IMO BREAKING NEWS BLOG

Some oil marketers are gradually removing the Nigerian National Petroleum Company Limited (NNPCL) logo from their filling stations as they opt out of franchise agreements due to intense competition in refined product pricing.

Reports indicate that many Lagos-based dealers are considering a similar move following the recent price reduction by the $20 billion Dangote Petroleum Refinery in Lekki. Several stations along the Lagos-Ibadan Expressway and Ibafo have already rebranded, shedding the NNPCL name in pursuit of cheaper products.

Competition Driving Change

The deregulation of the downstream oil sector has heightened competition, prompting independent marketers to seek cost-effective product sources. The latest development comes after Dangote Refinery slashed its loading price of Premium Motor Spirit (PMS) from ₦950 to ₦890 per litre, significantly undercutting NNPCL’s imported petrol prices.

According to Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), marketers are shifting alliances because NNPCL no longer holds a monopoly on petroleum importation and distribution.

The Shift in Franchise Agreements

A franchise licence in the oil sector allows marketers to operate under an established brand, ensuring product supply. However, with Dangote’s lower prices, many marketers see greater profitability and flexibility outside of NNPCL agreements.

Oil and gas expert Olatide Jeremiah explained that NNPCL previously controlled fuel pricing by subsidizing petrol internally. This made marketers seek NNPCL franchise licences to access cheaper products. However, Dangote’s entry disrupted this strategy, making direct purchases more attractive.

More Stations May Rebrand

Lagos PETROAN Chairman, Akinola Ogunyolemi, confirmed that most filling stations displaying the NNPCL logo are privately owned. He noted that station owners often rebrand when contracts expire or better offers emerge.

Industry analysts predict that more stations will switch allegiances as imported fuel prices remain higher than Dangote’s locally refined petrol.

Meanwhile, a fresh price war has emerged between Dangote, NNPCL, and other major marketers. The NNPCL and other importers recently sourced cheaper refined products internationally, prompting Dangote Refinery to lower its price to remain competitive.

Experts anticipate further price adjustments as competition intensifies, shaping the future of Nigeria’s downstream oil market. 

The Federal Government has approved a N758 billion bond to settle outstanding pension arrears, offering significant relief to retirees.

The approval was granted during Tuesday’s Federal Executive Council (FEC) meeting at the State House in Abuja, allowing the Debt Management Office (DMO) to secure the necessary funds to address pension liabilities under the Defined Benefit Scheme. This scheme, which preceded the contributory pension system introduced in 2004 and amended in 2014, covers retirees who served before the transition.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this development during a press briefing after the FEC meeting presided over by President Bola Ahmed Tinubu. He emphasized that the initiative is aimed at easing the financial burdens faced by retirees awaiting their entitlements. 

The Lagos State Special Offences Court in Ikeja has cleared former Aviation Minister Femi Fani-Kayode of forgery charges. The EFCC had accused him of falsifying medical reports to delay his ongoing N4.9 billion fraud trial. However, Justice Olubunmi Fadipe ruled that the prosecution failed to establish a case against him.  

The EFCC alleged that Fani-Kayode used fake medical reports from Kubwa General Hospital, Abuja, but hospital officials denied issuing them. A witness claimed he paid for forged documents, but the judge noted that key witnesses, including those who allegedly received money from him, were not presented in court.  

As a result, the judge ruled in favor of Fani-Kayode’s no-case submission and discharged him of all charges. 

The United States Agency for International Development (USAID) has placed its employees on administrative leave and begun recalling staff from overseas assignments as part of a broader restructuring under the Trump administration.

In a statement published on its website, which reappeared on Tuesday, the agency announced that the leave will take effect just before midnight on February 7, 2025. The directive applies to all USAID direct-hire personnel, except those handling mission-critical functions, core leadership, and designated programs.

“Thank you for your service,” the statement read.

The move aligns with former President Donald Trump’s initiative, supported by billionaire Elon Musk, to downsize the U.S. government—a decision that has sparked backlash from Democrats and human rights advocates.

USAID, which funds health and emergency programs in approximately 120 countries, is regarded as a key instrument of U.S. soft power, especially in countering the influence of global rivals like China. Musk, who has significant business interests in China, has openly criticized the agency, calling it “a viper’s nest of radical-left Marxists who hate America” and vowing to dismantle it.

Musk has also alleged, without evidence, that USAID engages in covert intelligence operations and has funded controversial research, including bioweapon development. He stated that he personally cleared the decision with Trump.

The action against USAID follows long-standing conservative arguments that U.S. foreign aid is wasteful and neglects domestic priorities. The agency, which has a budget exceeding $40 billion, has historically provided assistance to countries such as Ukraine, Ethiopia, Jordan, and Afghanistan.

As the world’s largest provider of development assistance, the U.S. government’s potential shift in aid policy could have significant geopolitical implications.

photo credit: AFP photo 

Premier League clubs spent around £370m in the winter transfer window, significantly up on the £100m paid out last year, with Manchester City spending almost as much as the other 19 top-flight teams combined. While spending is up, it is still way down on the 2023 record of £815m.

The £50m signing of midfielder Nico Gonzalez from Porto just before Monday's 23:00 GMT deadline took Manchester City's total spending to around £180m, according to Football Transfers as manager Pep Guardiola was given the backing to try and improve the defending champions' current form. City's is the second-highest spend in a winter window ever, behind Chelsea in 2023, who spent £275m.

Manchester City spend big to rescue their season

This season has not gone to plan for Manchester City. A dreadful run of form in November and December during which they lost six out of eight Premier League games saw their hopes of defending the title once again all but ended.

Meanwhile, hanging over them is the outcome of the 115 charges they face for allegedly breaking the financial rules of the Premier League. But they made the biggest moves during the winter window, signing Eintracht Frankfurt's Omar Marmoush for £59m, Palmeiras' Vitor Reis for £29.6m, and Lens' Abdukodir Khusanov for £33.6m before completing their business with £50m Gonzalez just before Monday's deadline. They also signed Argentina Under-17 midfielder Claudio Echeverri for £12.5m but immediately loaned him back to River Plate.

Despite the outlay of around £180m, their net spend for the 2024-25 season so far stands at £67m, helped by the departure of Julian Alvarez to Atletico Madrid last summer for an initial £64.4m, while defender Joao Cancelo moved to Saudi Pro League club Al-Hilal in a £21.2m deal. It is rare for Manchester City to spend big in the winter window but this has been the most they have laid out since the £225m in the 2017 summer window. 

The Special Offences Court sitting in Ikeja, Lagos, has acquitted and discharged a former Minister of Aviation, Femi Fani-Kayode, of the charge of medical forgery levelled against him by the Economic and Financial Crimes Commission (EFCC). Justice Olubumni Abike-Fadipe who freed the former minister while delivering ruling on the no case submission filed by his counsel held that the prosecution failed to establish a prima facie case against him.

The court upheld the no case-submission filed by his counsel, Norrison Quakers (SAN) and ruled that Fani-Kayode had no case to answer as the EFCC did not link him to the offence. Before the court, Fani-Kayode was facing 12 a count charge brought against him by the EFCC following his alleged use of forged medical report(s), which he tendered before Justice Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, where he was being prosecuted by the EFCC for an alleged N4.9billion fraud.

One of the counts reads: “That you, Femi Fani-Kayode, on or about the 11th day of October, 2021 in Lagos, within the jurisdiction of this Honourable Court, by fraudulently used a false document titled: Medical Report on Olufemi Fani-Kayode 60 Years/Male/Hosp. No. 00345 DATED 11/10/2021 before the Federal High Court, Lagos Judicial Division in charge No. FHC/L/251C/2016 which document you purported to have been issued by Kubwa General Hospital.” Another count reads: “That you, Femi Fani-Kayode, on or about the 23rd day of March, 2021 in Lagos, within the jurisdiction of this Honourable Court, fraudulently used a false document titled: To Whom It May Concern Re: Femi Fani-Kayode Male/60 Years Hospital. No. 32145 Dated 23rd March 2021 before the Federal High Court, Lagos Judicial Division in charge No. FHC/L/251C/2016 which document you purported to have been issued by Kubwa General Hospital.”

The EFCC noted that procuring and execution of documents by false pretence is contrary to section 369 of the Criminal Law of Lagos State 2015. During the trial, the management of Kubwa General Hospital, Abuja had denied admitting Femi Fani-Kayode as one of its patients. Through its head of medical records, Bassey Amah, the hospital management told Justice Olubunmi Abike-Fadipe that a medical report presented in court by the former minister was not issued by the hospital. Amah who testified before the court as first prosecution witness in the case said that Fani-Kayode is not a patient and has no medical report in the hospital.

A second prosecution witness, Abidat Bukola told the court how the former Minister of Aviation, allegedly gave her N820,000 to procure 4 forged medical reports.