Economy
Reps Begin Nationwide Petrol Quality Probe Amid Concerns
By Adedapo Adesanya
The House of Representatives has begun a comprehensive investigation into Nigeria’s petroleum products supply chain and the quality of imported and refined products around the country.
The move, unconnected to the ongoing rift between Dangote Refinery and the Nigerian National Petroleum Company (NNPC) Limited, aims to ensure transparency, accountability, and security in the nation’s petroleum sector.
The investigation was disclosed in Port Harcourt, Rivers State, during the 2024 Midstream and Downstream Retreat organized by the House Committee on Petroleum Resources Midstream and Downstream themed Enhancing Regulatory Frameworks, Promoting Transparency, and Fostering Sustainable Development in Nigeria’s Oil and Gas Sector.
Chairman of the House Committee on Petroleum Resources (Downstream), Mr Ikenga Ugochinyere Ikeagwuonu, said the retreat would provide strategic insights into the nation’s petroleum sector, emphasizing the sector’s role in the nation’s economy and the legislature’s responsibility to ensure its transparency.
Mr Ikeagwuonu revealed that the House has mandated both committees to investigate the crude oil supply chain, involving detailed laboratory investigations at local refineries, marketers, importers, and regulatory agencies.
He said the committee will also visit filing stations, depots, and tank farms to verify the quality of imported petroleum products and assess the testing capacity of refineries.
“The committee will undertake detail laboratory investigation at all local refineries, marketers, importers and regulatory agency lab like NMDPRA. We will visit various filing stations, depot and tank farms to verify the quality of imported petroleum products and assess the testing capacity of all refineries
“The collection of these samples will be for specimen and will be transparently done with all the key stakeholders.
“Zonal interaction committees will be constituted in order to ensure smooth movement to all the zones of the country for the purpose of taking samples for the Depot, Tank Farms and refineries for immediate analysis.
“We urge all those to be invited to provide full cooperation and support by providing all necessary documents, facts and insights that would aid our investigation.
“Our investigation will proceed in phases beginning with examination of standards petroleum products that are imported into the country and the crude oil supply chain. This investigation that the house has ordered us the main reason we are at this retreat to brainstorm on how to proceed and this investigation is crucial for restoring trust and ensuring the security and quality Nigeria’s petroleum sector in line with the renewed hope agenda of the president
“We are committed to accountability and transparency and thoroughness, and that we will do throughout the process. The investigation aims at to identify and resolve the issues plaguing Nigeria petroleum sector.
“Our interaction with stakeholders in the Midstream and Downstream sectors is crucial. It is through this interaction we will gain a comprehensive understanding of the challenges faced by our industry and collaboratively decide ways to ensure growth and sustainability.
“We are going to address allegations concerning the alleged importation of substandard petroleum products, the alleged production of substandard petroleum products, the non-availability of crude oil to domestic refineries and other critical issues,” the lawmaker said.
The Speaker of the House of Representatives, Mr Tajudeen Abbas, represented by Mr Sada Soli, highlighted the significance of the retreat in strengthening and enhancing regulatory frameworks in the oil and gas sector.
Mr Abbas noted that the Petroleum Industry Act has addressed shortcomings in the sector, and this retreat provides an opportunity to reflect on the issues once again.
He noted that the retreat was crucial as it give the opportunity for continued conversation and dialogue initiative by the House of Representatives on strengthening and enhancing the regulatory framework of the oil and gas sector.
“Since the Petroleum Industry Act became a law, which provides the legal governance regulating the physical framework for the Nigerian petroleum industry.
“The Nigerian petroleum industry has witnessed total overhaul as provided by the Act. The PIA through its provisions address the shortcomings in the sector and provides timely remedies. The NNPC has been restructured and repositioned with hope that it will serve the Nigerian citizenry better.
“Through the incorporation of the NNPC as a liability company, the NNPC now is to become a full fledged company free to operate as a business entity and effectively engage with other stakeholders and partners in the competitive market in order to make petroleum products available and affordable to the people.
“This retreat offers us another opportunity to evaluate and implementation of the PIA in promoting transparency, accountability, economic recovery, transformation and growth of the oil sector, as well as the key roles of the players in the industry,” he said.
By Adedapo Adesanya
The Economic and Financial Crimes Commission (EFCC) has intercepted eight trucks transporting suspected illegally mined solid minerals in Benue State as it intensifies the crackdown on illegal mining activities in the North Central region of the country.
This was disclosed in a statement by the anti-graft agency, on its official X handle, where it confirmed the arrests of the individuals involved.
The EFCC stated that the trucks were seized on Wednesday, March 19 in the Katsina-Ala Local Government Area of Benue State.
According to the EFCC, preliminary investigations revealed that the minerals—believed to be fluorite and iron stones—were mined from unauthorized sites in Logo Local Government Area of the state.
Business Post reports that the Benue State government had paused all mining activities, as it was responsible for some of the crisis in the state.
“We are determined to combat the illegal mining of Nigeria’s mineral resources and bring perpetrators to justice. The suspects will be charged to court as soon as investigations are concluded,” EFCC tweeted on X, formerly known as Twitter.
Illegal mining has been a growing concern in Nigeria, with authorities warning that the illicit extraction of solid minerals deprives the country of valuable revenue and contributes to environmental degradation.
The EFCC was involved in the issue of mining to quell further economic losses facing the nation.
According to the Minister of Solid Minerals, Mr Dele Alake, the government is losing trillions of Naira to unregulated and illegal mining activities.
He disclosed earlier this week that the Federal Executive Council (FEC) had approved N2.5 billion for the procurement of an integrated solution framework to combat illegal and unregulated mining activities.
He also disclosed that his ministry had opted for dialogue and collaboration with state governors rather than confrontation, saying many governors were initially unaware of the constitutional framework governing mining, but have now been engaged through discussions facilitated by the Nigeria Governors’ Forum (NGF).
Mr Alake noted that states must collaborate with federal authorities in addressing illegal mining and related criminal activities.
By Aduragbemi Omiyale
As part of the 2025 Global Money Week celebration, over 200 students were recently selected and equipped with essential financial literacy skills.
This seminar on money management tips was put together by the Nigerian Exchange (NGX) Group Plc, in collaboration with the Central Bank of Nigeria (CBN) and MinieMoney.
It underscored a shared commitment to fostering financial inclusion and equipping young Nigerians with the knowledge required for long-term financial well-being.
The event was organised to mark the Global Money Week, is a global initiative currently in its 13th edition designed to promote financial education among young people, ensuring they develop the critical thinking skills needed to make informed financial decisions.
The 2025 theme, Think Before You Follow, Wise Money Tomorrow, reinforces the importance of strategic financial planning from an early age.
The Head of Trading and Products at NGX, Mr Abimbola Babalola, highlighted the transformative power of financial literacy in shaping students’ futures.
“The financial choices you make today will determine the quality of your life tomorrow. Understanding saving, investing, and responsible money management early on will put you on the path to financial success,” he stated.
Also, the Assistant Director of the Consumer Protection Department at CBN, Mr Christian Mordi, introduced the CBN’s ‘Sabi Money’ platform, designed to enhance financial education nationwide.
“Financial literacy extends beyond numbers; it is about developing discipline, patience, and informed decision-making skills that foster economic security,” he noted.
On his part, the chief executive of MinieMoney, Mr Gbolahan Faniran, emphasized the importance of early investment habits and leveraging the power of compound interest.
“Achieving financial success is not about following trends but about making intentional money choices today that ensure a secure future,” he said.
Business Post reports that students from Vivian Fowler Memorial College for Girls, Dansol High School, Kith and Kin Educational Schools, Caleb British International School, Lagos Preparatory and Secondary School, and The Bells Comprehensive Secondary School attended the programme.
They engaged in insightful discussions on financial literacy, investment strategies, and capital market operations, with the added opportunity to experience firsthand the dynamics of the NGX trading floor.
By Adedapo Adesanya
The trio of Geo-Fluids Plc, Food Concepts Plc, and Industrial and General Insurance (IGI) Plc were extended the stay of the NASD Over-the-Counter (OTC) Securities Exchange in the red region for another trading day, weakening the alternative stock exchange further by 0.13 per cent on Thursday, March 20.
Geo-Fluids Plc lost 15 Kobo to trade at N2.70 per unit compared with the previous day’s N2.85 per unit, Food Concepts Plc declined by 6 Kobo to close at N1.49 per share versus Wednesday’s closing price of N1.55 per share, and IGI Plc tumbled by 2 Kobo to settle at 37 Kobo per unit, in contrast to the 39 Kobo per unit it traded a day earlier.
As a result, the NASD Unlisted Security Index (NSI) went down by 4.36 points to close at 3,373.62 points, in contrast to the previous trading day’s 3,377.98 points.
In the same vein, the market capitalisation of the bourse depreciated by N2.51 billion to settle at N1.948 trillion compared with the preceding day’s N1.951 trillion.
During the trading session, the volume of securities traded at the bourse crumbled by 99.4 per cent to 201,873 units from the 31.3 million units recorded on Wednesday, the value of securities bought and sold by the market participants moderated by 97.7 per cent to N776,509.51 from the N33.3 million quoted a day earlier, and the number of deals carried out by investors decreased by 26.1 per cent to 17 deals from 23 deals.
When the market closed for the day, Impresit Bakolori Plc remained the most active stock by value (year-to-date) with 533.9 million units sold for N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.5 million units worth N359.5 million.
In the same vein, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units valued at N520.9 million, trailed by IGI Plc with 69.9 million units sold for N23.7 million, and Geo-Fluids Plc with 44.1 million units worth N88.9 million.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN