Business

NNPC, Marketers Trade Blames Over Kerosene Scarcity

Published

15 years ago

May 13, 2011

The Nigerian National Petroleum Corporation (NNPC) still says there is enough kerosene in circulation.

Dr Levi Ajuonuma, NNPC Group General Manager (Public Affairs Division) told newsmen in Lagos that the scarcity was artificial.

Ajuonuma said that marketers were responsible for the scarcity because NNPC had enough kerosene in stock and wondered what the cause of the scarcity was.

“NNPC has enough kerosene in stock and we are appealing to major and independent marketers to ensure effective distribution to end users.

“We have told them several times to ensure that petroleum products are taken from NNPC depot to the end users to end the scarcity of the kerosene.

“Marketers are the ones causing artificial scarcity to hike the price of the product,” Ajuonuma said. But the independent marketers told journalists on Wednesday that they did not have enough kerosene in stock.

Six marketers, who preferred anonymity, said the allegation that marketers were hoarding the product was false.

They said that marketers would not deliberately hoard kerosene nationwide.

One of them said marketers would not want to join issues with NNPC, adding that the truth was that the cost of kerosene was now high at the international market.

According to him, it is only the NNPC that can import sufficient kerosene to meet nationwide demand.

“Kerosene scarcity will persist in the country for as long as the high prices of crude oil in the international market remained.

“If there is scarcity, it means NNPC is not importing enough. It would have been easier for marketers to import if kerosene business was deregulated.

“Marketers will only dispense what they have and what sense does it make for us to have kerosene in our tanks and not dispense it?” one marketer asked.

Reports have it that the product has become a scarce commodity nationwide.

The price of kerosene has shot up in states like Rivers, Kaduna, Bauchi, Lagos, among others. The price has risen by about 150 per cent.

A survey of some major filling stations showed that a litre of kerosene now sells for between N150 and N180 against the official price of N50.

At the black market, a four-litre jerry can is sold for N1,300 while the 20-litre jerry can goes for N4,800 in Port Harcourt.

Prospective buyers spend several hours on long queues at filling stations before getting the product.

Members of the Indigenous Ship Owners Association of Nigeria (ISOAN) can provide five million jobs if the Federal Government changes its current maritime trade policy, a maritime expert, Chief Chijioke Egwuagu, said on Wednesday.

Egwuagu, the Chairman of a maritime firm, Multi Trade Group of Companies, told newsmen in Port Harcourt that the policy whereby crude oil buyers were allowed to come in and load their consignment with their own vessels was causing the nation colossal economic loss.

“Of all the member countries, which produce oil, Nigeria is the only country that still operates the trade policy of Freight On Board as against Cost Insurance Freight as done by other nations,’’ he claimed.

The maritime expert said the “outdated” policy had resulted in the loss of more than $150 millon monthly in crude oil sales made by Nigeria.

He said the enormous economic loss was regrettable and added that the indigenous ship owners were ready to collaborate with the government to put an end to it.

“The message we have sent to the President is to change Nigeria’s trade policy from FOB to CIF and we will bring in 20 brand new vessels of international standards to lift our crude with Nigerian-flagged vessels,” he noted.

Egwuagu said that, through his effort, the group had already secured a $1.8 billion offshore funding for the acquisition of 20 brand new ocean-going vessels.

A delegation of the association, he said, had also registered its commitment through the Minister of Transport, Alhaji Yusuf Suleiman, to President Goodluck Jonathan.

“As a group, we are ever ready to make bold our position because most crude oil buyers have ripped off the economy of Nigeria through this FOB policy and we are out to stop it,’’ Egwuagu said.

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

1 day ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

1 day ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

4 days ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi