Business
DPR Clamps Down On NNPC Mega Station
The Department of Petroleum Resources (DPR) has clamped down on a petrol station affiliated to Nigerian National Petroleum Corporation (NNPC) for selling fuel at N181 per litre and under-dispensing the product.
The station, a serial offender, will be shut for four months, a period within which a decisive action will have been thought out to deter it from further abusing the system.
The DPR Zonal Operations Controller for Abuja, Mr Abba Misau, the petrol station located on Kashim Ibrahim Way in Wuse 2 District of Abuja, had also been under-dispensing petrol to customers.
He said DPR had to seal the station for continuously abusing regulations on the sale of petrol in Nigeria.
Misau said DPR had sealed the station four times, with the most recent being last week for unwholesome activities, yet the station continued to cheat on unsuspecting customers.
Misau noted that from the discoveries made, the station sells two litres short of every 10 litres they sell to customers, meaning that for every 10 litres bought and paid for by a customer, they actually get eight litres from the station.
“We have sealed this station four times and the last time it was sealed before being closed again today was just last week and we opened it on Friday. Now they went back to what they do.
“We figured out that what they normally do is that during the day, they ratify the pumps and when they are sure that we (DPR) have closed from work, they will set the pumps to under-dispense.
“This time, it is the worst under-dispensing that I have ever seen in my career here, because they are cheating the public.
“They under-dispense two litres on every 10 litres that they sell to the public, which translates to selling one litre of PMS at N18
“We cannot just close our eyes and allow them to continue this illicit act.’’
Speaking on the penalties the DPR would impose on the station this time, Misau said: “We have sealed this station severally and put a penalty which they paid and are comfortable with paying, but always transfer the penalty to the public.
“We can’t allow them to continue doing that and so this time around we are going to apply a maximum sanction, which means that the station will remain sealed for the next four months, after which we can now take a decision on them.’
He appealed to the NNPC to ensure that products were made available at the government-controlled price.
“I want to appeal to NNPC, it should not allow a businessman that does not have conscience to continue using its logo to cheat the public.
“The NNPC needs to look into this issue and see how it can solve this problem.
“Whether we tell the NNPC directly or not, the fact is that we treat all marketers equally. So, if we have to go and tell NNPC, it means we are not being honest to the other marketers.
“Whoever we find wanting, we just apply the needed sanction on the person but right now, we are appealing to the NNPC,’’ Misau said.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
