General
IPMAN Warns Motorists Against Panic Buying of Petrol
Adedapo Adesanya
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned Nigerians, especially motorists, against panic-buying following reports of a planned hike in the pump price of petrol also called Premium Motor Spirit (PMS), adding that there are no plans to hike the cost of the product.
Recall that on Wednesday, it was reported that petrol prices could sell as high as N1,200 due to the constraints in acquiring foreign exchange (FX) to import the commodity.
The news was met with outrage and apprehension from Nigerians.
Later on Wednesday night, the Nigeria National Petroleum Company Limited (NNPC) Limited dismissed the possibility of that happening, assuring the public that there was no imminent increase in the cost of petrol.
“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price,” its spokesman Mr Olufemi Soneye said.
“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country,” the organisation said in a statement.
The NNPC Limited also refuted claims of a clash with IPMAN, insisting that subsidy has been entirely removed on petrol months after President Bola Tinubu pronounced the development.
On Thursday, IPMAN’s Public Relations Officer, Mr Okanlawon Olanrewaju, said there is no plan by fuel marketers to increase fuel prices.
He made this assertion while speaking on Channels Television’s Sunrise Daily on Thursday morning.
“As far as the independent marketers are concerned, we don’t have plans or plans to increase fuel pump price,” he said.
“There is no basis for that for now. There is no signal from NNPC that we should increase. So, we cannot do that on our own except NNPC comes out and says we are going to increase pump price. On our own, there is nothing like that.
“I want to use this opportunity to appeal to the public to stop panic buying. There is nothing like that,” referring to the fuel price increment, adding that, “It is just a rumour.”
By Adedapo Adesanya
The Ogun State Government, through its Environmental Protection Agency (OGEPA,) has sealed four industries for environmental infractions.
According to a statement by the spokesman of the agency, Mr Luke Adebesin, the affected organisations are Fortune Height Farms Limited and Sanda Wood Industry Limited, both in Odogbolu Local Government, Shengceramic Material Limited in Ogere axis of the Lagos-Ibadan Expressway and Nehemiah Grace Developer Limited at Ijako in Ado-Odo, Ota Local Government.
The Special Adviser to the Governor on OGEPA, Mr Farouk Akintunde, reiterated that all companies must comply with operating and environmental standards laid by the state.
The agency alleged that Fortune Height Farms Limited, which is into production of eggs and catfish, was sealed after a petition was received from its host community for discharging untreated influence into the environment.
Sanda Wood Industry Limited was sealed for allegedly denying government officials access into its facility while engaging in open burning, while Nehemiah Grace Developer Limited was sealed for encroaching on the waterways and constructing drainage without the state government permit.
“Ogun State government will not fold its hand and allow these industries to violate our Environmental laws,” the agency said, adding that it will continue to ensure that the South Western state is safe and secure.
By Adedapo Adesanya
The National Pension Commission (PenCom) has announced the recovery of N1.58 billion from defaulting employers through enhanced enforcement efforts as total pension assets under management (AuM) surpassed N23 trillion as of February.
The Director General of PenCom, Ms Omolola Oloworaran, made this disclosure on Wednesday in Kano during the First Run 2025 Consultative Forum for States and the Federal Capital Territory (FCT) that state remittances had also improved, reflecting a greater adoption of the Contributory Pension Scheme (CPS).
Ms Oloworaran noted that in spite of these advancements, challenges remain, as only 25 states and the Federal Capital Territory (FCT) had enacted laws to implement the CPS.
“Six states operate hybrid schemes, while another six have bills at advanced legislative stages.
“Notable progress has been made in Katsina, Yobe, Bauchi, and Abia states. However, full implementation of the CPS is currently limited to eight states,” she explained.
To address this gap, PenCom has introduced a flexible adoption model, allowing states to begin implementation with new employees or those with fewer than 10 years of service.
The director general further stated that the commission was providing technical support to assist states in planning for legacy liabilities and transitioning their entire workforce in a financially sustainable manner.
She reaffirmed the commission’s commitment to achieving full onboarding of all states and the FCT into the CPS.
“With sustained dialogue, technical collaboration, and strong political will, we are confident of reaching this goal,” she said.
Ms Oloworaran described the ongoing forum as more than just a routine meeting, calling it “a call to collective action.”
She urged participants to seize this opportunity to co-create solutions, share innovations, and renew their commitment to a secure, unified, and inclusive pension system.
On his part, the Head of Service (HOS) of Kano, Mr Abdullahi Musa, reaffirmed the state government’s commitment to pension reforms.
He commended PenCom for its leadership in promoting best practices and described the forum as a “vital platform for dialogue, peer learning, and policy refinement.”
Mr Musa said that Kano State had made significant progress in restructuring its pension system, notably through the adoption of a hybrid model that combined elements of the defined benefits and the CPS.
He revealed that the state government, under the leadership of Gov. Abba Kabir, had taken bold steps to settle pension backlogs and improve the management of retirement benefits, adding that the state government had paid N16 billion in outstanding entitlements, which represented about 40 per cent of the liabilities inherited from previous administrations.
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