Connect with us


BIG STORY

Three Major Oil Marketers To Import 141m-Litres Petrol

Published

on

Three major oil marketers are expecting ships carrying imported Premium Motor Spirit, also known as petrol, to arrive in Nigeria this week.

This is according to information gathered on Tuesday, assuming there are no unexpected problems.

Dealers stated that approximately 141 million liters of PMS are being transported to Nigeria by these ships. This follows the complete deregulation of the downstream oil sector by the Federal Government.

They also mentioned that the recent increase in the pump prices of petrol produced by the Dangote Petroleum Refinery and released by the Nigerian National Petroleum Company Limited on Monday has created space for PMS imports.

This announcement comes as the Nigerian Midstream and Downstream Petroleum Regulatory Authority declared that all imported PMS will undergo at least three major tests by the agency before being allowed for sale nationwide.

On Monday, NNPC announced that it would sell the petrol lifted from the Dangote refinery at a price above N1,000/litre in the far north.

Its spokesperson, Olufemi Soneye, disclosed in a statement titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’.

Soneye explained that the price may go for as high as N1,019/litre in Borno State and N999.22 in Abuja, Sokoto, Kano, and others.

In Oyo, Rivers, and other areas in the South, it will be N960/litre. The lowest price, according to an infographic released by the NNPC, is N950 in Lagos and its environs.

Reacting to this on Tuesday, a major marketer confirmed that the deregulation of the downstream sector had fully set in, stressing that three dealers are expecting their products (PMS) this week.

The marketer, who spoke to our correspondent in confidence due to lack of authorisation to speak on the matter, stated that each vessel would bring in about 35,000 metric tonnes of PMS.

This means the three dealers are expecting about 105,000 metric tonnes of PMS this week, all things being equal.

Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers are bringing in about 141 million litres of petrol.

“Most marketers often import three parcels for this kind of transaction and the lowest parcel is about 35,000 metric tonnes of PMS. Now, because of how the business is run, you see marketers bringing in between two and three parcels.

“This week, we expect about three marketers to bring in products. However, some of these imports are not cast in stone, in the sense that the influence of many regulatory authorities is still there. So it is not that you will just go and bring in products and you then start to sell them.

“The regulators, such as the NMDPRA, have to look at the quality, flash points and so many other things that should be taken into consideration before the product comes in. And when it lands, they will take samples and check them in their labs,” the marketer stated.

On whether the three parcels of each of the marketers would land this week, the dealer replied, “All of them are not going to bring in the three parcels at the same time. They bring in a parcel first and later, say in one week time or so, another parcel comes in. All these imports have storage implications.

“It is not something you do in a day. You can’t bring in one vessel today (Tuesday) and you bring in another one on Saturday. No, it is not done like that. This is not the importation of 20,000 or 30,000 litres of PMS.”

When contacted, the spokesperson of the NMDPRA, George Ene-Ita, said marketers with approved import licenses were free to import PMS, but stressed that the products must be subjected to three major tests by the agency.

“The products must be subjected to our testing protocols at the ports. The products must conform to stipulated standards before we give them the authorisation to offload to their terminals.

“Also, before the smaller vessels bring it further inland to Nigeria our people will fly to the place to see the product and carryout some tests to ensure the right specification is upheld.

“Tests are also done at the products’ origins. And when the products come in, before they are released to the market, further tests would be conducted to ensure that they meet the specifications,” he stated.

BIG STORY

Aare Bisoye Fagade Pays Tribute To Late Olubadan

Published

on

With deep sorrow and solemn reverence, I, Aare (Dr.) Abisoye Fagade, the Aare Asojuoba of Ibadanland, join the Olubadan-in-Council, the people of Ibadanland, and the entire Yoruba nation in mourning the passing of our highly esteemed monarch, His Imperial Majesty, Oba Owolabi Olakulehin, the Olubadan of Ibadanland.

Kabiyesi answered the call of his ancestors barely a year after ascending the revered throne, leaving behind a legacy of peace, quiet strength, and decades of meritorious service to our traditional system. His reign, though short, was a symbol of continuity, tradition, and grace. He brought calm to the kingdom and bore the crown with dignity, humility, and honour.

This loss is also personal to me. Nearly twenty years after the passing of my late father, Elder David Oladokun Fagade, who shared a deep and brotherly bond with Kabiyesi, I find myself once again reflecting on the values they both upheld: integrity, loyalty to Ibadan, and unshakable devotion to the Yoruba heritage. The Olubadan was not only a king; he was family, a father figure, and a respected elder whose counsel and presence meant so much to many of us.

As we mourn his passing, we also look to the future with hope and trust in the well-structured traditional succession system that has long been the pride of Ibadan. In accordance with custom and seniority, the next Olubadan is expected to emerge from the Balogun line, with Oba Rashidi Ladoja, former governor and a respected High Chief, as the most senior in line. We await the formal processes and pronouncements of the Olubadan-in-Council.

May the soul of His Imperial Majesty find eternal rest among the ancestors, and may Ibadanland continue to flourish under divine guidance and cultural unity.

O digba, Kabiyesi. Ibadanland salutes you.

Signed,
Aare (Dr.) Abisoye Fagade fimc
Aare Asojuoba of Ibadanland
7th July 2025

Continue Reading

BIG STORY

President Tinubu Demands Equity For Developing Nations At 17th BRICS Meeting

Published

on

President Bola Tinubu says there must be equity and inclusion for low-income and emerging economies in global systems. Tinubu explained that these measures should extend across governance, finance, healthcare, and climate change issues.

The president made these remarks at the 17th BRICS meeting on Saturday in Rio de Janeiro, Brazil.

Nigeria became a partner country to the bloc in January.

According to a statement on Sunday by Bayo Onanuga, special adviser to the president on information and strategy, Tinubu highlighted that environmental degradation, the climate crisis, and healthcare inequalities deserve more focus, as they slow development and growth.

“Africa has contributed the least to global emissions but suffers the most,” he added.

Tinubu emphasized the importance of a new path of justice, anchored on fairness, sustainable technology transfer, and accessible financing, to help emerging economies fully benefit from various initiatives.

“The African continent is creating the path through the African Carbon Market Initiative and the Great Green Wall. We believe that COP-30 will strengthen our resolve to adopt a strategic approach to achieving a healthy global environment,” the president said.

“Nigeria strongly believes in South-South cooperation. We can, therefore, not be passive participants in global decision-making on financial restructuring, debt forgiveness, climate change, environmental issues, and healthcare.

“We must be the architects of a future that addresses the specific needs and concerns of youths, who represent 70 per cent of our population in Nigeria. Therefore, Nigeria remains guided by our long-term vision, 2050, and nationally determined contribution.

“We are taking bold steps to accelerate renewable energy adoption, mainstream climate action, promote nature-based solutions, strengthen urban resilience, champion South-South cooperation, align with the global renewal framework and achieve universal health coverage for all.

“As we approach COP-30 and look to strengthen the global health system, we believe the BRICS must not only be a bloc for emerging economies but also a beacon for emerging solutions and resolutions rooted in solidarity, self-reliance, sustainability, and shared prosperity of a common future.”

Tinubu reiterated Nigeria’s commitment to strategic collaboration that results in sustainable and inclusive development.

Yusuf Tuggar, minister of foreign affairs, and Wale Edun, minister of finance, accompanied the president to the summit.

Continue Reading

BIG STORY

I’m Going To Contest For President In 2027 — Peter Obi

Published

on

Opposition leader Peter Obi has declared he will run for president in 2027, rejecting claims that he might serve as running mate to Atiku Abubakar of the Peoples Democratic Party.

“I’m going to contest for the President of the Federal Republic of Nigeria, and I believe I am qualified for it,” Obi, the Labour Party’s 2023 presidential flagbearer, said during the Sunday Politics programme.

When asked if he was considering being Atiku’s running mate in 2027, Obi responded, “This is not in play; nobody has ever discussed that. People assume so many things. Nobody has ever discussed with me whether I am going to be A or B or C.”

The former governor of Anambra State emphasized that he remains a strong member of the Labour Party, though he is actively involved in the African Democratic Congress coalition formed by opposition groups to defeat President Bola Tinubu of the All Progressives Congress, who is seeking a second term in 2027.

“I am part of the coalition which will be able to produce a president with the capacity and compassion to save this country,” he said.

‘Just Four Years’

Obi explained that he would need no more than four years to provide effective leadership for Nigerians.

“I don’t need a day more than four years. I will show the direction of good governance,” Obi insisted, making it clear that he will run for president in 2027 rather than as a deputy to any other politician.

“In two years, there has been maximum damage. Two years can change it in a good direction. People want to get up and see a president that cares, that shows compassion,” he added.

On July 2, 2025, an inter-party coalition including Atiku Abubakar, Obi, ex-Senate President David Mark, former minister Rauf Aregbesola, former minister Rotimi Amaechi, ex-Kaduna governor Nasir El-Rufai and others, adopted the ADC as the joint opposition platform to challenge Tinubu, whose government has faced accusations of economic mismanagement, historic inflation, and unprecedented hardship.

The coalition is relying on the voting numbers Obi and Atiku achieved in 2023. Atiku of the PDP and Obi of the Labour Party came second and third respectively, with a combined tally exceeding 12 million votes, over four million more than Tinubu’s total as announced by INEC.

Reacting to criticism that the ADC coalition consists of spent politicians who once held power, Obi argued:

“In fact, even some who have been in that government, their experience is critical.

“I can tell you one of the major companies in the world hired two people who have worked in failed companies because they can tell you why they failed.

“You need the experience of those who have failed and those who have succeeded to move on, and I need everyone. It is a critical experience because they know what can fail a system and they know what was wrong with the system,” he explained.

‘No Anti-Party Activity’

Obi further maintained that he is still a member of the Labour Party despite being active within the ADC coalition, stressing that his participation is not “anti-party”.

“No, there is no anti-party. Remember, we said for 2027. We are not in 2027; we are in 2025. It’s clear. We’ve adopted it for 2027. So, if I say I am going to be part of your dinner in the evening, that doesn’t mean I should abandon my breakfast and lunch.”

“The coalition just adopted a party for 2027. So, we are trying to work together for the sake of Nigeria.

“Today, I am a Labour Party member. I remain in the Labour Party. But we have all agreed to work as a coalition for the 2027 election, and for that, we’ve adopted ADC. Going on, other parties, other individuals will also come in.

“We want better governance for this country. We want to see a more competent government with capacity and character.

“This coalition might have other parties as it happened in the past, and change the name of the party.

“I am a member of this (Labour Party) and I am going to work with this group,” he concluded.

 

Credit: Channels TV

Continue Reading



 

Join Us On Facebook

Most Popular