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IPMAN Decries Issuance of Petrol Import Licenses
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has lamented the recent approval of import licences for petroleum products, because it is worsening price volatility and putting unnecessary pressure on the naira.
IPMAN National Publicity Secretary, Chinedu Ukadike, expressed these views in a voice note released to Energy Correspondents in Abuja.
He was responding to the current state of the country’s downstream petroleum sector.
According to Ukadike, independent marketers had studied the situation closely, including price volatility, the import licence regime, and the sale of petroleum products in dollars.
The spokesman called on the Federal Government to look into the matter transparently through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which he described as the industry regulator.
According to him, the recent import licences, meant to serve as a check on domestically refined petroleum products, are not achieving the results expected by independent marketers.
He said marketers were shocked that some of the companies granted import licences were pegging their prices at around N1,350 per litre, a figure he said was far higher than what the Dangote Refinery sells to marketers.
Ukadike questioned the rationale behind the licences, noting that if the goal of the NMDPRA and the Federal Government was to checkmate the domestic price of petroleum products, then bringing in imported products of questionable quality and higher prices defeated that purpose.
“What is the essence of issuing this price? This will create a lot of tension in society,” he said, adding that price volatility was deepening and directly affecting independent marketers, who now do not know which way to turn.
He further explained that landing costs for imported petroleum products were about 20 percent higher than those charged by the Dangote Refinery, which, in his view, makes the import arrangement counterproductive.
He argued that importing fuel at a higher cost than locally available fuel puts unnecessary pressure on Nigeria’s foreign exchange reserves and the naira.
Ukadike linked this pressure to the recent rise in the dollar to about N1,400, which he said, in turn, was affecting the pump price of petroleum products across the country.
He called on the Federal Government to sit down with the presidential committee on the downstream sector to examine the challenges facing the Dangote refinery and to ensure it continues to receive support to produce enough petroleum products for the country, in naira.
He noted that the one major gain Nigeria has recorded from local refining is a continuous, uninterrupted supply of petroleum products, something the country struggled with in the past when it depended heavily on imports.
“If we have a continuous, uninterrupted supply, our problem is pricing. Is it not better to sit down and see how this issue can be controlled than to sign unnecessary import licences that will further inflate the price of petroleum products in our country?” he asked.
Ukadike called for stronger support for local refining capacity, including government-owned refineries alongside Dangote Refinery, describing this as necessary for the country’s energy security. He said Nigeria should prioritise its own refining capacity rather than depend on imports.
“Nigerians are suffering. This is a time to call for national unity, a time to call for one Nigeria, a time to call for support for our industrialists and our refiners,” he said.
He added that Nigeria could also explore exporting finished petroleum products as an additional source of foreign exchange, once local supply is sufficient for domestic consumption.
Ukadike recalled the difficulties of the era when Nigeria depended solely on imported petroleum products, noting that the country sometimes experienced fuel scarcity for two to three weeks at a stretch.
He said that since the Dangote local refinery began operations, such scarcity has become a thing of the past.
He therefore urged the Federal Government to look inward and support the domestic refining of petroleum products to guarantee energy security, ensure a sufficient local supply, and generate additional foreign exchange earnings for the country through exports.
Vice President Kashim Shettima has urged Nigerians to celebrate President Bola Tinubu, saying his leadership saved the country from a potential implosion.
Shettima said Nigeria’s economy had been teetering on the edge of collapse before Tinubu’s intervention, adding that the country could have faced a different situation.
“The economy was teetering on the edge of collapse, we were on a cliff edge,” the Vice President said.
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“So he literally saved the nation from an implosion. That could have been the scenario. So, instead of demonizing him, Nigerians ought to celebrate this poor man.”
Shettima also called for a return to the drawing board, expressing confidence in the leadership’s commitment and the prospects for the 2027 elections.
“I believe on the bottom of my heart that with this presentation I have seen, and with the commitment of our leadership, by the grace of God, we are going to win,” he said.
Speaking about the 2027 elections, the Vice President reminded his audience that social media platforms should not be mistaken for actual polling stations.
“There are no polling stations on Facebook or Instagram,” he said.
Shettima also expressed gratitude for the efforts made towards promoting the cause of the 2027 elections.
Following observed mis-steps, the Federal Government of Nigeria has withdrawn the eight-count criminal charge brought against the alleged fake Director General (DG) of the Presidential Foreign Intervention Promotion Council (PFIPC), Adeniyi Adeyemi.
Biztellers reports that the matter, in accordance with the counsel of the Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Olasunkanmi Fagbemi, (SAN), the matter will be filed at the High Court of the Federal Capital Territory (FCT), instead of the Federal High Court (FHC).
Consequently, upon an unopposed application for termination by the prosecution counsel and Director of the Public Prosecution of the Federation (DPPF), Rotimi Oyedepo (SAN), on Monday, Justice Mohammed Umar of a Federal High Court, Abuja on Monday, struck out the matter.
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In a motion for the termination of the charges, Oyedepo informed the court that the Attorney General of the Federation (AGF) and Minister of Justice has carried out a review of the case file of Adeyemi and the charge filed by the Inspector General of Police (IGP) and found some loopholes.
The DPPF added that the documents allegedly forged by Adeyemi during his operations of the fake agency are those that can be prosecuted by the High Court of the Federal Capital Territory (FCT).
He also informed the court that a new charge has been filed at the High Court of the FCT and that Adeyemi would be expeditiously arraigned afresh.
He therefore urged the judge to strike out the charge as required by law.
Following no objections from Ibrahim Angulu (SAN), who stood in for Adeyemi, Justice Umar subsequently terminated the charge.
Adeniyi, 38, was being tried alongside two others whose whereabouts are unknown, on charges bordering on conspiracy and forgery.
The two others said to be at large were identified as Femi (surname unknown) and Anu (surname unknown).
The charge marked: FHC/ABJ/CR/25/2025, was entered against the defendant by the DPPF.
To secure a bright energy for her teeming population, Nigeria must sustain the momentum of reform, accelerate investment, and deepen partnerships.
This view was expressed by Managing Director, Shell Nigeria Exploration and Production Company of Nigeria Limited (SNEPCo) Ronald Adams in Lagos at the weekend.
Delivering a keynote address at the Africa Energy Conference (AEC) of the Lagos Business School (LBS), Adams called for regulatory certainty through efficient execution of reforms, sustained investment appeal to enable projects to move more swiftly from opportunity to production and partnership by operators, regulators, NNPC Limited and communities to unlock the full value of Nigeria’s resources.
Adams cited Nigeria’s huge oil and gas resources as an advantage but pointed out: “Resources alone do not guarantee prosperity. Prosperity comes when resources are matched with investment, technology, sound policy and disciplined execution. Success will be determined not by the size of our resources, but by our ability to convert them into investment and economic growth.”
Adams pledged the support of Shell towards a bright energy future of Nigerians. He said: “For more than six decades, Shell has been part of Nigeria’s energy journey. Together with our partners, we have helped develop major energy infrastructure, supported Nigerian businesses, invested in talent, and contributed to economic development. Bonga remains a powerful example of what technology, partnership and Nigerian capability can achieve in deepwater operations. Today, that story continues through Bonga North.”
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Issuing a clarion call for action by all stakeholders, he added: “The world is not standing still. Capital is moving, technology is advancing and competition is intensifying. The countries that attract investment tomorrow are those that improve competitiveness today. Nigeria has begun that journey. Our task is to sustain the momentum and translate reform into projects, projects into growth, and growth into shared prosperity.”
The conference, the 4th in the series had at its theme; “Securing Nigeria’s Energy Future: Policy Reform, Capital Mobilisation, and Pathways to a Sustainable Power and Energy Market” and was attended by top government officials, industry captains, energy professionals, and students.
Lagos State Deputy Governor Obafemi Hamzat represented Lagos State Governor Babajide Sanwo-Olu as the guest of honour. SNEPCo was a principal sponsor of the Africa Energy Conference (AEC) and mounted a well-received exhibition on its deepwater operations and social investments across Nigeria.
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