Category: Business

Retailers blame supply challenges for cooking gas scarcity, price hike

 

 

The Liquefied Petroleum Gas Retailers Association of Nigeria has said retailers should not be blamed for the current hike and scarcity of Liquefied Petroleum Gas, also known as cooking gas.

 

Mr Ayobami Olarinoye, Chairman of LPGAR under the Nigeria Union of Petroleum and Natural Gas Workers, said this in a statement released on Saturday in Lagos.

 

He said the rising cost and limited availability of LPG stem from supply challenges, not price manipulation by retailers.

 

“The recent scarcity and spike in LPG prices have brought untold hardship to millions of Nigerian households and businesses. We understand this pain and feel compelled to clarify the role of retailers in this crisis,” Olarinoye said.

The chairman was reacting to comments by the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, who reportedly blamed retailers for the price surge.

 

Describing the allegation as “unfair and misleading,” Olarinoye explained that retailers neither operate at the depot level nor act as importers or primary off-takers.

 

“Our operations are limited to buying gas from plant owners and selling to end-users. Many of us travel to neighbouring states to purchase LPG at high costs due to supply shortages, which naturally affects retail prices,” he said.

 

According to him, although Dangote Refinery has not increased its gas price, supply irregularities have created a demand-supply imbalance that continues to drive up prices.

 

“Some retailers have had to shut their outlets for days or weeks because they couldn’t access supply, resulting in huge business losses and operational strain,” he said.

 

Olarinoye stressed that the price hike is driven purely by market forces.

 

“If plant owners increase prices, we have no choice but to adjust ours. We cannot be expected to sell at a loss,” he said.

 

He noted that while Dangote Refinery is a major market player, it currently lacks the capacity to meet Nigeria’s total LPG demand, which has risen from less than one million metric tonnes to over 2.3 million metric tonnes annually.

 

He said off-takers, who should complement Dangote’s supply by importing or sourcing from the Nigeria Liquefied Natural Gas (NLNG), have slowed operations due to uncompetitive pricing.

“Dangote sells a 20-metric-tonne truckload of LPG at about N15.8 to N16 million, while off-takers offer the same quantity at N18.5 to N18.6 million.

Naturally, buyers opt for the cheaper option, reducing importation and worsening scarcity,” he said.

He added that the recent PENGASSAN strike only aggravated an already fragile supply chain.

 

“Even after the strike was called off, supply has not stabilised. Some plant owners have paid for gas from Dangote but are yet to load due to long queues and limited availability,” he explained.

 

Olarinoye urged the government to bridge the price gap between Dangote and off-takers to ensure consistent supply and market stability.

 

“We don’t know the exact landing costs from NLNG, but if off-takers were making enough profit, they would price competitively. As it stands, they’re reluctant to restock,” he said.

 

He stressed that the ongoing crisis is rooted in systemic supply issues, not retailer manipulation, and called for collaboration among stakeholders.

 

“Blaming retailers will not solve anything. We urge the government and industry players to work together to boost domestic production, encourage competitive pricing, and stabilise supply nationwide,” he said.

 

Olarinoye assured customers that the union remains committed to restoring normalcy.

 

“We share the public’s frustration and are working toward solutions. Until then, supply and demand will continue to drive market prices,” he noted.

 

The recent spike in the price of cooking gas across Nigeria has been traced to temporary supply disruptions and rising distribution costs, according to the Nigerian Association of Liquefied Petroleum Gas Marketers.

 

PUNCH Online reports that the marketers said the scarcity and price hike were not due to hoarding or deliberate manipulation by retailers but stemmed from logistical challenges affecting product supply to depots nationwide. https://punchng.com/why-cooking-gas-prices-are-rising-marketers/

 

In several parts of the country, a kilogram of cooking gas now sells for between ₦1,800 and ₦2,000, compared to about ₦1,200 earlier in the year. The situation has deepened economic hardship for many households, forcing some Nigerians to revert to alternative cooking methods such as charcoal and firewood. https://punchng.com/when-cooking-becomes-luxury-gas-scarcity-deepens-hardship-as-citizens-return-to-charcoal-firewood

 

(NAN)

Again, court extends freezing order on Osun LGs’ bank accounts

 

 

 

An Oyo State High Court 5 sitting in Ibadan, again, on Friday, extended ruling on applications filed by the United Bank for Africa Plc and other defendants in the suit instituted by the Attorney General of Osun State and one other person as claimants, till next Tuesday.

 

The applications before the court include one filed by UBA seeking an adjournment sine die (indefinitely) and another challenging the court’s jurisdiction, filed by counsel to the sacked All Progressive Congress Local Government Chairmen by the Senior Advocate of Nigeria, Kazeem Gbadamosi.

 

Some other parties, including the sacked APC Chairmen and the PDP, also filed applications seeking to be joined in the suit.

 

PUNCH Online reports that Court 5, presided over by Justice Ladiran Akintola, had, on Thursday, fixed Friday for the hearing of the case.

The UBA, while seeking the case to be adjourned indefinitely, said the local government funds in contention were still in its safe custody and untouched by any party.

 

Presiding Judge, Akintola, said the ruling date was set after due consultations with all parties to allow sufficient time for a well-considered ruling on the various applications.

 

He, therefore, extended order of Interim Injunction against UBA Plc till Tuesday, October 14, maintaining a no-debit restriction on 30 bank accounts into which withheld Osun State Local Government allocations were paid by the Central Bank of Nigeria.

 

During Friday’s proceedings, counsel to UBA, Mutalib Ojo, SAN, reminded the court of his earlier application that the matter be adjourned sine die pending the judgment of the Supreme Court on a related case.

 

Ojo explained that the substantive dispute had already been heard by the Supreme Court, which has reserved judgment, saying any ruling by the lower court might conflict with the apex court’s eventual decision.

 

“If this High Court proceeds to hear the suit, there is a 50-50 chance that whatever decision it makes may conflict with the outcome of the Supreme Court. The issue here concerns the hierarchy of courts. Proceeding further may amount to a waste of judicial time since the Supreme Court’s decision will ultimately prevail.”

He, therefore, advised the court to adjourn the matter indefinitely, assuring that the funds in question were still in the safe custody of UBA and untouched by any party.

 

However, counsel to the sacked APC chairmen, Gbadamosi, SAN, opposed the application, urging the court not to grant it until the issue of jurisdiction had been addressed. He described the bank’s application as “an anomaly” that should not be entertained.

 

“From the defendants’ originating summons, it is clear that there is a pending suit before the Supreme Court upon which this current case and its reliefs are predicated. This present suit was filed subsequently after the Supreme Court case was instituted. That in itself constitutes an abuse of court process which this court must not condone.”

 

In his response, counsel to the plaintiffs, Musibau Adetunmbi, SAN, countered the submission, explaining that his clients approached the court only after discovering that Federal agencies, including the CBN and the Accountant General of the Federation, had transferred the disputed funds to UBA despite the pending case at the Supreme Court.

“If the money had not been moved from the CBN, we would not have come before this court. The Supreme Court does not have original jurisdiction over UBA, but this High Court does, hence our action.”

 

Akintola, who retired briefly to his chambers after hearing extensive arguments and counterarguments from all counsels, then adjourned the case for ruling till Tuesday, October 14, 2025.

 

On October 7, a seven-member panel of the Supreme Court of Nigeria had reserved judgment in a suit seeking to urge the Attorney General of the Federation to release Osun State’s withheld local government funds, which he had already allegedly directed to be paid to the disputed local government chairmen elected on the platform of the All Progressives Congress.

 

The panel, which was presided over by Justice Uwani Aba’aji, reserved judgment after hearing arguments from Osun State’s Attorney General, represented by Musbau Adetumbi (SAN), and the Attorney General of the Federation’s counsel, Chief Akin Olujimi (SAN), in the suit numbered SC/CV/773/2025.

 

Justice Uwani Aba’aji said, “Date for judgment in the suit will be communicated to parties.”

Dangote Refinery denies importing high-sulphur petrol

 

 

Dangote Petroleum Refinery has dismissed reports claiming it imported finished petrol with high sulphur content into Nigeria, describing the allegations as false and misleading.

 

An online publication, Sahara Reporters, had alleged that the refinery was bringing in high-sulphur petrol from the United Kingdom aboard the vessel MT Clearocean Mary, which it said was scheduled to arrive at the refinery’s offshore facility on October 9, carrying about 37,000 metric tonnes of petrol with a sulphur content of 690 parts per million.

 

But in a statement on Friday, the refinery clarified that the shipment in question was not finished petrol but an intermediate feedstock, a material used in refining processes to produce high-quality fuels.

 

“The cargo in question is an intermediate feedstock, not finished petrol.

“The feedstock will be fully refined in our processing units to meet both Nigerian and international quality standards,” the statement read.

The refinery, located within a Free Trade Zone, added that it produces and sells only fuels that comply with all regulatory standards, noting that its exports go to the United States and Europe.

 

The refinery further noted that all imported feedstocks are accompanied by quality certificates, which are transparently shared with regulators.

 

“We are also willing to make these documents available to the public in the interest of full transparency and accountability,” the statement added.

 

The company reaffirmed its commitment to advancing Nigeria’s energy independence, maintaining global best practices, and delivering cleaner, high-quality fuels for both domestic and international markets.

FRC, SEC push ethical governance at SCGN’s 20th anniversary

 

 

The Financial Reporting Council of Nigeria, the Securities and Exchange Commission, and other stakeholders have called for ethical governance at board levels as the nation faces multiple disruptions.

 

The call was made at the 20th anniversary corporate governance conference of the Society for Corporate Governance Nigeria on Thursday, themed ‘Strengthening Ethical Governance in a Disrupted World: Reflection on Governance’s Journey for a Sustainable Future.’

 

The SCGN conference marked two decades of promoting integrity, transparency, and responsible leadership. It provided a platform for regulators, board leaders, and governance professionals to explore practical strategies for building resilient, ethical, and future-ready institutions.

 

The Executive Secretary and Chief Executive Officer of the FRC, represented by the Coordinating Director, Directorates of Corporate Governance and Inspections & Monitoring, Titus Osawe, highlighted several emerging challenges threatening ethical governance in Nigeria.

 

He identified issues such as knowledge gaps, greenwashing, data manipulation, digital disruption, artificial intelligence, and digital assets. He stressed that organisations must demonstrate their commitment to ethics and integrity through strong ethical leadership and sound governance.

 

“Strengthening ethical governance is a collective responsibility. I call on all stakeholders, organisations, institutions, and individuals to prioritise ethics and integrity.

 

We must drive ethical governance intentionally by working together to build a more sustainable future for our country,” he said.

 

“We at the FRC are committed to promoting ethical governance. We will continue to set standards, provide guidance, monitor and enforce compliance, and where breaches occur, impose applicable sanctions. Together, we can create a culture of transparency, accountability, and integrity that benefits us all. We remain steadfast and resolute in strengthening ethical governance.”

 

In his remarks, the Director-General of the SEC, Dr. Emomotimi Agama, represented by the Head of the Lagos Zonal Office, John Briggs, underscored the urgency of addressing governance and sustainability challenges.

 

“The world is grappling with the interconnected challenges of climate change, social inequality, technological disruption, and evolving investor expectations,” he said.

 

“In this era of profound transformation, the principles of sound governance and transparent sustainability reporting have transcended mere compliance. They are now fundamental pillars of long-term value creation, competitive resilience, and sustainable national development. For emerging economies like Nigeria, this imperative carries particular weight. We face the dual challenge of stimulating economic growth and attracting investment while ensuring that such growth is inclusive, equitable, and responsible. Corporate governance provides the essential framework for meeting these challenges.”

 

Commending the SCGN for its role in promoting governance standards, Agama said, “Through its unwavering commitment to advocacy, capacity building, and research, the Society has consistently advanced awareness and best practices. Its focus on reviewing and highlighting governance and sustainability trends has provided an invaluable benchmark for boards, regulators, investors, and the public alike.

“This work has enriched national discourse, encouraged high standards, and prepared Nigerian businesses to engage confidently on the international stage. Therefore, this 20th anniversary is more than a milestone; it is a testament to the indispensable role institutions play in shaping a nation’s corporate character.”

 

He also called for the incorporation of good governance and sustainability principles into the “very DNA of institutions,” adding that transparency, accountability, and inclusiveness must not be treated as optional add-ons but as “fundamental, non-negotiable components” of doing business in Nigeria.

The keynote speaker, Dr Omobola Johnson, Board Chair of Guinness Nigeria Plc, emphasised that diversity on boards is key to achieving ethical governance.

 

“In a world without a rule book, no single demographic has a monopoly on the knowledge and expertise required for effective governance,” she said. “Diverse boards with different lived experiences bring richness and depth to discussions and decision-making. They also foster integrity and ethics by ensuring that boards are not monolithic but truly representative, essential for making ethically sound decisions that consider a broad range of stakeholders.”

 

She added, “Integrity and ethical governance go hand in hand. They are not merely top-down mandates but shared values that boards must champion. This requires a long-term view of enterprise success defined by broader metrics such as resilience, trust, and strategic clarity, all vital for navigating uncertainty in a constantly changing world.”

 

In his opening speech, the President of SCGN, Muhammed Ahmad, acknowledged the disruptive nature of today’s operating environment and the resulting need for stronger ethical grounding.

 

“In an environment that is highly challenging and disruptive, where AI is constantly reshaping our world, we must ask: what is the role of ethics? How can we ensure that ethical behaviour remains part of our DNA?” he asked.

 

“Ethics is not just about compliance or ticking boxes. It’s about living, acting, and relating with others based on the highest ethical standards. Governance, therefore, is about guiding our organisations to make the right choices, not taking shortcuts. The easy path is not always the right one. We must remain transparent, fair, and accountable to all stakeholders.”

 

One of SCGN’s founding directors, Professor Pat Utomi, brought a philosophical perspective to the discussions. Referencing economic historian Carlo Cipolla’s Five Laws of Human Stupidity, Utomi observed that “sometimes emotion overtakes reason,” and called for the development of conscience “so that we can always speak truth to power and help those who might otherwise be carried away.”

 

The conference also featured a panel discussion with prominent speakers, including the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele; CEO, LeadRight Consultant (South Africa), Ms. Kim Anderson; Director, NCGC, Mrs Yeside Kazeem; and Chairperson, Coronation Life Assurance Limited, Mrs Suzanne Iroche. The session was moderated by the Group Managing Director, Zedcrest Group, Mr. Adedayo Amzat.

 

Three new publications were launched at the event: Corporate Governance and Sustainability Reporting in Nigeria, Governance in Motion: 20 Years of Corporate Governance Influence and Impact, and the 28th edition of the Journal of Corporate Governance.

CBN promotes adoption of alternative payment systems in C’River

 

 

The Central Bank of Nigeria has reaffirmed its commitment to expanding financial inclusion and driving economic growth by promoting the adoption of alternative payment systems.

 

The apex bank expressed this commitment at a sensitisation exercise known as the ‘CBN Fair,’ held at the Dome Event Centre in Calabar on Thursday.

 

The event’s theme was “Promoting Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”

 

The fair brought together manufacturers, traders, microfinance banks, commercial banks, merchant banks, students, artisans, members of the National Youth Service Corps, and other stakeholders.

Speaking at the event, an Assistant Director in the Corporate Communications Department, Uche Tobias, highlighted policies undertaken by the Olayemi Cardoso-led management since assuming office.

 

He noted that the Central Bank is championing technologies that empower individuals, boost productivity, and connect communities to the nation’s economic opportunities.

 

He said, “Under the leadership of Olayemi Cardoso, the management of the Bank remains firmly committed to fostering productivity, enhancing financial inclusion, and maintaining monetary and price stability. These efforts are already yielding positive results, as evidenced by the steady reduction in inflation and current stability in the foreign exchange market.

 

“Since assuming office, the Governor has spearheaded several key policies to strengthen the financial system. These include: exchange rate unification; the launch of the non-resident Bank Verification Number (BVN) to connect Nigerians abroad with home banking facilities; the BMatch System for forex trading; and the unveiling of the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, broaden financial inclusion, and minimise downtime for faster and safer transactions,” he said.

 

He also noted the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits, stressing that this policy aims to enhance liquidity management and mitigate potential inflationary pressures.

 

He explained that the sensitisation exercise was primarily to educate the public on how the bank’s policies enhance their lives and livelihoods and contribute to the growth and development of the Nigerian economy. He urged them to rely only on information disseminated through the verifiable official channels of the Central Bank of Nigeria.

 

“This engagement is primarily to sensitise members of the public on how the Bank’s policies enhance their lives and livelihoods and contribute to the growth and development of the Nigerian economy. We urge you to rely only on information disseminated through the verifiable official channels of the Central Bank of Nigeria,” he explained.

In his welcome address, the Calabar Branch Controller, Jibunoh Tolefe-Nwanneamaka, represented by the Head of Research, Jude Nwafor, stated that the fair was designed to promote financial inclusion by showcasing alternative payment channels and highlighting key reforms geared towards building a resilient and inclusive financial system.

 

According to him, the fair facilitates constructive dialogue between the Bank and the public, adding that it is a space where questions, concerns, and feedback are not only welcomed but valued, with the aim of building trust, enhancing consumer protection, and ensuring that every Nigerian feels empowered to participate in the financial ecosystem.

 

Cross River State Governor, Bassey Otu, represented by his Special Assistant on Agriculture, John Shiyam, commended the CBN for the initiative.

He noted that the Otu-led administration has prioritised agriculture as a strategy for rapid economic development to promote food security and the well-being of farmers in the state.

 

He concluded that the CBN Fair is beneficial for creating awareness of alternative payment systems.

 

“Cross River State is a very vast state with different topographical features, and most areas are remote. As I speak with you, not every local government in the state has a commercial bank.

 

“So it has been a very big challenge for farmers and even business people in such areas to access banking services. This initiative and this exercise are going to be very beneficial to people in such areas, to be aware of the alternative payment systems that they can leverage for their financial transactions,” he added.

 

The CBN, in a publication on its website, stated that it has long prioritised financial inclusion, ensuring that more Nigerians have access to banking and financial services. The CBN’s NFIS, first launched in 2012, created a framework for widening access, especially for underserved populations.

 

The apex bank explained that a challenge to financial inclusion in Nigeria persistently arises from low financial literacy, weak infrastructure, digital divide, and limited reach of formal banking services in rural and remote areas.

 

PUNCH Online reports that more recently, the CBN unveiled Payments System Vision 2028 (PSV 2028) to succeed PSV 2025, signalling its commitment to expanding, modernising, and securing Nigeria’s digital payments infrastructure.

CBN reaffirms commitment to monetary stability

 

 

The Central Bank of Nigeria has assured Nigerians that its ongoing policies and reforms are targeted at restoring price and monetary stability amid rising inflation and economic hardship.

 

Speaking at the CBN Fair in Uyo, Akwa Ibom State, on Tuesday, the CBN governor, Olayemi Cardoso, said some of the apex bank’s monetary measures were already yielding results, citing the easing of inflationary pressures and relative stability in the foreign exchange market.

 

Cardoso, represented by the acting Director of Corporate Communications, Hakama Ali, noted that the exchange rate unification policy had reduced volatility and cleared more than $7 billion in verified forex backlogs.

 

He added that the B-Match forex trading system had strengthened market integrity and improved price discovery.

 

The governor highlighted other initiatives, including bank recapitalisation to strengthen the sector’s resilience, the introduction of non-resident BVN to link Nigerians abroad with local banking services, and the Nigeria Payments System Vision 2028 to accelerate digital transformation and deepen financial inclusion.

He also mentioned the 75 per cent CRR on non-TSA public sector deposits, aimed at improving liquidity management and curbing inflationary pressures.

 

“Some of our monetary policies have started yielding positive results. This can be seen in the steady ease of inflation and current stability in the foreign exchange market,” Cardoso said.

 

He further urged Nigerians to respect the national currency, cautioning against spraying, mutilating, or counterfeiting the Naira.

 

Earlier, CBN Uyo Branch Controller, Njideka Nwabukwu, said the fair was designed to sensitise the public on the bank’s policies while creating a feedback platform to improve service delivery.

 

She pledged the branch’s commitment to supporting Akwa Ibom’s economic aspirations through financial literacy campaigns and stakeholder engagement.

 

On Monday, the PUNCH reports that naira maintained its upward momentum last week, closing at ₦1,465/$ at the official market.

 

The rally was driven by weaker U.S. economic data that softened the dollar, alongside stronger foreign exchange inflows that eased demand pressure.

At the parallel market, the currency also appreciated by 3.8 per cent week-on-week to ₦1,460/$.

 

This narrowed the gap between the official and parallel market rates to ₦5.68/$1, compared with ₦34.34/$1 the previous week.

The Nigerian Railway Corporation generated N1.95 billion from transporting 929,553 passengers through the rail system in the first quarter of 2025, the National Bureau of Statistics has reported.

 

The figure is disclosed in the Rail Transportation Data Q1 2025, published by NBS on October 5 and announced via its X handle on Tuesday.

 

The report indicates a significant boost in NRS’s passenger and revenue figures for the first quarter of 2025.

 

“In Q1 2025, a total of 929,553 passengers travelled through the rail system, relative to 675,293 reported in the corresponding quarter of 2024, indicating a growth rate of 37.65%.

 

“The volume of goods/cargoes transported stood at 181,520 tons compared to 160,650 tons recorded in Q1 2024,” the report read.

 

In terms of revenue generation, NBS said, “N1.95 billion was received from passengers during the reference period, showing an increase of 37.36% from the N1.42 billion recorded in the same quarter of the previous year.”

 

It added that N657.03 million was received from goods and cargoes conveyed, up by 8.19% from N607.32 million in Q1 2024.

 

“In addition, Other receipts amounted to N115.68 million, indicating an increase of 355.39% in Q1 2025 from the N25.40 million received in Q1 2024.”

PUNCH Online reports the growth may be attributed to ongoing infrastructure investments, including the operational Lagos-Ibadan rail line, which has been a key driver of the sector’s expansion since its launch in 2021.

 

Recall that the rail sector’s contribution to Nigeria’s GDP rose by 18.65% in Q1 2025, underscoring its growing economic significance.

Passenger surge drives N1.95bn NRC revenue jump in Q1

 

 

 

The Nigerian Railway Corporation generated N1.95 billion from transporting 929,553 passengers through the rail system in the first quarter of 2025, the National Bureau of Statistics has reported.

 

The figure is disclosed in the Rail Transportation Data Q1 2025, published by NBS on October 5 and announced via its X handle on Tuesday.

 

The report indicates a significant boost in NRS’s passenger and revenue figures for the first quarter of 2025.

 

“In Q1 2025, a total of 929,553 passengers travelled through the rail system, relative to 675,293 reported in the corresponding quarter of 2024, indicating a growth rate of 37.65%.

 

“The volume of goods/cargoes transported stood at 181,520 tons compared to 160,650 tons recorded in Q1 2024,” the report read.

In terms of revenue generation, NBS said, “N1.95 billion was received from passengers during the reference period, showing an increase of 37.36% from the N1.42 billion recorded in the same quarter of the previous year.”

 

It added that N657.03 million was received from goods and cargoes conveyed, up by 8.19% from N607.32 million in Q1 2024.

 

“In addition, Other receipts amounted to N115.68 million, indicating an increase of 355.39% in Q1 2025 from the N25.40 million received in Q1 2024.”

 

PUNCH Online reports the growth may be attributed to ongoing infrastructure investments, including the operational Lagos-Ibadan rail line, which has been a key driver of the sector’s expansion since its launch in 2021.

 

Recall that the rail sector’s contribution to Nigeria’s GDP rose by 18.65% in Q1 2025, underscoring its growing economic significance.

2026 Hajj: NAHCON hails Tinubu, Shettima’s directive to cut fares

 

 

The Chairman, Board, management and entire staff of the National Hajj Commission of Nigeria have commended President Bola Tinubu and Vice President Kashim Shettima for their recent directive to reduce the cost of the 2026 Hajj, describing the gesture as a thoughtful and timely move that brings great relief to intending pilgrims across the country.

 

The commendation is contained in a statement by the Deputy Director, Information and Publication, NAHCON, Fatima Sanda Usara, a copy of which was made available to The Punch on Tuesday.

 

“The Commission regards this as a thoughtful and timely move that brings great relief to intending pilgrims across the country.

 

“The President’s instruction to review Hajj fares downward shows a government that listens and responds to the people’s concerns. It also reflects genuine empathy for the financial strain faced by many Muslims who dream of performing the sacred pilgrimage,” the statement said.

NAHCON equally hails the government’s call on pilgrims and State Muslim Pilgrims Welfare Boards to take advantage of the current appreciation of the Naira by making early remittances. Acting promptly, as mentioned by the Deputy Chief of Staff, Alhaji Ibrahim Hadeja, after the meeting at the Villa, would help Nigeria lock in the benefits of the stronger currency.

 

The directive and recommendation for early remittances show a deep understanding of both NAHCON’s operational challenges and the economic realities of our pilgrims. It is another clear example of a responsive and people-focused administration that steps in with practical solutions, especially to the Commission.

According to the statement, this directive reinforces President Tinubu’s steady support for improving Hajj management in Nigeria through interventions that make the exercise more affordable, transparent, and well-coordinated.

 

It said, “NAHCON will work closely with all stakeholders to ensure the full implementation of the directive and to deliver a smooth and rewarding 2026 Hajj for Nigerian pilgrims.

 

The commission, therefore, called on intending pilgrims to hasten and make payment in sequence to the disclosure of the new fare, which will be announced soon.

 

“This will enable their boards to make early remittances that will enable the Central Bank of Nigeria to use the favourable exchange rate for the Hajj services,” the statement added.

 

Recall that the Federal Government had on Monday directed the National Hajj Commission of Nigeria to immediately reduce the cost of the 2026 Hajj fares it had recently announced.

 

The commission had announced over N8.2 million as the final fares for the 2026 Hajj.

Ogun seals energy deal with Chinese investors

 

 

Ogun State Governor, Dapo Abiodun, has announced a new partnership with Chinese investors aimed at strengthening the state’s energy infrastructure and industrial capacity.

 

In a statement shared on X on Saturday, according to the governor, discussions with the Jiangsu-based company Cteec focused on funding availability, technical capacity, and the company’s readiness to deliver key energy projects for the state.

 

“Our conversations highlighted three important areas of collaboration: strengthening transmission and distribution within the state; establishing an Industrial Park that will attract Chinese manufacturers while integrating power projects; and their commitment to install a free 3MW power plant at the Gateway International Cargo Airport, which will immediately jumpstart activities at that vital location,” Abiodun said.

 

The governor added that the delegation would inspect ongoing distribution infrastructure and power projects executed by Sahara and Powergen, as part of efforts to secure a reliable energy supply across Ogun State.

“The company, Cteec, based in Jiangsu, China, already has an investment footprint of 100MW in Nigeria and is now seeking to expand its operations further. Their interest covers power generation and distribution, investment in a dedicated state transmission network, and the establishment of an Industrial Park that will bring more Chinese manufacturers into Ogun State.

 

“This engagement is another testament to our commitment to building the energy backbone that will sustain Ogun State’s industrial growth and overall economic development,” Abiodun also said.

In related developments, reports indicate that maiden commercial flights from the Gateway International Airport, Iperu-Ilishan, to Abuja have sold out, with tickets for the following day also fully booked. The development underscores the airport’s readiness to serve as a hub for modern aviation and connectivity in Nigeria.

 

“From roads that connect our communities and ease the movement of people and goods, to housing projects that provide our citizens with affordable and decent homes, we have remained committed to building structures that improve the quality of life of our people.

 

“Our vision has always been clear: to bequeath a legacy of sustainable development and inclusive growth. With every stride in infrastructure, we are laying the foundation for a stronger, more prosperous Ogun State,” Abiodun said, emphasising his administration’s commitment to infrastructure as the backbone of development.

 

Gateway International Airport was officially granted an Aerodrome Operational Permit by the Nigerian Civil Aviation Authority in August 2025.

 

Passenger flight operations are set to commence on October 7, 2025, with Value Jet Airline starting passenger flights twice weekly.

Fire guts Oyo solar firm

 

A blaze has ravaged a Solar and Electrical Company in the Iwo Road Area of Ibadan, the Oyo state capital.

 

The incident was said to have occurred on Thursday.

 

PUNCH Online learnt that the fire destroyed the Training Office of Sun Watt’s Solar and Electrical Company located on the upper floor of the Salinsile building.

 

Our correspondent also gathered that electrical appliances and other equipment valued at several million naira were lost to the incident.

The cause of the fire could not be ascertained as of the time of going to press, while the post-fire incident investigation is still ongoing.

 

The Special Adviser to the Governor on Fire Service Reform and Agency Chairman, Hon. Moroof Adebayo Akinwande, confirmed the incident to our correspondent.

 

“The fire incident was reported on Thursday, 2nd October, 2025, at exactly 18:12 hours through emergency line 112 to the above-mentioned commercial building.

“The Firemen, led by CFS Olayiwola T.K., promptly responded and deployed to the scene of the fire incident. Upon arrival, it was a Training Office of Sun Watt’s Solar and Electrical Company located on the upper floor of the Salinsile building engulfed by fire.

 

“Officers of the Agency swiftly swung into action, and the fire was curtailed and restricted from spreading to other parts of the building. The fire was completely extinguished, and properties worth millions of naira were saved by the fire service.

 

“No casualty was recorded, and the root cause of the fire incident could not be established, but post-fire incident investigation is ongoing to ascertain the cause of the fire incident.”

 

He advised the public to be conscious of fire while stressing the importance of having extinguishers to prevent fire incidents from spreading.

 

Akinwande also urged the general public to contact emergency lines in case of urgent attention: 08067439223 and 08054353501, or 615.

 

Fire outbreaks have become a recurring challenge in Oyo State, especially in Ibadan, where several markets, business centres, and public facilities have been gutted in recent years.

Incidents such as the 2020 Dugbe market inferno and the 2023 Bodija plank market fire led to losses running into billions of naira, with victims often lamenting the lack of preventive safety measures in public and private buildings.

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