News
MAN says hike in petrol price inevitable
Segun Ajayi-Kadir, the Director – General of Manufacturers Association of Nigeria (MAN) says the increase in the domestic petrol pump price is inevitable.
” Right from the time fuel subsidy was either reduced or removed, it became inevitable that the price may rise. You will also note the sharp decline in the value of the Naira and the impact it is bound to have on the importation of fuel,” Ajayi-Kadir told journalists in Lagos, today.
He was reacting to the recent increase in price of petrol from ₦568 per litre to ₦855 per litre, being implemented across NNPC filling stations.
Ajayi-Kadir, said : “From what I can glean, the reasons for the increase are not far-fetched.
Globally, there is an increase in crude oil prices. Our refineries are not producing and we import fuel.
The increase in cost of crude oil will have direct impact on the cost of importing fuel into Nigeria and expectedly, the NNPC would at some point, adjust domestic prices.”
Impact on economy
So, in terms of what the impact might be and judging from what we have witnessed in the past, the cost of transportation may increase, and so would the prices of goods and services. As the cost of petrol rises, consumers will spend more on transportation and energy, leaving them with less disposable income.
This decrease in purchasing power may lead to reduced demand for non-essential goods and services, affecting businesses across various sectors.
These are pointers to the high possibility of a rise in inflation figures, impacting household budgets.
One is naturally worried about the impact on the already lackluster performance of the manufacturing sector. In particular, there is no doubt that it will add to production input and logistics costs. These will lead to higher prices and in the face of dwindling disposable income of the average Nigerian.
A further deep in consumer demand will see manufacturers’ unplanned inventory rising and reduction in capacity utilization.
Manufacturing performance would be negatively impacted. Businesses may need to adjust their pricing strategies, which could lead to reduced profit margins if consumer demand weakens. Small and medium-sized enterprises (SMEs), which often operate on thin margins, could be particularly hard-hit.
The increased costs could force some to scale down operations or even shut down if they are unable to pass on the additional costs to consumers.
An angry mob has set a Bus Rapid Transit (BRT) bus on fire after it reportedly crushed a commercial motorcyclist to death at Ogolonto Bus Stop along Ikorodu Road in Lagos State.
The incident occurred on Friday, October 16, 2026. Eyewitness accounts and social media reports indicate that the motorcyclist was riding alone along the restricted BRT lane when the collision happened. He died at the scene.
Enraged residents and youths then attacked the bus driver and set the vehicle ablaze. Police officers and officials of the Lagos Neighbourhood Safety Corps (LNSC), who were nearby, intervened promptly and rescued the driver unharmed.
The identity of the deceased motorcyclist and the exact circumstances of the crash had not been officially confirmed at the time of filing this report. It was also unclear whether any arrests had been made in connection with the burning of the bus.
News
ARISE News Wins Seven Honours At Nigerian Broadcasters Merit Awards
The awards recognised the network’s achievements in television journalism and programming, with ARISE News winning the Best TV Channel (Viewer’s Choice) category.
• ARISE News Anchor and host of What’s Trending Ojy Okpe was named Best Newscaster (TV – Female)
ARISE News has emerged as one of the major winners at the just ended Nigerian Broadcasters Merit Awards (NBMA).
ARISE News won seven honours across television broadcasting, news reporting, presentation and production during the ceremony.
The awards recognised the network’s achievements in television journalism and programming, with ARISE News winning the Best TV Channel (Viewer’s Choice) category.
The network’s flagship breakfast programme, The Morning Show, also won the Best TV Talk Show award, further strengthening its recognition in television broadcasting.
ARISE News Anchor and host of What’s Trending Ojy Okpe was named Best Newscaster (TV – Female).
Rufai Oseni was named Nigerian Broadcaster of the Year (Male), while Vimbai Mutinhiri-Ekpeyong received the Nigerian Broadcaster of the Year (Female) award.
The recognition extended to the network’s newsroom, with Ovieteme George winning Best TV News Reporter (Male) for his contributions to television news reporting.
Behind the camera, Sam Adeyemi received the Best Camera Operator/Cinematographer award, recognising his work in television production and visual storytelling.
News
Meta removes 3.7 million accounts in West Africa scam crackdown
The joint operation led to 28 arrests, identified more than 30 suspected scam centres and rescued 117 people allegedly trafficked and forced to work in scam compounds in Ghana.
Meta, the parent company of Facebook and Instagram, has removed more than 3.7 million Facebook and Instagram accounts, pages and groups linked to suspected scam networks operating in West Africa.
The joint operation led to 28 arrests, identified more than 30 suspected scam centres and rescued 117 people allegedly trafficked and forced to work in scam compounds in Ghana.
The company announced the crackdown in a statement on Tuesday, October 13, 2026. It involved 14 technology companies and law enforcement agencies from 10 countries.
The United Kingdom’s National Crime Agency coordinated the operation with the US Department of Justice, the Federal Bureau of Investigation and other agencies. Nigerian authorities were involved.
Other countries included Ghana, Australia, Canada, New Zealand and India.Tech companies that took part included Google, Microsoft, OpenAI, Coinbase, Starlink and Adobe.
Meta said the partnership let participants share intelligence across digital platforms, countries and financial systems to identify criminal networks.
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