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Petrol Subsidy: NNPC Under Pressure

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There are indications that the Federal Government through the Nigerian National Petroleum Corporation (NNPC) would be under more pressure to fund Nigeria’s petrol under-recovery or a subsidy as the price of Bonny Light rises to $65 per barrel in May, 2021.
This showed an increase of 150 per cent when juxtaposed against $26 per barrel recorded in the corresponding period of 2020 when the outbreak of Coronavirus pandemic, and low demand for crude oil had culminated in low prices.
However, the current high prices of crudes, and by extension petrol is attributed to the re-opening of many economies, the discovery of Coronavirus pandemic vaccines and the efforts of the Organisation of Petroleum Exporting Countries (OPEC) to achieve market stability.
The 16th Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting of the Declaration of Cooperation (DoC), which took place via teleconference on Tuesday, April 27, 2021, under the Chairmanship of Saudi Arabia’s Minister of Energy, Prince Abdul Aziz bin Salman; and Co-Chair, Deputy Prime Minister of the Russian Federation, Alexander Novak, had raised hope for increased stability.
In a statement, OPEC, had stated, “The Meeting emphasized the ongoing positive contributions of the Declaration of Cooperation in supporting a rebalancing of the global oil market in line with the historic decisions taken at the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting (ONOMM) on April 12, 2020 to adjust downwards overall crude oil production, and subsequent decisions.
“The meeting highlighted the continuing recovery in the global economy, supported by unprecedented levels of monetary and fiscal support, while noting that the recovery is expected to pick up speed in the second half of the year.
The ministerial meeting emphasized, however, that Covid-19 cases are rising in a number of countries, despite the ongoing vaccination campaigns, and that the resurgence could hamper the economic and oil demand recovery.
“The meeting reviewed the monthly report prepared by the Joint Ministerial Monitoring Committee (JMMC), including the crude oil production data for March, 2021, and welcomed the positive performance of the participating countries.
Overall conformity to the production adjustments was 115 per cent in March, 2021, reinforcing the trend of high conformity by the participating countries.
The meeting expressed its “appreciation to the participating countries that performed beyond expectation in March, 2021, with total over-conformed volumes of 1.23 mb/d.”
Commenting on the development, a Port Harcourt-based analyst, Dr. Bala Zaka, said, “With the rise in oil price, it would now cost more to procure and refine crude oil, meaning that the cost would be transferred to Nigeria as the nation currently imports all its petrol from the global market.”
The downstream sector of Nigeria’s petroleum industry was deregulated in March, 2020, when the prices of crude were relatively low at less than $35 per barrel, meaning that the cost of refining and price of petrol were relatively cheaper then.
In its April, 2020 report, OPEC confirmed that, “Crude oil prices collapsed in March, 2020, recording their deepest monthly drop since the global financial crisis in 2008.
“The ramifications of the Covid-19 pandemic were the main driving force, resulting in unprecedented worldwide oil demand shock and massive sell-offs in the global oil markets, amid a significant crude surplus.”
But the greatest pressure is currently fuelled by the smuggling of the product to neighbouring countries, especially Cameroun, Chad, Niger, and Benin.
The investigation, weekend, showed that increased smuggling of petrol across Nigeria’s borders has put pressure on the NNPC to meet the national daily demand, currently estimated at ‘72.72 million litres’ as the smuggled product goes for between N300 and N500 per litre in these nations.
However, in an interview, the Chairman, Major Oil Marketers Association of Nigeria (MOMAN), Mr. Adetunji Oyebanji, who is also the Managing Director, 11 Plc, said the huge price differential across the borders, provides an adequate incentive for smugglers.
He said, “The incentive is much. Even if you put the angels at the borders, the differential is too much. The only solution is to bridge the gap and remove the incentive. If not, it will continue.”
Nevertheless, the Department of Petroleum Resources (DPR) said it has sealed many stations nationwide for committing various offences, including under-dispensing and hoarding, but not much has been achieved in the battle against petroleum products diversion.
Nevertheless, the National President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, maintained that, once the deregulation is properly outlined and the rules of engagement brought out, its members, comprising major and independent marketers, as well as depot owners, are ready to commence fuel import.
“In reality, there is no way any marketer, retail outlet owners, or tanker and depot owners, would invest in a business they cannot be certain that they would make a profit.”

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NDLEA Seizes Cocaine Hidden In Dry Fish, Arrests Grandpa With Meth

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The National Drug Law Enforcement Agency (NDLEA) has intercepted a large consignment of cocaine concealed in heads of imported dry stock fish and arrested a key member of the syndicate responsible for shipping the drugs abroad.

The agency disclosed this in a statement issued yesterday by its Director of Media and Advocacy, Femi Babafemi.

He said the arrest and seizure followed intelligence on trans-border criminal activities.

Babafemi said the intelligence led to a sting operation by operatives of the Murtala Muhammed International Airport Strategic Command of the Agency at the Ojo area of Lagos on Thursday, March 19, 2026.

“In the course of the operation, three jumbo size bags were found in possession of the kingpin 36-year-old Akputa Dickson Ejike.

“A search of the bags led to the recovery of Two Hundred and Thirty-Seven (237) wraps of cocaine buried in the heads of imported dry stock fish locally known as ‘Okporoko.’

“The cocaine pellets have a gross weight of 5.80 kilograms. The consignment was intended for export to Delhi, India,” the statement read.

In a separate operation on Wednesday, March 25, NDLEA operatives from the Directorate of Operations and General Investigation (DOGI) intercepted two consignments bound for the United Kingdom at a courier company in Lagos.

“In one of the shipments that originated from Cotonou, Benin Republic, 1.9 kilograms of methamphetamine were found concealed in automobile filters while the second parcel contains 40 ampoules of Morphine Sulphate and nine ampoules of Fentanyl,” the statement said.

Babafemi added that on March 26, a Special Operations Unit (SOU) raided the home of 46-year-old Omolade Abigail Jolayemi, known as “Iya Ghana,” at 13 Carter Street, Yaba, Lagos.

According to him, she and her associate, 31-year-old Sarah Zainab Agbabiaka, were arrested after operatives recovered 135 blocks of cannabis weighing 76.30 kilograms.

“Same day, the SOU operatives also arrested Anayo Lucky Ohabiro, 39, at Doyin bus stop, Surulere, Lagos following credible intelligence. A total of 78 blocks of Ghana Loud weighing 41kg were seized from him,” he said.

In Ekiti State, the statement added that “an 80-year-old grandpa, Oke Samuel, was on Thursday 26th March arrested by NDLEA operatives during a special raid operation at Mosafuneto camp, Erinmo road, Efon-Alaaye Ekiti. A total of 2.2kg skunk and 1.8grams of methamphetamine were recovered from him.”

Another suspect, 37-year-old Enuwa Kehinde Kingsley, had 894.72 kilograms of skunk seized from an uncompleted building in Ogbese, Akure North, Ondo State.

Elsewhere, 35-year-old Saater Nyam was apprehended at Pevi village, Guma LGA, Benue State, with 116.7 kilograms of skunk on Tuesday, March 24.

In Edo State, a warehouse raid in Ekpoma town, Esan West LGA, on Monday, March 23, led to the arrest of 25-year-old Felix Donald and the seizure of 576.5 kilograms of skunk and 33 bottles of codeine-based syrup.

In Taraba State, Babafemi said NDLEA officers intercepted a truck carrying 100 blocks of compressed skunk weighing 135 kilograms concealed in animal feed bags from Garbachede to Gombe State on Tuesday, March 24.

Two suspects, 21-year-old Osama Mamuda and 22-year-old Auwal Umar, were arrested in connection with the seizure.

Babafemi noted that the agency has also continued its War Against Drug Abuse social advocacy, conducting sensitisation lectures in schools across Cross River, Adamawa, Oyo, Kano, and Lagos states.

Chairman and Chief Executive Officer of NDLEA, Brig. Gen. Mohammed Marwa (Rtd), commended operatives from MMIA, SOU, DOGI, Ekiti, Ondo, Benue, Edo, and Taraba Commands for their efforts and praised all commands nationwide for balancing drug supply reduction with drug demand reduction initiatives.

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Palm Sunday: CAN Decries economic hardship

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The Christian Association of Nigeria has called on political leaders at all levels to demonstrate empathy and take urgent steps to ease the growing economic hardship facing Nigerians, as Christians mark Palm Sunday.

In a statement issued on Sunday, CAN President, Archbishop Daniel Okoh, said the significance of Palm Sunday offers timely lessons for leadership, particularly during a period marked by economic strain and global uncertainty.

Reflecting on the biblical account of Jesus’ entry into Jerusalem, Okoh noted that the moment symbolised humility, peace, and purposeful leadership rather than a display of power.

“Jesus entered Jerusalem with calm resolve at a time of uncertainty and expectation. It was not a show of force, but a message of peace, purpose, and hope,” he said.

He stressed that the country’s current socio-economic realities demand similar qualities from those in authority.

“Across Nigeria, many are feeling the weight of the times. The cost of living is rising, and for countless families, daily life is getting harder,” Okoh said.

He linked domestic economic challenges to global developments, particularly tensions involving Iran, Israel, and the United States, which he said are disrupting energy markets worldwide.

“The impact is already here. Fuel is more expensive. Transport costs are rising. Food prices are climbing,” he said, warning that such pressures are intensifying the hardship faced by ordinary citizens.

The CAN president emphasised that in times of uncertainty, the tone and actions of leaders are critical in restoring public confidence.

“For many Nigerians, the concern is simple and immediate: how to cope, how to plan, how to stay afloat. When life feels this uncertain, people need reassurance, stability, and the quiet confidence that those in positions of responsibility understand what they are going through,” he stated.

He further urged leaders to embrace a style of governance rooted in restraint, compassion, and commitment to the common good.

“True leadership is not always loud. It is seen in empathy and in decisions that ease burdens, calm anxieties, and bring people together. This is a time for such wisdom,” Okoh added.

Beyond government, CAN also called on the Church and citizens to promote unity and peace, drawing inspiration from the collective spirit associated with Palm Sunday.

“It reminds us of a moment when people from all walks of life came together with one purpose. That same spirit is needed now. We must stand for peace, strengthen unity, and support one another,” he said.

Addressing young Nigerians and those most affected by the economic downturn, Okoh encouraged resilience and hope.

“The challenges are real, but they are not the end of the story,” he said, urging citizens not to lose faith amid difficulties.

He expressed hope that the lessons of Palm Sunday would inspire renewed commitment to national cohesion and shared progress.

“As we journey through this sacred season, may the spirit of Palm Sunday guide us towards quiet courage, shared purpose, and a renewed commitment to the good of all,” the statement added.

 

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Fubara Tasks APC Zonal Leadership On  Unity

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Rivers State Governor, Sir Siminalayi Fubara, has charged the  leadership of the All Progressives Congress (APC) in the South -South to be united and work together to ensure that the ruling party achieves its ultimate goal in the region.

The governor who spoke at the South South Zonal  Congress in Asaba, Delta State, said working in unity and with a common purpose will enable them  deliver optimally to the electoral fortunes of the party in 2027.

“We can only achieve our goal when we are united and we work together. I  surely believe that this is the right time, the right people and the right place. My charge to those of you elected today is that the responsibility is going to be very tasking but I believe strongly that they will deliver for our party,” he said.

Fubara expressed confidence that the newly elected leadership of the party  would be  equal to the task.

He expressed profound gratitude to the Delta State Government for hosting the Zonal Delegates Congress, stressing that he believes that the best will come from the South South  region.

The Congress which attracted the creme de  la creme of the APC in the  zone, saw the re-election of the zonal leadership through consensus. The reinstated  leaders were promptly inaugurated at the ceremony.

Some of the dignitaries in attendance include the President of the Senate, Senator Godswill Akpabio, Governors Siminalayi Fubara of Rivers State, Duoye Doris  of Bayelsa State, Monday Okpebholo of Edo State, Umo Eno of Akwa Ibom State, Bassey Otu of Cross River State and Sheriff Oboroevwori of Delta State.

Also in attendance were the members of the National Assembly  as well as members of the State Houses of Assembly from the South South Zone.

 

 

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