The scarcity of premium motor spirit (PMS), commonly known as petrol, continues to affect various parts of Nigeria, leading to the proliferation of black marketers who are selling the product at exorbitant prices, reaching as high as N1,200 per litre in some locations.

Reports from across the country indicate that many filling stations remain closed, while those dispensing petrol have long queues. Some stations in the Federal Capital Territory (FCT) and several states have increased their prices, selling petrol at between N750 and N800 per litre. However, Nigerian National Petroleum Company Limited (NNPCL) outlets are dispensing at N617 per litre, albeit with longer queues.

The scarcity has left many motorists stranded, with some residents resorting to trekking long distances. In Jigawa State, black marketers were seen selling petrol for N1,100 per litre, while in Lagos, dispatch riders were distributing fuel to black marketers. Transport fares have also increased in affected areas, such as Abeokuta and Akure.

The Independent Petroleum Marketers’ Association of Nigeria (IPMAN) has attributed the scarcity to a lack of stock at most depots in Lagos. However, the NNPCL has maintained that there is product availability and that the situation should clear up shortly.

In Cross River State, elders and youths in Okuku and Ishibori communities sealed petrol stations selling the product for N1,200 per litre following a protest by commercial motorcyclists. Station owners claimed that the unavailability of the product forced them to increase prices.

At the Apapa depot, some marketers who spoke to newsmen disclosed that there has been a drastic drop in the level of imports.

They lamented that priority attention was only for trucks loading products to Abuja at the detriment of other locations, especially Lagos and neighboring states

They said there was a strict instruction from higher authorities that only trucks heading to Abuja should be loaded.

Another marketer at the Apapa depot who simply identified himself as Alhaji kabiru said the shortage in supply may worsen in Lagos by Tuesday because of the priority attention given to trucks heading to Abuja.

“A particular depot in Apapa here that received 5,000 metric tons (200 trucks) of petrol on Thursday has loaded over 100 trucks for Abuja but our trucks that are meant to service Lagos outlets have been on the queue since Friday without consideration for us”.

In Abuja, black marketers are smiling to the bank as they pepper motorists with scathing petrol prices.

Mohammed Wudil, a taxi driver plying the Lugbe-Abuja Airport corridor has this to say over the scathing issue: “Never in my wildest imagination did I think that I’ll sleep in the filling to get petrol after the government had deregulated it and yanked off subsidy payments on it. “But how wrong I was. Today, at almost N700/litre, I’m still chasing petrol tankers at night to know where they’ll discharge their products so I quickly queue their overnight so I’m among the first set to be served in the morning.

“But this was not the promise made to us when they removed subsidy. If you’re queuing and sleeping at the filling station to buy petrol at N170/litre, so you can well, it’s worth the stress. But at N690/litre?”

Another motorist, Mrs Mary Agu, a civil servant said she could not help but be at a filling station by 4am. “I’m a woman and my hubby is not around. So, I run the house. But since this scarcity horror began about a fortnight ago, I hardly sleep well because once my fuel indicator stick points downwards below half tank, I’ll start panicking.

“When will this torture end? The petrol is even like methylated spirit. It practically disappears without any meaningful trip. “Black market is hell. You’ll buy a litre for N1,200 or N1,100 at best. Who can survive on that? What of inflation that has pushed products’ prices to unimaginable heights? This is totally unacceptable”, she said. Black marketers who spoke to Daily Sun said the development was a golden opportunity to make brisk business as inflation and growing unemployment was battering them with reckless abandon. Musa Janjere, a 20-year old petrol hawker on Kubwa-Zuba expressway said he has a flourishing rapport with petrol attendants at filling stations. “We take our cans to them at night and they fill them up for an extra charge. So, it’s a win-win situation for me and them. “The profit is worth the stress. So, it checks out”, he said.

Aliyu Sani, another hawker who sells across from the NNPC towers in the Central Business District, mentioned that this time marked a period of thriving business for him.

“I make about N15,000 to N25,000 profit daily depending on how many cans of fuel I am able to sell. I buy 10 liters for around 7,000 and sell at 10,000-12,000. I suspended my pop corn and ground nut business to switch to this because it is more profitable. I hope the scarcity continues so that I can save up enough funds to start up a provisions store like I have always dreamed of”, he said.

A surge in demand for dollars in the parallel market driven by banks and end-users combined with slow forex disbursement to BDCs by the Central Bank of Nigeria, CBN, caused the Naira, last week, to fall by 23 per cent against the dollar, thus recording the worst weekly performance of the Naira since February. 

Though the CBN came to the rescue of the Naira on Friday by intervening in the official Nigeria Foreign Exchange Market, NAFEM, hence the appreciation of the Naira in the parallel market on Friday, currency dealers and analysts were uncertain about the fortunes of the Naira this week, citing pace and speed of CBN intervention as a determining factor. 

After two months of steady appreciation to N1,140 on Friday, April 19, from N1,1,820 per dollar on Wednesday, March 21, the Naira, last week, depreciated for four consecutive days by N285 (25%) to N1,405 per dollar on Thursday, April 25th.

Following the same trend in the official market, the Naira depreciated by N169.24 (9.9%) to N1,339.23 per dollar on Friday last week, April 26th, from N1,169.99 per dollar on Friday, April 19.

FX rate differential

Financial Vanguard investigations revealed that the steady reversal in the fortunes of the Naira was triggered by a combination of factors, including sharp practices encouraged by the lower exchange rate in the parallel market.

Since the CBN resumed dollar sales to Bureaux De Change, BDCs, the parallel market exchange rate had been below the official market exchange rate. For example, on Friday, April 19, the parallel market rate at N1,120 per dollar was N64.5 lower than the official rate of N1,234.49 per dollar on that day.

To exploit this gap, banks besieged the parallel market, buying dollars at the cheaper rate and reselling to their customers at the higher official exchange rate.

Following the steps of the banks, some forex end-users also bought dollars in the parallel market, deposited them in their domiciliary account and sell to the banks at a higher official rate.

This practice according to currency dealers triggered huge demand for dollars in the parallel market and hence the 25 per cent depreciation of the Naira in four days last week.

Currency dealers also cited the slow pace of dollar disbursement to BDCs by the CBN. They noted that dollar disbursement to BDCs comes in trickles, with some BDCs not getting dollars for more than two weeks after naira payment to the apex bank.

Confirming this to Vanguard, President, Association of Bureaux De Change Operators of Nigeria, Dr. Aminu Gwadabe, said: “The depreciation of the dollar was caused by two factors. The first was that people were buying from the open (parallel) market, depositing the dollars in their domiciliary accounts and sell in the interbank market and this is because the open (parallel) market rate is always lower than the interbank market rate.

“The second factor is that we have seen the resurgence of Person-to-Person, P2P, where hedging, margin trading are taking place.

“After nipping in the bud of Binance, other platforms sprang up. And you know transactions in those platforms are purely speculative. The likes of Binance can only be profitable at the expense of naira depreciation because it is a market that you buy low and sell higher.”

Scant FX supply in the official market

Investigation also revealed the situation was aggravated by the absence of CBN intervention in the official market for some weeks while inflow from Foreign Portfolios, and FPIs also dwindled. 

Explaining this development, Nnamdi Nwizu, Co-Founder of Comercio Partners, a Lagos-based investment bank, said: “Until yesterday (Friday) when they intervened, CBN had not intervened in the interbank market for weeks, and inflows were drying up.

“Also forex demand that waited for Naira to strengthen (appreciate) seems to be filtering through now, both local and FPI’s.”

On the outlook for the Naira in the coming weeks, Nnamdi said: “A lot depends on if the CBN continues to intervene in the market to ensure that they don’t lose control of the market. And also if we start to see renewed FPI flows.”

CBN intervenes

In a bid to arrest the depreciation of the Naira, CBN intervened in the official market on Friday. It also increased the speed of dollar disbursement to the BDCs, while also stepping up enforcement activities with its monitoring task force which visited some BDCs and parallel market locations in Abuja and Kano on Friday.

As a result, the Naira appreciated in the parallel market on Friday to N1300 per dollar from N1,405 per dollar on Thursday.
Confirming this development, Umoru Ahmed, a currency dealer based in Lagos Island said: “The naira was traded at N1,500 this morning which I bought. There is no inflow of dollars like before and not all the BDCs have access to dollars especially if they registered late. 

“The rate later crashed today to N1,300 per dollar for selling and N1,250 for buying.

“This is because the CBN’s task force stormed the market today arresting many black market traders which led to many operators reducing their price to sell off their dollars as they don’t know what the market will be like tomorrow.”

Similarly, Isa Yahaya, a currency dealer in Ikeja said: “In Ikeja today, we bought at N1,320 and sold at N1,350. But the market opened today at N1,450 per dollar of which I bought a dollar for N1,550.

“But we received a hint that the CBN’s task force was arresting many black market traders. This led to the appreciation of the naira because we just wanted to quickly sell what we had and wait till tomorrow to see what the market holds.
“The increase in the rate is due to demand pressure. The number of people demanding for dollars is higher than those selling.

“So it is difficult to meet the demand as we do not have access to buying from BDCs talk of from the CBN.” 

Also confirming this development and expressing optimism that the naira will further appreciate this week, Gwadehe said: “There is a turn of events now. Naira is appreciating as we speak, the rate has come down to N1,250 – N1,270
“Now the rate is going down due to a combination of factors. The CBN has intervened today at the NAFEM market. Dollar sales and disbursement to BDCs have been coordinated and streamlined for efficiency and liquidity.

“The securities agencies have swooped on those illegal behaviours, arrests were made today in Abuja and Kano. So all these factors are playing a bigger role because all the behaviours that have no economic value have been checkmated and streamlined. So I believe appreciation of the Naira cannot but continue.”

Speaking further, Gwadabe called for an executive order to deposit their holding into a non-exports domiciliary with silent sources requirement of an amount below # 50k for 3 months.

He also called for the creation of investment bonds for Nigerians in the Diaspora without tax charges.

President Bola Ahmed Tinubu has said the fuel subsidy removal and foreign exchange liberation policies have put Nigeria at the forefront of economic growth.

In a statement by Ajuri Ngelale, presidential spokesperson, he said Tinubu highlighted this during a high-level panel session at the World Economic Forum, WEF, Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday.

Ngelale quoted the president as saying that he had to take tough but essential decisions like removing fuel subsidy – with its attendant perils – to reposition Nigeria’s economy. 

“Concerning the question of subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt and to reset the economy and the pathway to growth. It was going to be difficult, but the hallmark of leadership is making difficult decisions when they need to be made.

“That was necessary for the country. Yes, there have been drawbacks. Yes, there was an expectation that more people would feel the difficulty. But, of course, our people’s interest was the government’s primary focus.

“Along the line, there was an arrangement to cushion the effect of the subsidy removal on the country’s vulnerable population. We shared the pain across the board. We cannot but include those who are very vulnerable.

“Luckily, we have a very vibrant youth population interested in innovation and highly ready to leverage technology and good education, and they remain committed to growth.

“We managed that and partitioned the economic drawback and the fallout of the subsidy removal equally, engendering transparency, accountability, and fiscal discipline for the country. And that is most important, focusing on what direction we should head in. I will pursue that rigorously,” he said.

Tinubu explained that the government under his leadership manages the nation’s currency and effectively removes corruption-laden arbitrage.

“Currency management was necessary to remove the artificial value element in our currency. Hence, our local currency finds its level and competes with the rest of the world’s currencies as we remove corrupt arbitrage and opaqueness.

“That we did. At the same time, that is a two-engine problem that is a very turbulent situation for the government.

“But we can manage that turbulence because we prepared for this with inclusivity in governance and rapid communication with the public,” the president said.

Recall that in June last year, Tinubu’s administration removed subsidies on petrol and liberalized the FX market.

The development had led to soaring inflation in Nigeria, which stood at 33.20 per cent in March, and currency fluctuation.

The Returning Officer of the All Progressives Congress, APC, in Supare Akoko, South West council area of Ondo state, in the just concluded governorship primary election, Alaba Abe, aka Excel, has reportedly been assassinated.

Abe, who was also the ward 10 coordinator of the party in the council area, served as the returning officer for Governor Lucky Aiyedatiwa in the governorship primary election on April 20.

The victims death was confirmed by his elder brother, Samuel Abbey.

Samuel said that his brother was assassinated on Saturday at about 9 pm in front of his house.

In a swift reaction, the governor Lucky Aiyedatiwa Campaign Group, has appealed to the police authorities in the state to protect its members against implacable opponents.

While decrying the gruesome murder of the ward coordinator, the campaign group in a statement issued by its State Information Director of the organisation, Mr. Kayode Fasua, said that “the late Excel, was a resourceful coordinator, campaigning for the election of Governor Lucky Aiyedatiwa until he was gruesomely murdered.

Fasua said that “he was shot in his Supare home on April 27.

He described the incident as a rude shock to members of the party in the council area, working for the election of the governor, come November, this year.

Also reacting, the Akoko Southwest Local Government Director-General for the campaign group, David Ajobiewe, equally described the incident as a rude shock.

“Excel had been a resourceful coordinator for the Aiyedatiwa campaign organisation in Ward 10 of Supare and was never known to be violent and never had any history of local or domestic dispute.

“We urge the police authorities to step up investigations into his gruesome murder and bring the perpetrators of the dastardly act to book.

Meanwhile, the Convener of the campaign group Dr. Oladipupo Okeyomi, has expressed the heartfelt condolences of Governor Aiyedatiwa, as well as the lamentation of the campaign group and the leadership of the APC in Ondo State, on the tragic loss.

He described the incident as terrible and uncalled for, expressing his sympathy with the family members, friends, and associates of the late Excel.

Contacted, the spokesperson for the state police command, Funmi Odunlami, said that ” In brief, the command is aware of the incident at Supare, investigation is ongoing to unravel all that happened.

The Association of Rice Millers has said the reopening of the Nigeria-Niger border is responsible for declining rice prices nationwide.

Jonathan Joshua, chairman at African Rice Millers in Nasarawa, disclosed this in a statement.

Joshua, who doubles as the national president of the Association of Small-Scale Agro Producers in Nigeria, noted that the price of rice is expected to drop further in the next two months upon the commencement of harvest.

“Some mills that shut down production owing to the scarcity of paddy last year and early this year are now reopening as they can quickly source the grain from neighbouring countries due to the reopening of the Nigeria-Niger border.

“We expect paddy prices to drop further when farmers commence harvesting in two months,” he said.

Rice prices decreased by 19 per cent despite rising inflation which stood at 33.20 per cent in March 2024.

The immediate past governor of Benue State, Samuel Ortom, has advised his Kogi State counterpart, Yahaya Bello, to come out of his hiding and surrender himself to the Economic and Financial Crimes Communities, EFCC.

Recalls that the anti-graft agency declared Bello wanted last week over alleged money laundering. EFCC is prosecuting the former governor for allegedly misappropriating over N80 billion while serving as Kogi State governor.

Ortom spoke during a thanksgiving service organised by his former appointees to mark his 63rd birthday at the Redeemed Christian Church of God, RCCG, Regional Headquarters in Makurdi on Sunday 

He said: “Let me use this opportunity to advise my younger brother and friend, former governor Yahaya Bello, not to disgrace former governors.

“If you are called to come and account for your stewardship by the Economic and Financial Crimes Commission, EFCC, go there. You do not need to hide from EFCC; you do not need to resist arrest or anything. Go there and explain. EFCC are human beings who are doing their work.

“If they are making inquiries, the laws are there. I have tried to get him on the phone, I could not, I tried those around him, but I could not. I want him to note, wherever he is, if he can hear me from there, he should go before the EFCC.”

The Lagos State Command of the Nigerian Correctional Service has dismissed reports claiming that incarcerated crossdresser, Idris Okuneye a.k.a. Bobrisky, is being accommodated in a one-bedroom apartment for Very Important Persons VIP at the Kirikiri Correctional Centre. 

Online reports had claimed that Bobrisky, who is serving a six-month prison sentence for abuse of the naira notes, was occupying a newly built VIP apartment in the Kirikiri correctional centre. 

However, in a statement released, the NCoS spokesperson, Rotimi Oladokun, said the correctional centre had no en-suite style cells. 

The statement reads

“The attention of the Nigerian Correctional Service Lagos State Command has been drawn to some mischievous and misleading online publications. Without prejudice to NCoS right to seek legal redress for the libelous publication, outlined are clarifications on the said issues.

The convicted inmate, Okuneye Idris Olanrewaju a.k.a. Bobrisky is currently serving a six-month jail term for abuse and mutilation of the naira note within the custody of the custodial centre in the state.

The Convict is entitled to the reformative and rehabilitative platforms either educational and/or vocational training as provided to all inmates in custody.

Idris has been allocated a shared cell with other convicted inmates. There are no en-suite or ‘one-bedroom flat’ style cells in our Custodial Centre as the cell blocks infrastructure are built as shared buildings, to accommodate multiple inmates.

Idris is being treated just as every other inmate without any special amenities or privilege accorded. All inmates are entitled to family and legal visits. These visits are monitored and regulated by NCoS.

The Controller of Corrections, Lagos Command enjoined the general public to disregard the said malicious publication.”

Morenikeji Adeleke, a popular gospel singer, also known as Egbin Orun, is dead.

This was confirmed in an Instagram post on Sunday by her colleague Esther Igbekele

Igbekele expressed shock and sadness, stating, “Egbin Orun departed suddenly without bidding farewell.” 

According to Igbekele, they had recently spoken, not knowing of the impending tragedy.

She praised Egbin Orun’s beauty, kindness, and strong support for her ministry.

“I got home from my program to hear about this great loss. Prophetess Morenikeji Egbin Orun you left without saying goodbye..

“We spoke together last week not knowing you are about to embark on a journey to the great beyond. You are such a beautiful and kind-hearted woman and a very good supporter of my ministry.

“I am deeply saddened by your demise but God knows best. You will be greatly missed and your good deeds will continue to linger in our hearts.

“Ah Egbin Orun. Good night! Keep resting in the bosom of Christ. Ah Gone too soon..Yeeee.”

As at the time of this report, the cause of her death remains undisclosed and no official statement has been issued.

Hit the streets after birth…to make ends meet

There is no time the popular cliche: ‘no food for lazy man’, comes closer to the fore than in the daily life of every Nigerian, in these times. 

The economy is so telling on Nigerians that survival is more miraculous than strategic. 

However, Nigerians, known for resilience, are also strategically plotting to survive by any means.

Though the cliche singles out men, even women have realised that what touches the eye affects the nose, eventually. So, they are also doubling their survival strategies.

To that extent, even pregnant women, who always look forward to three months of post-partum rest, popularly known as ‘maternity leave’, after delivery, now shun the idea. For them, that three months shouldn’t be wasted for a people whose survival depends on what they make daily.

The usual practice, before the economy doubled down hardship on Nigerians, was that women working in private organisations earn a month or two months of post-partum care leave.

Those in government parastatals earn a compulsory three-month pre-natal leave.

But the struggle for survival has made most of them abandon this important aspect of rest to be able to shore up their means of survival.

Economy&Lifestyle has discovered that nursing mothers now spend only eight days after childbirth, to begin their business activities. 

Mrs. Beatrice Akere, a hairstylist, said that she resumed work after 10 days of post-partum rest because she had to meet up with her targets for the year, in terms of savings.

“I am a mother of two children. My second child is just two months old. After giving birth to him, I rested for only ten days. Within those ten days, I was still attending to little business.

“After ten days, I resumed work because I am a hairstylist.

“The amount my husband and I spent on hospital bills was too much. But I thank God we are fine.

“I have to start working to be able to meet our target (savings) for the year and also assist him with other bills because the baby was not something we planned for.” 

Mrs. Hannah Chukwuma, a seamstress, said she only observed for two weeks as she and her husband could hardly afford money for transport fare to bring her mother from the East to take part in Omugwo.

“You know what we all are experiencing in this country. You can hardly feed and foot bills because the price of everything keeps increasing. I am a receptionist in a hotel and also make women’s outfits as a side hustle.

“After delivery,my mother was to come for my Omugwo. But the transport fare from the East is high. So I told her not to bother coming.

“An elderly woman in my church helped with the bathing of the baby till his christening day.

“I took it up from there and rested for two more days before starting to make outfits which I had collected from my customers a few days before childbirth to avoid disappointing them. 

“This is because I have spent their part payment. ”

People in the Eastern parts coined the name Omugwo for postpartum rest .

Omugwo is a traditional rite observed in the East. Here the mother of either the wife or husband is expected to take care of the newborn and mother for three months helping with the house chores, and bathing for the baby and its mother among other things.

At the end of the Omugwo, the mother leaves with various goodies.

But in this economy where there is a continuous rise in goods and services, low salaries, increased unemployment, low sales coupled with the high cost of transportation such rite has entered into oblivion. 

Mrs. Foluke Hakeem, whose daughter gave birth in February said she couldn’t visit her daughter for Omugwo until the end of last month.

She noted that her daughter who lives in Abuja said her husband couldn’t afford her transport fare then and she had to just see her grandchildren through video call.

She added: “When I arrived in Abuja, I was shocked to see my daughter going to her place of business with her children after observing post-partum rest for just three weeks.

“I had to help her for a few weeks before I left because my business was also at stake.

“These young women nowadays don’t even know the importance of resting after birth. 

“It helps to put the body in shape and allows the mother to regain herself after childbirth.

“Even those who were operated upon during childbirth hardly spend three months which is very very risky to their health.
“I don’t blame them. It is what the country has turned us into.

“Nowadays, you see women being the breadwinner of the family while the husband wastes away in a beer parlor everyday.
“She gets older than her age easily because the blood she has wasted during childbirth can never be regained as she loses blood monthly.

“Some even hardly visit the hospital for check ups after birth all in the name of looking for money.
“Some only attend postnatal schedules in the hospital when the home remedies applied to either the mother or newborn are not effective. Imagine such a risk.

“It is only God that will help us.” 

According to the World Health Organization,WHO, the postpartum period is critical in the lives of mothers and babies due to the risk of maternal and perinatal morbidity and mortality.

The Nigeria Demographic Health Survey 2018, showed that only 38 per cent of women and 42 per cent of newborns received a postnatal check in the first two days after birth.

The World Health Organisation (WHO) recommended that postpartum women should have contact with healthcare providers within 24 hours, at day 3, days 10–14 and 6 weeks post-delivery.

It noted that multiple postnatal clinic (PNC) visits will allow assessment and prompt treatment of complications arising from delivery.”

Real Madrid president, Florentino Perez, blocked manager Carlo Ancelotti’s request to sign Harry Kane from Tottenham last summer, according to Relevo.

Ancelotti had made Kane his top target ahead of this season.

It is believed signing the England captain was even a bigger priority for him than landing Jude Bellingham from Borussia Dortmund.

Ancelotti was looking to replace Karim Benzema, who left as a free agent for Al-Ittihad in Saudi Arabia.

But Perez refused to sanction the move, as he has set his sights on signing Kylian Mbappe this year.

Peres was willing to let Madrid play without a real number nine, before signing Mbappe on a free transfer.

Kane ended up joining Bayern Munich and has scored 42 goals in as many games in all competitions, helping Thomas Tuchel’s team to the Champions League semi-finals, where they will come up against Madrid.