Business
JUST IN: IPMAN threatens shutdown in S’West as LASMA impounds 30 tankers
The Independent Petroleum Marketers Association, South-West Zone, has vowed that it will shut down operations across the region if the 30 tankers arrested by the Lagos State government are not released.
The Chairman, IPMAN Western Zone, Joseph Akanni, made this known on Monday, during an interview with newsmen in Ibadan, the Oyo State capital.
Akanni declared the association’s support for the Petroleum Tanker Drivers, as well as other stakeholders in the industry over the issue, saying “Injury to one is an injury to all.”
He disclosed that the 30 tankers bearing 45,000 litres of Premium Motor Spirit were towed out of Dangote Refinery at about 3:00am on Saturday, February 22, 2025.
“The vehicles and the drivers were arrested by the Lagos State Traffic Management Authority (LASMA) under the Ministry of Transportation in Lagos and were put at the LASMA yard in Oshodi.
“So, IPMAN is in solidarity with the PTD, National Association of Road Transport Owners (NARTO), and NUPENG is showing solidarity with the other stakeholders to take action against Lagos State governments, especially the Ministry of Transport.
“What the Ministry of Transport has done is against the law. It is dangerous. It is dangerous to keep tankers with petrol in a place because petrol is flammable.
And the information reaching us is that they have started siphoning petrol from the tankers, which implies that we won’t have the same quantity as when it was towed.
“And that we are ready if nothing is done, we are ready to shut down our stations; our petrol stations across Southwest, in solidarity with the tanker drivers,” Akanni said.
The South-West IPMAN chairman revealed that the product in the impounded tankers belongs to members of IPMAN, saying the association is in support of the actions of NUPENG over the incident.
Akanni added that under fire safety regulations, “even if a truck with petrol is arrested, the tanker is supposed to go and offload the petrol first, before anything.”
“So, now they took the tankers with about 45,000 litres of petrol, numbering about 30, which is very dangerous.
“We are giving stern warning that if there is any fire incident, Lagos State government is going to be responsible for the loss of products and the deaths,” Akanni said.
Business
Cybercriminals cloning DStv, other brands to steal bank accounts across Africa
According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.
Cybercriminals are impersonating popular companies and government agencies across Africa in a campaign designed to take over smartphones and bank accounts.
More than 100 fake websites linked to the malware campaign have been identified since August 2025.
Brands including DStv, Takealot and South African Airways, as well as the South African Revenue Service (SARS), are being used to make fraudulent messages and websites appear legitimate.
According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.
The attacks are particularly concerning in South Africa, where Android dominates the mobile operating system market.
NordVPN said the attacks typically begin with social engineering, where criminals send convincing messages through SMS, WhatsApp or social media.
The messages may contain urgent offers or requests involving job opportunities, tax refunds, identity renewals or pension verification.
Victims are then directed to fake websites designed to closely resemble the official websites of trusted organisations.
The sites encourage users to download an Android application. Once installed, the malicious software can operate quietly in the background, including after the smartphone is restarted.
Business
Cement price hits N16,000 per bag
The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.
• Chairman of BUA cement, Abdul Samad Rabiu (ASR)
Cement dealers across Nigeria have announced fresh price increases, with a 50kg bag now selling for as much as N16,000 in some markets, up from N13,000 recorded by buyers just days earlier.
The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.
By the third quarter of 2025, that had risen to about N9,000 before reaching the N12,000 to N16,000 range now seen across different locations.
Other building materials have followed a similar upward path. Blocks have climbed from around N600 to N1,100 each.
Sand has gone from N165,000 to N250,000 per 30 tonnes. Granite has risen from N530,000 to N780,000 per 30 tonnes.
Reinforcing steel now costs N1.15 million per tonne, up from N850,000.
Business
Naira Exchange Rates Friday, August 21
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,405 Sell ₦1,410
Great British Pound(GBP) Buy ₦1,890 Sell: ₦1,915
EURO (EUR) Buy ₦1,590 Sell ₦1,610
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90Ghana CEDI (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
CBN Exchange Rates
US Dollar (USD) ₦1,374.63
Great British Pound (GBP) ₦1,838.70
EURO (EUR) ₦1,574.97
Swiss Franc (CHF) ₦1,687.70
Chinese Yuan (CNY) ₦200.42
Japanese Yen (Yen) ₦8.49
West African CFA (XOF) ₦2.37
West African Unit Account (WAUA) ₦1,848.41
Saudi Riyal (SAR) ₦358.91
South African Rand (ZAR) ₦83.35
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