General
Oby Ezekwesili Quits 2019 Presidential Race
By Dipo Olowookere
Presidential candidate of the Allied Congress Party of Nigeria (ACPN), Mrs Obiageli ‘Oby’ Ezekwesili, has announced her withdrawal from the February 16, 2019 presidential election in Nigeria.
The co-convener of the popular Bring Back Our Girls (BBOG) campaign made her announcement on Thursday morning.
The former Minister of Education fondly called Madam Due Process said she was quitting the race to assist in coming up with a coalition with the sole aim of defeating the All Progressives Congress (APC) and the Peoples Democratic Party (PDP) at the polls next month.
Mrs Ezekwesili said she stepped down after consulting with Nigerians both at home and in the diaspora.”This decision followed extensive consultations with leaders from various walks of life across the country over the past few days. I deem it necessary for me to focus on helping to build a veritable coalition to ensure a viable alternative to the #APCPDP in the forthcoming elections,” Mrs Ezekwesili said in a statement issued by spokesperson of the Obiageli Ezekwesili Presidential Campaign Organisation, Ms Ozioma Ubabukoh.
“It is my ardent belief that this broad coalition for a viable alternative has now become more than ever before, an urgent mission for and on behalf of Nigerian citizens. I have therefore chosen to lead the way in demonstrating the much needed patriotic sacrifice for our national revival and redirection.
“I wish to state that over the past three months, I have been in private, but extended talks with other candidates to birth a coalition that would allow Nigerians to exercise their choice without feeling helplessly encumbered by the evil twins of #APCPDP.
“While the deliberations continued, I never hesitated for a moment in my willingness and determination to sacrifice my candidacy in order to facilitate the emergence of the envisaged strong and viable alternative that Nigerians could identify with in our collective search for a new beginning.
“My commitment to this promising political recalibration has been consistent and in consonance with my agreement, at the request of candidates under the Presidential Aspirants Coming Together (PACT) arrangement in 2018, when I consented to supervise the internal selection process as an outside observer passionate about building an alternative force,” the statement said.
It added that, “However, despite resistance from the Allied Congress Party of Nigeria on these and other issues, I have decided that it is now necessary to show by action and example my determination on this issue by stepping down my candidacy so as to focus squarely on building the coalition to a logical conclusion.
“We have no right to allow citizens give in to despair. We will #Fight4Naija together and prove to all that the mess, which the political class has now become, should not be allowed to destroy our spirits and nation. We are also determined to ensure that the message keeps resonating that our beloved country deserves better, and that we will get the best that we deserve.”
“From last year, when I joined the presidential race, I made it clear to Nigerians that the country has always had a 20-year cycle of change – 1958, 1979, and 1999.
“As such, 2019 begins another 20-year cycle, and together with all Nigerians of good will, I stand ready to play my part to ensure that we do not miss this golden opportunity to sing a new song. “There is no more time to waste. Let’s get to work!” the statement added.
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.
