Business
NMDPRA Warns Fuel Retailers Against Illegal Sales Amid Abuja Scarcity
The Federal Government, via the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has issued a stern warning to retailers of Premium Motor Spirit (PMS), commonly known as petrol, amid ongoing shortages in the Federal Capital Territory (FCT), Abuja, and the surrounding states of Nasarawa and Niger.
This advisory was communicated through a statement posted on NMDPRA’s official X account.
The regulatory body has called on fuel retail stations to cease transactions with individuals involved in the illicit sale of petrol, including those dealing in fuel stored in jerrycans.
The NMDPRA has made it clear that filling stations found engaging with illegal traders will face severe penalties, including the potential suspension of their retail licenses. This action is part of a broader crackdown aimed at curbing the unauthorized distribution of petroleum products.
The warning comes as fuel scarcity continues to plague the nation’s capital. Most filling stations in Abuja have halted fuel distribution, leaving only a few operational.
For example, along the Kubwa Expressway, only outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) were dispensing fuel on Friday, causing significant queues at these locations.
Earlier, two weeks ago, NNPCL spokesperson Olufemi Soneye attributed the shortage to disruptions in the unloading processes of several vessels. Despite this explanation, fuel scarcity persists as a recurring issue with no lasting resolution in sight.
In light of these ongoing challenges, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association (PETROAN), recently advocated for the establishment of a dedicated task force to address the persistent fuel shortages in Nigeria.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
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