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.
President Bola Ahmed Tinubu has approved the immediate dissolution of the Presidential Implementation Committee (PIC) on the Alienation of Federal Government Properties, ending the operations of a body that has overseen the privatisation, sale and lease of federal assets for more than two decades.
The decision was announced in a statement issued on Thursday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
According to the statement, President Tinubu directed that all matters relating to the committee’s activities will henceforth be handled by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi.
The PIC was established in 2000 under the administration of former President Olusegun Obasanjo to supervise the disposal of Federal Government landed assets under the monetisation policy.
The committee was chaired by the then Minister of Housing and comprised representatives of the Ministries of Transportation, Justice, Health and Agriculture, as well as the Nigeria Police Force. Professor P.T. Ahire served as its pioneer secretary, while members were drawn from both the public and private sectors.
The statement recalled that the Federal Executive Council approved the establishment of a Panel of Inquiry on March 22, 2001, to produce a White Paper guiding the implementation of the committee’s recommendations. The panel worked for 21 months before submitting its report.
Explaining the decision, Onanuga said the Federal Government concluded that the committee had outlived its usefulness, as its activities had extended beyond its original mandate and resulted in multiple litigations across the country.
“After careful consideration, the Government has noted that the activities of the PIC had extended beyond its original mandate, resulting in multiple litigations across the country, and the continued existence of the Committee is no longer justified,” he said.
President Tinubu also directed that, with effect from November 5, 2025, all outstanding matters previously handled by the committee be coordinated by the Attorney-General of the Federation.
In addition, the former Secretary of the committee, B. S. Dutsin-Ma, was directed to immediately cease acting on behalf of the dissolved committee and the Federal Government on related matters.
The Presidency said the move is aimed at streamlining the management of issues relating to the alienation of Federal Government properties under the supervision of the Office of the Attorney-General of the Federation.
By Chinedu Sabastine
The Nigeria Premier Football League (NPFL) and Afrinvest have urged Nigerian clubs to embrace digital transformation, saying strong online presence, quality data and commercial partnerships are key to financial sustainability.
Speaking at a seminar for media and marketing officers of NPFL clubs in Enugu, NPFL Chief Operating Officer, Davidson Owunmi, challenged clubs to improve their digital platforms or risk missing sponsorship opportunities.
To underscore the importance of data, Owunmi offered a ₦100,000 reward to any club with a functional website containing comprehensive statistics from the just-concluded season, including player profiles, goals, match records and attendance figures.
He lamented that many clubs either lack functional websites or operate platforms with little useful content, stressing that data and digital engagement have become major revenue drivers in modern football.
“Our Gen Z audience lives online. If clubs are absent from the digital space, they cannot reach young fans, attract sponsors or benefit from e-commerce opportunities,” he said.
According to Owunmi, potential sponsors now demand audience and performance data before committing funds, but many clubs are unable to provide credible figures due to poor data generation.
He urged clubs to reduce dependence on government funding by strengthening their media and marketing departments, citing Rangers International’s ₦200 million sleeve sponsorship deal and other commercial partnerships as examples of what effective branding can achieve.
Owunmi also disclosed that from next season, the NPFL will introduce measurable digital benchmarks for clubs, including website functionality, quality content and social media engagement.
Afrinvest Manager, Emmanuel Eleojo, said the company’s partnership with Rangers International and the NPFL is anchored on its “Finance Meets Football” initiative, which promotes corporate investment in football.
He said Afrinvest’s support for Rangers since 2023 has boosted youth development, led to the establishment of the club’s academy and contributed to two league titles in three seasons, while producing players for the national team.
“When finance meets football, we see growth. We see progress. We see trophies won,” Eleojo said.
One of the lead paper presenters at the seminar, Mr George Isitua-Onukwu, who spoke on ‘Monetising NPFL Clubs Through Marketing, Sponsorship and Brand Investment’, harped on the need for the clubs to adopt a clear and timed approach to branding and marketing.
According to him, NPFL sponsors report hesitation because clubs cannot yet guarantee the consistent visibility and production quality brands ask for.
“Clubs without a structured calendar for renewals, activation briefs, and reporting are, by definition, always reacting,” he further stated.
The seminar brought together media and marketing officers from the 20 NPFL clubs to strengthen capacity in digital marketing, branding, content creation and data management aimed at improving the league’s commercial appeal.
A socio-political organization, Forum of Abia Democrats (FABD), has lauded the sterling leadership qualities of Dr Prince Michael Chiemezuo Agrippa.
Dr Prince Michael Chiemezuo Agrippa is the Nigeria Democratic Congress State House of Assembly candidate for Isiala Ngwa South Constituency of Abia State
Forum of Abia Democrats (FABD), whose membership is drawn from the seventeen (17) local government areas of Abia State in a statement on Thursday, hailed
Dr Prince Michael Chiemezuo Agrippa’s resilience and commitment to nation-building and development.
The statement by the forum was signed by the Chairman, Surveyor Samuel Azubuike and Secretary General, Victor Mbanaso.
While noting that Dr Michael Chiemezuo ‘s invaluable contributions towards deepening democracy in Abia state and Nigeria cannot be overemphasized, Forum of Abia Democrats(FABD) also noted that Dr. Prince Michael Chiemezuo Agrippa has remained unwavering in her pursuit of gender equality in the country.
The pro-democracy forum further noted that Dr Prince Michael Chiemezuo’s continued support for human empowerment, community development, and as well passion for good governance.
“Dr Prince Michael Chiemezuo Agrippa has remained committed to public service and also dedicated to the advancement of democratic values in Abia state and larger Nigeria. And this illustrious son of Abia state has continuously demonstrated his desire to contribute to societal building and development, having chaired and coordinated professional bodies effectively and efficiently.
Forum of Abia Democrats (FABD) therefore threw their weights behind Dr Prince Michael Chiemezuo Agrippa’s House of assembly bid, describing his recent emergence as the NDC State House of Assembly standard-bearer for Isiala Ngwa South state Constituency as a beginning of a new chapter of progress and purposeful leadership in Isiala Ngwa South.
The forum expressed confidence in the ability and capacity of Dr Prince Michael Chiemezuo Agrippa in driving even development and uplifting local communities across Isiala Ngwa South Constituency through attractions of government’s provision of critical infrastructural amenities and projects when elected into the Abia State House of Assembly come 2027.
According to the ethnic-nationality body, aside from attracting meaningful socio-economic and infrastructural projects across IIsiala Ngwa South Constituency, we believe Dr Prince Michael Chiemezuo Agrippa equally possessed the wherewithal to pursue and make impactful laws that strengthen all statutory and relevant institutions of democratic governance in Abia State.
“Dr Prince Michael Chiemezuo has remained a defender of justice and advocate for the rights and welfare of average Nigerians.
“The confidence and widespread acceptance he enjoy among the electorates in isiala Ngwa South state constituency will turn into electoral victory for NDC in the coming general election next year,”the forum noted.
Forum of Abia Democrats (FABD) pledged to rally bulk votes for NDC State House of Assembly Candidate, Dr. Prince Michael Chiemezuo Agrippa to ensure his total victory in the upcoming election in 2027 in isiala Ngwa South Constituency by the independent national electoral commission (INEC).
The southeast forum also used the medium to call on all eligible Nigerian citizens to participate in the ongoing nationwide voters registration exercise by INEC, so as to enable them exercise their franchise in next year’s general election in the country.
“Every eligible imo citizens should ensure it register and collect their permanent voters cards (PVC), because, it is the only weapon and power vested on citizens by the constitution of the Federal Republic of Nigeria, to effect a change in government, and vote in credible people to mount leadership saddle in all levels in the country,”They stated.
The Service stated this in a statement posted on its official X handle on Wednesday.
According to the NIS, the only authorised platform for passport payments by Nigerians, both within the country and in the diaspora, is its official passport portal.
It added that foreigners seeking Nigerian visas should use only its official visa portal for embassy applications or the designated e-visa portal for electronic visa applications.
It said, “The Nigeria Immigration Service wishes to reiterate that the only authorised platforms for passport payments for Nigerians (at home and in diaspora) is https://passport.immigration.gov.ng.
“For foreigners wishing to apply for visa, https://visa.immigration.gov.ng (for visa at the Embassy) and https://evisa.immigration.gov.ng (for e-visa) are the official links.
The NIS urged applicants who require clarification or assistance with passport or visa applications to contact its verified communication channels.
It listed its official X accounts as @nigimmigration and @InquireAtNaija, while its verified Facebook and Instagram handles are @nigimmigration.
The Service also provided WhatsApp numbers 09160878000 and 09117717772 for enquiries and support.
The statement reiterated the Service’s commitment to ensuring secure and transparent passport and visa application processes, urging the public to avoid fraudulent intermediaries.
The US Department of State said the move is aimed at centralising routine visa services in regional hubs to enhance national security, reduce government spending, and ensure greater consistency in visa screening, vetting and adjudication.
In a statement on the US Department of State website on Wednesday, the department said the reorganisation aligns with the President Donald Trump’s administration’s priority of placing America’s interests and security first.
“The Department of State is constantly evaluating its overseas operations in order to advance America’s priorities as efficiently and effectively as possible. This includes a visa process that maintains rigorous standards of security screening and vetting and aligns resources and operational capacity with America’s national interests.
“The Trump administration has no higher priority than the safety and security of Americans, and the State Department will continue to provide Americans with appropriate consular services and assistance at diplomatic posts around the world,” the statement read.
Besides Abuja, the affected diplomatic posts are located in Asmara, Bamako, Banjul, Brazzaville, Bujumbura, Conakry, Cotonou, Durban, Freetown, Gaborone, Harare, Juba, Libreville, Lilongwe, Lusaka, Maputo, Maseru, Mbabane, N’Djamena, Niamey, Nouakchott, Ouagadougou and Windhoek.
It also emphasised that all diplomatic missions will continue to provide consular services and carry out their regular functions on behalf of the United States.
The department further assured travellers that the policy does not invalidate visas that have already been issued.
The United States periodically reviews its global diplomatic operations to reallocate resources and streamline consular services.
Under the new arrangement, applicants in countries affected by the policy are expected to access routine visa services through designated regional processing hubs, while embassies and consulates continue to provide other diplomatic and consular assistance.
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