Business

Subsidy: Nigerians Indict NNPC, Accuse Successive Govts Of Complicity

Published

3 years ago

December 3, 2022

… Want Warri, Port Harcourt, Kaduna Refineries Fixed

By Joseph Ebi Kanjo, Benin

Nigerians have called on the Federal Government to be more decisive with the issue of subsidy for petroleum products in the overall interest of the masses.

Participants at a weekly discussion programme of the African Media Hangout, a platform made up of a group of diverse media professionals made the call weekend.

Discussants at the weekly programme included Professor Tony Afejuku of the University of Benin, Benin City; Pa Patrick Omhonriawho; a Publisher, Oray Osawe, and a retired News Agency Nigeria Editor, Mr. Celsius Ohain, among others.

In his contribution, Prof Tony Afejuku of the University of Benin identified Nigeria’s major problem as that of leadership, which according to him is the cause of the “subsidy woes.”

While calling on journalists to carry out their watch dog role by doing more investigation in the mystery behind fuel subsidy in Nigeria, Prof. Afejuku urged citizens to protest against fuel problem (scarcity) which he said has become a source of trauma, pains to Nigerians.

He said: “Nigeria has only one huge problem. What is this huge problem? The huge problem of leadership. It is the cause of our subsidy woes. With or without subsidy Nigeria will be the progressive country we want it to be if we have the right leadership; if our political leaders are political leaders and not political rulers.”

Another contributor with the username Mr Oyo said fuel subsidy is not the problem but “issue of greed and pursuit of wanton wealth at the expense of Nigerians by the country’s petroleum company, the NNPC and its management.”

Questioning Why the NNPC should be the sole importer of fuel since Nigeria fails to refine her crude, Mr. Oyo said: “Until Nigeria refines her crude locally, the solution lies in deregulation of the market so that importers can set up an independent monitoring body.”

On his part, ORay Osawe, Publisher, Navigator Newspapers, also accused the NNPC of defrauding the nation’s treasury with the payment of subsidy.

He added that since successful governments have failed to stop the payment of subsidy, it means the government itself is complicit in the fraud.

He asserted: “The NNPC has feasted on the governments’ magnanimity and is defrauding the Nigerian people in the subsidy payment.

“The problem is that top government officials are colluding with the NNPC to rape the Nigerian masses in the name of subsidy.

“This explains why successive governments lack the political will to stop the subsidy by not breaking the NNPC’s monopoly. In essence governments has been complicit, especially with a President overseeing the Petroleum Ministry.”

Also contributing to the discussion, Elder Patrick Omhonriawho popularly called PGO viewed the problem of subsidy from multiple perspectives, saying “leaders slow pace of decision making with a bicameral legislature; lack of leadership and corruption in every facets of government are a major banes.”

He added: “Our leaders slow pace of decision making with a bicameral legislature has not helped matters. This is visible in contract awards for building roads, bridges, fuel depots and rail lines.

“Lack of leadership and corruption in every facets of government is a major issue.” (Sic)

On his part, Elder Celsius Ohain, a retired Editor of News Agency of Nigeria (NAN) posited that “Fuel subsidy has become somewhat of a mysterious phenomenon in Nigeria because of the aura of secrecy and controversy that surrounds it over the years.”

According to him, “as a nation, our ‘subsidy’ does not seem to meet that acceptable universal stand but has instead become a means to bleed the nation financially.”

While noting that many persons who condemned subsidy while seeking power do the same thing when they get to power, the media practitioner urged government to fix the nation’s refineries so as to stop the importation of fuel cum subsidy.

He added: “Successive governments have done exactly the same thing they condemned on their journey to power, thus making ‘subsidy’ a jinx the nation has found it difficult to extricate itself from.

“Few years ago, there was a subsidy probe and cans or rather, drums of worms were exposed about people getting paid for importing ‘fuel’ with non-existent vessels on high seas.

“The critical question is: Why continue to import finished products when our refineries which remain in comatose could be fixed to enable local refining and export of finished product?

“Why can’t the Warri, Port Harcourt and Kaduna refineries come to life? These are begging questions. Suffice it to say that successive governments have shown lack of political will to do the needful as the lure of ‘free monies’ flowing therefrom is too attractive to ignore.”

Business

NNPCL Raises Fuel Price

Published

1 week 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

2 weeks 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

2 weeks 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.