Business

Petrol Hits N1,500 Per Litre In Benue

Published

1 year ago

September 4, 2024

The price of petrol, Tuesday afternoon, surged to N1,500 per litre leaving motorists and commuters stranded and angry.

Before the sudden increase in the pump price by the NNPC, the price of the product hovered around N930 and N1,000 per litre outside the two NNPC Mega stations in Makurdi town that hardly have supply but sold the product at N617 per litre whenever they had to dispense to the public.

On Tuesday afternoon, most filling stations in Makurdi were locked up probably without products to sell to desperate motorists but the few that had products sold between N980 and NN1,100 per litre.

However black marketers who were seen doing brisk business around the town were selling at N1,500 per litre.

The two NNPC Mega stations in the town had fuel and dispensed at N898 per litre.

But both had endless queues of cars, buses and motorbikes of desperate buyers who cursed and lamented as they struggled to get the product.

Meanwhile, it was gathered that most petrol stations outside the state capital were selling the product for as high as N1,250 and N1,300 per litre.

A civil servant, James Tarr who was seen on the queue at the NNPC Mega Station on New Otukpo Road, could not hide his anger and frustration wondering why the present administration opted to subject Nigerians to untold hardship.

He said, “why is the Federal Government doing this to Nigerians. How can they toy with the wellbeing of Nigerians by increasing the pump price of fuel when we cannot feed our families and meet family commitments because of their bad anti-people policies.

“This government is obviously clueless. They should know that by increasing the pump price of fuel inflation will continue to rise and Nigerins wouldl be driven into poverty the more.

“Who are the economic advisers of this government? They are making Nigerians poorer and hungrier with their policies and they should know that a hungry man is an angry man. The massage I want to pass to this government is that they have failed Nigerians and it is very sad that we are here as a nation because of bad leadership.”

Business

Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians

Published

1 day ago

December 23, 2025

Editor

Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.

The company disclosed this in a statement on Sunday.

The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.

It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.

“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”

Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.

DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.

However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.

Business

Naira Records Significant Appreciation Against US Dollar

Published

1 day ago

December 23, 2025

Editor

The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.

The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.

This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.

Business

CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments

Published

1 week ago

December 16, 2025

Editor

The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.

The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.

According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.

“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.

Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.

The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.

Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.

Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.

The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.

The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.

The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.

This means the two financial institutions can no longer operate as licensed financial institutions.