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Fuel prices may fall as FEC renews naira-for-crude deal
They also stated that a major player in the sector, Dangote Refinery, is anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public of the forthcoming price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude agreement, announced on Wednesday.
The official, however, couldn’t project the expected amount as the price at which the government will sell its products remains unclear.
This was as the National Publicity Secretary of Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, emphasised the need for greater involvement of other local refiners in the initiative, stressing that broader participation would enhance the economic benefits and strengthen the impact of the deal.
On Wednesday, the Federal Executive Council, after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.
It said the initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining.”
The Ministry of Finance disclosed this in a statement published on its official X handle titled, “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement was released following a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.
The meeting was attended by Edun, the Chairman of the Implementation Committee; the Chairman of the Technical Sub-Committee and Chairman of the Federal Inland Revenue Service, Zacch Adedeji; the Chief Financial Officer of Nigerian National Petroleum Company Limited, Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals.
Also present were representatives of Dangote Petroleum Refinery and Petrochemicals, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Ports Authority, Afreximbank, and the Secretary of the Committee, Hauwa Ibrahim.
As part of moves to reduce the strain on the US dollar and guarantee price stability of petroleum products, the FEC in July 2024 directed the national oil company to sell crude oil to Dangote Refinery in naira and not in United States’ greenback for an initial phase of six months.
The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024 to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.
However, in March, Dangote refinery said it had temporarily halted the sale of petroleum products in naira. The refinery said the decision to halt sales in naira was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars”.
Immediately after the announcement, private depot owners effected an increase in loading cost and effectively raised pump price from around N860 to about N960 per litre, making consumers pay at least N70 more than what it used to cost them to buy a litre of the premium commodity days earlier.
But in a fresh update on Wednesday, the committee said the policy is not temporary but a long-term plan to cut Nigeria’s dependence on foreign exchange for petroleum.
It added that the initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining and bolster energy security.
The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.
“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
The policy, which mandates the transaction of crude oil and refined petroleum products in Naira, is aimed at strengthening the country’s economic sovereignty, enhancing local refining capacity, and stabilising the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.
The ministry explained that this policy is structured to foster energy security and encourage investment in domestic refining infrastructure.
While acknowledging that the transition involves complexities, the government admitted that existing challenges are being systematically addressed.
“As with any major policy shift, the committee acknowledges that implementation challenges may arise from time to time.
“However, such issues are being actively addressed through coordinated efforts among all parties. The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the statement concluded.
Commenting, industry players said the resumption of Naira-denominated crude sales would reduce the strain on the US dollar and guarantee the price stability of petroleum products.
The IPMAN national publicity secretary, in his expert opinion, welcomed the recent development, noting that it reflects the President’s willingness to listen to stakeholders, which is a positive sign for the country’s energy sector. He said the deal was always expected to be implemented.
“With this new decision taken by the government, I also believe earnestly that just with the complaint of marketers crying of huge losses caused by a sudden drop in price. Their plea is also yielding fruit.”
He added that with the positive development and recent fall in the price of crude, the 650,000 is poised to reduce its loading price downward before the end of the current week.
“I believe that from now till the end of the week, the Dangote refinery will come up with a new price. They can’t complain of having old stock because that is not the best practice internationally.”
On his part, CORAN national official Eche Idoko welcomed the news that the policy would be permanent but urged the government to ensure its full implementation, particularly in its inclusion of all local refineries.
Idoko described it as one of the most effective strategies of the current administration to stabilise the local economy amid recent global economic challenges.
He said, “CORAN welcomes the idea of the new information on the continuation of the naira for crude policy as we have always maintained it is one of the most potent policy of this administration in trying to stabilise the local economy and in the event of recent happenings in the global economy. It has become more expedient to pursue this policy as it seems to protect the emerging refining industry in Nigeria.”
However, CORAN pointed out that the pilot phase of the policy, which was initially extended only to Dangote refinery, fell short in certain areas. The group noted that the total allocation earmarked for the naira-for-crude initiative was not fully implemented during the pilot phase, which raised concerns.
“We hope that in this new phase, the remaining five refineries that are refining in Nigeria would be included, and more importantly, this crude would be made readily available for them, so that we can maximise the advantage that comes with refining locally, especially when everyone is moving towards self-dependence and self-sufficiency in production,” Idoko added.
The Petroleum Products Retail Outlet Owners Association of Nigeria shared the same opinion, requesting that all refineries be allowed to benefit from the naira-crude deal instead of restricting it to Dangote Refinery.
The National President of PETROAN, Billy Gillis-Harry, stated this in an interview with one of our correspondents on Wednesday.
He said, “We are delighted and we congratulate the President and the Federal Executive Council for looking into what should make Nigeria better. As far as we are concerned, the naira-for-crude is a critical component of how Nigeria’s economic growth will fare. So, PETROAN is very happy about it. We hope it will be well implemented with all the i’s dotted and the t’s crossed.
Gillis-Harry said Nigeria could run a better economy with the policy and ignore the tariffs of the United States President, Donald Trump.
“Let us give the benefit of the doubt to the Federal Government, the Ministry of Petroleum Resources, the Ministry of Finance, and all the members of the technical committee to come up with what is needed to ensure that we run a better economy and give a bluff to America with all this noise that has been coming from Donald Trump. If we are running our economy by ourselves, we do not need to bother about him. And that is what PETROAN will always advocate for, that we run our internal economy efficiently and grow our economy robustly to ensure that Nigerians live well above the poverty level,” he said.
The PETROAN boss added that crude oil should be sold to other refineries in naira to give Nigerians affordable fuels.
“The policy is for every refinery. To my knowledge, it is not only for one refinery. It is for all refineries in Nigeria – NNPC refineries, Azikel in Bayasa, Edo refinery in Benin, Niger Delta refinery in Ahola, Walter Smith in Owerri, and other refineries that are coming up, including BUA refinery. So, it is not selective. It is for all refineries, to my knowledge. And that is what we advocate, that it should be implemented in every refinery so that all refineries will sell to us at an affordable price and ensure that there is energy security,” he added.
He maintained that price fluctuation would be a continuous exercise until an average is observed.
“We cannot wake up and say our price will be like this, so that price will come down based on the economic environment,” he added.
While commending Tinubu for the initiative, he appealed to him to address the hunger in Nigeria.
“We congratulate the government. Anybody can say what they want to say, but we believe President Tinubu has good intentions for this country. What we are watching is that there is hunger in the land, there is a lot of suffering, and those things need to be addressed very drastically and very quickly, too.
“Those people who are hungry don’t listen. We do not want any errors. So, we still ask Nigerians to be patient and be enduring, and let all of us make collective sacrifices to ensure that this country becomes a greater one,” he submitted.
The Vice President of IPMAN, Hammed Fashola, described the move as a good development.
“It is a good development; it is what we have been telling the government that it should be sustained because it would bring a lot of benefits and make the price stable. Once that happens, the price of fuel will come down, and this is good for Nigeria.
Fashola said the naira has been losing its value since the Dangote refinery cancelled the naira-for-crude deal, saying that was why the price of fuel remained high in Nigeria despite the crude price crash.
He said Nigerians should expect a drop in fuel prices, adding that the suspension of the policy caused the surge in prices after the Dangote refinery halted the sale of petrol in naira.
“Now that the naira policy has been restored, we expect a reverse in the price,” Fashola said.
Enugu State Governor, Dr Peter Ndubuisi Mbah, has called on the police to conduct a thorough and impartial investigation into violence surrounding a recent political gathering in the state, during which a citizen was reportedly shot and injured.
The governor, in an address to the people of Enugu State, expressed concern over the incident, assuring affected individuals and their families that their safety and well-being remained a priority.
Mbah said the reported violence had raised concerns about public safety and the peace the state had worked to maintain, stressing that all citizens must be able to exercise their political rights without fear or intimidation.
He reiterated the Enugu State Government’s position on allegations of involvement in the violence, stating that the government’s primary responsibility was to protect lives, uphold the law and ensure that justice was served.
The governor also said he expected the police to investigate the incident thoroughly and without bias, adding that anyone found responsible would be held accountable through the appropriate legal process, irrespective of their political connections.
“Every citizen, whatever their political affiliation, must be able to exercise their political rights without fear or violence,” Mbah said.
He urged residents to remain committed to peace as authorities work to establish the circumstances surrounding the incident.
The governor concluded his message by expressing concern for those affected by the violence and praying for the continued peace and progress of Enugu State.
The South-East Development Commission (SEDC) has briefed the Senate Committee on the Commission’s activities and development priorities for the South-East region during an oversight visit to Enugu on Monday.
The meeting focused on critical infrastructure and development needs across the region, including road connectivity, rural electrification, access to clean water, education, environmental sustainability and strategic projects aimed at unlocking the South-East’s economic potential.
During the engagement, the Senate Committee stressed the need for improved staff welfare, effective institutional development and sustained collaboration between the Commission and the National Assembly to ensure the successful implementation of its mandate.
The Committee also passed a vote of confidence in the leadership of the SEDC, expressing support for the initiatives undertaken by the Commission so far.
The development comes as the Commission continues efforts to address longstanding infrastructure challenges and promote sustainable economic growth across the South-East.
The SEDC reiterated its commitment to working with relevant stakeholders to attract strategic investments and implement practical interventions that will improve livelihoods, strengthen regional integration and promote inclusive development.
The Commission’s mandate covers the five South-East states of Abia, Anambra, Ebonyi, Enugu and Imo, with a focus on advancing development initiatives capable of improving the living conditions of residents and enhancing the region’s economic competitiveness.
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REC urges Enugu residents not to wait for rush hours in Claims/Objections, PVC collection windows
The Independent National Electoral Commission (INEC) has urged residents of Enugu State to avoid waiting for rush hours before participating in the ongoing Claims and Objections, and Permanent Voter Card (PVC) collection windows.
INEC, on Friday, Oct. 9, 2026, commenced nationwide Claims and Objections for fresh registrants and PVC collection for those who did transfer of voting location and those who are yet to collect their PVCs.
INEC Residents Electoral Commissioner (REC) for Enugu State, Dr Chukwuemeka Chukwu, during a press briefing on Friday in Enugu, said that the Claims and Objections window would last for seven days from Oct. 9 to Oct. 15.
Chukwu said that both exercises would commence simultaneously on Oct. 9 across all the 260 Registration Areas (RAs) in the 17 Local Government Areas of Enugu State.
He said that INEC had concluded training and retraining for designated personnel on the procedures and processes for the Display and Hearing of Claims and Objections, as well as the distribution of PVCs.
According to him, I urge all eligible persons concerned to take advantage of this opportunity and avoid waiting until rush hours or the last day before visiting their designated Registration Areas.
He said, “The Display and Hearing of Claims and Objections is an important aspect of the voter registration process.
“It provides an opportunity for eligible citizens to examine the voters’ register and bring forward legitimate claims or objections regarding entries in the register in accordance with the Commission’s established procedures.
“This process is designed to help identify and correct errors, address legitimate concerns, and improve the accuracy and integrity of the voters’ register ahead of future electoral activities.
“I therefore encourage members of the public to visit their respective Registration Areas during the seven-day period to participate in the exercise and bring any legitimate claims or objections to the attention of designated INEC officials”.
On PVC distribution, Chukwu said the distribution was intended for eligible citizens who registered during first-phase of the Continuous Voter Registration (CVR) and those who applied for voter transfers or replacement of lost or damaged PVCs.
He said, “All affected persons are strongly advised to visit the appropriate Registration Areas where their PVCs are available and collect them within the stipulated period.
“They should follow the instructions of designated INEC officials to ensure an orderly and seamless process. The PVC collection will continue till December.”
The REC disclosed that Enugu State currently had a total of 2,213,768 registered voters across its 17 council area, adding that the figure underscored the importance of maintaining an accurate, credible, and up-to-date voters’ register.
He said that commission remained committed to ensuring that eligible citizens had the opportunity to participate in the electoral process in accordance with the law.
“I call on all stakeholders, community leaders, civil society organisations, political parties, and members of the public to support the successful conduct of these exercises by sensitising eligible citizens and encouraging them to participate.
“INEC Enugu State remains committed to transparency, inclusiveness, professionalism, and the continuous improvement of the electoral process,” he added.
Questions Over Geological Studies, Core Drilling, Mining Licence and 2027 Political Timing
By Our Correspondent
ABAKALIKI — The proposed new cement factory in Ebonyi State is generating growing questions over the technical evidence behind the project, particularly the availability of a commercially viable limestone deposit, geological studies, core drilling, laboratory analysis and the required mineral rights.
The project has been presented as a major industrial investment capable of transforming the state’s economy, creating employment and strengthening its industrial base.
But before a cement factory can become a viable commercial project, one fundamental question must be answered: Where is the raw material?
Limestone is the principal raw material for conventional cement production. Establishing its suitability and commercial viability requires more than identifying rocks on the surface.
It ordinarily involves geological mapping, geophysical surveys, exploratory drilling, core recovery and core logging, followed by laboratory analysis of the samples.
The laboratory tests are expected to establish the chemical composition and quality of the limestone, including its calcium carbonate content and the levels of silica, alumina, iron, magnesium and other materials that could affect cement production.
The drilling and analysis also help establish the thickness, continuity and quality of the deposit and ultimately provide the basis for estimating the quantity of recoverable limestone available to sustain the proposed factory.
It is therefore against this technical background that questions are being asked about the proposed Ebonyi project.
Where are the geological and geophysical survey reports? Where are the core-drilling records and core logs? Where are the laboratory results? What quantity of limestone has been established, and how many years could the reserve sustain the proposed factory?
There is also the question of the project’s mineral title or mining licence.
The promoters and the state government may need to identify the precise limestone deposit on which the proposed factory will depend and make clear the mineral rights covering the area.
The issue is particularly significant because establishing a cement plant requires enormous capital investment. Investors would ordinarily need credible geological data and a proven raw-material reserve before committing substantial resources to construction.
Political Questions
The timing of the announcement has also raised political questions, coming as Ebonyi and other parts of the South-East move towards the 2027 general elections.
Critics may therefore question whether the proposed cement factory is already at an advanced technical and investment stage or whether the announcement is still largely a proposal.
That question can only be conclusively answered by documents.
If the project has progressed beyond the conceptual stage, the government should be able to provide evidence of the geological investigations, exploratory drilling, core analysis, reserve estimation, mineral rights and feasibility work supporting it.
Conversely, if these processes are still ongoing, the government could clarify that the project remains at the preliminary stage and provide a realistic timeline for completing the studies and moving to construction.
There is nothing inherently wrong with announcing an industrial project at an early stage. What would be problematic is creating the impression that a commercially ready cement factory is imminent when the fundamental geological and regulatory groundwork has not yet been completed.
Public Demand for Evidence
The controversy, therefore, is not whether Ebonyi should establish another cement factory. It is whether the proposed project is backed by the technical evidence required for such an investment.
The Ebonyi State Government and promoters of the project should clarify:
– The exact location of the limestone deposit;
– The geological and geophysical studies already completed;
– The number and location of exploratory boreholes;
– The results of core drilling and core logging;
– The laboratory analysis of the limestone samples;
– The estimated proven and recoverable limestone reserves;
– The expected lifespan of the deposit;
– The mineral title or mining licence covering the deposit;
– The environmental and other regulatory approvals;
– The identity of the investors and financing arrangements; and
– The projected construction and production timelines.
Until these questions are answered with verifiable evidence, doubts about the technical readiness of the proposed factory are likely to persist.
For Ebonyi residents, the demand is straightforward:
Show the geological studies. Show the core-drilling results. Show the laboratory analysis. Show the limestone reserve estimate. Show the mining licence.
Those documents, more than political declarations, will demonstrate whether the proposed cement factory is a fully developed industrial project or an investment proposal still awaiting the technical groundwork required to make it viable.
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Governor Mbah Hails Chibuikem Emmanuel as Youth Entrepreneurship Reference Point, Commends Powell Homes’ Housing Investment
………..As Council Chairman, Traditional Ruler Applaud Quality of Work at Hosanna Estate, Ibagwa Nike.
Governor Peter Ndubuisi Mbah has praised the business prowess and vision of the Managing Director of Powell Homes and Shelters, Architect Chibuikem Onyekachi Emmanuel, calling him a reference point for youths in entrepreneurship.
Governor Mbah made this known Wednesday during the official commissioning of Hosana Estate, Ibagwa Nike, where he also commended Powell Homes and Shelters Ltd. for investing in the state’s housing sector.
The Governor, who was represented by his Deputy, Barr Ifeanyi Ossai, stated that such a gesture by an Enugu-born entrepreneur was part of the state government’s development agenda, driven by resilience and a determination to leave Enugu better than it was inherited.
He also commended the Managing Director of Powell Homes and Shelters Ltd. as well as other investors for committing resources to Enugu, describing their investments as an encouragement to the government’s drive to reposition the state.
Barr Ossai assured investors and residents that the administration of Governor Peter Ndubuisi Mbah would continue to provide a safe environment for businesses and communities to thrive.
According to him, “As government, our primary objective is to provide security for the people and I’m delighted with what I’ve seen about the estate,” he said, while encouraging the investors to cooperate with the estate management for effective management of the development.
He also assured residents that the government would continue expanding infrastructure across the state.
“On our part, we’ll keep expanding infrastructure and for all those we’ve not attended to, do not be disappointed, we’re already on that path and we’re progressing geometrically. However, I thank all the investors and assure you that as a government, we’ll continue to provide security for the state.”
Speaking at the event, the Chairman of Enugu East Local Government Area, Beloved-Dan Anike, commended Powell Homes and Shelters for choosing Ibagwa Nike for the project, noting that the ongoing dualisation of the road had positioned the area as an emerging urban centre.
He also stated that Powell Homes and Shelters Ltd. had “blazed the trail” by investing in what he described as a future goldmine, adding that the local government was committed to supporting the development agenda of Governor Mbah.
The council chairman also noted that housing developments such as Hosana Estate would contribute to addressing the country’s housing deficit, particularly in Enugu State.
The traditional ruler of Ibagwa Nike, His Royal Highness, Igwe Emma Ugwu, expressed satisfaction with the project, saying the community understood and supported the development initiatives of Powell Homes and Shelters Ltd.
He recalled that when members of the community approached him to make enquiries about the project, he assured them that it was consistent with the developmental agenda of Governor Mbah and the community’s quest to support genuine businesses.
“When my people came to my palace to make enquiries about the project, I assured them that it aligns with the developmental initiative of His Excellency, Dr Peter Ndubuisi Mbah, and that the company is genuine and reliable.”
The traditional ruler also thanked the Managing Director of Powell Homes and Shelters Ltd. for choosing Ibagwa Nike as the location for the estate, assuring him that the community would give their best to make the project a success.
In his remarks, the Managing Director of Powell Homes and Shelters Ltd., Architect Chibuikem Onyekachi Emmanuel, said the commissioning was more than the unveiling of another housing project, describing it as a celebration of vision, perseverance, partnership and purpose.
He attributed the successful completion of the project to the grace of God and the collective efforts of everyone who contributed to bringing the vision to reality.
“Today is not simply about commissioning another housing project. It is a celebration of vision, perseverance, partnership and the power of purpose. Above all, we acknowledge that it is by the grace of Almighty God that we have reached this point. What we are witnessing today is a reflection of His faithfulness and the collective efforts of everyone who contributed, in one way or another, to bringing this vision to reality.”
Architect Chibuikem Onyekachi Emmanuel, on behalf of the Board, Management and entire team of Powell Homes and Shelters Ltd., also appreciated Governor Mbah, represented at the event by Deputy Governor Ossai, for honouring the commissioning.
He explained that the company viewed housing as more than the construction of physical structures, describing a home as a source of security, dignity and stability for families.
“At Powell Homes and Shelters, we believe that housing is more than bricks, concrete and physical structures. A home represents security. A home represents dignity. A home provides stability for families. Access to decent housing contributes significantly to the development of healthy, productive and prosperous communities.”
He also posited that Hosana Estate was conceived as a planned and functional community designed to meet the needs of modern families rather than merely as a collection of houses.
He further stated that the estate was equipped with essential infrastructure and amenities, including internal roads, drainage systems, electricity infrastructure, recreational facilities, a synthetic football pitch and a children’s playground.
The Managing Director also acknowledged the significant housing deficit facing Nigeria and the financial difficulties confronting many families, saying the company was determined to make homeownership more accessible. He added that the company would continue to develop quality homes at affordable price points while exploring innovative financing models, strategic partnerships and appropriate housing solutions to enable more Nigerians and members of the organised private sector to own homes.
“The commissioning of Hosana Estate marked not an end but a new phase in the company’s expansion plans. While today marks the successful completion and commissioning of Hosana Estate, our journey does not end here. If anything, this achievement strengthens our resolve to do more. We are also committed to expanding our housing developments outside Enugu. This is because Powell Homes and Shelters Ltd. is committed to building more homes, developing more communities and expanding access to decent housing, not only in Enugu but in other parts of Nigeria where the need exists.”
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