News
About 5,000 fuel stations closed as petrol price war rages
They attributed this to rising financial losses from unpredictable and volatile costs in the price of Premium Motor Spirit (petrol) sold by the Dangote Petroleum Refinery and PMS importers.
This comes against the backdrop of frequent changes in the price of petrol by the refinery. The $20bn refinery has changed the price of petrol about six times this year. It reviewed petrol prices six times between January and April 2025, with an initial cost of N950 per litre, followed by gradual reductions to N835.
Findings on Wednesday showed that marketers are lamenting the development. The situation has compelled marketers to scale down the volume of petroleum products they purchase, with as many as three or more marketers now pooling resources to afford a single truckload of fuel.
However, players without the required financial war chest have been forced to close their businesses.
Recall that the current administration, after the removal of subsidies on petrol, fully deregulated the downstream segment of the oil industry in October 2024, effectively placing pricing at the mercy of market forces.
This triggered a fierce battle for market share between the 650,000-barrel-per-day Lekki-based refinery and fuel-importing marketers, as both sides strive to prevent the emergence of a monopoly and assert dominance in the newly liberalised market.
But this crisis, industry players say, is being driven by unregulated pricing, logistics bottlenecks, and the absence of clear market signals from dominant refiners, forcing independent petroleum marketers and retailers to either shut shop or adopt cost-sharing survival strategies.
They urgently called for robust economic buffers and more effective regulatory oversight to stabilise the market and protect their businesses from further shocks.
Confirming the dire situation, the Petroleum Products Retail Outlets Owners Association of Nigeria said over 70 per cent of its 7,000 retail outlets have closed shop due to unsustainable operating conditions. This implies that 4,900 retail stations owned by members have been closed.
PETROAN President, Billy Gillis-Harry, told our correspondent that the issue had worsened due to the lack of loans from commercial banks.
He said, “PETROAN has over 7,000 retail outlets, and over 70 per cent of those outlets are closed and are out of business today. And the reason is that we struggle to take loans from the bank. You buy products from a supplier and then before you can get to your filling station, prices have either increased or it has been dropped for no justifiable reason.
“And then they have a few filling stations that would be selling at lower prices, and of course, all traffic goes there, even if motorists have to stay in the queue for hours. So what happens, people are thrown out of business. So what choice do we have?”
He explained that to remain afloat, many dealers have had to source fuel from alternative suppliers offering “soft landing” deals to cushion the market shocks and allow recovery.
“That situation has forced us to source products from those who can give us a soft landing, and then we can be able to recover and compete, because if someone knows that there are products and he is going to buy and do his business, there is no need to stay on a queue for fuel.
The closure is not peculiar to retail outlet owners. The PUNCH had earlier reported that over 70 tank farm operators had ceased operations in the last two years, leaving their facilities abandoned and idle as retailers and station owners increasingly avoid utilising their services.
These dormant tank farms, representing 65 per cent of the total 120 approved facilities, now stand idle, with operators increasingly bypassing the storage facilities in favour of alternative trucking options.
The business closure was primarily driven by the removal of the fuel subsidy by President Bola Tinubu’s administration, which led to a significant increase in petrol prices and affected the purchasing power of fuel marketers.
Similarly, the Independent Petroleum Marketers Association of Nigeria also confirmed that its members were grappling with heavy losses due to fluctuating prices and worsening logistics.
IPMAN’s National Publicity Secretary, Chinedu Ukadike, noted that the association’s members have recorded poor performance across key indicators, citing persistent downward reviews.
He attributed much of the setback to price instability, severe logistics and transportation challenges, stating that many trucks now spend up to three days in transit before reaching their destinations.
He said a recent review by the association revealed that its members lost between N300,000 and N1m, depending on the quantity of products per truck.
Ukadike said, “The uncertainty and disparity in price are always present in any liberalised market. Once the price is not being regulated, you would experience inherent fluctuations, and this makes buyers careful of how many litres they would be buying because of speculations and a price drop. All of these things modulate buyers’ and marketers’ behaviour. I also know that in the last few days under review, it has not been easy for independent marketers.
“We have experienced downward reviews in our key performance indicators, and because of our logistics and transportation problems, most of our trucks spend three days on the road before they get to our destination, and when they get there, prices have dropped resulting in losses ranging from N300,000 to over N1m depending on the quantity.
“You now find out that marketers sell at a loss, and this has remained the only reason why we don’t change prices immediately when they happen. The effect of that decrease is on the marketers to bear. We don’t have buffers or an economic wedge to regain the loss. We have been getting losses and losses within the period under review. But we are businessmen, and we are still on the ground. We would continue to push and see how we can maintain our filling station and ensure service delivery to the nation.”
Despite these challenges, the association maintains that its members, numbering over 20,000, remain resilient.
The African Airlines Association (AFRAA) has admitted Enugu Air as Member, extending the Association’s membership base in Nigeria’s fast-growing domestic aviation market and reaffirming AFRAA’s commitment to supporting the continued development of African carriers across the continent.
This was announced by AFRAA in Nairobi on Wednesday, making Enugu Air the 50th Member of the association, joining the AFRAA airline fraternity, collectively representing more than 85 per cent of total international traffic carried by African airlines.
Speaking on the development on Thursday, AFRAA Secretary General, Mr Abdérahmane Berthé, said, “We are delighted to welcome Enugu Air into the AFRAA fraternity.
“As a state-backed carrier serving Nigeria’s rapidly expanding domestic market, Enugu Air represents the kind of homegrown investment that is vital to building resilient air connectivity across our continent.
“We look forward to supporting the airline through the IOSA certification process and to its continued growth within the AFRAA membership, as we work together to advance the cause of unified African skies.”
Reacting to the development on Thursday, the CEO of Enugu Air, Capt Tolu Ita, described the admission into AFRAA as a major milestone in the airline’s short history.
“We are honoured to join the AFRAA fraternity. This membership underscores Enugu Air’s commitment to safe, reliable, and affordable air travel for Nigerians while contributing to the vision of a unified African aviation market.
“We look forward to collaborating with fellow AFRAA members and leveraging the association’s support as we grow our network and pursue IOSA certification,” Tolu stated.
Founded on July 7, 2025, Enugu Air commenced commercial operations with a fleet of Embraer E170/E190/E195 aircraft.
The airline, which has its headquarters in Enugu and operates from the Akanu Ibiam International Airport, currently serves nine domestic destinations including Enugu, Abuja, Lagos, Port Harcourt, Kano and Benin City.
As part of the airline’s growth strategy, Enugu Air plans to expand further across Nigeria and, in subsequent phases, to launch regional and international routes across Africa, Europe, and beyond.
As part of its growth strategy, Enugu Air plans to expand further across Nigeria and, in subsequent phases, to launch regional and international routes across Africa, Europe, and beyond.
The admission of Enugu Air aligns with AFRAA’s strategic priorities and strengthens the voice of the association. Nigeria, as Africa’s most populous nation and one of its fastest-growing economies, remains central to the realization of a truly integrated African aviation market.
Meanwhile, AFRAA association, which was founded in Accra, Ghana, in April 1968, and headquartered in Nairobi, Kenya, has a mission meant to promote, serve African Airlines and champion Africa’s aviation industry.
The association envisions a sustainable, interconnected and affordable air transport industry in Africa, where African airlines become key players and drivers of African economic development.
AFRAA membership cuts across the entire continent and includes all the major intercontinental African operators.
The association’s members represent over 85 per cent of total international traffic carried by African airlines.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has rejected calls for the Federal Government to publish details of how it plans to spend funds drawn from its $5bn financing facility with First Abu Dhabi Bank.
Oyedele said the transaction had been subjected to unnecessary scrutiny, arguing that the facility was approved by the National Assembly and was structured to help the government refinance more expensive debt.
He spoke on Wednesday during a media briefing in Abuja.
The Federal Government recently drew about $1.5bn, the first tranche of the $5bn Total Return Swap facility arranged with First Abu Dhabi Bank, despite concerns from the International Monetary Fund and Fitch Ratings over the transparency and risks associated with such financing structures.
The $5bn facility was approved by the National Assembly on March 31, 2026, while the initial drawdown was expected to support the 2026 budget, infrastructure projects and the refinancing of existing debt obligations.
Responding to a question on the borrowing plan and whether details of the First Abu Dhabi Bank transaction would be made public, Oyedele said the government would publish information on how it spends public funds but questioned why the particular facility was receiving special attention.
“We will not publish how we are spending it. We will publish how we spend government money. There’s nothing special about that loan,” he said.
He added, “Nobody has asked us whether we’re going to publish the money we took from the World Bank, whether we publish the one from Eurobond, whether we publish the one from Sukuk. Why is this one special?”
Oyedele also dismissed suggestions that the transaction was conducted without due process, noting that it had been presented to the National Assembly.
“The loan was approved not only by FEC, it was taken to National Assembly because what some people are doing is they comparing with other countries where they did it under the table.
“What else can be more public than what you gave to the National Assembly?” he said.
The minister said the government had assessed the transaction carefully and was accessing the funds in phases to avoid incurring unnecessary costs.
“We’re assessing it in phases. You don’t want to take all the money at once because if you don’t spend it at once, you incur cost on the extra amount you’ve taken,” he said.
He explained that the financing arrangement was different from Nigeria’s traditional fixed-rate borrowing because the First Abu Dhabi Bank facility had a flexible interest rate.
“You need to understand the transaction. You know, there’s always the textbook analysis and there’s the real life of what you’re doing.
According to him, Nigeria could not benefit from the lower yield on its existing fixed-rate debt.
“This First Abu Dhabi Bank transaction is flexible rates. It means if rates go up, we pay more. If rates come down, we benefit more.
“There’s nothing that says we must always do one thing. And the all-in rate for this transaction is lower than our existing portfolio,” he said.
Oyedele said the primary objective was to refinance more expensive debt and reduce the government’s borrowing costs.
“So the objective is to use it to refinance expensive debt so you can save money,” he said.
The Federal Government is required to pledge securities worth about 133 per cent of the amount drawn as collateral under the arrangement.
The International Monetary Fund and Fitch Ratings had raised concerns about the financing structure, including issues around transparency and sovereign debt risks.
The IMF had warned that derivative financing structures such as total return swaps could be difficult to track and value in real time, potentially obscuring the extent of a country’s financial obligations.
Fitch Ratings also warned that Nigeria’s planned $5bn arrangement could increase sovereign debt risks and reduce transparency in public debt reporting.
Oyedele, however, said the government would soon publish frequently asked questions on the transaction to provide further clarification.
“In the next few days, you will see on the website both the Ministry of Finance and DMO the frequently asked questions about this particular debt or bond, just so everybody can please themselves,” he said.
He added that there was “nothing special” about the loan, despite the attention it had received from critics and international media.
“I spend time on it because I think it’s important and the international media also, for some reason, have taken so much interest in it. But that is what it is.” Oyedele said.
News
2027 Elections: 146 Presidential, Governorship Candidates to Spend Not More Than N571bn on Campaigns
No fewer than 146 candidates currently in the race for the 2027 presidential and governorship elections could collectively spend up to N571bn under the campaign expenditure limits prescribed by the Electoral Act 2026.
The figure comprises 19 presidential candidates, each with a campaign spending ceiling of N10bn, and 127 governorship candidates, each allowed to spend a maximum of N3bn under Section 92 of the new Electoral Act.
The 19 presidential candidates alone have a combined spending ceiling of N190bn, while the 127 governorship candidates could collectively spend up to N381bn.
The combined ceiling for the two categories therefore stands at N571bn, although the amount represents the maximum permissible expenditure and not money guaranteed to, or actually received by the candidates.
The development comes as the Independent National Electoral Commission published the personal particulars and credentials of the 19 presidential candidates and their running mates ahead of the 2027 poll, paving the way for the commencement of the presidential campaign on Wednesday, August 19, 2026.
According to the election tracker NGelections.com, 127 candidates across 28 states will be running for governor in 2027. Of the number, 122 have been nominated, four have declared, and one is still being monitored.
A check on the INEC website showed that the commission had yet to publish the total number of 2027 governorship candidates, with its official 2027 election page stating under the list of candidates that “This will be available soon.”
INEC has confirmed that governorship elections will be held in 28 states in 2027, with Anambra, Bayelsa, Edo, Ekiti, Imo, Kogi, Ondo and Osun excluded because they are on the off-cycle schedule.
The commission had fixed January 16, 2027, for the presidential and National Assembly elections, while the governorship and State House of Assembly elections are scheduled for February 6, 2027.
New spending limits
Section 92 of the Electoral Act 2026 substantially raises the amount candidates are permitted to spend on election campaigns compared with the previous statutory limits.
Under the new law, a presidential candidate may spend up to N10bn, while a governorship candidate is limited to N3bn.
For the National Assembly, the ceiling is N500m for a senatorial candidate and N250m for a House of Representatives candidate.
A candidate seeking election to a State House of Assembly may spend up to N100m, the same ceiling prescribed for an Area Council chairmanship candidate, while the maximum campaign expenditure for an Area Council councillorship election is N10m.
The law also places a ceiling on individual contributions to candidates, providing that no individual donor may contribute more than N500m to a single candidate.
Section 92 further provides sanctions for candidates who knowingly exceed the prescribed limits.
Such a candidate faces a fine equivalent to one per cent of the permitted expenditure limit, or imprisonment for up to 12 months, or both.
The provision makes compliance with the new spending thresholds a statutory obligation rather than a voluntary guideline.
It could not ne confirmed if INEC has successfully prosecuted and secured a conviction against a Nigerian politician specifically for exceeding the statutory election/campaign spending limit.
Also, there is no reported case of a politician or party being prosecuted for exceeding campaign-spending limits.
When asked how INEC would enforce the spending limits, the INEC National Commissioner and Chairman Information/Voter Education Committee, Mohammed Haruna, simply stated, ‘’It’s the Commission’s statutory responsibility to monitor the campaign finance of all political parties.’’ The anti-graft agencies are expected to collaborate with the INEC in monitoring and enforcing the spending limits.
The restriction on individual donations means that while a presidential candidate can spend as much as N10bn, a single donor cannot contribute more than N500m.
Similarly, a governorship candidate’s N3bn spending ceiling is six times the maximum individual donation.
Governor of Enugu State, His Excellency, Dr. Peter Ndubuisi Mbah, has approved fresh appointments in the state.
The new appointees include Special Advisers (SPAs) and Senior Special Assistants (SSAs).
This was announced on Wednesday through a public notice signed by Prof. Chidiebere Onyia, Secretary to the Enugu State Government
Full List Below:
1. Hon. Chukwudi Ezinwa — Special Adviser on Labour Union and Association Matters
2. Hon. Sunday Nnamani (Orlando) — Special Adviser on Special Duties
3. Mr. Williams Chukwu — Special Adviser on Agriculture
4. Prince Afam Agana — Special Adviser on Infrastructure Compliance
5. Humphrey Onyima — Special Adviser on Investment Strategy and Public Relations
6. Hon. Tony Ugwu — Special Adviser on Rural Development
7. Chief Ernest Nweze — Special Adviser on Party Coordination and Mobilisation
8. Hon. Emeka Onunze — Special Adviser on Monitoring and Evaluation
9. Mr. Robinson Odo (mni) — Special Adviser on Labour and Productivity
10. Pastor Kenneth Asogwa (Ebube Muonso) — Senior Special Assistant on Heritage and Community Relations
11. Pastor Tochukwu Ogbodo — Senior Special Assistant on Social Engagement
12. Barr. Lucky Chukwu — Senior Special Assistant on Public Affairs
13. Belonwu Nnaji — Senior Special Assistant on Cultural Orientation
14. Hon. Steve Odo — Senior Special Assistant on Tourism
15. Hon. Francis Ikewette Ede — Senior Special Assistant on Public Communication
16. Mr. Sunny Okafor — Senior Special Assistant on General Duties
17. Hon. Chinedu Okwu Otaka — Senior Special Assistant on Social Orientation and Mobilisation
18. Otaba Cosmas Ikechukwu — Senior Special Assistant on Protection of Public Utilities
19. Pius Okeagu — Senior Special Assistant on Assets Management
20. Rt. Hon. Innocent Emeka Ugwu — Senior Special Assistant on Inter-Party Affairs
21. Mrs. Eucharia Offor — Senior Special Assistant on Human Resource Management
22. Mr. Kenneth Oforma — Senior Special Assistant on Policy and Communication
23. Kelvin Ede — Senior Special Assistant on Research and Strategy
The appointments take effect immediately.
Dr. Samuel Ogbuku climbs another rung on the golden-floor ladder of life on August 19, 2026, marking 51 years of a life defined by purpose, resilience, and an unwavering commitment to the Niger Delta region.
Born in Ayakoro, Ogbia Local Government Area of Bayelsa State, his journey from the creeks and crowded neighbourhoods of the region to the helm of the Niger Delta Development Commission (NDDC) is more than a personal story. It is a living expression of what he has described as “Rewind to Rebirth”: the deliberate act of learning from the past to rebuild a stronger, more hopeful future.
Dr Ogbuku’s early years were shaped by the realities of the Niger Delta. He attended public schools in Port Harcourt before earning a Bachelor’s degree in Political and Administrative Studies from the University of Port Harcourt. Further studies led to a Master’s and a Ph.D. in Development Studies.
Alongside academic excellence, he cut his teeth as a student activist and later served as Public Relations Officer of the Ijaw Youth Council (Central Zone). Those formative experiences instilled in him a deep understanding of the region’s struggles and a firm belief that dialogue, education, and opportunity remain the most effective paths to lasting peace. His career has been a steady progression of service. He worked as a Personal Assistant in the Ministry of Petroleum, served as Chief of Staff in the Bayelsa State Government House, managed agricultural enterprises, and later acted as Senior Special Assistant on Niger Delta Affairs.
In 2023, President Bola Ahmed Tinubu appointed him Managing Director and Chief Executive Officer of the NDDC. He inherited an agency long criticised for inefficiency and uncompleted projects. Under his leadership, the Commission has shifted from what he terms a “transactional” approach to a “transformational” one.
The results are visible across the region. Thousands of kilometres of roads have been constructed or rehabilitated. Bridges and jetties have improved connectivity. Health centres have been built and equipped, while free healthcare outreaches have brought medical services to thousands.
The “Light Up the Niger Delta” initiative has extended electricity to communities long left in darkness. Scholarships have opened doors for young people, with many achieving distinction both at home and abroad. These interventions reflect a consistent philosophy: development must be felt by ordinary people in their daily lives.
At the heart of this work lies the “Rewind to Rebirth” agenda, articulated in his writings, including Rethinking the Niger Delta. It is a call to examine past mistakes honestly, discard what has not worked, and rebuild institutions, infrastructure, and trust with clearer purpose.
For Dr. Ogbuku, turning 51 is not merely a personal milestone. It is another opportunity to reaffirm that the Niger Delta’s future can be brighter than its past if leadership remains focused on results, accountability, and the people.As communities, colleagues, and well-wishers celebrate this birthday, the most fitting tribute is continued support for the unfinished work of regional transformation. Dr. Samuel Ogbuku’s 51 years remind us that purpose, when rooted in service, has the power to rewrite the story of an entire region one project, one community, and one generation at a time.
Happy Birthday, Dr. Samuel Ogbuku.
The Mission Continues!!!
Jim George Willy Ibimina
Writes from Niger Delta.
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