Economy
NNPC Lying About Reason for Fuel Scarcity—Oil Marketers
By Dipo Olowookere
Nigerian National Petroleum Corporation (NNPC) has been accused of not being truthful to Nigerians on the main cause of the present shortage of Premium Motor Spirit (PMS), otherwise known as petrol, across the country.
Oil marketers, under the umbrella of Depot and Petroleum Products Marketers Association (DAPPMA), in a statement dated Monday, December 25, 2017, denied claimed by government that they were behind the situation through hoarding of the product.
In the statement signed by the Executive Secretary of DAPPMA, Mr Olufemi Adewole, it was explained that the main reason for the shortage was because the state-owned oil firm was not importing enough fuel that will meet the demand of citizens.
“Some people have blamed marketers for hoarding fuel. Unfortunately, this is so far from the truth. Hoarding fuel is regarded as economic sabotage and we assure all Nigerians that our members are not involved in such illicit acts,” the oil marketers said.
Speaking further, DAPPMA said normally, it imports 65 percent of the country’s consumption with Major Oil Marketers Association of Nigeria (MOMAN) bringing in 15 percent, and the NNPC importing the remaining 20 percent.
The group said however, since October 2017, the NNPC has been the sole importer of petrol into the country.
Giving reason for this, DAPPMA said the landing cost of petrol was now N170 per litre and with the government capping pump price at N145 per litre without room for increment, it was impossible for its members to import fuel into Nigeria and still sell at N145 per litre to Nigerians.
“As it stands today, NNPC has been the sole importer of PMS into the country since October 2017 due to the following reasons’
“We all know that we presently run a fixed price regime of N145 per litre for PMS without any recourse to subsidy claims, however, we also have no control on the international price of crude oil.
“Current import price of petrol is about N170 per litre, NNPC, which absorbs the attendant subsidy on behalf of the Federal Government, is the importer of last resort.
“We understand that the NNPC meets this demand largely through its DSDP framework; however, due to price challenges on the DSDP platform, some participants in the scheme failed to meet their supply quota of refined petroleum products, especially PMS, to NNPC. This is the main reason for this scarcity.”
“The international price of PMS went up during the Hurricane Katrina and has not dropped below $600 per metric tonne.
“The exchange rate of the Dollar to the Naira is N306 for PMS imports and also interest rate our banks charge is above 25 percent.
“Landing cost of PMS in Nigeria, based on the scenario above is more than N145 per litre, which means any of our member that imports would have to resort to subsidy claims, a policy already jettisoned by the Federal Government,” it said.
Reacting to the claims by NNPC that it has enough fuel to meet the demands on Nigerians, the association said, “It is on record that anytime the NNPC assumes the role of sole importer, there are issues of distribution, because it is marketers who own 80 percent of the functional receptive facilities and retail outlets in Nigeria.
“While we cannot confirm or dispute NNPC’S claims of having sufficient product stock, we can confirm that the products are not in our tanks and as such cannot be distributed. If the products are offshore, then surely, it cannot be considered to be available to Nigerians.”
It further noted that, “NNPC imports and distributes through DAPPMA, Major Oil Marketers Association of Nigeria (MOMAN), and Independent Petroleum Marketers Association of Nigeria (IPMAN).
“Our members pay PPMC/NNPC in advance for petroleum products, and fully paid up PMS orders that have neither been programmed nor loaded is in excess of 500,000 metric tonnes, about 800 million litres, as at today, and enough to meet the nation’s needs for 19 days at a daily estimated consumption of 35 million litres.”
Concluding, DAPPMA said, “Our members’ depots are presently empty! However, if the PPMC/NNPC can provide us with PMS, we are ready to do 24 hours loading/truck out to alleviate the sufferings of Nigerians until these fuel queues are totally eliminated.
“Fuel marketers remain committed to the progress of the nation and its citizenry as therein lies our own profitability and fulfilment.”
By Adedapo Adesanya
Vert, a global cross-border payments platform, has announced a new solution under Verto Business Accounts that enables US-registered businesses to move money seamlessly between the United States and Africa.
With the ability to open a US Dollar account in their business name and have access to trusted emerging market payment rails, companies can now receive, hold, and transfer funds faster, more cost-effectively, and with greater control.
US-registered businesses with operations in Africa often encounter significant banking limitations, with US banks frequently delaying or blocking transactions to or from African markets, imposing high or hidden FX costs, and offering limited access to Emerging Market payment corridors. Businesses without a US bank account registered in their own name must rely on fragmented tools or intermediaries to move funds to Africa, creating operational inefficiencies and slowing growth.
Verto’s new solution directly addresses these challenges by giving US-domiciled businesses access to named USD accounts and a robust cross-border payment infrastructure, enabling them to move funds and settle transactions in local currencies with speed and efficiency.
Built for venture-backed startups, import-export SMEs, and investors funding emerging market innovation, this solution will enable clients to receive funds directly into a named USD business account from US based customers or investors, convert and settle between USD and local currencies such as NGN and KES quickly and at lower cost, as well as hold, receive, and pay in 48 currencies from a single dashboard.
The solution will also allow users to pay contractors, suppliers, and offshore teams instantly via local payment rails. It also equips teams with virtual cards to spend in 11 currencies without fees and leverage specialised onboarding and monitoring that navigates both US and African regulatory requirements
By combining US and African compliance expertise, Verto’s Business Accounts empowers companies to maintain a US domestic presence for investors, customers, and suppliers while using deep-liquidity rails to pay global contractors and settle trades in local currencies efficiently, ensuring uninterrupted trade, payroll, and investment flows, without the risk of blocked or delayed transactions.
“We believe founders building across borders should not be constrained by the limitations of traditional banking,” said Ola Oyetayo, CEO of Verto. “Providing named accounts in the US empowers businesses with the funds they need to operate globally, connecting the US and Africa more efficiently without friction.”
With over 8 years of experience and $25 billion in annual global cross-border transaction volume, Verto continues to provide the infrastructure, expertise, and trusted payment rails businesses need to operate confidently across borders and scale globally.
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
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