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.
Bitcoin has fallen below $63,000, reaching its lowest level since October 2024 amid weakening investor confidence and increased volatility in the cryptocurrency market.
According to CoinMarketCap data, Bitcoin dropped 13.9 per cent to $62,965 as of 10:20 p.m. on Thursday. The decline comes after months of downward movement, with the cryptocurrency now more than 45 per cent below its October peak.
Ethereum also recorded a sharp decline, falling 13 per cent to $1,863, while the global cryptocurrency market capitalisation dropped to $2.19 trillion.
Analysts reportedly linked the latest decline to a broader sell-off in US technology stocks, which has also affected other risk assets. Bitcoin had reached an all-time high of more than $125,000 on October 5 before falling sharply in the days that followed, highlighting the continued volatility in the crypto market.
Businessman Aliko Dangote has explained why he believes Nigerians should participate in the ownership of his refinery by purchasing shares.
He was asked by singer Davido why Nigerians should participate, and Dangote explained that the initiative would help spread wealth and prosperity across Africa.
“Well, it’s very important because that is the only way to spread prosperity and wealth throughout Africa. And like I said, this is not going to be the first and the last. We will continue with even our fertilizer. By the time we finish listing, every single one will own part of our businesses and we will create a pool of cash…”
He explained that the goal is to create opportunities for more Nigerians to own a stake in the businesses and help spread wealth across the country.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
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