Business

Group To Buhari: Direct Marketers To Revert To Normal Petrol Price Or Face Nationwide Protest

Published

4 years ago

March 27, 2022

A group, Citizens For Righteousness and Social Justice, Imo State chapter, on Sunday threatened to lead Nigerians in a nationwide protest if President Muhammadu Buhari led government refuses to use its relevant agencies to get the petroleum marketers to revert petroleum products to the old and approved pump prices in 14 days.

The Chairman, Bishop Kenneth Obi, who stated this in a release made available to newsmen in Owerri, Imo State capital, said, unfortunately, the increase in the products has consequently affected adversely the prices of goods and services in the nation.

“The disheartening aspect of it is not that bad leadership has negatively affected the country’s economy but that nobody is speaking out either for the fear of being killed or intimidated by those who are behind our woes in the society.

“It is no longer news that factors including high exchange rate have caused inflation in Nigeria, the sudden increase in the prices of petroleum products has worsened the whole situation; stemming from the fact that almost all sectors of the economy depend on the use of petroleum products to produce goods or render meaningful services to the society.

“For instance, fuel has risen to N240 per litre against the government approved pump price of #1I65. Diesel now costs more than #550 per litre, same as kerosene and Liquefied Petroleum Gas which are three times higher than what they used to be a few years ago.

“A bag of rice which was once sold below N800 is now N38,000. The transportation sector is also affected as people now pay through their nose, to embark on journeys.

“Sadly enough, the hardest hit by this ugly development are the people considered as ordinary Nigerians; whose wages or salaries have not experienced the necessary upgrade.

“Of course, financially well to do individuals and highly placed government officials can afford petroleum products at whatever prices they are pegged which is why they rarely come out to speak for the masses.

“Recently the Federal Government imported bad fuel into the country which created an avenue for marketers to hoard the product; thereby creating an artificial scarcity which consequently skyrocketed the price even above N800. The situation which occurred in February last month has lingered with the price of fuel seemed not to be going down below N220 per litre.

” And it is crystal clear that the Federal Government has regulatory agencies like Petroleum Products Price Regulatory Agency (PPPRA) bestowed with the authority to ensure that petroleum marketers sell the products at the approved price.

“The question now is ‘does the failure of the government to get the marketers to sell at their approved price of N165 per litre entails that they have used the importation of bad fuel as a way to further increase the price of the product?

“If the answer is in the affirmative, then the Federal Government should open up to us (citizens) and provide palliative measures to cushion the effect of the accompanying hardship.

“But if the answer is ‘No’ the government should urgently prevail on the marketers to come down to the normal and approved price since the Nigerian National Petroleum Corporation (NNPC) has made persistent claims that they have enough product to serve Nigerians.”

Related Topics:Buhari Group petroleum price

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Business

NNPCL Raises Fuel Price

Published

1 day ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

3 days ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

4 days ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.