COVER
Outrage Greets Fresh PMS Pump Price Increase
…PMS Pump price Increase
By Mathew Dadiya & Tony Obiechina (Abuja) & Dan Amasingha, Minna
Motorists and commuters, yesterday expressed disenchantment and disgust over the further rise of premium motor spirit, popularly known as petrol from N 540 to N617 and N620 by filling stations in Minna.
DAILY ASSET Correspondents that monitored the situation observed that, most motorists were caught unaware by the upward price review.
At the NNPCL mega stations along Western bypass in Minna the product was selling for N617, but some other major marketers are selling for N620 as at the time of filling this report.
A Motorist at one of the stations who simply identified himself as Saidu simply said it is outrageous that at a time that inflation is at an all time high, this government under the quite of soaring up revenue earnings are impoverishing Nigerians.
“How can you just come to power and further inflict pains on Nigerans beyond the nightmare we went through in the hands of the past government.
“If they are trying to boost the economy is it when we are all dead from the draconian economic policies, that lack human face,” he asked angrily.
Surprising a fuel attendant at a popular filling station opposite NECO computer centre in Minna described the incessant increase of fuel prices as bad businesses for filling stations.
He noted that, the purchasing power of most Nigerians has significantly reduced in the last few months noting that, increasing the price by N77 will further worsen the already bad situation for Nigeria.
According to him, the administration of President Ahmed Bola Tinubu is grappling with the economic realities of the country, but it is now apparent that Nigeria is not Lagos.
“We were been told that he will replicate the developmental model he did for Lagos at the centre, but it looks as if Nigeria is more complex than he envisage,” he said.
Transporters on their part has adjusted the transport fares to reflect the new realities as a trip from Minna- Abuja that cost about N4, 500 is now going for N6,000.
Minna – Kontagora which peaked at Four thousand Naira just on Monday has been increased to five thousand five hundred Naira while, the popular Minna – Suleja route has jumped up from two thousand five hundred Naira to Three thousand five hundred Naira.
Commuters and motorists, who spoke on the matter in Abuja, said the policies of the current administration are becoming very harsh on the citizens.
A commuter, Tickson Kusugh, who works with Gilmor Construction Company, said the current administration is leading Nigerians to hell.
A motorist, Uchenna Matthew, who spoke to our correspondent, also criticised the Tinubu administration for taking decisions that have negative impact on the lives of those that voted him to power in less than two months in office.
“The whole rush here is because Mobil has not increased their price. I don’t know the kind of hardship these people are putting us through. They said NNPC has adjusted their price, we are buying here at 540, but they are about to adjust their price.
“We still have the grace to buy at 540; any moment from now it will be increased. This current administration is leading us to hell. Even the animals in the bush are feeling it. The earlier they discharged this government and install the original government that won the election, the better for us,” he said.
Also, a taxi driver, Mohammed Sani, said that Nigerians are suffering due to the increment.
“At NNPC, it is written 617 on their board. They are likely going to increase their price here at Mobil. The situation is very bad; the masses are suffering. The situation is very hard, it is not easy for a poor man to go out not to talk about eating food,” he lamented.
Also yesterday, motorists and commuters in Ibadan have expressed shock over the new pump prices of Premium Motor Spirit (PMS), otherwise known as petrol, announced on Tuesday by the Nigerian National Petroleum Company Limited (NNPCL).
Our correspondent, who moved round the Ibadan metropolis, observed that as the news of the fuel price increase filtered out, some filling stations hurriedly closed shop, with their managers saying that they were awaiting further directives from the authorities.
It was gathered that the few filling stations that were selling the product witnessed long queues of vehicles, while they were selling for between N560 and N650 per litre.
A motorist, Mr Anu Alani, said he woke up yesterday to see that many filling stations were not open for business, and those who were selling increased their price to N650 per litre.
“I was thinking that when I go farther, I would see where I could buy fuel at the normal price, but I didn’t. I don’t know what to do again, as the economic situation is already bad,” Alani said.
Another motorist, Mrs Ayoola Olaoba, said that she would have to find a means of leaving the country, as things did not look like they would get better soon.
“I bought fuel some days ago at N520, only for me to see some of my colleagues saying it has increased to N620. I said just like that! I do not think I can continue with the uncertainty trailing the present economic situation,” she said.
A commercial motorist, Mr Gbenga Oriowo, said that the new price would definitely have an attendant effect on transport fares.
“I am still in the queue now, and there is little or no probability that I will get fuel, and even if I get it, I cannot but increase the transport fare. We will all have to bear the situation,” he said.
Oriowo said that government needed to explain to Nigerians what was going on and the rationale behind the new price regime.
Another motorist, Mrs Funmi Alli, said some major marketers had closed their filling stations, saying that this had contributed to long queues where the fuel was available.
She expressed the fear that the fuel price increase would have a spiral effect on food prices and everything else, which might increase the hardship already being faced by Nigerians.
NNPC Attributes Hike to Market Forces
The Nigeria National Petroleum Corporation Limited (NNPCL) has reacted to the sudden increase of fuel pump prices from N540/liter to N617/liter, saying its merely the market forces at play
Group Chief Executive Officer of NNPCL, Mele Kyari explained yesterday, after meeting with the Vice President, Kashim Shettima at the Presidential Villa Abuja.
According to Kyari, the problem is not a shortage of supply of products, rather forces of demand and supply in the marketing value chain were simply taking effect.
He said importers of fuel products were gaining confidence in the system, noting that prices were bound to go up or down from time to time.
Kyari, who spoke to reporters, said, “I don’t have the details this moment. But we have the marketing wing of our company. They adjust prices depending on the market realities.
“This is really what is happening; this is the meaning of making sure that the market regulates itself so that prices will go up and sometimes they will come down. This is what we have seen and in reality, this is how the market works”.
Asked if there was a shortage of products in the market to have warranted the increase, he responded by saying, “No. there is no supply issue completely. When you go to the market, you buy the product; you come to the market you sell it at the prevailing market prices. Nothing to do with supply shortage, we don’t have supply issues. There is a robust supply. We have over 32 days of supply in the country.
“Yes, what I know is that the market forces will regulate the market. Prices will go down sometimes; sometimes they will go up. But supply will be stable and I am also assuring Nigerians that this is the best way to go forward so that we can adjust prices when market forces come to play.
“I don’t have the details at this moment, but I know that our marketing wing acts just like every other company in this business. I know that several companies have imported petroleum products today. So, many of them are online. I’m sure my colleague would confirm this. Market forces have started to play; people have started having confidence in the market. Private sector people are importing products, but there is no way they can recover their cost if they cannot take market reflective cost”.
Corroborating the NNPCL Chief Executive, Farouk Ahmed, CEO, of the Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA) debunked insinuations that the new price adjustment was set by the NNPCL.
“As a regulator, I told you back in May that we are not going to be setting the price. The market will determine itself and as you saw back in early June when prices came out, it was based on the cost of importation plus other logistics of distribution and course the profit margin by the importer. This market is deregulated; it is open to all participants.
“As I mentioned yesterday when I was in Lagos, we have about 56 marketing companies that applied and obtained licenses to import. Out of those, 10 of them have indicated to supply within the third quarter, which is July, August, and September.
“Already, we received some cargo from these marketers: Prudent Energy, AYM Shafa, and Emadeb. Emadeb Cargo is arriving tomorrow. So, this is just an encouragement to see that the market is liberated and everyone is free to import so long as you are working within the framework, especially in terms of quality. But on pricing, as a regulator, we are not going to put a cap on the price because we are not part of those importing. We are not a marketing company; we are just a regulator.
“So, when you say market forces are working what it is that you buy; you consider the price of crude going up. A couple of weeks ago, the price of crude was hovering around $70/barrel.
“Now it’s hovering around $80/barrel. So, the crude price also drives the product price. You know, because the importers are importing, they are basing it on the cost of importation plus the freight and other cost elements in terms of local distribution,” Ahmed said.
IPMAN Blames Dollars’ Cost for New Price
The Independent Petroleum Marketers Association of Nigeria (IPMAN) National President, Chinedu Okoronkwo yesterday explained the sudden hike in the pump price of petroleum products in Nigeria.
Okoronkwo blamed the sudden hike in the pump price of petrol on the cost of dollars.
He explained that petroleum products are imported to Nigeria using dollars, hence the increase.
Speaking on Arise Television, the IPMAN National President advocated the use of Compressed Natural Gas, CNG, as an alternative to petrol.
According to Okoronkwo: “This business is done with dollars, remember the rate of dollars now is in one window and not like we had several others, where CBN will give around N400 while the black market will be around the region of N700 but now there is no more second window.
“Today the dollar is around N800 and in a deregulated regime, what determines the price of anything is the cost. The product is not refined here, everything is imported.
“If we want to achieve something, there are other alternatives we have proffered. The CNG is something this nation needs to seriously look into; so it would be a matter of choice if you want to use gas or petrol.
“The price has really gone up because of the fundamentals in the market which has to do with the dollars.”
The NNPC, on Tuesday, increased the pump price of petrol to about N617 per litre.
This is coming shortly after the petrol price was increased to over N500 per litre following the removal of fuel subsidy.
By Mike Odiakose, Abuja
Immediate past governor of Kogi State, Yahaya Bello will spend the 2024 Christmas and 2025 New Year days in Kuje prison, Abuja, following refusal of his bail application by the Federal Capital Territory High Court.
Justice Maryann Anenih yesterday adjourned the case until Jan.
29, Feb. 25, and Feb. 27, 2025 for the continuation of the hearing.The former governor is standing trial, along with two others, in an N110 billion money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC).
Justice Anenih had refused to grant a bail application filed by Bello, saying it was filed prematurely.
The judge admitted Umar Oricha and Abdulsalam Hudu, to bail in the sum of N 300 million each with two sureties.
Justice Anenih, while delivering a ruling said, having been filed when Bello was neither in custody nor before the court, the instant application was incompetent.
“Consequently, the instant application having been filed prematurely is hereby refused,” she said.
Recalling the arguments before the court on the bail application, the judge had said, “before the court is a motion on notice, dated and filed on Nov. 22.
“The 1st Defendant seeks an order of this honourable court admitting him to bail pending the hearing and determination of the charge.
“That he became aware of the instant charge through the public summons. That he is a two-term governor of Kogi State. That if released on bail, he would not interfere with the witnesses and not jump bail.”
She said the Defendant’s Counsel, JB Daudu, SAN, had told the court that he had submitted sufficient facts to grant the bail.
He urged the court to exercise its discretion judicially and judiciously to grant the bail.
Opposing the bail application, the Prosecution Counsel, Kemi Pinheiro, SAN, argued that the instant application was grossly incompetent, having been filed before arraignment.
He said it ought to be filed after arraignment but the 1st Defendant’s Counsel disagreed, saying there was no authority
“That says that an application can only be filed when it is ripe for hearing.”
Justice Anenih held that the instant application for bail showed that it was filed several days after the 1st defendant was taken into custody.”
Citing the ACJA, the judge said the provision provided that an application for bail could be made when a defendant had been arrested, detained, arraigned or brought before the court.
Bello had filed an application for his bail on November 22 but was taken into custody on November 26 and arraigned on Nov. 27.
From Jude Dangwam, Jos
Conference of Autochthonous Ethnic Nationalities Community Development Association (CONAECDA) has called on the federal government to intensify efforts in the resettlement of displaced persons in their ancestral homes.
The organization made this call at the end of its conference held in Jos, the Plateau State Capital weekend.
Thirty resolutions were passed covering security, economy, politics, governance, culture, languages, human rights and indigenous peoples’ rights among others.
The Conference President, Samuel Achie and Secretary Suleman Sukukum in a communique noted that the conference received and discussed reports from communities based on which resolutions were reached on securing, reconstruction, rehabilitation and returning communities displaced by violence across the Middle Belt.
“After considering the reports from communities displaced by violent conflicts, conference resolved, and called on government to focus on providing security to deter further displacements.
“Call on government to provide security to enable communities to return. Government and donor partners should assist in reconstructing and returning displaced communities,” the communique stated.
The GOC 3 Armoured Division Nigeria Army represented by Lt Col Abdullahi Mohammed said the Nigerian Army is committed to working closely with communities to achieve a crime-free society, urging communities to support them with credible information.
“Security is a collective effort, and we cannot do it alone, the community plays a crucial role in ensuring safety.
“We urge everyone here not to shield or protect individuals involved in criminal activities. Transparency and collaboration, together, with maximum cooperation, we can achieve peace, security, and prosperity for our society,” the GOC stated.
The National Coordinator of CONECDA, Dr. Zuwaghu Bonat in his address at the gathering noted that the theme of this year’s program, Returning, Resettling, and Rehabilitating Displaced Communities, was chosen as a wakeup call on the federal government.
He maintained that the organization is aware that President Bola Tinubu has expressed a commitment to ensuring that displaced communities return to their ancestral lands.
He said similarly, some state governments, including Plateau State, have set up committees to address the lingering matter.
The coordinator however cautioned, “It is critical that we avoid generalizations or profiling. For instance, Not all Muslims are involved in terrorism. The overwhelming majority of Muslims in Nigeria are peaceful and reject extremist ideologies.
“We also know that some terrorists exploit religion to mobilize support or rationalize their actions. However, their atrocities – slaughtering women, cutting open pregnant mothers, and killing children show a profound disregard for humanity and God. Normal human beings would not commit such acts.
“We must also be cautious about lumping banditry with terrorism. While statistics indicate that many bandits and kidnappers may share similar ethnic backgrounds, kidnapping has now evolved into a profit-driven enterprise. This distinction is vital to address the root causes effectively,” he stated.
The Governor of Plateau State, Caleb Mutfwang represented by his Senior Special Assistant (SSA) on Middle Belt Nationalities, Hon Daniel Kwada noted that the conference was apt to addressed the various underlying issues bedeviling the region and its people.
“We in the Middle Belt have long been standing at the crossroads of Nigeria’s complex history. Despite our tireless efforts to stabilize this nation, we have faced immense challenges, including underdevelopment, security issues, and marginalization.
“Often, we are unfairly maligned, but gatherings like this offer a chance to change the narrative.
“Such conferences set the tone for better discussions. They allow us to drive processes that bring development, ensure security, and elevate our people to greater heights,” Mutfwang noted.
Securities and Exchange Commission (SEC) has called on banks to reinforce their corporate governance principles and risk management frameworks to boost investor confidence during the ongoing recapitalisation exercise.
Dr Emomotimi Agama, Director-General, SEC, said this at the yearly workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos.
The theme of the workshop is: “Recapitalisation: Bridging the Gap between Investors and Issuers in the Nigerian Capital Market”.
Agama, represented by the Divisional Head of Legal and Enforcement at the SEC, Mr John Achile, stated that the 2024–2026 banking sector recapitalisation framework offers clear guidance for issuers while prioritising the protection of investors’ interests
He restated the commission’s commitment towards ensuring transparency and efficiency in the recapitalisation process.
The director-general stated that the key to bridging the gap between issuers and investors remained the harnessing of innovation for inclusive growth.
In view of this, Agama said, “SEC, through the aid of digital platform, is exploring the integration of blockchain technology for secure and transparent transaction processing to redefine trust in the market.”
He added that the oversubscription of most recapitalisation offers in 2024 reflects strong investor confidence.
To sustain this momentum, the director-general said that SEC had intensified efforts to enhance disclosure standards and corporate governance practices.
According to him, expanding financial literacy campaigns and collaborating with fintech companies to provide low-entry investment options will democratise access to the capital market.
He assured stakeholders of the commission’s steadfastness in achieving its mission of creating an enabling environment for seamless and transparent capital formation.
“Our efforts are anchored on providing issuers with clear guidelines and maintaining open lines of communication with all market stakeholders, reducing bureaucratic bottlenecks through digitalisation.
“We also ensure timely review and approval of applications, and enhancing regulatory oversight to protect investors while promoting market integrity,” he added.
Agama listed constraints to the exercise to include: addressing market volatility, systemic risks, limited retail participation as well as combating skepticism among investors who demand greater transparency and accountability.
He said: “We are equally presented with opportunities which include leveraging technology to deepen financial inclusion and enhance market liquidity.
“It also involves developing innovative financial products, such as green bonds and sukuk, to attract diverse investor segments.
“The success of recapitalisation efforts depends on collaboration among regulators, issuers, and investors.”
Speaking on market infrastructure at the panel session, Achile said SEC provides oversight to every operations in the market, ranging from technology innovations to market.
He stated that the commission is committed to transparency and being mindful of the benefits and risks associated with technology adoption.
Achile noted that SEC does due diligence to all the innovative ideas that comes into the market to ensure adequate compliance with the requirements.
On the rising unclaimed dividend figure, Achile blamed the inability of investors to comply with regulatory requirements and information gap.
He noted that SEC had done everything within its powers to ensure that investors receive their dividend at the appropriate time.
He, however, assured that the commission would continue to strengthen its dual role of market regulation and investor protection to boost confidence in the market.
In her welcome address, the Chairman of CAMCAN, Mrs Chinyere Joel-Nwokeoma, said banks’ recapitalisation is not just a regulatory requirement, but an opportunity to rebuild trust, strengthen the capital market, and drive sustainable growth.
Joel-Nwokeoma stated that the recent recapitalisation in the banking sector had brought to the fore the need for a more robust and inclusive capital market.
She added that as banks seek to strengthen their balance sheets and improve their capital adequacy ratios, it is imperative to create an environment that fosters trust, transparency, and cooperation between investors and issuers.
The chairman called for collaboration to bridge the gap between investors and issuers to create a more inclusive and vibrant Nigerian capital market.She said: “we must work together to strengthen corporate governance and risk management practices in banks, enhance disclosure and transparency requirements for issuers.” NAN
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