Economy
Skymark Energy Chief Urges Stakeholders to End Fuel Scarcity
By Adedapo Adesanya
The Chairman of Skymark Energy and Power Limited, Mr Muhammad Saleh-Hassan, has called on oil marketers and other stakeholders in the energy sector to cooperate with the federal government in order to end the biting fuel scarcity in Nigeria.
Speaking in Abuja, Mr Saleh-Hassan stressed that oil marketers have a major role to play in ending recurring fuel scarcity in the country, noting that the energy crisis appeared to have defied the government’s efforts and urged his colleagues to be patriotic by shunning sharp practices and putting the people’s interests above high profit-making targets.
”In this circumstance that we have found ourselves, the marketers and other stakeholders should be patriotic by supporting the government in the interest of the masses.
“A critical situation like this is not a time that we should be thinking of our personal interests and gains. We should also think of the interests of the nation and the people.
“This is because you rely on the people to do your business. So, they too need your support to be able to afford the services you are rendering to them.
“You also rely on the government for regulations to also do your business. That is why you should also support the government,” he said.
Mr Saleh-Hassan stated that it was morally wrong for oil markers, as critical stakeholders in the oil and gas sector, to be unpatriotic by aiding and abetting the energy crisis through sharp practices which caused fuel scarcity.
“You are not supposed to take advantage of the situation by insisting that you want to add transport costs or make more money by hoarding your products, sending them to the black market or diverting them to other destinations, where you think that you can make more gains.
“I, therefore, call on the marketers, particularly the Independent Petroleum Marketers’ Association of Nigeria (IPMAN), the Major Oil Marketers’ Association of Nigeria (MOMAN), and the Petroleum and Natural Gas Association of Nigeria (PENGASSAN), among others, to support the government in finding a lasting solution in the interest of the masses,” he said.
Mr Saleh-Hassan stressed that fuel subsidy, which will gulp about N4 trillion this year, had not failed.
According to the Skymark boss, sharp practices in the industry are responsible for sabotaging the integrity of subsidy, stressing that it was patriotism, and not fuel subsidy removal, that would solve the fuel scarcity problem, adding that removing subsidy would hit the economy badly.
“If you remove subsidy, it will hit the economy and aggravate the ailing economy and the masses will suffer seriously. There will be severe problems in the economic sector of the country. In fact, it would worsen the current inflation. Essential commodities in particular would not be affordable.
“President Buhari’s decision not to remove fuel subsidy is a kind and commendable gesture to the masses. As a leader, I think he is in the right direction. If patriotism is applied, you can be sure that the subsidy will work,” he said.
Speaking on why fuel depots were empty, in spite of the subsisting subsidy, he said: “The claim in the media circle that depots are empty is not true. Depots are not empty. If depots are empty, where are the independent marketers getting the product they are giving to the black marketers?
“After all, if NNPC imports the products, it gives it directly to the marketers to sell to people at stations at N165 per litre. Is a black marketer an independent marketer? Where do they get the fuel that they sell to people in gallons? he queried.
Mr Saleh-Hassan also said that it was necessary for the government to take more proactive measures to decisively address the fuel scarcity situation.
“The law has to work. We have to go back to the military era when petroleum products used to be escorted by security operatives from depots to the expected destinations to stop independent marketers from diverting them.
“At the point of discharging and distribution, all the trailers should be escorted by security agents to ensure that the products are delivered appropriately to the fuel stations.
“The police clamp down on fuel hawkers who were selling fuel in jerrycans in some parts of Abuja recently was a good move and I commend the IGP for that. This should continue until we see the end of the fuel crisis,” he said.
Mr Saleh-Hassan also called on Nigerians to be patient, adding that the crisis would soon be over as it was not peculiar to Nigeria, saying, “efforts are already being made by the Federal Government to reposition the oil sector.”
He said: “The ongoing Russia-Ukraine war has triggered economic woes across the globe and this is already trickling down on the energy sector in different countries in the world and Nigeria is no exception.
“Globally, refineries are not working. Even in America. About two or three weeks ago, there was fuel scarcity in London.
“Prices of refined products in the United Kingdom and United States (US) are not stable. In the US, a gallon of fuel is almost hitting $8. In the UK, to fill a car tank now is about 100 pounds.
“But in Nigeria, the official price is still N165 per litre. So, Mele Kyari, the NNPC GMD, is doing very well and should be commended.”
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
By Adedapo Adesanya
The Dangote Refinery on Wednesday returned the petrol price to N1,200 per litre, less than 24 hours after it increased it by 5 per cent.
The private refinery had raised the ex-depot price by N75 on Tuesday, citing pressure from volatile global oil markets, but quickly brought it back to N1,200 per litre from N1,275 per litre.
The swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, after a 13 per cent decline, while the US West Texas Intermediate (WTI) crude closed at $97.18, recording nearly a 14 per cent drop.
This development comes after US President Donald Trump announced a conditional two-week ceasefire with Iran, which eased fears of immediate supply disruptions in the global oil market.
“This will be a double-sided CEASEFIRE!” Trump said on social media, marking a sharp reversal from his earlier warning that “a whole civilisation will die tonight” if Iran failed to comply with US demands.
Iran’s Foreign Minister, Mr Abbas Araqchi, confirmed that the country would halt attacks provided strikes against Iran cease and transit through the Strait of Hormuz is coordinated by Iranian forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
While oil prices have fallen back below $100, they remain significantly elevated after surging by a record amount in March. Market analysts noted that regardless of how successful the ceasefire is, geopolitical risk related to the Strait of Hormuz is likely to remain elevated for the foreseeable future under the control of Iran.
By Adedapo Adesanya
Crude oil deliveries from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Petroleum Refinery doubled in March, boosting prospects for improved fuel availability.
This was revealed by the chief executive of Dangote Industries Limited, Mr Aliko Dangote, on Tuesday, when he received the Deputy Secretary-General of the United Nations, Mrs Amina Mohammed, at the industrial complex in Ibeju-Lekki, Lagos.
While speaking on feedstock supply, Mr Dangote commended the NNPC for increasing crude deliveries to the refinery in March, noting that volumes rose to 10 cargoes—six supplied in Naira and four in Dollars—to support domestic fuel availability, according to a statement by the Refinery.
“Last month, they gave us six cargoes for Naira and four cargoes for Dollars,” he said.
Despite the improvement, Mr Dangote noted that the supply remains below the 19 cargoes required for optimal operations, with the refinery continuing to bridge the gap through imports from the United States and other African producers.
He also expressed concern over the unwillingness of international oil companies operating in Nigeria to sell to the refinery, stating that their preference for selling crude to traders forces it to repurchase at higher costs, with broader implications for the economy.
Mr Dangote added that the refinery is seeking increased access to domestically priced crude under local currency arrangements as part of efforts to moderate fuel costs and enhance long-term energy and food security across the continent.
On her part, Mrs Mohammed underscored the strategic importance of Dangote Industries Limited -particularly Dangote Fertiliser Limited—in addressing Africa’s mounting food security challenges, while calling for stronger global partnerships to scale its impact.
Mrs Mohammed said the United Nations would prioritise amplifying scalable solutions capable of mitigating the continent’s food crisis, describing Dangote’s integrated industrial model as a critical pathway.
“I think the UN’s job here is to amplify and to put visibility on the possibilities of mitigating a food security crisis, and this is one of them,” she said. “I hope that when we go back, we can continue to engage partners and countries that should collaborate with Dangote Industries.”
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