Regulator vows to sanction petrol marketers breaching official prices, shuts down 7 defaulting depots – Newstrends
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Regulator vows to sanction petrol marketers breaching official prices, shuts down 7 defaulting depots

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Chief Executive Officer of the NMDPRA, Mr. Farouk Ahmed

The Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) yesterday vowed to revoke the licences of petrol marketers selling above the controlled prices as well as those hoarding the product in their depots.

Speaking in Abuja, the Chief Executive Officer of the NMDPRA, Mr. Farouk Ahmed, explained that in the last few days several depots had been shut down for selling above the regulated prices.

He reiterated that as of yesterday, the nation still had at least 30-day sufficiency, explaining however that the global crisis caused by the Russian and Ukrainian war in addition to the fluctuation in the value of the naira had affected the even distribution of petroleum products, particularly from the waterways to the depots through truck-ins to the retail stations.

Ahmed noted that several meetings had been held with petrol marketing companies, independent marketers, transporters, the suppliers-the Nigerian National Petroleum Company Limited (NNPC) as well as other interested parties to see how the distribution bottlenecks could be addressed.
“Now, the market is not deregulated. So, we are still in a regulated environment as far as petrol is concerned,” Ahmed added.

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According to him,  President Muhammadu Buhari had approved an additional N10  for transporters to cover the transportation costs as a result of the high costs of diesel which he said is the main source of transporting other products within the country.
He pointed out that one of the constraints within the distribution system had been the increase in the bunkers’ freight rate from between $16,000 to $19,000 per day to about $35,000 to $40,000 per day within Lagos and even more to Calabar.

“We sat down with the marketing companies and agreed to give them some palliatives through the NNPC, as well as through our regulatory control areas. But the market has continued to increase the cost of ex-depot prices.
“It has gone beyond expectation and reason. And Nigerians have been suffering due to that because when you talk to a retail outlet owner, he will say this is how much he bought it from the depot owner. But NNPC Limited is the sole importer. And they sell these products to the marketing companies within acceptable import parity pricing benchmarks.

“So, even with the additional cost of transportation, by trucking or by sea,  the acceleration or the increase in the ex-depot price was completely outrageous,” Ahmed explained.

The NMDPRA’s CEO noted that as a responsible regulator, the organisation was concerned about the yearnings and sufferings of innocent Nigerians who have no voices and had therefore decided to take action, not necessarily to destabilise the market but to strengthen it.
“We had intelligence from other relevant law enforcement agents, in addition to the intelligence information we had within our own system, so we corroborated all the information that we gathered. We had to take action, and the first action we took a couple of days ago was to shut down some of the depots where they have products.

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“A lot of them have breached that trust or regulatory requirement, but we’ll have to start from somewhere. So we shut down about seven depots in Lagos and other parts. We have shut down Aldova.

“Aldova is under maintenance; so, we shut down where they had their products and they were selling beyond the controlled price and Aldova is a major marketing company. You know, they are getting their products directly from NNPC.
“And they’re also getting it with some level of comfort because it’s not like cash and carry, so they had no reason to increase their price beyond reason. Then, of course, Rainoil in Lagos and all their facilities,” he stated.

In Warri, Oghara, Port Harcourt and Calabar, Ahmed added that some depots had also been closed for breaching the rules.
“The next level is the continuation of what we are doing. We have got to a level where marketers understand their responsibility to the consumers. What do you do next? We can revoke any licence.

“We don’t need to shut their depots. We don’t need to shut down their facility or retail outlet. We just have the mandate as a regulator to withdraw or revoke their licence. And once we revoke your licence, we notify all the relevant stakeholders that deal with you in the business to also know that if you do not have a licence, if they deal with you, they’re also breaching the regulation and they’re breaching the process and that’s exactly what we are going to do because we cannot continue like this. Nigerians have suffered,” he added.

According to him, the board of directors of NMDPRA had met and agreed and had given the go-ahead to shut down any defaulting facilities.
“We have enough products in the country. As of last night, we had about 30 days sufficiency and I will tell you that about 10 days of that sufficiency is on land and there has been even distribution by trucking,” he added.

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I’m honoured, excited over World Bank’s appointment – Dangote

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Africa’s richest man and Chief Executive Officer of Dangote Group, Aliko Dangote

I’m honoured, excited over World Bank’s appointment – Dangote

President and CEO of Dangote Group, Aliko Dangote, has expressed gratitude following his appointment to the World Bank’s Private Sector Investment Lab, a global initiative aimed at accelerating private investment and job creation in emerging economies.

In a statement confirming the development, Dangote described the appointment as both an honour and a reflection of his long-standing commitment to economic development through private enterprise.

“I am both honoured and excited to accept my appointment to the World Bank’s Private Sector Investment Lab, dedicated to advancing investment and employment in emerging economies,” Dangote said.

“This opportunity aligns with my long-standing commitment to sustainable development and unlocking the potential of developing economies.”

He referenced the successes of the so-called Asian Tigers, economies that experienced rapid growth through strategic investment, as a source of inspiration for advancing similar outcomes in other parts of the world.

The World Bank announced Dangote’s inclusion on Wednesday as part of a broader expansion of the Lab, which enters a new phase focused on scaling up solutions that attract private capital and generate employment in developing countries.

Other newly appointed members include Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chairman of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.

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World Bank Group President Ajay Banga noted that the expanded membership underscores the institution’s focus on integrating private-sector leadership into its strategy for global job creation.

“With the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy,” Banga said.

“This isn’t about altruism—it’s about helping the private sector see a path to investments that will deliver returns, and lift people and economies alike. It’s central to our mandate.”

The lab, which was co-chaired in 2023 by Canadian Prime Minister Mark Carney, previously sought to mobilise £1 trillion in sustainable investment, particularly targeting energy transition projects in emerging markets.

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Air Peace suspends flights nationwide over NiMet strike

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Air Peace suspends flights nationwide over NiMet strike

 

Air Peace has suspended all its flight operations across the country due to the ongoing strike by the Nigerian Meteorological Agency (NiMet).

The airline said in a statement on Wednesday that it was also suspending operations due to the unavailability of QNH (hazardous weather) reports required for safe landings.

“Due to the ongoing NiMet strike and the unavailability of QNH (hazardous weather) reports required for safe landings, Air Peace has suspended all flight operations nationwide until the strike is over,” Air Peace said.

“Your safety is our top priority. We appreciate your understanding and will share updates as the situation unfolds.”

The airline had earlier announced that the NiMet strike could lead to flight delays and cancellations across its network.

Air Peace added that it was monitoring the situation and working with relevant stakeholders to minimise the impact on customers’ travel plans.

Employees of NiMet commenced a nationwide indefinite strike over welfare issues on Wednesday.

Some of the issues raised involve “NiMet’s refusal to negotiate or implement agreed financial allowances and unresolved entitlements,” including wage awards, peculiar allowances, and outstanding payments from the 2019 minimum wage.

They also accused the management of the agency of withholding important documents, ignoring requests for inclusion of omitted staff in past payments, and neglecting key training programmes in favour of executive retreats.

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Nigeria’s gas production increases by 15.6% to 227,931.65 mscf

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Nigeria’s gas production increases by 15.6% to 227,931.65 mscf

 

Nigeria’s gas output has increased 15,6 percent month-on-month, MoM, to 227,931.65 million standard cubic feet, mscf, in March 2025.

But on year-on-year, YoY basis, the nation’s gas output recorded a marginal increase to 227,931.65 mscf in March 2025, from 198,353.62 mscf, recorded in the corresponding period of 2024.

Data obtained from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gas Production Status reports indicated that of the total of 227,931.65 mscf produced in March 2025, 119,552.75 mscf was associated while 108,378.90 mscf was non-associated gas.

Associated gas is extracted in the process of producing crude oil while non-associated gas is produced without crude oil after much investment, exploration and development.

 

The Ministry of Petroleum Resources (Gas), which is directly involved in the development of policies, targeted at increasing investment in the sector said efforts have been made to increase investment and production of gas in Nigeria.

Similarly, in its recent report obtained by Vanguard, the Nigerian LNG Limited stated: “We are fully committed to expanding our operations with the NLNG Train 7 Project, which will boost our production capacity by 35%, increasing from 22 Million Tonnes Per Annum (mtpa) to 30 mtpa. This project underscores our role as a key player in the global LNG market and positions Nigeria as a top-tier supplier of LNG, leveraging its vast proven gas reserves of 202 trillion cubic feet (the 9th largest globally).

Vanguard

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