The CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, says the ongoing instability in global oil markets is negatively impacting Nigeria’s economy.

He said while falling petroleum product prices may benefit consumers, the broader economic consequences are severe for Nigeria, which heavily relies on oil exports.

“As consumers, we are happy that the price is coming down, but…as a nation, it’s not good for our economy because our revenue inflow is also impacted,” Ahmed told State House Correspondents at the Meet-the-Press briefing series organised by the Presidential Communications Team at the Aso Rock Villa, Abuja, on Tuesday.

“Most importantly, what is even destabilising the market is inconsistencies in the way the USA President Donald Trump also sends his policies. He moves today. Tomorrow, he reverses. So, it’s been challenging to predict the next level,” Ahmed explained.

He cited a recent sharp drop in prices—from $73 to $60 per barrel in a single day—as an example of how revenue inflows are being disrupted.

Further compounding the crisis are domestic challenges, including pipeline vandalism and reduced production, he argued.

His comments follow recent OPEC reports indicating that Nigeria’s oil output has fallen to approximately 1.4 million barrels per day.

In recent weeks, Trump’s aggressive trade policies—including sweeping tariffs on goods from several nations, especially China, and threats of levies on other countries—have injected uncertainty into global markets.

These measures, often abruptly announced or reversed, have disrupted supply chains and investor confidence, contributing to fluctuations in commodity prices, including crude oil.

The oil market, already sensitive to geopolitical tensions and demand shifts, has seen added volatility as Trump’s tariffs and waivers sway economic forecasts.

For instance, when tariffs were imposed, oil prices often dipped on fears of slowed global growth, while exemptions or rollbacks triggered temporary rebounds.

Pundits say such instability complicates long-term planning for oil-dependent economies like Nigeria, where revenue hinges on steady crude prices.

The NMDPRA Chief told journalists: “Recently, as we all know, the global oil market – not only the oil market but the global economy – has been a bit volatile in the sense of the new American government’s policy of tariffs, not only targeted at China but at the whole world.

“Investors and traders not only in the oil and gas industry but also in the general economies of the world are moving left and right to the extent that some are doing day trading. That means you do your trading today. You close by the end of today because you never know what tomorrow’s policy will drive the market into.

“So the crude oil and petrol products market continues to have a downward trajectory because of these inconsistencies and policies of the government of the United States, and the key aspect of it is the aspiration of the American president to ensure that the crude oil pricing, or the crude oil price, comes down to maybe below $50 a barrel; that’s why he encourages more exploration in his country.”

Turning to the local implications, Ahmed acknowledged that while lower product prices benefit Nigerian consumers, the overall impact on the economy is negative.

He said, “So how does it relate to our own local industry regarding crude oil pricing, product pricing, demand and supply? We see a downward trajectory in terms of product pricing and crude oil pricing.

“So, we are happy as consumers of the derivatives of product pricing that the price is coming down, but when you look at it globally as a nation, it’s not good for our economy because our revenue inflow is also impacted.

“If the crude oil price, like what happened some Fridays ago, where it dropped in one day from about $73 a barrel to $60, you can see that in terms of our crude oil production, our revenue is impacted severely.”

The NMDPRA chief urged stakeholders to prepare for prolonged uncertainty in the oil sector.

He added, “This volatility will continue because as recently as yesterday, when President Trump again exempted some sectors from tariffs, particularly to China, like in terms of vehicular tariffs, you saw the market again start to go up.

“So, this is how it will continue to show, just to give you a general perspective of the oil industry.

“We recently had a report from OPEC that Nigeria’s production has come down to about 1.4 million barrels a day. If we lose the price by $10, you can see the negative impact on our economy, national reserves, and the strength of our naira. Again, when you look at the product market, we are happy to say, oh, the price is coming down.”

In a similar vein, Ahmed revealed that imports of premium motor spirit (petrol) have plunged from 44.6 million litres a day in August 2024 to 14.7 million by 13 April 2025—a fall of roughly 30 million, or 67 per cent, according to the latest Nigerian Midstream and Downstream Petroleum Regulatory Authority supply tracker.

This was as local supply rose 670 per cent within that period.

Ahmed said after contributing virtually nothing in August, local plants delivered 26.2 ML/day in early April, a jump from the 3.4 ML recorded in September, the first month with measurable output.

He hinged the surge on the phased restart of the Port Harcourt Refining Company in late November and incremental volumes from modular refineries.

Despite the progress, combined supply crossed the government’s 50 ML/day consumption benchmark only twice in the eight-month window—November (56 ML) and February (52.3 ML).

In March it slipped just below target at 51.5 ML, and in the first half of April, it remained short at 40.9 ML.

Figures from the NMDPRA also showed the balance among the three sources of PMS —Oil Marketing Companies, Dangote refinery and the Nigerian National Petroleum Company Limited — fared since last October.

OMCs raised average daily imports from about 22 million litres in October 2024 to roughly 30 million litres in December, settling in the mid 20s. They now account for 55 60 per cent of all petrol on most days.

Meanwhile, deliveries from the Dangote Petroleum Refinery and Petrochemicals rose steadily from 10 ML/day in October to around 22 ML in January and February before easing to 18 ML by mid April 2025. The plant now meets about two fifth of national demand.

From 24 ML/day in October, the NNPCL volumes fell monthly, slipping to 1 ML in January and zero recorded supply after February, Ahmed revealed in his slide presentation.

The NMDPRA Chief argued that the authority only grants import licences relative to the country’s supply requirements.

On refining operations, he explained that six licensed private and four public refineries currently produce 1.12 million barrels per day.

Six licensed private plants account for 679,500 bpd of the total. The Dangote single train complex refines 650,000 bpd.

Other modular sites include Aradel (11,000 bpd), OPAC (10,000 bpd), Waltersmith (5,000 bpd), Duport Midstream Limited (2,500 bpd) and Edo Refining and Petrochemicals Company Limited (1,000 bpd).

State owned facilities add 445,000 bpd. The refurbished Port Harcourt complex (150,000 bpd), Warri (125,000 bpd), Kaduna (110,000 bpd) and the old Port Harcourt unit (60,000 bpd) make up the Nigerian National Petroleum Company Limited’s share.

The NMDPRA said it has issued 47 licences to establish covering 1.75 million bpd and 30 licences to construct for 1.23 million bpd. Only four plants currently hold licences to operate, and these together have a 27,000-bpd steady output.

Ahmed said five LTC projects with a combined capacity of 689,500 bpd are at the commissioning or construction stage, including Dangote with 650,000 bpd. Smaller builds include AIPCC Energy’s 30,000 bpd plant and Waltersmith’s 5,000 bpd second train.

[Punch]

The ongoing controversy surrounding the N300 million donation by the Rivers State Government under Governor Siminalayi Fubara to the Nigerian Bar Association (NBA) for its forthcoming Annual General Conference has become a subject of national discourse, legal curiosity, and political undertones.

Originally, the funds were received by the NBA as part of the traditional goodwill often extended by state governments to support the logistical and financial demands of hosting thousands of lawyers from across Nigeria. It is not uncommon, indeed it has become a norm for both public and private entities to donate generously to the NBA to help it meet the overwhelming obligations of its annual conference.

However, this year’s situation has taken an unexpected turn. While Port Harcourt, the capital of Rivers State, was initially considered as the host city for the 2025 NBA Annual General Conference, the venue was later changed to Enugu.

This change of venue was due to the action of President Bola Tinubu GCFR in setting aside democratically elected structures in the State and appointing a sole administrator, a retired security official to run the governance of the State for six months.

NBA leadership felt enraged and minced no words in condenming the action and demanding a reversal.

The newly-installed emergency government in Rivers State, under the control of the Sole Administrator Mr. Ibas, is now demanding a refund of the N300 million donation, asserting that the funds were expressly given for the purpose of hosting the conference in Port Harcourt. This contrasts sharply with the position of the NBA leadership, which insists the money was a general contribution, unsolicited and without express conditions, towards the conference.

The implication of this disagreement is significant. The Sole Administrator, whose very legitimacy has been called into question by the NBA and others, now alleges that the criticism of his emergence by the NBA may have been influenced by bias, pointing to the financial donation as a possible source of undue influence. The situation escalated further with the issuance of a threat of legal action against the NBA should the body fail to refund the money.

As a legal practitioner and a stakeholder in the NBA, I find the situation both curious and instructive. If this matter proceeds to court, it will no doubt offer a valuable opportunity to demystify and clarify the legality and propriety of professional bodies receiving financial support from government entities. This goes beyond the NBA, it extends to other associations such as the Nigerian Medical Association, Nigerian Union of Journalists, Nigerian Society of Engineers, and others.

The central legal and ethical questions are as follows:

1. Was the donation conditional or unconditional?

2. Was it a contractual obligation or a voluntary act of public goodwill?

3. Does the change of venue frustrate the intention behind the donation, assuming one existed?

4. Can a new government legally reclaim funds donated by its predecessor without clear evidence of misappropriation or fraud?

It will also be fascinating to see whether the now-suspended Governor Fubara will be compelled, either by the pending inquiry initiated by the Sole Administrator or through public pressure to make an official statement clarifying the intention behind the donation. That clarification could very well be the turning point in this escalating saga.

Until then, the NBA must remain calm, professional, and legally grounded in its response. Regardless of the eventual outcome, this moment will be remembered as one that helped shape jurisprudence on the obligations and boundaries of professional bodies in relation to government patronage.

We await the NBA’s next move. And perhaps more importantly, we await the voice of Governor Fubara. Will it be a bombshell? Time will tell.

Dr. Monday Onyekachi Ubani, SAN
Legal Practitioner and Public Affairs Analyst
Writes from Abuja.

Port Harcourt – The Rivers State Government has noted the statement by the NBA on the relocation the 2025 Annual General Conference (AGC) from Port Harcourt, Rivers State to Enugu State.

The Rivers State Government, however, outrightly rejects the NBA’s recent allegation that the ₦300 million payment made by the state was a "gift", unrelated to hosting rights for the NBA AGC 2025. For clarity, the Rivers State Government’s records show that the payment of ₦300 million to the NBA was made with the mutual understanding that Rivers State would host the 2025 edition of the NBA AGC.
The Rivers State

Government entered into this arrangement with the NBA in good faith, with the understanding that hosting the conference in the state would attract significant economic benefits to our state, positively and directly impact the businesses of our people. The NBA's unilateral decision to relocate the AGC 2025 against our mutual understanding and subsequent decision to withhold the ₦300 million paid for the purpose of hosting the NBA AGC 2025 in Rivers State is unethical and amounts to a breach of trust.

Failure of the NBA to immediately refund the ₦300 million to the Rivers State Government, will compel the implementation of all legal means to recover the property of the good people of Rivers State.

We reaffirm our willingness to engage in partnerships with all professional bodies, including the NBA, but we will not accommodate exploitation of our people and the Rivers State Government.
Signed:

Hector Igbikiowubo

SSA Media
Rivers State Government
Government House, Port Harcourt

The Governor of Anambra State, Professor Chukwuma Charles Soludo, CFR, has expressed warm felicitations to Dr. Onyechi Ikpeazu (Ezennia) SAN, OON, JP, FCArb, esteemed legal luminary on the auspicious occasion of his birthday.

In his goodwill message, Governor Soludo commended Dr. Ikpeazu's distinguished career as a proof of absolute dedication, intellectual prowess, and an unyielding commitment to the tenets of justice and the rule of law. 

His profound contributions to the Nigerian legal landscape, particularly within the realm of constitutional law, have earned him national and international acclaim. 

The Governor further noted that beyond his legal eminence, Dr. Ikpeazu's role as one of the leading lawyers in the country also underscores his steadfast dedication to the advancement of democratic principles and the promotion of good governance. 

Therefore, Governor Soludo wishes Dr. Ikpeazu, a very happy birthday celebration filled with good health, prosperity, and the fulfilment of his aspirations.

Signed,

Christian Aburime

Press Secretary to the Governor

Anambra government has called for legislation to ban the use of industrial oxygen in hospitals across the country, describing it as dangerous to public health.

The State Commissioner for Information, Dr. Law Mefor, made the call on Tuesday during a courtesy visit to Ms. Nwamaka Arinze, the Managing Director/Chief Executive Officer of the Anambra State Oxygen Production Plant in Awka.

Mefor expressed displeasure over the continued use of industrial oxygen in hospitals instead of pure medical oxygen, describing it as very dangerous for humans.

He emphasized that, “Since it has been proven that industrial oxygen is not good for human consumption, it should be a legislative issue. There should be a law against it, with clear punishments outlined for its usage.”

Mefor argued that without legislation, people will still opt for what they consider cheap, regardless of the consequences.

The commissioner noted that the use of industrial oxygen is widespread and called for strong legislation with severe punishment to curb this deadly practice.

He also pointed out that the National Agency for Food, Drug Administration and Control (NAFDAC) had recently shut down the Bridgehead Drug Market due to the sale of fake, expired, and banned drugs.

Mefor lamented that some traders place profit above human lives, stating that “The only way to really curb this menace is through legislation and enforcement of the law.” 

He acknowledged that the problem is not the absence of laws but the difficulty of enforcement, particularly in Anambra State, where challenges exist in ensuring that laws are applied effectively.

Mefor also pledged that the Ministry of Information would work closely with relevant authorities to raise public awareness about the dangers of industrial oxygen in hospitals.

Support for the legislation 

Earlier, Dr. Arinze, the MD/CEO of the Anambra State Oxygen Production Plant at Chukwuemeka Odumegwu Ojukwu University Teaching Hospital (COOUTH), Awka, voiced her support for the fight against the use of industrial oxygen in medical settings.

• Arinze condemned the use of industrial oxygen in hospitals and echoed the Commissioner’s call for legislation and strict enforcement.
• She expressed satisfaction that the Anambra State Oxygen Production Plant continues to produce pure medical oxygen and has a standby supply for emergencies.

However, she noted the challenge of educating some doctors who, despite knowing the dangers, still permit the use of industrial oxygen.

The cost of poor practices 

Arinze lamented that in Nigeria, autopsies are often only conducted in controversial cases. This practice means that when a patient dies after being administered industrial oxygen, families still end up paying the doctor before collecting the body.

She stressed the importance of healthcare professionals’ responsibility to save lives and build, rather than destroy.

[Nairametrics]

Former Osun State Governor, Rauf Aregbesola, has denied reports that he travelled to France to meet President Bola Tinubu.

The former Governor clarified that he is in Abuja; hence, there is no way he could have met Tinubu as speculated in some reports.

Naija News reports that Aregbesola made the clarification in a statement on Tuesday by his media adviser, Sola Fasure, following social media reports on Monday alleging that the former Governor of Osun State was in France to meet with President Tinubu, who is on a two-week vacation in Paris.

However, the former Minister of Interior, in debunking the claim, clarified that he is currently in Abuja and has not travelled outside Nigeria.

He urged members of the pubic to disregard reports of any meeting between himself and Tinubu in France.

Fasure said: “Our attention has been drawn to a mischievous report on social media claiming that the former Governor of Osun State, Ogbeni Rauf Aregbesola, is currently in France to meet with President Bola Ahmed Tinubu.

“We wish to categorically state that this is false and there is absolutely no truth to it.

“Ogbeni Aregbesola is presently in Abuja and has not travelled outside the shores of Nigeria.

“The report is entirely false and unfounded and should therefore be totally disregarded.”

In other news, the Special Adviser on Policy Communication to President Bola Tinubu, Daniel Bwala, has dismissed rumors circulating on social media that the president traveled to France for medical treatment.

According to Bwala, President Tinubu is in Paris for a working visit and not for any health-related concerns.

[NAijaNews]

Politician and activist, Omoyele Sowore, has revealed that popular fuji musician Saheed Osupa Akorede has withdrawn his defamation case against fellow singer, Habeeb Okikiola, a.k.a Portable, before an Upper Area Court in Ilorin, Kwara State.

In a post shared on his verified Facebook page on Tuesday afternoon, Sowore said he had a conversation with Osupa, during which the musician explained that his use of the police was intended to show he had no involvement in any attempt to harm Portable. However, Osupa acknowledged that his actions might have been seen as using the police for repression.

As a result, he decided to drop the charges that had led to Portable’s incarceration in a prison in Ilorin after failing to meet bail conditions on Monday.

Sowore maintained that the Nigeria Police Force (NPF) should not be used to enforce civil disputes and called for an end to the misuse of cybercrime charges.

Moment later, Sowore returned to his Facebook page to confirm Portable’s release from Oke Kura Custorial Centre in Ilorin.

[Leadership]

Nigeria’s headline inflation rate rose to 24.23 percent in March, the National Bureau of Statistics (NBS) has stated.

A report by the bureau said the figure was a 1.05 percent increase from the 23.18 percent recorded in February.

Daily Trust reports that this is the first increase of the inflation figure since the NBS rebased the Consumer Price Index (CPI) earlier in the year.

“Looking at the movement, the March 2025 Headline inflation rate showed an increase of 1.05% compared to the February 2025 Headline inflation rate. Furthermore, on a month-on-month basis, the Headline inflation rate in March 2025 was 3.90%, which was 1.85% higher than the rate recorded in February 2025 (2.04%).

“This means that in March 2025, the rate of increase in the average price level is higher than the rate of increase in the average price level in February 2025.”

It explained that contributions of items on the divisional level are food and non-alcoholic beverages, 9.28 percent; restaurants and accommodation services, 2.99 percent; transport, 2.47 percent; housing, water, electricity, gas, and other fuels, 1.95 percent, education services 1.44 percent, health 1.40 percent.

It said food inflation rate in March 2025 was 21.79 percent on a year-on-year basis.

“However, on a month-on-month basis, the Food inflation rate in March 2025 was 2.18 percent, up by 0.50 percent compared to February 2025 (1.67 percent),” the NBS added.

It attributed the increase to the rise in the average prices of ginger (fresh), garri (Yellow), broken rice (ofada), honey (natural production), crabs, potatoes, plantain flour, periwinkle (unshelled), pepper (fresh), etc.

[DailyTrust]

A yet to be identified gunmen have killed at least three policemen in Achi, Oji River Local Government Area, Enugu State.

DAILY POST learnt that the incident happened at a checkpoint close to Ozudaa Market, Achi.

Details of the incident are still sketchy as the Police Public Relations Officer of the Enugu Command, SP Daniel Ndukwe could not take his calls.

However, a viral gory video obtained by DAILY POST shows lifeless bodies of the slain policemen.

More to follow….

Watch video on Facebook
https://www.facebook.com/share/v/1Nasrk54MA/

[DailyPost]

Thousands of Nigerians are reeling from the collapse of CBEX, a digital asset trading platform that has reportedly disappeared with more than N1.3 trillion of investors’ funds.

The platform, which lured users with promises of a 100% return on investment within 30 days, abruptly crashed on Monday. 

Investors were shocked to find their digital wallets emptied, while CBEX shut down its Telegram channels and froze all withdrawal options.

In a last-ditch attempt to maintain control, CBEX introduced a so-called “verification” process, demanding $100 or $200 from users in exchange for a supposed chance to recover their lost funds—further deepening suspicions of a coordinated scam.

CBEX had presented itself as a secure and transparent digital trading platform, but its sudden disappearance has left investors counting heavy losses in what is now considered one of Nigeria’s largest digital financial scams.

However, its operational model is now under intense scrutiny as accusations of fraud and deceptive tactics surface. The platform allegedly displayed fake withdrawal records to cover up the issues users faced when trying to access their funds.

Reports indicate that user funds disappeared almost immediately after deposit, meaning investors never truly owned or accessed the digital assets they believed they were trading.

CBEX reportedly operated without proper licensing and ran a poorly designed website that mimicked reputable platforms like ByBit to appear legitimate and gain users’ trust.

It was reported that behind the scenes, investors’ deposits were funneled into a TRX (Tron) wallet, quickly converted to USDT and then ETH. Meanwhile, what appeared on users’ dashboards were fake balances — artificially generated figures showing fictitious AI trading profits.

In reality, the scheme ran like a typical Ponzi structure, using funds from new investors to simulate returns for earlier ones.

After the platform’s crash, CBEX introduced a so-called “verification” phase, demanding an extra $100 from users with balances below $1,000, and $200 from those with higher amounts, under the guise of helping them recover their funds.

Analysts have described this as a last-ditch effort to extract more money from desperate victims, possibly to pay a few and sustain the illusion of credibility, while the majority are left defrauded.

[TheNation]