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Oyo Governor Seyi Makinde has condemned the declaration of a State of Emergency in Rivers State.

He also stated Governors elected under the platform of the People’s Democratic Party (PDP) will be challenging the declaration in court. 

According to Makinde, the decision to seek legal redress was taken at an emergency meeting of the PDP Governors on Wednesday. 

He commended the PDP for demonstrating what he called “the needed strength and leadership”.

President Bola Tinubu, on Tuesday, declared a state of emergency in Rivers State suspendinh Governor Similayi Fubara; his Deputy Ngozi Odu, as well as the House of Assembly for six months. 

 

The President appointed Vice Admiral Ibok Ibas (Rtd.) as Sole Administrator for the State.

 

Governor Makinde, in his biweekly newsletter, The Business of Governance Issue 110, noted that the suspension of democracy in Rivers State, through the declaration of State of Emergency, is an illegal act which must be condemned by all well-meaning Nigerians. 

According to him: “I stand today to say that the declaration of the State of Emergency in Rivers State and the suspension of the executive and legislative arms of government by the presidency is an illegality that right-thinking members of society must oppose.

“Our democratic tenets must never be trifled with no matter our personal feelings and loyalties. This is the time to take a stand for fairness, equity and justice.

“As our democracy grows and unfolds, we must also be willing to speak up when we see anything that threatens our development as a nation. We must choose to stand up for what is right, even if it means standing alone.”

He added:  “I am glad that our great party, the Peoples Democratic Party (PDP) is demonstrating the needed strength and leadership. 

“Yesterday (Wednesday), the PDP Governors’ Forum rose from an emergency meeting where we unanimously decided to challenge the actions of President Bola Ahmed Tinubu in a court of competent jurisdiction. We cannot fold our hands and watch the democracy we built for almost three decades be trampled upon.”

[Thenation]

 
 

The Nigerian Meteorological Agency has forecast sunshine and haziness across the country from Friday to Sunday.

NiMet also called on airline operators to get its airport-specific weather reports for effective planning.

In a weather outlook it released on Thursday in Abuja, NiMet envisaged sunny skies in hazy conditions on Friday over the northern region.

It predicted prospects of thunderstorm over parts of Taraba during the afternoon or evening hours.

 

“Sunny skies with patches of clouds are anticipated over the North Central region with prospects of isolated thunderstorms envisaged over parts of Kogi and Benue states.

“Cloudy skies with intervals of sunshine are anticipated over the southern region with prospects of morning thunderstorms over parts of Cross River, Rivers and Akwa Ibom states.

“Later during the afternoon/evening hours, thunderstorms are expected over parts of Imo, Abia, Enugu, Anambra, Edo, Ondo, Oyo, Ogun, Rivers, Cross River, Bayelsa, Akwa Ibom, Delta and Lagos states.

“Moderate dust haze is anticipated over parts of Borno, Yobe, Jigawa, Adamawa and Bauchi States on Saturday,” the statement read.

 

The agency anticipated the rest of the northern region to experience sunny skies in hazy conditions throughout the forecast period.

According to NIMET, sunny skies with patches of clouds are expected over the North Central region throughout the forecast period.

Cloudy skies with intervals of sunshine are anticipated over the southern region with prospects of afternoon/evening thunderstorms expected over parts of Ogun, Rivers, Cross River, Bayelsa, Akwa Ibom, Delta and Lagos states

The agency predicted moderate dust haze over the northern region on Sunday.

“Temperatures are high over most parts of the country, putting people at risk of heat stress; people should stay in well-ventilated and cool spaces,” the statement read.

The agency advised members of the public to drink plenty of water to stay hydrated and avoid undue exposure to direct sunlight.

It also urged people with respiratory issues, especially in the northern parts of the country to be cautious of the weather condition and take necessary precautions.

[Punch]

The National Agency for Food and Drug Administration and Control has alerted the public on falsified Oxycontin 80mg (oxycodone hydrochloride) which it says was detected in an unregulated market in Switzerland.

The public alert with No. 07/2025 was uploaded on the agency’s website on Thursday.
The agency said the issue about falsified medicine was reported to the World Health Organisation  by the genuine manufacturer, MUNDIPHARMA, in February.

It said the falsified product imitated the genuine OXYCONTIN 80mg authorised for sale in Poland, adding that the genuine OXYCONTIN (oxycodone hydrochloride) is a semi-synthetic opioid indicated for the treatment of moderate to severe pain.

It said laboratory tests of samples for the falsified product were conducted by the Drug Information Centre in Zurich, Switzerland, and that WHO, DIZ’s drug-checking service determined that the tablets did not contain oxycodone but a synthetic opioid likely to be a nitazene compound. 

 

According to NAFDAC, Nitazene derivatives (e.g., metonitazene, isotonitazene, fluonitazene) are potent synthetic opioids, primarily used in research due to their high addiction potential and severe side effects.

It said these substances could be hundreds of times stronger than oxycodone, posing a high overdose risk, stressing that limited information is available on their risks, toxicity, side effects, and long-term consequences.

“The identified product in this alert is confirmed as falsified on the basis that it deliberately/fraudulently misrepresented its identity, composition, or source.

“The falsified product imitates OXYCONTIN 80mg manufactured and marketed by MUNDIPHARMA in the Polish market. MUNDIPHARMA has confirmed that the product was falsified and was not produced by their company.

“This falsified product has been found to contain undeclared nitazene compounds, which pose a significant risk due to the high likelihood of adverse events, even in small doses. Nitazenes produce similar effects to other opioids.

“Their high potency carries a high risk of overdose and death. Using nitazene derivatives has been linked to several deaths.

“Mixing them with other depressants like alcohol or benzodiazepines can be very dangerous, leading to severe effects like respiratory depression, low blood pressure, coma, or even death,” NAFDAC said.

It said that this falsified product posed a particular risk to individuals with substance use disorders who might perceive this falsified product as a safe and quality-assured medicine.

NAFDAC said that visible discrepancies were observed on the falsified product such as the placement of the batch and expiry dates on the counterfeit product were incorrect.

It added that the falsified product batch and expiry date are visible on the front side of the blister strip, adding that genuine OXYCONTIN has the batch and expiry date visible on the back of the blister strip.

NAFDAC stated that on the falsified product, the expiry date is on the left and the batch number is on the right, pointing out that genuine OXYCONTIN has the batch number on the left and the expiry date on the right.

According to NAFDAC, all its zonal directors and state coordinators have been instructed to conduct surveillance and retrieve any falsified products of this medicine found within their zones and states in Nigeria.

It said that importers, distributors, retailers, healthcare professionals, and consumers are hereby advised to exercise caution and vigilance within the supply chain to avoid importation, distribution, sale, and use of falsified OXYCONTIN tablets.

NAFDAC said that all medical products/ medical devices must be obtained from authorised/licensed suppliers, stressing that products’ authenticity and physical condition should be carefully checked.

It advised healthcare professionals and consumers to report any suspicion of the sale of substandard and falsified medicines or medical devices to the nearest NAFDAC office, or call NAFDAC on 0800-162-3322 or via email: sf.alert@nafdac.gov.ng.

It said that healthcare professionals and patients are also encouraged to report adverse events or side effects related to the use of medicinal products or devices to the nearest NAFDAC office.

NAFDAC said that healthcare professionals and patients could also report to the agency through the use of the E-reporting platforms available on the NAFDAC website www.nafdac.gov.ng or via the Med- safety application available for download on android and IOS stores or via e-mail on pharmacovigilance@nafdac.gov.ng

NAN

Prof Pat Utomi has questioned President Bola Tinubu’s motive for declaring a state of emergency in Rivers State, arguing there was no ground for such a move. 

In a nationwide broadcast on Tuesday, March 18, 2024, President Tinubu cited militant vandalization of pipelines and the political situation in Rivers as reasons for consigning the state to emergency rule. 

The President also nominated Vice Admiral Ibokette Ibas (Rtd) as Administrator to take charge of the state’s affairs after suspending Governor Siminalayi Siminalayi Fubara, his deputy, Prof Ngozi Odu, and all elected members of the House of Assembly of Rivers State.

However, Prof Utomi faulted President Tinubu’s decision in an interview on Channels Television, saying that the political crisis in Rivers did not warrant a state of emergency. 

The professor of political economy asserted that even when militants in Rivers were blowing up pipelines during the previous administration, the state was not subjected to emergency rule.

Prof Utomi further questioned the president for not declaring a state of emergency in Lagos State during the crisis involving the Lagos House of Assembly Speaker Mudashiru Obasa and his colleagues.

“What is the problem in Rivers State that warranted a state of emergency? Tell me what it is. When pipelines were blowing up like popcorn in Rivers State, was there a state of emergency?” 

Why did he not declare a state of emergency in Lagos State when the assembly was running back and forth? Why Rivers? There’s something about fairness, equity and pure decency, and I don’t see it here, and I think it’s a shame that they want to rubbish the democracy that we all fought so hard for.”

Prof Utomi also blasted the National Assembly for endorsing President Tinubu’s declaration of a State of Emergency in Rivers State.

According to him, the endorsement was an insult to Nigerians.

Vanguard News

Netumbo Nandi-Ndaitwah was sworn in Friday as the first woman president of Namibia, which became independent 35 years ago.

Here are five things to know about the leader of this stable and mineral-rich country of around three million people in the south of the continent.

– Ruling party veteran –

NNN, as she is popularly known, is a long-time loyalist of the South West Africa People’s Organisation (SWAPO) that has governed Namibia since its independence from South Africa in 1990.

SWAPO’s dominance meant that there was little surprise that she won the November 2024 polls, where she took 58 per cent of votes as the party’s candidate.

Nandi-Ndaitwah became a member of the party at the age of 14, when it was leading the struggle for independence, and became its first woman president last year.

– Long government career –

Nandi-Ndaitwah entered the national assembly in 1990 and was first appointed as cabinet minister in 2000 to head the women’s and children ministry.

She has also served as minister of information, environment and tourism, and of foreign affairs, as well as deputy prime minister.

In February 2024 she was appointed vice president, the first woman to hold that post in the country.

– 72 years old –

Born in October 1952, Nandi-Ndaitwah will be sworn in at the age of 72 for a five-year term.

She will lead a largely young country with more than 70 per cent of the population aged under 34, according to the 2023 census.

NNN took over from 83-year-old Nangolo Mbumba, who came to power in February 2024 following the death of his predecessor, Hage Geingob at the age of 82.

– Conservative views –

The daughter of an Anglican pastor and educated at a mission school, Nandi-Ndaitwah has conservative views on issues like abortion, which is illegal in most cases in the largely Christian country.

Her party voted against gay marriage in 2023.

– Exile, studies in Russia, UK –

NNN spent 15 years in exile, leaving in 1974 when she was aged 21 and spending time in Zambia and Tanzania, as well as Russia, where she joined the Komsomol, a Soviet Union-era communist youth organisation.

She obtained a post-graduate diploma in public administration and management at the Glasgow College of Technology in 1987, and a master’s degree in diplomatic studies at England’s Keele University in 1989.

AFP

 

Skales, the Nigerian singer, has expressed his gratitude to music executive Banky W for sponsoring his university education.

 

In a post via X, the ‘Shake Body’ hitmaker shared a photo of his Bachelor of Science in Business Administration certificate, revealing he graduated from Lead City University years ago but only recently received it.

Skales dedicated the certificate to his mother and thanked Banky W for his kindness.

“Aye, my BSc showed up after many years of graduation,” he wrote.

 

“This is for my mother and thank you to @BankyW for sponsoring the boy through school.”

 

Skales gained recognition after winning the North Central region of the Zain Tru Search contest in 2008.

He later signed with Banky W’s Empire Mates Entertainment (E.M.E) record label in 2009, alongside other notable artistes like Wizkid and Niyola.

Banky W, who co-founded E.M.E with Tunde Demuren in 2002, has played a pivotal role in launching the careers of several successful Nigerian artistes.

 

In addition to his work as a music executive, Banky W has also had a successful music career, releasing his debut album ‘Back in the Building’ in 2005.

He gained widespread recognition with hits like ‘Ebute Metta’. His work has earned him an avalanche of awards.

Banky W also ventured into politics.

[TheCable]

When the Dangote Refinery, the largest single-train facility in the world and valued at over $20 billion launched operations in Lagos last year, it was heralded as a turning point for Nigeria, billed to release Nigeria from the shackles of fuel import dependency. However, recent unverified allegations of a ticketing fraud scandal that reportedly forced the refinery to suspend Premium Motor Spirit (PMS) loading have exposed a far more insidious risk and reignited debates about the danger of entrusting Nigeria’s energy security to one single player.

Dangote Refinery’s suspension of Premium Motor Spirit (PMS) loading was triggered by the discovery that trucks were smuggled out with falsified documents. The Dangote refinery has disputed these claims, but the allegations remain and lack independent confirmation. They also spotlight broader concerns about oversight in infrastructure critical to Nigeria. Notably, the refinery has faced criticism for refusing third party audits or independent testing of its processes. Critics argue that this stance undermines accountability and fuels suspicions of opacity.

The suspension of PMS loading amplifies long standing warnings from energy experts that accuse the Dangote group of trying to monopolise Nigeria’s fuel market through questionable pricing tactics and lawsuits. Whether or not the fraud claims are substantiated, this controversy underscores why no private entity, especially one tied to a single individual, should wield power over Nigeria’s energy and lifeline. For a country already struggling with systemic vulnerabilities, the lack of transparent oversight risks exposing Nigeria to more crises should a centralised system fail.

A Nation Held Hostage

 

Nigeria’s fuel supply chain is already strained and now faces scarcity risks. Industry analysts estimate that a prolonged halt to the refinery’s operations could drain the country’s reserves within weeks, paralysing its commerce and transportation. If four trucks could slip through a supposedly state-of-the-art system, is there a risk of larger and more ambitious manipulations?

There is speculation that the loading system’s infrastructure is outdated. Another assumption is that middle managers in the refinery owe their jobs to patronage rather than competence. These vulnerabilities in a monopolised system in such a critical industry are not just operational risks but threats to Nigeria’s national security.

In 2021, a ransomware attack on Colonial Pipeline’s infrastructure disrupted 45% of the U.S.’ East Coast fuel supply. Now imagine the same event and the chaos that would ensue if Nigeria’s sole major refinery faced a cyberattack or internal sabotage. Without competitors and a healthy supply chain, Nigeria would grind to a halt.

 

The Monopoly Gambit

For decades, Nigeria paradoxically imported nearly all of its refined petrol due to defunct state refineries and corruption. The Dangote refinery’s promise to end this paradox was and is seductive. The refinery, which has a 650,000 barrel-per-day capacity, was positioned as Nigeria’s knight in shining armour. It pledged to meet Nigeria, Africa’s largest oil producer, entire demand while exporting surplus and helping the country rebuild its foreign exchange purse. The public hoped. Politicians cheered. Dangote became a king.

But, there are cracks in this narrative. Dangote refinery has lobbied aggressively to ban petrol imports and is currently in court with lawsuits against the Nigerian Midstream and Downstream Petroleum Regulatory Authority for allowing competitors including the NNPCL import fuel. The lawsuits allege that NMDPRA’s issuance of import licenses violates the Petroleum Industry Act (PIA), which prioritises local refining. But this interpretation of the PIA is self-serving. The law encourages domestic production. It does not mandate a monopoly. This lawsuit is one of several steps to eliminate the competition.

The refinery’s recent price cuts have reduced the costs of PMS by around 30% which while looking consumer-friendly on the surface, is actually a long-term monopolistic strategy aimed at pushing out competitors. The Dangote Refinery is effectively subsidising fuel; a move that is unsustainable for independent importers that are already grappling with foreign exchange shortages.

 

This strategy is already paying off, as rivals without the cushion of a spare couple of billion dollars are being undercut, with some already coming out with statements talking about their loss of business.

This playbook is eerily familiar. In the 19th century, Standard Oil used similar tactics to monopolise the American energy sector. John D. Rockefeller slashed prices to bankrupt competitors before hiking them as soon as market dominance was secured. This appears to be what is in play in Nigeria, making it a matter of when the Dangote refineries will dominate the market and then control prices.

This is not paranoia. It is a precedent. Dangote Cement controls about 60% of Nigeria’s market and has long been accused of price fixing. Despite the Federal Competition and Consumer Protection Commission investigating the firm for anti-competitive practices, cement prices are still exorbitant and regulators have done nothing.

The Global Context

 

However, Nigeria is not alone in facing monopoly risks. In Mexico, Carlos Slim’s dominance of the telecoms sector was accused of stifling innovation for decades. In Venezuela, nationalised oil production under the PDVSA has been used as a political tool for successive regimes. Dwindling output and corruption have left the country reliant on imports. This is a cautionary tale of centralised control. While the Dangote refinery is private, Nigeria risks similar pitfalls. There is a lack of transparency, accountability and redundancy.

Fans of Dangote and blind capitalism will argue that the Dangote refinery brings efficiency and investment. Why can’t a successful businessman lead Nigeria’s energy transition? After all, NNPC’s refineries haemorrhaged billions for decades.

 

But efficiency without competition is a Faustian bargain. The popular adage goes, “Don’t put all your eggs in one basket.” A single refinery, no matter how efficient, cannot guarantee resilience. Diversification; through multiple private refiners and import allowances coupled with robust public infrastructure will be the bedrock of Nigeria’s energy security.

Also, Dangote’s political influence cannot be ignored. He has maintained a proximity to power and has advised every president since 1999. This raises concerns about regulatory capture.

 

What now?

To avert a crisis, Nigeria must act decisively:

 

● Halt Anti-Import Lawsuits: The NMDPRA must not bow to legal intimidation and maintain a competitive market. The only way an import ban will be implemented should be through consensus, not coercion.
● Strengthen Antitrust Laws: The FCCPC must investigate instances of predatory pricing and penalise all anti-competitive behaviour in the market; Dangote or otherwise.
● Encourage Competitors: Incentivise modular refineries and foreign investment. The upcoming Port Harcourt refinery to be managed by Italy’s Maire Tecnimont is a good start towards a balanced future.
● Enforce Transparency: Mandate and enforce third-party independent audits of the Dangote refinery operations and pricing models as well as publish guidelines for the public and all market players.

The Dangote Refinery fraud scandal as unfortunate as it is, is a wake-up call. There is a lot of work the Dangote refinery has to do to ensure there are no repeat instances of fraud.

The Dangote refinery is a Nigerian refinery by a Nigerian for Nigerians and its success is important to the future of Nigeria’s energy security. But, Nigeria’s energy security can not hinge on one player’s ambition or the integrity (or lack of) of his database. Monopolies historically breed complacency, corruption and vulnerability. These are not outcomes Nigeria and her 220 million residents can afford.

As Dangote races to consolidate power, the regulators must choose: Will Nigeria become a captive market for a corporate titan? Or will Nigeria become a diversified economy where competition fuels progress?

We do not know yet. But, the answer will determine whether Nigeria in the long run will stand tall or fall victim to myopia.

Arekpo, a public affairs analyst, lives in Lagos.

Nigerian skit maker cum Nollywood actor, Debo Adedayo, better known as Mr Macaroni, has opened up about being a victim of a scam and a failed investment.

Naija News reports that Macaroni, in a lengthy post via his X handle on Thursday, admitted that his financial recklessness and generosity negatively impacted his financial stability.

 

The movie star said he resorted to borrowing to settle pending commitments and fulfil certain responsibilities after losing all his savings.

The actor stated that 2024 marked a pivotal moment in his acting career, but it was also the most challenging year for him as he faced over half a billion naira in debt.

Mr Macaroni revealed that his frustration grew worse after he was betrayed by someone he considered a friend and sister.

He added that with the support of family and friends who stood by him during his trying times, he feels better than he had felt in the last three years.

He wrote, “Sometime around 2021/2022 I was victim of a scam and simultaneously a failed investment that cost me all I had saved at the time. It shook me deeply but I told NO ONE about it. If you know me well enough, you would know I do not like to share my problems. I could be going through the worst and at the same time helping others solve their own problems but I just would never share mine.

“After I lost all the money I had then, Trouble started when I had to borrow money from different sources to settle all pending commitments and also fulfill certain responsibilities i have always believed were mine to fulfill. I make money in millions so I never thought borrowing money to pay back with interests could ever be a problem. But I got too comfortable and it took me a long time to realize that I was using the money I was earning to pay back interests. Also, my financial recklessness did not help. Please don’t borrow money! But if you must, please be responsible. I was now in serious debt.. but it didn’t stop my recklessness.

“2024 was a turning point for my Acting career. Two of the films I featured in were screened at international festivals.. my performances in some other films released last year also earned me numerous commendations. However, It was also the most troubling year for me. I was burdened every single day and night, knowing that I was over half a billion in debt.

“The last straw was when I was betrayed by someone whom I have always loved as a friend and sister. She betrayed my trust, love and confidence and for that I was completely destabilized. I hardly trust people and nothing really surprises me about the actions of we humans but this one, I could never have prepared for. Such was the level of trust and love.

“But you see, one thing about me is that I’m a warrior! I have never backed down from a fight. When I fall, I bounce back even stronger by God’s grace and I keep my head up. So I gathered myself, and made some very tough decisions and with the help of family and friends who have stood by me, I feel better than I have felt in the last 3 years!”

[NaijaNews]

Presidential Candidate of the New Nigeria Peoples Party (NNPP) and leader of the Kwankwasiyya movement, Senator Rabiu Musa Kwankwaso, has strongly criticised President Bola Ahmed Tinubu’s declaration of a state of emergency in Rivers State, describing it as a dangerous precedent for Nigeria’s democracy.

In a statement released on Thursday, Kwankwaso expressed deep concern over the suspension of Governor Siminalayi Fubara, his deputy, and all elected state legislators, calling the move a clear overreach of executive power.

 
 

Reflecting on his experience in the 1992/93 National Assembly, Kwankwaso warned against repeating past mistakes, where lawmakers were preoccupied with internal power struggles instead of safeguarding democratic institutions.

“I have closely followed developments in Rivers State in the past two days, and my initial silence was informed by the desire to let the authorities and parties in the conflict do what is right,” he stated.

However, he said he was perturbed by Tinubu’s unilateral decision to remove elected officials from office, stressing that such an action violates the constitution and undermines democracy.

Kwankwaso accused the 10th National Assembly of failing to uphold democratic principles and acting as a rubber stamp for executive excesses.

“The legislature has the responsibility to hold the executive accountable, not always play to its tune. It is appalling to see this 10th Assembly become more of a rubber stamp than any of its predecessors,” he said.

He further condemned the manner in which the National Assembly approved the state of emergency, arguing that using a voice vote on such a critical issue lacked transparency and undermined due process.

The former Kano governor also called on the judiciary to uphold its independence, urging judges to resist external influence and deliver fair and just rulings.

“Our judiciary must wake up to its responsibility of calming nerves by delivering judgments devoid of any hint of external influence,” he said.

Kwankwaso warned that President Tinubu’s actions could set a dangerous precedent for opposition-led states, creating fear and uncertainty about federal interference.

“This proclamation and the subsequent pronouncements by the Attorney General of the Federation have now sent numerous people in opposition-led states into disarray. It sets a dangerous precedent for how the Head of State can tighten his grip on states that do not share the same political standing with the center,” he warned.

He also criticized the involvement of the military, stating that Tinubu, as a longtime advocate of democracy, should understand the dangers of reintroducing military influence into governance.

“For a politician who prides himself as a defender of democracy, drafting the military into a position of leadership is dangerous to the progress we have made in the past 26 years,” he noted.

He further reminded Tinubu of former President Olusegun Obasanjo’s efforts to keep the military confined to their barracks, warning that reversing this trend could have long-term consequences.

Kwankwaso concluded by urging the federal government to reconsider its actions, emphasizing that the political situation in Rivers did not warrant such drastic measures.

“I am of the view that the political situation on the ground in Rivers does not justify such a flawed interpretation of Section 305(1) of the 1999 Constitution.

“This action constitutes an unconstitutional overreach, and if unchecked, it could foster a culture of impunity,” he warned.

[DailyTrust]

There are indications that the Federal Government’s Naira-for-crude panel will be reconvening a meeting on Monday to consider continuation of the crude sales deal with Dangote Refinery amid petroleum products price uncertainty.

Reliable sources in the Ministries of Petroleum Resources and Finance, who preferred anonymity, made this known on Thursday.

This comes after Dangote Refinery on Wednesday announced the suspension of its petroleum products sales in Naira.

Dangote Refinery’s decision to suspend petrol product sales in Naira indicated that there is a stalemate in discussion between the Nigerian National Petroleum Company Limited and the Dangote Refinery over the continuation of the Naira-for-crude sale contract.

However, official sources familiar with the matter told DAILY POST that the scheme may continue.

It was confirmed that NNPCL faced a crude availability crisis following the fact that the state-owned firm had pre-sold large volumes to foreign creditors under its crude-backed loans.

“The scheme won’t end. The challenging point is the issue of crude availability, with NNPC claiming it has pre-sold large volumes of crude.

“The committee agreed to reconvene on Monday (next week) to review options that the Nigeria Upstream Petroleum Regulatory Commission has been mandated to come up with. The committee is trying to dimension solution options,” the official stated.

Recall that the committee last week met at the Ministry of Finance Headquarters in Abuja to assess developments and reaffirm commitments to the naira-for-crude policy framework.

The meeting had in attendance the Minister of Finance and Coordinating Minister of the Economy, Wale Edun (who joined virtually); the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji; the Chief Financial Officer of the Nigerian National Petroleum Company; the Executive Commissioner of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (who also joined virtually); and other stakeholders.

Reacting to the development, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said its members will not hesitate to seek alternative sources of petroleum products.

“The market is making preparations for any surprises. So, if there are surprises, we’ll have alternatives to go to,” he said.

On his part, the president of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, appealed for government intervention in the continuation of the Naira-for-crude policy in order to maintain the tempo of the petrol price template.

“I would like to advise the FG to look into the agreement with Dangote again to maintain the tempo of the prices of petroleum products,” he said.

[DailyPost]