General
CACOL Begs Buhari to Reshuffle Cabinet, Step Down as Oil Minister
By Dipo Olowookere
President Muhammadu Buhari has been urged to urgently carry out a cabinet reshuffle so as to deliver the good dividends of democracy to the citizens.
At a press conference held in Lagos on Thursday, the Centre for Anti-Corruption and Open Leadership (CACOL), which made this plea, also advised the President to relinquish his position as the Minister of Petroleum Resources so as to allow him focus more on other issues.
Executive Director of CACOL, Mr Debo Adeniran, said President Buhari should resign as oil Minister so as to concentrate “his energy on supervisory roles over all ministries and the presidential leadership of the country while a substantive Minister is appointed for the Petroleum Resources Ministry.”
Mr Adeniran lamented that two years after Mr Buhari’s inauguration, some of his cabinet members have performed woefully with nothing good to show for.
He argued that, “This reality is necessarily telling on the general performance of the government itself wholesomely.”
The CACOL boss said if the President reshuffle his cabinet, he should do due diligence in selecting replacements.
On those to go, CACOL said the present Minister or Power, Works and Housing, Mr Raji Fashola, should be asked to resign or be sacked.
CACOL said Mr Fashola, since coming manning the three ministries, has made more noise than any practical achievement on the ground to justify the funds that has been ploughed into the three sectors under it.
“All the actions and policies of the Ministry have compounded the sufferings of Nigerians in multi-folds; from lack of power supply to the illogical hike in electricity tariffs, from continually decaying infrastructure to death traps as roads with a Housing sector that is ‘non-existent’ or in absolute comatose.
“The Minister is constantly at loggerheads with institutions, contractors and even the citizenry he is supposed to serve.
“The Minister keeps standing logic on its heads by asking the already impoverished Nigerians to bear the brunt of his failure by asking them to pay for services not rendered even up to the effrontery of hiking the tariff of electricity against a background of a country in perpetual darkness.
“He made history by achieving the lowest, zero megawatts for more than 18 hours in history of power generation in Nigeria last year; with nothing to offer than damage, we call on Mr President to ask him to honourably resign or he should be sacked,” Adeniran said.
Also to go, according to CACOL, is the Minister of Finance, Mrs Kemi Adeosun, who it said has been everything but impressive and constantly appears to be confused on policies and in-depth understanding of economic management.
“The economic terrain under her watch is riddled by contradictions, policy somersaults and uncertainties.
“It is our conviction that it is the concerted efforts of the Central Bank of Nigeria (CBN) and other MDAs trying to diversify, particularly the Agriculture Ministry and with the increase in the price of oil that helped pulled Nigeria out of recession recently and not via the acumen of the Finance Minister. We recommend that she should be replaced with better competence and prowess,” the group said.
Also, CACOL said Minister of State for Petroleum Resources, Mr Ibe Kachikwu, should be shown the way to the door because the ministry, under his control, “has no concrete achievement to showcase two years after the inauguration of this government.
“All the lofty promises of performance including making the refineries functional within 6 months and building of new ones given by the Minister at the assumption of duty has fallen flat on their faces, just as Nigeria sadly still import refined products.”
CACOL further said the President should sack the Attorney General of the Federation and Minister of Justice, Mr Malami Abubakar.
Mr Adeniran said the call for Mr Malami’s sack was to save Buhari’s government and the country from further embarrassment and criticisms within the comity of nations.
“The mantra of this government and one of the campaign cardinal points of its party is ‘fight against corruption’.
For any government to succeed in its policies, programmes and agenda, the commitment, professionalism, soundness and integrity of the Chief Law Officer of that government must be impeccable and consistent.
“We are afraid, based on recent happenings, the current Attorney-General and Minister of Justice has fallen short of these critical requirements and incapable of delivering any fundamental departure from the corruption ridden past governance in the country.
“We noted the AGF’s unnecessary interventions particularly in cases of high profile publicly exposed persons and the needless ‘rivalry’ with the Economic and Financial Crimes Commission, EFCC, an agency under his Ministry and which ordinarily reports to him officially.
“The Attorney-General was publicly accused of meeting, negotiating, agreeing terms and collecting N50 billion on behalf of the government without recourse to both the regulatory agency and supervisory ministry last year. Local and international criticisms greeted the unprofessional conduct of the Minister and secrecy associated with his negotiation with MTN.
“These reasons, amongst others necessitate our call for the removal of the AGF and Minister of Justice.”
By Adedapo Adesanya
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the federal government to review the fuel import licences recently issued to some marketers, saying the policy is driving up fuel prices, putting pressure on foreign exchange and creating instability in the downstream petroleum sector.
Speaking in Abuja, IPMAN’s National Publicity Secretary, Mr Chinedu Ukadike, said the current import regime has not achieved its goal of making fuel more affordable. Instead, he argued that it has encouraged the importation of more expensive petrol while increasing the country’s dependence on foreign exchange.
According to Mr Ukadike, some importers plan to sell Premium Motor Spirit (PMS), also known as petrol, for about N1,350 per litre, which is higher than the ex-depot price offered by the Dangote Petroleum Refinery.
The IPMAN official questioned the need to import fuel at higher prices when locally refined products are available at lower costs, noting that the situation has made it difficult for independent marketers to plan their businesses because import costs continue to fluctuate.
Mr Ukadike also raised concerns about the quality of some imported fuel and called on regulators to ensure that only products that meet Nigeria’s standards are allowed into the country.
The association warned that continued fuel imports also increase demand for the US Dollar since importers pay for products in foreign currency. This, the association said, puts additional pressure on the naira and contributes to higher fuel prices.
The association stressed that Nigeria should focus on supporting local refining to improve energy security and reduce reliance on imported petroleum products.
It noted that the Dangote Petroleum Refinery has helped maintain steady fuel supply despite global disruptions, including tensions in the Middle East.
According to IPMAN, greater use of locally refined fuel would reduce FX demand, strengthen the refining industry, create jobs and improve economic stability. It also said producing enough fuel for local consumption while exporting excess output would help Nigeria earn more foreign exchange.
The association called on the federal government, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian National Petroleum Company (NNPC) Limited and the Presidential Committee on downstream reforms to engage stakeholders and adopt policies that support domestic refining.
IPMAN said strengthening local refining remains the best long-term solution for affordable fuel, stable supply and improved energy security in Nigeria.
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has reiterated that the July 31, 2026, deadline for insurance companies to meet the new minimum capital requirements remains firm, warning operators against treating it as a mere formality.
The Commissioner for Insurance of NAICOM, Mr Olusegun Ayo Omosehin, who gave this warning, urged companies that have yet to meet the new minimum capital requirements to act with urgency.
Speaking on Friday at the investiture of Mr Akinjide Oluwarotimi-Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos, Mr Omosehin said the recapitalisation exercise remained a critical pillar of the Commission’s ongoing reforms aimed at building a stronger, more resilient and consumer-focused insurance industry.
According to him, the new minimum capital requirement is designed to improve insurers’ claims-paying capacity, strengthen their balance sheets, support higher domestic risk retention and prepare the industry for a risk-based capital regime.
“With about 14 days to the July 31 deadline, we commend operators that have made significant progress in raising capital, engaging investors, strengthening governance and submitting for the Commission’s verification process.
“However, the deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves,” he said.
The Commissioner assured stakeholders that the insurance sector regulator would maintain a transparent, fair and firm process, stressing that every operator must demonstrate financial soundness, regulatory compliance and operational readiness.
He added that stronger capitalisation must ultimately translate into better service delivery, prompt settlement of claims, improved consumer protection and greater public confidence in insurance.
Mr Omosehin noted that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 has provided a stronger legal framework for a more resilient, better-governed and responsive insurance market, adding that NAICOM’s reform agenda is focused on market conduct, policyholder protection, governance, insurance penetration, financial inclusion and responsible innovation.
He described professionalism as the foundation of a trusted insurance market, saying the industry’s growth depends not only on adequate capital and effective regulation but also on ethics, competence, innovation and public confidence.
“The strength of insurance depends not only on capital and regulation but also on professionalism, ethics, innovation and public confidence. A trusted insurance market cannot be built on capital alone. It requires competent professionals, ethical institutions, credible advice and fair treatment of policyholders,” he stated.
By Bon Peters
About 29,645 litres of premium motor spirit (PMS), otherwise known as petrol, as well as industrial palm oil, edible palm oil and vegetable oil with a Duty Paid Value (DPV) of N26 million have been auctioned by the Eastern Marine Command of the Nigeria Customs Service (NCS).
The products were seized by the agency from some smugglers and auctioned on Thursday, July 16, 2026, at the Oron Outstation of the Command in Akwa Ibom State, in strict compliance with Section 119 of the Nigeria Customs Service (NCS) Act 2023.
It was gathered that the command auctioned 14,720 litres of petrol and 14,925 litres of industrial palm oil, edible palm oil and vegetable oil, according to a statement issued over the weekend in Port Harcourt, Rivers State, by the command’s spokesman, Mr Joshua Iliya, a Deputy Superintendent of Customs.
It was disclosed that the exercise aligned with the service’s statutory mandate to transparently dispose of seized, forfeited, and abandoned goods after all due legal processes have been completed.
The petrol had a DPV of N11.4 million, 14,200 litres of industrial palm oil with a DPV of N14.1 million, 600 litres of edible palm oil with a DPV of N840,000, and 125 litres of vegetable oil with a DPV of N141,000.
Declaring the auction open, the Acting Comptroller of the Eastern Marine Command, Mr Esien Etim Esiet, stated that the items were intercepted during successful anti-smuggling operations within the command’s jurisdiction, adding that the seizures followed direct violations of the NCS Act and other extant laws governing restricted goods.
“This exercise reflects our unwavering commitment to transparency, accountability, and the prudent management of government assets,” he stated, reiterating that, “Beyond the lawful disposal of goods, this auction serves as a stark reminder that smuggling is an economic crime.”
“It undermines national development, threatens local industries, and deprives the government of critical revenue,” he averred, commending the resilience and professionalism of the command’s officers for securing Nigeria’s maritime borders despite operating in challenging terrains.
The customs officer assured bidders that the process was structured to be fair, open, and legally compliant while offering equal opportunity to all eligible participants.
