Business
Benin Republic, Niger enjoy smuggled fuel as Nigerians keep vigil at fuel stations
While many Nigerians are keeping vigil at filling stations to fuel their vehicles, motorists in the neighbouring countries of Benin Republic and Niger are enjoying fuel smuggled from Nigeria.
Our correspondents, who visited the two countries discovered that the smuggled petrol was being sold by black marketers, whose rates were cheaper than those operating in filling stations.
Findings show that drivers often patronise the black marketers because their rates are cheaper than those who buy from the filling stations.
It was gathered that the higher value of cefas (CFA) to naira made the Nigerian smuggled fuel attractive to citizens of the two countries.
Nigeria is witnessing the fifth major fuel crisis since President Bola Tinubu assumed office on May 29, 2023, following his removal of the fuel subsidy.
The removal led to a sharp rise in fuel prices, causing panic buying, widespread fuel scarcity, and a subsequent hike in the cost of living. Petrol pump prices jumped from around N200 to over N500/litre.
A second fuel scarcity unfolded around September 2023 as a result of another surge in petroleum pump prices, leading to queues in major cities, including Lagos.
In January 2024, Nigeria experienced another scarcity due to distribution challenges and rising global oil prices.
Just before Tinubu’s one-year anniversary, the country witnessed the fourth fuel crisis, which brought about high transportation costs and disruptions in daily activities across the country.
The ongoing August fuel scarcity is the fifth in the petroleum crisis.
Fuel surplus in Benin
In stark contrast to the persistent petrol scarcity in Nigeria, findings by one of our correspondents showed that Benin Republic has stable fuel supply from smugglers and government-authorised dealers.
One of our correspondents, who visited the country, discovered that petrol was priced at 700CFA per litre, which converts to approximately N1,850.
During a visit to Cotonou and Calavi, two prominent cities in the West African country, a well-functioning fuel supply system was observed.
At various filling stations in the cities, there were no long queues.
For instance, at the Benin Petro Filling Station located at Saint Michelle Roundabout in Cotonou, the scene was notably calm.
When our reporter arrived, only one car and two motorcycles were seen refuelling at the two available pumps.
Similarly, at the Oryx Filling Station in Dantokpa, absence of customer activity was striking as attendants sat idly.
During a 30-minute observation, only three cars and one motorcycle were seen driving into the station. The situation at Jehova Nissi Petroleum Filling Station in the Vedoko area was the same. Although the station was open and had fuel, there were no customers present at the time of the visit.
A similar scene was observed at the MRS Filling Station and the Ewell Filling Station in the Agontinkon area, where fuel was available; but the customer turnout was low. At the SCB and Sylfrec filling stations in Calavi, fuel was also available, but the number of vehicles being attended to was limited.
Philip Umo, an attendant at the Sylfrec Filling Station, who spoke in French, said while fuel was consistently available, the challenge was finding buyers.
Despite the stable fuel supply at the filling stations, black market sellers were prevalent on the streets of both Cotonou and Calavi.
The vendors were seen selling fuel in jerrycans at 600CFA, which is lower than the official price of 700CFA. This discrepancy made many motorists opt for the black market.
A motorcyclist, Justin Asoba, described the situation as a “surplus,” explaining that the abundance of fuel led individuals to enter the black market trade.
A Nigerian trader based in Benin, Wasiu Olawale, said, “There is enough fuel, and everyone knows that much of it comes from Nigeria, but it is cheaper here.”
One black market trader, Kabiru Usman, indicated that he received regular supplies of fuel and offered to provide insights into the business for a fee.
Yusuf Bala, another motorcyclist, revealed that a significant portion of the fuel sold on the black market is smuggled from Badagry, Lagos State, into Benin Republic.
He said, “It is a booming business. The fuel is smuggled into Benin. Since their currency is stronger than the naira, they make substantial profits.”
How we get smuggled fuel – Niger dealer
Boisterous Illela town, the headquarters of illela Local Government Area in Sokoto State, is a border town between Nigeria and Niger Republic, which is about 120 kilometers away from Sokoto town.
One of our correspondents, however, discovered that while a litre of petrol was around N1,000 in Illela, the border town, a litre of the product was sold for between N1,250 and N1,300 in Konni, Niger Republic.
It was also observed that Niger Republic did not experience any scarcity.
A commercial motorcycle rider in illela, Mallam Abubakar Bello, while narrating his experience said the cost of fuel in Sokoto and Illela is the same.
He said, “We are buying the product here at N1,000 per litre and it’s about same price in Sokoto. Here at Illela, most of us don’t patronise filling stations because there is no difference between their price and black market.”
A motorist in Konni, Niger Republic, Mahmoud Sanusi, said there was not much difference in the cost of fuel in both countries.
He said the removal of subsidy by the government of Nigeria hit them in Niger Republic than even people of Nigeria.
“Though we have our fuel here, our filling stations are largely patronised by government officials, who have the purchasing power. We all prefer to get fuel brought from Nigeria, which used to be more cheaper than our own here,” he added.
More findings by our correspondent in Konni revealed that smuggled fuel was mostly sold by the roadside by black marketers. It was sold for 1,250 per litre equivalent to their currency. But the fuel supplied by the Niger Republic government to registered oil marketers in the country sold for N1,300.
A manager of one of the filling stations in Konni, Kaseem Sani, said the registered oil marketers in the country could only access the product through the government.
He said none of the filling stations in the country could be caught selling smuggled fuel from Nigeria.
“Yes, we know it’s cheaper to sell Nigerian fuel even after the removal of subsidy; Nigerian fuel is cheaper than our own,” he added.
Sani said the Niger government had outlawed fuel smuggling from Nigeria, adding that the black marketers usually found a way to beat security.
Corroborating the story, Hassan Muhammad, a black marketer in Konni, said they got their products through smugglers in Nigeria.
“We get our supply from Nigeria but not through legal means; most of the people that supply us are Nigerians who make the fuel available to us here.
“They use the bush path and atimes, through the waterways but not through the legal land border.
“It is a smuggled product and their prices differs. Some sell for us like 1,100 naira per liter, or less sometimes.
“It all depends on your relationship and bargaining power with the smugglers.”
He further confessed that the smuggle fuel used to be concealed in jerrycans and not tankers.
“They don’t use any tanker for the supply, but one thing I can also add is that there are some vehicles with an additional bigger tanker which can contain close to 200 litres of fuel at a go.
“I am not supposed to be telling you this and that is why I would not allow you to take my picture, to prevent a possible attack by my people.
“We have a lot of ways and the only reason we can attract customers is to sell a bit less than the government price and that is why you see those differences in the price between us and those that source their supply from the government of Niger Republic.”
Meanwhile, a source from Tawa, another major city in the Republic of Niger confirmed to our correspondent that majority of private car owners in the country patronised the black markets for fuel while only companies and government officials bought fuel from the filling stations.
The source added that some of the smugglers of Nigerian fuel also took it beyond Niger Republic up to Mali on some occasions.
Petrol hits N850 at private depots
Meanwhile, the ex-depot price of Premium Motor Spirit, aka petrol, at Nigerian private depots has increased to N850/litre.
Oil marketers said the ex-depot price was about N780/litre last week, but the cost increased to between N840/litre and N850/litre on Friday due to low petrol imports by the Nigerian National Petroleum Company Limited.
The high petrol price by the private depots has led to increased pump prices at filling stations operated by independent oil marketers, as some outlets dispense the commodity for as high as N1,000 per litre, particularly stations in the North.
This came as the Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, vowed to shut down filling stations caught dispensing petrol at exorbitant rates.
Also, the queues for petrol by motorists at filling stations were still visible on Friday in parts of Lagos, Abuja, Niger, and Nasarawa, among others.
Marketers said while the petrol price at NNPC depots was less than N600/litre, the cost at private depots had increased to about N850/litre.
By Chinedu Sabastine
ENUGU – Value Circle Africa (VCA), a marketing outfit dealing in organic food products, has launched operations in Enugu, promising to promote health and wealth creation among millions of Africans.
The company, which markets products including soya bean oil, swallow, fufu and Ganadima mushroom, said it was targeting 20 million Africans through its business model.
Speaking at the unveiling in Enugu, Chairman of VCA, Elder Dennis Ogbonnaya Nwankwo, claimed that participants who purchase products worth N65,000 could earn up to N550,000 over six months under the company’s reward scheme.
Nwankwo said VCA was an offshoot of Nature’s Renaissance International Limited (NRI), founded by High Chief Clinton Brown Odiagbe.
He explained that the initiative was designed to share the company’s profits with customers rather than concentrate its earnings on business expansion.
According to him, a participant who purchases products worth N65,000 would receive N50,000 initially, with subsequent monthly payments of N100,000, subject to the company’s stated terms.
He further claimed that an investment of N6.5 million could yield about N55 million within six months.
Nwankwo said the company manufactured its organic products and intended to use the proceeds to improve the financial circumstances and health of its customers.
“Every other company is marketing its products and making its profit. We manufacture our organic products, including soya bean oil, swallow, fufu and Ganadima mushroom.
“But we decided that we should not use the money to establish an airline or acquire more estates. Instead, we decided to share it with people around us,” he said.
He added that the company encouraged participants to reinvest their earnings to build sustainable financial capacity.
“We believe that if we continue to do this, we will also train people not to consume all the money they earn but to reinvest it. That is how we intend to wipe away poverty,” he said.
The VCA chairman urged interested persons to participate in the scheme, claiming that those who borrowed N65,000 to purchase the products could repay their loans from subsequent payments.
He, however, did not provide independently verified financial records to substantiate the returns being promised.
One of the company’s beneficiaries, Pastor David Ime Jesus, said he joined the scheme in June 2026 and had received payments under the arrangement.
“I began to invest in June and have been earning N100,000 every month since the initial N50,000 I earned in July,” he said.
Business
No Bad Blood Over New Cement Factories, But Our Mining Rights Run Till 2045 — Ibeto Tells Ebonyi Govt
ABAKALIKI, EBONYI STATE — Billionaire industrialist and Chairman of Ibeto Group, Dr. Cletus Ibeto, has clarified his position on plans by the Ebonyi State Government to establish a new cement manufacturing plant, saying he has no objection to fresh investment in the state provided his company’s existing mining rights are respected.
Ibeto, who is also a core investor in the Nigerian Cement Company (Nigercem), said the proposed development should not interfere with areas covered by valid mining leases held by his company.
“We are not against the establishment of new cement factories in Ebonyi State. However, such developments must not interfere with or overlap the specific areas where Ibeto Group holds valid Mining Lease Licences issued by the Federal Ministry,” Ibeto stated.
He said the company’s statutory mining leases covering limestone deposits in the Nkalagu axis remain valid until 2045.
Ibeto stressed the need for proper delineation and mapping of mining areas to prevent conflicts between existing title holders and new investors seeking to establish businesses in the state.
Under Nigeria’s legal framework, mineral resources are vested in the Federal Government, with mineral titles administered through the Federal Ministry of Solid Minerals Development and the Mining Cadastre Office.
Nigercem Ready to Resume Operations
Addressing concerns over the future of the historic Nigercem plant, Ibeto said Ibeto Group remains committed to reviving the facility and is ready to commence work once outstanding administrative issues with the state government are resolved.
He said the company’s position should not be interpreted as opposition to new investment in Ebonyi, stressing that his concern was the protection of legally acquired mining rights.
The development could pave the way for both the revival of Nigercem and the entry of new investors into Ebonyi’s cement industry, provided the respective mining areas are clearly mapped out and existing legal titles are respected.
Business
Patience Jonathan Hails Azikel Boss Eruani as ‘Small Boy’ She Mentored Into Billionaire League
She said her guidance was behind his bold entry into big business at a relatively young age.
The former First Lady spoke on Tuesday in a video which went viral on Thursday during an inspection tour of the Azikel Refinery in Obunagha, Bayelsa State, alongside other dignitaries.
She said she personally introduced Eruani to billionaire businessmen, Aliko Dangote and Aminu Dantata, and pushed him to aspire to their level despite being the youngest among them.
“He’s a boy that I brought up. We are always together. Although he’s the little one among us when we are friends — Dangote, Seyi, Dantata, Eruani — among us, he’s the smallest. But I made sure he followed the Dangotes, he followed Dantata.
“Because I’m a woman in their midst, I made sure I told this small boy, ‘Go and follow them, and stop the grammar.’ But when he told me that one day he would be like Dangote, I said, ‘You’re thinking too high.’ I prayed to God to grant him his heart’s desire,” she said.
The former First Lady also recalled how the immediate past APC administration under Muhammadu Buhari initially failed to grant Eruani a refinery licence before eventually approving three.
“During the Buhari administration, he and others came to me and told me they were going to apply for a refinery. I told him, ‘Eruani, your brother, the President, did not give you a refinery.
“Is it the APC government that will give you one?’ I prayed it would happen. But later, they came back and told me they had been given three refineries,” she said.
The 25,000 barrels-per-day plant is a private hydro-skimming refinery designed to process condensate into petrol, diesel, aviation fuel, kerosene and other products.
It is set to become Nigeria’s second-largest full-slate refinery and the first major privately owned refinery in the Niger Delta.
The Managing Director/Chief Executive Officer of the Niger Delta Development Commission, Samuel Ogbuku, who joined the inspection tour, commended Eruani for his perseverance, noting that he had attended the project’s groundbreaking ceremony eight years ago.
Ogbuku described the refinery as an inspiration and a potential catalyst for investment, job creation and economic growth in Bayelsa State, and urged residents, particularly youths, to key into the opportunities it would create.
He also praised the Bayelsa State Government for improving road infrastructure leading to the refinery site and called for continued support for the project.
Governor Douye Diri, who was represented at the inspection by his deputy, Peter Akpe, has consistently backed the project, which is expected to employ hundreds of workers and drive industrialisation in the state.
Other dignitaries at the event included the Chairman of the Bayelsa State Council of Traditional Rulers, King Bubaraye Dakolo; Vice President of Azikel Group, Presley Asemota; and Isaac Yalah, among others.
A market check on Tuesday showed that NNPCL outlets in Abuja and nearby areas adjusted their petrol price from N1,155 per litre to N1,270 per litre.
The latest adjustment represents an increase of N115 per litre by the state-owned oil company.
The new price change follows recent increases by depot owners and petroleum marketers, who have adjusted their rates twice within a week.
The latest development also comes days after Dangote Refinery resumed the sale of refined petroleum products in dollars, a move that has raised concerns among industry players over the direction of fuel pricing in the country.
The Federal Government has disclosed that 13 of the 50 oil and gas blocks offered in the 2025 Licensing Round will be returned to the licensing basket after failing to attract bids from prospective investors.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed this on Tuesday at the 2025 Commercial Bid Conference in Abuja.
Eyesan said that although 50 blocks were initially put up for bidding, prospective investors showed interest in only 37.
“At the end of the exercise, we had 50 blocks on offer, but we only had representation for 37 of those 50 blocks. Thirteen of those blocks will be returning back to the basket,” she said.
She further disclosed that 143 companies participated in the commercial bid process, submitting about 200 bids for the available oil and gas assets.
“We have a total of 143 companies showing interest for 200 bids. That, for us, was remarkable, and I must say thank you,” Eyesan stated.
According to her, nearly 300 companies initially expressed interest in the licensing round, which she described as a sign of renewed investor confidence in Nigeria’s upstream petroleum sector.
“When we started the journey, we got interest from almost 300 companies. I repeat, almost 300 companies. That, in my view, was an indication that the tide has turned for Nigeria,” she said.
She explained that the number of interested companies was reduced to 196 following the prequalification stage, before the process moved to the technical and commercial evaluation phases.
“From the almost 300 interests that we got, we moved to the pre-qualification stage, and that number was pruned down to 196,” she added.
The 2025 Licensing Round was launched on November 11, 2025, in accordance with the Petroleum Industry Act 2021, with 50 oil and gas blocks put up for bidding across seven sedimentary basins.
The assets comprise 16 Niger Delta onshore blocks, 18 shallow-water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.
The bid portal opened on December 1, 2025, while a pre-bid conference was held in Lagos on January 14, 2026, to provide prospective investors with guidance on the bidding requirements.
Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.
The NUPRC said winning bids are being determined through a weighted evaluation that considers signature bonus commitments, proposed work programmes and performance security. The process combines technical and commercial scores rather than relying solely on financial offers.
The framework is aimed at ensuring that Nigeria’s petroleum assets are awarded to investors with the financial capacity, technical expertise and operational strength required to accelerate exploration and production in the country’s upstream sector.
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