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Rivers: Fubara Backers Go Spiritual

Scores of supporters of the suspended Rivers State Governor, Siminalayi Fubara, gathered on Monday across the state’s local government areas to pray for his reinstatement. Under the banner of the ‘Simplified Movement’, supporters—predominantly women—gathered across the 23 local government areas on Easter Monday for praise and prayer sessions. The gatherings featured songs, dancing, and prayers, symbolising a call for divine intervention in what they described as a troubling phase in the state’s governance. Speaking in Ahoada East LGA, a leader of the group, Stephen Ihua-Maduenyi, said the timing of the sessions with the Easter celebration was significant. “Our Lord Jesus Christ resurrected, and we are here to celebrate that and call on Him to do the same for our Governor. We believe President Tinubu is a democrat and will act in Rivers State’s best interest,” Ihua-Maduenyi said. Similarly, the suspended Commissioner for Education, Dr. Ovy Chukwuma, drew parallels between the biblical resurrection and Fubara’s political battle. “They tried to bury us in Rivers State, but we are alive. Rivers State is alive, and Rivers State is with Governor Siminalayi Fubara,” he declared, drawing loud cheers from participants. Supporters reiterated their faith in President Tinubu’s ongoing efforts to manage the crisis, expressing optimism that it would culminate in Fubara’s return to office and the restoration of peace and stability in the state. Meanwhile, Lere Olayinka, media aide to the Minister of the Federal Capital Territory, Nyesom Wike, has fired back at human rights lawyer, Femi Falana (SAN), over his recent analysis of the Supreme Court judgment concerning the Rivers Assembly crisis. Falana had argued during a national television interview that the apex court’s ruling did not address the issue of who is the legitimate Speaker of the House, nor did it settle the controversy surrounding the defection of 27 lawmakers from the ruling party. However,  Olayinka, Senior Special Assistant on Media to Wike, described Falana’s comments as misleading and inaccurate. In a statement issued in Abuja on Monday, Olayinka said it was precisely the Supreme Court’s ruling that led Justice Emmanuel Obile of the Federal High Court, Port Harcourt, to dismiss a case filed by the Labour Party challenging the defected lawmakers. “But Falana went on television to misrepresent the ruling by claiming the Supreme Court didn’t address the defection. That’s simply not true,” Olayinka stated. He further criticised Falana’s assertion that three lawmakers could validly perform legislative functions, citing Section 96(1) of the 1999 Constitution, which requires a one-third quorum of the House. Olayinka also took issue with Falana’s stance on criteria for membership in the Body of Benchers, calling it “funny and ridiculous.” He said Wike earned his place through significant contributions to legal education, including infrastructure at the Nigerian Law School campuses in Port Harcourt, Yenagoa, and Bwari. Olayinka described Falana’s recent comments as “funny and ridiculous,” especially the lawyer’s claim that only those who have argued cases at trial or appellate courts are qualified to be considered for elevation to Life Bencher status. “In Falana’s mind, if you haven’t handled cases in court, you’re not a lawyer. By that logic, how did he himself become SAN?” Olayinka asked. He defended Wike’s recent admission into the Body of Benchers, attributing it to his immense contributions to legal education and infrastructure in Nigeria. “As Governor of Rivers State, Wike was instrumental in establishing and developing the Nigerian Law School campus in Port Harcourt, now regarded as the best centre for legal education in the country. He also developed facilities at the Yenagoa campus—including a 1,500-capacity hall and 200-bed hostels for both male and female students,” Olayinka said. He noted that as FCT Minister, Wike is currently building a 10-unit residential quarter for the Nigerian Law School in Bwari, Abuja, and has provided operational vehicles to support its operations. “Now, the question is: what has Falana done for the legal profession?” he asked. “Even in his home state of Ekiti, there’s no known legacy. The Bar Centre in Ado-Ekiti was built by Aare Afe Babalola (SAN), and the one in Ikere-Ekiti by Chief Wole Olanipekun (SAN). Aare Afe Babalola has been sponsoring NBA annual lectures and providing medical assistance to lawyers through his teaching hospital. What has Falana done? Nothing.” Olayinka further mocked Falana’s failed foray into politics, referencing his unsuccessful bid for governor in Ekiti State. “He failed woefully when he tried politics. Even his SAN title came long after his peers had received theirs.”

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Nigerias Excess Crude Account Still At $473,754 Accountant-General

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Marketers Decry Losses As NNPC Drops Petrol Price To N880/litre

Petroleum product marketers on Monday lamented their losses as the Nigerian National Petroleum Company Limited reduced the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja. From N925, some NNPC retail outlets in Lagos changed their pump price to N880 on Easter Monday, while those in Abuja adjusted from N950 to N935. The NNPC price reduction came barely a week after the Dangote refinery lowered its ex-depot price from N865 to N835 per litre. The $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East. The PUNCH observes that the new NNPC price in Lagos is N10 lower than that of the Dangote refinery, signalling another price war between the two companies. Our correspondent reports that some NNPC filling stations are still selling at the old rate. But marketers said these stations were given the liberty to exhaust old stock before adjusting to the new prices. In an interview with our correspondent, the National Vice President of the Independent Marketers Association of Nigeria, Hammed Fashola, confirmed the price reduction, stressing that filling station operators were losing money. He told our correspondent that NNPC Retail sent a memo to its outlets to effect the new prices. “It is confirmed that NNPC has reduced PMS prices. It is now N880 per litre in Lagos. They sent messages to their retail outlets. Some of them have already put the price at N880. However, they allow those having old stock to continue selling at the old rate. Some are still selling at N910. “Those are the ones that still have their old stock. So, the same thing applies to independent marketers. Those that have their old stock are still trying to see how they can dispense it,” he stated. While acknowledging that the fluctuation in fuel prices is one part of deregulation, Fashola declared that marketers are losing money. “The price reduction is a welcome development, but at the same time, it has a negative impact on the side of the marketers. We are losing money. That’s just the truth. We are losing money. That’s the bitter truth,” he said. According to him, the price cuts are good for the masses, but marketers pay the price. “On the side of the masses,  Nigerians are better for it. People are getting cheaper fuel now, which is good. That’s the beauty of deregulation that we are talking about. There’s nothing anybody can do about it. But marketers are the ones bearing the losses, seriously. Asked if there is any way to reduce the losses, he replied, “On the part of marketers, what we can do is just to try as much as possible to try and sell. We will reduce prices to a level that, at least, our losses will not be too much. So, you will be able to get rid of your old stock before you go to the market to buy at the new rate and start selling at the new rate. On whether the petrol price could drop to N800 or N700 soon, Fashola refused to make projections. “I don’t want to predict that. You know, two major factors determine this – the crude oil price and our exchange rate. So, I don’t want to predict the price. All these things have their implications. If the crude oil comes down to something like $50 per barrel, it has its own implications for our economy. It will affect the government revenue. At the same time, inflation and all that are also there. So, I don’t want to predict that,” he stated. Recall that the Dangote refinery resumed price cuts after the Federal Government directed that the naira-for-crude deal should continue indefinitely.

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NNPCL Sells N336bn Crude To Dangote, Foreign Refiners Report

The Nigerian National Petroleum Company Limited generated N336.37bn from crude oil sales in the first quarter of 2025, with Dangote Petroleum Refinery accounting for over 32 per cent of the transactions, according to findings by The PUNCH. The details were contained in internal documents from the NNPCL, submitted at the Federation Account Allocation Committee meetings, and obtained by The PUNCH on Monday. The documents showed that crude supplies to Dangote refinery amounted to N107.44bn within the three-month period. The crude was sold at unit prices ranging from $74.87 to $80.34 per barrel, using exchange rates between N1,501.22/$ and N1,562.91/$. The PUNCH further learnt that the transactions were executed using exchange rates recommended by the African Export-Import Bank. One of the documents seen by The PUNCH read, “The Dangote domestic lifting is payable in naira based on Afrexim Bank advised exchange rate.” The sales formed part of the naira-for-crude deal introduced by the Federal Government to ensure domestic crude supply to the 650,000-barrel-per-day Lagos-based refinery. As part of moves to reduce the strain on the US dollar and guarantee the price stability of petroleum products, the FEC in July 2024 directed the national oil company to sell crude oil to Dangote refinery in naira, rather than in the US dollar, for an initial phase of six months. The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024, to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices. However, in March, Dangote refinery said it had temporarily halted the sale of petroleum products in naira. The refinery said the decision to halt sales in naira was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars”. After an initial delay, the Federal Executive Council eventually directed the full implementation of the suspended naira-for-crude agreement with local refiners. It stated that the initiative with local refineries is not a temporary measure, but a “key policy directive designed to support sustainable local refining.” Following the continuation of the naira-for-crude deal, the Dangote refinery announced a further reduction in the price of Premium Motor Spirit, popularly known as petrol. The refinery slashed its ex-depot price to N835 per litre, marking its third price cut in less than six weeks. The latest adjustment reflects a 3.5 per cent decline in the ex-depot rate, as the refinery continues to lower costs to reflect the naira-denominated crude supply framework agreed under the renewed naira-for-crude arrangement. Findings by The PUNCH showed that seven cargoes were delivered to Dangote refinery, totalling 915,821 barrels sourced from the Okwuibome field operated by Sterling Oil Exploration & Energy Production Company under Production Sharing Contracts. The Okwuibome oil field, operated by SEEPCO, is a significant onshore asset located in Nigeria’s Niger Delta region. SEEPCO, a subsidiary of the Sandesara Group, has been instrumental in developing the field, contributing to Nigeria’s crude oil production through its operations. The PUNCH earlier reported that the Federal Government, through the Nigerian Content Development and Monitoring Board, said it would take action to address SEEPCO’s alleged anti-labour practices. The board also recalled how Sterling Oil had repeatedly violated its local content directives, stating that it would not fail to sanction firms that flagrantly flout the provisions of its laws. The members of the Petroleum and Natural Gas Senior Staff Association of Nigeria, led by their President, Mr. Festus Osifo, staged a protest at SEEPCO’s headquarters on Victoria Island, Lagos, over the company’s alleged anti-labour practices and expatriate abuses. Osifo criticised the management of Sterling Oil for abusing the expatriate quota system, which he said led to discrimination against skilled Nigerian workers in the oil and gas sector. He accused the company of discriminatory practices, monopolising jobs that Nigerians are qualified to perform with the Indian nationals. The NCDMB expressed delight that PENGASSAN served as a whistleblower over the alleged expatriate quota abuse by the management of Sterling Oil, assuring the union and the general public that it would investigate the matter exhaustively and take necessary actions. The board confirmed that it had “sanctioned SEEPCO a few years ago for gross violations of the NOGICD Act.” It added that it had recently started engaging with the company for the same reasons. Sterling Oil was reported to have sought an out-of-court settlement and committed to addressing compliance issues and undertaking remediation in 2020. It reportedly completed the training of 40 Nigerians in 2022; however, the employment commitment was not fulfilled. The NCDMB said it has requested statutory submissions from SEEPCO and scheduled a performance review session for March 2025. Amid the scandal, the company’s field’s output plays a crucial role in the country’s oil sector, with its crude being supplied to refineries, including the Dangote Petroleum Refinery. The documents obtained by The PUNCH showed that the due dates attached to the transaction invoices ranged from 16 January to 22 March 2025. The earliest due date in the record was 16 January 2025, tied to two liftings made aboard Gulf Loyalty on 2 December 2024. The first of the two cargoes carried 99,737 barrels at a unit price of $74.8738 per barrel, yielding $7.47m, which was converted to N11.67bn at an exchange rate of N1,562.91. The second cargo moved 50,000 barrels at the same unit price, with a dollar value of $3.74m and a naira equivalent of N5.85bn. Two further shipments were due on 7 February 2025. These were lifted on 3 January 2025 aboard the vessel Almi Voyager. The first involved 216,584 barrels priced at $80.34 per barrel, generating $17.40m and converted to N26.82bn at an exchange rate of N1,541.36. The second shipment moved 49,500 barrels at the same unit price, generating $3.97m and converted to N6.13bn. The remaining three transactions had due dates set for March 2025. Two of them, lifted on 15 February 2025 aboard Sonangol Kalandula, had a due date of 22 March 2025. The first carried 50,000 barrels at $75.895 per barrel, with a value of $3.79m, which translated to N5.69bn at an exchange rate of N1,501.22. The second, the largest single shipment in the period, involved 300,000 barrels at the same price, amounting to $22.77m and generating N34.18bn. The final entry, also lifted aboard Sonangol Kalandula, was recorded with a Bill of Lading dated 15 February 2024 but had a due date of 21 March 2024. The 150,000-barrel cargo generated $11.38m and was converted to N17.09bn at the same exchange rate. In total, the 915,821 barrels sold within the due date window of 16 January to 22 March 2025 were worth $70.54m in foreign-currency value and N107.44bn in naira. The exchange rates used ranged between N1,501.22 and N1,562.91 to the dollar, based on recommendations by Afreximbank for naira-based trade settlements. The naira-for-crude policy was designed to conserve foreign exchange, support the naira, and prioritise crude supply to domestic refineries. The Dangote Refinery is the biggest beneficiary of the initiative so far, having received multiple cargoes under the scheme. Although the policy experienced a temporary suspension in March 2025 following the expiration of the initial agreement, government officials have confirmed ongoing efforts to renew and restructure the deal. A technical subcommittee comprising representatives from the Ministry of Finance, NNPC Ltd, and the Dangote Refinery has been established to refine pricing models, address currency flow imbalances, and ensure continuous delivery under revised terms. The PUNCH further learnt that the NNPCL realised over N228bn from the sale of crude oil sourced from Egina, Erha, and Forcados Blend fields within Q1 2025 from other PSC transactions not linked to Dangote Refinery. NNPCL exported 1.95 million barrels of crude to foreign refiners, earning $151.44m or N228.93bn at the recommended exchange rates. According to documents seen by The PUNCH, four separate transactions were executed through NNPC Trading under standard PSC terms, involving crude liftings between December 2024 and February 2025. The first of the four transactions occurred on 24 December 2024, with a cargo of 400,000 barrels of Egina crude lifted aboard Baghdad under Invoice PSC.12.24.010. The shipment, with a due date of 28 January 2025, was priced at $77.8338 per barrel, generating a sales value of $31.13m. Using the provided exchange rate of N1,477.22 to the dollar, the naira-equivalent amounted to N45.99bn. Another significant sale involved 550,501 barrels of Erha crude lifted on 6 January 2025 aboard Aquafreedom, under Invoice PSC.01.25.007, and due for settlement by 10 February 2025. The cargo was priced at $74.9038 per barrel and valued at $41.23m. At an exchange rate of N1,491.49, the transaction yielded a naira equivalent of N61.50bn. On February 4, 2025, NNPC Trading lifted 12,000 barrels of Forcados Blend crude aboard Almi Voyager, under Invoice PSC.02.25.011. The crude was sold at $76.405 per barrel, generating a total value of $916,860. The exchange rate used for this conversion was N1,535.82, resulting in N1.41bn in naira revenue. The due date for this shipment was set for 11 March 2025. The highest volume transaction in the period was the lifting of 990,158 barrels of Egina crude aboard Apache on 20 February 2025, with a due date of 27 March 2025. This cargo, priced at $78.935 per barrel and valued at $78.15m, was converted at an exchange rate of N1,535.82, bringing in a total of approximately N120.04bn. The cumulative revenue from these four shipments totalled approximately $151.43m, yielding over N228.94bn in naira. All crude grades sold—Egina, Erha, and Forcados Blend—were lifted under the PSC regime from fields operated by TUPNI (Total), ESSO (ExxonMobil), and Pan Ocean. The PUNCH learnt that for these four transactions, the exchange rate was provided by the Central Bank of Nigeria. The documents further showed that foreign export sales were presented at lower exchange rates, ranging between N1,477.22 and N1,535.82, compared to the higher rates used for domestic supplies to Dangote Refinery, which peaked at N1,562.91/$. The disparity reflects ongoing volatility in the official exchange rate and highlights the pressure on NNPCL to balance foreign exchange earnings with domestic energy supply obligations.