The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed strong approval for the Federal Executive Council’s decision to continue the Naira-for-Crude policy, calling it a potential turning point for Nigeria’s energy sector.

In a statement to journalists in Abuja, PETROAN’s National Public Relations Officer, Joseph Obele, said the association is confident that the policy, combined with recent declines in global crude oil prices, could lead to a reduction in fuel costs for Nigerian consumers.

“We want to sincerely commend the Federal Executive Council for its decision to fully implement the Naira-for-Crude policy,” Obele said.

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“This is a strategic move aimed at reducing our dependence on foreign exchange, enhancing local refining capacity, and ultimately stabilizing the downstream sector.”

The Naira-for-Crude policy allows domestic refineries, including the Dangote Refinery, to purchase crude oil in Naira instead of U.S. dollars.

PETROAN believes this shift will relieve pressure on the foreign exchange market and foster increased investment in Nigeria’s refining infrastructure, ultimately strengthening the nation’s energy security.

Obele also praised President Bola Tinubu and other key leaders, including the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri; the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; and top executives at NMDPRA and NUPRC, for their commitment to reforms that prioritize the welfare of Nigerian consumers.

“This is a policy that supports local production and shields our economy from the volatility of the global oil market,” Obele said.

“When our refineries buy crude in Naira and process it locally, the cost of production reduces significantly, and that benefit can and should be passed on to end users.”

Obele also pointed out that the current global decline in crude oil prices — driven by reduced demand in major economies and increased output from non-OPEC producers — provides a unique opportunity for Nigeria to adjust local fuel prices.

He attributed the drop in oil prices to broader international economic shifts, including past U.S. trade policies that contributed to a global economic slowdown.

“President Trump’s policy of reciprocal tariffs in the past contributed to the global economic slowdown, which in turn has had a deflationary impact on oil prices,” Obele added.

Despite fluctuations in the international oil market, PETROAN remains optimistic that the Naira-for-Crude policy will shield Nigeria from external shocks.

The association expressed hope that Nigerian consumers will soon begin to experience both more stable fuel supply and reduced prices at the pump.

“With the Naira-for-Crude policy in place, we are hopeful that Nigerian consumers will soon start to feel the positive effects — not just in terms of stable supply, but in actual price reductions at the pump,” Obele concluded.

PETROAN reiterated its commitment to supporting policies that encourage local refining, conserve foreign exchange reserves, and ultimately provide lasting relief to Nigerian fuel consumers.

A US missionary was kidnapped at gunpoint while leading a prayer service at a church in the coastal city of Gqeberha, South Africa, on Thursday evening.

Pastor Josh Sullivan, 45, was taken by four armed and masked men who stormed the Fellowship Baptist Church in Motherwell during his sermon, authorities reported on Friday.

The attackers, who reportedly robbed two cell phones before abducting Sullivan, left the church in a vehicle with the pastor.

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“They knew him by name,” said Reverend Jeremy Hall, a fellow pastor in the area. “They took him at gunpoint and forced him into his car.”

The abduction took place as Sullivan was hosting a prayer meeting attended by around 30 people, including his wife and six children.

The vehicle was later found abandoned approximately 1.5 kilometers from the church.

Police are investigating the possibility that the kidnapping was motivated by financial gain, with suspicions of ransom demands.

Kidnapping for ransom has been on the rise in South Africa, with criminal gangs increasingly targeting individuals who can bring in large sums of money.

Hall, who is also based in Gqeberha, suggested the incident was likely “financially related,” further adding to concerns about the growing threat of organized crime in the region.

This follows another kidnapping in the same area earlier this week, involving a Chinese national.

Statistics from South African authorities show a disturbing trend, with over 17,000 kidnappings reported during the 2023/2024 financial year — an 11 percent increase from the previous year.

Sullivan, along with his wife and children, moved to South Africa from Tennessee in November 2018 to engage in missionary work.

Investigations are ongoing, and no arrests have been made at this time.

The Indigenous People of Biafra (IPOB) has once again called for the immediate and unconditional release of its leader, Mazi Nnamdi Kanu, who has remained in detention since 2021.

The group said recent developments across Nigeria confirm the accuracy of Kanu’s past warnings about the country’s worsening insecurity and political instability.

In a press release signed by IPOB’s Media and Publicity Secretary, Comrade Emma Powerful, the group highlighted that Kanu’s messages from as far back as 2014 had foreseen the current state of affairs in Nigeria.

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IPOB argued that the unfolding events, including the spread of violence and ethnic tensions, prove the validity of Kanu’s calls for self-determination and restructuring.

According to the statement, “The recent events in Nigeria reflect what Mazi Nnamdi Kanu had long warned about. His concerns about insecurity, national disunity, and the marginalization of various ethnic groups have continued to unfold.”

Kanu was arrested and extradited in 2021 and has since been held on charges linked to his advocacy for Biafra’s independence.

IPOB insists that his prolonged detention is unjust and that his predictions about Nigeria’s security situation should spark a national dialogue on the country’s future.

The group also pointed to Kanu’s numerous broadcasts before his arrest, where he allegedly predicted the rise of armed groups and growing instability in different regions of the country.

IPOB believes these forecasts highlight the need to revisit Nigeria’s foundation and address the structural issues fueling unrest.

Beyond Kanu’s release, IPOB reiterated its long-held position on the restructuring of Nigeria.

It described the amalgamation of various ethnic groups into one nation as a fundamental flaw that has led to persistent conflict and underdevelopment.

The group called for a peaceful and democratic process through which indigenous nationalities can decide their futures.

“We believe the lasting solution lies in giving ethnic nationalities the opportunity to decide their own paths. This must be achieved through peaceful means and mutual respect,” the statement added.

IPOB concluded its message by appealing for unity among Nigerians in the face of rising insecurity and urged all stakeholders to support constructive discussions on the country’s future.

It reaffirmed its commitment to non-violence and the protection of its people.