Business
Fake Alert: House Wants CBN To Introduce Stringent Regulations For POS Business
Published
3 years agoon
By
Editor
The House of Representatives has called on the Central Bank of Nigeria (CBN) to put in place stringent measures to regulate the Point of Sale (POS) business Operations in Nigeria.
Moving the motion at the plenary on Thursday, Hon. Jimoh Olajide the POS is where customers make payments for products or services rendered.
He said due to many factors, POS has been turned into a lucrative business in Nigeria and has provided jobs for millions of unemployed Nigerians that see it as a good alternative to white-collar jobs in the country.
Olajide said, “While many Nigerians are making legal money from this lucrative business, some are using it for fraudulent acts to create fake credit alerts to defraud innocent customers hence the need for government intervention to rescue the rising business sector in the country.”
The lawmaker expressed worry that POS merchants in Nigeria are not only licensed by Commercial Banks, other Private Companies are currently in the business of giving POS for business purposes, thus, making the business to be more porous and ambiguous.
Olajide argued that at the moment, no financial regulatory bodies in Nigeria can precisely ascertain the total number of POS machines and their Operators in the country.
He recalled that on December 21, 2021, a national daily reported an allegation by the residents of Aniocha South Local Government Area of Delta State alleging that the Aniocha branch’s Union Bank and First Bank Staff deliberately sabotaged the Banks Automated Teller Machines (ATM) on non-availability of cash, thus leaving customers with no choice to patronize the alleged Banks Staff owned POS Centres around the Banks.
Olajide said, “Worried that some of the POS operators fraudulently charge exorbitant amounts of money from their customers’ bank accounts, while some retain vital information from customer’s ATM cards in the course of making the financial transactions. ”
READ ALSO: Nigeria Immigration Unveils Enhanced Electronic Passport Facility For South-East
The House urged, “the Central Bank of Nigeria (CBN) to, in the public interest, introduce stringent Regulations and Guidelines including sanctions on the Point of Sale (POS) business operations in Nigeria.”
It also mandated its Committee on Banking and Currency to organise stakeholders meeting for the purpose of tackling the menace of the Operation of POS in Nigeria.
Rep. Jimoh Olajide moved the motion on the urgent need to regulate the Point of Sale (POS) business operations in Nigeria and it was seconded by Rep. Muraina Ajibola.
The motion was voted on and adopted.
You may like
Why Interest Rate Remains High – CBN
753 Duplexes: Abuja Court Admits Emefiele To N2bn Bail
Reps To Quiz Edun, Cardoso Over Non-compliance With Fiscal Responsibility Act
JUST IN: CBN Retains 27.50% Interest Rate Again
Nigeria’s External Reserves Increase As CBN Releases 2024 Financial Results
CBN Opens Up On Introducing New ₦5,000, ₦10,000 Notes
Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
1 week agoon
August 14, 2025By
Editor
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume
The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
READ ALSO:Dangote Refinery Gets New CEO
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
Published
2 weeks agoon
August 11, 2025By
Editor
India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.
This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.
According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.
Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.
READ ALSO:‘My Eyes Dey Your Body’: Drama As Portable Professes Love For Regina Daniels
The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.
Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.
Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.
According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.
READ ALSO:
Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.
On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.
In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.
“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.
- Benue Assembly Gets New Speaker
- JUST IN: Benue Assembly Speaker Aondona Dajoh Resigns
- Top 3 Sites To Buy Facebook Likes Safely
- Top 3 Trustworthy Platforms To Buy YouTube Views
- NDLEA Arrests Widow Using Fake Pregnancy To Traffic Cocaine
- Why Nigeria Needs Female President – Presidential Aspirant
- How Cartels Plant Drugs In Travelers’ Bags — NDLEA
- Primate Ayodele Releases Fresh Prophecies On FIRS, FAAN, Others
- DSS Issues Warning, Arrests Man For Circulating Fake Recruitment Materials
- ‘Na Only People You Gave Work Love You,’ Singer Speed Darlington Tells Tinubu
Trending
- Headline4 days ago
UK Bans Sanex Advert For Calling Black Skin ‘Problematic’, White Skin ‘Superior’
- News4 days ago
Yoruba Elders Wade In As Alaafin, Ooni Feud Escalates
- News4 days ago
Nigerians Call For Mandatory DNA Tests At Birth
- Headline4 days ago
Why I Plotted President Trump’s Assassination – 50-yr-old Woman
- Headline3 days ago
JUST IN: Uganda Reaches Agreement With US To Take Migrants
- Metro3 days ago
Customs Seize N905m Rolls Royce, Other Contrabands In Ogun
- Headline4 days ago
Trump Slams US Museums For Focus On ‘How Bad Slavery Was’
- Headline4 days ago
Viral TV Judge Frank Caprio Is Dead
- News2 days ago
BREAKING: FG, State, Local Governments Share N2.001trn July Revenue
- News3 days ago
JUST IN: Okpebholo Nominates Another 5 Persons As Commissioner-designates