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JUST IN: Fuel Marketers Warn Of Shutdown Over N200bn Debt

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The Independent Petroleum Marketers Association of Nigeria (IPMAN), has issued a stern warning, indicating a potential halt in the supply of Premium Motor Spirit (PMS) due to unpaid bridging claims amounting to ₦200 billion.

This announcement follows a nationwide fuel scarcity, causing pump prices to surge between N610 and N800, while black market rates reach as high as N1000 to N1200.

Mazi Oliver Okolo, the spokesperson for IPMAN’s Aba Depot Unit, emphasizes that this action is supported by the association’s national leadership, citing outstanding debts owed by the Nigerian Midstream and Downstream Petroleum Regulatory Commission (NMDPRA).

Following a press conference on Tuesday, Okolo, in a communique, revealed that despite a directive from Petroleum Minister (Oil) Heineken Lokpobiri for payment, the Nigerian Midstream and Downstream Petroleum Regulatory Commission (NMDPRA) has neglected to settle the ₦200 billion debt.

The IPMAN depot Chairman lamented that since the minister’s directive in February 2024, only ₦13 billion had been disbursed to their members, resulting in severe business disruption due to the outstanding claims.

He said “We are extremely distressed and depressed by the laidback attitude of the leadership of the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), towards the survival of our member’s businesses, arising from NMDPRA’s deliberate delay and refusal to offset the debt of over N200 Billion owed our members, which has consequently led to the deaths of many of our members and the unfortunate collapse of their businesses.”

Blaming the Nigerian National Petroleum Company Limited (NNPCL), the exclusive importer of petroleum products, for the ongoing nationwide petrol scarcity, he highlighted that some IPMAN members have ceased operations entirely, leading to employee layoffs.

The statement reads “We have watched with apprehension also, the unpatriotic attitude of the leadership of the NMDPRA to offset this debt that has been accrued to us since September 2022. As businessmen and women, our members acquired bank loans to keep their fuel retail outlets running daily across the nooks and crannies of Nigeria, to serve the teeming population of Nigerians.

“However, it is demoralising to know that many of our members have gone bankrupt and have become financially insolvent as a result of their inability to meet their financial
obligations to their banks, arising wholly from their inability to get their monies from the NMDPRA.

“Consequently, also, the banks have taken over the business premises of many of our members. As indigenous organisations, and Depot Chairmen, we are unhappy that rather than receive support from the government to boost our businesses, we are being discouraged, by the head
of NMDPRA.

“It is noteworthy to recall and state here that at a stakeholders meeting held on the 20th of February, 2024 with Mr. Heineken Lokpobiri, the Honourable Minister of Petroleum Resources (Oil), and the NSA Nuhu Ribadu, Engr. Farouk Ahmed, the Chief Authority of NMDPRA, was mandated by Mr. Heinehken
Lokpobiri to clear the entire debt in 40 days.

“However today, we have crossed the 40 days time-lapse given to the NMDPRA to clear the debt, and it is shameful to state that only the paltry sum of N13Billion has been paid, thus going the whole length to ignore our plight without remorse and without recourse to the Honourable Minister’s directive.

Okolo also alleged that NNPC Ltd imports the products and supplies them to private depots at inflated prices ranging from ₦820 to ₦950 per litre.

He further stated that IPMAN members incur an additional ₦2 million in transportation costs to distribute the fuel to other parts of the country, making it challenging to sell at the agreed pump price.

IPMAN members are urging President Bola Tinubu to urgently address this issue, which they argue severely affects their businesses and will subsequently impact the masses negatively.

The group said “We see no reason why there should be an increment of over 500% on the Sales and Storage License by the NMDPRA. We totally reject it.

“We also hereby call on the federal government of Nigeria to wholly intervene forthwith in these lingering issues between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA).

“We are poised to take far-reaching decisions that may cripple the supply and sales of petroleum products across Nigeria, if our demands are not met within the shortest period.”

NEWS

Tinubu Mourns Eagle Online Publisher, Dotun Oladipo

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President Bola Ahmed Tinubu expresses deep sadness over the sudden death of Mr Dotun Oladipo, former Political Editor of The Punch newspaper and Publisher of The Eagle Online, describing his death as a painful loss to Nigeria’s media industry and the nation at large.

President Tinubu acknowledges the deceased’s contributions to journalism, particularly his years of dedicated service in political reporting and his commitment to providing Nigerians with credible information through both traditional and digital media platforms.

The President says Oladipo’s professional career reflected the important role journalists play in strengthening democracy by informing citizens, holding public officials accountable and providing platforms for robust public discourse.

READ ALSO: Akpabio Mourns Dotun Oladipo

He recalls the deceased’s passion for his profession and his contributions to the growth of digital journalism through The Eagle Online, which he founded after his remarkable career at Punch Newspaper.

“Dotun Oladipo’s death at the age of 56 is a painful loss to the Nigerian media community and to our nation. He was a committed journalist who devoted significant years of his life to informing the public and contributing to the development of our democracy.

“His contributions to political journalism and the digital media space will not be forgotten. I extend my heartfelt condolences to his family, colleagues in GOCOP and friends. I pray that Almighty God will grant him eternal rest and give his loved ones the strength to bear this irreparable loss,” President Tinubu notes.

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NEWS

Akpabio Mourns Dotun Oladipo

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Meet Sen Akpabio, 10th Senate President For National Assembly

The President of the Senate, Senator Godswill Obot Akpabio, has expressed profound sadness over the death of veteran journalist and publisher of The Eagle Online, Dotun Oladipo.

Akpabio described Oladipo’s passing as a painful loss to the Nigerian media industry and the nation, noting his significant contributions to journalism, public discourse and the growth of online media in Nigeria.

The President of the Senate commiserated with the family, friends, colleagues and professional associates of the deceased, particularly members of the Guild of Corporate Online Publishers (GOCOP), where Oladipo served as Emeritus President.

“Dotun Oladipo was a courageous, principled and dedicated journalist who devoted a significant part of his life to the pursuit of truth, responsible journalism and the advancement of society.

“His sudden passing is a profound loss to his family, the journalism profession and Nigeria as a whole. His immense contributions to the development of online journalism, as well as his commitment to professional excellence, integrity and public interest, will remain indelible.

“As the philosopher John Stuart Mill reminded us, ‘He who knows only his own side of the case knows little of that.’ Dotun understood that a free and responsible press must listen, question and speak truth to power. His life demonstrated that journalism, when guided by courage and conscience, can illuminate society and strengthen democracy.

“His legacy will continue to inspire journalists and media professionals who believe in the power of responsible journalism to strengthen democracy and contribute to national development,” Akpabio said.

READ ALSO: PENGASSAN Urges Strategic Focus on Local Refining Expansion

The Senate President prayed that God Almighty would grant the deceased eternal rest and give his family, friends, colleagues and loved ones the fortitude to bear the irreparable loss.

Akpabio also urged members of the media to uphold and build upon Oladipo’s legacy of professionalism, integrity, courage and unwavering commitment to the public interest.
“May God acquaint his soul with the compass of His course” he added.

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International News

Norway’s King Harald Dies at 89, Son Haakon Becomes King

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Norway’s King Harald V has died at the age of 89, bringing an end to his more than three-decade reign and ushering in a new era for the Norwegian monarchy.

The Royal Palace announced on Friday, August 28, 2026, that the monarch died peacefully at Oslo University Hospital at 6:35am local time.

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“It is with deep sadness that we announce that His Majesty King Harald passed away today. King Harald passed away peacefully at Oslo University Hospital on Friday, August 28 at 6:35 am,” the palace said in a statement.

King Harald, who ascended the throne in 1991, had been hospitalised in Oslo since August 17 while receiving treatment for haemolytic anaemia.

His condition became “extremely serious” on Thursday, prompting members of the royal family to gather at his bedside.

His 53-year-old son, Crown Prince Haakon, has automatically succeeded him as monarch under Norway’s constitutional succession rules. He is expected to take the name King Haakon VIII.

Following the announcement of Harald’s death, the flag at the Royal Palace in Oslo was lowered to half-mast, while members of the public gathered outside the palace to lay flowers and mourn the late monarch.

Harald was widely regarded as a popular and unifying figure during his 35 years on the throne. He was also known for his modest lifestyle and efforts to modernise the monarchy.

Kaspara Bolstad, 24, described him as “a very steady and warm king.”

“I think the entire Norwegian people see him as a role model and as someone who brings people together. Whether you’re for or against the monarchy, I think he’s well-liked across the board,” she said.

Magnus Skaugseth, 27, also praised the late King’s inclusive approach.

“He was so inclusive and committed to having values that are inclusive in the society we live in today. When there is so much division and polarisation, he was a pillar pointing in the opposite direction,” Skaugseth said.

Harald had experienced several health challenges in recent years and had undergone procedures including the fitting of a pacemaker. Despite his declining health, he repeatedly ruled out abdication, maintaining that his oath to serve Norway was lifelong.

His death comes during a turbulent period for the Norwegian royal family, which has faced a series of health and personal controversies in recent months.

With Harald’s death, Crown Prince Haakon now takes over the Norwegian throne, marking the beginning of a new chapter for the country’s monarchy.

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