News
Fuel imports gulp N843bn, stakeholders lament inactive refineries
In the swap arrangement, known as Direct Sale, Direct Purchase, which had been in place for nearly a decade, the national oil firm sells crude to refiners, who will in turn supply NNPCL with an equivalent worth of refined petroleum products.
In July, data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that between June 1 and June 28, 2023, which was described as the post-deregulation period, the total petrol consumption across the country was 1.36 billion litres, while the average daily consumption was put at 48.43 million litres.
Oil marketers said the average ex-depot price of petrol from the only importer of the commodity was N580/litre. NNPCL is the sole PMS importer currently. Other marketers stopped importing the product due to their inability to access foreign exchange, among others.
With the average daily consumption of petrol at 48.43 million litres and an average ex-depot price of N580/litre, the national oil company would spend N28.1bn daily on PMS imports.
In 30 days, the cost of importing the commodity is going to be about N843bn, going by the fact that NNPCL now pays cash for PMS imports.
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Sources told Reuters that the national company’s latest tender to buy petrol for delivery in November closed last week.
Two of the sources, according to the report, said NNPCL would pay the last debts owed under the oil swaps by the end of next month.
The shift occurred four months after President Bola Tinubu commenced reforms to eliminate the costly subsidies on petrol, which depleted the country’s finances massively.
On June 4, 2023, NNPCL said it had commenced the termination of crude oil swap contracts, hinting at payment of cash for petrol imports.
“In the last four months, we practically terminated all Direct Sale Direct Purchase contracts. And we now have an arm’s-length process where we can pay cash for the imports,” the Group Chief Executive Officer, NNPCL, Mele Kyari, had said.
Nigeria reportedly owes about $3bn to trading houses and oil majors for crude oil swap arrangements.
The continued importation of petrol into Nigeria was condemned by operators in the downstream oil sector on Sunday, as they wondered why the Federal Government had still been unable to fix Nigeria’s refineries.
Operators knock FG
“The only way to stop spending our hard-earned dollars on the importation of petroleum products is when we start refining our crude oil here in Nigeria,” the Secretary of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, stated.
He added, “We still cannot understand why it is taking so long for our government to get the refineries in Warri, Port Harcourt and Kaduna working.
“We spend trillions of naira yearly on petrol imports when we can plow back this money in our sector if our refineries were working. This is a sad situation.”
He also stated that the government had continued to borrow money to support the economy, stressing that this would have been reduced had it been Nigeria’s refineries were working.
“Recently, the NNPCL said it secured a $3bn loan to help the local currency and boost activities in the oil sector. There wouldn’t be a need for such a level of borrowing if our refineries were working.
“The government should work hard to get our refineries working. It will save Nigeria a lot of funds. It will reduce the pressure on our forex. It will create jobs and guarantee the supply of refined products. Marketers will stop chasing dollars for imports.
Also, speaking on refineries, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, explained that the government should make the refineries work by selling part of its shares in the facilities.
He said, “Let’s get it clear that it is not in the interest of this country for the government to be managing those refineries. Look at how much we have spent on these refineries for their Turn Around Maintenance.
“So from that point of view, I think that since the government has started the rehabilitation of the refineries, once it finishes rehabilitating them, it should work out a model where it can sell some of the shares in them. It may not be everything.
“It should be sold to the private sector to manage the refineries. We can develop the NLNG (Nigeria Liquefied Natural Gas Company) model, where the government has a minority share, say 49 percent, for instance.
“But the majority share will be owned by those with the technical capacity and financial muscle to manage them so that we can have refineries that work. The government cannot manage them. We may not go for outright sale, but implement something to make the refineries work,” Yusuf stated.
By Okey Maduforo Awka
Six members of the Indigenous People Of Biafra IPOB have been declared wanted by the Nigerian Police .
The six persons led by Mr Chukwuebuka Ohaechesi, include Emma Okonkwo, Jude Uwa, Gentle Okoro, Uchenna Dike, and Emmanuel Nwankwo who are said to be at large.
The were said to have fled to neighboring states in the South East hence signaling the other four Police Commands in the geopolitical zone to assist in the manhunt for them
The Police accused them of executing protests against the detaintion of the leader of IPOB Mazi Nnamdi Kanu who is currently serving jail terms in Sokoto Correction Center.
According to a statement issued by the Abia Police Public Relations Officer of the Command, ASP Eguavon Omokaro, the individuals are suspected members of IPOB who have allegedly participated in protests at various times and locations within the state.
The statement alleged that the protests were organised in connection with the continued detention of Mazi Nnamdi Kanu and demands for justice through the judicial process.
The Police Command further stated that these protests have allegedly resulted in breaches of peace and disruptions to law and order in Abia State. Consequently, the Police Intelligence Department reportedly concluded that the named individuals were among the principal organisers and coordinators of the demonstrations.
The statement further alleged that; ;
“It should be noted that on every 30th day of May, these men and their cohorts convene for the so-called remembrance of Biafra, holding clandestine meetings at various locations in the name of the emancipation of the Biafran Republic and the release of Mazi Nnamdi Kanu.”
According to the police, the six individuals were invited on several occasions for questioning in relation to the allegations against them.
The statement indicated that the first invitation was issued on 18 December 2025, followed by a second invitation on 7 February 2026, and a third invitation on 3 March 2026.
The police alleged that the individuals failed to honour all three invitations.
The statement further asserted:
“These individuals were invited by the police on several occasions. Firstly, on 18 December 2025, they failed to honour the invitation. Again, they were invited on 7th February 2026 and failed to appear. Finally, they were invited on 3 March 2026, and they also failed to present themselves before the police.” It stated.
As a result, the Abia State Police Command announced that all six individuals had been formally declared wanted.
The police appealed to members of the public to provide any reliable information that could lead to their arrest and prosecution, stating that informants would be suitably rewarded.
The declaration of the six individuals as wanted persons is linked to allegations of their participation in pro-Biafra activities, demonstrations concerning the detention of Mazi Nnamdi Kanu, and their alleged association with IPOB, an organisation that has been the subject of extensive scrutiny and security operations by Nigerian authorities.
In a statement shared on social media, VeryDarkMan argued that Wike may not fully understand the pain and trauma experienced by parents of abducted children and affected teachers. He claimed that the minister’s children were educated abroad, away from the security challenges facing many Nigerian families.Nigerian entertainment news
The activist stated that insecurity, kidnapping, and attacks on schools remain serious national concerns and should not be dismissed or reduced to political issues. He stressed that the fears and frustrations of parents whose children face security threats deserve greater attention from public officials.
VeryDarkMan further warned that political power is temporary, urging leaders to remain accountable to the people and sensitive to the challenges confronting ordinary Nigerians.
DSS Detains Novelist Okey Ndibe at Lagos Airport, Awaits Clearance from Abuja
Renowned Nigerian novelist, journalist, and academic, Okey Ndibe, was reportedly detained by operatives of the Department of State Services (DSS) upon his arrival at the Murtala Muhammed International Airport, Lagos, on Monday morning.
Ndibe disclosed his situation in a message sent while in custody, stating: “I’ve been with the SSS now for more than an hour. They’re waiting for clearance from some oga before they let me go.”
According to sources close to the writer, his detention follows a pattern that dates back to previous administrations, including that of former President Goodluck Jonathan, during which he was frequently stopped and questioned over his critical commentaries on Nigerian governance and public affairs.
However, associates noted that Ndibe has largely stepped away from active commentary in Nigerian media over the past two years, focusing instead on writing books and his academic responsibilities at University of Massachusetts Amherst, where he teaches.
A close friend of the author and former Anambra State Commissioner for Information and Public Enlightenment, C. Don Adinuba, said similar incidents had occurred several times in the past. He explained that airport DSS officials typically contacted their superiors in Abuja before eventually releasing Ndibe.
“It is a pity that this agency doesn’t update its database to enable officers on duty at the airport to know that the agency no longer regards Prof. Ndibe as a security threat to the administration,” Adinuba said.
He added that on previous occasions, the DSS had apologized to the respected author after determining that his detention was unwarranted.
As of the time of filing this report, there was no official statement from the DSS regarding the circumstances surrounding Ndibe’s latest detention. The development has raised renewed concerns about the treatment of government critics and the continued use of security watchlists affecting returning Nigerians.
Hegseth made the disclosure during a press conference at the White House on Wednesday, where he said the directive was issued about a year ago after Trump became aware of attacks against Christians in Nigeria.
He explained that the operation involved behind-the-scenes coordination and deployment of military assets, adding that intelligence gathered during the mission contributed to the killing of Abu-Bilal al-Minuki, identified as ISIS’s second-in-command, during a joint operation involving U.S. and Nigerian forces in the Lake Chad Basin.
“Maybe a year ago, he heard the call of Nigerian Christians who were being targeted and killed by ISIS in Nigeria, and he said, ‘Pete, I want the War Department to focus on ensuring that we do everything we can to protect those Christians,’” Hegseth said.
According to him, the operation yielded significant results in the fight against terrorism in the region.
“And we got the assets there, and over the last month, and there hasn’t been much coverage of this, we killed ISIS number two in Nigeria, who’s most responsible for killing Christians and trying to target the U.S. homeland,” he stated.
Hegseth added that working on the Intel gathered, they have killed hundreds of ISIS members who were targeting and killing Christians in Nigeria.
The U.S. defence chief described the operation as part of the Trump administration’s broader commitment to counterterrorism efforts and the protection of vulnerable communities.
“So there are a lot of things we do that the media pays attention to, and a lot of things that the President empowers the Department to do on behalf of the American people that he deserves great credit for,” Hegseth stated.
ISIS second in command, Abu-Bilal al-Minuki was killed in a coordinated U.S.-Nigeria military operation in northeast Nigeria earlier this month.
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