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FG To Review NNPC’s $6bn Oil Swaps
Apparently scandalised by the acute petrol scarcity, which marred the Yuletide celebrations, the Federal Government is set to review the $6 billion Direct Sale-Direct Purchase (DSDP) contracts of the Nigerian National Petroleum Corporation (NNPC).
The objective is to blacklist some oil traders whose failure to meet their petrol supply obligations plunged the country into the fuel crisis.
Speaking to newsmen on the fuel crisis in an interview, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu stated that some of the oil traders failed to deliver petrol to NNPC due to either lack of capacity to deliver or for profiteering reasons.
According to him, the failure of the companies to meet their contractual obligations caused the fuel crisis, which was aggravated by the high cost of crude oil in the international market.
The minister stated that in order to avert future fuel crises, the federal government would explore support mechanisms, by way of tax relief to boost the capacity of marketers to import petrol on their own.
Kachikwu said the federal government would review the list of the beneficiaries of the DSDP contracts to ensure that those companies that breached their contractual agreements would not benefit from the contracts.
Kachikwu said: “I think the immediate cause of this (fuel crisis) is the increase in the price of crude, and then a lot of deliveries at obviously a loss that NNPC is doing just to keep the nation going – also not the fault of NNPC.”
“That is what caused it. So we need to do better planning obviously in terms of foreseeing this and trying to provide for this. And there were a lot of people who took the DSDP programme to deliver products that failed in their deadlines – some for profiteering reasons, some for just sheer lack of capacity.
“So, we need to look at that list again and see who performed this year and who breached the contracts and make sure that those who did not perform are not back on that list again as we go forward,” Kachikwu explained.
Kachikwu said the long-term solution to the perennial crisis would be to encourage private marketers to import petrol on their own without relying on NNPC.
“I would like to see marketers being able to bring in their own products on their own and not NNPC bringing products for them. I would like to see NNPC bring its own products.”
“If there is a support mechanism, we have to find a way – either through tax relief or whatever it is to try and address that issue so that everybody has the capacity to do business.
“That is one of the things I will be developing and try to see my principal (President Buhari) obviously in the coming days to address the long-term problems.
“Final one is that the refineries should work. All these will fall into insignificance if the refineries are up and running. And we are working hard to begin the refinery repairs.
“We are almost at the end of the recommendations that will go to Mr. President,” Kachikwu added.
He stated that the federal government would develop a model that would allow NNPC and the marketers to import their own products.
“At the end of the day, that is the solution. And I will have to sit down with the Group Managing Director of NNPC and obviously get approval of Mr. President and put together structures that will enable us to address this, so that people take responsibility and answer to liabilities.
“If you say you are going to bring a cargo and we depend on you, we are going to add a penalty on it if you fail to perform. We are going to be doing that, going forward,” Kachikwu noted.
Speaking to journalists while monitoring the fuel situation in Lagos on Christmas Day, Vice-President Yemi Osinbajo also attributed the scarcity to the failure of some companies to deliver petrol to NNPC.
“I think that going by what we have seen, there is what is called winter deliveries. Towards the end of the year, the premium goes up – the cost of fuel goes up in many parts of the world for those who are importing.
“Obviously, that gave rise to problems for those who were bringing in products. We had one or two short deliveries by the importers and that accounted for some of the problems,” he said.
“I think that over time – in fact, if you look at the past few months, NNPC has been importing and they have been doing a very good job because we didn’t have a shortage in October and we did not have a shortage in November; it is only in December that we had a disruption,” Osinbajo added.
Last April, NNPC signed about $6 billion in deals with local and international traders to exchange about 330,000 barrels per day (bpd) of crude oil for imported petrol.
Our correspondent gathered that the oil traders engaged by NNPC were meant to import petrol into the country after shipping crude oil to international refiners.
It was, however, learnt that in the months of November and December, some of the companies converted their DSDP contracts into diesel, as they could not bring back petrol owing to the high cost of the product in the international market.
The implication was a flooded domestic market with diesel, which is also imported by other private marketers as a deregulated product, while petrol, which other marketers lacked the capacity to import and had been relying on NNPC for supply, became scarce.
The Rivers State Government has commended the Church of Nigeria (Anglican Communion) for its outstanding contributions to the development of Rivers State, particularly in the areas of peacebuilding, education, healthcare, and moral development.
Governor of Rivers State, Siminalayi Fubara, stated that the Church has remained a dependable partner in promoting peace, unity, justice, moral discipline, and social harmony across society.
The Governor, who was represented by the Secretary to the State Government, Dr. Dagogo Wokoma, made the remarks during the thanksgiving service marking the 30th Anniversary and First Session of the 11th Synod of the Diocese of Niger Delta North, held at St. Peter’s Anglican Church on Sunday.
Governor Fubara described the Synod’s theme, “Kingdom Advancement: The Priority of Every Believer,” as timely and relevant, considering the prevailing realities in society.
According to him, the Church continues to play a vital role in shaping societal values and inspiring hope among citizens.
“The Church remains a vital partner in promoting peace, unity, justice, and moral discipline. Its role in shaping values and inspiring hope cannot be overemphasized,” he stated.
The Governor further acknowledged the Anglican Communion’s contributions in education, healthcare delivery, youth empowerment, humanitarian services, and spiritual guidance across communities in Rivers State.
“The Rivers State Government appreciates the invaluable contributions of the Anglican Communion in education, healthcare, youth development, humanitarian support, and spiritual guidance. Your impact across communities in Rivers State continues to strengthen families and promote peaceful coexistence among our people,” he added.
Governor Fubara reaffirmed his administration’s commitment to building a peaceful, united, and prosperous Rivers State where all citizens can thrive irrespective of religion, ethnicity, or social background.
He also urged the Synod to continue praying for sustainable development and progress in Rivers State and Nigeria at large.
Earlier in his sermon, the Guest Minister, Joseph Olushola, spoke on the topic, “Kingdom Investment and Internal Rewards,” urging Christians to remain faithful stewards of God’s blessings and committed to advancing God’s kingdom through service and generosity.
The cleric emphasized that believers are custodians of the virtues and resources entrusted to them by God, stressing that divine rewards are based on faithfulness and impact rather than material possessions.
The Shell Nigeria Gas Limited, in partnership with the Manufacturers Association of Nigeria (MAN), has reaffirmed support for efforts to expand gas distribution infrastructure in Rivers State as part of initiatives aimed at improving access to affordable, cleaner and more reliable energy for industries across the South-South region.
The commitment was highlighted during the SNG–MAN Business Forum held in Port Harcourt, where stakeholders from the industrial and public sectors examined the role of natural gas in driving industrialisation, boosting local production and strengthening energy security.
Speaking at the forum on behalf of the Managing Director of Shell Nigeria Gas Limited, the company’s Head of Gas Distribution, Mr. Chukwuka Amos Ejesi, described natural gas as a critical component of Nigeria’s energy mix and a key driver of sustainable industrial growth.
According to him, Nigeria’s gas development agenda has reached a stage where policy direction must be matched with practical implementation capable of addressing the energy challenges confronting manufacturers.
He noted that pipeline gas offers industries a cleaner, more dependable and cost-effective energy alternative capable of supporting uninterrupted operations, reducing emissions and improving production efficiency.
“Gas is the backbone of manufacturing, and we are encouraged by the growing recognition among stakeholders of the need for cleaner and more reliable energy solutions,” he said.
Ejesi stressed the need for sustained collaboration among energy providers, government institutions and industrial stakeholders to maximise the country’s gas resources for economic development.
He added that improved gas infrastructure would strengthen manufacturing value chains, enhance productivity and promote more competitive industrial operations across Rivers State and the wider South-South region.
Participants at the forum also emphasised the importance of expanding energy infrastructure as a pathway to unlocking industrial capacity, reducing operating costs and promoting sustainable industrial development.
Representing Governor Siminalayi Fubara, the Director-General of the Rivers State Investment Promotion Agency, Dr. Chamberlain Peterside, reaffirmed the state government’s commitment to partnering with private sector investors to revitalise industrial activities in the state.
He identified key projects targeted under the initiative to include the revival of the Ahoada Industrial Park, the New Port City project and the proposed Bonny Industrial Park, all aimed at stimulating economic growth and expanding industrial opportunities along the Bonny corridor.
According to the governor, the long-term vision is to position Rivers State as a leading manufacturing hub in Southern Nigeria through strategic public-private partnerships.
Governor Fubara also commended Shell Nigeria Gas and MAN for sustaining engagements geared towards improving industrial energy access, noting that gas infrastructure development remains central to the state’s economic recovery plans.
He further observed that the gas sector presents enormous opportunities for economic growth, especially as global energy systems continue to shift towards cleaner energy sources.
The governor called on stakeholders to work collectively towards developing a practical and sustainable gas framework capable of supporting the state’s industrial and energy development objectives.
By; Kevin Nengia
Rivers State Deputy Governor, Prof. Ngozi Nma Odu, has charged newlywed couples to build their marriages on the virtues of love and submission as taught in the Word of God.
Prof. Odu gave the charge at the wedding ceremony of Amblessed Favour Sunny-Cookey and Samson Jesuganji at Lifegate Power Ministries, Dominion Cathedral, in Port Harcourt on Saturday, 16th May 2026.
The Deputy Governor congratulated the couple on beginning a new phase of life together and prayed for God’s blessings upon their union, noting that the couple had been raised by godly parents and encouraged them to uphold the Christian values instilled in them.
Referring to the sermon delivered during the ceremony, Prof. Odu emphasized that the principles of love and submission remain fundamental to a successful marriage.
According to her, genuine love reflects the nature of God, stressing that love should remain the foundation of the couple’s relationship as they journey through life together.
Prof. Odu further prayed for enduring peace, happiness, and progress in the home, expressing confidence that the marriage would continue to flourish under God’s guidance.
The Deputy Governor also commended the families of the couple for their support and upbringing, while urging the newlyweds to always remember the significance of the day and the commitment they had made before God and witnesses.
In his sermon at the wedding, the Founder and Presiding Pastor of Salvation Ministries, Pastor David Ibiyeomie, stated that marriage did not originate from Western culture, traditions, or human ideas, but from God, whom he described as the “manufacturer” of marriage.
According to the cleric, couples seeking lasting and peaceful homes must rely on biblical principles rather than societal trends or assumptions.
He explained that many marital crises and rising divorce rates stem from ignorance and failure to apply scriptural teachings in family life.
Drawing from the biblical parable of building a house on a rock, Pastor Ibiyeomie said the Word of God remains the only solid foundation capable of sustaining marriages through challenges and difficult times.
He noted that marriage naturally comes with unexpected realities and pressures, stressing that religious ceremonies or cultural practices alone are not enough to sustain a home without proper understanding of God’s instructions.
The pastor further warned that ignorance of scripture remains one of the greatest weapons against believers, urging Christians to study and practice the Word of God rather than merely attending church services.
It would be recalled that the bride is the daughter of Pastor Sunny Cookey the Founder and Presiding Pastor of Lifegate Ministries. The Ceremony had lots of Ministers in attendance which includes Apostle Zilly Aggrey, Pastor George Izunwa, and Bishop Winston Iwo