₦airaland Forum

Nigeria, Africa’s largest oil producer with an estimated 37 billion barrels of crude oil reserves, paradoxically grapples with some of the continent’s highest fuel pump prices, currently at around $0.617 per liter in August 2025. Despite its vast oil wealth, a combination of structural inefficiencies, policy missteps, and entrenched corruption drives this anomaly, undermining the economic benefits of its natural resources.

**Lack of Refining Capacity**: Nigeria’s four state-owned refineries in Port Harcourt, Warri, and Kaduna have been largely non-functional for decades due to mismanagement and neglect. Despite producing 1.6 million barrels of crude oil daily, the country exports nearly all of it and imports refined petroleum products at high costs. This reliance on imports, coupled with global oil price fluctuations and a depreciating naira, significantly inflates fuel prices. Even with the Dangote Refinery, operational since September 2024, prices remain high as it sells fuel at market rates (around N898 per liter to NNPC), dashing hopes of immediate cost reductions.

**Subsidy Removal and Market Deregulation**: In May 2023, President Bola Tinubu announced the removal of fuel subsidies, a policy costing the government $3.7–$10 billion annually. This led to a price surge from N195 to over N1,000 per liter by October 2024, with prices stabilizing at around $0.617 in 2025. While subsidies kept fuel artificially cheap, their removal exposed consumers to market-driven prices, exacerbated by currency depreciation and import costs. The government’s failure to cushion this transition has intensified economic hardship, contradicting promises of lower prices.

**Corruption in the Oil Sector**: Corruption is a major driver of Nigeria’s high fuel prices, often described as part of the “resource curse.” Mismanagement and fraud in the Nigerian National Petroleum Company (NNPC) have long plagued the sector. A 2012 parliamentary report uncovered a $6 billion fraud involving NNPC officials, and between 2009 and 2020, Nigeria lost $46.16 billion to crude oil theft and 4.2 billion liters of petroleum products from refineries. Corrupt practices, including fuel smuggling to neighboring countries and inflated import contracts, drain resources that could lower pump prices. Weak regulatory oversight and lack of transparency further enable cartels to manipulate supply chains, ensuring refineries remain idle to favor imports.

**Economic and Social Impacts**: High fuel prices, driven by these factors, have ripple effects. With 70% of Nigerians living in poverty, the cost-of-living crisis worsens as transport and generator fuel costs soar, inflating food and service prices. The lack of reliable electricity forces reliance on fuel-powered generators, amplifying the burden. Protests, like those in August and October 2024, reflect public frustration with price hikes and perceived government betrayal, especially after promises of economic relief.

Until these systemic issues are addressed, Nigeria’s abundant oil reserves will continue to be a paradox, fueling poverty rather than prosperity.

Nlfpmod Seun Mynd44

Silentgroper:
If the person has withdrew all the money..

It's an otilo case ..

If you say you want to go to the police, the police will need to track him which incurs another fee from you not to talk of another affidavit or Court order to have the bank release his information ..

God help you all the information are up to date, this will cost more and take a lot of time to to get that money back ..

Even if you get him, if he claims, he never knew the money doesn't belong since know has informed him then you can't do nothing ..


Even if you Carry the case go court, if he wasnt informed by any party that the money wasn't his , them bo fit convict am ..


I see this as a goose chase .. That money is gone ..


.olokpa go just use you cash out...

fortunately, gt bank has contacted him and be refused to respond to them after the initial call and conversation, so that in itself has taken out him denying ignorance of the ownership of the money. And yes, I know very well that I will spend more to get him, but I am not fazed, the money is not even my aim, my aim is to teach a thief a lesson he will never forget.

WarrenP:
How much to rent 2bed room in Ajah axis ?

I’m planning to move there this month

Depends on the side of Ajah, for rugged places like Mobil road, ilaje, etc, annual rent can range from 700k up, depending on the standard, however, in some estates, we could be talking over 3-4m plus, sangotedo axis can range from 1.5 up, Lakowe axis, from 1m up.

alamscolo:
The government esp Lagos State government has an hand in this esp the current government, imagine a friend acquired a ppty for his mum, just to renovate, they stopped them from working it's been over 2 months now and they settled laspa, Las orisirisi with over 3m and still paying, the guy just dey regret, area boys and baale own still dey o. Assuming it's for rent, will it be cheap? Don't forget to add the skyrocketing cost of materials

My church wanted to renovate its roof because the old roof was leaking. They started work and Lagos people came and stopped them, I can tell you not by hearsay, but because i have info on every dime spent, that the church used 19m to settle all the Lagos ministry and people constantly coming for one payment or another. Lagos is truly a crime scene.

Most of these songs are nowhere near July. We move by Mercy Chinwo was released last October.

Only 2 songs on this list were released in 2025

Sounds of Salem - We Will Be Many ft Lawrence Oyor and Moses Akoh and

Mercy Chinwo - Too Many Reasons ft Chioma Jesus

And if you say it wasn't the release month, but rather what is trending now, then where is 'No Turning Back' by Gaise and Lawrence?

That just means the number of heartbroken people every weekend is bigger than we initially thought.

Juliearth:
Let me share my experience with you. Such transfer of 10k was done to my account some years back.I knew it was a mistaken transaction because I wasn't expecting any funds at that time. It wasn't my call to go to the bank, but I knew the bank would do the needful and that, they did. A lien was placed on my account and the amount was debited after some days.


My point is that, you don't expect this person to run a refund for you. The transaction does not carry your full name or phone number so he cannot do the needful

Well it has been confirmed that this person has withdrawn the money, so he is a theif.

Revolva:
You are still mentiong court order do you know how long it takes to get a court order ..you think say na joke ....which court wna approve that order for a stupid mistake by someone ..just to block another person bank acc , do you think it works like that ...na who never apply for court order before go think it's easy

Na you no get the link bro, have your link and have your money, your order will be out in no time.

Personperson01:
Which platforms or channel Opay dey reply like this ... I get issues and I need solution. Call not connecting and even when it does dem dey waste my credit....? Even GTB too though I was asked to go to my branch but if I can get reply like Opay on this matter am good. Kindly help wit the handle and channel.

https://x.com/OPay_NG
. Just search for their verified handle on IG

Tohsynetita1:
Omo!
So, what is the solution now, even if you restrict it he might not use the bank anymore.

I'll probably take it up with the police, I may spend more, but the joy I'll derive from getting and dealing with a crook is incomparable.

CJStarz:
Alright then. I pray it works out well. Good luck. Pls don't forget to mention me when updating.

Just got an internal staff of GTB and he said the man has removed all the funds o, so we are talking about a case of fraud now. One thing about me, I can spend even more than the lost amount to deal with thieves and teach them a lesson, and that's exactly what I will do.

wahles:
try sending another money say 200 naira . In the naration include a short message with your mobile number . Hopefully Dey call back

Good idea! I will try to see if the person calls back. Thanks.

iamL:
Blame yourself too for your careless! You are the type that shifts blame on others. You have blamed the bank staff for assisting fraud while she is doing her job now Opay without seeing your own error.

You know what to do go and do it.

Were you not following the post, or were you just deliberately picking up the parts where I spoke of the staff? You did not see when I acknowledged my mistake many times and even resisted trying to restrict the recipient's account because he is innocent?

As my financial institution, they are obligated to assist me when i am in such a scenario; other banks will. Another GT bank branch staff told me that they will have no problem doing that if it were all a GT transaction, so why is Opay refusing to simply send a mail to GT bank?

Please this is not the time.

SamuelLoch:
Opay told you they can't help you liase with GT?

Bluntly! On multiple platforms. I will attach the screenshot of the response on both IG and Twitter.

Silentgroper:
Hahaha fraud ... If she sues for defamation if character , na another gbege be that ..

Btw, this is not a case of fraud but negligence and carelessness on your own part . So in one way, she's right opay has to be the one to initiate that request ..

You should be having that dispute with opay cause I really don't understand what the number not matching has to do with this...

Opay is trying to be a very useless bank and is trying to be complicit in their customer losing money.

Silentgroper:
the recipient bank should mske that available, have you asked them for that??

They said they cant rteveal personal details to a third party, and i understand. Opay is what is making the whole thing complicated.

fineboynl:
Opay should only save beneficiary account. Account that you manually save.

I don't get the point while they are saving all bank accounts that you transfer to. Saving account of people you don't know.

If you complete a transfer say transfer successful. Theere should be a button like save account for future use.


It happened to be and opay refuse to help. They said the account number is not I intend sending it to doesn't look alike with the account. And it was opay to opay.

That is the exact thing they are saying to me, because only the first 4 digits of the accounts match, they can not do anything. I dont understand? people send money to totally different account numbers and banks and the funds is still reversed, so why does mine with same first 4 digits a problem?

I am going to alausa tomorrow.

CJStarz:
See, bros, if I were you, I'd let go. Why spend more on legal fees to get little, by engaging a lawyer in this matter?

The thing is, I won't be spending much on legal fees as I have many friends and family members who are lawyers and will do it either pro bono or for a little payment. I intend to go to Opay HQ at Alausa tomorrow, and hopefully, we can start from there.

Christlike01:
If I understand you correctly, you stated above that the account you mistakenly credited was one you had previously sent money to, right? My question to you now is this: how is it that you don't remember the transaction or business you initially had with the owner of that account? Or do you normally send money to random people without keeping any record of the purpose?

I mean, don't you keep notes or narrations of your transactions? What I'm essentially asking is this: if you had indeed sent money to Atobase's account before, what kind of business did you have with him? That information could help you recall his full details — his office, shop, or whatever it may be.

Thank you for your response. I don't use Opay as my main bank, I only use them for daily/household transactions and quick buys, so i do quite a lot of transactions with it, even more than my main account, however, the mystery here is that I downloaded my account statement for the last 1 year, and still can not find that name in any transaction aside the eroneous transaction. But it is virtually impossible for it to appear on my beneficiary list if I have never transacted with it.

eyenogoquiet:
Contact GTB. Talk to them in phone or visit any branch. Explain to them with proof of the transaction. That amount will be frozen if not the entire account. If the customer acknowledge the transfer and agrees he/she will initiate a recall of the funds back to your account. It could take week(s) for that to happen.

Happened to me too last year took it about 4 months before the funds was returned to my account. This your amount de exactly 6 times more than the amount wey I battle with.
My case was eco bank

I went to a gtbank branch and the lady bluntly told me they can not do anything about it until Opay contacts them. Opay, on the other hand is refusing to contact them because only the first 4 account numbers match. I am in a limbo, i don't even know. I have promised myself that if i visit another GTbank branch and they eventually help me out or restrict the account, I will go back to that first branch, meet the young banker and scream at her long eyelashes for deliberately assisting in fraud.

Firebox123:
LoL

They'll only restrict his gtbank account not all his bank account

If he emptied and abandon the gtbank account

Your money is gone but let see how it goes

Keep updating us

According to my lawyer friend, an affidavit will restrict his GT Bank account, fine, but that is what will buy time to get a proper court order to get the money reversed. She said getting a court order in Nigeria is a problem as you have to follow up for months to get it. She said she is also in he process as she sent money to the wrong account last month and that the money is restricted in the Palmpay account until she is able to get a court order. That will do just fine for me too.

In summary, all i am looking for is this person's contact details. This person most likely stays close to me, the contact is all i need.

Firebox123:
if the person see these post and emptied the bank account without any Kobo

How will you collect the money back even tho you restrict his bank account

If it is restricted, the person has no choice but to dialogue, except he has no interest in banking in Nigeria anymore. I have begun processing an affidavit.

Firebox123:
op don't follow this advise ooo

Since you're the one at fault

So how am I to sort this out? Or I should forget about the money in this hard time?

I have contacted a couple of lawyer friends to see the way forward and probably get an affidavit.

Firebox123:
let me mail the supermodel about it

I pray your post make it to frontpage

Been on NL since 2009, made front page with various contributions, but this one will be the biggest reward to me if it eventually does.

@nlfpmod do something please.

Firebox123:
share the person account details and screenshot

The person might be on nairaland

Surprisingly, the person is not on Nairaland, not on Facebook or Twitter (at least not with that name), the account number too has not been posted on these platforms. As much as I want to get my funds back, I will also want to respect the person's privacy by not exposing the account details publicly, however, the name is Atobase Hammed Alabi ,

if anyone can or wants to help me get the details of the recipient, please send a DM here or mail me on contact@martinsmorris.com.ng

@nlfpmod please help out.

Firebox123:
go and get court affidavit

Restrict the person bank account

I initially thought about that, but I also said to myself that the mistake was from me, and it will be somehow to restrict his account for something he has no idea about. If I had contacted him and he refused to refund, that definitely would be my next line of action, but the banks refusal to help out puts me in a difficult situation. I may have to get that court order and restrict his account for something he has no idea about.


UPDATE

I got an affidavit, now i am looking to submit it to a GT bank branch.

This was what Opay was telling me on multiple occasions on different platforms.

People initiate recalls for transactions that have completely and totally different account numbers/details, and it is successful, so how is mine, which even carries similarities, special? They have bluntly said they will not contact GT Bank because the account mismatch is significant, but what does that concern them? Are they trying to be complicit in their customer losing his funds?

The first screenshot is IG, second is Twitter.


UPDATE 2.0

Customer has emptied his account, we are talking about a fraud case now. Account has been put on lien


Atobase Hammed Alabi
Account number Gt bank 0012278931

Atobase Hammed Alabi Has been confirmed to be fraudulent and is wanted

Yesterday, I attempted to pay my mechanic the remaining balance of N128,000 for car repairs via my Opay app. I had previously paid him part of the amount. He provided the first four digits of his GTBank account, and an account appeared in my app after entering them. I confirmed with him that it was a GTBank account, and he agreed, so I transferred the funds.

A few hours later, the mechanic informed me he hadn’t received the money. Initially, we suspected a network delay and agreed to wait until today. However, this morning, he confirmed the funds were not credited, and I discovered I had sent the money to the wrong account. Shockingly, the recipient’s account shared the same first four digits, was also with GTBank, and both account holders have Yoruba Muslim names, an unlikely coincidence.

Upon checking my transaction receipt, I realized the account was one I had sent money to previously, which is why it appeared in my app. I immediately contacted Opay, but they stated they couldn’t initiate a recall because only the first four digits matched. They advised me to contact GTBank to obtain the recipient’s details or request a refund from the recipient. GTBank, however, refused to assist unless Opay contacts them, and Opay insists they cannot act due to the mismatch in account numbers. I’m at a loss on how to resolve this issue, as neither Opay nor GTBank is providing actionable assistance.

Is there a way to retrieve the recipient’s details using the transaction session ID or account number? Any help or guidance would be greatly appreciated.

Thank you,


Please, i need help

Like play like joke, that boy that was riding a bicycle and shouting 'Holla at your boy' is almost clocking 40.

Happy birthday legend, tho I don't understand his music style transition this days. Breaking and holding on to the western market no be by force.

fuckingAyaya:
my owned does urinate on the sofa please how can I stop him from doing that because it frustrating.

mine urinated and pooped everywhere for more than 6 months, i was frustrated, i shouted at the dog, sometimes, i even beat it, until i came to seek for help here, and they just asked me to be patient with teaching her where to wee and poop. I later got one bottle spray and a pet potty that had grass on it, i sprayed the content of the bottle on the grass every morning and evening, and slowly, she began going there to pee and poop, she will sniff and sniff until she goes and does it there. There were times of replase tho, but after she became like almost 10 months, she knew where to poop and pee. She is 4 years old now and till date, she has never pooped anywhere that isnt grassy.

Even when we go for a walk, once she sees grass, she will start pulling me there to poop or wee.

Eskimos are generally very wonderful pets to own. I have 2 myself and they are a big part of my life.

Eskimos are very intelligent dogs, one of the most intelligent I have ever owned. They can be stubborn at times if you are not firm with them, and noisy too. Make sure you get them enough exercise during the day; they easily get bored and will entertain themselves by destroying anything in sight. They are playful and friendly if properly groomed. Also, be ready to find white hairs everywhere in your house if you intend for the dog to be indoors, especially if your couch is not leather. My dog has gone everywhere with me in this life through her hair, plane o, bus o, train o, boat o, everywhere, until i discovered i needed to be brushing the hair often to remove dead hairs, since then, it has reduced drastically.

They are also very selective dogs, they select what to eat a lot.

Cmanforall:
So this is now how you steal FTC without writing up to 40 characters?

I am only reminding everyone of Nairaland rules, incase they forget.

Xso666:
She has sworn with everything that she didn’t do anything with the guy. We promised not to involve 3rd party in our relationship but at this point I am thinking of doing that which is why I came here to seek advice and not to act based on emotions because I love my wife so much

Send her parking. I remember I once had something similar with an ex, she asked her uncle whom I respect very much to talk to me, when I met the man, the first thing he told me was that

'Young man, this thing is totally up to you, but as for me, if I see my wife coming out of a man's room, there is nothing she can tell me that will make me believe nothing happened, weather it happened or not, for me, it has happened, cos there is no justification for a married woman to be in a private space with another man who isn't her husband, so if I want to continue the relationship, I should make sure it is at the back of my mind that she did this in this past, and I have forgiven, if I know o can't, I should end the relationship '

I respected that man even more that day cos he didn't mind the fact that she was his sister's child.

By the way, why did the man run if nothing indeed happened?

Chat gpt don write news

Let the groom run his family the way he wants, online in laws no contribute for him wedding expenses.