Business

Why Cooking Gas Prices Are Rising – Marketers

Published

2 months ago

October 8, 2025

Nigerians have expressed concern over another hike in the price of cooking gas, with a kilogram now selling for as high as ₦2,000 in some parts of the country.

According to gas marketers, the increase has little to do with any official price adjustment.

The Nigerian Association of Liquefied Petroleum Gas Marketers has attributed the surge in cooking gas price to temporary supply disruptions and market exploitation by some operators.

The association’s National President, Oladapo Olatunbosun, stated this on Wednesday while speaking on Channels Television’s The Morning Brief.

He said there had been no official increment in the price of Liquefied Petroleum Gas, blaming the hike on opportunistic marketers taking advantage of supply gaps caused by the recent strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria against the Dangote Refinery.

He said, “I sympathise with Nigerians as the President of NALPGAM because we never intended to have a situation like this.

“I must say it categorically that prices of cooking gas have not gone up. No increment has been done officially.

“What is happening is that some marketers are taking advantage of the shortage in supply and the market forces that have increased demand. They are cashing up to make good money, which is wrong.

“We frown at this as an Association, and I’m happy that by the grace of God, normalcy will return in the next few days.”

Channels TV reports that prices of LPG, which previously averaged between ₦1,200 and ₦1,300 per kilogram, have in recent days risen to between ₦1,700 and ₦2,000, and as high as ₦3,000 in some areas.

Olatunbosun explained that the current situation was artificial and temporary, noting that normal supply and pricing were expected to stabilise in the coming days.

He said the problem began when Dangote Refinery, which had previously improved domestic supply by eliminating middlemen, embarked on maintenance and renovation that slowed truck loading.

He stated, “Before the strike, when you load from Dangote, he sends out about 50 trucks per day, which is good because it served the South West and some part of the North well, and if you add it to what you get from Apapa, and other depots in Lagos, because they also source their products from IOCs and other producers.

“Dangote came in with his own strategy, selling directly to offtakers. That made importation not to be attractive. You won’t be able to compete if you import because you are likely to incur losses.

“But at a time, Dangote also commenced renovation/maintenance, which affected loading. Trucks started spending like 14 days at Dangote yard before they could get products.

“So, marketers switched to Apapa, and nobody felt the impact.”

According to him, while the refinery was undergoing maintenance, marketers turned to Apapa depots for supply, but the subsequent PENGASSAN strike disrupted vessel discharges and inspections, drying up stocks.

“When Dangote finished renovation, and we were about to commence full loading, the strike came in. Although Dangote didn’t stop production, everybody had rushed to Apapa, and it was now out of product, and all the depots there were dry.

“The only vessel that came in from NOJ axes was meant to supply three depots could not berth because of the strike. And even when it berthed, the officers to inspect it weren’t on the ground because of the strike, and that caused about five days’ loss, and the real impact of the backlog became obvious.

“Now that the strike is off, the product has been discharged, and they are trucking out. But because everywhere is dry and the South West is the only place that consumes the largest amount of LPG in Nigeria,” he added.

He said the backlog from the delay worsened the scarcity, particularly in the South-West, which he said consumes the largest share of LPG in Nigeria.

Olatunbosun added that the country’s national LPG consumption had increased from about 1.2 million metric tonnes three years ago to nearly two million metric tonnes, further straining supply whenever there were disruptions.

He advised consumers to buy directly from registered gas plants, noting that those buying through middlemen or third parties were likely to pay inflated prices.

Olatunbosun said, “If you buy a product from a third party, fourth party, the chain has been extended, then the price is going up, which is quite illegal. Just like you buy petrol on the road for people who carry kegs, they will sell it at exorbitant prices. So if you go to gas plants, the price you can buy today is 1,300 maximum.

“People who are claiming to buy gas at 1700 did not disclose the source of their purchase. If you are buying from a third or fourth party, then catch on, and the prices increase.

“But if you buy from gas bottling plants, my members, you will not buy as high as that. Average price within my members in Southwest today is between N1000 to maximum of N1300, depending on the location and the kind of overhead they incur to get the gas into the plant. Before this artificial scarcity, the prices were being sold at 1,050 in some places, N950. So the highest you could get from a gas plant today is N1300, depending on if it’s a very remote area.”

The NALPGAM president assured Nigerians that the association was working with relevant authorities to stabilise supply.

Business

Full List: 82 Newly Approved, Fully Licensed BDC Operators

Published

3 days ago

December 9, 2025

Editor

The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) operators under its revised regulatory framework, reinforcing warnings against transactions with unlicensed foreign exchange dealers.

In a statement on Monday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, confirmed that the licences took effect on November 27, 2025, in accordance with the 2024 Regulatory and Supervisory Guidelines for BDC Operations. The guidelines require all operators to meet specified capital thresholds and regulatory conditions to qualify for licensing.

“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.

The apex bank emphasised that only BDCs listed on its official website are considered fully licensed, urging the public to verify the status of any operator before engaging in foreign exchange transactions.

“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.

The CBN noted that operating a BDC without a valid licence constitutes an offence under Section 57(1) of the BOFIA 2020, and confirmed that legal action would be taken against non-compliant operators.

TIER 1

1 DULA GLOBAL BDC LTD

2 TRURATE GLOBAL BDC LTD

TIER 2

1 ABBUFX BDC LTD

2 ACHA GLOBAL BDC LTD

3 ARCTANGENT SWIFT BDC LTD

4 ASCENDANT BDC LTD

5 BARACAI BDC LTD

6 BERGPOINT BDC LTD

7 BRAVO MODEL BDC LTD

8 BRIMESTONE BDC LTD

9 BROWNSTON BDC LTD

10 BUZZWALLET BDC LTD

11 CASHCODE BDC LTD

12 CHATTERED BDC LTD

13 CHRONICLES BDC LTD

14 COOL FOREX BDC LTD

15 CORPORATE EXCHANGE BDC LTD

16 COURTESY CURRENCY BDC LTD

17 DANYARO BDC LTD

18 DASHAD BDC LTD

19 DEVAL BDC LTD

20 DFS BDC LTD

21 EASY CASH BDC LTD

22 ELELEM BDC LTD

23 E-LIOYDS BDC LTD

24 ELOGOZ BDC LTD

25 ENOUF BDC LTD

26 EVER JOJ GOLD BDC LTD

27 EXCEL RIJIYA FOREX BDC LTD

28 FABFOREX BDC LTD

29 FELLOM BDC LTD

30 FINE BDC LTD

31 FOMAT BDC LTD

32 GENELO BDC LTD

33 GENTLE BREEZE BDC LTD

34 GRACEFUL GLORY AND HUMILITY BDC LTD

35 GREENGATE BDC LTD

36 GREENVAULT BDC LTD

37 HAZON CAPITAL BDC LTD

38 HIGH-POINT BDC LTD

39 I & I EXCHANGE BDC LTD

40 IBN MARYAM BDC LTD

41 JOURNEY WELL BDC LTD

42 KEEPERS BDC LTD

43 KHADHOUSE SOLUTIONS BDC LTD

44 KIMMELFX BDC LTD

45 KINGSOFT ATLANTIC BDC LTD

46 M.S. ALHERI BDC LTD

47 MASTERS BDC LTD

48 MCMENA BDC LTD

49 MKOO BDC LTD

50 MKS BDC LTD

51 MR J GOLF BDC LTD

52 MUSDIQ BDC LTD

53 MZ FOREX BDC LTD

54 NEJJ BDC LTD LTD

55 NETVALUE BDC LTD

56 NEW WAVE BDC LTD

57 NOTABLE AND KINGSTON BDC LTD

58 PILCROW BDC LTD

59 RAPID BDC LTD

60 RIGHTWAY BDC LTD

61 RWANDA BDC LTD

62 SABLES BDC LTD

63 SAFETRANZ BDC LTD

64 SAMFIK BDC LTD

65 SEVENLOCKS BDC LTD

66 SHAPEARL BDC LTD

67 SIMTEX BDC LTD

68 SOLID WHITE BDC LTD

69 ST. NICHOLAS GLOBAL BDC LTD

70 TOPFIRST UNIQUE MULTICHOICE BDC LTD

71 TOPGATE BDC LTD

72 TRAVELLER’S CHOICE BDC LTD

73 TUCA GLOBAL BDC LTD

74 TURBOVA BDC LTD

75 TURN-UP BDC LTD

76 UNIGO BDC LTD

77 VICTORY AHEAD BDC LTD

78 WHITEWAY WWW BDC LTD

79 YUND GLOBAL LINK BDC LTD

80 ZAMAD FOREX BDC LTD

Business

CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators

Published

3 days ago

December 9, 2025

Editor

The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) under its updated regulatory framework and cautioned members of the public against engaging with unlicensed foreign exchange operators.

In a statement issued on Monday and signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the Bank said the licences became effective on 27 November 2025. The approvals were granted under the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.

The CBN stressed that only BDCs listed on its official website are recognised as licensed operators. It encouraged the public to verify the licensing status of BDCs before engaging in any foreign exchange transactions.

The Bank reiterated that running a BDC without proper authorisation constitutes an offence under Section 57(1) of the BOFIA 2020. It stated that enforcement actions would be taken against violators.

The licensing exercise forms part of the CBN’s broader initiative to reform the foreign exchange market and ensure that only compliant operators participate in the sector. Under the 2024 guidelines, which took effect in June 2024,
all BDCs are required to reapply for Tier 1 or Tier 2 licences.

The guidelines stipulate minimum capital requirements of ₦2 billion for Tier 1 and ₦500 million for Tier 2, along with non-refundable licensing fees of ₦5 million and ₦2 million, respectively.

The CBN said it would continue its efforts to maintain order and transparency in the foreign exchange market.

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

1 week ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.