News

JUST IN: Reps Dissolve Committee Investigating Adulterated Fuel Import, Others

Published

2 years ago

August 5, 2024

Editor

The House of Representatives has resolved to dissolve the current ad-hoc Joint Downstream and Midstream Committee investigating the importation of adulterated petroleum products, the non-availability of crude oil for domestic refineries, and other critical energy security issues.

At the committee’s inauguration penultimate Monday, the Deputy Speaker, Benjamin Kalu, speaking on behalf of the Speaker, Tajudeen Abbas, expressed concern over the resurgence of fuel queues at petrol stations, the increasing cost of Premium Motor Spirit, and the unavailability of crude oil feedstock for domestic refineries.

Kalu noted that the investigation would also extend to other related issues impacting the sector, emphasizing the need for compliance with global standards in the quality of petroleum products imported into Nigeria.

He stressed that the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Standards Organisation of Nigeria must ensure that all petrol imported into the country is rigorously tested in laboratories to meet standard sulfur and octane levels.

“It is unacceptable that the petrol imported into the country contains high sulfur levels, is lead, and has low octane levels. This has previously led to socio-economic losses, including damage to vehicle engines.

“One critical aspect we must address is the infrastructure for quality assurance that enables robust testing of petroleum products with full adherence to the standard practice for manual sampling,” Kalu said.

He tasked the joint committee with investigating the quality and the number of laboratories that both the NMDPRA and SON use for their tests and to provide actionable feedback.

Since the probe began, the House has faced controversies, with lawmakers splitting into various groups and factions.

The ad-hoc committee led by the Chairman of the House Committee on Petroleum Downstream, Ikenga Ugochinyere, had been calling for the sack of the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mele Kyari, while another group of 50 lawmakers has called for his retention.

The lawmakers led by Billy Osawaru ( Edo State) said the call for the sacking of Kyari when an investigation is currently being carried out was an action that is against parliamentary culture.

However, in a statement on Monday in Abuja, the Spokesperson for the House, Rotimi Akin, announced that the ad-hoc committee had been dissolved and a new one would be constituted.

He said, “The Leadership of the House of Representatives has resolved to dissolve the current ad-hoc Joint Downstream and Midstream Committee.

“Initially tasked with investigating the importation of adulterated petroleum products, the non-availability of crude oil for domestic refineries, and other critical energy security issues, this committee will be succeeded by a newly constituted ad-hoc committee with the same mandate.”

Akin added, “To ensure the efficacy and independence of this investigation, the new committee will consist of honourable members selected for their expertise, competence, and integrity.

“The House remains committed to addressing these vital issues and ensuring thorough oversight. Further details on the new committee’s operations will be provided in due course.”

Related Topics:House of Representatives Reps

Up Next

JUST IN: IPOB Asks For Referendum, Says Igbo Ready To Exit Nigeria

Don't Miss

JUST IN: Govt Declares 24-hour Curfew As Rioting Continues In Kaduna Communities

Comments

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

35 minutes ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

56 minutes ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

3 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.