By Adedapo Adesanya

Fuel distribution company, SGR, has tackled the Independent Petroleum Marketers Association of Nigeria (IPMAN), which raised concerns about the company’s pump price of N899 per litre and its alleged anti-competitive operations.

In a statement, the firm emphasized its commitment to transparency, fair pricing, and the well-being of Nigerian consumers.

SGR clarified that its current price is a reflection of prevailing market conditions, including the cost of fuel procurement, logistics, and the need to sustain service quality across all its outlets nationwide.

“Pricing in a deregulated downstream sector is shaped by multiple market forces,” the statement read. “Our pricing model is competitively aligned with these realities and is not intended to destabilize the market or place pressure on fellow marketers.”

IPMAN had recently argued that major marketers and the Nigerian National Petroleum Company (NNPC) Limited often sell fuel at lower prices than independent marketers, expressing that based on advantages like access to foreign exchange, logistics, and direct supply chains, put its members at a disadvantages since it relies on third-party supply sources and pay higher landing costs.

SGR also reaffirmed its willingness to engage in constructive dialogue with stakeholders like IPMAN to ensure a stable and sustainable fuel supply system in the country.

The organisation reiterated that it remains focused on delivering service excellence and maintaining the trust of its customers in the long term.

This development comes amid wider discussions around fuel pricing and distribution in Nigeria’s evolving energy market.

Since the deregulation of the Nigerian downstream petroleum sector, prices have been reflective based on how the international market operates, aligning with broader efforts to liberalise Nigeria’s oil and gas industry and attract private sector investment.

One of the major aspects of deregulation is that the Nigerian government does not strictly fix or subsidise fuel prices as it did in the past, thereby allowing market forces (demand and supply) to determine the pump prices. This is why prices now vary at different filling stations.

By Adedapo Adesanya

Shipowners have commended the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, for the directive to the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process for the disbursement of the Cabotage Vessel Financing Fund  (CVFF).

Last week, Mr Oyetola instructed NIMASA to initiate the long-awaited disbursement process for the CVFF.

The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition.

However, successive administrations failed to operationalize the fund—until now. This directive marks a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping.

Several stakeholders including Mr Greg Ogbeifun, the Managing Director of Starzs Marine and Engineering Limited, said the directive is a welcome development that will further spur the growth of the sector.

He also urged the government to ensure that the requirements of the act are followed.

He said that the minister is acting accordingly by taking the bull by its horns through the disbursement of the fund.

“The minister’s move is commendable. The important thing is that due processes, according to the requirements of the Act, have to be followed. I have looked at the marine notice that was sent out, and I think it’s in line with the requirements of the Act,” Mr Ogbeifun said.

He mentioned that, looking at the previous guidelines, there is a reason to believe that the minister is acting accordingly.

“But I don’t know if the requirements of the Act, as it relates to the legislative part of government, are followed,” he stated.

Mr Ogbeifun reiterated that the directive would unlock the long-standing issue of disbursement of the CVFF.

On his part, the President of SOAN, Mr Sonny Eja, applauded Mr Oyetola, stating that the decision was a welcome development.

Mr Eja mentioned that aside from being long overdue, partnering with the Bank of Industry for the disbursement is another feat.

“I would say this is a welcome development, though it’s long overdue. I have always said to people, don’t blame yourself for not doing something yesterday or for not doing something last week or last month, the best time to start is now, and so it’s a welcome development.

“I am equally excited about the fact that they are partnering with Bank of Industry (BOI) in respect of this fund. For me, to hear that they are going to work with BOI to disburse this fund is quite a good development,” Mr Eja added.

By Adedapo Adesanya

Troops of the Nigerian Army have destroyed 16 illegal refining sites in Rivers and Bayelsa states, while arresting 23 suspects and recovering massive volumes of stolen crude oil and refined products as part of ongoing efforts against crude oil theft and related crimes in the Niger Delta.

The operations, conducted by troops of the Nigerian Army 6 Division Port Harcourt, in conjunction with other security agencies between April 14 and 20, 2025, also led to the recovery of weapons, pumping equipment, wooden boats, and thousands of litres of illegally refined Automotive Gas Oil (AGO) known as diesel.

In a statement issued by the Acting Deputy Director, Army Public Relations, Lieutenant Colonel Danjuma Jonah Danjuma, the troops deactivated four illegal refineries at Oando operated wellhead in Yenagoa LGA of Bayelsa State, recovering over 35,000 litres of stolen crude oil, 2,500 litres of refined AGO, pumping machines, and a wellhead valve.

According to the spokesperson, the illicit activity was being carried out using an 80-metre long pipe connected directly to the wellhead.

“These heinous crimes were perpetrated through the use of an 80 meters long pipe connected to the Wellhead used for siphoning crude oil,” he said.

Also in Bayelsa, troops intercepted tricycles transporting stolen petroleum products along the Gbarain–Zarama axis, arresting two suspects in connection with the theft.

“In Rivers and Abia States, clearance operations around the Imo River corridor led to the dismantling of six artisanal refineries, seizure of 1,100 sacks containing over 22,000 litres of stolen products, and confiscation of 30 drum pots and 24 drum receivers. These were recovered around Obuzor (Ukwa West LGA, Abia) and Okoloma (Oyigbo LGA, Rivers State).

“At Okrika Creek, troops acting on intelligence recovered a wooden boat loaded with 2,500 litres of stolen crude oil, suspected to have been illegally siphoned from the NNPC Jetty in Okrika. In Kula, Akuku-Toru LGA, three buyers and three sellers of stolen products were apprehended, leading to the seizure of three tugboats, a fibre boat, and over 1,500 litres of refined AGO.

“In Ogba/Egbema/Ndoni LGA (ONELGA), a wooden boat filled with several sacks of stolen crude was intercepted at Obohia Road, while additional seizures were made at Okwuzi and Okarki Forest in Ahoada West LGA.

“In Delta State, troops busted a kidnappers’ hideout around Rhobot City, Asaba, and Iselle Azagba in Aniocha LGA. Two suspects were arrested and a cache of dangerous weapons recovered, including two pump-action rifles, a double-barrel gun, one dane gun, 56 cartridges, 13 cutlasses, charms, and cult regalia.

“Also in Warri South LGA, troops raided an illegal refining site, confiscating three cooking pots, an unspecified quantity of refined AGO, and three drums filled with over 600 litres of stolen crude oil.
“In Akwa Ibom State, the army maintained a strong operational presence to deter oil theft and other criminal activities.”

The General Officer Commanding 6 Division, Major General Emmanuel Eric Emekah, visited troops’ locations in Bayelsa and Delta States, where he commended the soldiers and urged them to maintain the momentum.

“Your welfare will continue to receive the desired attention as you surge operations against economic saboteurs and associated crimes in the region,” he assured.

The Nigerian Army said the operations are part of a broader effort to dismantle oil theft networks and secure Nigeria’s economic assets in the Niger Delta.