Oil marketers have said that the Nigerian National Petroleum Company Limited portal used to purchase petrol has been shut against dealers, making it impossible for them to apply for the commodity purchase.

They said marketers are still awaiting over 90 million litres of petrol from the state-owned company. This is valued at about N79bn.

The PUNCH recalls that amid marketers’ complaints over their inability to order petrol, the NNPC confirmed the shutdown of its purchasing portal to our correspondent last month, giving its reasons.

According to NNPC spokesperson, Olufemi Soneye, the company shut the portal due to a significant backlog.

Soneye explained that the shutdown became necessary to stop NNPC from holding marketers’ capital for too long.

“We have a significant backlog to address. The closure is intended to prevent us from holding marketers’ funds for an extended period,” Soneye had explained.

He, however, assured marketers that the portal would be reopened after the backlog had been reduced.

“It will be reopened once the backlog has been sufficiently reduced. We are working to address it as soon as possible,” he told our correspondent.

Marketers who spoke with our correspondent confirmed that NNPC was expediting actions to clear the backlogs as of the weekend.

Though NNPC did not disclose the value of the ‘huge backlogs’, independent marketers said they have over 2,000 tickets yet to be cleared with NNPC.

In an interview, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the association is still waiting for the portal’s opening.

“They are on it, our marketers are still loading petrol from the NNPC. I can’t confirm the price now because the portal is still shut down.

“We have more than 2,000 tickets for 45,000 litres (of petrol). That is 45,000 multiplied by 2,000, you can now know the number of million litres it will be. This is just an estimate, you know I don’t work with NNPC and I don’t know what is on their system,” Ukadike stated.

He disclosed that a 45,000-litre truckload of PMS is around N39.5m, making N79bn when multiplied by 2,000.

The Petroleum Retail Outlets Owners Association of Nigeria also confirmed that its members could not access the NNPC purchasing portal.

PETROAN President, Billy Gillis-Harry, confirmed this in a phone conversation with our correspondent.

“The portal shutdown affects us too, we are all buying from NNPC,” he said briefly.

Meanwhile, the marketers noted that they have since been patronising private depot owners, who sell petrol to them at a premium.

This, they said, informed why the product is more expensive in their filling stations than in outlets owned by the NNPC and the major marketers.

Our correspondent gathered that the marketers usually bid for PMS through the NNPC portal.

According to them, payments will be made through the same channel while the marketer waits for months to get the product.

Independent marketers told The PUNCH that they paid for petrol but were not supplied after three months.

During an interview with The PUNCH in January, the National Vice President of IPMAN, Hammed Fashola, made a similar allegation which was denied by Soneye.

Fashola had asked the Federal Government to review the current distribution pattern to give priority to IPMAN members.

Fashola said, “We buy products from NNPC cash and carry. We don’t enjoy any credit facility with the NNPC. There are times when we pay for products, and you don’t get the products for two or three months. You have your money in the coffers of NNPC, which means they are trading with our money.

“If I am not exaggerating, we should be talking of over N300bn, when you consider the number of marketers all over Nigeria. Our money is always there, trapped, while we keep struggling to get fuel. The three days will turn into months if they don’t have products or they are out of stock, you have to wait, and your money will be there.”

At the moment, the marketers said they want to buy petrol directly from Dangote to ensure price parity.

Former Vice President Atiku Abubakar has proposed amendments to the 1999 Constitution to establish a rotational presidency among Nigeria’s six geopolitical zones.

In addition, Atiku suggests implementing a single six-year term for the president to strengthen Nigeria’s constitutional democracy.

Atiku, the presidential candidate of the People’s Democratic Party (PDP) in last year’s election, addressed his proposals to the Deputy Senate President, Barau Jibrin, who also chairs the Senate Committee on Constitution Review.

This comes as the National Assembly continues amending the constitution, with issues such as power rotation, local government autonomy, and regionalism under consideration.

In his proposal, dated August 30, 2024, Atiku also called for changes to the educational qualifications required for political candidates and reforms to promote internal democracy within political parties.

He emphasized the need to prevent the violent takeover of parties and ensure they operate within democratic frameworks.

Atiku argued that political parties are often allowed to violate electoral laws, leading to chaos. He stated that his suggested amendments would bring greater discipline to the political system.

He wants the constitution to clearly state, “The office of the president shall rotate among the six geopolitical zones of the federation on a single term of six years, alternating between the North and South.”

He also proposed revising Section 135(2) of the constitution to set a clear six-year term limit for the presidency and amending Section 137(1)(b) to ensure a president cannot serve more than one term. According to Atiku, these changes will promote stability and fairness in Nigeria’s political system.

The Nigeria Police on Wednesday arraigned a 64-year-old estate agent, Sunday Asibe, before the Ebute-Metta Chief Magistrate Court, in Lagos State, for allegedly defrauding a man of N13m under pretence.

Asibe, who also goes by the alias John Asibe, is facing three counts of fraud, obtaining by pretence, and stealing, brought against him by the police.

The police prosecutor, Inspector Cyriacus Osuji, told the court that the defendant committed the offences between February and May 2024.

He said the incident took place in the Igando area of Lagos State.

Osuji alleged that the defendant fraudulently obtained the money from one Alhaji Suleiman Bawale, under the guise of selling him a plot of land.

The prosecutor also told the court that Asibe collected the money in two tranches of N8m, and N5m, respectively.

Osuji disclosed that sometime in February, the defendant allegedly stole the sum of N8m from the complainant and promised to sell land to him, which he didn’t.

“In February, Asibe stole N8m, from the complainant with a promise to sell him a plot of land, which he failed to deliver.

“Then, in May, he obtained an additional N5m, from Bawale, again, promising land that he did not provide,” said Osuji.

According to the prosecutor, the offences committed contravened Sections 313,280 (1) (a) (b) and punishable under Sections 314, (1) (a) (b) (3) and 287, of the Criminal Law of Lagos State 2015.

However, the defendant, who was arraigned before Magistrate Feyikemi George, pleaded not guilty to the charges.

Consequently, Magistrate George granted him bail in the sum of N1m, with two sureties in like sum.

She ordered that the sureties must provide three months’ bank statements showing a balance of N1m, and have their addresses verified.

The case was adjourned until October 30, 2024, for a mention.

The Federal Government has announced the provision of new tax reliefs for deep offshore oil and gas production to boost investments in the sector.

It also announced that the importation of key energy products and infrastructure, including diesel, feed gas, Liquefied Petroleum Gas, Compressed Natural Gas, electric vehicles, Liquefied Natural Gas infrastructure, and clean cooking equipment would no longer require value-added tax payment.

The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, announced this in a statement on Wednesday.

The statement signed by the Director of Information and Public Relations, Mohammed Manga, said the initiative would position Nigeria’s deep offshore basin as a premier destination for global oil and gas investments, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources.

This policy directive arrives alongside new divestment plans from ExxonMobil and Seplat, which President Bola Tinubu said would receive ministerial approval in the coming days.

The statement read, “In its avowed determination towards ensuring a boost in the nation’s upstream and downstream sector, the Federal Government has introduced groundbreaking concessions aimed at revitalizing the industry.

“This is just as the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today unveiled two major fiscal incentives aimed at revitalising Nigeria’s oil and gas sector: Value Added Tax Modification Order 2024 and Notice of Tax Incentives for Deep Offshore Oil & Gas Production, in accordance with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.”

Explaining further, Manga said, “The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including diesel, feed gas, Liquefied Petroleum Gas, Compressed Natural Gas, electric vehicles, Liquefied Natural Gas infrastructure, and clean cooking equipment.

“These measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources.”

It explained that the notice of tax incentives for deep offshore oil & gas production provides new tax reliefs for deep offshore projects, stressing that, “This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments.”

The ministry said these fiscal incentives reflect the administration’s steadfast commitment to promoting sustainable growth, enhancing energy security, and driving economic prosperity for all Nigerians.

The statement added, “These reforms are part of a broader series of investment-driven policy initiatives championed by President Bola Tinubu, in line with Policy Directives 40-42.

“They reflect the administration’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production.

“With these bold initiatives, Nigeria is firmly on track to reclaim its position as a leader in the global oil and gas market.

“These fiscal incentives demonstrate the administration’s unwavering commitment to fostering sustainable growth, enhancing energy security, and driving economic prosperity for all Nigerians,” the statement concluded.

The minister of justice and attorney general of the federation, Lateef Fagbemi, SAN, has reaffirmed President Bola Tinubu’s administration’s commitment to fighting corruption.

Speaking at the unveiling of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) Strategic Action Plan 2024-2028 in Abuja on Wednesday, Mr Fagbemi described corruption as a cancer that eroded societal fabric and necessitated collective action.

Mr Fagbemi noted that the strategic plan launched marked a significant milestone in combating corruption and promoting transparency.

The plan, he said, would serve as a clear roadmap for the ICPC to enhance operations, deepen stakeholder collaboration, and address emerging challenges. 

He assured the ministry of justice’s unwavering support in providing the necessary legal framework and resources.

Mt Fagbemi commended the ICPC leadership’s diligence and stakeholders’ contributions to the plan’s development.

President of the Court of Appeal, Hon. Justice Monica Dongban-Mensem, emphasised that fighting corruption was everyone’s responsibility.

She urged Nigerians to maintain a positive attitude, recognising that corruption extended beyond financial misconduct to include dereliction of duty.

ICPC Strategic Action Plan 2024-2028 focuses on combating corruption through innovative methods and sustained action.

The commission also launched its Ethicspod programme, a bi-weekly podcast aimed at amplifying anti-corruption efforts through digital media.

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The Naira depreciated significantly against the Dollar at the foreign exchange market upon resumption of trading after Nigeria’s 64th Independence Day holiday.

FMDQ data showed that it weakened to N1669.19 per dollar on Wednesday from N1541.94 exchanged on Monday.

This represents an N127.25 loss against the dollar compared to the N1541.94 traded on Monday.

Meanwhile, at the parallel market, the Naira gained N10 to close at N1690 per dollar on Wednesday compared to the N1700 exchange rate on Monday.

DAILY POST reports that on Monday the depreciated marginally against the Dollar.

For months now, the Naira has continued to fluctuate against the dollar and other foreign currencies.

President Bola Ahmed Tinubu during his Independence Day Speech pleaded with Nigerians to be patient with his economic policies.

On June 14 last year, the Central Bank of Nigeria floated the Naira at the FX market which saw the value of the Country’s currency drop.

Independent Corrupt Practices and Other Related Offences Commission (ICPC) has announced the recovery of N13 billion diverted public funds in September.

ICPC chairman Musa Aliyu, in his welcome address at ICPC Strategic Action Plan 2024-2028 launch on Wednesday in Abuja, described the feat as a remarkable achievement.

According to him, the impressive haul is a testament to the commission’s relentless efforts at combating corruption and ensuring accountability in Nigeria.

”Over the past years, the ICPC has made significant progress in discharging its mandate; for example, we recovered over N13 billion diverted public funds in September 2024 alone. This is just one of the many ways we have worked tirelessly to fulfil our mandate.

”We are also embarking on ICT reforms that will digitalise our operations and enable more efficient investigations, case management, and internal processes. This transformation will position the commission as a leader in leveraging technology to combat corruption, keeping us one step ahead of criminal activities in the digital age,” he said.

Mr Aliyu said that the commission was also developing a specialised curriculum to enhance our personnel’s enforcement capacity.

”This initiative equips our officers with the skills and expertise needed to address the complexities of corruption cases with the highest standards of professionalism and efficiency.

”We are decentralising the anti-corruption efforts by empowering state governments through the mobilisation of state attorneys-general. This approach ensures that state governments are equipped with the tools, knowledge, and resources necessary to effectively combat corruption at the local level,” he said.

The ICPC chairman recalled that the commission successfully held a conference with state attorneys-general in September, adding that more than 30 state chief law officers attended.

He said that in response to the findings from the Third National Corruption Survey, the commission had intensified efforts to broaden the reach of the anti-corruption campaign by actively engaging citizens, civil society and the media.

”A key part of this initiative is our upcoming EthicsPod digital community, designed to foster a culture of transparency and accountability across both public offices and everyday life nationwide.

”These efforts are part of a comprehensive strategy, forming the backbone of our Strategic Action Plan 2024-2028, which builds on our past achievements and charts a clear path for the future,” he said.

The ICPC boss stressed the need to intensify efforts to prevent corruption and corrupt practices.

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Nigerian-born English winger, Bukayo Saka has stressed that this could be the year his club, Arsenal, finally clinch the Premier League title after a 21-year drought.

Having finished as runners-up to Manchester City in the past two seasons, Arsenal are currently third in the league, tied on points with second-placed City and trailing leaders Liverpool by just a point after six games.

Bukayo Saka, who also experienced the disappointment of back-to-back European Championship final losses with England in 2021 and 2024, is determined to turn the tide and secure silverware this season.

The 23-year-old attributes his unwavering determination to previous near-misses and believes in Arsenal’s ability to compete at the highest level, as evidenced by their recent 2-0 Champions League victory over Paris St-Germain.

“I don’t want to put too much pressure on us but I do think that this is the year [Arsenal win the title],” Saka told CBS Sports.

“I think we’ve been close the last two years and we’re getting closer, but this hopefully will be the year.”

In his interview with Amazon Prime, Saka added, “In previous years, I’ve come runners-up a lot. It’s just that spirit in me that I want to win this season and of course, I believe in myself a lot.

“With those two things, it helps. We believe in ourselves, we believe we’re a top team. We showed that tonight [against Paris St-Germain]. I did tell the boys we have to make a statement when big teams are coming to the Emirates.”

The Super Eagles caretaker coach, Augustine Eguavoen has emphasized the importance of having the right conditions in place for him to consider taking on the role permanently.

As he manages the team for the fourth time, he stressed the need for a long-term contract with patience and realistic clauses, acknowledging that consistent winning is not guaranteed in football.

“It will be a tough one. You have to give me a long-term contract with patience and clauses in that contract because winning is not guaranteed every week or day,” the 58-year-old coach told Brila FM.

“You will give me time to tweak the team till I find what I want.”

Despite the team’s current challenges in the 2026 FIFA World Cup qualifiers, Augustine Eguavoen expressed optimism about their chances.

Eguavoen believes that with a strong mentality and a positive approach, the Super Eagles can still turn their campaign around and secure their spot in the World Cup.

He emphasized the need for the players to treat every upcoming game as a crucial opportunity and to focus on securing victories, even by narrow margins, to achieve their objective.

“It has to be with positive thinking (for Nigeria to qualify for the World Cup),” Eguavoen said.

“We have to approach every game like a cup final, and we have a big chance once we keep winning these remaining games, even if it were by 1-0.”

Augustine Eguavoen is expected to lead Super Eagles of Nigeria in the 2025 AFCON qualifiers against Libya at the Godswill Akpabio International Stadium, Uyo, on Friday, October 11, with the return leg set to be hosted in Benina four days later.

Segun Ajayi-Kadir, director-general (DG) of the Manufacturers Association of Nigeria (MAN), says government officials must face consequences for making policies that ruin businesses.

Ajayi-Kadir spoke on Tuesday during a forum themed ‘Nigeria’s Challenging Economy: Strategies For Recovery,’ organised by Channels Television to commemorate Nigeria’s 64th Independence anniversary.

He emphasised the need for consequences when policies lead to economic setbacks for industries.

“There must be consequence for government officials who make policies that ruin businesses,” Ajayi-Kadir said.

“I mean, you make a policy today, it becomes a disaster for industry and government simply changes it, and you walk away. We don’t have this luxury in the private sector.

“If you make a mistake, your business is gone, and you could distrain your property. So I think we need to see that movement also on the part of government.”

He said the challenges caused by the ongoing rise in interest rates should be alleviated.

The DG said borrowing at rates of 30-35 percent makes it nearly impossible for businesses to survive, particularly in an economy where consumer purchasing power has drastically declined.

“We should be able to assuage the challenges we are having with continuously raising interest rates,” he said.

“You’ve done it for more than 18 months plus, and you’ve not done any impact assessment on the productive sector.

“I think you need to be able to insulate that sector so that you can inflate the economy.”

‘THERE’S NEED FOR INDUSTRIAL POLICY’

Ajayi-Kadir said there is a need for an industrial policy to guide the government’s approach to industrialisation.

According to the DG, the policy would promote better coordination between key government ministries such as the ministry of industry, trade, and investment, the ministry of finance, and the Central Bank of Nigeria (CBN).

“I must say that policy coordination is extremely important for us because you can’t operate in such a way that you don’t know what to expect tomorrow,” he said.

“It will basically define where we want to be, and it will guide our operations.”

He also questioned the effectiveness of Nigeria’s embassies abroad, calling for key performance indicators (KPIs) aimed at facilitating foreign market penetration for Nigerian products and attracting foreign investments.

While commending the efforts of Wale Edun, the minister of finance and coordinating minister of the economy, Ajayi-Kadir called for a more deliberate government policy, urging the government to avoid playing politics with economic policies.

Also, Ajayi-Kadir advocated for a coordinated approach with clear expectations, deliverables, and accountability measures to ensure that the government and industry move in the same direction.

‘FG SHOULD LOOK BEYOND OIL SALE TO GET FX’

Ajayi-Kadir said Nigeria does not need to rely solely on oil sale for foreign exchange (FX), urging the government to diversify its revenue streams, particularly by tapping into the potential of diaspora remittances.

“We don’t really also have to depend on the sale of oil for us to be able to get forex. First, we must realise all the income that we can get from oil and we shouldn’t have any impediments, whether human, structural, or system-imposed. I mean, we should be clear about it. It’s our natural resource,” he said.

“We should fully recover all the forex that we can get from there. We need to address the issue of diaspora remittance that has a very great potential of bringing in far more forex than Nigeria is receiving. Those ones can help to address the foreign exchange challenges that we have.

“There’s one presently that I still cannot understand why we’ve not been able to overcome it and it’s the N2.4 billion unredeemed forwards with the CBN.”

The DG also said the FX exposure has caused massive losses for manufacturers.

“I believe that it will require the intervention of Mr. President, because I have a member, for instance, who has lost N7.2 billion because of this forex exposure for no fault of his and eight of our members, because of the forex exposure, have actually lost 918 billion in the last one year,” he said.

Ajayi-Kadir said addressing the pressing issues does not require new laws or executive orders but a coordinated effort to resolve FX challenges.