The Independent Petroleum Marketers Association of Nigeria (IPMAN) has promised to patronize Dangote Refinery when the organization starts selling petrol to members of the public.
The National President of IPMAN, Abubakar Maigandi, who made this known on Saturday, added that the marketers are ready to buy from Dangote irrespective of the price the refinery fixes for its product as long as the organization is ready to do business with its members.

“Whatever the case, if Dangote starts selling his product, we are going to patronise him; if at all he wants to do business with us.

“We are ready to buy at any price because the NNPC is saying that they don’t want to involve themselves in fixing prices. So, at any price that he wants to sell, we are ready to buy and discharge and sell at a good price,” he told Punch.

Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) has clarified its stance regarding the recent accusations by the Muslim Rights Concern (MURIC), which suggested that NNPC’s actions were undermining the operations of Dangote Refinery Limited (DRL).

According to a statement issued on Saturday by Olufemi Soneye, the Chief Corporate Communications Officer of NNPC, the company refuted claims that changes in the pump price of Premium Motor Spirit (PMS) would prevent the Dangote Refinery from offering competitive prices.

NNPC emphasized that it is not the sole buyer of petroleum products in Nigeria and that the market remains open for competitive pricing from any local refinery, including DRL.

They reiterated that the pricing of products from any refinery, including DRL, is determined by global market forces, and current high prices present an opportunity for local refineries to sell at lower rates.

The company also dismissed the claim that it is the sole offtaker of products from DRL, stating that domestic refineries are free to sell directly to any marketer on a “willing buyer, willing seller” basis.

The NNPC assured the public that they hold no exclusive rights to distribute Dangote Refinery’s products and that their role in the market remains transparent and competitive.

Fintech companies, including OPay, Moniepoint and others, have started notifying their customers of plans to begin deduction of N50 Electronic Money Transfer Levy (EMTL) from every inflow of N10,000 and above received by their customers with effect from tomorrow, September 9.
According to the fintech companies, this deduction followed a directive by the Federal Inland Revenue Service (FIRS).
This mandatory deduction brings to an end the era of free banking services that some of the fintechs provide, though the charges are remitted to the federal government.

The free banking services had made these fintech companies attractive to the members of the public, especially small and medium-scale business owners, students, and the downtrodden.
The regulations provide for a one-off levy of N50 on the recipient of any electronic receipts or transfers of N10,000 or above. For equivalent receipts or transfers carried out in other currencies, the levy will be charged at the exchange rates determined by the Central Bank of Nigeria (CBN).

In December 2023, the FIRS directed deposit money banks to deduct and remit Electronic Money Transfer Levy (EMTL) on foreign currency (FCY) transactions going forward. Within the first five months of this year, a total of N78.95bn was accrued to the government from the N50 levy imposed on electronic bank transfers.
In recent times, the Electronic Money Transfer Levy has become an integral part of Nigeria’s tax system. This levy is, among others, primarily designed to generate revenue for the government. The Finance Act, 2019 amended various subsets of the existing tax and fiscal legislation at the time, including the Stamp Duty Act (SDA).

The Finance Act, of 2023 stipulates that revenue accruing by the operation of EMTL shall be distributed to the three tiers of government based on derivation with the federal government receiving 15 per cent; state governments receiving 50 per cent and the local governments receiving 35 per cent of the EMTL realised.
The regulations mandate the receiving bank to collect and remit the levy to the FIRS by the next working day after the transaction date or on such other date as prescribed by the FIRS.  
In addition, the receiving bank is required to deduct the levy from the amount payable if the receiver is a walk-in customer who does not have an account with the bank.

The Super Eagles of Nigeria started their 2025 Africa Cup of Nations qualifying campaign with a comfortable 3-0 win over Benin Republic in Uyo on Saturday.

The visitors sat back early on, allowing the Super Eagles to dominate the game.

Ademola Lookman missed a chance to put Nigeria ahead in the 17th minute. 

The Atalanta winger was put through on goal by Wilfred Ndidi but failed to hit target.

Saturnin Alagbe produced a superb save to deny Samuel Chukwueze two minutes before the half-hour mark.

Super Eagles goalkeeper Stanley Nwabali had to be alert to stop Steve Mounie’s free-kick five minutes before the break.

With time running out in the first half, Lookman produced a moment of magic to give Nigeria the lead.

The 26-year-old dribbled past three defenders before firing the ball into the net.

The first chance of the second half fell to Nigeria but it was wasted by Lookman.

Benin Republic grew into the game with Mounie testing Nwabali from inside the box.

Substitute Victor Osimhen netted Nigeria’s second 12 minutes from time.

The powerful striker slotted the ball home after he was set up by Wilfred Ndidi.

Lookman scored his second of the game in the 82nd minute.

The Super Eagles will take on Rwanda in their next game at the Amahoro Stadium, in Kigali, on Tuesday.

Nigeria’s U-20 women’s team booked their place in the Round of 16 at the FIFA U-20 Women’s World Cup after an emphatic 4-0 win over Venezuela in Cali, Soccernet.ng reports.

The victory, powered by goals from Amina Bello, Chiamaka Okwuchukwu, Flourish Sebastine, and substitute Joy Igbokwe, ensured the Falconets advanced with six points from three games.

The South Americans kicked off proceedings at Estadio Pascual Guerrero, but it was Nigeria that posed the first threat. Twelve minutes in, Okwuchukwu came close to putting the Falconets ahead, but her effort was comfortably saved by the Venezuelan goalkeeper following a clever pass from Sebastine.

Just four minutes later, Nigeria made their dominance count. A quick interplay between Okwuchukwu and Amina Bello saw Bello calmly slot home the opener to put Nigeria in front. Okwuchukwu doubled the lead in the 28th minute, heading in from close range to give Nigeria full control of the match.

Venezuela struggled to break down Nigeria’s defence and were denied by a fantastic save from Faith Omilana, who made her debut start for the Falconets.

Omilana’s heroics kept Venezuela at bay before the Nigerians added to their tally in first-half stoppage time. Flourish Sebastine tapped in Nigeria’s third goal, giving her team a comfortable 3-0 lead at the break.

The second half saw the Falconets continue to control the game, but it was substitute Joy Igbokwe who put the icing on the cake.

In the third minute of added time, Igbokwe unleashed a powerful strike from distance, sealing a comprehensive 4-0 victory for Nigeria.

The win propelled Nigeria into the Round of 16, with Amina Bello, Chiamaka Okwuchukwu, Flourish Sebastine, and Joy Igbokwe all contributing to a perfect attacking display.

President Bola Tinubu has expressed his commitment to replicate China’s infrastructure in Nigeria, following his visit to China.

He made this known during a meeting with the Nigerians in Diaspora Organisation in China (NIDO China) and the Nigerian community in Beijing.

Ajuri Ngelale, the President’s spokesman, said in a statement, that his discussion with President Xi Jinping and participation at the 2024 Forum on China-Africa Cooperation (FOCAC) summit highlighted the importance of investing in infrastructure, trade, finance, energy, green economy, and mining.

He emphasised the need for innovative teaching methods and a flourishing business environment.

President Tinubu urged Nigerians in China to be good ambassadors and represent Nigeria positively.

He stressed the importance of discipline and commitment to national service, citing China’s disciplined society as an example.

“I cannot tell you more, except from the embassy, that China is a disciplined society and we have to be disciplined too. Without discipline and commitment, we cannot build a nation that is respected everywhere in the world.

“We must exploit our diversity and be ready to do everything required of us within the laws of the communities that we live in and reflect a good image of our country,” the President said.

The President assured Nigerians in Diaspora that the Bank of Industry was prepared to collaborate with them to leverage opportunities in Nigeria.

He acknowledged the impact of investments in China’s economy and the need for bold decisions to drive Nigeria’s prosperity.

Dr Oche Barnabas, President of NIDO China, commended President Tinubu for strengthening Nigeria-China relations.

He requested the President’s assistance in advocating for Nigeria to be officially recognised as a native English-speaking nation, which would open up job and educational opportunities for Nigerians in China.

The Chairman of NIDO China pledged the organisation’s continued support for President Tinubu’s administration and efforts to elevate Nigeria’s global standing.

The Central Bank of Nigeria (CBN) says it has approved 20,000 dollars each for eligible Bureau de Change (BDCs) at the rate of N1,580 to a dollar.

This is according to a statement issued by Dr Williams Kanaya, the acting director, Trade and Exchange Department of the apex bank.

“This is to inform the BDC operators and the general public that we are providing more liquidity into the market. 

“To this end, the CBN has approved the sale of 20,000 dollars to each eligible BDC operators at the rate of N1,580/dollar. This is to meet the demand for invisible transactions.

“All BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.

“Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN deposit account numbers with them,” he said.

He said that payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos for collection of the 20,000.00 dollars. (NAN)

The Nigerian National Petroleum Company Limited (NNPC) has clarified its stance regarding the recent accusations by the Muslim Rights Concern (MURIC), which suggested that NNPC’s actions were undermining the operations of Dangote Refinery Limited (DRL).

According to a statement issued on Saturday by Olufemi Soneye, the Chief Corporate Communications Officer of NNPC, the company refuted claims that changes in the pump price of Premium Motor Spirit (PMS) would prevent the Dangote Refinery from offering competitive prices.

NNPC emphasized that it is not the sole buyer of petroleum products in Nigeria and that the market remains open for competitive pricing from any local refinery, including DRL.

They reiterated that pricing of products from any refinery, including DRL, is determined by global market forces, and current high prices present an opportunity for local refineries to sell at lower rates.

The company also dismissed the claim that it is the sole offtaker of products from DRL, stating that domestic refineries are free to sell directly to any marketer on a “willing buyer, willing seller” basis.

The NNPC assured the public that they hold no exclusive rights to distribute Dangote Refinery’s products and that their role in the market remains transparent and competitive.

The company statement reads: “The attention of the NNPC Ltd has been drawn to a press release by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the Nigerian National Petroleum Company Limited (NNPC Ltd). Specifically, MURIC asserts that recent changes to the pump price of Premium Motor Spirit (PMS) will prevent the Dangote Refinery from offering lower prices and that NNPC Ltd. has become the sole offtaker of all products from the refinery.

“To set the records straight, NNPC Ltd. wishes to further state as follows:

“1. The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces. The recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market. In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market.

“2. Furthermore, we emphasize that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd. will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products. NNPC Ltd. has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole offtaker does not arise.

“3. The NNPC Ltd. cannot undermine a business in which it holds a billion-dollar stake.

“4. As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.”

President Bola Tinubu says the increase in petrol price is a “bold and unprecedented decision” necessary for Nigeria’s growth.

Tinubu spoke on Friday at a meeting with Nigerians in Beijing, China, after rounding off his official engagements in the country.

In a statement by Ajuri Ngelale, presidential spokesperson, Tinubu said the petrol price hike and other reforms by his administration are part of an overall strategy to set Nigeria on the path of economic growth.

“Nigeria is going through reforms, and we are taking very bold and unprecedented decisions. For example, you might have been hearing from home in the last few days about fuel prices,” the president was quoted as saying.

“But, can we help it? Can we develop good roads like you have here? You see electricity being constant in quantity and quality. You see water supply, constant and running, and you see their good schools. And we say we want to hand over a banner without stain to our children?

“What is the critical part to get us there if we cannot take hard decisions to pave the way for a country that is blessed and so talented?

“So many of you are so talented, speaking very fluent Mandarin. It is what you contribute and tell them at home that will reflect in the attitude of our people.

“The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development.’’

On September 3, the Nigerian National Petroleum Company (NNPC) Limited increased the pump price of petrol to N855 across its retail outlets amid long queues at filling stations.

The development followed a protracted scarcity which has strained business activities nationwide.

Media reports attributed the price adjustment to a directive of the federal government asking the NNPC to sell at N1,000 but Heineken Lokpobiri, minister for petroleum resources (oil), said the ministry never gave the national oil company such a directive.

Tinubu said while it is not always easy to have a national consensus on issues, he is ready to take the hard decisions to move the nation forward.

“One economic action leads to another, and it is in your hand to build our nation. Mine is to provide the leadership, and I am committed to doing just that. We are focused, and I have a very good team,” the president said.

Tinubu added that he is committed to replicating China’s infrastructure in Nigeria.

The Federal Ministry of Education has clarified that it has not prohibited students under 18 from taking the West African Senior School Certificate Examination (WASSCE) and the National Examinations Council (NECO) exams.

The Minister of State for Education, Dr Yusuf Sununu, made the clarification in Abuja on Friday while fielding questions from journalists at an event to mark the 2024 International Literacy Day, ILD.

Recall that Education Minister Tahir Mamman had on August 25th said the Federal Government instructed the West African Examinations Council, WAEC, and the National Examinations Council, NECO, not to allow underage children to write their examinations.

But Sununu said that the public misconception and misinterpretation of what was said by the Minister of Education, Prof. Tahir Mamman, was highly disappointing.

He said that the minister was actually speaking on the 18 years entry age into the tertiary institutions as was practiced in the 6:3:3:4 system of education.

“We have agreed that we are going to consider it as a work-in-progress. The National Assembly is working and we are also working.

“It was shocking to say that a university in this country gave admission to children at ages 10, 11 and 12 years. This is totally wrong.

“We are not saying that there are no exceptions, we know we can have talented students that have the IQ of an adult even at age 6 and 7, but these are very few.

“There must be a rule, and the ministry is looking at developing a guideline on how to identify a talented child, so that parents don’t say we are blocking their children’s chances.

“Nobody said no child will write WAEC, NECO or any other examination unless at age 18. This is a misconception and misrepresentation of what we have said,” NAN quoted him as saying.

As hardship in Nigeria has increased since President Bola Tinubu took office, Senior Pastor Adewale Giwa of Awaiting The Second Coming of Christ Ministry has cautioned Nigerians that Tinubu is not the Messiah they are hoping for.

Since Tinubu assumed office, Nigerians have been lamenting over the rate of hunger and increased prices of items due to policies of his administration.

The current economic downturn in Nigeria has been traced to Tinubu’s announcement to end the fuel subsidy regime.

Speaking during his inaugural speech in Abuja on May 29, 2023, Tinubu had said fuel subsidy regime was “gone”.

Lamenting over the current situation, Pastor Giwa, in a statement, said: “Tinubu is not the Messiah Nigerians are expecting, he is not the one God wants to use in solving the crisis of Nigerians.

“Nigerians should not rejoice over Tinubu’s presidency because there will be no way out, the solution to insecurity and economy is not with Tinubu.

“Under Tinubu, everything will be destroyed and Nigeria will disintegrate if Tinubu is sworn in after Buhari’s tenure. This is why Tinubu should return the certificate of return back to INEC.”

The clergyman likened Tinubu to the Bibilical Abimeleck who was the “son of Gideon in the book of Judges 9 who forced himself to become the King of Shechem after killing 70 of his brothers, yet there was no peace within three years of his reign”.

He added: “I’m certain that Tinubu is not the Messiah that will lead us to the Canaan land, no good thing will come out of his administration, he has no plans to return Nigerians to God.”