News

FCCPC threatens sanction against petrol price profiteers

Published

3 weeks ago

June 29, 2026

/home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/11/images-2024-11-11T165444.897.jpeg&description=FCCPC threatens sanction against petrol price profiteers', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">

/home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/11/images-2024-11-11T165444.897.jpeg&description=FCCPC threatens sanction against petrol price profiteers', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">

ADVERTISEMENT

By Francesca Hangeior

The Federal Competition and Consumer Protection Commission (FCCPC) is set to wield the big stick against oil marketers.

It follows their reluctance to reduce petrol pump prices in line with the falling global crude oil price.

The planned action, the commission said, became necessary after it observed that despite downward reviews of petrol ex-depot prices by domestic refiners, marketers, depot owners and retail outlet operators had only made negligible reductions at the pumps, which were not commensurate with the sharp fall in global crude oil prices.

Following a ceasefire agreement between the United States (U.S.) and Iran two weeks ago and the reopening of the Strait of Hormuz, crude oil prices have declined steadily, with Brent crude trading at $71.99 per barrel and West Texas Intermediate (WTI) at $69.23 per barrel yesterday.

The decline represents a sharp drop from the peak recorded during the conflict, returning prices to pre-war levels.

The earlier spike in global crude prices prompted local refiners and marketers to raise pump prices across the country, with petrol rising from about N800 per litre to between N1,350 and N1,500, while diesel sold for as much as N2,000 per litre as hostilities intensified in the Gulf.

Despite the subsequent decline in crude prices, petrol still sells for an average of N1,200 per litre, although some local refiners have reduced ex-depot prices to between N1,025 and N1,075 per litre.

Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, explained that although the commission does not regulate or approve petroleum prices in a deregulated downstream market, it has a statutory responsibility under the Federal Competition and Consumer Protection Act 2018 to promote competitive markets, prevent anti-competitive conduct and protect consumers from unfair, deceptive and exploitative business practices.

According to a statement by the FCCPC Director of Corporate Affairs, Ondaje Ijagwu, Bello said: “We are concerned that while dealers often respond swiftly by hiking pump prices whenever crude prices rise, it is curious that it is taking so long for consumers to benefit significantly when crude prices fall. Competitive markets must work fairly in both directions.

“Though recognising that domestic prices are influenced by a range of commercial and market factors, including refining costs, foreign exchange movements, logistics, financing and distribution expenses, the commission expects competitive market dynamics to facilitate the timely transmission of resulting cost efficiencies to consumers.

“Market liberalisation does not diminish businesses’ obligations to compete fairly or consumers’ right to fair treatment.

“Where credible evidence indicates conduct that undermines competition, exploits consumers or otherwise contravenes the Federal Competition and Consumer Protection Act, the commission will investigate and take appropriate enforcement action.”

However, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said marketers were already complying with the reductions, explaining that pump prices had been lowered in line with refiners’ ex-depot price cuts.

“You have to know that these price reductions come in batches. As they reduce their prices, we also reduce ours.

“When Dangote Refinery reduced its ex-depot price by N50 per litre, we reflected the same N50 reduction at our filling stations.

“Any amount reduced from the ex-depot price is the same amount we reduce from our pump price,” he said.he

Maigandi challenged the FCCPC to conduct a survey of IPMAN filling stations to verify the level of compliance among its members.

“Compliance is compulsory because if you don’t comply, nobody will patronise you.

“No one will buy a product at a higher price when the same product is available cheaper elsewhere.

“Our marketers are complying. In fact, we welcome the reductions because lower prices translate into higher sales volumes,” he added.

Some operators in the downstream oil sector, however, faulted the FCCPC’s planned action, describing it as a case of double standards.

Asked to comment on the commission’s position, they argued that it was unfair to threaten marketers with sanctions in a deregulated market where pricing decisions are driven by commercial considerations.

Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, supported the FCCPC’s intervention, provided there was evidence of anti-competitive conduct.

“If there are obvious cases of exploitation or where players with significant market power abuse their position, the FCCPC can intervene because the commission has broad powers to address anti-competitive practices and abuse of market dominance.

“But it must first establish that such conduct exists before taking action. The downstream sector has many players, and there is already a framework that allows competition,” he said.

Yusuf, however, noted that despite its statutory powers, the FCCPC would find it difficult to compel marketers to reduce prices because pricing remains a commercial decision.

“If you bought stock at a particular price, your selling price is determined largely by the replacement cost. Even if you bought the product cheaper, you have to consider how much it will cost to replenish your stock. That is normal business practice, and it would be difficult to compel businesses to act otherwise,” he said.

He added that businesses generally respond faster to rising costs than falling costs because of replacement cost considerations.

“The argument by many marketers is that they still have old stock purchased at higher prices.”

“Until they exhaust that stock, they cannot significantly reduce pump prices. Once they begin buying new stock at lower prices, consumers should see further reductions,” Yusuf explained.

Bello encouraged consumers to continue reporting suspected anti-competitive conduct, misleading pricing practices and other forms of unfair market behaviour through the commission’s established complaint channels.

News

Ghost workers: Police top list as ICPC uncovers 908 across MDAs

Published

5 hours ago

July 23, 2026

Admin

ADVERTISEMENT

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered 908 ghost workers across several federal ministries, departments and agencies (MDAs), recovering about ₦942 million allegedly paid out through the fraudulent payroll scheme.

ICPC Chairman, Musa Aliyu, disclosed the findings while speaking on the outcome of the commission’s investigation, according to BBC Pidgin. He explained that the probe began in 2024 after irregularities were detected in pension payments.

Aliyu said investigations revealed that some senior public officials allegedly inserted the names of relatives and associates into government payrolls and diverted the salaries for personal use.

He disclosed that one suspect allegedly enrolled his wife, son and mother-in-law as government workers while also collecting the salaries of 12 other fictitious employees.

According to him, the investigation covered at least 50 federal MDAs, with the Nigeria Police Force recording the highest number of ghost workers at 570.

He said the National Water Resources Authority had 80 ghost workers, while the Federal Ministry of Works recorded 56.

Aliyu added that the Ministry of Foreign Affairs had 24, the Ministry of Defence 19, while both the Ministry of Power and the Ministry of Industry, Trade and Investment recorded 17 each.

He further disclosed that the Federal Ministry of Health had 15 ghost workers, while the Office of the Head of the Civil Service of the Federation recorded 12.

The ICPC chairman also said ghost workers were uncovered in the Office of the Accountant-General of the Federation and the Ministry of Interior, although he declined to disclose the figures for those institutions, noting that investigations are still ongoing.

The commission described ghost workers as individuals whose names are illegally added to government payrolls despite not being legitimate employees, allowing fraudsters to siphon public funds through fictitious salary payments.

News

Ondo Speaker gets Sunday deadline to resign or face impeachment

Published

5 hours ago

July 23, 2026

Admin

ADVERTISEMENT

The crisis in the Ondo State House of Assembly remains unresolved as the majority of lawmakers have issued a Sunday ultimatum to the Speaker, Olamide Oladiji, to resign from office or face impeachment.

Twenty-one of the 26 members of the House have signed an impeachment notice against the Speaker over alleged financial misconduct.

The Speaker was accused of diverting N44m from funds allocated for the reordering of the budget of the Ondo State Oil-Producing Areas Development Commission.

Speaking with our correspondent by telephone on Wednesday, the Chairman of the House Committee on Information, Olatunji Fabiyi, said the lawmakers had given the Speaker a few more days to resign, failing which he would be removed at the next plenary sitting.

He stressed that the governor had intervened in the matter but had allowed the lawmakers to carry out their legislative duties.

Fabiyi said, “We have resolved that Mr Speaker should go. But in the wisdom of the leadership of the House, we felt we should meet with Mr Governor.

“And we have taken the resolution of the members to Mr Governor. Because the one we did before, they were castigating us, saying somebody was sponsoring us.”

“So, to avoid that, the leadership of the House went to Mr Governor to tell him that this one is not about him. This is what Mr Speaker has done, and we don’t want him anymore. He is the one leading us, and we don’t want him to lead us again.

“Twenty-one members have signed for his removal. But in the wisdom of the leadership of the House, not to make it appear as if we are striking too quickly, we went to Mr Governor.

“Mr Governor requested some time. On this issue, we don’t have any problem with Mr Governor. It is about the OSOPADEC budget. A resolution was written in the name of members without our knowledge. It was stated that members had sat down and agreed to it, and that it was our resolution, which it was not.

“It is a criminal offence. You cannot shave our heads behind our backs. That is what we are fighting for.

“So, if somebody is protecting him, it means that person is aiding and abetting him. We are giving him till Sunday. If he fails to resign, we will remove him.”

The House spokesman said the lawmakers would reconvene at the next plenary sitting to decide the Speaker’s fate.

On Monday, a member of the House, who spoke on condition of anonymity, alleged that the Speaker and his deputy had diverted N44m meant for the reordering of the budget of OSOPADEC.

He also alleged that the Speaker reordered the OSOPADEC budget without carrying other members along.

The lawmaker confirmed, “Yes, we are removing him. We just want him to resign honourably and, if he fails to do so, we will impeach him on the floor of the House. We have initiated an impeachment notice, and 21 members have already signed.

“We started the process about three weeks ago, but the governor has been talking to us, which is why we delayed it. But now, the governor has advised him to resign when we met with him. So, we are removing him.”

In his reaction, when contacted by telephone, the embattled speaker denied the allegations, saying he was not aware of any impeachment notice.

News

Trump’s Letter to Tinubu Proves We’re Working – Presidency

Published

5 hours ago

July 23, 2026

Admin

ADVERTISEMENT

The Presidency has described the recent letter from United States President Donald Trump to President Bola Tinubu as further evidence that the Tinubu administration is making progress, particularly in the area of security and its relationship with the United States.

Special Adviser to the President on Policy Communication, Daniel Bwala, made the remarks on Wednesday during an appearance on Channels Television’s Politics Today.

He was reacting to Trump’s letter praising Tinubu’s leadership and anti-terrorism efforts.

Bwala said the letter reflected the growing recognition of the administration’s achievements, insisting that the government’s engagement with the United States was already producing positive results.

“Fact speaks for itself. That’s what it is. The letter is further proof of the progress we are making,” he said.

He added that the government’s commitment to strengthening bilateral ties and improving security would continue regardless of whether such recognition was publicly expressed.

“Does it mean if there was no letter, we will stop? No. Because we are already engaging and communicating with them,” Bwala stated.

Drawing an analogy, he said, “If you are in a relationship with a lady, and then because of the relationship, you write a letter encouraging her, or she writes a letter encouraging you, then you feel further strengthened but it does not stop your commitment.”

Trump, in a letter dated July 6, 2026, commended Tinubu for what he described as his decisive leadership in tackling terrorism and other security challenges in Nigeria. The letter was released on Wednesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

In the letter, Trump thanked Tinubu for his earlier correspondence and praised his efforts to address insecurity, particularly attacks on Christian communities.

“Thank you for your thoughtful letter. Your kind words mean a great deal to me, and I appreciate your decisive leadership on behalf of the Nigerian people. I applaud your resolve to tackle the issues plaguing your nation, especially the violence affecting Christian communities and it is a true honor to stand with you in the fight against terrorists and to make the Federal Republic of Nigeria stronger and more prosperous,” Trump wrote.

The US president also described the relationship between Nigeria and the United States as crucial at a time when conflict had spread across West Africa and other parts of the world.

“The United States-Nigeria relationship is crucial at a time where conflict has spread across West Africa and around the world. We both share a mutual goal of confronting terrorism in all its forms, and our historic US-Nigeria 2026 Defence Cooperation Roadmap has established a robust framework to accomplish this feat,” he said.

Trump further disclosed that the United States had deployed its elite Special Operations Forces to train members of the Nigerian Armed Forces and strengthen their operational capabilities.

“I am proud to have deployed the United States Special Operations Forces—among the most elite military units anywhere in the world—to equip the brave men and women in the Armed Forces of Nigeria with the skills, tools and intelligence they need to protect your homeland and ensure the safety and security of citizens, particularly those of faith who have been under attack. I look forward to our continued discussions over the course of my Presidency,” he added.

The letter comes amid expanding security cooperation between Nigeria and the United States. Last November, both countries agreed to establish a Joint Working Group co-headed by their National Security Advisers to coordinate intelligence sharing, training and joint operations against terrorist groups.

The growing partnership has coincided with recent security gains by Nigerian authorities, including the rescue of 44 pupils and teachers abducted from schools in Oriire Local Government Area of Oyo State after 56 days in captivity. President Tinubu had praised the operation, stressing that no ransom was paid.