The clarification followed a viral video in which officials of the Lagos State Ministry of Housing were seen confronting a resident over solar panels installed in a state-owned estate.
by Emmanuel Agbo
The Lagos State Government has clarified that permits and administrative fees for installing solar power systems apply only to residents of its social housing estates, not to private homeowners across the state.
The clarification followed a viral video in which officials of the Lagos State Ministry of Housing were seen confronting a resident over solar panels installed in a state-owned estate, allegedly demanding a permit and payment before he could proceed with the installation in his apartment.
The video, shared on 21 April, shows officials from the ministry’s Monitoring and Compliance Unit asking the resident to obtain approval and pay a fee, despite his decision to adopt solar power as an alternative to unreliable electricity supply.
The incident has drawn criticism, with some observers warning that such requirements could discourage the adoption of renewable energy, particularly in a country grappling with chronic power shortages where many households increasingly rely on solar solutions.
Responding on Wednesday in a statement, the Senior Special Assistant to the Governor on Media, Wale Ajetunmobi, said the resident appeared to have misunderstood the policy.
“This development is true, but the man who made the video seems to be misinformed about the Lagos State Government’s guidelines for installing solar energy systems in social housing estates.
“He is likely to be a tenant in one of these social housing estates owned by the Lagos State Government. Otherwise, he wouldn’t have raised concerns about something that was clearly outlined in the indemnity document he signed before the Government handed over the apartment to him after purchase,” he said.
He stressed that the state does not impose solar installation fees on all residents.
“Only residents living in the government-owned social housing estates are charged administrative fees for alterations, such as the installation of a solar power system, before any additional development can be permitted,” he said.
According to him, the requirement is tied to the government’s responsibility for maintaining facilities in those estates.
He explained that solar installations are treated as structural alterations, particularly where they affect shared spaces or the original design of buildings.
“Any alteration must be run through the Physical Planning and Survey departments of the Ministry of Housing for approval, material compliance and post-inspection checks.
“Those solar power systems are usually installed by occupants in shared areas; so this alteration must be approved by the facility manager (Government) before any occupant can proceed,” he stated.
Mr Ajetunmobi also said the officials seen in the viral video were from the Monitoring and Compliance Unit of the Ministry of Housing, adding that the resident did not obtain prior approval before commencing the installation.
He noted that the government had previously dealt with liabilities arising from unapproved modifications, including cases involving roof damage and fire incidents.
“The simple rule for any estate occupant is to contact the State Government (facility manager) for approval for any external alteration,” he said, warning that unapproved changes affecting shared property could leave the government liable to other residents.
Under the Lagos State Urban and Regional Planning and Development Law, structural changes to buildings typically require approval from relevant authorities, a provision officials say also applies to installations that may affect the integrity or design of residential structures.
Yemi Cardoso, Yemi Osinbajo, Wale Edun, Dele Alake, Rauf Aregbesola, all have one thing in common – they were part of the tight-knit circle that defined the political machinery of President Bola Ahmed Tinubu.
These were men who didn’t just work with Tinubu, but knew him intimately. They were not mere associates, but trusted allies, confidants, and architects of a political legacy that shaped up in Lagos. Each of them was appointed Commissioner when Tinubu became governor of Lagos in 1999 and they operated at the very heart of power, shaping policies and steering the direction of Africa’s most populous city.
Their proximity to Tinubu wasn’t just professional — it was personal, forged in long hours of strategy, debate, and shared ambition.
In one of the editions of Bola Tinubu Colloquium, the annual event which was rested the year Tinubu got into Aso Rock, former Vice-President Osinbajo offered a glimpse into that inner sanctum.
He recalled intense policy sessions where Tinubu would lock his team in a room for rigorous debates. And when disagreements became too heated, Tinubu, never one to shy away from asserting authority, would rise and challenge them: “Are you the ones they voted for? Why this argument?” It was a leadership style that blended openness with a firm reminder of where ultimate power lay.
But time, as it often does, began to test those bonds. Gradually, cracks emerged within the once-solid circle — a reminder that even the strongest alliances are not immune to strain. Political ambitions shifted, loyalties evolved, and relationships that once seemed unbreakable began to fray. The rifts involving Osinbajo, Aregbesola and Tinubu are now part of Nigeria’s political folklore.
Yet, another story is quietly unfolding — that of Edun. This was a fellow whom Tinubu reportedly recommended to the late President Muhammadu Buhari to be made Minister, but was overlooked. Around that time, Edun was chairman of the Board of Directors of a newspaper company owned by Tinubu, just as Alake was head of a broadcast company belonging to the President. And when Tinubu was elected President, he named Edun Head of the Presidential Transition Council. As President, Edun and Alake made the list of his first set of appointees. First as Special Advisers, then Ministers.
On Edun, it was Tinubu himself who opened up that the sacked Minister made contributions to his inauguration speech as President.
Addressing an audience of Nigerians based in France during his first visit to Europe after taking power, the President had said, “Wale Edun and co started debating, putting my speech together without the question on subsidy. I got to the podium, I was possessed with courage and I said subsidy is gone.”
Not every ally or aide would have access to the inaugural speech, so the point was made clear.
However, signs that Edun’s influence was waning began manifesting before Tinubu’s mid-term. As history has shown, no political circle remains intact forever. And in Tinubu’s world, where unquestionable loyalty reigns supreme, the line between insider and outsider can shift with time.
Sources said Edun was among those penciled for exit during the first cabinet reshuffle. But a well-respected voice in the kitchen cabinet created a soft landing for the Minister. But for how long? Time and again, Tinubu has proven to be a kind of person who hardly shifts his stance once his mind is made up. This played out recently in Lagos where the governor and the president were said to have reconciled after an embarrassing episode. The public was not privy to the cold war between Tinubu and one of his mentees until the President refused to exchange handshakes with the governor in public.
The video which went viral set tongues wagging and perhaps a spin was put up to say the issue had been laid to rest. However, during the much publicized 2-day working visit to Lagos, we saw what played out. Tinubu, who commissioned projects in Ogun the day before, skipped the exercise in Lagos, though he was physically present in the state. Despite attempt to cover-up that the president couldn’t commission the projects because he was receiving security briefing, Tinubu proceeded to Bayelsa the next day to do what he failed to do in his state.
Back to Edun, the cracks continued to manifest as both men started to sing in discordant tunes.
While President Tinubu repeatedly projected optimism about Nigeria’s fiscal outlook, at one point declaring that the country had exceeded its revenue expectations, Edun’s public statements occasionally struck a more cautious tone, particularly around fiscal sustainability and debt exposure.
Edun has, in multiple forums, emphasized prudence in borrowing and warned against excessive debt accumulation. That stance appears to contrast with the administration’s increasing reliance on loans to fund budget deficits and infrastructure expansion.
There are insinuations that Edun’s apparent reluctance toward extensive borrowing may have placed him at odds with broader government priorities, especially in a system where political imperatives often demand rapid results.
Aside from the policy disagreements, there is also the question of messaging. For instance, one of the most telling moments came in late 2025, when Edun publicly indicated that the federal government was facing a significant revenue shortfall. He noted that only a fraction of projected revenue had been realised.
Tinubu had stated in September 2025, while addressing stakeholders of the Buhari Organisation who visited him at the Presidential Villa in Abuja that “Today, I can stand here before you to brag: Nigeria is not borrowing. We have met our revenue target for the year, and we met it in August.”
However, Edun raised fresh concerns about the sustainability of Nigeria’s public finances. The minister said the federal government recorded a wide revenue shortfall in the 2025 fiscal year in December 16, 2025, during an interactive session with the House of Representatives Committees on Finance and National Planning.
“The current trajectory indicates that federal revenues for the full year will likely end at around ₦10.7 trillion, compared with the ₦40.8 trillion that was projected.” Edun attributed the shortfall largely to weak oil and gas revenues, particularly lower-than-expected collections from Petroleum Profit Tax and Company Income Tax paid by oil and gas companies, among others.
Their relationship continued drifting to the extent the president quietly clipped Edun’s wings, transferring key responsibilities to then Minister of State for Finance, Doris Uzoka-Anite. The situation reached its height when Edun’s successor was appointed in junior capacity. At the launch of the new complex of Nigeria Revenue Service (NRS) last week, Tinubu praised Oyedele to high heavens, without making any utterance about his estranged ally, a glaring sign that things had deteriorated.
The manner in which Edun was shown the way out also points to the breakdown in their relationship. Unlike Abubakar Badaru, former Defence Minister; Kayode Egbetokun, former Inspector-General of Police; Uche Nnaji, for Minister of Innovation, Science and Technology, among others whom Tinubu gave a sort of dignified exit through resignation option, Edun was fired out.
An inner source said the sack letter was prepared on Edun’s 70th birthday, 20th April, 2026, but higher forces prevailed on the authorities to deliver it a day after.
On a broader perspective, Edun’s legacy as Finance Minister and Coordinating Minister for the economy is a story for another day. A seasoned technocrat with over 40 years of experience, Edun has a background in international merchant banking and corporate finance. An alumnus of the University of London and the University of Sussex, his career spanned roles at Chase Merchant Bank, Lehman Brothers in New York, and the World Bank.
For someone with such a rich pedigree, many expected positive turnarounds. But under his watch, inflation rose to the highest numbers, exchange rates hit the rooftop while growth was seen in numbers but not the lives of ordinary Nigerians. Purchasing power diminished drastically. His battle with local contractors who place caricature coffin of his at the Finance Ministry’s headquarters is well documented.
Edun’s exit reflects the realities of governance at the highest level, where long-standing alliances are sometimes tested. But one thing is clear, the exit of one of Tinubu’s most trusted lieutenants sends a clear message that anyone could be hit. For Oyedele, the new bride, Nigerians are watching how he will handle the economy and project the Renewed Hope vision.
helinues: The table already turned around as your comments is now the irritating one as you have been jumping from pillar to post all in the name of answering simple questions
You are not a new member on this forum, you should know I don't argue blindly. Next time, mind your business
Which table...... You just think everyone is a troll for this government like you
helinues: Below is the screenshot of your first engagement with me today on the UK guy.
Now on this thread, not that I mentioned you, you came by yourself, you pointed out some things which I argued in line.
Now do simple thing I asked you do to before asking me any question. I asked you questions first.
I am sure you must have googled the price of barbing in Ghana and see the point I am driving at, but because it will contradict all what your arguments have been about since, you just can't post the screenshot
I have assisted you with the screenshot you are shying from posting
Isn't it obvious that you are the one putting mouth on something you have little information about
Seems you mistaken this moniker with another one...... I don't comment on threads but I was just irritated by your compassion of hair cut in Ghana and Nigeria to score a cheap point for the hardship citizen are facing now.
Three in five Nigerians earn below N100,000 monthly or have no income, according to the Piggyvest Savings Report 2025.
This underscores widening income pressures as rising living costs continue to squeeze households.
In the report, seen by TheCable on Wednesday, Piggyvest said nearly 60 percent either have no income or fall within the lowest income brackets.
The fintech said only 6 percent of Nigerians feel secure and confident about their financial situation, highlighting a widening gap between economic reforms and lived realities.
“On paper, the economy is stabilising… On the ground, however, the strain hasn’t let up,” the report said.
“Across income, savings, spending, debt, and financial satisfaction, a consistent pattern emerges: Nigerians are adapting with resilience, but within increasingly narrow margins.
“In 2025, nearly 3 in 5 Nigerians report either having no monthly income or earning below N100,000 monthly, After a significant decline in 2024.”
The report said income growth in nominal terms has not translated into improved purchasing power, as inflation continues to erode earnings.
Commenting on the findings, Odun Eweniyi, co-founder and chief operating officer (COO) of Piggyvest, said the rise in earnings does not reflect real financial improvement.
“While nominal earnings have increased, the naira has lost a lot of its value in the last two years. Inflation peaked above 33% in 2024. So people are earning more and affording less,” she said.
The report further noted that income distribution remains uneven, with younger Nigerians, particularly Gen Z, more likely to earn below N100,000 or have no income at all, while higher earnings are concentrated among older demographics.
It also highlighted gender disparities, with women more likely to fall within lower income bands.
In the report, Dsione Oseni-Elamah, a financial analyst, said wage inequality has broader economic implications.
“If formal structures continue to undervalue female labour, women will remain relegated to domestic or informal roles where skills are underutilised. This results in massive human capital loss and overall economic inefficiency,” she said.
The report further showed that most Nigerians rely on a single source of income, leaving households vulnerable to shocks.
“Roughly two-thirds of Nigerians rely on a single income source,” Piggyvest said.
“Many who depend on a single income describe feeling squeezed by rising prices and increasingly unstable living costs.”
On spending patterns, the report said food and groceries remain the biggest expense for most Nigerians, followed by transportation, housing, and utilities.
The fintech noted that more than half of income earners provide financial support to extended family members, a phenomenon often described as “black tax”.
“Family responsibility continues to be a defining feature of the financial landscape,” the report noted.
“Savings culture also appears to be weakening, with about one in two Nigerians not saving at all, while only four in 10 have emergency funds.”
Eweniyi said the trend reflects deeper economic pressures.
“What we’re seeing at scale is that even people with the discipline and intent to save are being forced to redirect those funds toward the basics,” she said.
“These aren’t discretionary expenses you can cut.”
Among those who save, the report said the primary goal is building emergency funds, underscoring widespread financial uncertainty.
NIGERIANS RELYING ON FAMILY SUPPORT, INFORMAL DEBT AMID LIMITED ACCESS TO FORMAL CREDIT
On debt, the firm reported that while only about one in five Nigerians is currently in debt, borrowing is largely driven by necessity rather than consumption.
Damilola Arogundade, treasury and investments lead at Piggyvest, said low and irregular incomes shape financial behaviour.
“For many Nigerians, financial decisions are driven by immediacy rather than long-term planning,” he said.
This, he explained, results in “rational short-termism”, where basic needs crowd out savings and investments.
The report also found that most borrowers rely on informal sources such as friends and family, reflecting limited access to formal credit.
On debt, Joshua Chibueze, co-founder at Piggyvest, said borrowing is often triggered by timing gaps between income and expenses.
“Income tends to come slowly and in small portions, but major expenses arrive all at once,” he said.
“When rent becomes due, when a business needs urgent capital, many Nigerians turn to borrowing not out of choice, but because there’s simply no room to wait.”
Despite the financial pressures, the report noted that Nigerians continue to demonstrate resilience, adapting through budgeting, side hustles, and informal support systems.
However, the firm warned that financial satisfaction remains low, with more than half of Nigerians entering each month unsure whether their income will cover basic needs.
“Financial satisfaction emerges not only from income, but also from stability, predictability, and the ability to absorb shocks,” the report said.
“Most respondents are navigating a persistent tension between doing their best within tight margins and feeling uncertain about the future.”
The report said Nigerians are adjusting their spending, relying on informal support systems, and trying to build financial buffers, but within tight constraints driven by low incomes and rising costs.
It added that improving financial resilience will require not just economic reforms, but systems that support savings and stability, noting that “financial progress is not measured only by numbers, but by confidence”.
helinues: Okay. How much is barbing in Ghana using their minimum wage of 21ghc per day. Also don't forget to use your Google for the question for Barbing and post the screenshot
How much do you use to barb your hair in Nigeria if you want to do comparison
A daily wage from Nigeria is 70k/30days Most barbers will charge 2k or more for barbing isn't that equivalent to a minimum wage per day?
Some Nigerians don't even know the basic principles for placing minimum wage amount. There are so many factors to be considered before government can set minimum wage amount.
I remember when the NLC was discussing the new minimum wage, my proposal was not more than N70-N80k after so much factors was considered
In the case of Ghana and their minimum wage, Average current minimum wage in Ghana is 21GHC but the average cost for Barbing as a guy is 15GHC and that even depends on area and the shop.
That price of foods, goods and services in Nigeria are more cheaper than majority of the countries is not something magical
Amid backchannel diplomacy, Iran is said to have dismissed the US proposal, signalling it will dictate the terms of any ceasefire.
By Channels Television
A plume of smoke rises following a reported explosion in Tehran on February 28, 2026. Israel’s defence ministry announced February 28 it had launched a “preemptive strike” on Iran as sirens sounded in Jerusalem and people across the country received phone alerts about an “extremely serious” threat. (Photo by AFP)
The US Department of Defence on Wednesday announced three agreements with defence contractors to boost the production of missiles and other components to replenish dwindling supplies used in the Middle East war.
The extensive use of interceptor missiles by the United States, Israel and Gulf states to counter Iranian retaliatory attacks has raised concerns about stockpile levels.
Lockheed Martin and BAE Systems agreed to a fourfold increase in the production of a key component known as “seeker heads” for THAAD, a high-altitude anti-missile system that has seen significant use in the Middle East.
The agreement puts the “industrial base on a wartime footing,” the Department of Defense said in a press release.
At the end of January, Lockheed Martin had already announced plans to accelerate its THAAD production from around 100 to about 400 units annually within a few years.
The Pentagon also announced a second agreement with Lockheed Martin to “accelerate” production of Precision Strike Missiles (PrSM), tactical ballistic missiles used for the first time against Iran. They succeed the Army Tactical Missile System (ATACMS).
Lockheed Martin confirmed the order to quadruple output of the PrSM missiles, saying it builds on a previous $4.94 billion contract awarded by the US Army last year.
In a third deal, Honeywell Aerospace agreed to boost the production of “critical components for America’s munitions stockpile,” including navigation systems, according to a DoD press release.
This comes as Iranian state television, citing an unidentified senior official, reported that Iran had rejected a peace plan proposed by the United States to end the Middle East war.
Amid backchannel diplomacy, Iran is said to have dismissed the US proposal, signalling it will dictate the terms of any ceasefire.
“Iran has responded negatively to an American proposal aimed at ending the ongoing imposed war,” the official said, according to the English-language broadcaster Press TV.
“The end of the war will occur when Iran decides it should end, not when Trump envisions its conclusion.”
There has been no official Iranian statement on the reported peace plan.
Foreign Minister Abbas Araghchi, who led pre-war talks with the United States, has yet to comment.
However, Iranian media outlets such as the Mehr and Tasnim agencies have picked up the Press TV report.
Earlier on Wednesday, two senior Pakistani officials said that — in an effort to mediate — Islamabad had conveyed to Iran a 15-point plan containing US proposals to end the nearly month-long war.
According to the same unidentified Iranian official cited by Press TV, Tehran has put forward its own five conditions for ending hostilities.
These include ending “aggression and assassinations” against the country and its leaders, establishing a robust mechanism guaranteeing that neither Israel nor the United States will resume the war, and compensation for the destruction caused, with a view to reconstruction.
Iran’s conditions also include a cessation of hostilities on all regional fronts and against all “resistance groups” — an implicit reference to the Tehran-backed Lebanese group Hezbollah.
The official is also reported as saying that Tehran wants international recognition and guarantees of Iran’s rights to exercise its sovereignty over the Strait of Hormuz, the key maritime route for global trade at the centre of the current war.
Sanwo-Olu under probe as EFCC links ‘Aisha Achimugu’s forfeited $13m’ to Lagos contractors
On Wednesday, the Federal High Court in Abuja ordered a permanent forfeiture of $13 million belonging to Aisha Achimugu's firm.
The Lagos State government, led by Governor Babajide Sanwo-Olu, is under investigation by the Economic and Financial Crimes Commission (EFCC) over illicit $13 million traced to socialite and businesswoman Aisha Achimugu, PREMIUM TIMES confirmed on Wednesday from officials familiar with the case.
It was gathered that the EFCC began scrutinising the Lagos State Government’s connection to the funds after investigators discovered that part of the funds was sourced from contractors working for or providing services to the Lagos State Government.
“The facts about the origin of the funds are already public in court documents, but the full details of how a large chunk of the money was sourced from some contractors offering services to Lagos State Government’, the identities of the contractors and the possible involvement of the governor and other government officials have not been disclosed in order not to jeopardise ongoing investigations,” a source told PREMIUM TIMES on the condition of anonymity due to lack of authorisation to speak publicly on the case.
On Wednesday, the Federal High Court in Abuja ordered a permanent forfeiture of the $13 million to the Nigerian government, citing its fraudulent origin.
Later on Wednesday, PREMIUM TIMES made unsuccessful attempts to get the comment of the Lagos State Attorney General and Commissioner for Justice, Lawal Pedro, and the state’s Commissioner for Information and Strategy, Gbenga Omotoso, on the disclosure in the suit tracing part of the suspicious funds to the state’s contractors and EFCC’s investigations into the governor regarding the finances.
Neither of the two officials returned our reporter’s phone calls or responded to text or WhatsApp messages.
It remained unclear how the alleged scheme was executed. However, investigators say it remains curious that the contractors paid large sums to Ms Achimugu’s company without any valid business relationship with the firm or its owner.
It is also unclear whether Mr Sanwo-Olu is aware of or participated in the alleged scheme, or whether he is merely being investigated because he leads the administration under which the payments occurred.
How it started
EFCC, which instituted the forfeiture proceedings last year following extensive investigations into Ms Achimugu, her companies, suspected agents and business associates, gave details of how the suspicious $13 million was scraped together from sources, including unnamed Lagos State Government contractors.
The funds, according to EFCC’s assets forfeiture filing, were raised between March and April 2025 as part-payment for the acquisition of oil blocks.
According to the EFCC, one of Ms Achimugu’s firms, Oceangate Engineering Limited, which was at the centre of the suspicious transactions, successfully bid for the two oil blocks – Petroleum Prospecting Licences (PPLs) – in 2024.
One of the oil blocks was Deep Offshore PPL 302, and the other was Shallow Water PPL 3007.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) subsequently notified the company of its status as a winning bidder and the conditions it needed to meet to be issued the licences.
EFCC said the successful bidder needed to pay $37.2 million to the federal government to close the deal on the two oil blocks.
The payments
Oceangate Engineering had made a $20 million part-payment as of the time EFCC waded into the matter in April 2025, the anti-graft agency’s investigator, Usman Aliyu, stated in the affidavits filed in support of the forfeiture proceedings.
Mr Aliyu said Oceangate Engineering paid the $20 million to the federal government in several instalments from 20 March 2025 to 3 April 2025.
He gave a breakdown of the payments.
According to the EFCC detective, Providus Bank Limited transferred $7 million to the federal government on behalf of Oceangate Engineering Oil and Gas Limited on 27 and 28 March 2025.
He added that Oceangate Engineering also transferred a total of $13 million through its Zenith Bank account number 5074678281 to the federal government in seven instalments during the period.
The instalments are as follows: $1.1 million, $1.1 million, $3.8 million, $1.2 million, $3.05 million, $2.1 million, and $500,000.
Mr Aliyu said Oceangate Engineering, a limited liability company incorporated on 25 February 2005, used funds reasonably suspected to be proceeds of unlawful activity to acquire oil blocks from NURPC.
Agents used and Lagos contractors’ contributions.
He said the firm conspired with some unlicensed Bureau de Change (BDC) operators and bank officials to obtain the $13 million, which it transferred to the federal government. Some of the agents were named in the court filing.
“That one Suleiman Muhammed Chiroma was procured and aided by Oceangate Engineering Oil and Gas Limited to collect through his associates in cash and without going through a financial institution, both in Abuja and Lagos, the total sum of $13,000,000.00.
“That whilst acting in concert with Oceangate Limited, Muhammed Chiroma engaged one Dantani Abubakar Hassan of Ashrab Energy and Oil Services Limited and one Tirmizi Muhammed Usman of Tripple A & Tee Oil Nigeria Limited, to collect the said $9 million in cash and without going through a financial Institution for the sole purpose of using same to pay for the signature bonuses of the two oil blocks allocated to Oceangate Oil and Gas Limited,” Mr Aliyu’s affidavit read.
He said the company engaged Mr Chiroma, Tirmizi Usman and Dantani Hassan to receive suspicious funds from different contractors with the Lagos State Government.
He added that one Dantani Abubakar used his company, Ashrab Energy and Oil Services Limited, with account number 1229255048, domiciled with Zenith Bank Plc, to receive and retain illicit funds from different contractors with the state government.
He specifically said over N855 million, later converted to dollars, was sourced from the state government’s contractors.
“That whilst still working in concert with Oceangate Engineering Oil and Gas Limited and Suleiman Chiroma, Dantani Abubakar used his company, Ashrab Energy and Oil Services Limited with account Number 1907084038 domiciled in Access Bank Plc to receive and retain the total sum of N855,057,560.00 from different contractors executing contracts for and on behalf of the Lagos State Government which sum reasonably suspected to be proceeds of unlawful activity.”
He said the combined sum of over N2.4 billion (N2,455, 651, 560) received in both Zenith and Access Bank accounts of Ashrab Energy was converted to US dollars and subsequently transferred to Oceangate’s Zenith Bank account for onward payment for the signature bonus of the two oil blocks, PPL 302 and PPL 3007, allocated to the company, among other averments.
Mr Aliyu said the $13 million used by Oceangate to pay for the Signature Bonuses in respect of PPL302 and PPL3007 were not proceeds of any lawful and legitimate business of Oceangate but rather represent funds reasonably suspected to be proceeds of unlawful activity.
According to him, part of the funds used by Oceangate Engineering Oil and Gas Limited to pay the Signature bonuses in respect of PPL 302 and PPL 3007 was derived from a part of the Lagos State Government’s transfers to contractors for the execution of projects intended to benefit the people of the state.
The investigator said that there was never any contractual or business relationship between Oceangate and the contractors who transferred the public funds to the company’s account.
But Oceangate Engineering denied any wrongdoing and urged the court to dismiss the forfeiture proceedings.
In an affidavit sworn by Iliya Wakil, who identified as a director of the firm, denied any conspiracy with unregistered BDC operators and bank officials to retain or transfer illicit funds.
It maintained that Suleiman Chiroma, referred to by the EFCC, was a licensed BDC agent lawfully engaged by the company to help it source the US dollars needed to settle the signature bonuses for the PPL 302 and PPL 3007 oil blocks, as the fees were required to be paid in dollars.
The company official stated that Mr Chiroma acted independently and without any control by Oceangate Limited.
The director said the company did not know Dantani Hassan or the company known as Ashrab Energy and Oil Services Limited.
He denied Oceangate knowing any Tirmizi Usman or Tripple A & Tee Oil Nigeria Limited, insisting that the company had never met, dealt with, or transacted with either of them.
Judge Emeka Nwite of the Federal High Court in Abuja ruled on Wednesday that the explanations made by Ms Achimugu’s company for the suspicious payments were not convincing. He said he was not persuaded that the company had legitimately earned the money.
Governor Sanwo-Olu and Achimugu’s relationship
PREMIUM TIMES had reported the close relationship between Governor Sanwo-Olu and Ms Achimugu more than a year before EFCC’s probe into the oil block transactions became public.
The newspaper exclusively reported how Mr Sanwo-Olu abandoned work for days in January 2024 to party in the Caribbean Island of Grenada in commemoration of Ms Achimugu’s 50th birthday. Ms Achimugu turned 50 on 22 January 2024. She is now 52.
According to the PREMIUM TIMES report, Mr Sanwo-Olu flew in a private aircraft to the Caribbean Island and took residency in one of the most expensive resorts in the world to be part of the party.
He left many officials back home scrambling to figure out his whereabouts.
A website dedicated to the seven-day birthday party included information regarding visa arrangements, available chauffeurs, travel schedules, and the nearest airport to the event venue, among other details for the guests. The festivities commenced on 16 January with the arrival of guests.
But the governor, in his reaction to this newspaper’s report via his official X account @jidesanwoolu at the time, said he had travelled to Grenada deliberately to advance his state’s economic interests. He neither denied nor confirmed attending the birthday party.
Early sign of Governor Sanwo-Olu probe
The first sign that Mr Sanwo-Olu was possibly under EFCC investigation surfaced in October 2024, when a report circulated that the Lagos State governor had filed a suit to ward off EFCC investigations.
In the suit, the governor reportedly sought a declaration that the threat of his arrest and detention was illegal, unconstitutional and a violation of his fundamental rights.
It added that the governor sought an order restraining the EFCC from harassing, arresting and detaining him over his governance.
The report also stated that one Martha Kanu, claimed in an affidavit filed in support of the suit, that she was briefed on the suit’s details by the governor via teleconference.
She said she believed the governor’s briefing to be true. She reportedly said the governor told her that EFCC officials planned to arrest his aides and family members over allegations of fund diversion.
In what also appeared to shed further light on the scope of the relationship between Mr Sanwo-Olu and Ms Achimugu, the controversial suit was filed by Darlington Ozurumba, the lawyer who also defended Ms Achimugu’s Oceangate Engineering in the $13 million forfeiture proceedings.
In the wake of the wide publicity the suit received, the Lagos State Government denied that the governor had authorised the filing of the suit, while also expressing doubts about the existence of any legal action.
“We need to clarify that Mr Babajide Sanwo-Olu, at no time, sued or briefed any legal practitioner to file a suit on his behalf concerning the above subject matter,” the Lagos State Government said in a statement issued on 30 October 2024 by the Attorney General and Commissioner for Justice, Lawal Pedro.
“It is disingenuous for the Governor, who enjoys immunity as conferred on him by the Constitution and has almost three years ahead of him, to brief any lawyer on this kind of matter.”
Mr Pedro also denied the claim that the EFCC was investigating the Lagos State governor. He insisted that the EFCC had never invited or threatened to arrest the governor or any member of his staff.
Mr Pedro also vouched for Mr Sanwo-Olu’s judicious use of the state’s resources.
Although Mr Ozurumba appeared in court as the plaintiff’s lawyer to prosecute the case, the statement said that the origin of the reports about the purported suit was under investigation. It also cautioned media organisations to desist from circulating such misleading reports without proper investigation.
On 31 October 2024, a day after the Lagos State Government disowned the suit on behalf of the governor, EFCC filed its response to the suit categorically denying investigating or harassing the governor or any member of his family and staff.
But this was months before the oil block transactions took place.
Ms Achimugu and controversies
Ms Achimugu’s lifestyle has drawn public attention and controversy in the last two years.
Her January 2024 birthday extravaganza in Grenada and the $13 million forfeiture case are examples.
In 2025, EFCC declared her wanted in a 28 March 2025 public notice over her alleged involvement in money laundering and a Ponzi scheme. EFCC linked her to the controversial MBA Trading and Capital Limited.
The declaration prompted Ms Achimugu to file a suit marked FHC/ABJ/CS/626/2025 seeking to restrain the EFCC and other agencies from arresting or detaining her.
She argued that her rights to freedom of movement, dignity, and privacy were under threat.
On 28 April 2025, the judge, Inyang Ekwo of the Federal High Court, Abuja, ordered her to submit herself to the EFCC for questioning.
The following day, EFCC arrested her at the Nnamdi Azikiwe International Airport in Abuja upon her arrival from London at about 5 a.m. She has since been released from custody but continues facing investigations.
Although she has not been charged with any offence, her name has been linked to suspicious funds in an ongoing criminal trial, while investigations into her continue.
As Nigerians continue to grapple with rising petrol prices amid global oil market volatility, energy experts have outlined a mix of immediate, medium-term, and long-term measures the federal government can adopt to ease the burden on citizens without distorting the market.
The consensus among analysts is clear: while Nigeria cannot completely insulate itself from global crude oil shocks, it can deploy smart policy tools to moderate the impact and reduce structural inefficiencies that keep prices high.
The experts’ suggestions are coming amidst the surging PMS prices triggered by the Middle East hostilities.
At the moment, a litre of PMS is sold at N1,300 to N1,400 per litre even as crude oil prices continue to surge amidst escalating hostilities in the Middle East.
Nigeria, despite being an oil producing nation with a functional refinery operated by Dangote, has continued to report higher petrol prices, thereby worsening the cost of living in Nigeria.
A Nigerian energy expert and economist, Dr. Marcel Okeke outlined a series of urgent and structural measures the federal government can adopt to reduce the soaring cost of petrol, warning that the current crisis is largely the result of long-standing policy failures rather than external shocks alone.
Speaking on the state of the downstream sector, the expert said the persistent rise in petrol prices reflects deep-rooted vulnerabilities in Nigeria’s oil and gas framework, particularly the failure to sustain functional domestic refining capacity.
"I have told you, I believe I’ve told you before, whatever we are seeing now, it is the outcome of policies. That’s what we are seeing. Because if you check, not all oil producing countries are equally affected or affected to the same degree… so if our Nigerian refineries have been working, functioning, do you think we will have it like this? You know? So that is peculiar with us.”
The expert also faulted the implementation of the naira-for-crude policy, describing it as a missed opportunity that could have stabilised the domestic fuel market.
"If the naira for crude… had been working the way it ought to be working, we would also not get here,” he said.
Explaining how the policy is intended to function, he said local refineries are supposed to purchase crude oil in naira, thereby easing pressure on foreign exchange demand.
“Well, how it is supposed to work is that Dangote will be getting crude oil here, and local refineries will be getting crude oil here, and be paying in naira.”
However, he noted that Nigeria’s crude oil output has been heavily committed to servicing past debts, leaving little supply for domestic refining.
“But the situation now is such that even the crude that is being produced here… has been mortgaged to take loans… so that even as they are being produced, they are being used to service those loans. And that is why Dangote, instead of getting the crude here locally, is importing from other places.”
To address the crisis, the expert called for decisive executive action, including temporary policy adjustments to prioritise domestic supply.
He specifically recommended invoking force majeure — a widely recognised mechanism in the oil industry — to temporarily suspend certain obligations and redirect resources to local needs.
“You can declare what is called a force majeure… that you are unable to meet this… because of this situation… so that you can meet this local contingency now.”
He, however, expressed concern that the government has yet to adopt such an approach despite the severity of the crisis.
“But the President is not looking in that direction. He doesn’t seem to be thinking in that regard.”
The expert warned that if urgent steps are not taken, the rising cost of petrol could trigger widespread economic disruption, including business closures, reduced productivity, and worsening inflation.
Speaking with Daily Trust, Prof. Dayo Ayoade, an energy law expert at the University of Lagos, said expectations that the government can fully shield Nigerians from global price swings are unrealistic.
According to him, petrol price fluctuations are largely driven by international developments rather than domestic dynamics, including operations of the Dangote Refinery.
He said there are no easy solutions or answers in which the federal government can use to insulate Nigeria from a global crisis.
He said this fluctuating price is driven by international events and not local events in Nigeria and not with Dangote refineries.
"But having said that, an immediate thing that governments can do is to get the Nigerian midstream and downstream petroleum regulatory agency to investigate, do a competition investigation to ensure that there is no profiteering, or excessive profiteering on the part of Dangote refineries. And if the government wants to go beyond that, you could look at targeted subsidies. But if you do subsidies, you are returning us back to the stone and dark ages, which we have been very fortunate to escape from after a lot of political will and power on the part of the federal government,” he said.
He added that the government can, however, set up a price stabilisation fund to ensure that in this kind of crisis, “we would have money to limit the price. But it would be abused, as usual, in Nigeria with our limited governance.”
“So therefore, it’s not a good idea, in my view. We’ve been talking about shifting to CNG. So, we can continue to invest in CNG. That would be fine. Also, the PIA 2021 has actually told us to set up strategic reserves, petroleum reserves, So, if you set up a 60-day PMS stock reserve, that will limit some of the price shocks. Now, if we look at the more medium term, because the upstream oil is not like a tap you can turn on and turn off, if we increase oil production, it will mean we have access to more production and we can allocate to Dangote refinery and local refineries a larger amount of crude oil for their business.”
The Petroleum Industry Act 2021, he noted, already provides a framework for strategic reserves, but implementation has remained slow.
In a similar vein, Prof. Wumi Iledare, a renowned professor of petroleum economics, reinforced the argument that Nigeria operates within a global oil market system and cannot isolate itself from international price trends.
He said Nigeria cannot fully insulate PMS prices from global crude oil volatility because petroleum products are internationally traded commodities.
However, he emphasised that the government still has room to reduce the severity of price shocks through carefully designed, non-distortionary policies.
“First, tax and pricing policy flexibility can help. Temporary suspension or adjustment of VAT and selected levies during extreme price spikes can provide short-term relief without permanently distorting market signals. Second, targeted demand-side measures are more efficient than price controls. Transport vouchers for low-income commuters, support for mass transit systems, and staggered or remote work policies can reduce fuel demand pressure in the short run.”
These measures, he explained, would provide relief to vulnerable groups without undermining the broader market structure.
According to him, one of the most critical areas requiring attention is domestic supply resilience, which remains weak despite Nigeria’s status as a major oil producer.
“Third, the government should deepen domestic supply resilience. Ensuring reliable crude supply to local refineries (including Dangote), improving logistics, pipeline security, and storage capacity can reduce supply bottlenecks that amplify price spikes. Fourth, policy must focus on foreign exchange stability and market confidence. Even with local refining, exchange rate volatility influences replacement cost expectations and downstream pricing behaviour.”
Iledare further pointed out that Nigeria’s long-term strategy must go beyond petroleum if it hopes to achieve sustainable price stability.
Troops have killed scores of bandits in camps linked to notorious kingpin, Bello Turji, during coordinated operations in Zamfara and Sokoto states.
According to reports, the targeted hideouts are located in the Fakai community in Shinkafi and Isa Local Councils of Zamfara and Sokoto states, respectively.
A military source said the success was recorded during a fierce gun battle as part of ongoing operations against banditry in the North-West region.
He disclosed that the operation, led by the 8 Division Strike Force of the Nigerian Army, Sokoto, began in the early hours of March 20, with troops advancing into Turji’s camp deep within the Kagara Forest.
However, during the advance operation, two combat support vehicles developed mechanical faults near Maberaya village in Isa Local Council of Sokoto State, prompting a temporary halt to the troops’ movement.
The military source revealed that heavily armed bandits from Turji’s camp launched an ambush, using high grounds and forested areas for cover, which the troops swiftly responded to with superior firepower, engaging the bandits and eliminating several of them in the process.
“Three soldiers and one personnel of the Department of State Services (DSS) sustained injuries during the skirmish and were promptly evacuated to the 8 Division Military Hospital, Sokoto, for treatment,” the source added.
Meanwhile, authorities have dismissed reports claiming that over 150 bandits drowned in a boat accident in the Sabon Gida area of Sokoto State.
“The news circulating that over 150 bandits drowned in a boat mishap in the Sabon Gida area is a fake report,” the source said.
The National Inland Waterways Authority (NIWA) Area Manager in Sokoto, Mr Bello Bala, also confirmed that the report was fake, adding that the River Sabon Gida area is currently not navigable.
HOWEVER, the Kwara South Security Joint Watch has frowned on the lukewarm attitude of leaders of the senatorial district to the issue of insecurity in the area.
The body issued a threat alert at the weekend, hours before an attack on the ECWA church at Omugo via Oro-Ago community in Ifelodun council area on Sunday morning.
Eight worshippers were abducted by the armed bandits, including the wife of the head of the church, but three victims were later rescued.
A statement by the Coordinator of the Joint Security Watch, Olaitan Zubairu, yesterday, expressed outrage and frustration that, despite early warnings, leaders failed to act.
MEANWHILE, the Chief of Army Staff (COAS), Lieutenant-General Waidi Shaibu, has reiterated that the welfare of officers and soldiers remains a central pillar of his leadership and command philosophy in addressing insecurity across the country.
He spoke during an Eid-el-Fitr luncheon with troops at the Forward Operating Base (FOB), Epe, Lagos, emphasising that the strength of any Army lies in the well-being, morale, and confidence of its personnel.
The COAS reaffirmed his commitment to improving living conditions, professional development, and family support systems, ensuring every member of the Nigerian Army is treated with dignity and care.
He noted the coincidence of Ramadan and the Christian Lenten season, highlighting the Nigerian Army’s unity and shared purpose.
The COAS also honoured gallant officers and soldiers who paid the supreme price, and expressed appreciation to the President and Commander-in-Chief, Bola Tinubu, for his support.
He stressed the importance of collective responsibility in national defence, security, and synergy among security agencies to sustain operational success.
Shaibu commended officers and troops of the 3 Armoured Division Operation Enduring Peace (OPEP) for their unwavering commitment to restoring peace in the country.
Speaking at a luncheon organised for the troops in Jos, the COAS commended the General Officer Commanding (GOC) of 3 Division, Major-General Folusho Oyinlola
Chairman and CEO of Dangote Group, Aliko Dangote, has warned that the ongoing Middle East crisis could force Nigeria and other African countries to adopt COVID-era work-from-home restrictions if the conflict does not de-escalate.
Dangote gave the warning on Monday after meeting with President Bola Tinubu at his Ikoyi residence in Lagos, expressing deep concern about the economic impact of oil price volatility on the continent already burdened by debt.
The industrialist stated, “If this thing doesn’t de-escalate, you know, normally we in Africa, we don’t have any reserves in terms of savings.
“And so, people normally go out and look for money for the next day or for even the same day. Some of them, if they don’t work that day, they won’t eat.”
He cited Indonesia’s response to energy crisis pressures, where authorities asked workers to operate only four days a week and are considering full work-from-home arrangements similar to the COVID-19 pandemic.
“In some countries today what they’ve done, they asked everybody to work from home because they cannot afford it.
“I think Indonesians also only go to work four days a week. And they will look at the situation if it doesn’t improve, they will ask everybody not to go to work anymore.
“We will do like that time of COVID, where people will work from home,” Dangote stated.
The billionaire businessman warned that Africa would pay a disproportionate price for a crisis in which the continent has no involvement.
“It’s not only energy. Some people will try and take a chance and say, ‘Ah, this is an opportunity. So, let me make money.’
“So, if this thing doesn’t de-escalate, it is going to keep going up and up and up, and governments cannot really and add to salaries.
“So, people will really, really feel the pinch,” he stated.
Dangote emphasised that the crisis would hit hardest at ordinary Africans operating small businesses, especially barbers, bread sellers, and industries dependent on generators for power.
“People who are barbers, people who make bread, people who have industries, who have to pay for their own generators, you know, I mean, you can see what is happening,” he said.
He called for urgent prayers and international intervention to end the conflict.
“We just need all hands-on deck to pray that this thing comes to an end,” the Dangote Group chairman stated.
Speaking on President Tinubu’s recent state visit to the United Kingdom, Dangote expressed optimism the trip will open doors for Nigerian business and investment.
He highlighted the £746m infrastructure agreement signed during the visit, describing it as significant beyond the monetary value.
“It has not been easy dealing with the British, getting this kind of money out of them. They too, they are struggling on their own. But I think this is to show confidence — it’s not about the money. It’s about the confidence in Nigeria,” Dangote said.
He predicted that the UK agreement would encourage other countries to follow suit.
“The moment that they do that, there will be other countries that will follow suit. Germany will come, others will line up and start coming up,” he stated.
Dangote also revealed that Nigerian investors could now access the UK Export Finance agency, a credit resource that has remained largely untapped for years.
“For Nigerian investors, it has shown that we can also go to the same agency and tap the resources. It means that the agency now is open for business for Nigerians, and we will go as private people to look for them to give us support,” he explained.
The infrastructure agreement signed during Tinubu’s UK visit focuses on port development and other critical areas, with funding from UK Export Finance.
Dangote said he visited the President to extend Eid-el-Fitr greetings and pay his respects following Tinubu’s return from the two-day state visit to the United Kingdom.
The Middle East crisis has triggered concerns about oil price volatility globally, with potential impacts on inflation, transportation costs, and energy-dependent sectors across Africa.
Nigeria, despite being an oil-producing nation, remains vulnerable to global oil price fluctuations due to its dependence on imported refined petroleum products.
By Laolu Afolabi, Adebayo Folorunsho-Francis and Abdulrahman Zakariyau
The All Progressives Congress is moving toward a consensus arrangement to settle on Deputy Governor of Lagos State, Obafemi Hamzat, as its governorship candidate for the 2027 election in Lagos State, The PUNCH reports.
Similarly, the party stakeholders are said to also favour the senator representing Ogun West and Chairman, Senate Appropriations Committee, Olamilekan Adeola, popularly known as Yayi, for Ogun State, and the senator representing Oyo South Senatorial District, Sharafadeen Alli, for Oyo State.
The purported decisions emerged from a meeting of APC stakeholders from the three states with President Bola Tinubu in Lagos on Sunday night.
Tinubu had hosted Vice President Kashim Shettima and 23 governors at his Lagos home for the Eid el-Fitr celebrations and sources with knowledge of the matter told The PUNCH that the President and party stakeholders from Lagos, Ogun and Oyo held another meeting to take critical decisions ahead of next year’s general elections.
The Independent National Electoral Commission has scheduled the Presidential and National Assembly elections for January 16, 2027, and the governorship and State Houses of Assembly elections for February 6, 2027.
In its released timetable, INEC stated that political parties were expected to conduct their primaries between April and May 2026, with candidates emerging by the end of May.
The Electoral Act 2026 (amended) provides that candidates of political parties may be selected either through a consensus arrangement or direct primaries.
For the APC, the party traditionally favours a consensus approach, highlighting the popularity of such candidates and their track record of winning elections.
President Tinubu returned to Lagos on Friday following a two-day state visit to the United Kingdom. He spent part of his Sallah break in the commercial city, attending to key political matters, including discussions on potential successors in the South-West states ahead of the 2027 elections.
In the South-West, only Lagos, Ogun, and Oyo states will hold governorship elections in 2027, and the President is prepared to lead the party to victory from his zone.
Multiple sources at the Lagos meeting of South-West APC stakeholders with Tinubu confirmed that the session was lengthy, involving detailed deliberations on party strategy and candidate selection.
One of the sources, who spoke on condition of anonymity, said, “The choices of Hamzat, Yayi, and Alli were arrived at after a prolonged discussion with the President, taking into account the collective opinions of those present and the popularity of the candidates in their respective states.”
Among those at the meeting were Chief of Staff to the President, Femi Gbajabiamila; Senate Leader, Opeyemi Bamidele; Governors Babajide Sanwo-Olu (Lagos), Dapo Abiodun (Ogun), and Biodun Oyebanji (Ekiti); and Executive Chairman of the Nigeria Revenue Service, Zaccheaus Adedeji, among other top stakeholders.
The source added that the report presented to the President had been prepared during an earlier meeting at the Senate Leader’s residence in Abuja about two weeks prior.
Consensus, compensations
The meeting reportedly acknowledged dissenting voices against the recommendations but agreed to work towards a consensus to provide a “soft landing” for aspirants who might be affected by the arrangement.
“In Lagos, the Minister of Education, Tunji Alausa, is still lobbying to emerge as the consensus candidate.
“Though some online reports suggested he will resign to pursue the governorship, he has insisted on remaining in office and focusing on delivering the Renewed Hope agenda,” another source privy to the meeting said.
Other serious aspirants for the Lagos governorship ticket on the APC platform include Gbajabiamila, former Governor Akinwunmi Ambode, Speaker of the State House of Assembly, Mudashiru Obasa, Chief of Staff to Governor Sanwo-Olu, Tayo Ayinde, Private Secretary to the President, Hakeem Muri-Okunola, Senator representing Lagos East, Tokunbo Abiru, Commissioner for the Environment, Tokunbo Wahab, Jide Adediran (Jandor), and Samuel Ajose (SMA).
In Ogun State, the selection of Yayi reportedly conflicts with Governor Abiodun’s preference.
“The governor seems to be backing Senator Shaibu Afolabi Salisu of Ogun Central, due to his role in Abiodun’s 2019 election.
“However, former governor and party leader, Chief Olusegun Osoba, does not support this choice,” a source said.
It is also understood that former Governor Senator Ibikunle Amosun is expected to contest for the Ogun Central senatorial seat in 2027, potentially displacing Salisu.
“The governor is reportedly seeking ways to compensate Salisu while paving the way for Amosun,” the source added.
Alli’s emergence
In Oyo State, the choice of Alli appears to have the backing of the majority of APC stakeholders in the state, as well as the Olubadan of Ibadan, Oba Rashidi Ladoja, a former Oyo State Governor.
Alli, a former Secretary to the Oyo State Government and Chief of Staff under Ladoja, later served as Chairman of Odu’a Investment before becoming senator for Oyo South.
The lagos meeting also reportedly considered Remi Oseni, a member representing Ido-Ibarapa East, as a strong candidate due to his grassroots popularity and performance in the House of Representatives.
The lawmaker was described as a grassroots mobiliser who enjoys popularity among the people. He is also seen as the most performing lawmaker in the House of Representatives from Oyo State.
The report also stated that the Remi Oseni Committee of Friends is relying on over 200,000 members in the state to boost the governorship ambition of the lawmaker.
The meeting, according to the sources, however, agreed to cede the Senate seat for Oyo South to Oseni, to compensate him for his popularity and goodwill.
“The committee agreed to offer Oseni the Oyo South Senate seat as compensation, acknowledging his support base of over 200,000 members,” the source said.
The discussions also reportedly noted that Alli might serve only one term as governor to allow for the emergence of a candidate from outside the Ibadan zone in 2031.
Other APC aspirants eyeing the Oyo governorship seat include the 2023 governorship candidate of the party, Teslim Folarin; senator representing Oyo North, Abdulfatai Buhari; Minister of Power, Bayo Adelabu; former Oyo Deputy Governor, Rauf Olaniyan; lawyer, Akeem Agbaje; former Minister of Communications, Adebayo Shittu; former Oyo Health Commissioner, Azeez Adeduntan; Saheed Oladele, Gbenga Adegbola, and Kunle Busari, the son of the late Ibadan strong politician in the First and Second Republic, Chief Busari Adelakun, popularly known as Eruobodo.
Concerns over Adelabu
Multiple sources at the meeting told The PUNCH that issues surrounding the Minister of Power, Bayo Adelabu, were also raised.
It was learnt that the minister does not enjoy the popularity that could make him win the Oyo governorship election against the candidate of the incumbent Governor Seyi Makinde.
It was gathered that one of the conclusions of Adelabu’s non-popularity in the state was the House of Representatives by-election midwifed by the minister, but which was lost to the Peoples Democratic Party.
The sources said those at the meeting told the President that the Oyo State chapter of the party was divided over the choice of the minister, as he does not enjoy a good relationship with party leaders and members in the state.
It was also gathered that the only candidate that would be acceptable to all divides in the party was Alli.
“Adelabu does not have the popularity to win the governorship against Governor Seyi Makinde’s anointed candidate,” a source said, citing his candidate’s loss in the House of Representatives by-election that he midwifed.
“The state chapter of the party is divided over his candidacy, and Alli is seen as the only aspirant acceptable to all factions,” the source added.
The PUNCH reported that Adelabu ran on the Accord platform for the 2023 governorship election in the state against Teslim Folarin of the APC.
Earlier in 2019, his choice and endorsement by the late former Governor Abiola Ajimobi polarised the party, leading to defections of major chieftains of the party at the time. Adelabu eventually lost the election to Makinde.
In the March 18, 2023, election, Adelabu came a distant third, polling 38,357 votes, again trailing far behind Makinde, who won with over 563,000 votes.
The minister had dumped the party after he lost the ticket to Folarin at a primary held at the Liberty Stadium, Ibadan.
While Adelabu has since returned to the party and was rewarded with a ministerial position, those in the Folarin camp had yet to really benefit from the Federal Government appointments.
The source also stated that the minister had been advised against resigning from the cabinet as his chances are not bright.
When asked why Adelabu has not resigned to pursue his governorship ambition, one of the sources present at the meeting told The PUNCH that none of the ministers and other appointees eyeing positions had been able to secure a buy-in from the President.
He said, “He cannot just resign like that without an assurance that he will be the consensus candidate of the party. He knows his position is not certain. Once he resigns, the President will appoint a replacement, and he may not have the chance to return to the cabinet.
“It is better for him to clear his chances first before jumping the gun. He won’t have a second chance at a ministerial appointment, at least for now.
“The power crisis in the country is not in his favour, and once he leaves and a replacement can solve some of the problems, Adelabu may not return.”
Next steps
Stakeholders from Oyo State are expected to meet in Abuja on Friday, March 27 to deliberate on compensations for other aspirants before Alli formally declares his governorship bid.
Multiple sources confirmed that the report to the President does not mark the conclusion of the process, as underground consultations are ongoing nationwide to secure buy-in from all aspirants.
“The APC believes in consensus over direct primaries,” a source said, adding that “Direct primary is a strenuous process, but all aspirants will be accommodated in the spirit of fairness and justice.”
APC consensus option
The APC has begun consultations with stakeholders and aspirants on the possibility of adopting consensus candidates for governorship and National Assembly elections ahead of its forthcoming national convention.
The move, party sources say, is aimed at fostering internal cohesion and reducing post-primary disputes, which have historically trailed candidate selection processes across major political parties.
Speaking in an exclusive interview with The PUNCH, the Deputy National Organising Secretary of the APC, Nze Chidi Duru, said while the party may lean towards consensus arrangements, it would not shut the door against aspirants seeking to test their popularity through primary elections.
He explained that the approach aligned with democratic principles and global political practice, particularly where incumbent officeholders were seeking re-election.
Duru said, “It is not that we are likely, we will have a consensus. That is an indication of the APC being a democratic party. But should it happen that there is a member of the party who would like to throw his hat in the ring? He is more than welcome.
“We do not think that in any place in the world where we have democracy we can glean from. If there is a sitting President, he will always be given the first right of refusal.
“And in this case, the rank and file of the party, the structures, organs have indicated a preference that Mr President should continue in the work that he is doing for Nigeria,” he added.
The APC chieftain noted that the “first right of refusal” principle is anchored on performance, party ideology and the need to present candidates capable of delivering on the party’s manifesto.
On whether the arrangement could be extended to governorship and other elective positions, Duru said he supports granting incumbents the opportunity to seek a second term.
“It is my personal view that executives who have done one term and have an opportunity for a second term should be granted the right of first refusal for the reasons I have espoused.
“It is on that basis that political parties are kept on their toes to ensure that those who occupy offices deliver on the mandate of the party knowing fully well that those occupying those offices, when it is time for re-election, will be offered the automatic tickets, first right of refusal, and be presented to the electorate in the given constituency.
“So, there are two things that go for it. One, the party is vigilant. The party holds those in positions accountable to deliver on the mandate that they have given them. And then of course, the motive that comes with the next election, of which they have a right to contest again at that election, is that if they do not perform, then they will lose the election. So, there is something that goes for that first right of refusal,” he stated.
Imposition or consensus?
Meanwhile, the Nigerian Political Science Association and the Coalition of United Political Parties have accused Nigerian politicians of prioritising imposed decisions over genuine consensus, warning that such practices undermined democratic processes and political fairness in the country.
In an exclusive interview with The PUNCH on Monday, NPSA president, Professor Hassan Saliu, emphasised that while consensus was positive when sincerely achieved, he expressed concern that Nigeria was currently witnessing the imposition of candidates rather than genuine agreements.
He stated, “If truly they achieve consensus, I don’t see anything bad in it. But once there is dissent, even from one person, the wall of consensus breaks down. Consensus freely reached and agreed to is what I support, not one that is forced or imposed.
“If all of them agree beforehand to support a candidate, that is acceptable. If there is no dissent, fine. But if there is even one dissenting voice, then the wall of consensus breaks down.
“The challenge is how to achieve a consensus that everyone genuinely agrees to. So, what I see happening, is imposition. Some leaders intimidate others to step down, withdraw, or even prevent their supporters from attending the congress or convention where candidates are to be elected. And this is not good for democracy.”
Also, the CUPP publicity secretary, Mark Adebayo, stated that consensus should remain an internal matter for political parties, noting that in Nigeria, the common practice was the imposition of candidates.
He stated, “Consensus, for me, should be an internal party matter. If a political party chooses to adopt a consensus approach in selecting its candidate for an election, nobody should begrudge the party. It should be the decision of each party.
“Consensus candidature can have both positive and negative outcomes. Sometimes it promotes peace within the party because, when genuinely achieved, it reflects the choice of a particular constituency, state, zone, or local government.
“However, what is defined as consensus in Nigeria is often different. Frequently, someone at the top simply declares, handpicks, announces and even imposes a candidate for a position.
“This practice generates internal conflicts and bad blood within political parties. The electoral act now allows for either consensual or direct primaries. Not all political parties will find this easy. I believe the framers of the act should have allowed parties the option of direct, indirect, or consensual methods, rather than removing indirect primaries entirely.”
However, Duru addressed concerns that automatic tickets for incumbents could trigger internal discontent, pointing to constitutional provisions that allowed elected executives to seek a second term.
He said, “It is not for nothing that the Constitution provides the possibility for elected executive governors and the President of the country to run for a second term. I believe that party members will always understand that once it’s a constitutional provision, you cannot deny or exclude the possibility of a re-election.”
Findings by The PUNCH indicate that the debate over consensus candidacy versus direct primaries has remained a recurring issue within Nigerian political parties, often pitting party leadership against grassroots aspirants seeking a level playing field.
Duru’s comments come ahead of the APC’s national convention scheduled to hold in Abuja from March 27 to March 28, 2026, where key decisions on party structure, strategy and preparations for future elections are expected to be taken.
Thirty-four banks have met the new minimum capital threshold eight days to the deadline for banking recapitalisation, The Nation has confirmed.
A provisional list reviewed yesterday showed that all the major banks with international banking licences, which control more than 70 per cent of the industry and most national banks have scaled the recapitalisation hurdle.
The Central Bank of Nigeria (CBN) is expected to issue final status report next week.
The apex bank had in March 2024, set March 31, 2026 as deadline for the recapitalization.
Experts said the ongoing process while stricter on the basis of qualifying capital has been the most successful in the country’s history of recapitalisation.
Most experts said they expected nearly all banks to be cleared by the apex bank given the current level of compliance and last-minute efforts by banks to verify private capital injections.
Under the process, qualifying capital for the new minimum requirement is the addition of share capital and share premium, as against the previous use of shareholders’ funds.
The provisional compliance list showed that Guaranty Trust Holding Company (GTCO), FCMB Group, Fidelity Bank, Zenith Bank, Access Holdings, First HoldCo and United Bank for Africa (UBA) have surpassed the N500 billion minimum capital requirements for their international banking licences.
The list also showed that 10 national banks have met the N200 billion new minimum capital requirements for their operations.
These are: Stanbic IBTC Holdings Plc, Wema Bank Plc, Ecobank Nigeria, Sterling Financial Holdings Company Plc, Premium Trust Bank, Standard Chartered Bank, Globus Bank, Optimus Bank, Citibank and Providus-Unity Bank consortium, which is concluding a CBN-sanctioned business combination.
In a major boost to the non-interest finance sector, all the four banks which operate on the principles of Islamic finance, have met the N20 billion minimum capital requirements for the segment.
They are Jaiz Bank Plc, Lotus Bank, Taj Bank and Sterling HoldCo’s The Alternative Bank.
There were also indications that a new non-interest bank, currently seeking licence at the apex bank, has met the new regulatory capital.
On the list are six banks with regional banking licences- Parallex Bank, Signature Bank, Suntrust Bank, Alpha Morgan Bank, NOVA Bank and Tatum Bank.
Regional banks, which are limited to operating with specified region of the country are required to have new minimum capital of N50 billion.
The apex bank is also expected to provide greater details next week on the treatment of three banks under its intervention-management. These are Polaris Bank, Keystone Bank and Union Bank of Nigeria (UBN).
Governor of Central Bank of Nigeria, Mr. Olayemi Cardoso had earlier addressed concerns about the three banks-Polaris Bank, Union Bank and Keystone Bank, noting that they may not follow the same recapitalisation timeline because of legal and structural issues affecting them.
He said: “We remain actively engaged with all relevant stakeholders to ensure that they have an orderly and credible outcome while maintaining financial stability.”
Cardoso assured Nigerians that “depositor funds in these institutions (Polaris Bank, Union Bank, Keystone Bank) remain secure and operations continue under close supervisory and regulatory oversight of the CBN.”
The nation’s wholesale banking space also remained almost unaffected by the recapitalisation programme as most merchant banks have met their new minimum capital base of N50 billion.
On the list were Greenwich Bank, FSDH Merchant Bank, Rand Merchant Bank, Quest Merchant Bank and Coronation Merchant Bank.
Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, said the Cardoso-led recapitalisation has been the most successful in terms of impact and fallout.
He expressed optimism that at the end of the recapitalisation exercise, there would be no visible disruption to customers’ businesses and displacement of employees, contrary to the previous exercise that led to closure of several banks.
Unity Bank yesterday confirmed that its merger with Providus Bank has reached final stages.
The bank stated that contrary to reports that it was yet to meet the recapitalisation requirement, its merger with Providus Bank, approved by the CBN, has given the emergent bank the new minimum capital requirement.
The report states: “As you may recall, the Central Bank of Nigeria (CBN) supported the proposed merger between Unity Bank and Providus Bank as part of the institutions’ strategy to meet the recapitalisation threshold.
“This approval included a pivotal financial accommodation designed to support the transaction. The financial accommodation has been converted to Tier-1 capital, bringing the combined capital base of Unity Bank and Providus Bank well above the N200 billion minimum required to retain a national banking licence under the CBN’s recapitalisation framework.
“As previously communicated, the merger process is currently in its final stages, following approvals from the CBN and shareholders of both banks.
“The transaction has also progressed with additional regulatory clearances from the Securities and Exchange Commission (SEC) and other relevant authorities. Integration activities between the two institutions are already underway, while the final court sanction is expected to conclude the process in the coming days, ahead of the March 31 deadline set by the CBN for the recapitalization process,” Unity Bank stated.
Businesswoman Tracyniter Nicholas Ohiri has alleged that her earlier retraction of claims against the Minister of Works, David Umahi, was scripted and made under pressure, insisting she was promised $70,000 that was never paid.
In a fresh video circulating online, Ohiri said a lawyer, Marshal Abubakar, coerced her into recording the retraction and assured her that Umahi had agreed to compensate her before the video was made public.
“Marshal, you gave me a script… you forced me to do this video. You said the person told you he was willing to pay me and compensate me for even arresting me and body-shaming me in public,” she said.
She alleged that the agreement was that payment would be made before the video was released, but claimed that did not happen.
“You told me that I will receive my payment before you release the video. How did you release the video without me collecting my money?” she asked.
Ohiri further alleged that she was isolated and intimidated during the process.
“You made sure I did not speak to anybody… you kept on threatening me,” she said, calling on the Nigerian Bar Association to investigate Abubakar’s conduct, which she described as unethical.
Ohiri had earlier accused Umahi of owing her about N250 million for promotional and printing services she claimed to have rendered during his 2015 governorship campaign in Ebonyi State. She also alleged sexual harassment and intimidation after she demanded payment, claims the minister has consistently denied.
She was later arrested in Lagos over allegations of cyberbullying linked to her social media posts and transferred to Abuja, where she was detained at the FCT police command. She was subsequently arraigned before a magistrate court in Wuse on a defamation charge and granted bail.
The matter gained public attention after activist and former presidential candidate Omoyele Sowore confronted the minister at the police headquarters, criticising what he described as the criminalisation of a civil dispute.
Umahi, in his response, denied both the allegation of indebtedness and the claims of sexual harassment, describing them as baseless.
“As party chairman, I owed nobody… I presided over both men and women, and nobody ever said I harassed them,” he said, adding, “What you read on social media, I’m not worried about it… it’s just to make social media alive.”
Amid the controversy, Ohiri had released a video retracting her allegations and apologising to the minister and his family, saying the decision followed consultations with her family, friends and legal team. In that video, she stated that there was no formally signed agreement between her and the minister and suggested that any materials she supplied may have been used by aides without his knowledge.
However, her latest claims challenge that retraction, as she now insists it was made under duress and tied to a promise of financial settlement that was not fulfilled.
Responding on his Facebook page, Abubakar denied coercing Ohiri or withholding any payment, describing her allegations as false.
He said he had supported her during her arrest by mobilising assistance, engaging activists and helping to secure her bail. According to him, attempts were made to mediate between Ohiri and the minister, who maintained that he was not indebted to her.
“He insisted that he wasn’t owing her and wouldn’t pay unless she can establish the existence of a contract,” Abubakar said.
He added that he found no evidence to support her claims during the mediation process.
“There was no single real evidence of any contractual agreement… no evidence that the minister ever engaged her,” he said.
Abubakar said Ohiri eventually agreed to retract her allegations as part of efforts to resolve the dispute, adding that the $70,000 mentioned was provided by a third party, Joseph Ekumankama, not as compensation or an admission of liability, but to facilitate peace.
He denied benefiting financially from the arrangement and alleged that Ohiri later demanded a significantly higher sum.
“She promised to drag my name online unless I meet them to pay her N300 million,” he said, adding that he is considering legal action over the claims made against him.
Several African countries, including South Africa, Ghana and Kenya, are turning to Nigeria’s Dangote Refinery as fuel supplies from the Middle East tighten following disruptions linked to the ongoing Israel-US-Iran war and threats to the Strait of Hormuz.
According to Bloomberg, the supply crunch has left many African nations scrambling for alternatives, having long depended on large refineries in the Persian Gulf for refined petroleum products.
At the centre of the shift is Africa’s richest man, Aliko Dangote, whose 650,000-barrel-per-day refinery on the outskirts of Lagos is now emerging as a critical lifeline for the continent.
The $20 billion facility, which began operations in 2024 after years of delays and cost overruns, has been ramping up production and is already witnessing a surge in demand from across Africa as governments seek to avert looming energy shortages.
Industry sources say the refinery is fielding strong interest from multiple countries, with some already initiating talks to secure supply agreements.
The crisis underscores Africa’s long-standing dependence on imported refined fuel, even among oil-producing nations. Until recently, Nigeria exported crude oil abroad for refining and then re-imported finished products at significantly higher costs.
While the Dangote Refinery has helped reverse that trend, domestic demand in Nigeria still accounts for roughly three-quarters of its output, leaving only limited volumes available for export to other African markets.
Analysts warn that the plant alone cannot fully bridge the continent’s fuel deficit, particularly as many countries lack sufficient strategic reserves to cushion prolonged supply disruptions.
Governments are already rolling out contingency measures. Ethiopia has urged citizens to conserve fuel, prioritising public transport, while major firms in South Africa are taking steps to secure supplies for critical operations.
The scramble for fuel is expected to intensify competition among African buyers, a development likely to boost revenues for Dangote’s refinery.
Speaking with The Economist recently, Dangote noted that the current situation is driven less by pricing and more by availability, warning that the supply squeeze may persist as geopolitical tensions continue to disrupt global energy flows.
“Right now it is not about pricing, it’s about availability. I think the situation will continue for a while,” he said.
With Africa’s fuel import dependence growing over the years, the evolving crisis is now accelerating a shift toward regional refining solutions — with Nigeria’s mega refinery at the forefront.
No African country is a member of the International Energy Agency, which requires member states to hold at least 90 days of net oil import reserves — a benchmark that throws the continent’s exposure into sharp relief.
Following the recent directive by President Bola Ahmed Tinubu for political appointees under his administration intending to contest elective offices in 2027, to resign their appointments on or before March 31, 2026, there are indications that at least seven ministers may be on their way out.
The party primaries for elective positions are expected to be held between 23rd April and May 30th, 2026, while names of candidates are expected to be submitted to the Independent National Electoral Commission (INEC) by 11th July for presidential and National Assembly and August 8th for governorship and House of Assembly elections.
Our correspondents report that ahead of the 2027 general elections, there are other appointees of the president apart from ministers who are eyeing various elective positions and are expected to resign.
They include ministers of state, special advisers to the president, senior special assistants, special assistants, personal assistants, directors-general, and chief executive officers of federal government parastatals, agencies, commissions and government-owned companies, as well as other political appointees of the president.
The directive, announced in a circular issued by the Office of the Secretary to the Government of the Federation, is in line with Section 88(1) of the Electoral Act, 2026, and the timetable released by the Independent National Electoral Commission (INEC) for party primaries ahead of the 2027 polls.
The circular, signed by the Secretary to the Government of the Federation, George Akume, and issued by the Permanent Secretary of the General Services Office, Ibrahim Kana, stated that the directive applies to all categories of presidential political appointees seeking to participate in party primaries or contest for any elective office.
According to the circular, all affected officials are required to submit their formal resignation letters through the Office of the Secretary to the Government of the Federation not later than March 31, 2026.
President Tinubu said the measure was necessary to ensure compliance with electoral laws, uphold transparency in the political process, and promote a level playing field for all aspirants ahead of the elections.
He also urged all concerned officials to take note of the directive and ensure strict compliance, reaffirming his administration’s commitment to strengthening democratic institutions and promoting credible electoral processes in Nigeria.
Based on activities across states and checks by our correspondents, Daily Trust chronicles some appointees who may be leaving the government soon.
Minister of power, Bayo Adelabu (Oyo)
The Minister of Power and two-time governorship candidate is one of the major contenders for the Oyo State Governorship poll in the next election. His credentials, political party and current position places him at the front row in the battle for Governor Seyi Makinde’s seat.
When Adebayo Adelabu, then Deputy Governor in charge of operations at the Central Bank of Nigeria (CBN), in 2018, resigned to pursue his governorship ambition, he was quick to gain political prominence riding on his family’s political legacy in the state. He is the grandson of late Adegoke Adelabu, one of Oyo’s most revered politicians.
In the build-up to the 2019 governorship poll, Bayo Adelabu went under his grandfather’s “Penkelemesi” umbrella to gain relevance. His grandfather’s name, however, could not get him elected despite flying the APC’s ticket, then ruling party in Oyo State. He lost to Makinde.
He re-contested the seat in 2023 on the platform of the Accord Party after defecting from the APC. Again, he lost to Makinde.
Despite contesting on the platform of the opposition party, President Bola Tinubu handed him a ministerial nomination and posted him to the Ministry of Power.
In December 2023, Adelabu returned to the ruling APC and he has been putting structures in place to achieve his ambition in 2027.
In October last year, Adelabu declared it was now his turn to become Oyo State governor.
The minister, who spoke in Yoruba, adopted his principal, Tinubu’s slogan of “E mi lokan” (it’s my turn), saying he paid his dues in the state’s politics.
“I have been on this journey for a while now. I believe it’s not the day you start politics that you begin to reap the benefits. I have now paid my dues. I contested against Seyi (Makinde) in 2019. In 2023, I also contested against Seyi, then as the sitting governor. But this 2027, God has shown that it’s my turn. It’s Adelabu time. Anything that belongs to Adelabu belongs to us all,” he said.
Bosun Tijani (Ogun State)
The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, is one of those eyeing the governorship seat in Ogun State.
Tijani, known for his expertise in technology and economic development, has not formally declared his candidacy for the Ogun State governorship. But findings showed that he has been making consultations with major stakeholders and groups on his ambition.
Since his apointment as minister, Tijani has donated or facilitated ICT facilities in several institutions across the state, a move said to be part of his political strategy to realise his ambition.
Hakeem Muri – Okunola (Lagos)
As the search for Governor Babajide Sanwo-Olu’s replacement intensifies, the name of Hakeem Muri-Okunola, Principal Private Secretary to President Bola Tinubu, appears to be at the forefront.
‘HMO’, as he is known, assumed office in September 2023, after resigning as Lagos State’s 21st Head of Service.
Although, he has not declared any intention to run, within the All Progressives Congress (APC), he is widely viewed as a leading contender for the APC governorship ticket in Lagos.
Many support groups have since surfaced on the social media in Lagos pushing the “HMO for governor” narrative.
Muri-Okunola worked closely with Tinubu during his years as Lagos governor and later rose through the state’s civil service, from the Lands Bureau to Permanent Secretary, then Head of Service.
Sources say he may soon be leaving his current position to realise that ambition.
Saidu Alkali (Gombe)
The Minister of Transportation, Senator Saidu Ahmed Alkali, who represented Gombe North senatorial district in the sixth, seventh and ninth Senate is among those aspiring to clinch the All Progressives Congress (APC) ticket for Gombe governorship seat in 2027 election, Daily Trust gathered.
He first came to limelight when he was appointed by former Governor Danjuma Goje as Commissioner for Information in 2007, a position he held until 2010 when he was nominated for a by-election to replace Senator Kawu Peto Dukku, who died while representing Gombe North. He was re-elected in 2011 under the PDP and served as the chairman, Senate Committee on the Nigeria Air Force.
He didn’t seek to return to the Senate in 2015. But he staged a comeback in 2019 and defeated Ibrahim Hassan Dankwambo, who was completing his two-term tenure as governor. He was, however, defeated by Dankwambo in the 2023 general elections.
Although, he is yet to publicly declare his interest to contest the governorship seat, Alkali is believed to be working from Abuja to clinch the ticket, especially in the Presidential Villa, Abuja, where he is said to enjoy the support of Vice President Kashim Shettima, First Lady, Senator Oluremi Tinubu, and the Minister of Solid Minerals, Dele Alake, who are among the top members’ of President Tinubu’s kitchen cabinet.
One of his close aides, who craved anonymity because he was not authorised to speak to the press, confided to Daily Trust that Alkali has been preparing his handover notes, since the presidential directive to political appointees to resign by March 31.
Pate, Tuggar (Bauchi)
The Coordinating Minister of Health and Social Welfare, Muhammad Ali Pate, is among those said to be eyeing the Bauchi governorship seat. He contested the 2019 governorship election under the Peoples Redemption Party (PRP) and emerged third.
Pate’s posters and billboards have been sighted in some strategic locations in the state while some pressure groups have been campaigning for his candidacy and is said to be enjoying some backing from Abuja.
One of his close associates, Dr Jaafar Ibrahim Dass, when contacted, confirmed that Pate is interested in running for governor and refuted insinuations that he has pulled out of the race.
He said, “People started saying that he may not run because they say he is doing a good job for President Tinubu and he may not be allowed to exit. But that is a good campaign for him because it shows that he is working. I can, however, assure you that he wants to run having contested in 2015; 2019 and 2023. Another thing I can tell you is that he will first seek clearance and blessing from the president as a mark of respect to the one who gave him the appointment before leaving he cabinet.”
The Minister of Foreign Affairs, Yusuf Maitama Tuggar, is also said to be eyeing the Bauchi governorship seat. He lost the APC gubernatorial primaries in 2015 and was subsequently compensated with ambassadorial slot.
His posters and billboards have also flooded strategic locations in Bauchi State, since over a year ago. His posters are also on some commercial motorcycles in the state.
Many pressure groups have also been campaigning for him, urging him to contest the governorship election, Daily Trust gathered. The minister, through his Tuggar Foundation, has also engaged in various humanitarian services.
The Minister of Humanitarian Affairs and Poverty Reduction, Dr. Bernard Doro, hails from Plateau State and is reportedly eyeing the northern senatorial seat for the state.
The minister is from Bassa LGA, one of the six LGAs that form the senatorial zone.
Checks by our correspondent revealed that though he’s being persuaded to remain as minister and allow someone from the Berom ethnic group to contest the seat (considering Berom is the majority in the zone), he’s pushing to contest.
A source told Daily Trust that the government is working to balance power through a gentleman’s agreement by allowing the ministerial seat to go to Bassa and Senate to go to either Jos South, Riyom or Barkin Ladi LGAs.
Agric Minister, Kyari (Borno)
Senator Abubakar Kyari, currently serving as the Minister of Agriculture and Food Security, is one of the names frequently mentioned as likely replacement of Governor Babagana Zulum.
Kyari represented Borno North Senatorial District in the Senate from 2015 until his resignation in April 2022, to become the APC Deputy National Chairman, North, where he also acted briefly as APC national chairman in 2023
Politicians close to Kyari believe that he will be one of the first to resign his position as minister and join the race for Borno State governorship ticket.
Kyari, a long-time political associate of Vice President Kashim Shettima, contested for the governorship position in 2019 but stepped aside for the party’s consensus candidate.
Analysts believe he is one of the contenders that would get the nod of the vice president in this election cycle.
Dr Mathias Byuan (Benue)
Dr Mathias Byuan is currently the Executive Director, Housing Finance and Accounts at the Federal Housing Authority, Abuja and a front-liner for the 2027 governorship contest in Benue State.
Although, he is the Chief Convener/National Coordinator of the Ahmed Bola Tinubu (ABT) Support Group 2027, a platform he uses to canvass support across the North central states for the return of the president to office for a second tenure, Byuan has never hidden his intention to vie for the Benue number one seat.
Recently, he pledged to prioritise welfare, empowerment, and rural development if elected governor of Benue State in 2027.
Byuan, through his Special Adviser on Media, Akange Nyagba, noted in a statement that his aspiration was driven by the “yawning governance gap in the state, where hardship has left many residents unable to meet basic needs”.
He is one among the several All Progressives Congress (APC) governorship aspirants who last Sunday attended a strategic partnership meeting of the Peoples’ Democratic Party (PDP) in Benue reportedly to curry support for Tinubu and to ensure the exit of the present administration from the Benue Government House.
Pius Akutah (Benue)
Barr. Pius Akutah, who is presently the Managing Director/Chief Executive Officer of Nigerian Shippers Council (NSC) on the other hand, had at different fora made known his intention to contest the Benue governorship seat in 2027.
Akutah, in February this year, inaugurated the ‘Akutah 2027 Governorship Youth Think Tank’, comprising young individuals whom he said have proven expertise in leveraging ICT skills to drive development in Nigeria.
“Collectively, we are well-positioned to build the Benue of our vision for 2027 and beyond,” he had stated.
He also distributed pamphlets through his foot soldiers at a public function recently to indicate his intention to serve Benue people as governor as from 2027.
“Hope rekindled; Benue restored is not just a sleep slogan; it is a promise of renewal, a roadmap for progress and a covenant with the people of Benue,”Akutah stated.
Hafizu Ibrahim Kawu (Kano)
Hafiz Ibrahim Kawu is the Executive Commissioner (Technical) at the National Pension Commission (PenCom), representing the North West zone. He was appointed to this position on August 7, 2025, by President Tinubu. He is eyeing the Tarauni federal constituency seat in the House of Representatives, a position he held between 2019-2024 when he lost a reelection. His posters have already flooded part of the constituency and he may soon resign soon to join the contest.
Nasir Bala Aminu Ja’oji (Kano)
Nasir Bala Aminu Ja’oji is presently serving as the Senior Special Assistant to President Tinubu on Citizenship and Leadership. He was appointed in August 2025. He is eyeing the Tarauni federal constituency seat and his posters and giant billboards have already been erected in some parts of the state.
Tsauri eyes Senate seat in Katsina
In Katsina, Jabiru Salisu Abdullahi Tsauri, CEO, African Union Development Agency – New Partnership for Africa’s Development Nigeria(AUDA-NEPAD) is said to be eyeing the Central Senatorial district seat at the National Assembly.
Galadima eyes gov’ship seat in Adamawa
In Adamawa, the incumbent Executive Secretary and Chief Executive Officer of the Petroleum Technology Development Fund (PTDF), Ahmed Galadima Aminu is among those eyeing the governorship seat in the state.
A coalition of youths’ groups under the auspice Tijjani Galadima Youth Forum has called on the PTDF boss to answer the “clarion call” to contest the 2027 governorship seat under the All Progressives Congress (APC) platform. His billboards and posters have been sighted in some parts of the state.
Kwara gladiators
Checks in Kwara State indicate that Issa Onilu, who serves as Director General of the National Orientation Agency is interested in running for governor.
He has confirmed his interest in the race.
Similarly, Abubakar Olanrewaju Suleiman, Director General of the National Institute for Legislative and Democratic Studies (NILDS), is also said to have indicated interest in contesting on the platform of the All Progressives Congress.
He told our correspondent recently that he will be contesting the position after his tenure at NILDS, saying he is well prepared to serve the people of the state in that capacity.
Also in the mix is Wale Sulaiman, a renowned neurosurgeon and former aide to Governor AbdulRahman AbdulRazaq, who currently serves as Pro Chancellor of the Federal University of Health Sciences Ila Orangun. He is believed to be interested in the governorship race, though there is no indication that he has resigned his position.
Sunday Adebayo Babalola is also said to be eyeing the Kwara governorship seat with some youth group openly drumming support for him. He has however not confirmed his interest. He was appointed by President Tinubu as a Non Executive Commissioner on the board of the Nigerian Upstream Petroleum Regulatory Commission in January and was recently confirmed by the Senate.
Meanwhile, there are speculations surrounding Lateef Fagbemi, the Minister of Justice and Attorney General of the Federation, as a potential aspirant. However, the Oyun born legal luminary has neither confirmed nor denied the claims.
Rector resigns in Kebbi to seek Reps seat
Dr Usman Sani Tunga, this week resigned as Rector of the Waziri Umaru Federal Polytechnic, Birnin Kebbi, to pursue his ambition for the House of Representatives seat.
Daily Trust learnt that the resignation was aimed at pursuing his political ambition for the Birnin Kebbi/Kalgo/Bunza Federal Constituency Election. The Governing Board of the institution has named Dr Isiyaku Abdullahi, former deputy rector, academic, as his replacement.
Dr Tunga is one of the close associates of Governor Nasir Idris.
Resignation directive not punitive, says Governor Otu
Governor Bassey Otu said his directive asking appointees with ambitions for the 2027 general elections to resign is not punitive but aimed at protecting governance integrity.
He gave the clarification at the State Executive Council meeting in Calabar, attended by cabinet members and political appointees.
“This decision is not punitive; it is principled. It aligns with global best practices and ensures a level playing field for all aspirants while safeguarding the integrity of government institutions,” he said.
Otu urged strict compliance, advising affected officials to place the state’s interest above personal ambition.
“Let us uphold accountability, discipline and selfless service. The progress of our dear state must always come before personal ambition,” he added.
As many countries grapple with ageing populations and shrinking rural communities, governments and local authorities are increasingly introducing incentives to attract new residents and stimulate economic activity.
From financial grants to housing support and business funding, these initiatives are aimed at reversing population decline and revitalising underpopulated areas.
As reported by Forbes and cited by PUNCH Online on Friday, these are the eight countries currently offering relocation incentives
1. Italy
Italy remains one of the most prominent examples. In regions such as Calabria, Sardinia, and Puglia, small towns facing population decline are offering grants of up to €30,000 to individuals willing to relocate and start businesses. The country has also drawn global attention with symbolic €1 home schemes, though buyers are typically required to renovate the properties within a set timeframe.
2. Switzerland
In Switzerland, the alpine village of Albinen has introduced one of Europe’s most publicised relocation programmes. To attract younger residents, the village offers about 25,000 Swiss francs per adult and 10,000 francs per child to families who commit to living there for at least 10 years and invest in property. The initiative is aimed at sustaining the long-term viability of the community.
3. Japan
Japan is tackling a major demographic challenge as rural areas continue to lose residents to urban centres. Authorities have introduced subsidies encouraging families to move from major cities like Tokyo to smaller towns. Some programmes offer up to one million yen per child, along with additional support for housing and business development, in a bid to revitalise declining regions.
4. Spain
Similarly, Spain has experimented with a range of incentives to breathe life back into rural communities. In regions such as Asturias and Galicia, authorities and private groups provide housing support, relocation grants, and job opportunities to attract families and entrepreneurs to ageing towns.
5. Greece
In Greece, targeted schemes are focused on island communities experiencing population decline. On the island of Antikythera, for example, families are offered housing, land, and monthly stipends to encourage long-term settlement, as part of broader efforts to sustain small, remote populations.
6. Ireland
Ireland has also introduced initiatives under its “Our Living Islands” strategy. The programme provides financial assistance for renovating vacant or derelict homes on remote islands, aiming to reverse depopulation and stimulate local development.
7. Croatia
In Croatia, smaller municipalities are offering housing subsidies and financial support to individuals willing to purchase and renovate homes in rural areas. Combined with the country’s growing digital nomad visa programme, these efforts are making Croatia increasingly attractive to remote workers.
Chile
Chile has taken a different approach by targeting entrepreneurs. Through initiatives such as Start-Up Chile, founders can receive funding and support to establish businesses, helping to draw global talent while boosting innovation and economic activity.
The Nigerian National Petroleum Company Limited has reduced the pump price of petrol at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
The new pricing reflects a N100 reduction from the previous N1,230 per litre in Lagos and a N95 decrease from N1,260 per litre in Abuja.
Checks showed that the revised price was being dispensed at several NNPC retail stations in Lagos, including outlets along Isheri Oshun Road, Apple Junction and Ago Palace Way.
Similarly, some stations operated by the national oil company in the Federal Capital Territory were selling petrol at N1,165 per litre, including outlets in Jabi, Lifecamp, Wuse Zone 5 and Wuse Zone 4.
The price adjustment follows a recent reduction in the ex-gantry price of petrol by the Dangote Refinery, which lowered its rate to N1,075 per litre amid easing global oil prices.
According to OilPrice.com, Brent crude prices recorded a sharp reversal on Tuesday, falling by nearly 27 per cent from the previous day’s high of $119 per barrel to about $87 per barrel.
Similarly, diesel is now priced at N1,430 per litre at the gantry, representing a N190 reduction from the earlier price of N1,620 per litre.
The Dangote Petroleum Refinery accounted for about 92 per cent of Nigeria’s daily petrol supply in February, as the Federal Government has paused the importation of Premium Motor Spirit (petrol).
This came as filling stations on Tuesday retained petrol prices at above N1200 per litre despite a N100 reduction in the gantry price by the Dangote refinery.
Multiple sources at the Nigerian Midstream and Downstream Petroleum Regulatory Authority and among major fuel-importing companies confirmed to The PUNCH on Tuesday that no licences had been issued for fuel imports this year.
According to sources at the NMDPRA, the country does not need to import petrol now, as local refining can meet the country’s daily fuel needs.
“It’s correct that we’ve not issued import licences this year. It is obvious that the local production has met national requirements. So, there’s no need for importation,” an impeccable source at the NMDPRA, who spoke to one of our correspondents in confidence due to the lack of authorisation to speak on the matter, stated.
Figures released in the February 2026 fact sheet by the NMDPRA show that local refineries supplied 36.5 million litres per day of petrol in February 2026, while imports contributed just three million litres per day.
This brought the total national daily supply for February to 39.5 million litres, with domestic refining accounting for roughly 92 per cent of the volume, a sharp shift from the long-standing dependence on imported fuel. The data indicates a drastic drop in imports compared with the previous month.
Currently, the Dangote refinery is the only plant that produces petrol, as other modular refineries basically refine crude for the production of Automotive Gas Oil (diesel).
In January 2026, petrol imports by oil marketing companies and the Nigerian National Petroleum Company Limited averaged 24.8 million litres per day, while domestic refineries supplied 40.1 million litres per day, pushing total daily supply to 64.9 million litres.
The NMDPRA noted that the sharp reduction in imports caused overall supply to decline significantly in February. The regulator’s report stated, “PMS supply in February 2026 reduced by 25.4 million litres per day due to a significant drop in imports.”
The trend signals a major restructuring of Nigeria’s fuel supply chain, with local refining—particularly output from the Dangote facility—beginning to dominate the market.
Earlier data in the fact sheet show that imports historically accounted for a substantial portion of the petrol supply in Nigeria. For instance, in December 2025, imports averaged 42.2 million litres per day, compared with 32.0 million litres per day from domestic refineries, resulting in a total daily supply of 74.2 million litres.
In the early months of 2025, total daily supply hovered between 43.7 million litres in January and 57.1 million litres in May, with domestic refineries contributing a modest 18 to 25 million litres per day, representing about 32 to 47 per cent of the market.
Imports filled the gap, peaking at 38.6 million litres per day in May 2025 as demand pressures mounted. September 2025 recorded the lowest total supply of 39.7 million litres. Dangote supplied 17.6 million litres daily, while 22.1 million litres were imported each day. The NMDPRA said there was a low petrol supply in September, prompting the granting of licences for importation.
However, a recovery began in October with a total of 46 million litres per day, out of which Dangote supplied just 17.1 million litres daily. November 2025 recorded huge petrol imports. Total supply jumped to 71.5 million litres per day, driven largely by a surge in imports to 52.1 million litres per day – the highest import volume in the dataset. The Dangote refinery domestically supplied a paltry 19.5 million litres per day in the 11th month.
Dissatisfied, the President of the Dangote Group, Aliko Dangote, accused the former Chief Executive of the NMDPRA, Farouk Ahmed, of economic sabotage, saying he issued “reckless” licences even while his tanks were full.
By December 2025, the Dangote refinery’s influence became evident: domestic supply doubled to 32 million litres per day, pushing the total to a peak of 74.2 million litres per day, even as imports eased slightly to 42.2 million litres per day.
However, the steady ramp-up of local refining capacity has begun to reverse that trend. The January and February figures showed that the Dangote refinery has overtaken importers to dominate the petrol market, especially under the new leadership of the NMDPRA.
The surge in domestic supply in late 2025 and early 2026 is significantly reducing Nigeria’s reliance on imported petrol. While many stakeholders said the development could reshape the downstream sector by reducing foreign exchange demand for fuel imports and altering the role of traditional fuel importers, some feared that it could promote monopolistic tendencies.
But the Dangote refinery said it had hit its full capacity of 650,000 barrels per day, supplying over 50 million litres of petrol to the domestic market daily.
However, an operator, who sought anonymity due to the sensitive nature of his position, expressed concern over the development, saying Nigerians may be at the receiving end.
“The NMDPRA has not issued any licence for petrol imports this year. Dangote is gradually enjoying a monopoly in the downstream, and we all know that this is not healthy for any sector.
“The price of imported petrol was lower than the locally produced petrol from the refinery, and this was captured by MEMAN in their last report. This tells you that it won’t be right to allow a monopoly in the downstream. It won’t be in the interest of the country.”
Amid the ongoing tension in the Middle East and its attendant fuel price hikes, Dangote assured Nigerians of a sufficient fuel supply.
The February data showed that the country’s average daily supply of petrol dropped to 39.5 million litres per day, down from 64.9 million litres per day in January 2026, due to a lack of imports. The figures indicate a decline of 25.4 million litres per day, representing a 39.1 per cent drop month-on-month.
NMDPRA said oil marketers imported an average of three million litres of petrol per day in February, amounting to 84 million litres for the 28-day period, compared with an average daily supply of 36.5 million litres from domestic refineries, which translated to about 1.022 billion litres within the same period.
A breakdown of the statistics shows that PMS imports plunged from about 24.8 million litres per day in January to just 3.0 million litres per day in February, representing a drop of 21.8 million litres daily or about 87.9 per cent.
N1,200 petrol price
The Dangote refinery on Tuesday slashed its petrol gantry price by N100, from N1,175 to N1,075 per litre, but filling stations refused to slash their pump prices. Despite the N100 reduction, prices have yet to drop at filling stations as of the time of filing this report.
On Tuesday evening, many filling stations still sold petrol between N1,200 and N1,250 per litre in Ogun and Lagos states. Also, petrol prices at several retail outlets in the Federal Capital Territory remained unchanged as of Tuesday evening.
Findings from a price survey conducted by one of our correspondents at filling stations along Airport Road in Abuja showed that many marketers were still dispensing petrol at rates above N1,250 per litre, with some stations selling as high as N1,330 per litre.
At Shafa Filling Station and AA Rano, petrol was dispensed at N1,330 per litre, while Afdin sold the product at N1,310 per litre. Similarly, Shema offered petrol at N1,300 per litre, while NIPCO sold the product at N1,285 per litre.
Other stations such as Bovas and Optima dispensed petrol at N1,270 per litre, although Optima recently reduced its price from N1,330 per litre following the refinery’s gantry price adjustment.
Matrix Energy continued to sell petrol at N1,330 per litre, one of the highest rates recorded during the survey. Dangote’s price reduction followed a slump in the global oil prices as Brent dropped below $90 per barrel, down from over $100 earlier on Monday.
The Dangote refinery has reportedly blamed global crude for the repeated price hikes occasioned by the US-Iran war. Since last week, the Dangote refinery has hiked the petrol gantry price three times, forcing petrol pump prices to jump from around N820 to N1,300 on Monday.
In a statement, the refinery said, “Under the revised pricing structure, the gantry price of PMS has been reduced from N1,175 to N1,075 (N100) per litre, while the coastal price has been lowered from N1,150 to N1,028 (N122) per litre. The price of diesel has also been reduced from N1,620 to N1,430 (N190) per litre.”
The company said the decision was intended to assure Nigerians that the pricing mechanism remains responsive to global market dynamics and indicative of its fair pricing system.
“As responsible corporate citizens operating in a high-governance code and ethical environment, we believe it is imperative to reduce the price of our products as a reflection of the decline in global crude oil prices. All our crudes are priced on the global benchmark price plus a $3 to $6 additional premium.
“Our forex is paid at the prevailing market rate of the day with no subsidy in either crude or forex. For the avoidance of doubt, the crude supplied under the Naira-for-Crude arrangement is priced according to the global benchmark price plus a premium, which is then converted to naira using the prevailing market exchange rate,” it explained.
Amid complaints by Nigerians, the refinery recalled that in 2025, it reduced the gantry price not less than eight times while increasing it only twice.
“This is borne out of a sense of economic patriotism and a duty to the people of Nigeria. We affirm our commitment to setting prices of refined products by passing on the benefits to all Nigerians across the 36 states of the federation and the Federal Capital Territory,” the statement added, noting that the refinery is fully committed to strengthening national energy security while remaining mindful of the economic realities faced by Nigerians.
According to oilprice.com, Brent oil prices witnessed a dramatic reversal on Tuesday, plunging nearly 27 per cent from the previous day’s high of $119 per barrel to as low as $87 per barrel.
Earlier, the Independent Petroleum Marketers Association of Nigeria said the surge was temporary, saying prices would normalise immediately when the war ends. “The price of fuel would come down once Brent crude comes down immediately after the war,” IPMAN spokesman Chinedu Ukadike said.
Reuters reports that oil prices plunged over 13 per cent on Tuesday after soaring to their highest levels since 2022 in the previous session after US President Donald Trump predicted the war with Iran could end soon, lowering expectations of prolonged oil supply disruptions.
Brent futures fell $12.46, or 12.6%, to $86.50 a barrel at noon, while US West Texas Intermediate crude fell $12.24, or 12.9%, to $82.53.
Both crude benchmarks surged to more than $119 a barrel on Monday to their highest since June 2022 as supply cuts by Saudi Arabia and other producers stoked fears of major disruptions to global supplies. This prompted Dangote to hike the petrol price to N1,175.
Oil prices later retreated late on Monday and so far on Tuesday after Trump and Russian President Vladimir Putin reportedly had a call and shared proposals aimed at a quick settlement to the war.
In a statement on Tuesday, the Executive Director of the International Energy Agency, Fatih Birol, said he hosted a meeting of G7 Energy Ministers in Paris. The meeting was chaired by Minister Roland Lescure of France, who holds the G7 presidency.
At the meeting, Birol provided an update on the IEA’s view of the situation in global oil and gas markets, which have been significantly affected by the conflict in the Middle East.
“In oil markets, conditions have deteriorated in recent days. In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market.
“We discussed all the available options, including making IEA emergency oil stocks available to the market. IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation,” he stated.
Given the conditions in oil markets, he said, IEA members are in close contact about the situation with energy ministers from key energy producers and consumers around the world.
Nigeria sells to foreigners, those foreigners then add their cut and sell to Dangote Refinery
by Mayowa Tijani
Just when President Bola Tinubu and Olayemi Cardoso, governor of the Central Bank of Nigeria, thought they were catching a break with the improving economy, events from 8,500 kilometres have thrown spanners into the wheel of progress. The president and his economic team have four main options, which of these options are best? Let’s find out.
For context, just last week, the National Bureau of Statistics released the GDP report, showing that the Nigerian economy grew by 4.07% in Q4 2025, beating previous expectations. A few days earlier, the CBN had announced that the country’s foreign reserves hit a 13-year high at $50.4bn. Inflation was also recorded to have fallen to 15.1%, inching closer to the goal set by CBN for 2026.
All seemed to be going on well. Food inflation fell to single digit, the lowest since the Goodluck Jonathan era.
It all felt like the country could start to breathe easy again, at least gradually, then the US and Israel launched an attack on Iran, a consequential oil producer and potential nuclear power. The escalations that followed led to the blockage of the Strait of Hormuz, the path responsible for 20% of global crude oil supply. This has then led to higher oil prices and higher petrol prices as a consequence.
What does this mean?
In Nigeria, everything rises and falls to petrol prices. Even governments get kicked out if petrol prices are not well managed. Once petrol prices are up, transportation cost rises, power generation cost climbs, food prices follow and inflation gets out of hand. All of these begin to bite into the pocket of the Nigerian people.
As of March 10, 2026, petrol pump price is expected to be above N1,200 per litre in Lagos and about N1,300 elsewhere around the country. That is effectively double what it was on new year’s day. Imagine the consequences of that on the prices of everything. To halt the wicked consequences, the president and his team need to act fast — but what are the options before them?
The options before Tinubu
I. Temporary Subsidy:
Fuel subsidy is gone and the oil and gas industry in Nigeria has been deregulated, hence, the price fluctuation. Those who enjoyed subsidy, including the Nigerian masses miss it a lot. However, bringing back subsidy is economically dangerous, given its history of corruption. Beyond the corruption, returning subsidy threatens Tinubu’s reputation and the president who will see reforms through.
This may immediately cause investors to start voting their money out of Nigeria, deeming this as policy somersault. But there is no denying it, temporary subsidy to cover the cost of the current increase until the war in Iran is done will be a quick and almost immediate fix.
With Nigeria’s average daily crude consumption of 60.2 million litres per day, to keep petrol prices at N874 per litre, the government will have to pay as much as N544 billion every month. If we do that for two to three months, we will be crossing a trillion naira, while potentially opening other cans of economic worms. Tricky business.
II. Eliminating Regulatory Costs
During a press conference on Monday, David Bird, Dangote Refinery MD, said the refinery deals with 47 government agencies and incurs costs from them, which potentially adds to the final price of petrol.
NNPC admitted some of this when it released multiple templates in 2024, which showed NMDPRA levy and the Midstream and Gas Infrastructure Fund (MDGIF) are part of what make up our petrol prices. I believe removing the NIMASA, NPA, NMDPRA, MDGIF costs and many others alike will reduce petrol price in some measure.
This will definitely not be as much as Nigerians want, but it will be a start, and a signal that the Nigerian government is putting the wellbeing of its citizens first. This will even help long term, bolstering local refining as a viable industry.
III. Enhanced naira-for-crude deal
Today, Dangote Refinery does not get all its crude oil from Nigeria. As repeated on Monday, the company gets less than 40% of its crude from the naira-for-crude deal. The rest of the crude refined by Dangote are from the United States and some other parts of the world.
Even more fascinating, the refinery leadership say they import Nigeria’s own crude from elsewhere. In English, Nigeria sells to foreigners, those foreigners then add their cut and sell to Dangote Refinery. This cost is ultimately passed back to the average Nigerian, who has to pay for that extra cost.
So what if Nigeria sweetens the naira-for-crude deal, and sell more oil to Dangote at a price that shaves some FX and import cost to get the prices to go lower? I am aware enough to know that Nigeria has immense oil commitments to foreign lenders and this will not be as straight forward as I make it sound, but for the sake of Nigerians and the Nigerian economy, more can be done.
IV. Safety Nets
Nigeria has a relatively poor record of handling safety nets. The monies often do not achieve intended purposes and government loses a lot of money to politicians in the process.
If by some economic discipline, we can pull off a targeted safety net system that ensures the rising cost of petrol does not hit the poorest and the most vulnerable in our country, then the government will have recorded a massive win. This is an option, but execution is tricky given the country’s history.
Which one works for your wallet?
In the short term, the obvious win for your wallet is temporary subsidy. It keeps the prices below N1,000 per litre for all Nigerians, and ensures that the government takes the hit for the rising cost. It may also succeed in managing inflation. However, if not well-managed, it may be the beginning of new economic troubles.
None of these options is perfect, and that is precisely the point. The best path forward is likely a combination, eliminate regulatory costs immediately, while quietly sweetening the naira-for-crude deal for medium-term relief. Temporary subsidy should remain the last resort. Whatever Tinubu decides, Nigerians will feel it in their fuel tanks, their food bills, and ultimately their wallets.
Fuel price hike: We incur cost from 47 government agencies, says Dangote Refinery
by Mayowa Tijani
David Bird, managing director (MD) of the Dangote Refinery, says the refinery incurs costs from 47 government agencies, adding some form of fees to the final pump price of petrol in the country.
Speaking during the a press conference in Lagos on Monday, Bird said the Federal Government of Nigeria still treats the refinery as the customer of last resort, suggesting that the best crude oil grades are sold to interantional buyers.
Calling on Nigeria to prioritise local refining at this time of extreme volatility and uncertainty in the crude oil market, the refinery MD, requested that the government prioritises selling certain grades to the local industry.
“All countries are being very self-interested. China has banned exports. In fact, many many countries with a refining industry, have banned exports, Thailand, Vietnam,” he said.
“Other countries with a strategic reserve are releasing their strategic reserve. But bear in mind, they won’t be releasing that on the open market. They will be releasing those strategic reserves to ensure that their domestic industry gets preference.
“That is the role that the Nigerian government should be considering right now — self-interest. That means ensuring that the domestic refining industry in Nigeria, gets access to crude. Abundant access to crude the right grades of crude. Prioritise the domestic industry.”
“I would also Advocate that all government agencies look at their contribution to taking cost out of the of the value chain. We still feel there’s a lot of regulatory impost at every step of our processing, whether that’s regulator, whether it’s NPA, whether it’s NIMASA. We have 47 different government agencies that we deal with and we incur costs from.
I think there’s a role for every government agency to really look hard at what’s their contribution to take cost out of the supply chain. Most importantly, the role of Nigeria is to look after Nigerians, and that would be securing ample crude supply to Nigeria’s domestic refining industry.”
Dangote refinery imports exported Nigerian crude
The MD of the refinery said the government does not prioritise Dangote Refinery, and this leads to even higher cost of crude oil.
Explaining this, Bird said the refinery puts forward a list to the government every month but the government fulfils orders from abroad first, and the refinery then has to buy from the international market, from traders who would have added their own cut.
“We put forward every month a whole raft of the of the grades; we love Bonny Light, we love escravos… the priority, I feel is just more that the domestic refining industry are seen as customers of first preference, rather than customers of last resort, and we just don’t understand the dynamics,” he said.
We fully understand that some of them have certain commitments in place with international operators. Fully acknowledging that is just trying to be transparent on the allocation method and where we sit in that pecking order, and what are the constraints being faced by NNPC to allocate those grades to the domestic refining, industry rather than being allocated to international traders.
He said “because the ones we ask for, we then find are coming back on the market, through an international trader. That’s what’s disappointing.”
“Why can we not get? So it’s less about the individual grade and more understanding the methodology being used by the government and NNPC to allocate those grades. Such that we are prioritised under the crude for naira program to the domestic industry. Before it gets sold to an outfit in Geneva who then take their their cut and then sell it back to us.”
The pump price of a litre of petrol has increased by more than N350 following the Iran-US war, which led to the closure of the Strait of Hormuz.
Panic Grips Civil Servants As Firefighters Battle To Quell Inferno At Head Of Service
by Christiana Nwaogu
Panic gripped civil servants on Monday morning as firefighters battled to quell an inferno at the Office of the Head of the Civil Service of the Federation (OHCSF) in Abuja, forcing workers to flee the premises for safety.
A section of the building was gutted by fire, triggering fear and confusion among staff before officials of the Federal Fire Service moved in to contain the blaze.
LEADERSHIP however learnt that the situation has since been brought under control. The Federal Fire Service, in a post on its official Facebook page signed by its national spokesperson, DCF Abraham Olobi, assured panicking civil servants that there was no cause for alarm, adding that the cause of the fire would be ascertained and communicated in due course.
Some civil servants were seen boarding buses and leaving the premises as a precautionary measure while firefighters battled the flames.
A civil servant who identified himself as Mr. Emmanuel Agita, said he fled the building out of fear that the fire could escalate. “I was afraid of a reoccurrence or escalation of the fire, so I had to run for my life. My children are still very young; they cannot afford to be fatherless,” he said.
Another civil servant, Mrs. Ngozika Uche, who declined to mention her department, speculated that the fire might not be unconnected to attempts to conceal sensitive documents. “As usual, some persons may have been trying to hide certain documents and, in order not to be indicted, would go the extra mile to do so,” she alleged
While the Independent National Electoral Commission (INEC) conducts elections to the National Assembly at the end of each four-year tenure, some lawmakers have kept returning one tenure after another.
Some lawmakers have either remained in one chamber or moved to the other since the country returned to democratic rule in 1999.
Generally, ranking lawmakers serving in either the House of Representatives or Senate and those who moved from what many describe as the Lower (Green) Chamber to the Upper (Red) Chamber for at least four terms are referred to as ‘Landlords’ of the National Assembly.
Despite the high turnover rate recorded in the 2023 National Assembly election, some of these Landlords have returned to what has become their familiar political abode.
In the House of Representatives, for instance, at the end of the first round of the 2023 National Assembly election, just over 90 members were re-elected, while over 230 were first-timers out of the 360 lawmakers that make up the Green Chamber.
These are the National Assembly ‘Landlords
Sen. Ahmad Lawan
Ahmed Lawan, a former President of the Senate in the 9th Assembly, has been in the National Assembly since 1999. He was first elected into the House of Representatives and represented Bade/Jakusko Federal Constituency of Yobe State on the platform of the defunct All Nigeria Peoples Party (ANPP) between 1999 and 2027.
The former university lecturer was elected to the Senate in 2007 as a lawmaker representing Yobe North. He was re-elected in 2011 on the ANPP ticket and in 2015, 2019 and 2023 on the APC ticket.
During his sojourn in the National Assembly, he has served variously as the chairman of the House of Representatives Committees on Public Accounts, Education, and Agriculture, and as the Senate Leader before becoming the Senate president in 2019.
Lawan, who contested the APC presidential primary election in 2022 but lost to Bola Tinubu, was re-elected to the Senate at the 2023 general election.
He is currently the Chairman of the Senate Committee on Defence. The former presidential aspirant is in his seventh term in the National Assembly, where he has spent about 27 years.
Hon. Nicholas Mutu
Mutu, the lawmaker representing Bomadi/Patani Federal Constituency of Delta State, has also been in the National Assembly since 1999.
He had been re-elected to the same chamber between 1999 and 2023.
The Delta lawmaker who recently dumped PDP for the APC has chaired sensitive committees, including Niger Delta Affairs/NDDC and Gas Resources, and is presently the leader of the Southern Region caucus in the House.
Like Lawan, Mutu is in his seventh term in the National Assembly, where he has spent about 27 years.
Sen. Ali Ndume
Ndume has been in the National Assembly since 2003, where he first represented Chibok/Damboa/Gwoza federal constituency of Borno State from 2003 to 2011.
He moved to the Senate in 2011 as a lawmaker representing Borno South Senatorial District, a seat he has occupied to date.
The former Polytechnic lecturer had been a member of the ANPP, PDP, and APC during his time in the National Assembly. Ndume had served as the Minority Leader in the House of Representatives, the Majority Leader, and the Chief Whip of the Senate. The controversial lawmaker is serving his sixth term in the National Assembly, where he has been a member for about 23 years.
Hon. Alhassan Doguwa
Doguwa is a former House Leader and lawmaker representing Doguwa/Tudun Wada Federal Constituency of Kano State in the National Assembly.
He was first elected to the Third Republic’s House of Representatives in 1992 on the Social Democratic Party (SDP) platform.
The First Class Mass Communication graduate of Bayero University, Kano, returned to the Green Chamber in 2007 and has been there since then.
He chaired the House Committee on MDGs, served as Chief Whip and ultimately the House Leader as an APC member.
Doguwa, who withdrew from the Speakership race for the 10th House, presently chairs the House Committee on Petroleum Resources (Upstream) and is Leader of Northern Region Caucus.
The lawmaker is serving his sixth term in the National Assembly, but has only been in the assembly for 21 years due to the botched Third Republic.
Sen. Mohammed Monguno
Monguno, a lawyer, was first elected to the House in the Third Republic (1992/1993). He returned to the House in 2007 under the present Fourth Republic, and has been re-elected in subsequent elections.
The lawmaker, who represented Marte/Monguno/Nganzai federal constituency in Borno State, was elected Senator for Borno North in 2023.
In the House of Representatives, Monguno, who contested for the office of the Speaker in 2015 and 2019 but stepped down in favour of the APC-anointed candidate, Hon. Femi Gbajabiamila, served as Chief Whip of the Lower Chamber.
He is the present Chief Whip of the Senate. Like Doguwa, Monguno is serving his sixth term in the National Assembly, but 21 years due to the botched Third Republic.
Hon. Abba-Ibrahim
Khadijat Bukar Abba-Ibrahim has been in the House since 2007, representing the Damaturu/Gujba/Gulani/Tarmuwa federal constituency of Yobe State.
She had a brief break in 2016 when the late President Muhammadu Buhari appointed her the Minister of State for Foreign Affairs. However, she resigned her ministerial appointment in 2019, contested that year’s general election, and won her seat back.
The former Yobe State First Lady also sought re-election in 2023, and her people, as politicians always say, returned her to the Green Chamber on the APC platform. Abba-Ibrahim is the chairman of the House Committee on Maritime Safety, Education, and Administration.
The former minister is serving her fifth term in the House, having spent about 17 years there during her ministerial appointment from 2016 to 2019.
Sen. Enyinnaya Abaribe
Senator Enyinnaya Abaribe was elected to represent Abia South Senatorial District in the Senate in 2007 on the PDP platform. He has retained the seat to date, serving in his fifth term and having been in office for about 19 years. He was the Minority Leader of the Senate in the 9th Assembly.
In the build-up to the 2023 general election, Abaribe lost the PDP ticket and joined the All Progressives Grand Alliance (APGA), on whose platform he was re-elected to a fifth term.
The former deputy governor of Abia State currently chairs the Senate Committee on Power.
Hon. Idris Wase
Idris Wase is the lawmaker representing Wase Federal Constituency of Plateau State for the fifth time. He has spent about 19 years in the seat.
Wase was first elected to the House in 2007 and has been re-elected since. He was Deputy House Leader in the 8th House of Representatives and Deputy Speaker of the 9th.
Wase, an APC member, ran for the speakership of the 10th House but lost to Hon. Abbas Tajudeen.
He is currently the chairman of the House Committee on Federal Character and the Leader of the North Central Caucus.
Hon. Muktar Betara
Betara is in his fifth term in the House of Representatives, having been elected since 2007 to represent Biu/Bayo/Shani/Kwaya Kusa Federal Constituency of Borno State on the ticket of the defunct ANPP.
Now a member of the ruling APC, Betara had chaired the House Committee on Army and Defence and the Appropriations Committee in the 9th House.
He has put in about 19 years in the Green Chamber.
The Borno ranking lawmaker was a top contender for the Speakership of the 10th Assembly but withdrew a few days to the D-Day.
He is currently the chairman of the House Committee on FCT.
Hon. Wole Oke
Wole Oke is a member of the House of Representatives for the fifth time, having served for about 19 years to date.
The lawmaker representing Obokun/Oriade Federal Constituency of Osun State was first elected to the lower chamber in 2003 on the PDP platform and re-elected in 2007.
However, he briefly lost his re-election bid in 2011 but returned in 2015, 2019 and 2023.
Oke has chaired the Committees on Defence and Public Accounts at various times.
He is presently the chairman of the House Committee on Foreign Affairs and a member of the APC, having left the PDP last year.
Sen. Adamu Aliero
Adamu Aliero became a Senator in 2007 on the PDP ticket after serving as governor of Kebbi State for eight years, bween 1999 and 2007 on the platform of the defunct ANPP.
The retired Customs officer was appointed the FCT Minister by President Umaru Yar’Adua, the same year he joined the Senate.
Aliero, who oscillated between PDP and Congress for Progressive Change (CPC), settled for the APC in 2014 and was re-elected to the Senate in 2015, where he has remained to date, serving in his fourth term and spending about 15 years.
He presently chairs the Senate Committee on Lands Transport.
Sen. Adeola Olamilekan
Olamilekan is the Senator representing Ogun West and is in his fourth term in the National Assembly. He has served for about 15 years.
Though an indigene of Ogun State, he was first elected to the House of Representatives in 2011 to represent Alimosho Federal Constituency of Lagos State on the platform of the defunct Action Congress of Nigeria (ACN).
He was elected to the Senate in 2015 and re-elected in 2019 to represent the Lagos West Senatorial District on the APC platform.
However, in the 2023 election, Olamilekan returned to his home state, Ogun, and was elected to represent Ogun West.
He is presently the chairman of the Senate Appropriations Committee.
Sen. Aminu Waziri Tambuwal
Tambuwal represents Sokoto South Senatorial District in the National Assembly.
He had served in the House of Representatives from 2003 to 2015, representing the Tambuwal/Kebbe Federal Constituency of Sokoto State.
The lawmaker was Speaker of the House of Representatives from 2011 to 2015.
After his tenure as Sokoto State governor (2015-2025), he was elected to the Senate from 2023 to date.
The former PDP lawmaker, who was once in the APC, has been elected to the National Assembly four times, where he has spent about 15 years.
Tambuwal is now a chieftain of the African Democratic Congress (ADC).
Sen. Danjuma Goje
A former Minister and Governor of Gombe State on the platform of PDP, Goje was elected to the Senate at the expiration of his second tenure as governor in 2011.
The Gombe Central senator is serving his fourth term and has been re-elected in 2015, 2019, and 2023 on the APC ticket.
Goje was the chairman of the Senate Committee on Appropriations and contested the presidency of the Senate in 2019, but stepped down in favour of Senator Lawan.
He has spent about 15 years in the Red Chamber.
Sen. Ibrahim Gobir
Gobir is a fourth-term Senator representing Sokoto East who has spent about 15 years in the Red Chamber. He was first elected in 2011. The lawmaker was appointed Senate Leader in July 2022 after his predecessor, Yahaya Abdullahi, from Kebbi State, left the APC.
He had chaired the Senate Trade and Investment Committee.
Hon. Abbas Tajudeen
The present Speaker of the House of Representatives, Hon. Abbas Tajudeen, is also in the Green Chamber for the fourth time and has spent about 15 years in the parliament, having been first elected in 2011.
Dr Abbas, a lawmaker representing Zaria Federal Constituency in Kaduna State, is a member of the APC.
The former university don is credited with sponsoring the most bills in the 9th Assembly and with chairing the House Committee on Land Transportation.
Hon. James Abiodun Faleke
The lawmaker representing Ikeja Federal Constituency of Lagos State in the House of Representatives has been in the House of Representatives since 2011.
A member of the APC, Faleke was re-elected for the fourth time in 2023 and had jostled for the Kogi State governorship.
He was Chairman of the House Committee on Finance in the 9th Assembly, a position he retained in the 10th House.
He is in his fourth term and has served for 15 years in parliament.
Hon. Kingsley Chinda
Hon. Kingsley Chinda, a lawyer, is the lawmaker representing Obio/Akpor Federal Constituency of Rivers State.
He was elected to the Green Chamber in 2011 and is currently serving his fourth consecutive term in the 10th Assembly, having spent about 15 years in the Green Chamber.
Chinda, a member of the PDP, had served as chairman of the Public Accounts Committee and is currently Minority Leader of the House.
It is becoming more obvious that a Litre of petrol in Nigeria may hit N1,800 in the coming week a top refinery source has confided in LEADERSHIP.
The source close to global crude market operations projected that crude price may hit $100 a barrel this week going by the turn of events in the Hormuz Straight a major crude transportation artery as Iran sustains attack around the Middle East region.
Dangote had already responded by adjusting its gantry price.
Spokesman of the Dangote Refinery, Anthony Chiejina in a conversation with our correspondent on Saturday expressed deep concern over the escalating conflict in the Middle East and the corresponding level of crude oil price.
Chiejina, said the refinery buys crude in dollar and hinted that cost of freight and insurance has reached record level and as such operational costs are higher than before.
The situation is increasingly difficult for operating entities but assured the management would continue to honour its obligations to the Nigerian people.
Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Engr. Bayo Ojulari, to urgently facilitate the commencement of production at Nigeria’s local refineries.
The national oresident of PETROAN, Billy Gillis-Harry, made this call at Ignatius Ajuru University of Education, Port Harcourt, while delivering a keynote address on the theme “Deconstructing Energy Trilemma,” organized by the Department of Petroleum Economics and Policy Studies.
According to the PETROAN President, the ongoing conflict involving Israel, the United States, and Iran is driving global petroleum prices to extremely high and alarming levels. He noted that persistent drone and missile attacks pose serious threats to the Strait of Hormuz, a vital shipping route that accounts for about 30% of global crude oil transportation.
The situation is worsening. Before the war, PMS sold at ₦774 per litre. Currently, as tensions intensify, PMS sells between ₦950 and ₦970 per litre. This represents an overall increase of about 25 per cent to PMS.
For AGO (Diesel), the price was ₦950 per litre before the war but has risen to ₦1,400 per litre today.
Diesel has therefore recorded an increase of about 47 per cent.
He emphasized the urgent need to rehabilitate Nigeria’s local refineries to enable immediate production. He explained that domestic refining would reduce exposure to international market shocks, since crude oil is abundantly available under the custody of NNPC Ltd. Local refineries, he said, are less vulnerable to global disruptions compared to privately owned refineries that rely on imported crude.
The PETROAN President warned that if the conflict persists, PMS could rise to nearly ₦1,500 per litre, while AGO may exceed ₦2,000 per litre in the near future. As PMS remains a critical commodity for Nigerians and AGO is essential for manufacturing and industry, further increases would worsen inflation, raise transportation costs, and drive up prices of goods nationwide.
Dr. Gillis-Harry assured Nigerians that the reform policies of Bola Ahmed Tinubu will ultimately bring relief to citizens and stimulate economic growth.
Iran has continued to carry out missile and drone strikes on Gulf states despite promise by President Masoud Pezeshkian that Tehran would not target neighbouring countries unless attacks originated from their territories in the ongoing face-off with the US and Israel.
A resident of Dubai was killed on Saturday after debris from an aerial interception of a strike fell on a vehicle in the United Arab Emirates (UAE).
According to the Dubai media office, the incident happened in the Al Barsha area. Authorities identified the deceased as an Asian driver but provided no further details.
The incident happened in the evening, just as the UAE said it was responding to “incoming missile and drone threats from Iran”.
Iran has conducted missile and drone strikes on multiple US military bases in Gulf countries, including Bahrain, Qatar, the UAE, and Kuwait — as retaliation for the “pre-emptive” strikes launched by the US and Israel last Saturday.
Earlier, Pezeshkian apologised to the neighbouring countries affected by the retaliatory attacks.
Pezeshkian said the armed forces had been ordered “not to attack neighbouring countries unless attacked first”.
Hours after his statements, Qatar’s ministry of defence said its armed forces had “intercepted” a missile attack.
A separate strike in the UAE later led to the death of a resident.
Officials said air defence systems were intercepting ballistic missiles, while fighter jets were targeting drones and other aerial vehicles.
The attack occurred shortly after previous alerts of incoming Iranian strikes were issued in the UAE.
Meanwhile, Saudi Arabia’s defence ministry also announced that a ballistic missile has been launched towards Prince Sultan Air Base, near the city of Al-Kharj, but that it fell in an “unpopulated area”.
‘COMPLICIT COUNTRIES WILL BE TARGETS’
Iran has maintained that its attacks on the Gulf countries do not interfere with their national sovereignty but are only focused on US military bases.
“Before the start of the ‘Ramadan war’, we clearly announced to each and every country in the region that if America takes military action against Iran, we will definitely target American bases; these bases are considered American territory and not the territory of the countries in the region; this policy has not changed in any way and will continue with determination,” Alaeddin Boroujerdi, a member of the parliament’s national security and foreign policy commission, said.
However, states such as Qatar have complained that oil refineries, hotels, and airports have also been hit by Iranian strikes.
After Pezeshkian’s comments, the Islamic Revolutionary Guard Corps (IRGC) issued a statement saying the country’s military “respect the interests and national sovereignty of neighbouring countries and have not yet attacked them”.
“However, in the continuation of previous offensive actions, all military bases and interests of the criminal America and the fake Zionist regime on land, sea and space in the region will be subjected to crushing and fierce blows by the powerful armed forces of the Islamic Republic of Iran,” the IRGC added.
Abolfazl Shekarchi, spokesperson for the Iranian military, noted that countries that do not provide their space, land, and resources to enemies will not be targeted and will maintain their security.
Shekarchi said any country that allows its airspace or land to be used against Iran will be regarded as a target.
The Gulf states’ anger about the attacks has been reported to be growing since claiming they had clearly communicated to Iran that the US bases and their airspace would not be used in the American attacks.
Gulf Cooperation Council foreign ministers are due to meet on Sunday.
Residents across Nigerian cities are grappling with sharp increases in cooking gas prices, and the impact of the hike in Premium Motor Spirit (PMS) pump prices continues to ripple through household budgets and supply chains.
The surge in cooking gas prices in Nigeria is being linked to the ongoing US–Israel–Iran conflict, which has disrupted global oil and gas markets and pushed up benchmark prices that feed into local LPG costs
Residents of Lagos communities are grappling with fresh increases in cooking gas prices, as the ripple effects of the recent PMS (petrol) hike continue to impact household budgets.
Findings by LEADERSHIP around Onike, Iwaya and Yaba on Wednesday revealed that one kilogramme of Liquefied Petroleum Gas (LPG) now sells between N1,250 and N1,300, depending on the retailer, from about N900 per litre, last week
The price of a 5kg cylinder ranges from N7, 500 to N8,167, while 12.5kg refills cost between N13,750 and N19,200 along Iwaya and Onike.
However, the sharp price fluctuations, even over a short period, have left many residents confused and frustrated, with some accusing retailers of exploiting the situation created by the recent petrol price hike.
A resident of the Berger area of Lagos, who identified herself simply as Amaka said the rising cost of both petrol and cooking gas has worsened the cost-of-living crisis.
“Everything is going up at the same time. Transport fares have increased due to petrol, and cooking gas is also high. We don’t even know which one to complain about first,” she lamented.
She added that she was shocked to be quoted N19,200 for a 12.5kg refill at a neighbourhood outlet. “Last time I refilled, it was far less than this. How did we get to almost N20,000? It is becoming difficult for an average family to cope,” she said.
Retailers who spoke to our correspondent attributed the increase to higher transportation costs following the PMS hike and to supply chain pressures.
While one dealer explained that distributors now charge more to move products from depots to retail points.
“Some of those stations that we get the gas have jacked up there prices. When petrol goes up, everything goes up. We use vehicles to transport the gas cylinders. The cost is transferred to us, and we have no choice but to adjust,” he said.
In Wawa, a border community along the Lagos-Ibadan Expressway, residents shared similar concerns.
Mama Chisom, mother of three, said she has begun rationing gas usage to make ends meet. “With what’s going on now, we are managing it carefully. I tell my children not to waste gas. Sometimes, I cook once and warm the food later to save cost,” she said.
She added that the combined effect of high transport fares and rising food prices has placed additional strain on families in border communities. “We depend on the city for many things. If fuel prices increase, transport costs increase, and now gas prices are high too. It is too much for us,” she said.
In Abuja, LEADERSHIP checks also showed that cooking gas prices spiked up yesterday amid the US-Israel/Iran conflict’s oil market volatility.
A 12.5kg cylinder now costs between N17,000 to N19,500 in areas like Garki and Wuse, up 25 per cent from last week, per market surveys. Vendors linked it to imported LPG cost surges—exacerbated by war-driven shipping delays and Brent crude jumps—plus local trucking expenses from the PMS hike. Civil servant Ibrahim Musa lamented: “Fuel scarcity fears from the war are hitting us here. Gas was our affordable alternative; now it’s pricier than kerosene.”
In the gas-rich Niger Delta, Port Harcourt residents faced the steepest climbs. Refills for 12.5kg cylinders ranged from N18,500 to N21,000 in Diobu and Trans-Amadi, as local production failed to offset global LNG disruptions caused by Iranian threats. Dealers say PMS hikes doubled delivery costs from riverside plants.Trader Ebere Okoro said: “Ironically, in the gas capital, we’re worst off. The Middle East war blocks cheap imports, and petrol woes inflate everything.”
Kano’s markets mirror the crisis, with 6kg cylinders at N9,000 to N10,500 in Sabon Gari and Kwari. Long-haul transport from southern depots, now costlier due to PMS, compounds war-induced increases in feedstock prices. Housewife Fatima Yusuf shared: “We’re returning to firewood. Gas was a relief, but this Iran-US-Israel escalation makes it luxury.”
Market analyses indicate that the US–Israel strikes on Iranian targets and Iran’s retaliatory actions have unsettled crude oil flows in the Persian Gulf, causing international crude and LPG benchmarks to rise.
Because Nigeria’s fuel and LPG pricing is tied to international benchmarks and foreign-exchange costs, local pump and cylinder prices have risen even though the country is not directly in the conflict zone.
Depot owners across Nigeria have reportedly increased the price of cooking gas by an average of about N100 per kilogramme, with major distributors such as NIPCO, Navgas, and Techno Oil quoting roughly N885–N950 per kg, compared with an earlier average of about N800 per kg. Industry sources say these adjustments followed a spike in Nigeria’s benchmark crude and global LPG rates, which they attribute to the Iran-related supply disruptions and heightened geopolitical risk.
Analysts warn that the same global oil‑price surge that benefits Nigeria’s export revenues can squeeze consumers, because higher benchmarks translate into more expensive petrol and cooking gas, which in turn push up transport and food costs.
They add that if the US–Israel–Iran tensions persist or worsen, particularly around key chokepoints such as the Strait of Hormuz, domestic fuel and gas prices could face further upward pressure.
The Nigerian National Petroleum Company (NNPC) Limited has increased petrol price at its retail outlets to N933 per litre in Lagos and N960 per litre in Abuja.
The national oil company increased the product’s price by N103 from N830 in Lagos, and by N85 from N875 per litre in Abuja.
TheCable observed on Wednesday that the NNPC increased the price at its retail outlets in Apple Junction and along Ago Palace Way in Lagos.
In Abuja, the product was also sold at a new rate of N960 per litre at NNPC retail stations along Airport Road in Lugbe.
On March 2, the Dangote Petroleum Refinery increased its ex-gantry petrol price to N874 per litre, from N774 per litre.
The pump price hike comes amid the ongoing geopolitical tensions in the Middle East, which have triggered significant shifts in global crude oil prices.
On March 3, Brent crude rose to $85 per barrel — from $72 on February 28.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETRAON) had asked the federal government to ensure a steady crude oil supply to local refineries to reduce the impact of global disruptions on Nigeria’s petroleum market.
The association warned that if the crisis persists, its effects will go beyond pump prices, impacting foreign exchange (FX) stability, domestic fuel pricing, and overall inflation.
President Bola Ahmed Tinubu has appointed Taiwo Oyedele as the Minister of State for Finance, replacing Dr Doris Uzoka-Anite.
This was disclosed by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
Onanuga also said Uzoka-Anite will now move to the Ministry of Budget and National Planning, as the Minister of State, her third portfolio in the administration.
The statement said, President Tinubu has today conveyed the nomination of Oyedele to the Senate for confirmation in a letter to the Senate President, Godswill Akpabio.
Until President Tinubu nominated him as a minister, Oyedele from Ikaram, Akoko, Ondo State, was the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system.
Oyedele, 50, is an economist, accountant and public policy expert.
He attended Yaba College of Technology, where he obtained a Higher National Diploma (HND) in accountancy and finance. He attended Oxford Brookes University and earned a BSc in applied accounting.
He also completed executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.
Oyedele spent 22 years of his working career at PwC, joining in 2001 and rising to become the Fiscal Policy Partner and Africa Tax Leader.
Oyedele is also a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School.
Israeli PM Benjamin Netanyahu has said he’s given instructions for the continuation of the campaign against Iran during a meeting with his defence minister, chief of staff, and the head of the Mossad security service.
Speaking from the roof of the Kirya in Tel Aviv, Netanyahu said: “Our forces are now striking the heart of Tehran with increasing strength, and this will only increase even more in the coming days.
“However, these are painful days. Yesterday here, in Tel Aviv, and now in Beit Shemesh, we lost dear people. My heart goes out to the families, and on behalf of all of you, the citizens of Israel, I send my best wishes for a speedy recovery to the wounded.”
He said Israel is bringing the entire strength of the IDF in a campaign to ensure our existence and our future.
Reza Pahlavi, the former crown prince and son of the last Shah of Iran, who was ousted by the Islamic Republic in 1979, on X (formerly Twitter) said that the death of Iran’s supreme leader is not the end while calling on Iranians to overthrow the Islamic Republic.
He said the people must prepare for widespread and decisive presence in the streets and asks them to chant from their houses at night.
Pahlavi previously called on Iranian officials to surrender and on military and law enforcement bodies to use their weapons to defend the great nation of Iran and not the republic of crime to end the nightmare more quickly.
During the recent anti-government protests in Iran, Pahlavi emerged as a prominent opposition figure, with demonstrators in some locations chanting his name.
Meanwhile, three U.S. service members have been killed in action, the U.S. Central Command (Centcom) said.
They are the first known American fatalities since the U.S. began striking Iran.
Five others have been seriously wounded, the U.S.military said.
The names of the three fallen service members will not be released until 24 hours after their families have been notified, Centcom added.
In announcing the U.S. operation against Iran, President Trump warned that “the lives of American heroes may be lost, and we may have casualties. That often happens in war.”
In his speech announcing the start of Operation Epic Fury against Iran, Trump clearly laid out the prospect that U.S. service members may fall in the days and weeks ahead.
“That often happens in war,” he added.
As far as wars go, these casualties are still light. Military experts I’ve spoken to said they believe that combat casualties were to be expected, alongside non-combat deaths from the inherent risks of moving massive amounts of personnel and materiel across the world.
But for Trump, each American casualty raises the stakes domestically – where he is keen to juxtapose quick, successful and relatively clean military actions with the drawn-out conflicts of the Global War on Terror, which saw a steady trickle of U.S. casualties in the headlines.
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