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.

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.

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.

Paris St Germain, PSG, were crowned Ligue 1 champions for a record-extending 12th time on Sunday, as their third straight title was wrapped up.

This was following another dominant domestic campaign when second-placed AS Monaco lost 3-2 at Olympique Lyonnais.

PSG, who missed the chance to secure the title on Saturday when they drew 3-3 draw with Le Havre, have 70 points, 12 ahead of Monaco with three games remaining.

“Winning the league is fantastic, but winning Ligue 1 for the twelfth time is even more special for everyone connected to Paris Saint-Germain.

“We’re going to enjoy this moment as a family. And also keep working hard, game after game, until the last moment of the season,” PSG President Nasser Al-Khelaifi said on the club’s website.

Monaco were the only side left who could prevent PSG lifting the title, but their faint hopes were extinguished in Lyon as they fell to their first defeat in nine games, despite taking an early lead.

The visitors scored with a little over 20 seconds on the clock, with Wissam Ben Yedder tapping home Takumi Minamino’s cross at the back post.

But Monaco were 2-1 down within 25 minutes through goals from Alexandre Lacazette and Said Benrahma.

Ben Yedder brought the sides level again on the hour mark, heading home a floated ball into the box by Youssouf Fofana.

But it was Lyon who found a winner six minutes from time with Malick Fofana scoring from outside the area.

After Saturday’s draw which kept the champagne on ice, PSG manager Luis Enrique was unconcerned, safe in the knowledge that their far superior goal difference meant the title was all but assured.

“We’re champions. I don’t care if there’s a party or not.

“We have a goal difference of plus 29 on the second place, I already feel like champions. Even if we don’t score any more points, we’ll be champions,” the coach said.

The Spaniard, who took over at PSG at the end of last season, was proved right, as they secured their 10th title in 12 seasons without having to play another game.

The champions have suffered just one league defeat this season, against Nice in September and while they made a slow start to their campaign, once they took top spot after matchday 12, they never looked back.

PSG went 3-1 down to relegation battling Le Havre, but a Goncalo Ramos goal late in added time salvaged a point, and extended their unbeaten league run to 26 games, but the manager said that didn’t concern him.

“I don’t care if I’m undefeated. That goal gave us the title.

“That, and for the rage I had because we didn’t play much. We’re missing two titles, we’re going to do everything we can to get them,” Luis Enrique said.

PSG are still involved in the Champions League, and they also have the Coupe de France final against Lyon to come, in what could turn out to be the club’s finest ever season.

Striker Kylian Mbappe is leaving at the end of the campaign, and would love to bow out on a high, and this season is already his best in terms of goals scored, netting 43 times in all competitions.

It has long been PSG’s goal to win the Champions League, but few expected it in the manager’s first season.

Now that the league title is secured, the treble-bid is on, beginning on Wednesday with the semi-final first leg against Borussia Dortmund. (Reuters/NAN) (www.nannews.ng)

Manchester City manager, Pep Guardiola, has said their remaining two away fixtures at Fulham and Tottenham will be “difficult.”

Guardiola was speaking after they beat Nottingham Forest 2-0 on Sunday.

The result keeps City one point behind leaders Arsenal, although they have one game in hand. 

On the remainder of the season, Guardiola said: “Everything can happen, Liverpool have dropped points in the last few games but that can happen to us, can happen to Arsenal, so tough games for everyone. Fulham away and Spurs away will be difficult.

“I would prefer not to have a long week [off] and to play the Champions League semi final.

“But in the circumstances we have two or three days to recover and prepare for all the finals that we have.”

The judicial commission of inquiry on public properties and assets established by Governor Abba Kabir Yusuf of Kano State to probe the previous administration led by former Governor Abdullahi Ganduje has scheduled its inaugural session for today.

The commission’s secretary, Salisu Mustapha, said this in a letter addressed to the director-general media and publicity, Kano State Government House on Saturday.

The session will take place at High Court No. 3 within the Audu Bako Secretariat by 10am prompt.
Earlier this month, Governor Yusuf inaugurated two judicial commissions of inquiry (JCI) to investigate instances of misappropriation of public properties and assets, political violence, and missing persons between 2015 and 2023.

During the inauguration of the JCI members, Governor Yusuf pledged to hold accountable anyone found culpable, emphasizing his commitment to uncovering and prosecuting those responsible for political violence in the state before and during previous elections.

The governor urged the commission to thoroughly investigate cases of misappropriated public properties and assets during the tenure of immediate past administration.

He instructed the commission members to uphold their integrity, remain true to their oath, and serve the people of Kano State by ensuring justice is served.

Governor Yusuf clarified that the initiative was not politically motivated or directed at any individual but rather a response to the mandate of the people of Kano State.

Justices of the State High Courts, Farouq Adamu and Zuwaira Yusuf along with other eminent personalities were selected and appointed as chairmen and members of the two commissions of inquiry respectively.

Nigeria’s listed banking stocks’ value declined by N2.069 trillion in 16 trading days following the announcement of the recapitalisation exercise by the Central Bank of Nigeria (CBN).

This is as the April 30, 2024 deadline that the CBN gave banks in the country to submit their recapitalisation plans and strategies expires tomorrow.

The sector on the Nigerian Exchange (NGX) has witnessed massive sell-off since the beginning of April, thereby triggering a huge loss of N2.069 trillion. The banking stocks comprise Ecobank Transnational Incorporated (ETI), Fidelity Bank, Guaranty Trust Holding Company (GTCO), Jaiz Bank, Sterling Financial Holdings Company, Unity Bank, Wema Bank, FCMB Group, Stanbic IBTC Holdings, United Bank for Africa (UBA), Zenith Bank, Access Holdings and FBN Holdings (FBNH).

Recall that on March 28, 2024, CBN had revised the minimum capital requirements for banks and, according to data compiled by LEADERSHIP, the overall total market value of the banking stocks dropped by N2.069 trillion to N6.013 trillion as of April 26, 2024 from N8.082 trillion on March 28, 2024.

Also, the NGX Banking Index within the period under review recorded a decline of 25.75 per cent from 1,029.63 points on March 28, 2024 to 764.50 points when it closed trading on April 26, 2024.
Of the 13 banking stocks between March 28, 2024 and April 26, 2024, only ETI recorded a gain of 16.12 per cent. On the other hand, FBNH recorded the biggest loss of 42.76 per cent, while GTCO followed with a decline of 32.38 per cent.

Access Holdings was down by 32.24 per cent, Sterling Financial Holdings Company (-29.26 per cent), Zenith Bank (-26.74 per cent), Wema Bank (-26.47 per cent), FCMB Group (-19.41 per cent), Unity Bank (-18.36 per cent), UBA (-17.86 per cent), Jaiz Bank (-15.83 per cent), Stanbic IBTC Holdings (-11.61 per cent) and Fidelity Bank (-6.00 per cent).

Speaking to LEADERSHIP on the current banking stock performances, the managing director of HighCap Securities Limited, David Adonri said “after the announcement by the CBN directing banks to recapitalise, the market started declining, but we cannot see for sure that, that policy is behind the decline in the prices of banks’ stock since that announcement was made.

“I think the major factor should be the second announcement that restrained banks from paying out good dividends in line with their extraordinary income within the financial year.”
Another reason he associated with the situation was the contractionary monetary policy of the Central

Bank wherein the interest rate had been hiked heavily in the last MPC meeting. So, this has caused a migration of financial assets away from equities to debt, he stressed.

Adonri explained that the recapitalisation structure, as directed by CBN, is predicated on the flow of fresh capital to the banks.

“The banks will have to raise fresh capital from all the sources where they can raise. But we are presuming that a lot of them will have to leave the capital market. They will come to the primary market to raise fresh capital. Judging by historical antecedents, that is likely to cause some price movement in the banking sector before the banks hit the market to float their public offerings,” he said.

On mergers and acquisitions, he said “there is no need because banks are segregated into different segments. Some are regional banks, some are national Banks, and some are international banks. So, any bank that is unable to meet the minimum requirement for a segment will drop down to the lower segment instead of going to a forced merger or offering itself for acquisition.

“But banks have been given about two years to raise fresh capital. What will happen is that there will be a timetable in the capital market that will make them come one after the other so that the market will not be fatigued if all of them are to swamp the market at a fair swoop. I believe that the SEC will come up with a timetable that will give space for each of the listed banks to come to the market via a public offering so that the success rate will be very high.”

The head of Investment Management at STL Asset Management Limited, Oluwaseun Magreola said this bearish sentiment was beyond banking stocks.

Magreola said “since the MPR was jerked up by 400 basis points by the CBN governor in February, the whole equity market has been at risk of a negative turnout. Over the years, there’s been a strong inverse correlation between the fixed income market and the equities market.

Magreola asserted that the reaction to the high yields in the fixed income market was ‘quite slow’, noting that most investors were waiting to earn their dividends.

Rivers State Governor, Siminalayi Fubara, has described as very unfortunate the fire incident caused by a tanker conveying premium motor spirit otherwise known as petrol which burnt motorists and commuters beyond recognition and destroyed several vehicles on Friday night.

The incident occurred between the Indorama Petro-Chemical Company Gate and the Aleto Bridge on the popular and ever busy Eleme section of the East-West Road now undergoing major reconstruction by the Federal Government.

The governor expressed sadness at the gory sights that he saw when he visited the scene of the incident, accompanied by the State Commissioner of Police, Olatunji Disu, and the State Commissioner for Energy and Natural Resources, Uchechukwu Nwafor, on Saturday morning.

This was contained in a statement issued by the Chief Press Secretary to the Governor, Nelson Chukwudi, and sent to newsmen.

The governor also spoke about the tanker inferno that had become a sad episode in the State with over 120 vehicles razed and about five lives lost, describing it as “great tragedy”.

“It is a very sad day in our dear State. Something happened in Eleme, along the route of Indorama Petrochemical and Fertiliser Company Limited. A tanker had an issue with a tipper, and there was an unfortunate situation that caused the State a very devastating loss.

“I went there this morning to see for myself what happened, and I can tell you, I’ve not been happy since then. With all the dramas in our State, it is not even proper for us to add that to it. 

“But it wasn’t our fault. It was just what impatience caused. The tanker driver, knowing the state of that road, was not patient, and it resulted in that colossal loss. Over 120 vehicles were completely burnt, and five lives were lost. It was very unfortunate.”

Governor Fubara spoke at the country home of Sir Celestine Omehia in Ubima community, Ikwerre Local Government Area of Rivers State on Saturday.

Earlier, Fubara explained that he got a call from the Managing Director of Indorama Petrochemical and Fertilizer Company Limited in Eleme Local Government Area, informing him of the incident.

At the news of the incident, the governor said he immediately routed a call to the security agencies and instructed that they visit the scene to take charge of the security of the area to avoid escalation of the situation.

Governor Fubara stated, “We are here to see for ourselves and get first-hand information of the incident of what happened yesterday night.

“About 7.30 – 8pm, we got information of the gravity of the incident. I was told that it was caused by a tanker vehicle that was conveying Premium Motor Spirit.

“In fact, I got the information through the MD of Indorama, and I immediately alerted the security agencies to make sure they take control of the security situation in the area.

“And from what we are seeing this morning, it was not a pleasant case. We recorded a huge number of vehicles destroyed and lives lost.”

The governor explained that he had already requested the relevant government agencies to provide him a detailed account of their findings to enable the State Government to take appropriate decisions and actions to significantly remedy the situation and reduce the negative effects on the affected people.

“I have already asked the relevant agencies to give us a full brief so that we can come into the situation fully by seeing to how much we can support the families that are bereaved, and also cushion the effect of the losses, which I believe, is no fault of a good number of them.

“We all know the situation of this road. It is really unfortunate. Most of our people, when plying this road, should ply it with caution.

“I believe very strongly that this situation would have been avoidable, if the motorists had behaved properly. But it is late already. The damage has happened. This is the situation we have found ourselves in. We will see how we can control the aftermath,” he added.

Confirming the incident, the spokesperson for the State Police Command, Grace Iringe-Koko, in a statement said four bodies, including that of a pregnant woman were seen at the scene of the inferno.

The statement read, “At approximately 8:30 p.m. on Friday, April 26, 2024, the Rivers State Police Command received a distress call regarding a fire incident along East-West Road near Indorama Gate, Eleme, caused by a tanker explosion. Immediate action was taken by contacting the fire department and mobilizing operatives to the scene.

“Upon arrival, a joint operation of the Police and Firefighters successfully extinguished the fire by 10:30pm. However, over 70 cars were engulfed, and several individuals were trapped. Efforts led to the rescue of many, though the total casualties are yet to be determined.

“Regrettably, four individuals, including a pregnant woman, have been confirmed dead, and those injured are receiving treatment at nearby hospitals.”

When contacted, the Sector Commander, Federal Road Safety Corps, Rivers State Command, Christopher Kuje. Corroborated the casualty figure by the police, saying the charred remains were bagged and taken to the Military Hospital in Port Harcourt.

Kuje added, “We counted four bodies that were burnt beyond recognition. So, we use body bags to carry them to the Military Hospital. The vehicles we counted that got burnt were 60.”

An eyewitness who gave his name as Precious, said, “Some people were running when the fire caught them and they died,” he explained, even as he blamed the tragedy on the reconstruction of the road which, according to him, had worsened the gridlock.

“Yes, they are working the road, which is good, but they should also create access. Not the way they are doing it. One they should be fast about it and secondly the contractor should know that vehicles are using the road. Otherwise, this would not have happened. It is unfortunate,” he added.

A Federal High Court in Kano State on Saturday restrained the acclaimed executive members of the All Progressives Congress (APC) of Ganduje Ward from suspending the party’s national chairman, Abdullahi Ganduje.

The court, presided by Justice A. M Liman ordered the restraint pending the hearing and determination of a suit filed by Ganduje for enforcement of his fundamental rights. 

Respondents in the suit include Basiru Nuhu Isah, the Nigeria Police Force, the Commissioner of Police in Kano, Inspector General of Police and the Department of State Service (DSS). 

A faction of the APC in Ganduje ward, Dawakin Tofa local government area had announced the suspension of Ganduje, citing allegations of corruption and bribery during his eight-year tenure as Governor.

Ganduje approached the court through his counsel, Hadiza Ahmed, seeking the enforcement of his fundamental rights to fair hearing and freedom of association.

The lawyer buttressed his submission pursuant to the Enforcement and Procedure Rules, 2009, as subsumed under Section 46 of the Constitution of Federal Republic of Nigeria, 1999 as amended.

Justice Liman gave the order after hearing of an ex parte application moved by the lawyer.

The judge also directed all the parties in the suit to maintain status quo before the purported emergency meeting of the said executive members of APC Ganduje Ward, and to stay all action in respect of the matter, pending the hearing and determination of motion on notice. 

Justice Liman said: “All the respondents, their servants, agents or privies are hereby restrained from implementing and or given effect to the purported decision reached during the purported Emergency Meeting of the alleged Executive Members of APC Ganduje Ward, on the 20 April, 2024, pending the hearing and determination of the substantive application for the enforcement of fundamental rights of the Applicant.”