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FG to discuss price as Dangote refinery begins supply September
There are indications that the Federal Government’s committee which was set up to ensure the implementation of crude oil sales to local refineries in naira will further discuss the pricing of Premium Motor Spirit, popularly called petrol, to be released by the Dangote Petroleum Refinery next month.
Multiple officials, both among oil marketers and members of the Implementation Committee on crude oil sales in naira, under the leadership of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, confirmed that the panel would be holding a series of meetings this week and in coming weeks on the development.
They also stated that the committee would be concluding a framework that would put a benchmark on the amount which the Dangote refinery would pay for crude in naira, adding that the Federal Government would have to decide whether to pay subsidies for petrol from the plant or to allow Nigerians buy the product at the market price.
However, oil marketers declared that the cost of Dangote petrol would be higher than the current pump prices of the commodity, stressing that it would be tough for dealers to buy the commodity from the plant if the Federal Government fails to intervene in the price.
Petrol sells at between N600 and N700/litre depending on the area of purchase across the country. The landing cost of the commodity, according to data released by the Major Energies Marketers Association of Nigeria recently showed that the cost of PMS was N1,117/litre.
Marketers say this is the actual market price of the commodity and explain that the cost of the product from the Dangote refinery should be around this figure.
The Nigerian National Petroleum Company Limited is the sole importer of petrol into the country. Other marketers stopped importing the commodity due to their inability to access the United States dollar required for petrol imports.
But last week at the presentation of the audited report and accounts of NNPC for the 2023 business year in Abuja, the firm’s Chief Financial Officer, Umar Ajiya, admitted that the oil firm was shouldering a heavy subsidy burden on petrol imports.
He said NNPC had been making PMS available for retail distribution at about half of the landing cost under an agreement with the government.
He explained that the company had been offsetting the shortfall in landing price and sale price through a reconciliation arrangement between the government and the company. He said the company had not paid any money to any marketer in the name of petrol subsidy in the last eight to nine years.
While the official pump price of petrol is about N600/litre, the average landing cost is about N1,200/litre. Ajiya said the company covered about N7.8tn in “shortfall” in the first seven months of this year.
“I think there is one fact that I need to make very clear, in the last eight or nine years, this company, even as a corporation as it were, has not paid anybody a dime or one naira as subsidy.
“No one has been paid a kobo by the NNPC in the name of subsidy. No marketer has received money from us by way of subsidy,” Ajiya said.
He said the government directs NNPCL to sell the petrol it imports, at a price that is half of the landing price. According to him, at times the Federal Government pays the money and it could as well net off for it.
“What has been happening is that we have been importing PMS, landing at a certain price, and the government is telling us to sell it at half price. So, that gap between that landed price and the half price is what we call shortfall or we call it a subsidy,” the CFO explained.
OSOGBO — The All Progressives Congress (APC) has rejected the outcome of the August 15, 2026, Osun State governorship election as declared by the Independent National Electoral Commission (INEC), insisting that it is not convinced that Governor Ademola Adeleke secured the highest number of valid votes.
INEC on Sunday declared Adeleke the winner after the Returning Officer, Prof. Joshua Olalekan Ogunwale, announced the final results at the commission’s headquarters in Osogbo.
Adeleke, who contested on the platform of the Accord Party, polled 511,067 votes to defeat the APC candidate, Asiwaju Bola Oyebamiji, who scored 444,815 votes. The African Democratic Congress (ADC) candidate, Dr Najeem Salaam, came third with 17,180 votes.
However, the APC said it would not accept the declaration without conducting a comprehensive review of the electoral process.
Speaking on Arise TV’s Prime Time programme on Monday, the Director-General of the APC campaign for the Osun governorship election, Hon. Oluwole Oke, said the party had commenced an audit of the results and electoral materials from the poll.
Oke said the party had directed its agents across the state to submit relevant result sheets for scrutiny as it investigates alleged infractions.
“We need to do the needful which is to evaluate the process, review the process and then form an opinion. We’ve embarked on an audit process; we’ve asked all our party agents to submit copies of Form EC8A, B, C to our secretariat for review. We need to inspect all the materials because we do not agree with the declaration of INEC, and that’s our position for now,” he said.
The APC campaign chief also dismissed suggestions that the party was under pressure to immediately accept the outcome following President Bola Ahmed Tinubu’s congratulatory message to Adeleke.
Tinubu had congratulated Adeleke after the declaration, describing the outcome as a reflection of the will of the people.
Reacting to the President’s position, Oke said Tinubu spoke in his capacity as President and a democrat following INEC’s declaration.
“Mr. President spoke as the Father of the nation and a democrat following the declaration by INEC,” he said.
Oke, however, maintained that the APC would rely on its own assessment of the election after completing its review.
“We’re on ground and politics is local and, like I’ve told you, what we’re doing is to conduct a thorough review of the entire process and form an opinion,” he said.
He added that the party would not be rushed into congratulating Adeleke, insisting that its preliminary position was that the governor did not secure the highest number of valid votes.
“We won’t be under any subtle pressure to easily reach out to congratulate Senator Ademola Adeleke because we believe he didn’t score the highest valid votes,” Oke said.
The APC is expected to determine its next course of action after completing its audit and reviewing the electoral materials and results submitted by its agents.
ABAKALIKI — The 2027 governorship race in Ebonyi State is gathering momentum, with the Peoples Democratic Party (PDP) candidate, Chief Ifeanyi Odii, unveiling a package of reforms aimed at improving the welfare of workers, teachers and retirees.
Odii made the commitments during a meeting with representatives of Ebonyi civil servants and members of the Nigeria Union of Teachers (NUT) at his Lagos residence, where he outlined his plans for a comprehensive reform of the state’s public service.
A major component of his agenda is a workers’ housing scheme designed to provide 1,000 housing units within his first year in office and up to 5,000 units over four years if elected governor.
Odii said the housing programme would be structured to minimise dependence on direct government funding, with workers’ contributions and existing pension assets forming part of the financing framework.
He said the initiative would address the housing difficulties faced by workers and retirees, particularly retirees who often struggle to sustain rented accommodation after leaving government service.
The PDP candidate also proposed a paperless digital loan platform that would allow workers to access loans against their contributory pension savings without the bureaucratic delays associated with the existing system.
On retirement benefits, Odii pledged that workers would have access to their entitlements immediately upon retirement, arguing that retirees should not endure prolonged delays in receiving benefits accrued during their years of service.
He further promised to reform the promotion process through computer-based promotion examinations capable of producing results instantly.
According to him, the digital system would reduce delays, curb opportunities for manipulation and promote greater transparency and fairness in the career progression of civil servants.
Odii said the proposed reforms were aimed at creating a public service where workers would have improved access to housing, credit facilities and timely retirement benefits, while ensuring a more transparent promotion system.
He presented the proposals as part of his broader agenda to improve workers’ welfare and reposition the Ebonyi State civil service for greater efficiency if elected governor in 2027.
The MainPower Electricity Distribution Limited (MEDL) has confirmed the death of one of its operations staff in an electrical accident.
The Head of Communications, MEDL, Mr Emeka Ezeh, who confirmed the incident in Enugu on Monday, said that the incident occured on Aug. 13 at Eke in Udi Local Government Area of Enugu State.
Ezeh said that the incident, which occurred at about 1p.m., involved Mr. Samson Okechi, the Team Lead, Abor, attached to the company’s 9th Mile District.
He said, “Okechi was carrying out maintenance work on a 50kVA/11kV pole-mounted distribution substation at Eke when he sustained an electric shock.
“Okechi was immediately evacuated to Our Saviour Hospital, Ngwo, for medical attention but was pronounced dead by the doctor on duty. His remains were subsequently deposited at a mortuary.”
He said that the incident was formally reported at the Ngwo Police Station for documentation and other necessary statutory actions.
Ezeh also debunked claims circulating on some social media platforms that Okechi was murdered or that the incident was the result of sabotage.
“I wonder why some people take pleasure in conjuring unfounded narratives and circulating them, thereby creating unnecessary tension and bad blood. This is so unfair,” he said.
He urged members of the public to disregard the claims, describing them as baseless.
According to him, Okechi had requested a Station Guarantee (SG) for the Okwe 11kV Feeder, which was granted at about 11:06 a.m. at the 9th Mile Injection Substation. The feeder was subsequently opened and tagged.
“This is a very unfortunate development and a big shock to all of us, his colleagues. Our hearts go out to his immediate family as they grieve,” Ezeh said.
The MEDL spokesman disclosed that MainPower management had commenced a comprehensive investigation to establish the immediate, underlying and root causes of the accident.
He said, “We are committed to ensuring that the investigation is thorough and evidence-based.
“The findings will be used to identify any gaps, determine appropriate corrective measures, and strengthen safety procedures and operational controls where necessary.”
Ezeh MEDL assured its customers and stakeholders that safety remained a paramount priority in its operations, adding that appropriate measures would be taken based on the outcome of the investigation.
Idiaye, a third-term lawmaker, takes over from Blessing Agbebaku, who resigned as Speaker on Monday amid moves by lawmakers to impeach him.
The emergence of Idiaye was said to have been influenced by the gentleman’s zoning arrangement in the Assembly, which provides that when the governor is from the Edo Central Senatorial District, the Speaker should come from Edo North.
Idiaye, being the oldest member from the Edo North Senatorial District, was subsequently elected Speaker.
Without the zoning arrangement, the Deputy Speaker would have automatically succeeded Agbebaku, according to the new Speaker.
Members of the Assembly were at the Government House to inform Governor Monday Okpebholo of the change in leadership.
Agbebaku was said to have resigned early on Monday following alleged moves by lawmakers to impeach him.
Reports gathered that 17 of the 24 lawmakers had signed a notice of impeachment on Sunday night, a development that may have prompted his resignation.
Agbebaku’s resignation was confirmed by Ebojele, who said details of the development would be made public later.
She said, “I can confirm the Speaker’s resignation but details will be made public later.”
The Speaker of the Edo State House of Assembly, Blessing Agbebaku, has resigned from his position.
Agbebaku stepped down on Monday amid moves by some lawmakers to impeach him.
His resignation was confirmed on Facebook by his media aide, Ivy Adodo-Ebojele, who said further details on the circumstances surrounding his exit would be made public later.
“EDO ASSEMBLY SPEAKER RT HON CHIEF BLESSING AGBEBAKU RESIGNS,” she wrote.
The development has thrown the Edo State House of Assembly into a fresh leadership crisis, with lawmakers expected to determine a new Speaker.
Details shortly…
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