Fuel price spike triggers fresh naira-for-crude supply calls

Petrol prices rose to N937 per litre on Tuesday amid escalating tensions in the Middle East, prompting oil marketers and refinery operators to urge the Federal Government to provide more crude oil to the Dangote Petroleum Refinery in naira to help stabilise domestic fuel prices.

The PUNCH reported on Monday that the Dangote refinery increased its gantry price from N774 to N874. The adjustment followed a jump in oil prices to $84 per barrel, up from below $70 days before the airstrikes involving the United States, Iran, Israel, and other countries.

“The new gantry price is now N874 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” an official of the Dangote refinery said.

Following the increment, filling stations on Tuesday raised their pump prices to N937 or N935, depending on the location. A survey by our correspondents confirmed that an MRS filling station in Obalende, Lagos, sold petrol at N937 on Tuesday.

The MRS and Petrocam stations in Mowe, Ogun State, dispensed petrol at N935, while Heyden offered N930. Similarly, SAO, SGR, and AP sold the product at N925. Matrix also dispensed the fuel at N937.

Before the Middle East crisis, some filling stations had already been selling premium motor spirit at prices ranging between N812 and N839, depending on the location. However, the crisis over the weekend disrupted the global fuel market, affecting Nigeria and other countries.

Reacting in a statement on Tuesday, the Petroleum Products Retail Outlet Owners Association of Nigeria emphasised the urgent need to consolidate and strengthen Nigeria’s domestic refineries, particularly the Dangote refinery, through the provision of adequate and consistent crude oil supply in naira.

According to PETROAN’s spokesperson, Joseph Obele, this “proactive approach” is essential to minimising the impact of external geopolitical shocks on the nation’s petroleum market.

The National President of PETROAN, Billy Gillis-Harry, expressed deep concern over the ongoing military escalation involving the United States, Iran, Israel, and allied nations, and its far-reaching implications for the global energy industry, particularly Nigeria’s petroleum sector.

According to him, recent geopolitical tensions have significantly disrupted global energy markets and supply chains.

PETROAN noted that hostilities in the Middle East, especially around the strategic Strait of Hormuz, through which approximately 20 per cent of the world’s crude oil supply passes daily, have triggered sharp volatility in international oil prices and heightened uncertainty regarding supply continuity.

It added that as the conflict intensified, global crude oil benchmarks had surged, with analysts projecting that prices could exceed $100 per barrel if disruptions persist, noting that the upward trend reflected growing concerns over potential supply shortages should shipping activities through the Strait of Hormuz remain restricted.

PETROAN stated that any sustained increase in crude oil prices would inevitably be reflected at petroleum retail outlets across Nigeria. “If the crisis continues, the impact will extend beyond pump prices to affect foreign exchange stability, domestic fuel pricing structures, and overall inflation levels within the country,” Gillis-Harry warned.

The association urged the Federal Government to encourage and prioritise local refineries by ensuring a steady crude oil supply in naira, particularly to the Dangote refinery, and by creating enabling policies that support optimal operations.

PETROAN also called on the government to sustain and strengthen the Naira-for-Crude policy to reduce pressure on foreign exchange and stabilise domestic fuel pricing.

“In view of these developments, PETROAN calls for urgent and strategic actions to safeguard Nigeria’s energy security: encourage and prioritise local refineries by ensuring a steady crude oil supply in naira, particularly to the Dangote refinery, and create enabling policies that support optimal operations. Sustain and strengthen the Naira-for-Crude policy to reduce pressure on foreign exchange and stabilise domestic fuel pricing.

“Urgently revamp the four government-owned refineries to restore them to full operational capacity and reduce dependence on imported petroleum products. Monitor global market developments and respond proactively to emerging risks. Advocate policies that strengthen domestic refining capacity and reduce reliance on imports. Support measures aimed at shielding consumers from excessive fuel price shocks,” the statement stated.

SAHCO procures equipment to boost aircraft handling

Skyway Aviation Handling Company Plc has strengthened its operational capacity with the acquisition of new ultra-modern Ground Support Equipment aimed at improving aircraft handling efficiency across Nigerian airports.

The company’s Public Relations Officer, Mrs Adetola Uansohia, said the investment underscores its commitment to safety, faster turnaround times, and world-class service delivery to airline partners operating within and outside the country.

As part of the upgrade, SAHCO said it took delivery of a high-tech Goldhofer F300 pushback tractor, manufactured by Goldhofer, a globally recognised German ground support equipment producer.

The Goldhofer F300, powered by a heavy-duty diesel engine, is designed to handle most wide-body aircraft and is built with rugged materials suited to Nigeria’s operating terrain and already deployed to one of SAHCO’s hub stations to bolster ramp operations.

In addition, the ground-handling firm also announced the procurement of five Ground Power Units manufactured in France by Guinault, a respected global aviation equipment manufacturer. Each unit delivers 45kVA at 115 volts and 28V DC output, providing stable electrical power to aircraft systems while on the ground.

The official explained, “The GPUs are powered by fuel-efficient gasoline engines and engineered for durability, portability, and optimal ramp performance.

“This investment reflects our unwavering commitment to operational excellence. The new equipment will significantly enhance safety standards, reduce aircraft turnaround time, and improve service reliability for our airline partners”.

She further explained that the advanced GPUs are capable of supporting most Class A aircraft and selected Class B aircraft, making them suitable for high-traffic airport environments. “Their compact design reduces fuel consumption while the rugged build guarantees long-term reliability and flexibility, especially in demanding operational conditions,” the official added.

SAHCO noted that the acquisition forms part of its broader strategy of continuous investment in cutting-edge technology to maintain leadership in Nigeria’s aviation ground handling sector. “We are intentional about staying ahead through equipment upgrades, technological advancement, and service innovation. Our goal is to consistently deliver world-class support to every airline we serve,” the company stated.

As the only aviation ground-handling company with an operational presence across all commercially operated airports in Nigeria, SAHCO said it remains focused on raising industry benchmarks through innovation and customer-focused solutions.

SanlamAllianz Nigeria Pays Over ₦77 Billion Claims In 2025 Reinforces Financial Strength, Customer Trust

SanlamAllianz Nigeria, comprising SanlamAllianz Life Insurance and its subsidiary, SanlamAllianz General Insurance, has announced total claims payments of ₦77 billion across its Life and General Insurance businesses for the 2025 financial year, reaffirming its financial strength and commitment to policyholders amid sustained macroeconomic pressures.
A statement by Group Head, Strategy, Marketing and Customer Relations, Chris Ekwonwa, stated that the performance underscores the company’s role as a reliable risk partner and reflects the strength of the Sanlam Allianz joint venture, which combines African market leadership with global insurance expertise.
The Company’s unaudited figures showed that the Life business recorded Net Claims Incurred of ₦57.06 billion in FY 2025, compared to ₦51.04 billion in FY 2024, representing an 11.8% year-on-year increase.
The increase reflects elevated claims costs driven by Nigeria’s 2025 macroeconomic environment, including inflationary pressures impacting benefit payouts and medical-related claims across the industry.
Despite this, the Life business delivered strong top-line growth, with Gross Written Premium (GWP) rising to ₦81.39 billion in 2025, up from ₦60.86 billion in 2024, a significant 33.7% year-on-year increase.
Commenting on the results, Tunde Mimiko, Chief Executive Officer, Life Business, said: “Our unaudited 2025 results reflect disciplined growth and an unwavering commitment to our policyholders. In a year defined by economic pressure, we honoured our obligations promptly and responsibly. The strong premium growth demonstrates increasing trust in our Life solutions and confidence in the SanlamAllianz value proposition. Our focus remains on protecting families and businesses so they can truly live with confidence.”
The General Insurance business, on the other hand, according to its unaudited results, paid ₦20.9 billion in claims in 2025, compared to ₦13.97 billion in 2024, marking a 47.6% year-on-year increase in claims settlement.
Gross Written Premium for the General business stood at ₦47.05 billion in 2025, reflecting sustained underwriting capacity and expansion across corporate and retail portfolios.
Jacqueline Agweh, Chief Executive Officer, General Insurance Business, stated: “The true measure of an insurance company is its ability to pay claims efficiently and transparently. Our unaudited 2025 performance demonstrates operational strength and financial resilience. As part of the SanlamAllianz joint venture, we leverage global underwriting standards, strong capital backing, and deep local expertise to ensure individuals and businesses remain protected against uncertainty.”
SanlamAllianz Nigeria operates under a strategic joint venture between Sanlam, Africa’s largest non-banking financial services group, and Allianz, one of the world’s leading global insurers. The alliance combines global risk management expertise, strong capital and governance frameworks, advanced technical underwriting capabilities, and deep local market understanding.
The company’s claims record reinforces its brand promise, “Live with Confidence.” By honouring over ₦77 billion in claims in 2025 alone, SanlamAllianz continues to provide financial security, stability, and peace of mind to individuals, families, and businesses across Nigeria.
Formed as a merger of Sanlam, Africa’s biggest non-banking financial services firm and Allianz, easily the world’s most recognizable insurance brand in a JV across 28 countries on the continent, SanlamAllianz has  become the clear leader in the non-banking financial services industry in Africa with strong commitments to be top two in every market in which they operate. Consummated in Nigeria as SanlamAllianz Nigeria in June 2025, the brand immediately embarked on a rebrand campaign which saw it dominate headlines to the delight of industry watchers.
2027: Zone ADC presidency to South – Obidient Movement

Ahead of the 2027 general elections, Regional Colligate Coordinator of the Obidient Movement, South-South, Onochie Osheokwu, has urged the African Democratic Congress, ADC, to zone its presidential ticket to the South.
Osheokwu made this call on Monday while fielding questions in an interview on Arise Television monitored by DAILY POST.

His remark is coming as political parties gather momentum for next year’s general elections.

According to him, Nigerians are well aware of who would be the strongest candidate, adding that the former Labour Party presidential candidate, Peter Obi, from the Southeast, also represents the South

He said, “We in the South-South want the ADC to zone it presidential ticket to the South.

“Among all the contenders, we in the Obidient movement believe the best candidate is clear. The one who embodies the conscience of the movement and the leadership that Nigerians are seeking.

“What happened at Chief John Odigie-Oyegun was a consultation. Like every other person is saying. But it’s so bad that the politics of Nigeria has been reduced to propaganda and not the basic issue confronting the country.”

APP dissolves Imo executive committee, sets up interim caretaker

The Action Peoples Party, APP, has dissolved its Imo State Executive Committee and set up an Interim Caretaker to manage the affairs of the party till further notice.

The party reached the resolution during an emergency meeting held by its National Working Committee, NWC, which was approved by the National Executive Committee, NEC.

Eight-member Interim Caretaker Committee was appointed to oversee the affairs of the party pending its congresses.

The Interim Caretaker Committee members include, Ernest Njesi as Chairman, Emeka Onwukwe as Secretary, Henry Alaribe, Deputy Chairman Owerri zone.

Others are: Ogemdi Ezemonye as Deputy Chairman, Orlu zone, Ernest Ezirim, Deputy Chairman, Okigwe zone, Cajethan Duke as Publicity Secretary and Peter Etoh as Treasurer.

Addressing the Interim Caretaker Committee members, the National Chairman of the party, Uchenna Nnadi, said that the decision taken was to restore internal harmony within party members and urged the newly appointed Caretaker Committee Executive to ensure every member is carried along in their schedule.

In a similar development, the party has officially, written to the Independent National Electoral Commission, INEC, notifying the Commission of its preparedness to conduct congresses at Ward, Local Government and State levels.

In a letter dated March 2, 2026, and addressed to the INEC Chairman, the APP National Chairman, Nnadi, and the National Secretary, Abu Ibrahim Bossan, conveyed the party’s notification in line with statutory requirements for a 21-day notice.

The congresses, according to the National Chairman, will hold on March, 24, 2026, at ward levels, March 26 at Local Government levels and

March 28 at the State levels.

FCTA to commence compliance enforcement on land use, ground rent

The Federal Capital Territory Administration has stated it will start enforcing compliance on residents who contravene land use and those defaulting with regard to ground rent as well.

This was part of the decisions taken at the FCT Executive Committee meeting on Monday, chaired by the FCT Minister, Nyesom Wike, at his official residence in Life Camp.

Speaking with journalists after the event, Director, Department of Lands Administration, Mr Chijioke Nwankwoeze pointed out that the administration had given defaulters ample time to comply with the Administration’s directive, hence the need to take action on non-compliance.

Mr. Nwankwoeze, further gave an update on the issuance of Certificates of Occupancy in the Federal Capital Territory. He announced that the process of issuing C of O had greatly improved.

“Unlike before when it took years or even decades, in the current dispensation, C of O issuance is possible in as short as one week. The Minister does not waste time in signing C of Os. Once we send the C of Os to him, within two days, they are back”, he revealed.

He went on to unravel the underlying causes of delay in C of O processing to include non-submission of passport photos and refusal to accept or decline the offer of Rights of Occupancy within the stipulated time of 21 days.

The Director Lands also identified other causes of C of O delay to include non-confirmation of Remita payments and the use of unverifiable addresses such as P. O. Box which are not actual physical locations.

Meanwhile a total of three memoranda were presented and ratified by the committee. TheY are, approval for the purchase of diesel for waste disposal and management plants at four districts in the FCT, ratification and procurement of food and non-food items for victims of flood-affected areas in the FCT and the approval and ratification of the contract for the supply of communication gadgets and other equipment for the support of FCT security agencies.

Elaborating on the memoranda, the Coordinator, AMMC, Chief Felix Obuah, said the purchase of diesel for waste disposal and management plants in Mabushi, Jabi, Durumi and Wuye districts was at the cost of N7,300,000,000.

On his part, Director, FCT Department of Procurement, Alhaji Musa Idris, revealed that the supply of communication gadgets and other equipment for FCT security agencies cost the administration N1,133,802,500.

He stated that the essence of the procurement was to support the agencies in their assignments of securing the FCT.

Also addressing journalists, Chief of Staff to the Minister, Chidi Amadi expressed appreciation to the media for its consistency in the reportage of the policies and programmes of the FCT Administration.

Court declines ex-commissioners’ bid to stop Kano gov’t from reclaiming official vehicles

The National Industrial Court of Nigeria sitting in Kano has rejected separate ex parte applications seeking to restrain the Kano State Government from retrieving official vehicles from former commissioners who recently resigned from the State Executive Council.

The ex-commissioners had asked the court to grant an interim injunction preventing the government from taking back the vehicles pending the hearing and determination of their motion on notice.

In their suits, the claimants joined the Attorney General of Kano State, the governor, and the Kano State Public Complaints and Anti-Corruption Commission as defendants.

Represented by Suraj Sa’ed (SAN) and five other lawyers, the former commissioners argued that their applications were filed pursuant to Order 17 Rule 1 of the National Industrial Court of Nigeria (Civil Procedure) Rules, 2017.

The applicants include former Commissioner for Science, Technology and Innovation, Dr Yusuf Ibrahim K/Mata; former Commissioner for Internal Security, AVM Ibrahim Umar (rtd); former Commissioner for Special Duties, Nasir Sule Garo; former Commissioner for Humanitarian Affairs and Poverty Alleviation, Adamu Aliyu Kibiya; and former Commissioner for Youth, Mustapha Rabi’u Musa Kwankwaso.

They contended that the vehicles were allocated to them as part of their conditions of service upon appointment and argued that, by convention and in line with the determination of the Revenue Mobilisation Allocation and Fiscal Commission, commissioners are entitled to retain such vehicles at the end of their tenure.

According to affidavits filed in support of their applications, the former commissioners resigned in January this year and urged the court to grant the interim reliefs in the interest of justice, maintaining that the balance of convenience favoured them.

In his ruling, Justice Mahmood Abba Namtari declined to grant the interim orders sought and instead directed that the defendants be put on notice.

The cases were adjourned to March 10 for hearing of the substantive applications.

Nigerian Govt approves N48 billion to 12 selected universities

The Federal Government has approved N48b to 12 selected universities for engineering upgrades.

Minister of Education, Dr. Tunji Alausa, made this disclosure on Monday at the inauguration of the Implementation Committee on Tertiary Education Trust Fund Special High-Impact Intervention Projects in Abuja.

Alausa said the funds would either upgrade existing facilities or support the construction of new engineering workshops where necessary while adding that an additional N20 billion has been provided in the 2026 TETFund guidelines to upgrade engineering facilities in other selected universities.

According to him, beneficiary institutions to receive N4 billion each include:

Federal University of Technology, Minna, Niger State

Federal University of Technology, Akure, Ondo State

Federal University of Technology, Babura, Jigawa State

Federal University of Technology, Ikot-Abasi, Akwa-Ibom State

Federal University of Technology, Owerri, Imo State

Nigerian Army University, Biu, Borno State

African Aviation and Aerospace University, Abuja

Shehu Shagari University of Education, Sokoto State

Enugu State University of Medical and Applied Sciences

University of Ilesha, Osun

Delta State University

Abubakar Tafawa Balewa University

DSS nabs teacher claiming responsibility for Obi’s attack

The Department of State Services has arrested a 26-year-old man, Udeme Stephen, for allegedly claiming responsibility for the recent attack on the 2023 presidential candidate of the Labour Party, Peter Obi.

Stephen was apprehended following a threat he posted on his X account, @stevetom788, shortly after armed men fired gunshots at the African Democratic Congress secretariat and Chief John Odigie-Oyegun’s residence in Benin, Edo State.

Present at the event were Obi, Odigie-Oyegun, former President of the Nigeria Bar Association, Olumide Akpata and some ADC leaders.

In his post, Stephen claimed responsibility for the incident and issued further threats against Obi.

He wrote that Obi was fortunate to have survived the Benin attack and warned that he would not be “that lucky next time,” alleging that his associates would target the former presidential candidate during a planned visit to Rivers State.

“We warned Obi against his entrance into Edo State, but he mistook our resolve for his Obidiots online noise.

“Thank his stars he (Obi) survived this one… I learnt he’s going to my Rivers State… Na my men go handle that one and dem no dey miss target…

“Speak no peace to a bastard and wish him no long life, for he’s destined to die,” Udeme posted.

Speaking on Monday, a top security source disclosed that the DSS immediately launched a covert investigation after the threat was issued.

The source added that operatives deployed forensic analysis to track the suspect.

He identified Stephen as a teacher at Jessica High School in Eliozu, located in the Umuehere Community of Obio-Akpor Local Government Area of Rivers State.

“No sooner had Stephen issued the threat than DSS operatives began a covert investigation, deploying forensic analysis to track and arrest him.

“The suspect is 26 years old, called Udeme Monday Stephen, and teaches at Jessica High School in Eliozu, Rivers State, at Umuehere Community, in Obio-Akpor LGA of the state.

“I strongly believe that the outcome of the agency’s forensic investigations implicated the suspect.

Banks disburse N36.4tn to trade sector amid rate cuts

Segun AjibolaNigerian deposit money banks disbursed a total of N36.39tn in credit to the Trade and General Commerce sector in the first nine months of 2025, amid calls for more credit to the private sector for productive activities and investment in critical infrastructure.

The PUNCH found that the amount extended by the deposit money banks to the business ecosystem represented a 0.96 per cent increase from the N36.05tn recorded in the corresponding period of 2024.

An analysis of the Central Bank of Nigeria’s quarterly statistical bulletin for Q3 2025 showed that total credit rose from N36.05tn in January to September 2024 to N36.39tn in the same period of 2025, reflecting a modest year-on-year growth driven largely by stronger lending in the third quarter of 2025.

The data indicated that August 2025 recorded the highest credit distribution at N5.06tn, followed by September at N4.85tn, while July witnessed a sharp rise to N4.51tn. The surge marked a strong rebound after a relatively slow start to the year.

In contrast, January and February 2025 recorded the lowest credit disbursements at N3.48tn and N3.54tn, respectively, before lending accelerated from March onward.

For 2024, banks recorded their highest credit disbursements in February at N4.91tn and January at N4.62tn, reflecting a strong first-quarter performance.

However, lending moderated significantly mid-year, with July and August posting the lowest figures at N3.41tn and N3.48tn before a mild recovery in September.

On average, banks distributed N4.04tn monthly to Trade and General Commerce between January and September 2025, slightly higher than the N4.01tn monthly average in the same period of 2024.

Credit extended to businesses has remained on a stable line, with interest rates as high as 30 per cent from commercial banks. The Monetary Policy Rate was pegged at a historic high of 27.5 per cent, a move that the real sector repeatedly decried. The recent decision of the Monetary Policy Committee to shave off 50 basis points in February eased the benchmark interest rate to 26.5 per cent and brought some relief to the trade and commerce ecosystem.

Analysts and members of the organised private sector have called for more credit to flow to productive private sector activities, alongside increased investment in critical infrastructure to strengthen the real sector.

A former Chairman of the Chartered Institute of Bankers of Nigeria, Prof Segun Ajibola, said credit growth in trade depends largely on demand dynamics and signals from monetary authorities.

“Many factors influence the push of credit to different sectors of the economy. One has to be need-oriented and demand-oriented. In other words, those who need credit must come forward to request from their bankers,” Ajibola said.

He added, “Dropping rates is an invitation to do more. And more importantly, it also signals the direction of the economy. When the rate drops, the monetary authorities and the fiscal authorities are beckoning operators in the sectors to do more, so that the multiplier effects will help push the economy to higher growth.”

Members of the Organised Private Sector, including the Director-General of the Lagos Chamber of Commerce and Industry, Dr Chinyere Almona, said the rate cut should translate into stronger private sector lending and infrastructure investment.

“We see the rate cut as a bridge from reform to results. We want to see more credit to the private sector for productive activities, more investment in critical infrastructure, government commitment to continued transparency in the FOREX market, and strong support to building our local refining capacity,” Almona said.

She added that with firm coordination between monetary and fiscal authorities, “the Nigerian economy will make good progress towards achieving a Gross Domestic Product growth rate above five per cent in the short term.”

Also, the Director of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, said the rate cut, though modest, could ease borrowing costs for businesses if banks pass on the benefits.

“Lower borrowing costs for businesses will allow them to access cheaper loans, invest more in machinery, expand operations, and increase working capital. This will increase production capacity, encourage the hiring of more workers, and expand the performance of Small and Medium Enterprises,” Ajayi-Kadir remarked.

He stressed that the impact would depend on effective transmission, controlled inflation, exchange rate stability, and resolution of structural challenges such as power, logistics, and insecurity.

The President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, said the reduction in the MPR could lower banks’ funding costs and support lending to SMEs and traders. “If these factors align, we can expect a modest but meaningful rise in credit flowing to productive sectors,” Egbesola said.

Similarly, the Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, warned that weak transmission between policy rates and lending rates remains a concern.

“We have historically had a very weak transmission mechanism between the monetary policy rate and the lending rate. Several times in the past, when we see a reduction in the monetary policy rate, it hardly reflects in lower lending rates,” Yusuf said.

He added that high operating costs, risk premiums, and structural bottlenecks continue to constrain lending, urging greater intervention by development finance institutions to provide longer-term, lower-cost funding to the real sector.