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Petrol Pump Price Drops To N114.53 Per Litre

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The expected open market price of Premium Motor Spirit, popularly known as petrol, has dropped to N114.53 per litre, N30.47 lower than the approved pump price of the product.

The sharp drop in crude oil prices on the back of the spread of coronavirus had wiped off subsidy on petrol.

The landing cost of petrol plunged to N123.88 per litre on February 27, and the product was expected to be sold at N143.25 that day if the price of the product was adjusted to reflect the change in crude oil prices, according to Petroleum Products Pricing Regulatory Agency.

The latest pricing template from the PPPRA showed that the landing cost declined further to N95.16 per litre on March 10 from N115.52 per litre on March 6.

The expected open market price of the product fell to N114.53 per litre on Tuesday from N134.89 per litre last Friday.

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The international oil benchmark, Brent crude, has been on a downward trend since the coronavirus broke out in China. It tumbled by as much 30 per cent on Monday to $31, its lowest in four years as Saudi Arabia launched a price war.

The expected open market price of petrol was N182 per litre at the end of last year as Brent, against which Nigeria’s oil is priced, traded around $67 per barrel.

With the recent steep fall in crude oil prices, the cost of petrol plus freight dipped to $379.37 per metric tonne (N86.84 per litre) on Tuesday from $466.43 per MT (N106.78 per litre) last Friday, according to the PPPRA.

The cost plus freight, which stood at $668.29 per MT (N152.99 per litre) on December 31, 2019, fell to $502.29 per MT (N114.97 per litre) on February 27, 2020.

Nigeria, Africa’s largest oil producer, relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years.

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While the diesel and kerosene prices had been deregulated, the government still pay subsidy to make petrol cheaper at the pump.

The landing cost of petrol has fallen by 41.5 per cent since December 31, 2019 when it stood at N162.68, the PPPRA data showed.

Apart from the cost and freight, other cost elements that make up the landing cost are lightering expenses (N2.75), Nigerian Ports Authority charge (0.84), Nigerian Maritime Administration and Safety Agency charge (N0.22), jetty throughput charge (0.60), storage charge (N2.00) and financing (N2.49).

The EOMP is the sum of the landing cost and the total distribution margin, which the PPPRA put at N19.37.

The Nigerian National Petroleum Corporation, NNPC, has been the sole importer of petrol into the country for more than two years, after private oil marketers stopped importing the commodity due to crude price fluctuation, among other issues.

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The Federal Government had on May 11, 2016 announced a new petrol price band of N135 to N145 per litre, a move that signalled the end to fuel subsidy payment to private marketers.

But the government later resorted to subsidy regime following the increase in the landing cost of petrol on the back of rising crude oil prices, with the NNPC incurring the subsidy, which it called under-recovery.

The Corporation, through the ‘Direct-Sale-Direct-Purchase’ arrangement introduced in 2016, supplies petroleum products into the country.

Under the DSDP scheme, selected overseas refiners, trading companies and indigenous companies are allocated crude supplies in exchange for the delivery of an equal value of petrol and other refined products to the NNPC.

The International Monetary Fund, in its Regional Economic Outlook published in October 2019, said Nigeria needed to reduce fuel subsidy to bring about more productive government spending.

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Breaking: PANDEF replies Wike, we never took Tinubu to court

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… Accuses minister of blocking peace efforts in Rivers crisis

The Pan Niger Delta Forum (PANDEF) has debunked claims by Minister of the Federal Capital Territory (FCT) Nyesom Wike, in a recent media chat, alleging that the organisation to court President Bola Tinubu over his position on the Rivers State crisis.

Wike had criticised PANDEF over its stance on the ongoing political crisis in Rivers State. He described PANDEF as “the worst organization anybody can rely on,” accusing its leaders of being financially driven and politically motivated.

But addressing press conference on Friday, Co-Chairman, Board of Trustees of PANDEF and Chairman of the organisation’s Peace, Reconciliation Committee and former Governor of Cross River State, Victor Attah, and its President, Godknows Igali, said the organization had placed embargo on speaking on the issue.

Igali said: “There was no time that PANDEF took Mr President to court, maybe it’s it a slip of the tongue. It never happened. This is the first time that PANDEF as an organization is making a public statement on this situation in the Rivers State since the crisis started. And even when the peace committee started working we placed an embargo that they must not speak to anybody until we arrive at the threshold.

“Yes, there were personal views that were expressed by some members of PANDEF. But there was no time that PANDEF as an organization…there is no press statement. So it is unthinkable to say that PANDEF went to court at all.“

PANDEF also raised concerns over the refusal of the Minister of the Federal Capital Territory (FCT), to engage with its Peace and Reconciliation Committee, despite President Bola Tinubu’s appeal for dialogue to restore stability in Rivers State.

Attah, lamented that Wike’s unwillingness to meet with the committee is obstructing efforts to de-escalate tensions in the state.

Attah detailed how PANDEF, a respected regional body established in 2016 to champion the interests of the Niger Delta, had taken proactive steps to mediate in the political crisis in Rivers State.

Following a Special General Assembly in Port Harcourt in October 2024, the group set up a seven-member High-Level Peace and Reconciliation Committee.

Notably, the committee excluded any representatives from Rivers State to ensure neutrality.

“In a determination to prevent a full-blown crisis from developing, we constituted a team of eminent elders from across the South-South region,” Attah said.

“However, despite repeated attempts, we have been unable to secure a meeting with Chief Nyesom Wike, who has continued to rebuff our peace efforts.”

According to Attah, a PANDEF delegation met with President Tinubu on March 11, 2025, to seek his intervention. The delegation made it clear that the success of any peace process hinged on Wike’s willingness to come to the table.

“We informed Mr. President of the difficulties we have faced in securing the cooperation of his cabinet minister,” Attah explained.

“It is deeply troubling that Chief Wike has dismissed PANDEF as ‘the worst organization for anyone to rely on’ in a recent media chat, yet the President did not treat us with such disregard when he received us.”

Attah stressed that dialogue requires mutual engagement and cannot be forced upon one party alone.

“It is not possible to clap with one hand. Negotiation can only take place if both parties in dispute agree to be accessible and available,” he said.

Given Wike’s continued rebuff, PANDEF is now considering withdrawing entirely from mediation efforts.

“If this impasse persists, we will have no choice but to disband the Peace and Reconciliation Committee and step back from any further attempts to resolve this crisis,” Attah warned. “However, our fear is that this could have catastrophic consequences.”

PANDEF urged President Tinubu to intervene and ensure Wike comes to the negotiation table before the situation in Rivers State spirals further out of control.

PANDEF’s National President, Igali described the FCT minister’s insinuation that they were financially induced as very cheeky. “That is very cheeky. Because I’ve said earlier, when you have a group made up of former governors, former ministers, chairman of traditional religious councils, some of whom have been themselves former governors and former ministers, It’s just totally out of question. Wike himself, is our son. Every son of Niger Delta is part of PANDEF.”

Igali also recalled on the organization has stood by Wike including when they were protest against his nomination as minister, and it was the late Elder Statesman, Edwin Clark, whom they accused Wike of disparaging him and his memory, that issues a statement in his defence.

“Let me tell you, when the minister became minister, and you will recall, in fact, there were some insinuations that somebody from the south, should not be minister of FCT, and there were even demonstrations in Abuja against the honorable minister of the FCT. It was the same PANDEF that came out to rebuffed the Nigerians, and the same chief Clark that he (Wike) waved at that issued a statement and said that every Nigerian can hold any position if the president finds him worthy and the Senate clears him.

“That press statement is there we can pull it out. After that, Wike the minister of the Federal Capital City, our son, received the delegation from PANDEF, in his office in appreciation, of his people standing by him. So if after some time, he now feels that it is a worse organization, well, maybe times have change.”

 

Details later…

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Couple arrested for gun running in Delta, wife confesses to helping hubby dispatch firearms

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Police

A couple, Mr. and Mrs. Joshua Bogbon Godwell, have been arrested by operatives of the Delta CP Special Assignment Team (CP-SAT) for alleged gun running in the state.

The couple was picked up from their home following a sting operation by police detective on March 9, 2025.

State Police Public Relations Officer, SP. Edafe Bright, who confirmed this in a statement on Thursday, said that they were held following a credible intelligence on them at their residence in Okpe local government area of the state.

Mrs. Uche Joshua, the wife, was said to have admitted to helping her husband dispatch guns to clients in Warri and Sapele.

The police said it recovered a fabricated Beretta pistol with a single live ammunition, which was planned to be delivered to a client in Sapele from their residence.

During interrogation, Mrs. Joshua confessed to her involvement in the gun-running business, saying, “I helped my husband dispatch guns to clients in Warri and Sapele. I was the one who delivered the guns to the clients.”

Edale said that police are still investigating the couple and their associates, with efforts to recover more firearms and arrest other suspects.

Equally, on February 3, 2025, operatives arrested a suspected cultist and gun runner, Stephen Oma Odu, who has been on wanted list from Obagho community in Warri North LGA Delta State at Sapele town.

His arrest also led to the arrest of another 42 years old suspected cultist, Abel Festus, aka “TOMPOLO.” of Oghareki community in Ethiope West LGA, at Oghara town.

Two pump action guns and 24 rounds of live cartridges were recovered from Festus’ apartment.

“Two other suspected cultists were also arrested during the raid including Godspower Moses m” aka power of Kokori community in Ethiope West LGA Delta State and Oloriode Owebe m” 24 years of Oghareki community in Ethiope West LGA Delta State”, Edafe added.

Police says preliminary investigations revealed that they were suspected members of the Vikings’ confraternity.

Additionally, CP-SAT arrested 26 years old Oboyo, a notorious cultist and suspected kidnapper from Igbopa community in Ethiope West LGA, and recovered a locally made gun with a single cartridge.

According to Edafe, an “FBI” impersonated enlargement carrying his picture was also recovered, which he used for internet fraud.

“Other members of his gang which include Favor omowo “m” 29yrs aka “Voltage” of Jesse town in Ethiope West LGA Delta State and Gift Omowo “26yrs of Jesse community in Ethiope West LGA Delta State were also arrested.

“Trailing of his other fleeing gang members is on course while investigation is ongoing”, the statement added.

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Nigeria lost ₦120 billion to Illegal charter operations –Keyamo

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Keyamo

Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed how illegal private charter operations plagued the country’s aviation sector for over five decades and cost the federal government an estimated ₦120 billion in lost revenue over the past 10 years.

The minister made the revelation during fourth edition of the Federal Ministry of Information and National Orientation’s Ministerial Press Briefing in Abuja on Thursday. Keyamo described the issue as a “hydra-headed monster,” revealing that 80% of private jet owners in Nigeria have the habit of obtaining Private Non-Commercial Flight (PNCF) licenses but use their aircraft for commercial operations daily.

He said the PNCF license is intended for private use, such as transporting family members or attending social or business events and that it attracts a significantly lower fees compared to licenses for commercial charter operations, which require higher fees and stricter regulations. The minister explained that private jet owners exploit this loophole to avoid paying fees and taxes for commercial purposes. He said for instance, while a commercial charter operator might charge $10,000 for a flight from Lagos to Calabar and pay the required fees, private jet owners with PNCF licenses conduct similar operations without remitting the necessary revenue to the government.

Keymao said that in the past 10 years, Nigeria lost approximately ₦120 billion due to unremitted fees and taxes from illegal charter operations. “They go and obtain the PNCF license, the private one, but all of them are back every day for business. All of them. This is how the federal government has been losing revenue,” he said.

Keyamo said private jets which operate without proper documentation or passenger manifests, makes it difficult to track who or what is on board. He raised concerns that these jets could be used for illegal activities, including smuggling, money laundering, and even terrorism. “You don’t even have the manifest of those inside the aircraft. Sometimes, when there’s a near accident with a private jet, we struggle to find out who was inside. It’s totally unregulated.”

To address the issue, Keyamo established a task force last year headed by the Managing Director of Aero Contractors, Captain Ado Sanusi to investigate illegal charter operations. The task force submitted its report last week, saying they uncovered “mind-boggling” findings. Among the recommendations the task force made is the total shutdown of the private charter wing at airports for a complete overhaul.

“The task force suggested shutting down the private charter wing for total reconfiguration in terms of security and the kind of machines we use to screen bags. We are still looking into how to implement these recommendations without disrupting passenger movement,” Keyamo said.

 

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