Business
Oil Marketers Raise Alarm As NNPCL Portal Shutdown Halts Petrol Purchase
Published
10 months agoon
By
Editor
Oil marketers have raised alarm that the Nigerian National Petroleum Company Limited, NNPCL, portal used for the purchase petrol has been shut against dealers, making it impossible for them to apply for the commodity.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike disclosed this in a statement on Wednesday.
According to him, marketers have more than 2,000 pending tickets for the purchasing of 45,000 liters of petrol, hinting that the situation may lead to another round of fuel scarcity nationwide.
READ ALSO: NNPC Releases Another Estimated Petrol Price Breakdown
“I can’t confirm the price now because the portal is still shut down.
“We have more than 2,000 tickets for 45,000 liters (of petrol). That is 45,000 multiplied by 2,000, you can now know the number of million liters it will be. This is just an estimate, you know I don’t work with NNPCL and I don’t know what is on their system,” Ukadike stated.
He added that a 45,000-litre truckload of PMS is around N39.5 million, making N79 billion when multiplied by 2,000.
Reacting to the development, the spokesperson of NNPCL, Olufemi Soneye admitted that the state-owned firm shut the portal due to significant backlog to address.
Soneye explained that the shutdown became necessary to stop NNPCL from holding marketers’ capital for too long.
READ ALSO:Direct Lifting Of Petrol From Dangote Will Crash Prices, Oil Marketers Assure Nigerians
“We have a significant backlog to address. The closure is intended to prevent us from holding marketers’ funds for an extended period,” Soneye had explained.
He, however, assured marketers that the portal would be reopened after the backlog had been reduced.
“It will be reopened once the backlog has been sufficiently reduced. We are working to address it as soon as possible,” he told our correspondent.
Marketers who spoke with our correspondent confirmed that NNPCL was expediting actions to clear the backlogs as of the weekend.
Though NNPCL did not disclose the value of the ‘huge backlogs’, independent marketers said they have over 2,000 tickets yet to be cleared with NNPCL.
The Petroleum Retail Outlets Owners Association of Nigeria also confirmed that its members could not access the NNPCL purchasing portal.
PETROAN President, Billy Gillis-Harry, confirmed this in a phone conversation with Newsmen.
“The portal shutdown affects us too, we are all buying from NNPCL,” he said briefly.
Meanwhile, the marketers noted that they have since been patronising private depot owners, who sell petrol to them at a premium.
This, they said, informed why the product is more expensive in their filling stations than in outlets owned by the NNPC and the major marketers.
It was gathered that the marketers usually bid for PMS through the NNPCL portal.
According to them, payments will be made through the same channel while the marketer waits for months to get the product.
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Business
Naira Records Three Straight Depreciations Against Dollar As Foreign Reserves Drop
Published
2 days agoon
July 24, 2025By
Editor
Nigeria’s naira continued its depreciation streak against the dollar at the official foreign exchange market on Wednesday for the third straight time this week.
The Central Bank of Nigeria’s exchange data disclosed that the naira dropped again to N1,535.61 per dollar on Wednesday from N1,535.24 traded on Tuesday.
This means that the marginal weakening to 0.37 against the dollar on a day-to-day basis.
From Monday to Wednesday this week, the naira has shed N3.07 against the dollar at the official exchange market.
READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market
Meanwhile, at the black market, the naira remained stable at N1,540 per dollar on Wednesday, the same rate as the previous day for the majority of Bureau De Change Operators in Wuse Zone 4, Abuja.
This comes as the Central Bank of Nigeria Governor, Olayemi Cardoso, in his communique after the 301st Monetary Policy Committee held this week, said the country’s external reserves stood at $40.1 billion as of July 18, 2025.
However, checks on CBN’s website on Thursday showed that Nigeria’s external reserves had dropped to $38.37 billion as of July 22, 2025.
Business
French Media Giant Acquires MultiChoice In $3bn Deal, Gains Full Control Of DStv, GOtv
Published
2 days agoon
July 23, 2025By
Editor
French media conglomerate Canal+ has officially acquired full ownership of MultiChoice Group, the parent company of DStv and GOtv, in a landmark $3 billion (approx. 55 billion rand) deal. The acquisition, which gives Canal+ the remaining 55% stake it did not previously own, was approved by South Africa’s Competition Tribunal on Wednesday, July 23.
The approval comes after months of intense negotiations and regulatory reviews, and paves the way for the deal to be finalized by October 8, 2025. While the Tribunal gave the green light, it imposed several public interest conditions to protect local content and maintain South Africa’s media sovereignty.
For Canal+, the deal represents a major strategic expansion into Africa’s booming media and entertainment market. Already operating in 25 African countries with over eight million subscribers, Canal+ is now positioned to significantly scale up its presence, targeting 50 to 100 million subscribers across the continent in the coming years.
MultiChoice, Africa’s largest pay-TV broadcaster, brings more than 14.5 million subscribers in 50 sub-Saharan African countries, as well as flagship platforms like DStv and GOtv. The company is also home to premium content brands such as SuperSport, making it an attractive acquisition for the French media powerhouse.
READ ALSO:MultiChoice Cuts DStv Decoder Price By 50% To Attract Subscribers
Describing the deal as transformative, Canal+ CEO Maxime Saada said: “The combined group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies.”
One of the key benefits of the merger is the integration of Canal+’s French-language content with MultiChoice’s dominant English and Portuguese offerings—creating a multilingual media powerhouse capable of serving diverse African audiences.
Beyond strategic value, the acquisition is also a timely boost for MultiChoice. The deal is expected to inject fresh capital into the South African broadcaster, enabling deeper investment in local content production, technology upgrades, and digital innovation.
READ ALSO:MultiChoice Cuts DStv Decoder Price By 50% To Attract Subscribers
As part of the Competition Tribunal’s conditional approval, Canal+ has committed to spend approximately 26 billion rand over the next three years on initiatives aligned with South Africa’s public interest objectives. These include retaining MultiChoice’s headquarters in South Africa, maintaining investment in local content and sports broadcasting, and supporting local content creators.
In a joint statement, both companies reaffirmed their commitment to the South African media ecosystem: “We will maintain funding for South African general entertainment and sports content, providing local content creators with a strong foundation for future success.”
Canal+ began its takeover bid in 2023 with a mandatory buyout offer of 125 rand per share, valuing MultiChoice at around $3 billion. With full ownership now secured, the French media giant is poised to redefine Africa’s pay-TV industry, tapping into its vast potential and shifting the competitive

Nigerian National Petroleum Company Limited has reduced its premium motor spirit price for the second time in one week.
It was observed on Wednesday, that the state-owned oil firm has adjusted its petrol price to N890 per litre from N895.
This represents an N5 per litre downward price review when compared to its earlier N895 pump price.
NNPCL retail outlets along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and others in Abuja have adjusted their pumps to the new price.
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The latest adjustment comes barely a week after the company implemented a retail price slash.
While NNPCL retail outlets dispense fuel at N890 per litre, Dangote Refinery’s retail partners, such as AP Ardova, Optima, MRS, and Bovas filling stations, sell at N885 per litre.
The Independent Petroleum Marketers Association of Nigeria’s National President Abubakar Maigandi told DAILY POST earlier that fuel prices will continue to fluctuate because of the deregulation of the oil and gas downstream sector.
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