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Fuel Price:Experts hail FG for cost-reflective petrol price
Modupe ASUDO
ABUJA-A groundswell of support among Petroleum Industry players and stakeholders is building around the bold decision by the Federal Government to abolish the subsidy regime and enthrone a downstream deregulation era leading to the prevailing cost-reflective price of N160 per litre of petrol.
Nigeria’s President Buhari
Stakeholders who spoke on the issue across the country were unanimous in their views that the decision to allow market forces determine the price of petrol was not only healthy for the Downstream Sector but was good for the Nigerian economy which has sacrificed so much to shoulder the now defunct burdensome subsidy system. Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Mr. Adetunji Oyebanji, said the association welcomed government’s action in allowing the market to determine prices, noting that this would prevent the return of subsidies while allowing operators the opportunity to recover their costs.
He said this will, in the long run, encourage investment and create jobs. He explained that though prices at the pump would need to be adjusted to reflect realities of the increase of ex-depot prices by the Petroleum Product Marketing Company (PPMC), the magnitude of the increase, timing and location would be determined by each individual company. “Consistent with global best practices, MOMAN does not dictate prices to its members as this would be anti-competition in a fully deregulated market,” Oyebanji explained.
The MOMAN chairman, however, called on the Ministry of Petroleum Resources to intensify its public awareness drive to educate the populace on the current realities. “The Ministry of Petroleum Resources should also be telling Nigerians that we can no longer afford subsidy. If we keep it, the investment in infrastructure, health, education, etc., will not be possible. We are borrowing so much to finance our budget. We spent over a trillion naira on subsidy last year. It is unsustainable’’, he said.
MOMAN’s position was re-echoed by another stakeholder in the Downstream Sector, Alhaji Sani Yau, a Director at NIPCO Plc and Chairman of SY Petroleum Limited, who emphasized that the price increase was reflective of trending realities in the sector, noting that deregulation will foster an eventual price reduction in the nearest future when other market fundamentals would converge to create the desired competitive market space.
A stakeholder in the sector and an independent marketer, Mr. John Agidigan, explained that before this increase, market forces had forced the price per litre down to N121, then up to N131 and later N148. He explained that under a deregulated environment, prices are expected to rise and fall in response to the volatility of demand and supply.
According to him, the new deregulated regime would always ensure the availability of the product in the market at affordable price based on the supply, adding that this regime was better than what obtained in the past when Nigerians had to contend with extreme scarcity and its attendant challenges such as long queues at fuel stations.
Another stakeholder in the Downstream Sector, Aggrey Koleijo, said Nigerians must consider the benefits of the new pricing regime rather than just reacting to the price increase which could be reversed the moment market forces dictate otherwise. He stated that the same market forces that brought about price reduction not long ago were still responsible for the hike and can still ensure a reduction, depending on the demand and supply activities within the Industry.
Also, an oil analyst, Dr Mac Udiewe, said the price of fuel would surely go down in a few months’ time when supply of the product would increase geometrically with the entrance of products from private refineries such as the Dangote Refinery and other modular refineries. Other stakeholders, who responded, were unanimous in their conclusion that deregulation would ultimately favour consumers as soon as the industry stabilizes and prices begin a downward trend.
Embattled Nigerian pastor and founder of SPAC Nation, Tobi Adegboyega, has defended his opulent lifestyle, claiming it serves to inspire young people rather than flaunt wealth.
This statement comes amid a UK Immigration Upper Tribunal ruling ordering his deportation over visa violations.
Adegboyega, 44, faced accusations of overstaying his visitor visa, which expired after he arrived in the UK in 2005.
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He had applied to remain in the country on human rights grounds. The tribunal, however, ruled against him, citing his failure to regularize his status.
The pastor’s luxurious lifestyle, including designer clothing and expensive cars, was a focal point of the case.
Addressing the tribunal, Adegboyega stated that his lifestyle is fully funded by his wife, Mary Olubukola Alade, who earns £100,000 annually at AON.
He said, “I live with my partner, Mary Olubukola Alade, who earns £100,000 per year working for AON. I spend my time working for the church, for which I am unpaid. I am entirely supported by Mary. I have a first-class law degree from Nigeria, but I have ‘sacrificed’ my legal career to help those who cannot help themselves.”
Defending his appearance, Adegboyega emphasized the importance of projecting success to his young congregation.
The court noted, “For instance, people have pointed to the fact that he wears designer clothing and drives expensive cars. He was adamant that all of his personal possessions had been paid for by Mary.
“He believes it is important for him to dress the way that he does because he needs to inspire these young people – they need to understand that there are legitimate ways of making money, for instance through entrepreneurship.”
Despite the ruling, Adegboyega dismissed the deportation concerns as insignificant.
“I’m right here at home, no cause for alarm. Naturally, I will dismiss things that have to do with retrogression; every Nigerian should be proud of me. Living in the UK, a city that is well known for pulling people down, I have survived all sorts, so the matter that they are propagating is the smallest matter,” he said.
He further expressed confidence in his resilience. “No panic, I love London city, it is my city, and nobody can do anything. Of all the people of colour you know here – pastors and leaders – I have survived everything. I’m here, I am at home, nobody should panic for me.
“I succeeded well in this country despite all challenges, and I’m in the league of people you look up to. I have survived that well; nothing has changed, nothing will change,” he added.
Amid the growing controversy surrounding the detention of human rights lawyer Dele Farotimi, renowned Senior Advocate of Nigeria (SAN) Aare Afe Babalola has publicly addressed the defamation allegations leveled against Farotimi.
The legal action stems from claims made in Farotimi’s book, Nigeria and Its Criminal Justice System, which Babalola asserts contains false and defamatory statements about him and his law firm, Afe Babalola & Co.
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In a petition dated November 19 and submitted to the Ekiti State Commissioner of Police, Adeniran Akinwale, Babalola accused Farotimi of making “criminally defamatory” statements about him, his law firm, and two senior lawyers at his firm, Olu Daramola SAN and Ola Faro.
The defamatory remarks are tied to the Supreme Court case Major Muritala Gbadamosi Eletu & Ors v. H.R.H. Oba Tijani Akinloye & Ors.
Babalola revealed that the allegations came to light when one of his lawyers purchased Farotimi’s book while traveling through Murtala Muhammed Airport.
After reading the book, the lawyer immediately brought its contents to Babalola’s attention.
Other members of his firm reportedly did the same, prompting the senior lawyer to take legal action.
In his petition, Babalola pointed to specific passages in Farotimi’s book that accused him of corruption and unethical conduct. The petition reads:
“I write to report the criminal defamation of myself, my law firm Afe Babalola & Co., and my lawyers, Olu Daramola SAN and Ola Faro, by one Dele Farotimi in his book titled ‘Nigeria and Its Criminal Justice System’, published by Dele Farotimi Publishers, in respect of Suit No. SC/146/2005: Major Muritala Gbadamosi Eletu & Ors v. H.R.H. Oba Tijani Akinloye & Ors.
“Sometime on 2/11/2024, one of our lawyers, while traveling through Murtala Muhammed Airport, bought a book by Dele Farotimi titled ‘Nigeria and Its Criminal Justice System’. He read the book and immediately brought it to my attention. Many of my lawyers also bought the book and read it.”
“The defamatory statements are as follows:
- That Aare Afe Babalola corrupted the Supreme Court to procure a fraudulent judgment in the service of his client.
- That Aare Afe Babalola, Olu Daramola, Olu Faro, and the law offices of Afe Babalola & Co. (Emmanuel Chambers) compromised the Supreme Court and the remaining semblance of integrity it might have had, when they went back to the Supreme Court and got the Court to swim in the sewer of corruption and shameful self-abnegation.”
Babalola strongly denies the allegations, claiming that they are false and damaging to both his personal reputation and the integrity of the Nigerian judiciary.
Nigerian author and activist Dele Farotimi’s book, Nigeria and Its Criminal Justice System, has surged to bestseller status on Amazon amid a legal battle with prominent lawyer and businessman, Afe Babalola.
The controversy surrounding the book has captivated public attention, driving both online and offline demand.
The book, which critiques systemic corruption in Nigeria’s judiciary and highlights alleged misconduct by key legal figures, saw modest sales following its release in July 2024.
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However, Farotimi’s arrest on Tuesday, following a petition filed by the 93-year-old Babalola, triggered a wave of public curiosity.
By Thursday evening, it had climbed to the top of Amazon’s bestseller rankings, according to checks by Vanguard. Bookstores across Nigeria also reported a significant uptick in demand.
Biztellers reports that Farotimi was detained in Lagos by armed police officers and transported to Ado Ekiti, about 300 kilometers northeast of the city, where Babalola is based.
The senior lawyer alleged that the book accused him of compromising Nigeria’s judiciary—a claim that has sparked heated debates about freedom of speech and accountability in the legal profession.
On Wednesday, Farotimi was arraigned in an Ekiti court, where the judge ordered his remand pending a bail hearing scheduled for December 10.
Farotimi’s legal team has vowed to contest the charges, framing the case as an attack on intellectual freedom.
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