Business
NNPCL Fuel Pricing Excuses Nigerians Don’t want to Hear
The NNPCL says that the new pump price announced yesterday is based on the N977/litre it bought from Dangote Petroleum Refinery.
An NNPCL source said : “What we announced is based on Dangote pricing. It is N977 per litre that NNPCL bought from the refinery.
When the pump price is reduced by the refinery, NNPCL will reduce it.”
Tracking by Ohibaba.com, shows that the retail stations of NNPCL raised the price of petrol to N1,030 from N897/litre in Abuja, and in Lagos it was hiked to N998/litre from N868/litre.
Other locations witnessed similar price hikes, a development that triggered anger among Nigerians.
The Nigeria Labour Congress (NLC), had in a swift reaction, demanded an immediate reversal of the fresh fuel price hike.
NLC said that it is an aberration that the NNPCL is fixing fuel prices in a so-called deregulated sector.
According to the NLC, the federal government led by President Bola Tinubu should immediately reverse the latest hike in petrol price, as previous increases did not produce any positive result.
In a statement by its President, Joe Ajaero, the NLC contended that following the logic of market forces, it is an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly.
The statement titled “What next after increase in pump price?” reads: “We are dismayed by the latest increase in the pump price of petrol.
It looks like ol. It looks like the only thing this government is known for is the increase in the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures.
“Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly.
We challenge the government to go to the drawing board and present us with a blueprint for inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.
It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities.
It will further deepen poverty as production capacities dip, and more jobs lost with multidimensional negative effects.”
Business
President Tinubu Tasks Judicial Officers To Remain Abreast of Evolving Global Maritime Laws
President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).
President Bola Tinubu on Wednesday urged judges to continually update their knowledge on autonomous vessels, digital shipping, artificial intelligence-driven maritime operations, maritime security and evolving international environmental regulations.
President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).
Represented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, President Tinubu lauded the Nigerian Shippers’ Council for initiating and sustaining the international seminar for judges.
He described it as one of Nigeria’s foremost platforms for strengthening maritime jurisprudence, enhancing judicial capacity and promoting excellence in maritime justice.
According to Oyetola , rapid technological advancement is creating unprecedented legal questions relating to liability, navigational responsibility, insurance, collision regulations and allocation of responsibility when autonomous vessels malfunction.
He emphasised that the courts will increasingly adjudicate disputes involving decarbonisation, environmental compliance, blockchain-enabled cargo documentation, electronic bills of lading and other evolving international maritime legal frameworks.
“The emergence of autonomous vessels demands a judiciary equipped to resolve complex legal questions involving liability, insurance, navigation and technological accountability.
“Judicial officers must remain abreast of evolving international maritime law to ensure justice keeps pace with technological innovation,” he said.
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Business
Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%
Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.
The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.
Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.
The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.
This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.
“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.
He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.
The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.
Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.
Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.
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