Petrol to hit N1,000/litre as crude crosses $70 — Marketers

Petrol

The pump price of Premium Motor Spirit (petrol) may rise to N1,000 per litre in the coming days due to the surge in crude oil prices on the international market.

Fuel marketers told Saturday PUNCH that the sudden surge in the global crude prices to over $70 per barrel could trigger another increase in the pump prices of both imported and locally-produced petroleum products.

The increase in petrol prices came at a time when the Dangote Petroleum Refinery raised petrol prices from N739 to N839. Also, oil prices rose above $70 per barrel on Thursday, the highest in the past five months.

The commodity rose by three per cent on Thursday on rising concerns that global supplies could be disrupted if the United States attacks Iran, one of the biggest crude producers of the Organisation of Petroleum Exporting Countries.

According to Reuters, Brent futures rose $2.31, or 3.4 per cent, to settle at $70.71 a barrel, while US West Texas Intermediate gained $2.21, or 3.5 per cent, to trade at $65.42. As of Friday afternoon, oilprice.com reports that Brent settled at $70.89 while WTI was $65.80 a barrel, indicating a further rise in price.

It is worth stating that Brent crude is the global benchmark for crude oil, and a rise in its price affects the pricing dynamics of refined petroleum products globally.

Reuters reports that the US-Iran tension pushed both crude benchmarks ‌into technically overbought territory, with Brent closing at its highest since July 31 and WTI closing at its highest since September 26.

US President Donald Trump is weighing options against Iran that include targeted strikes on security forces and leaders to inspire protesters, multiple sources said, even as Israeli and Arab officials said air power alone would not topple Tehran’s clerical rulers.

In Iran, it was said that plainclothes security forces rounded up thousands of people in a campaign of mass arrests and intimidation to deter further protests.

“The immediate (market) concern is the collateral damage done if Iran takes a swing at its neighbours or, possibly even more tellingly, it closes the Strait of Hormuz to the 20 million barrels per day of oil that navigates it,” PVM analyst John Evans was quoted as saying.

Iran was the third-biggest crude producer in the Organisation of the Petroleum Exporting Countries, behind Saudi Arabia and Iraq, in 2025, according to US Energy Information Administration data.

Speaking with our correspondent, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, expressed worries that unless crude oil prices reduce, the pump price of petrol would be affected.

According to him, crude oil and condensate exchange rates are the major determinants of fuel prices, saying a change in either would affect how petroleum products would be sold in the domestic market.

Ukadike mentioned that petrol could hit N1,000 per litre if the crude price surge continues, especially in locations far from fuel depots.

“As an independent marketer, we don’t normally want the price of petroleum products to go up; any increase you see now will be because of this international manoeuvre and everything happening in the international community in terms of crude oil price.

“The crude surge will definitely affect our local market. The price of petroleum products will come down if the crude price goes down, that’s the common principle of the market,” Ukadike said, admitting that the price of petrol may rise to N1,000, especially “in some other places that are not closer to the refinery or depots. That’s the speculation”.

While emphasising the importance of the price of crude to that of PMS, Ukadike stressed that the increase in petrol prices is putting pressure on marketers, limiting their purchasing power.

“Crude oil is important in refining petroleum products; once it goes up, the prices of petroleum products will also go up. We are gearing towards that. The only problem is that it is also giving us pressure in terms of our purchasing power because too much naira is now pursuing a few litres of petroleum products,” he added.

With the increase in petrol prices, Ukadike said sales are becoming slow compared to the December festive period. According to him, many consumers are becoming conservative now, reducing their fuel consumption because of the price.

“The market is becoming slow now, unlike in the festive season when the prices were low. People were filling their tanks then, but now, people are becoming conservative because of the price increase,” the IPMAN spokesman stated.

Another dealer, a major oil marketer and PMS importer, confirmed that the cost of petrol was bound to rise, stressing that the landing cost of the commodity could cross N900/litre if the global prices of crude sustain a northward swing.

2027 election not APC against Nigerians – Gov Sule knocks ADC

Nasarawa State Governor, Abdullahi Sule, has slammed the African Democratic Congress (ADC) for claiming that the 2027 election is about the All Progressives Congress, APC, against the people of Nigeria.

In an interview on Politics Today, a programme on Channels Television monitored by DAILY POST on Thursday, Sule said that elections in Nigeria are candidate-based rather than party-based.

According to him, “The 2027 election is about Bola Tinubu/Kashim Shettima on the platform of the APC against candidates from other parties.

“It is a wrong impression to say the election is about APC against Nigerians. For us here in Nasarawa State, we actually vote for candidates.

“The people of Nigeria are going to vote for the best candidates that they know and who can make an impact in their lives, whether it’s Governorship, Senatorial, House of Representatives, or House of Assembly elections. That is the way it is. That’s the way it has always been.”

Osun APC Ward suspends ex-lawmaker, Oyintiloye

Members of the All Progressives Congress, APCC, in Ward 01, Ibokun, Obokun Local Government Area of Osun State have announced the indefinite suspension of a former member of the State House of Assembly, Olatunbosun Oyintiloye, over alleged misconduct.

The decision was contained in a letter addressed to the Osun State Chairman of the party, Tajudeen Lawal, and dated Thursday, January 29, 2026.

According to the document, “the suspension followed a meeting of ward executives, leaders and members who reportedly deliberated on issues said to be affecting unity and cohesion within the ward.”

The letter, jointly signed by 18 ward executives and five leaders, accused Oyintiloye of allegedly taking over an Executive Assistant, EA, slot and funds amounting to N5.6 million without authorisation.

The signatories claimed “the funds were originally allocated for ward leaders, alleging that Oyintiloye had already secured a personal EA slot through a third party while holding a federal appointment.”

They also alleged that the former lawmaker was “involved in activities capable of causing division within the ward, including the organisation of parallel meetings.”

In addition, the ward officials accused him of “prolonged absence from ward meetings and political activities for over three years.”

The letter further alleged a lack of financial or material contributions to ward activities despite benefiting from several political appointments.

It stated, “In view of the foregoing and his consistent lack of engagement and contributions to ward affairs, it has become necessary to take decisive disciplinary action.”

The ward leaders declared that, “Consequently, Hon. Bosun Oyintiloye is hereby suspended indefinitely from Ward One, Ibokun, and shall cease to represent the interests of the ward at any level.”

They, however, added that they remained open to intervention from party leaders, stressing that their priority was the unity and success of the APC ahead of future elections.

Reacting to the development in a phone chat with DAILY POST, Oyintiloye dismissed the suspension as invalid, describing it as a ruse by disgruntled and suspended party members.

He alleged that those who signed the letter were not recognised party executives, claiming they were working for opposition interests in the state.

Oyintiloye denied all allegations against him, saying he neither controlled the EA slot nor had access to the N5.6 million mentioned in the letter.

“The allegations are lies aimed solely at discrediting me. I have reported the matter to the state party leadership.

“If they truly have the power to suspend me, why can’t they wait to do so through the proper party executive channels before going to the press?

“The same Gbenga Fagbamila, who was suspended from the party for embezzling N7.5 million meant for the 2022 election, is signing my alleged suspension letter alongside other disgruntled members.

“It is a real shame. If they are truly bona fide members of the party, let them appear before the party executives at the state level to defend the allegations leveled against me.

“Their action is a joke of the century because I remain a loyal and respected member of the APC.

“I also urge members of the public to disregard the purported suspension,” he stated.

Lagos Assembly seeks urgent rescue of abducted corps member in Kogi

Lawmakers in the Lagos State House of Assembly have urged relevant authorities to take immediate action to secure the release of a prospective corps member, Miss Lateefah Binuyo, who was abducted in Kogi State on January 22.

Binuyo, a graduate of Mass Communication from Kwara State Polytechnic, was reportedly travelling to Taraba State for the National Youth Service Corps, NYSC, orientation programme when she was kidnapped. She is said to be the only child of her mother.

The call for urgent intervention followed a motion of urgent public importance raised during Thursday’s plenary by the Chairman of the House Committee on Women Affairs, Mrs Omolara Olumegbon.

Presenting the motion, Olumegbon disclosed that the abductors had demanded a ransom of N30 million for Binuyo’s release. She urged the Assembly to formally write to the Federal Government, calling for enhanced security arrangements for prospective corps members travelling to their states of deployment.

She further appealed to the House to engage Lagos State Governor, Babajide Sanwo-Olu, to intervene by liaising with the Kogi State Government to ensure the safe and speedy rescue of the victim.

Contributing to the debate, the Majority Leader of the House, Mr Noheem Adams, commended President Bola Tinubu for what he described as sustained efforts to improve security across the country. He noted that the current security framework had shown noticeable improvement when compared with previous administrations.

Also speaking, Mr Stephen Ogundipe praised the Nigerian military for its continued role in safeguarding national security and echoed calls for the Lagos State Government to engage its Kogi counterpart to facilitate urgent action.

In his contribution, Mr Abiodun Tobun suggested that the Assembly, through the National Assembly, should write to the Director-General of the NYSC to review existing deployment procedures. He stressed the need to reconsider the posting of prospective corps members to distant or high-risk areas in order to reduce exposure to unnecessary dangers.

Addressing the House, Speaker Mudashiru Obasa described the incident as deeply troubling, noting that at a time when some individuals were reluctant to pursue education, it was painful that young Nigerians who had completed their studies and were ready to serve the nation were being exposed to threats such as kidnapping.

Obasa emphasised the responsibility of the NYSC leadership to ensure the safety and security of corps members, from the point of departure to their places of deployment and eventual return to their families.

The Speaker added that while he was confident that the Sanwo-Olu-led administration had already taken steps to address the situation, efforts should be intensified through direct engagement with the Kogi State Government, as suggested by members of the House.

He also disclosed that the Assembly would write to the Inspector-General of Police, urging immediate intervention in the case and the implementation of measures to prevent similar incidents in the future

Amnesty International has called for an investigation into the alleged killing of two persons by personnel of the Department of State Services (DSS) in the Karmajiji community of the Federal Capital Territory (FCT), Abuja.

The rights organisation made the call in a statement published on its official Facebook page on Thursday, where it described the incident as an extrajudicial execution and an abuse of power by security operatives.

“The Department of State Services (DSS) must investigate the extrajudicial execution of two persons by its personnel Ajayi Abayomi. The incident which occurred on 19 January 2026 at Karmajiji community of the Federal Capital Territory is yet another indication of reckless and unlawful use of firearms and abuse of power,” Amnesty International said.

According to the organisation, the first victim, Musa Adamu, died a few hours after the incident, while the second victim, Mallam Suleiman Salisu, died on Wednesday, January 28, at the Federal Medical Centre, Abuja.

“The DSS must investigate this horrifying incident and ensure that the suspect is brought to justice through fair trial. This gross violation of human rights must not be swept under the carpet,” the statement added.

Amnesty International further warned that misconduct by security operatives poses a serious threat to public safety and trust, noting that, “While security personnel are supposed to protect people, gradually some of them are unleashing terror on the society creating a toxic climate of fear and corruption.”

The organisation said such actions “undermine trust and leave people vulenrable to wanton atrocities.”

The organisation also expressed concern over the alleged involvement of security personnel in civil matters, stressing that, “Amnesty International deeply concerned that in addition to their stated remit of ensuring law and order, some security personnel investigate civil matters and in some cases tortures suspects involved in contractual, business and even non-criminal disputes.”

NAFDAC resumes enforcement of sachet alcohol ban, dismisses shutdown claims

alcoholic-drinks-750×375The National Agency for Food and Drug Administration and Control has resumed enforcement of the ban on the production and sale of alcoholic beverages packaged in sachets and small plastic or glass bottles below 200 millilitres.

The agency clarified that it did not shut down any alcohol-producing company but only prohibited the sale of alcohol in sachets and small containers, citing public health concerns.

In a statement on Thursday, the Director-General of NAFDAC, Prof. Mojisola Christianah Adeyeye, said the move was aimed at protecting children, adolescents and young adults from the harmful use of alcohol.

“The National Agency for Food and Drug Administration and Control has resumed enforcement of the ban on the production and sale of alcoholic beverages packaged in sachets and small-volume PET or glass bottles below 200ml, in line with a resolution of the Senate of the Federal Republic of Nigeria and the Agency’s public health mandate,” the statement read.

According to the agency, the widespread availability of high-alcohol-content beverages in sachets and small containers has made alcohol cheap, easily accessible and easily concealable, contributing to rising cases of underage drinking, addiction, domestic violence, road accidents, school dropouts and other social vices.

Adeyeye noted that placing warning labels such as “Not for children” on sachets and small containers had proven ineffective due to societal realities.

“Many parents do not even know their children consume sachet alcohol because the pack size is small, cheap and easily concealed,” she said.

She revealed that reports from schools had shown disturbing trends, including a recent case in which a teacher disclosed that a student claimed he could not sit for an examination without first taking sachet alcohol.

NAFDAC recalled that in December 2018, it, alongside the Federal Ministry of Health and Social Welfare and the Federal Competition and Consumer Protection Commission, signed a five-year Memorandum of Understanding with manufacturers to phase out sachet and small-volume alcohol packaging by January 31, 2024.

The moratorium was later extended to December 2025 to allow manufacturers to exhaust existing stock and reconfigure their production lines.

“The current Senate resolution aligns with the spirit and letter of that agreement and with Nigeria’s commitment to the World Health Assembly Global Strategy to Reduce the Harmful Use of Alcohol,” she said.

Adeyeye stressed that the ban was not punitive but protective.

“This ban is not punitive; it is protective. It is aimed at safeguarding the health and future of our children and youth by not allowing alcohol in small pack sizes.

“The decision is rooted in scientific evidence and public health considerations. We cannot continue to sacrifice the well-being of Nigerians for economic gain. The health of a nation is its true wealth.”

She reiterated that only spirit drinks packaged in sachets and small PET or glass bottles below 200ml were affected, adding that NAFDAC still approved alcoholic beverages in larger pack sizes.

The renewed enforcement has sparked immediate reactions across industry, labour, and public spheres.

The Manufacturers Association of Nigeria and other stakeholders, including the Food and Beverage Tobacco Outgrowers and Bottlers (FOBTOB), have criticised the move as inconsistent and potentially damaging.

On January 23, members of the Distillers and Blenders Association of Nigeria, Nigerian Labour Congress and the Trade Union Congress gathered at the Lagos office of NAFDAC to protest the ban.

They warned that the enforcement would displace no fewer than 5.5 million Nigerians from their jobs.

Some protesters described the policy as a serious regulatory misstep that fails to balance public health goals with economic realities—particularly in a country where low-cost sachet spirits remain popular among low-income consumers.

But NAFDAC called on manufacturers, distributors and retailers to comply fully with the directive, stressing that no further extension would be granted beyond December 2025.

NiMet predicts dust haze in North, thunderstorms across South Friday

NiMet

The Nigerian Meteorological Agency has forecast moderate to slight dust haze across parts of the country, particularly in the northern states, on Friday, January 30, 2026.

NiMet said moderate dust haze with horizontal visibility of between two and five kilometres is expected in parts of Yobe, Katsina, northern Bauchi, Kano and Jigawa states during the morning hours.

This was contained in the agency’s Daily Weather Outlook for Friday, released via its X handle on Thursday.

“The remaining parts of the region (North) are expected to experience slight dust haze in the morning.

“Moderate to slight dust haze is expected to persist across the region throughout the afternoon and evening,” the agency said.

For the North Central states, NiMet forecasts slight dust haze in the morning, which is expected to continue through the afternoon and evening.

In the southern states, the agency predicted sunny skies with few patches of cloud during the morning hours.

“Sunny skies with cloud patches are expected, with slim prospects of isolated thunderstorms accompanied by light rainfall over parts of Bayelsa, Cross River, Akwa Ibom and Rivers states, while the remaining areas will experience sunny skies with few patches of cloud,” NiMet noted.

The agency warned that dust haze could lead to reduced visibility, especially during the early morning hours.

It advised people with respiratory ailments to take necessary precautions and urged motorists to exercise caution while driving under hazy conditions.

NiMet also encouraged airline operators to obtain airport-specific weather information from the agency to aid effective operational planning.

BUA Foods reports N508bn profit after tax

BUA-Foods

BUA Foods Plc has reported a profit after tax of N507.7bn for the year ended 31 December 2025, representing a 91 per cent increase from N266.0bn recorded in 2024. The growth was supported by higher turnover, improved gross profit, and controlled operating expenses.

The Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2025, as filed on the Nigerian Exchange recently, showed that the group’s turnover rose to N1.80tn in 2025 from N1.53tn in 2024, reflecting a 17.9 per cent increase. Cost of sales also rose to N1.13tn from N987.1bn, resulting in a gross profit of N672.2bn, up from N540.8bn in the previous year.

Operating profit for the year was N565.4bn, compared with N472.1bn in 2024, while administrative expenses increased to N40.46bn from N28.56bn. Selling and distribution expenses rose to N68.73bn from N40.26bn. Net finance costs, including finance income and finance costs, amounted to N14.39bn, down from N187.8bn in 2024, largely due to reduced borrowing costs.

The company also recorded finance exchange losses of N16.1bn, which impacted total profit before tax. Profit before tax stood at N534.9bn, up from N284.3bn in 2024, representing an 88 per cent increase year-on-year.

For the company alone, profit after tax reached N322.5bn, compared with N263.2bn in 2024, while earnings per share rose to 28.21 kobo from 14.78 kobo in 2024.

On the balance sheet, BUA Foods Group’s total assets grew to N1.39tn from N1.10tn, driven by an increase in current assets, particularly cash and short-term deposits, which reached N844.2bn from N547.4bn, while non-current assets, including property, plant, and equipment, stood at N394.9bn.

The group’s total equity strengthened to N702.8bn, up from N429.1bn, supported by growth in retained earnings, which rose to N694.7bn. Total liabilities amounted to N683.5bn, marginally higher than N666.4bn in 2024.

According to the Managing Director, Ayodele Abioye, BUA Foods’ market position, both domestically and regionally, remains strong due to its efficient and effective supply chain.

“For us, we continue to drive operational efficiency, product quality, and customer satisfaction while maintaining a disciplined expansion strategy in an evolving economic landscape,” Abioye said.

The Acting Chief Financial Officer, Michael Ehimah, noted that diversifying energy sources and improving supply chain efficiency helped cushion the impact of rising input costs. He added that preserving a healthy balance sheet while funding key growth initiatives will remain a priority in 2026.

Looking ahead, BUA Foods plans to complete its sugar backward integration programme, which is expected to allow the company to refine over 220,000 metric tonnes of sugar in the first phase. The company will also continue its expansion across other business divisions.

The MD emphasised that BUA Foods will remain focused on margin preservation in a competitive environment while advancing ongoing expansion projects. He added that the board and management are confident in the company’s strong fundamentals and its ability to deliver sustainable long-term value to shareholders.

BUA Foods closed the 2025 financial year as the most valued company on the Nigerian Exchange, with a market capitalisation exceeding N14tn, reflecting strong investor confidence and operational performance in the consumer goods sector.

NGX market cap rises by N232b

NGXThe Nigerian Stock Exchange closed higher on Thursday, 29 January 2026, as investors responded to positive market sentiment despite a slowdown in trading activity.

The total market capitalisation rose by N232bn, from N105.74tn on Wednesday, 28 January, to N105.97tn, representing a 0.22 per cent increase. Similarly, the All Share Index gained 362.93 points, moving from 165,164.38 to 165,527.31.

Trading activity, however, experienced a decline compared with the previous session. A total of 550.4 million shares were exchanged in 38,635 deals, with a turnover of N14.14bn, representing a 12 per cent decline in volume, a 14 per cent drop in turnover, and an 8 per cent decrease in deals. In total, 131 equities participated in the session, with 41 gainers and 27 losers.

Leading the gainers was RT Briscoe, which climbed 10 per cent to close at N7.15 per share, followed closely by SCOA Nigeria, up 9.91 per cent; Deap Capital Management & Trust, up 9.91 per cent; and Veritas Kapital Assurance, up 9.85 per cent. On the losing side, Haldane McCall led the laggards with a 9.84 per cent decline, closing at N3.94 per share, while Union Dicon Salt down 9.79 per cent, University Press down 8 per cent, and Legend Internet down 7.56 per cent also recorded significant losses.

In terms of volume, Veritas Kapital Assurance topped the chart with 56.6 million shares traded, followed by Guaranty Trust Holding with 26 million shares, Tantalizers with 26 million shares, and Japaul Gold and Ventures with 25.9 million shares.

FCMB posts N177bn profit

FCMBFCMB Group Plc has reported a profit after tax of N177bn for the year ended 31 December 2025, marking a 141 per cent increase from N73.3bn recorded in 2024. The performance underscores the bank’s earnings base, driven by higher interest income and improved non-interest revenue streams.

The group’s gross earnings rose sharply to N1.13tn in 2025 from N794.4bn in 2024, representing a 42 per cent growth year-on-year. This growth was largely powered by interest and discount income, which surged by 61 per cent to N1.0tn, reflecting strong lending activities across the group. Consequently, net interest income jumped to N503bn, more than double the N225.3bn posted in the previous year.

The Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2025 revealed that non-interest income also contributed significantly to the bottom line. Fee and commission income increased by 29 per cent to N96bn, while net trading and other gains added further support despite some volatility. In total, the group’s other operating income and gains contributed N28bn, although this was lower than the N93.3bn recorded in 2024 due to market adjustments.

 

On the expense front, FCMB continued to invest in human capital and infrastructure. Personnel expenses rose to N106bn, up from N79.3bn, reflecting strategic hires and staff development programmes. General and administrative expenses increased to N127bn, while net impairment losses on financial instruments rose to N86bn, more than double the N41.2bn in 2024, highlighting proactive risk management amid a dynamic lending environment.

The bank’s total assets grew to N7.54tn,from N7.05tn in 2024, driven by growth in cash and cash equivalents, which rose to N1.3tn, and investment securities, which climbed to N2.06tn. Loans and advances to customers remained robust at N2.29tn, underscoring the group’s commitment to supporting businesses and households across Nigeria.