News
Fix refineries, fuel price may hit N1000 Per Litre – Experts to FG
To check the rising price of fuel, they urged the government in the interim to give petrol importers special concessionary FX rate in order to bring in the product at a cheaper rate devoid of intervening variables at the international market.
In the long run, the experts advised government to fix all the local refineries so that petroleum products can be refined locally to meet the country’s needs.
They also advised the Federal Government to ensure that modular refineries are established in the country to argument the shortfall that may arise from the regular refineries.
In addition, they tasked the government on the urgent need to curb oil theft in order to meet the country’s production quota set by the Organisation of Petroleum Producing Countries (OPEC), as doing so will boost the the country’s foreign exchange earnings.
The experts warned that allowing the country’s exchange rate to be determined by the vagaries of market forces could spell doom for the economy since much production is going on for export earnings.
Chief Economist & Partner at SPM Professional, Paul Alaje, said it is correct to assert that the price of petrol could reach N1000 per litre if left unchecked, especially when the price of crude rises and the country has no control over it.
Alaje said: “It is true that Nigerians may have to pay up to N1000 per liter because when we say the forces of demand and supply, it is purely international market that will detect the price. It is not a respecter of what Nigeria is earning or number of poor people in Nigeria. That is why we should be wary of following purely market forces.
“There is a role government has to play in any economy. And that is what the Asian economists have realised and have advocated that there is limitation to what the classical and neoclassical are teaching the public and those in authority; there is danger in market forces.
“We have, therefore, stated that as much as it is important for us to allow the forces of demand and supply to adjudicate prices, including FX, and PMS, it is therefore, also more important for government to intervene because of the large number of poor people that we have in our nation today.
“If it (petrol) goes to N1000 per litre, what does it mean? It means that the support government wants to give to people in terms of N8,000 is even insufficient abnitio as the price of PMS will continue to increase. We know that no matter how much government increase salaries, it cannot be done indefinitely, even the Federal Government income cannot double immediately. That is why it is important for us as a people, to be mindful of the theory that we apply and adopt in our system”.
On his part, Managing Director, SD&D Capital Management Limited, Gbolade Idakolo, agreed with the analyst’s assertion that the price of petrol could rise to N1000 per litre if nothing is done to reign in rising FX rate.
Mr. Idakolo said: “The assertions of the analyst might not be far from the truth if government only relies on private refineries or imported fuel.
“The government needs to speed up the turnaround maintenance of its refineries which will ensure that a large percentage of petroleum products can be refined and sold at a considerable low cost to the people because private refineries would sell at international price in order to maximise profit.
“The government also needs to intervene to stop the free fall of the Naira to the US dollars by injecting more foreign currency into the Importer and Exporter (I & E) window so that it can drive down the exchange rate which has a major impact on the eventual cost of petroleum products”.
Aliyu llias, a financial analyst reacted thus: “It is expected that Nigerians will pay more because two things are the determining factor now. The Naira to dollar is on floating, so anywhere the world moves, we follow them. Another thing is the price of crude oil. If the price of crude oil moves up, instead of Nigeria benefitting, we will pay more for our consumption.
“In the short term, government should intervene by providing special forex for fuel importers. The main solution is for us to have our refineries working. If we have domestic refining capacity, we will not have to import fuel. We should have modular refineries and revisit the issue of forex”.
Managing Director at Dignity Finance and Investment Limited, Dr Chijioke Ekechukwu, identified two major factors driving high cost of petroleum products as the international crude oil price, and the exchange rate. He called on the government to fix the refineries since it cannot influence the oil price.
Dr. Ekechukwu said, “There are two major factors driving the high cost of petroleum products currently. The first is the international crude oil price, and the second factor is the exchange rate.
“We cannot influence the oil price as a country, but we can influence the exchange rate by doing everything within our powers to increase production of oil up to the allowed OPEC quota. We can also reduce oil theft to generate more foreign revenue. That way, supply of foreign currencies will increase and the exchange rate will be reduced.
“We also need to make our refineries work, both government and privately owned refineries. When they work, we don’t have to import petroleum products at exchange rate determined prices”.
Worried by the volatility in the foreign exchange market, Dr Muda Yusuf Director/CEO Centre for the Promotion of Private Enterprise (CPPE), said in spite of the limitations in forex supply, the system needs to be managed in a way that would not undermine investors confidence as this triggers speculation and influences expectations which in turn triggers diverse responses among economic players.
He called for vigilance to prevent questionable capital outflows, speculative assault on Naira, and urged the Central Bank of Nigeria (CBN) to exercise better oversight on forex demands.
Acknowledging that the foreign exchange market is evidently under pressure as a result of a number of factors, he pointed out that there was a curious surge in monetary expansion in the last one month.
Yusuf said: Money supply grew by an unprecedented 15% in one month between May and June 2023. Broad money grew by over N9 trillion, from N55.7 trillion to N64.9 trillion. This surge in monetary growth is unprecedented. Obviously, this must have had an effect on the exchange rate.
The monetary authorities should investigate this drastic growth in money supply and take steps to curb subsequent expansion. Such dramatic growth in money supply poses a significant risk to macroeconomic stability, especially price stability.
He added that transiting from a repressive market environment to a more liberalised market could be a source of market instability. However, there is need for vigilance to prevent questionable capital outflows or speculative assault on the currency.
A free market is not synonymous with complete absence of regulation. Free enterprise has to be complemented with an appropriate regulatory framework to curb illicit financial flows.
It is evident that the frequency and scope of Central Bank of Nigeria (CBN) intervention in the forex market had decelerated compared to first five months of the year.
Recent reports from the CBN indicate a total of $17 billion intervention by the CBN in the forex market in 2022. This is an average of N1.4 billion per month. Since the inception of the present administration, it is doubtful whether we had seen an intervention of up to $1 billion in total. It expected that as the scale of intervention improves, the volatile will be subdued.
And only recently, the government paid $500 million to settle matured debt service obligation on Eurobond. This could also be a constraining supply side factor.
The marginal decline in foreign reserves was also disproportionately amplified by the media. This also created some anxiety which could also have driven speculative activities in the forex market.
On the supply side, he said the trajectory is that there would be an improvement in oil output which would boost forex earnings, adding that the prospects of improved domestic refining of petroleum products in the coming months, will reduce forex demand pressure from importation of petroleum products.
Improved investors confidence will boost Foreign Direct Investment (FDI) and foreign portfolio investments, and other remittances.
CBN should exercise better oversight on forex demands to ensure protection of the market from speculative assault and illicit capital outflows, he stated.
Five persons, including four male students and a young woman, have reportedly lost their lives in a fatal road accident involving a vehicle in the convoy of Niger State Governor, Mohammed Umaru Bago, in Minna, the state capital.
The tragic incident occurred on Monday at Gidan Mangoro community along the Minna–Bida Road when a Hilux van attached to the governor’s convoy reportedly collided head-on with a private Peugeot 206 car.
The female victim, identified as Mrs Nafisa, was reportedly driving the Peugeot when the accident occurred. She was said to be a Programme Manager at Labspace, an NGO, and founder of Wosh Mart Service Ltd.
According to Vanguard, an eyewitness and resident of Gidan Mangoro, Abdullahi Musa, said the accident happened at approximately 11:35 a.m. while the governor and his entourage were returning from Bida.
Bago had reportedly visited the Etsu Nupe and Chairman of the Niger State Council of Traditional Rulers, Alhaji Yahaya Abubakar, to commiserate with him over the death of Sagi Nupe, Hajia Aisha.
Musa alleged that the accident resulted from wrongful overtaking by the Hilux driver, claiming that the government vehicle veered into the lane of the oncoming Peugeot.
“The accident was caused by wrongful overtaking by the Hilux in the governor’s convoy. The other car was in its lane when the Hilux rammed into it,” he said.
The four male occupants of the Peugeot were suspected to be postgraduate students of the Federal University of Technology, Minna.
A staff member of Minna General Hospital, where the victims were evacuated, disclosed that three persons died at the scene, while two others later succumbed to their injuries.
Some of the injured victims were subsequently transferred to the Ibrahim Badamasi Babangida Specialist Hospital for further medical attention.
A former local government chairman in Niger State, who was reportedly travelling in the Hilux, also sustained fractures to his legs but was said to be alive as of the time of the report.
Confirming the incident, the Niger State Sector Commander of the Federal Road Safety Corps (FRSC), Aishat Sa’adu, said personnel of the agency arrived at the accident scene after the victims had already been evacuated.
Similarly, the Police Public Relations Officer of the Niger State Command, SP Wasiu Abiodun, confirmed the crash, stating that investigations had commenced to establish the circumstances surrounding the tragedy.
“The accident occurred this morning and we are investigating it,” Abiodun said.
The police, however, did not immediately release the identities of the deceased or officially confirm the casualty figure.
Clarify the confirmed casualty figure
Remove repeated accident attribution
Use more cautious identification language
By Chinedu Sabastine
Mainpower Electricity Distribution Limited (MEDL) has announced a planned power outage in Nsukka and surrounding communities from November 5 to 10, 2026, to enable the Transmission Company of Nigeria (TCN) to carry out maintenance work on equipment at its Nsukka station.
The outage, scheduled to run daily from 9 a.m. to 5 p.m., will affect electricity supply to customers served by the University of Nigeria, Nsukka (UNN), SUMAS and Orba 33kV feeders.
The announcement comes amid a current reduction in electricity supply across Enugu State, which MEDL has attributed to a drop in energy generation and low system frequency, forcing TCN to implement load shedding.
In a public notice issued on Monday, MEDL’s Head of Communications, Emeka Ezeh, said the planned maintenance was necessary to improve electricity supply in the affected areas.
“The planned outage is to enable the TCN technical team to carry out maintenance work on some equipment at the station,” Ezeh said.
He added that the exercise was aimed at improving the reliability and quality of electricity supply to customers.
The communities expected to experience interruptions include Ukopi, Opi Agu, Eha-Alumona, Orba Town, Obollo-Afor, parts of Obollo-Eke, Enugu Ezike, Ibagwa, Nkalagu Obukpa, Okpaligbo, Iheaka, Edem Ani, Agbani, Uzo-Uwani, Obimo, Nkpologu, Lejja, Nguru, Aku and Ogbede.
Other affected locations are Odim Gate, Nkpor, UNN, Nru, Ede Oballa, El Tabera Estate, Ikenga Estate, Wilson Company, Umakashi, Isiakpu, G.R.A. and Ogige Main Market, alongside surrounding communities.
MEDL apologised to customers over the anticipated inconvenience and appealed for their patience and understanding during the maintenance period.
“The exercise is necessary to facilitate essential technical work aimed at improving the reliability and quality of electricity supply to customers,” the company said.
Why electricity supply has dropped
In a separate public notice issued on Monday, the company explained that the current reduction in electricity supply across Enugu State resulted from a decline in energy generation, which had affected the stability of the power system.
MEDL said the situation had resulted in low system frequency, prompting TCN to ration available electricity through load shedding.
“The current reduction in power supply availability is due to a drop in energy generation, which has resulted in low system frequency,” the company stated.
It added that the situation had necessitated TCN’s decision to implement load shedding of the available energy.
“Consequently, the energy allocation to MEDL has been affected, limiting its ability to meet the daily service-level commitments,” the statement said.
The company, however, assured customers that it was monitoring the situation and distributing the available electricity allocation across its network.
“MEDL wishes to assure its customers that it is closely monitoring the situation and will continue to distribute the available energy allocation fairly across its network,” Ezeh said.
The company expressed optimism that normal electricity supply would soon be restored, while regretting the inconvenience caused by the reduction in supply.
It also thanked customers for their patience, understanding and continued cooperation.
Enugu State Governor, Dr. Peter Mbah, has taken steps to address the rising cost of renting accommodation in the state by forwarding an executive bill to the State House of Assembly seeking to regulate agency and legal fees charged by property agents and lawyers.
The proposed legislation seeks to amend the Landlord and Tenant Law, Cap. 101, Revised Laws of Enugu State, 2004, with a view to protecting tenants from excessive charges while ensuring fairness and transparency in the property market.
Speaker of the Enugu State House of Assembly, Rt. Hon. Uche Ugwu, disclosed this in a statement posted on his Facebook page on Monday, October 26, 2026.
Ugwu explained that the executive bill would complement an earlier legislative proposal sponsored by the member representing Nkanu East State Constituency, Hon. Anthony Okey Mbah, which had already passed first and second readings and undergone a public hearing.
According to the Speaker, the proposed amendment would introduce measures to regulate estate agents, place limits on agency and legal fees, and establish clear procedures for the collection and refund of caution fees.
The legislation also seeks to check arbitrary rent increases and minimise disagreements between landlords and tenants over property damage through joint inventories and professional valuations where necessary.
Ugwu noted that the Assembly would harmonise the proposals to produce comprehensive legislation that addresses longstanding concerns in the state’s housing sector.
“When we are done with dotting the i’s and crossing the t’s, we shall have a document that shall make tenancy-related charges more transparent and predictable, control and limit agency and legal fees, establish a formal regulatory framework for agents,” he stated.
He added that the proposed law would provide a structured mechanism for handling caution fees and refunds while creating an enabling environment for investors in the housing sector.
The development comes amid growing concerns among residents over the financial burden associated with securing rented accommodation, particularly agency commissions, legal charges and other tenancy-related payments.
The Speaker maintained that the initiative was consistent with Governor Mbah’s broader development agenda of positioning Enugu as an attractive destination for investment, business, tourism and residential living.
“According to the Governor’s vision, indeed we can make Enugu the preferred destination for business, investment, tourism and living,” Ugwu added.
The proposed amendment, when passed into law, is expected to provide a clearer legal framework governing the relationship between landlords, tenants and property agents across the state.
By Okey Maduforo, Awka
The ongoing modernisation of the Onitsha Main Market in Anambra State is expected to be completed ahead of the Christmas festivities, with over 6,000 shops and modern facilities designed to boost commercial activities in the historic market.
The project, which commenced two months ago, has reached 90 per cent completion and is being executed on a 24,000-square-metre expanse of land, with an Independent Power Plant (IPP) designed to provide uninterrupted electricity to the market and its environs.
Other facilities include five additional boreholes to complement the existing one, a health centre, modern toilet facilities, a motor park, solar-powered streetlights, CCTV surveillance cameras and four access roads.
The market will also feature three major entrance gates, eight minor gates and a dedicated firefighting station to enhance security and emergency response.
Speaking during an inspection of the project, the Commissioner for Housing, Arc. Henry Arinze, said the initiative was designed to provide a conducive business environment for traders and their customers.
“The project is aimed at providing ease of doing business for both traders and their customers, and with over 6,000 shops in the market, we are good to go,” he said.
Arinze explained that the project forms part of Governor Charles Soludo’s urban regeneration programme, adding that the provision of an Independent Power Plant would enable traders to extend commercial activities from the current closing time of 5 p.m. to 10 p.m.
“We did not demolish the market shops. What we are carrying out is part of the urban regeneration programme of the state government. With the new facilities, the market will remain open until 10 p.m. as against the present 5 p.m. closing time,” he stated.
He further disclosed that construction activities were deliberately restricted to nighttime and Sundays to minimise disruptions to trading.
“We would have gone farther than this, but we work only at night and on Sundays so that traders can continue their businesses while construction is ongoing,” he explained.
Also speaking, the Special Adviser to Governor Soludo on Projects Monitoring, Prof. Ebuka Nwankwo, recalled that the market had not witnessed any major government-led modernisation since its post-civil-war reconstruction in 1971 under the administration of the then Sole Administrator of East Central State, the late Ukpabi Asika, with assistance from the Federal Government.
According to him, the market has experienced four major fire incidents since its reconstruction, with affected traders largely undertaking the rebuilding of their shops themselves.
“Since 1971, when the market was reconstructed after the war, there have been four fire incidents, with traders carrying out the reconstruction of their affected shops. The state government is not only desirous but deliberate about restoring the past glory of the market,” Nwankwo said.
The Head of Civil and Structural Engineering, Prof. Henry Aginam, commended the Anambra State Government for embarking on the project, describing it as a bold intervention in the redevelopment of the commercial hub.
He expressed satisfaction with the quality of construction materials and the calibre of professionals engaged in executing the project.
Similarly, the representative of the Council for the Regulation of Engineering in Nigeria (COREN), Engr. Prof. Akaolisa Ezeadi, gave the project a positive assessment, noting that the construction work complied with professional standards and engineering best practices.
Ezeadi said the regulatory body was satisfied with the quality of work so far and would continue its monitoring visits until the project was completed.
In his remarks, the Commissioner for Commerce and Industry, Mr. Nonso Ebonwu, described the market modernisation as a major step towards reviving the commercial fortunes of Onitsha and attracting increased patronage from within and outside Nigeria.
He disclosed that a similar redevelopment initiative was also being undertaken at the Nkwo Nnewi Auto Parts Market.
The Chairman of the Onitsha Main Market Traders Association, Chief Chijioke Okpalaugo, expressed satisfaction with the transformation of the market, noting that patronage had continued to increase despite the ongoing construction.
He reaffirmed the traders’ support for the Soludo administration and expressed optimism that the completed project would further strengthen Onitsha Main Market’s position as one of the leading commercial centres in West Africa.
ENUGU, October 25, 2026 — A new association, Online Media Professionals (OMP), has been established to unite online media practitioners, protect their interests and promote professionalism in Nigeria’s media industry.
The association, according to a communiqué issued in Enugu on Sunday, aims to provide a common platform for practitioners to collaborate, share ideas and address challenges affecting their work and welfare.
OMP said the growing influence of online publications in informing the public, shaping public discourse and holding public officeholders accountable had made it necessary for practitioners to organise under a recognised professional body.
The association will bring together individuals who own or work with online media platforms, providing opportunities for cooperation, professional development and engagement with relevant institutions and stakeholders.
It also plans to establish working relationships with government officials, security agencies, educational institutions, corporate organisations and other bodies whose activities affect the media industry and society.
According to the communiqué, OMP is beginning its activities in the South-East, with plans to expand into a national organisation representing online media professionals across Nigeria.
The association said its long-term objectives included building a credible professional body capable of giving practitioners a collective voice, promoting responsible journalism and providing a platform for addressing issues affecting members.
It added that the growth of online media must be accompanied by professionalism, accountability and respect for the responsibilities associated with informing the public.
OMP also pledged to encourage cooperation among practitioners and promote standards capable of strengthening public confidence in online publications.
The association noted that achieving its objectives would require the commitment of members, a clear sense of purpose and programmes designed to address their needs.
It therefore called on online media practitioners across the South-East and other parts of the country to identify with the initiative and contribute to building a strong professional association.
Membership, according to the communiqué, is open to professionals who own or work with online media publication platforms and are willing to support the association’s objectives.
The communiqué was signed by Jude Chinedu and Chukwumerije Aja on behalf of the Communiqué Drafting Committee of Online Media Professionals.
The emergence of OMP marks an effort to strengthen the professional identity of online media practitioners and create opportunities for collaboration and growth within Nigeria’s evolving media landscape.
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