Business

Fuel Scarcity: FG Blows Hot, Threatens To Withdraw Marketers’ Licences Over Hoarding

Published

1 year ago

August 17, 2024

The Federal Government has threatened to withdraw licences of oil marketers found guilty of hoarding Premium Motor Spirit otherwise known as petrol, following the unabated scarcity in Abuja, Niger, Nasarawa, Kaduna, and many other states.

Some states, especially those in the North have witnessed continuous petrol scarcity for a while now, a situation that has since degenerated into many stations closing up shop due to a lack of supply.

However, the Federal Government through its Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a warning to oil marketers that filling stations that hoard petrol and sell to black marketers in jerrycans would have their licences withdrawn.

The warning was handed down by the Executive Director of Distribution Systems, Storage and Retailing Infrastructure, NMDPRA, Ogbugo Ukoha, in a video clip shared by the regulator during an inspection tour in Abuja.

Ukoha was heard telling one of the managers of the inspected stations that, “You need to take this (warning) very seriously. If you need security reinforcements, speak to your management.”

He said retail petrol stations should stop encouraging the sale of products to black marketers who dispense the products in jerrycans.

Ukoha said such actions posed serious safety concerns and should be discontinued.

Also on its X handle, the downstream regulator said it had declared war against the illegal sale of petroleum products.

“NMDPRA embarks on a war against the illegal sale of petroleum products, especially PMS in jerrycans. Filling stations are advised to desist from servicing illegal peddlers; failure to do so would result in the suspension of retail licences,” the agency stated.

On July 27, NNPCL spokesperson, Olufemi Soneye, said the fuel scarcity witnessed in Abuja and Lagos was due to a hitch in the discharge operations of a couple of vessels.

“The NNPC Ltd wishes to state that the tightness in fuel supply and distribution witnessed in some parts of Lagos and the FCT is a result of a hitch in the discharge operations of a couple of vessels,” Soneye had explained.

According to him, the company was working around the clock with all stakeholders to resolve the situation and restore normalcy in operations.

At some point, the NNPCL also said the fuel crisis was caused by bad weather.

“Adherence to these regulations is mandatory as any deviation could pose a severe danger to the trucks, filling stations, and human lives. Similarly, the development was compounded by consequential flooding of truck routes, which has constrained the movement of PMS from the coastal corridors to the Federal Capital, Abuja,” he added, saying loading had commenced at the time.

Despite the promises, petrol scarcity has persisted in many northern states.

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

3 days ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

4 days ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

1 week ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.