Business
Group Backs Calls For Emefiele’e Resignation
Published
4 years agoon
By
Editor
The Nigeria Citizens Action Group (NCAG), a coalition of 35 civil society organisations, has supported the call of concerned Nigerians that Godwin Emefiele, Governor of the Central Bank of Nigeria, resigns his position with immediate effect to save the country from total collapse.
Comrade Isah Abubakar, Convener, NCAG, in a joint statement, said, “The Nigeria Citizens Action Group (NCAG), a coalition of Thirty-Five (35) Civil Society Organisations, is constraint to lend its voice with that of numerous other concerned Nigerians that have been calling on Mr Godwin Emefiele, Nigeria’s Central Bank Governor (CBN) to resign with immediate effect to save the country from total collapse, which is imminent.”
The coalition noted that the call became necessary following the extensive review of the tenure of Emefiele as the head of the nation’s apex bank.
The statement explained that it has come to the sad conclusion that Emefiele should humbly step aside and allow a more competent person to step in, to save the country from total collapse.
“We understand that it will be difficult for him and his hangers on to reason with us, but we wish to beg on them to put on their garment of patriotism and save our country,” the statement explained.
The statement noted that it was during the formative stage of the first tenure of Emefiele that monies meant for the procurement of arms to fight Boko Haram terrorists and budding bandits in other parts of the country were converted to campaign funds and some given to “prayer warriors”, adding that many prominent Nigerians are facing trials for benefitting from that bazaar and wondered why he is still enjoying total freedom till date
It said that when Adedoyin Salami, a member of the country’s monetary policy in 2017, cautioned the CBN Governor against the excessive funding of the Federal Government which was 20 fold higher than the approved threshold. It added that Emefiele refused to take correction, lamenting that many sound economists described Emefiele’s Monetary Policy as “reckless and illegal” which will set the Nigerian economy for a “Big Fall”.
It noted that the big fall is here as $1 is currently equivalent to over N545.
The group noted that the CBN acted in error and was guided by copy and paste policy when its included foodstuff import prohibition lists despite having the foreknowledge that the country largely depends on subsistence farming which was under serious threat by bandits, terrorists, and farmers/herders crisis in various part of the country.
It said that currently, Nigerians have been thrown into a state of acute hunger, which is contributing to the rising insecurity in the country.
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The group further stressed that the CBN under the watch of its incumbent Governor claimed to have reeled out several interventions running into trillions of Naira whose impact could only be felt on papers not in real life, stressing that many of the failed and corruption challenged programs of the CBN is not limited to Anchor-Borrowers Programme.
The statement noted that recently, the United Arab Emirates government arrested, convicted, and blacklisted some Bureau de Change Operators of Nigerian origin who have been fingered in financing terrorism globally, adding that the monies have been passing through the ineffective eyes of the CBN unnoticed into the hands of terrorists.
It said took the intervention of foreign government to block such a channel, as the CBN under Emefiele is more concerned with frivolities rather than the general well-being of the country.
The coalition, therefore, called on the CBN governor to resign with immediate effect to allow an independent and hitch-free probe of his tenure.
It also called on the Federal Government to delist rice and some food materials from import prohibition items, saying that this would help to reduce the prices of food that is beyond the reach of common Nigerians.
The statement called on the anti-graft agencies to arrest Emefiele with immediate effect to ascertain the level of his involvement in the arms procurement scandal and other programmes that failed under his watch due to growing corruption.
(DAILY POST)
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Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
2 weeks 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.
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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.
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“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
3 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.
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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.
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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.
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