by disgruntled politicians was swiftly thwarted by security agencies. Hired thugs from neighboring areas including Yaba, Mushin, Bariga, and Abule Ijesha were reportedly repelled before they could attack the newly completed Somolu LG Secretariat. Internal conflict among their sponsors, reportedly Hon. Bowale Sosimi and Hon. Rotimi Olowo, led to confusion and the eventual collapse of the effort.

The people of Somolu have spoken. The Ashimi-Ojomu ticket is not only a reflection of youth inclusion but also religious harmony Hon. Ashimi is Muslim, Hon. Ojomu is Christian, and the councillorship seats are equitably distributed between both faiths.

What is happening in Somolu is not political exclusion it is a grassroots driven democratic renewal. It aligns firmly with President Tinubu’s progressive vision, empowering capable, youthful leaders to not just breathe but lead with integrity, vision, and a deep commitment to service of the people.

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BIG STORY

OAU Honors Abundish Nigeria CEO, Barr. Gboyega Adetunji, With Agribusiness Excellence Award [PHOTOS]

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The 14th Faculty Lecture of the Faculty of Agriculture at Obafemi Awolowo University (OAU) was not just an academic gathering, it was a powerful celebration of innovation, resilience, and leadership in Nigerian agriculture.

One of the event’s key highlights was the presentation of the Award of Excellence in Agribusiness to Barr. Adetunji Adegboyega, the visionary MD/CEO of Abundish Nigeria Limited. The award recognized his outstanding contributions to agricultural entrepreneurship and youth empowerment in Nigeria’s agribusiness landscape.

The lecture, titled “The Place of Smart Agriculture in ensuring Food Security” was delivered by Prof. Kolawole Adebayo, Immediate Past Vice-Chancellor (Development), Federal University of Agriculture, Abeokuta. He emphasized the urgent need for conservation strategies and forward-thinking practices to combat land degradation and food insecurity in Nigeria.

Representing Abundish Nigeria Limited were Barr. Adetunji, team members Young and Paul, who joined a diverse audience of students, academics, and stakeholders to engage in thoughtful discussions on the future of agriculture in Nigeria. The event featured a rich blend of academic insight, artistic expression, and community engagement, including a stirring spoken word performance by emerging artist Khaleda Simola (aka The Dynamic Hadja), who highlighted the struggles of Nigerian youth, food inflation, and the urgent need for reform. Some of the notable persons at the event were; Chairman of the day, Dr. Adebola Ismail Akindele, Group Managing Director, Courtville Business Solutions, Lagos, Prof. Olalekan J. Soyelu, Vice-Dean, Faculty of Agriculture, Oba (Dr.) Jesph Olubiyi Toriola (Ajibise Ogo 1), The Ogunsua of Modakeke able represented and so on.

Abundish Nigeria Limited was celebrated not just for its presence at the event, but for its growing impact in the field. Mr. Adegboyega’s recognition underscored the company’s commitment to sustainable farming and youth-led agribusiness innovation. His efforts have made agriculture more appealing, profitable, and tech-enabled for the younger generation.

Local schools and research groups also showcased their work in a vibrant exhibition segment, adding further depth and collaboration to the occasion.

Reflecting on the experience, being part of this event reaffirmed our mission. As an agri-tech innovation company, we left inspired, having witnessed firsthand the hunger for knowledge, the curiosity of students, and the call for actionable solutions.

We extended heartfelt gratitude to the OAU Faculty of Agriculture for both the recognition and the platform. This award belongs not only to our MD/CEO, but to every young farmer, every AgriPreneur, and every dreamer striving to nourish the nation and transform the land.

In his acceptance remarks, Barr. Adegboyega captured the spirit of the day:

“Agriculture is not in the past, it is now, and it is the future. With knowledge, tools, and partnerships, we will feed Africa from Africa.”

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BIG STORY

How Policeman’s Stray Bullet Killed WASSCE Candidate In Ibadan [PHOTOS]

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A stray bullet reportedly fired by a policeman has allegedly caused the death of a teenage boy. The incident occurred on Tuesday in Ibadan, the capital of Oyo State, while the boy was on his way to school to write his final year examination paper.

An eyewitness reported that the shooting of the student took place at the Ibadan Airport Junction, Alakia, located along Old Ife Road. This pinpointed the exact location of the tragic event.

According to Dauda Oseni, a commercial motorcyclist, the deceased student was in his father’s car with his twin brother. They were en route to write his final West African Secondary School Certificate Examination paper when the incident unfolded.

Oseni stated: “A team of police officers, while pursuing suspected Yahoo boys, fired gunshots, which mistakenly hit the teenager who was inside his father’s car.” This provides a direct account of the circumstances leading to the shooting.

“The father of the deceased got to know about the incident when the other twin brother raised an alarm, seeing blood gushing from his brother.” This highlights the distressing moment the father became aware of his son’s injury.

“The father subsequently packed his vehicle while onlookers reached out to them for possible assistance, but the boy died on the spot.” This details the immediate aftermath and the tragic outcome.

Another eyewitness, a vulcanizer who requested anonymity, reported that the boy, still in his school uniform, was rushed to Welfare Hospital within the area for treatment. Sadly, he was “confirmed dead” upon arrival.

“The aggrieved public, protesting the incident, carried the remains of the deceased to the State Government Secretariat, Agodi, Ibadan, attempting to see Governor Seyi Makinde,” the witness stated. This describes the immediate public reaction and their attempt to engage with the state governor.

The source also mentioned that the protesters were received by Sunday Odukoya, the Governor’s Executive Assistant on Security. Odukoya assured them that the government would “take up the matter,” indicating an official response to the incident.

According to NAN, the Oyo State Police Command’s spokesperson had not yet responded to calls and messages sent to him at the time the report was filed. This suggests a lack of immediate official comment from the police command.

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