News
Naira-for-crude: Marketers fear price hike as FG suspends sale to Dangote
Following the Dangote Petroleum Refinery’s suspension of the sale of petroleum products in naira, some filling stations have started stockpiling Premium Motor Spirit, otherwise known as petrol.
The retailers are storing the product to ensure they have enough to sell at a higher rate, having projected that the price of petrol would go up soon as a result of the failure of the Federal Government to continue the sale of crude oil to the Dangote refinery in the local currency.
However, the Independent Petroleum Marketers Association of Nigeria warned these retailers to stop panic buying as they may run into heavy losses.
Last week, the Dangote refinery announced that it had temporarily halted the sale of petroleum products in naira as the naira-for-crude talks between it and NNPCL appeared to have failed.
The 650,000 barrels per day capacity refinery lamented that there was a mismatch between its sales proceeds and its crude oil purchase obligations, which it said are currently denominated in US dollars.
“Dear valued customers, we wish to inform you that the Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars.
“To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the firm announced.
Immediately after the announcement, the cost of loading petrol at private depots in Lagos jumped to about N900/litre. It was less than N850/litre before the announcement.
In an interview on Sunday, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said depot owners were profiteering even as some owners of filling stations were in a rush to stockpile fuel.
According to him, the demand for PMS has risen since Wednesday, when Dangote made the announcement. As a result, depot owners were said to have raised their prices to make more profit.
It was observed that players in the downstream petroleum sector have been left to continue speculating on the prices of petroleum products as the Federal Government had kept mute since the announcement made by the Dangote refinery.
Five days after the announcement, the refinery has yet to tell marketers how the dealers will buy PMS going forward.
Private depot owners wasted no time in jerking up their prices in anticipation of a possible hike in petrol prices. Although owners of filling stations have yet to increase their prices, they are already buying to sell for more gains when the price goes up later.
But Ukadike condemned depot owners for profiteering from the impasse between the Federal Government and the Dangote refinery, saying that is not good for the economy.
He warned marketers not to panic-buy because the Dangote refinery may crash the price.
“Some depot owners are already increasing the price. But we are also asking our marketers not to panic-buy. Because definitely when the Dangote refinery comes back and reverses the price, it will be a huge loss for these marketers. Depot owners are using this opportunity to profiteer. This is not good for the economy.
“Some marketers are also stockpiling PMS in a bid to increase the price based on the suspension of naira sales by the Dangote refinery. They speculate that the price will go higher and they will make more money from the fuel they are buying now. It may not be so. This issue will be resolved,” Ukadike stated.
He warned all marketers against buying large volumes of petrol to avoid running into debt.
“We, the independent marketers, are asking our members not to buy so much goods because when they buy so much volume of fuel at a higher rate from the depot owners, at the end of the day, it might result in losing a lot of capital.
“Dangote may crash the price and most of them with high volumes of PMS will run into problems. So, all marketers should be careful to avoid losses,” he advised.
The IPMAN spokesman disclosed that the Federal Government and Dangote refinery are resolving their misunderstanding to allow the resumption of the naira crude sales. He stated that stakeholders are waiting to hear the conclusion from either party.
“I have gathered that the Federal Government and Dangote refinery are almost resolving this matter.
“The two of them are reviewing the naira-for-crude deal to continue the sale of crude oil in naira to the refinery again. But the official statement has not come out. We are waiting for the official statement,” Ukadike revealed.
Sources from the Federal Ministry of Finance and the Federal Ministry of Petroleum Resources had earlier confirmed that the Technical Sub-Committee on the Naira-for-Crude Policy would reconvene today (Monday) to deliberate on the matter.
It was gathered that the committee had mandated the Nigerian Upstream Petroleum Regulatory Commission to come up with options that would be reviewed by the panel as it struggles to return the naira-for-crude deal.
The insider familiar with the workings of the naira-for-crude said the transaction would not be halted permanently. The source, who spoke in confidence due to lack of authorisation to speak on the matter, pointed out that NNPCL had issues with crude availability.
Industry experts and oil marketers warned that the halt in naira sales by the Dangote refinery could increase the pressure on the foreign exchange market, as dealers would now have to access the United States dollars in large amounts to buy petroleum products.
This came as multiple industry sources familiar with what prompted the failure in the naira-for-crude talk decried the Nigerian National Petroleum Company Limited’s humongous forward sale of crude.
They stressed that the national oil company had used large volumes of its yet-to-be-produced crude oil to acquire loans from various international financial institutions, making it tough for the oil firm to have enough crude to supply the domestic market.
Soneye said 48 million barrels of crude had been supplied to the Dangote refinery since October.
The Dangote refinery’s suspension of the sale of petroleum products in naira means marketers would have to source dollars before buying petrol from the facility.
The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, said there could be pressure on the naira, and it would lose the stability it had gained lately.
Experts have said that the naira-for-crude deal emboldened the Dangote refinery to lower the prices of PMS repeatedly, forcing the NNPC to do so even when it was affecting its margins.
At a point, the Petroleum Products Retail Outlet Owners Association of Nigeria, which once commended Dangote for the price slashes, kicked against it, asking the regulator to make it mandatory that prices should only be slashed after six months.
Meanwhile, industry sources said stopping the naira-for-crude deal might be a calculated attempt to reduce the influence of the Dangote refinery, which some players in the downstream accused of planning monopolistic tendencies.
Reacting, domestic crude oil refiners argued that the halt in crude supply in naira was the latest ploy to frustrate the Dangote refinery and bring back the full importation of refined petroleum products.
The National Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, disclosed that suspending the deal defeats the efforts of all stakeholders in the sector to achieve energy security.
Seven vessels carrying imported Premium Motor Spirit, popularly called petrol, were expected to berth at seaports along the nation’s borders between March 17 and 23.
According to a document obtained from the Nigerian Port Authority on Thursday, these vessels carrying 115,000 metric tonnes representing 154.22 million litres of PMS will bring in products through three seaports to improve fuel supply nationwide.
An analysis of the document from NPA showed that the commodities landed at the Tincan port in Lagos, the Lekki Deep Seaport in Lagos, and the Calabar port in Cross River State.
The document also revealed that the Dangote refinery imported 654,766 metric tonnes of crude oil within the same period.
Fuel crisis
Recall that the Dangote refinery in Lekki, Lagos State, was greeted by crude challenges when it began operations last year.
The President of the Dangote Group, Alhaji Aliko Dangote, had cried out, saying some international oil companies were planning to sabotage the investment by refusing to supply crude.
The Dangote Group had alleged that the IOCs insisted on selling crude oil to its refinery through their foreign agents.
It said the local price of crude would continue to increase because the trading arms offered cargoes at $2 to $4 per barrel, above the official price.
The group also alleged that the foreign oil producers seem to be prioritising Asian countries in selling the crude they produce in Nigeria.
Despite the intervention of the Nigerian Upstream Petroleum Regulatory Commission in July, the group insisted that the IOCs were still frustrating the refinery.
The Vice President, Oil & Gas, Dangote Industries Limited, Mr Devakumar Edwin, said, “If the Domestic Crude Supply Obligation guidelines are diligently implemented, this will ensure that we deal directly with the companies producing the crude oil in Nigeria as stipulated by the Petroleum Industry Act.”
Edwin insisted that IOCs operating in Nigeria had consistently frustrated the company’s requests for locally-produced crude as feedstock for its refining process.
He highlighted that when cargoes were offered to the oil company by the trading arms, it was sometimes at a $2 to $4 (per barrel) premium above the official price set by the NUPRC.
The issue escalated and drew angry reactions from many Nigerians when the Chief Executive of the NMDPRA, Farouq Ahmed said local refineries were producing fuels less in quality than imported ones.
Concerned by the controversies, President Bola Tinubu, during a Federal Executive Council meeting on July 29 proposed the sale of crude to local refineries in naira.
The Federal Executive Council adopted the proposal by Tinubu to sell crude to the Dangote refinery and other upcoming refineries in the local currency.
FEC approved that the 450,000 barrels meant for domestic consumption be offered in naira to Nigerian refineries, using the Dangote refinery as a pilot.
A media aide to the President, Bayo Onanuga, said in July that “the exchange rate will be fixed for the duration of this transaction.”
PUNCH
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.
News
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.
News
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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