Business
DPR Shuts 11 Petrol Outlets, Two Gas Plants In Delta
The Warri Zonal Office of the Department of Petroleum Resources (DPR) has sanctioned 11 petrol stations and two gas plants in Delta in two separate operations.
The erring petrol and gas stations were sealed in Warri and Asaba in the last one week.
Manager, Downstream of the DPR, Mr Nicholas Ogbe, told newsmen in Warri yesterday that the erring stations were shut over offences bordering on under-dispensing and operating without business names and valid licenses
The affected stations were:Total, Asholyn, Forte Oil, Mobil, Yins Petroleum, Pagson Limited, Esiton Oil, Vwede Oil, Hemson Gas plant and Esegbe Gas plant in the Warri axis.
Others were: Alpha Bykeez Limited and Dwell Pet both situated along the Okpanaun Road in Asaba.
Ogbe The Tide learnt, had led a team of the regulatory agency on surveillance in the Warri axis where nine filling stations and two gas plants were sealed.
Similarly Manager, Upstream of the DPR, , Mr Bright Ogbeni, had led the team to Asaba for a similar exercise and two erring petrol outlets were shut after inspecting several filling stations and gas plants amid heavy downpour.
Ogbe, who spoke on behalf of the Operations Controller, Warri Zonal office of the DPR, Mr Antai Asuquo, said the surveillance was to ascertain the marketers’ level of compliance with the agency’s rules of operation.
According to him, there are rules guiding the establishment and sales of petroleum and gas products.
He added that one of the statutory functions of the DPR was to monitor and regulate petroleum products, storage and sales.
“To operate gas plant and filling stations, you are expected to have a license, renew it when it has expired, if you don’t have, you need to come to DPR and get a license.
“You also need to have fire extinguisher, and train your staff. You cannot bring somebody to come and monitor the sales of gas without training the staff.
“If you train your staff, they will be able to dispense product, be it gas filling stations or petroleum filling stations,” he said.
Asuquo, who expressed joy at the level of compliance, said that the surveillance would be a continuous one so that consumers would always get value for their money.
“As required, we usually come out routinely to stations dispensing Premium Motor Spirit (PMS) to ensure they are dispensing the right quantities to the public.
“We go out on routine inspection, not only when there is fuel scarcity, to ensure the right quality and quantity of product is being delivered to the public at a good metre factor.
“We do this so that consumers can get value for their money.
“When you dispense PMS above the metre factor that is stipulated by the Federal Government, you are expected to pay a fine to the government.
“We do the surveillance weekly or bi-weekly. We do random check without notification because when the marketers know that we are not on the field, they readjust their dispensing pumps, ” he said.
The operations controller, who hailed the level of compliance, however, advised the marketers to follow proper channels while setting up gas or petrol stations.
He warned the defaulters that it was a criminal offence to remove the seal and dispense products without paying the necessary dues to the government.
“Before setting up a gas or filling station, you have to come to the DPR office for a license.
“There are processes, DPR officials will come for feasibility studies and others, if you meet the requirements, you will be issued a license,” he said.
Asuquo advised marketers to adhere strictly to the rules of the regulatory agency by acquiring valid licenses, renew it when necessary and dispense products at the right volume to the public.
Business
Private sector gets N2.2tr credit in 30 days — CBN
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
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