The Executive Vice President (Downstream) of the Nigerian National Petroleum Company Limited (NNPCL), Adedapo Segun, has urged Nigerians to brace for more fuel scarcity.

This warning follows a recent surge in fuel prices, which has significantly impacted citizens nationwide.

Naija News recalls that the NNPC, on Tuesday, adjusted the pump price per litre of petrol to ₦855 across its filling stations.

Segun, while speaking on Thursday on Arise Television’s Morning Show, emphasized the importance of establishing a competitive market to stabilize fuel prices and ensure a steady supply.

“The pump price today is not market reflective. NNPCL is the sole importer of PMS in the country, which is abnormal. We should be moving towards a situation where the free market determines prices,” Segun emphasized, highlighting that pricing should be dictated by competitive forces rather than a single entity.

Segun elaborated that NNPCL’s position as the exclusive importer of Premium Motor Spirit (PMS) was not by design, but rather a reaction to shifting market dynamics. He made it clear that the company did not intend to monopolize the market.

“Let me put it in the proper context. NNPCL is not a regulator. We didn’t choose to be the sole importer. We don’t determine who plays in the market. We stepped in when others reduced their participation. It’s not about wanting to be monopolists,” Segun clarified, underscoring that the company’s role emerged due to a lack of participation from other market players.

Additionally, Segun pointed out that for fuel prices to stabilize, there must be ideal market conditions, especially concerning foreign exchange availability.

“Market conditions need to be perfect, and there must be FX liquidity,” he remarked, implying that resolving the pricing issue would likely involve broader economic reforms to improve liquidity and competition in the market.

The scarcity, already visible across the country, is linked to NNPCL’s challenges in managing fuel imports and debts to suppliers.

Additionally, experts have called for more strategic borrowing by the NNPCL to address supply issues and prevent further disruptions in fuel availability.

This spike in fuel costs has further strained the pockets of Nigerian citizens, many of whom are already grappling with the high cost of living.

The situation has also sparked concerns about the potential impact on transportation costs and the prices of goods and services, which are likely to rise as a result.

Burkina Faso has officially removed the logo of the Economic Community of West African States (ECOWAS) from its new biometric passports, a move that underscores the country’s decision to withdraw from the 15-member regional bloc.

This development follows the decision of Burkina Faso, along with Niger and Mali, to sever ties with ECOWAS after the organization imposed sanctions on them in response to military coups.

The bloc has consistently called for the return to constitutional order as a condition for lifting the sanctions.

During a press briefing on Tuesday, Mahamadou Sana, Burkina Faso’s Minister of Security, confirmed the move, stating: “On this passport, there’s no ECOWAS logo, and no mention of ECOWAS either. Since January, Burkina Faso has decided to withdraw from this body, and this is just a realisation of the action already taken by Burkina Faso.”

Burkina Faso’s decision to omit ECOWAS from its passports further signals the country’s growing estrangement from the regional organization.

All three nations — Burkina Faso, Mali, and Niger — have accused ECOWAS of prioritizing selfish interests over the spirit of pan-Africanism.

ECOWAS has warned that the withdrawal of these countries could negatively impact the bloc’s common market and the freedom of movement for the 400 million people living within the region.

Despite these tensions, President Bola Tinubu of Nigeria, who serves as the current ECOWAS chairman, and his team continue to seek diplomatic avenues to bring Burkina Faso, Niger, and Mali back into the fold.

Tinubu emphasized that the bloc remains open and friendly to the nations despite the current situation.

According to the Henley Passport Index, Burkina Faso’s passport ranks 78th globally, with access to 60 visa-free destinations, including many ECOWAS member states.

Whether this change will affect Burkina Faso’s visa agreements within the bloc remains to be seen.

One of the travellers kidnapped on Saturday along the Emure-Eporo Road in Emure, Ekiti State, has been killed, PUNCH gathered on Wednesday.

The victim, identified as Shile Ogunmolasuyi, a recent secondary school graduate, was abducted alongside her mother, Mrs Yemi Ogunmolasuyi.

The kidnappers later released Yemi and another woman, Caroline Taiwo, whose husband, Oluwole Taiwo, was killed during the abduction last week Wednesday.

According to family members, who spoke with our correspondent on Wednesday, the victims were released after a N10m ransom was paid.

A community leader in Emure, who spoke with one of the victims, said Shile was killed after being repeatedly raped, which left her unable to walk.

“The kidnappers made them walk for 24 hours nonstop without food or water. Shile, who had been raped several times, became too weak to continue and was subsequently killed by the kidnappers,” the community leader said.

The victims were abducted around 5:30 PM on Saturday near Oyimo River, along the Emure-Eporo Road.

The kidnappers shot and killed Taiwo Oluwole, who was driving the car transporting the victims to Akure after an event in Emure.

Sources revealed that the kidnappers initially demanded a N30m ransom around 8 PM on Sunday.

However, the families were able to raise N10m, which was delivered at a spot on the Owo-Ikare-Benin Road in Owo, Ondo State.

The captives were later released around 1:30 AM on Wednesday in Owo.

“Efforts are reportedly underway to locate Shile’s body and recover her remains”, said one of the family members.

The Secretary of Emure Progressives Association, Niyi Awopetu, confirmed the release of the victims, stating, “Two people were released at midnight, but a girl among them was killed. I learnt the kidnappers collected N10m ransom.”

The state Police Public Relations Officer, Sunday Abutu, did not respond to calls or messages from our correspondent seeking his reaction to the development.

PUNCH Metro reported that some pupils and teachers of Apostolic Faith Children School were kidnapped at the same spot on January 29.

Five pupils, three female teachers and a driver of the school bus were kidnapped.

Mrs Atinuke, wife of a retiree, Albert Adanikin, was also kidnapped on July 13 around the same area.

The National Economic Council (NEC) on Wednesday, imposed a deadline of September 9 for four states to submit their reports on the establishment of state police.

The NEC will review comprehensive reports from all 36 states and the Federal Capital Territory (FCT) on that date. States that do not meet this deadline will be subject to the NEC’s decisions regarding the state police.

Additionally, the Federal Government has allocated ₦3 billion in aid to states affected by severe flooding.

At the conclusion of the NEC meeting, chaired by Vice President Kashim Shettima at the Presidential Villa in Abuja, Acting Oyo State Governor Abdulraheem Lawal reported that all states were expected to submit their reports for NEC’s review.

The discussion on state police was driven by ongoing security challenges across regions, including the Northeast, Northcentral, Southwest, Southeast, and Southsouth.

Lawal emphasized that the initiative aims to enhance national security. He noted that last year, the NEC had asked states to provide reports on the establishment of state police. States that fail to meet the September 9 deadline will be bound by the NEC’s decisions.

He said, “An update on the establishment of State police was considered and this was as a result of the security challenges that we have across the nation, in Northeast, Northcentral, southwest, Southeast and South south so that we would have a robust security in our nation.

“For that purpose, sometimes last year NEC considered the establishment of state police and asked states to make submissions of considerations

“Today (Wednesday), all the states were supposed to submit for consideration of NEC. Incidentally, four states couldn’t submit, and for that purpose, NEC decided that those states must make their submissions on or before Monday next week, otherwise, whatever decision next date on the establishment of State Police will be binding on those states that reused to submit them to make submissions.

“So that is the resolution as of today’s NEC meeting.”

Although the specific names of the four states that have yet to submit their reports were not disclosed, sources identified them as Adamawa, Kwara, Sokoto, Kebbi, and the FCT.

According to Vanguard, the source said one of the four states claimed it had already submitted its report.

Also briefing, Bauchi State Governor Bala Mohammed provided insights into the flood situation, highlighting the federal government’s ₦3 billion relief fund.

Mohammed described the severe impact of the flooding, especially in the Northeast, where critical infrastructure, such as roads and bridges, has been damaged, affecting households, schools, and other essential services.

He said, “The flood was more devastating along the Northeast axis where a major artery between Kano and Maiduguri has been cut off with devastating effects on households, schools, bridges and other means of livelihood. Lives were lost and a lot of properties were also destroyed.

“Of course, that has really provided a big challenge to us as a government and as a people in our states because we need to provide more of food security. Already, farmlands are submerged and therefore there’s need for collaboration between all the tiers of government to ensure food security.”

Mohammed noted that this year’s harvest is expected to be significantly affected due to the floods. He called for coordinated efforts between the Federal Ministry of Agriculture and state ministries to ensure a comprehensive response to the crisis.

An inventory of the damage, including impacts on agriculture and infrastructure, is required by Monday to facilitate timely support.

Nasarawa State Governor Abdullahi Sule supported this perspective, noting that a new governance structure has been established to manage flood relief efforts.

The reconstituted Flood Committee now includes governors from Kogi, Bayelsa, Oyo, Ebonyi, Bauchi, and Jigawa states, as well as key federal ministers and agency directors. The Committee will oversee the assessment of flood damage and ensure effective relief measures.

He said: “The Flood committee has to be reconstituted and the new members of the councils are governors of Kogi, Bayelsa, Oyo, Ebonyi, Bauchi and Jigawa states.

“Others are Minister of Water of Resources, minister of state Water of Resources, Minister of State for Environment, DG Nigeria Sovereignty Investment Authority (NSIA), DG NIMET, DG NWRI, MD/CEO NIWA, MD if NNDC, MD NEDC, and DG NEMA.

“The council has decided that Monday will be the deadline for all the states of the Federation to submit details damages including farms, schools, barges that have been affected by the last flood and Mr. chairman mentioned it will be taking into consideration for appropriate support to the various states.

“So these are the new very strong membership of the flood committee that will continue to address council henceforth.”

The NEC has mandated that all states submit detailed damage reports by Monday, including impacts on farms, schools, and infrastructure, to enable appropriate support for the affected regions.

Former President Olusegun Obasanjo has attributed Nigeria’s current challenges to a lack of effective leadership, asserting that the country is not inherently difficult to govern.

Obasanjo made this observation during the inaugural memorial lecture in honor of the late Akintola Williams, titled “Leadership Dynamics: Current Realities And Way Forward.”

The event was organized by the Institute of Chartered Accountants of Nigeria (ICAN) in Lagos.

While acknowledging the country’s complexities, Obasanjo emphasized that strong leadership is crucial for national progress.

“I always say Nigeria is a complex country, you must understand that but Nigeria is not a difficult country to manage. You have to be honest with yourself, Nigeria and your God,” he said.

Reflecting on his presidency, Obasanjo claimed that he managed the nation’s resources effectively, leading to notable economic improvements.

“When I was there, I did everything I should do for Nigeria and I can beat my chest and say that.

“I took over as the affairs of Nigeria as elected President with ₦3.7b in reserves and we were spending ₦3.5b to service debt, so I decided we must debt relief and I went out from it even though we were fifth country in all exporting in the world and we got debt relief.

“Not only did we not get relief from a quantum debt of ₦3.36b we came to a quantum debt of N3.6bn and I left with over ₦25b in what we call excess crude that is the money we saved from the budget and what we actually received and we had a reserve of over ₦45b,” he said

He praised Akintola Williams as a visionary who contributed significantly in various sectors.

“He deserves every honor that we can confer posthumously not for what he did for this country but what he did politically, socially and economically,” Obasanjo remarked.

The co-chair of the Bill and Melinda Gates Foundation, Bill Gates, has said that Nigeria’s Value Added Tax is among the lowest worldwide.

Bill Gates disclosed this on Tuesday during the Nutrivision 2024, dialogue held in Abuja.

The billionaire said this while responding to a question on potential financing mechanisms for large-scale public health interventions.

According to him, there are plans for the government to fund more health-related programs.

“Over time, there are plans for Nigeria to fund the government more than it does today. The actual tax collection in Nigeria is pretty low.

This comes as Bill Gates participated in Nigeria’s National Economic Council on Wednesday.

Recall Meanwhile, Taiwo Oyedele, the Chairman Presidential Committee on Fiscal Policy and Tax Reforms announced that plans are on the way to propose a law that would increase VAT from 7.5 percent to 10 percent.

A former spokesman of the Labour Party (LP) presidential campaign council, Kenneth Okonkwo, has charged President Bola Tinubu, ex-presidential candidate of the Peoples Democratic Party (PDP) Atiku Abubakar, and Peter Obi to step aside ahead of the 2027 elections.

Okonkwo said Tinubu, Obi, and Atiku are not fit to contest in the 2027 election, stressing that they have failed Nigerians.

Speaking on Arise TV, the Nollywood actor also criticized the opposition for their failure to form a consolidation and work together against the ruling All Progressives Congress (APC).

According to Okonkwo: “I completely agree with you that we need new faces, 100%, and that was why I have said that Atiku, Peter Obi, and Tinubu should step aside.

“The reason is that the ruling party has failed, and the opposition has failed. Are you aware that in the House of Representatives, you have more opposition members than the ruling class?

“I’m saying you don’t just finish an election, and the first thing you start talking about is the next election. You consolidate and form alliances amongst yourselves to work together as the opposition.

“If all the opposition members in the House of Representatives had come together, they would have produced the speaker and the vice.”

Galatasaray coach, Okan Buruk, has given an insight on how he convinced Victor Osimhen to join the Turkish Super Lig club.

Recall that Osimhen was heavily linked with moves to Al Ahli and Chelsea on transfer deadline day.

The Nigerian striker ultimately decided to join Galatasaray on a season-long loan from Napoli, failing to join either Chelsea or Al Ahli. 

Speaking on how he convinced Osimhen, Buruk said he had a personal conversation with the 25-year-old, during which he outlined his playing style to the player.

“I have a style and a method, like a video chat with a footballer on the phone… I spoke to Osimhen and he was convinced,” Buruk told Milliyet via Napoli Magazine.

“He found it very exciting to come to Galatasaray. I already had the idea of playing with a double striker. Such an opportunity should not be missed.”

Two American tourists, Liza Gatsby, and Peter Jenkins, have recounted what led them to spend over 36 years in Nigeria instead of the 10-day transit visas that were approved for them in 1988.

The two tourists made the revelation in an interview with a content creator, David Nkwa, monitored by our correspondent on Wedsnesday.

According to them, they never planned to stay in Nigeria beyond their approved days of visitation until they saw the need to save drill monkeys in the country because they were impressed by the dominance of interesting opportunities in areas of Science and Wildlife Conservation, the roads, the hospitality of Nigerians and the living condition that appeared better compared to America in those days.

“I’ll tell you what I like about Nigerians. Okay, that’s what makes Nigeria different from every other country in Africa. They would say ‘hey! Oyinbo, come in na, sit down, make we talk. Make I go buy you the drink.’ That is the difference between Nigeria and the rest of Africa.

“There were a lot of interesting opportunities in areas of Science and Wildlife Conservation that we became involved in, and we’re still here 36 years later. We arrived with a 10-day transit visa, and we have been here for 36 years.

“We founded a nonprofit organisation called Pandas that ranches monkey drills in Bano and Calabar in Cross River State. I don’t think that one species is more important than another, just like I don’t think that human beings are more important than drills or elephants are more important than whales; I think we are all of equal value, and the drill is a scarce species, it’s one of the rarest animals in Africa and it’s one of those animals you never thought you would even see when we were traveling across Africa, you know I had my Wildlife Field Guide and you look at the pictures,” Gatsby, one of the tourists said.

Speaking on why Calabar was their place of choice, Jenkins said they had done their research and that aside from Cameroon, Calabar was another place for monkey drills, stressing that no scientist or tourist had discovered that those animals were living there until 1987 when they consulted the local people in the community and got funding to make it habitable while conserving the rare species of Monkeys and other animals including girafees.

Jenkins added, “I love Nigeria, this is a great place. Come and live in Calabar and be at rest.When we got here, the population of Nigeria in early ’90s and the late 80s was around 65 million.

“The amount of natural resources that were still intact was extraordinary, and the density of wildlife generally in the forest was better compared to today. In fact, it’s appallingly low now, but in those days, this was a wonderful place to do research. Communities were very welcoming in those days; life was cheap; here, diesel, which is what our Land Rover ran on, was 35 Kobo, and with 29 kobo to the market, you would come back with two heavy bags with change in the pocket.

“We were comfortable and found Nigeria habitable. It was the best value country on this continent by far. The food was cheap, the road was perfect. There was no gallop deaper than a botlle cap.”

Meanwhile, Gabsty identified the lack of patriotism as the challenge facing many Nigerians while berating the growing negligence of the country’s culture, heritage, identity, music, traditional herbs, and healing.

“Nigerians don’t have pride in Nigeria’s natural heritage. I think that’s a big issue because that’s what it takes to try to make a difference. People don’t take pride in their cultural identity, language, traditional herbs, and healing.

“There was this huge wealth of knowledge when we came here on traditional healing and herbs from the forest, and that was another thing that put value on the natural resources here, but which of these old herbalists have an apprentice who is learning from them and when these old guys are gone all that knowledge is going to be lost?

“You go to the market now; we see herbal teas and herbal cures imported from China. How do we know that those things work? What’s wrong with our traditional ones here?” She queried.

Aremu Afolayan, the Nigerian actor, regrets not getting involved in “Yahoo Yahoo”.

“Yahoo Yahoo” is a colloquialism commonly used in Nigeria. Its prevalence among young people has become a pressing national issue.

In an Instagram post on Tuesday, Aremu said people had been trying to get him into becoming a “Yahoo boy”.

The 44-year-old actor said he “regrets” not participating in the cybercrime, adding that hard work “feels useless”.

“All of D days wey dem dey talk about Yahoo Yahoo, na today I regret pass say I no do am,” he wrote in pidgin English.

“Legitimate hustling has never felt super useless.”

Aremu is one of the sons of the late thespian Adeyemi Afolayan. Adeyemi, better known as Ade Love, was an actor, director and producer.

Ade Love is the brother of actress Toyin Afolayan as well as the father to film actors, Kunle Afolayan, Gabriel Afolayan, Moji Afolayan, and Aremu.

Aremu is married to Kafilat Quadri. The couple has a daughter named Iyunade Afolayan.

Last year, Aremu went on an expletive-laden rant to register his displeasure at his family members for not buying him a car.

“Why can’t I find a single person in my family to buy me a car in this life till I become older? What kind of useless head do I have?” he asked.

“I don’t have any useful family members.”