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We Are Selling Petrol At Half The Landing Cost, But It Is Not Subsidy — NNPC

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The Nigerian National Petroleum Company (NNPC) Ltd has revealed that it is selling petrol, also known as premium motor spirit (PMS), at half the landing cost.

According to Umar Ajiya, the Chief Financial Officer (CFO) of NNPC, the company is bearing the “shortfall” rather than subsidy.

The official pump price of petrol is around N600/litre, while the landing cost is approximately N1,200/litre.

Ajiya confirmed to Bloomberg that NNPC incurred a cost of N7.8 trillion to cover the “shortfall” in the first seven months of the year.

Typically, subsidy refers to selling a product below its cost price, which appears to be the case here, despite Ajiya’s distinction.

According to The Cable, in official communication between NNPC and the president, the word “subsidy” is used extensively to explain the “shortfall”.

Earlier report had it that President Bola Tinubu approved a request by NNPC to utilise the 2023 final dividends due the federation to pay for the subsidy.

However, Ajiya sought to deny the story during a media briefing on the company’s 2023 audited financial statements earlier on Monday, said the company was only “taking care of the shortfall on petrol importation between it and the federation”.

He, thereafter, told Bloomberg that NNPC is owed N7.8 trillion ($4.9 billion) by the government in subsidy debts from January to July 2024.

But in his “clarification” to NAN, Ajiya said subsidy has not been paid to any marketer in the last nine years, understandably because NNPC is the sole importer of petrol via contracts with suppliers.

“In the last eight to nine years, NNPC Ltd. has not paid anybody a dime as a subsidy; no one has been paid kobo by NNPC Ltd. in the name of subsidy,” Ajiya said.

“No marketer has received any money from us by way of subsidy.

“What has been happening is that we have been importing PMS, which has been landing at a specific cost price, and the government tells us to sell it at half price.

“So the difference between the landing price and that half price is a shortfall.

“And the deal is between the Federation and NNPC Ltd., to reconcile, sometimes they give us money, so there is no money exchanging hands with any marketer in the name of subsidy.”

He was silent, however, on how much of the $4.9 billion could have gone into the federation account if NNPC was not paying for the “shortfall”.

It is thought that the government of the All Progressives Congress (APC) seeks to distance itself from the use of the term because “subsidy scam” was one of the campaign weapons it used to dislodge the Peoples Democratic Party (PDP) from power in 2015.

  • NNPC Is Being Disingenuous — Waiziri Adio

Waiziri Adio, executive director of Agora Policy think-tank and former executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), accused the national oil company of being disingenuous in its explanations.

“NNPCL’s waffling on petrol subsidy is so disingenuous. Oh, it is not subsidy, but a shortfall/PMS fx differential. Same difference. No subsidy was paid to any marketer. Has anyone said NNPCL paid subsidy to marketers and is it even within their remit to pay subsidy to marketers?” he posted on his X handle.

“Former PPPRA was charged with approving subsidy for marketers and NNPC. Ministry of Finance was paying marketers after verification of claims. Only difference with NNPC was that it deducted its subsidy and other claims from money for crude given to it for domestic use (DCA).

“It is not NNPCL’s responsibility, by practice or by law, to pay subsidy to marketers. That answer to a question not asked is at best a hollow attempt at deflection.

“Saying there is no subsidy because selling PMS below landing cost is a transaction between the company and the Federation (repaid or netted off) is a lame play with words that take everyone for a moron.

“NNPCL can use this free advice: when in a hole, stop digging.”

BIG STORY

‘You Belong In A Zoo’, Fayose Slams Obasanjo In Thank-You Message

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Former President Olusegun Obasanjo on Monday disclosed the insulting “Thank You” text message he received from former Ekiti State Governor Ayodele Fayose following his attendance at Fayose’s 65th birthday celebration in Lagos last week.

The message, which Obasanjo’s Special Assistant on Media, Kehinde Akinyemi, described as a “Thank You” note, was made available to journalists in Abeokuta. The communication reflected Fayose’s appreciation for Obasanjo’s presence at the event alongside criticism of what he referred to as the former president’s “irresponsible comments.”
According to the content of the message, Fayose stated that he refrained from responding to Obasanjo’s remarks during the ceremony so that “the whole world” would observe the difference “between a sane man and a mad man.”

Fayose also demanded that Obasanjo return the money he had sent to facilitate the former president’s attendance at the event. The “Thank You” note read, “Dear Baba Obasanjo, I trust this meets you well. Your coming to my birthday party, I appreciate it, except for your very irresponsible comments at your age. You went so low, but I am not surprised because someone once said you are supposed to be kept away in the zoo. Sincerely, that’s where you belong.”
The message continued, “I kept quiet or did not reply to you at the function so that the world would know the difference between a sane and a mad man. It is also obvious that you have lost your sanity—or should I say, this is the heightened stage of dementia.”

Fayose added, “Not to worry, Baba. I shall set the records straight in due course. Lastly, I shall appreciate it if you return my money since you publicly admitted you received it, but Dangote brought it back. Your leopard will never change its skin.”

In response, Obasanjo was quoted as saying, “Ayo, thanks for your ‘Thank You’ message, which undisguisedly revealed who and what you are, unchanged and unchangeable. Your money has been sent back through Foluso Adeagbo, who brought it, in the same bag as he delivered it, unopened by me.”

While addressing guests as the special guest of honour at the birthday celebration, Obasanjo recounted previous occasions where Fayose allegedly insulted him. The former president stated that Fayose had sought forgiveness multiple times but continued to display what he described as arrogance.

Obasanjo added that Fayose did not initially invite him directly to the birthday event. He explained that Fayose sent former Minister Osita Chidoka to approach him before later making a phone call, after which Obasanjo asked him to visit in person.

He said, “Some people called me and said, ‘We heard that you are going to attend Fayose’s 65th birthday. Have you forgotten how he abused you?’ But I said they should not worry. Irrespective of his character, he remains one of my children.”

Obasanjo continued, “But you are not among the best of my political children. Even to get me to attend this occasion, you could not approach me directly. You sent Osita Chidoka to sound me out. You later phoned me, and I said you could come see me at any time.”

He added, “Even then, you could not come immediately. You sent Foluso ahead to gauge my feelings, and you arrived about an hour later. When you came, you called your wife, and while on the phone, I said that both of you have not conducted yourselves well—Mo ni eyin mejeji kii somoluwabi [both of you are not Omoluwabi]. Your wife asked for forgiveness, and I said both of you are forgiven.”

Obasanjo stated that he did not want the lessons from their past conflicts to be forgotten and urged Fayose to take responsibility for previous actions. He also recalled warning Fayose during his time as governor against investing in a poultry project, noting that he considered the initiative fraudulent and ultimately unsuccessful.

According to a widely circulated online video of the event, the former president advised Fayose to seek genuine repentance and forgiveness from those he had wronged, and to prioritise integrity and humility as he continues in life.

 

Credit: The Punch

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BIG STORY

27-Year-Old Nigerian Man Kills Father, Stabs Two Sisters In US

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Police in New Orleans, United States, have arrested a 27-year-old Nigerian man, Chukwuebuka Eweni, in connection with a stabbing incident that resulted in the death of his father and injuries to two of his sisters.

Family members told WWL Louisiana, a local newspaper, that Eweni had a history of an undisclosed mental illness but had not displayed violent behaviour until last Tuesday. They said the evening began as an ordinary one before Eweni allegedly grabbed a knife and attacked his father, Samuel, and his two sisters. They added that they did not know what triggered the attack.

Samuel, who served as a professor of computer sciences at Southern University, New Orleans, was pronounced dead at the scene of the incident. The institution’s chancellor, Joseph Bouie, described Samuel as “a mentor and a guiding light” to many students.

One of Eweni’s sisters was discharged from the hospital after treatment, while the other remained under medical care as of last Wednesday but was also expected to survive. The injuries left both siblings receiving support from family and medical personnel.

Relatives said that after the stabbing, they learned that Eweni went to New Orleans East Hospital, where he often checked himself in for mental support, to seek help. The hospital, reportedly unaware of the crime, transferred him to another facility in Jefferson Parish as part of routine procedure.

Police tracked him to the second facility the following morning after securing an arrest warrant. Authorities stated that Eweni was wanted on one count of second-degree murder and two counts of attempted second-degree murder. Police added that he is currently undergoing evaluation at a medical facility.

Tributes for the deceased professor have continued to pour in across social media. One sympathiser, Emem Akpabio, wrote on Facebook, “Just got notified that my very first client, and loving father of three whom I obtained sole custody of his kids some 8 years ago, passed away and was found in his truck somewhere in Texas.”

Another Facebook user, who identified herself as an acquaintance, Josely Pueten, wrote, “I just received a phone call about him. He was one of our tenants here in Arlington. I never had the opportunity to meet him, but I know I got that call for a reason. I’m so sorry for his passing.”

A similar message was shared by another user, Aboukia Fessibay, who wrote, “Bode has gone too soon; so sad to see this of his passing to the great beyond. May God be with his children and the rest of his beloved family and friends.”
The incident adds to the growing number of tragic cases involving Nigerians overseas.

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BIG STORY

Shock As US-Based Nigerian Driver Found Dead Inside Truck

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A Nigerian truck driver based in Arlington, Texas, identified as Bode Ologan, has been reportedly found dead inside a truck in the state of Texas. The incident drew public attention after details surfaced online.

PUNCH Metro first became aware of the development on Sunday through a Facebook post shared on the Lagos Reporters page by a user, Ibrahim Abolore. The post, which included an image of Ologan’s driving licence, appealed to the public for assistance in identifying and contacting his family members.

The message accompanying the post stated, “Kindly help find out if anybody knows this guy’s family or his family. They found him dead inside the truck in Texas.” The plea quickly circulated among social media users seeking more information.

Further findings by PUNCH Metro on Sunday revealed that the incident occurred on November 7, and that associates of the deceased had created a GoFundMe account to raise funds for his funeral. The fundraising effort was launched shortly after confirmation of his death.

In a GoFundMe appeal titled “Help Bode Ologan’s Family in Their Grief,” created by Omolade Adeduro, Ologan was described as a father of three. The appeal read, “Hello, the family and friends of Bode Ologan regret to announce his death on Friday, November 7th, 2025. He lived a fulfilling life and left behind three children: Semilore, Semilogo, and Semilola.”

The appeal further requested financial support, stating, “Please help his children and family raise money for his funeral arrangements and other necessary expenses. Any amount is appreciated. May his soul rest in peace.” As of Sunday, checks indicated that $4,717 had been donated by around 16 contributors, with the family targeting $30,000 ahead of the burial scheduled for November 20.
Ologan was believed to have been a native of Owo in Ondo State. The news of his passing has prompted an outpouring of tributes from friends, associates, and members of the Arlington community in the United States.

One sympathiser, Emem Akpabio, wrote on Facebook, “Just got notified that my very first client, and loving father of three whom I obtained sole custody of his kids some 8 years ago, passed away and was found in his truck somewhere in Texas.” Another Facebook user, Josely Pueten, described him as a tenant, writing, “I just received a phone call about him. He was one of our tenants here in Arlington. I never had the opportunity to meet him, but I know I got that call for a reason. I’m so sorry for his passing.”

Similarly, another user, Aboukia Fessibay, wrote, “Bode has gone too soon; so sad to see this of his passing to the great beyond. May God be with his children and the rest of his beloved family and friends.” Additional tributes continued across various social media platforms.

On Instagram, a sympathiser, Gbemisola Are, commented, “May his soul rest in peace. Driving a truck is a very difficult and risky job.” The statement reflected the hazards often associated with long-haul trucking in the United States.
This incident adds to previously reported tragedies involving Nigerians abroad.

 

Credit: The Punch

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