NEWS
Petrol Marketers Face Crisis As Prices Exceed ₦1,000 Per Litre
As petrol prices surge past ₦1,000 per litre at most filling stations, petrol marketers across Nigeria are sounding the alarm over a dramatic decline in sales.
This alarming situation has forced many retailers to downsize their workforce and reduce work shifts in a bid to cope with the financial strain.
ALSO READ: Wizkid Did Not Help Me – Skales Addresses Allegations
Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), spoke on Monday’s edition of Channels Television’s The Morning Brief.
He expressed deep concerns regarding the sustainability of the industry, noting that the cost of purchasing fuel has skyrocketed.
“We used to buy 45,000 litres of fuel a couple of months ago for less than ₦8.5 million, but today, we have to cough out about ₦49 million to buy the product,” he lamented.
The challenges facing petrol marketers are exacerbated by high interest rates, making it increasingly difficult to secure financing.
Gillis-Harry emphasized that “financial institutions are not coming to our rescue,” and the purchasing power of Nigerians has significantly diminished.
Ukadike Chinedu, a spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), echoed these sentiments, revealing that filling stations have turned into “ghost places” as middle-class Nigerians opt for public transportation over driving their vehicles.
“The volume of trade in the filling stations is very low because buyers have dropped some of their luxury vehicles and are now using alternative transportation,” he said.
Chinedu pointed out that many petrol retailers rely on borrowed money, further complicating their financial situation amid soaring operational costs.
Both industry leaders have called on President Bola Tinubu to establish a ₦100 billion seed fund to support oil marketers, similar to assistance provided to the aviation and agricultural sectors.
The ongoing crisis is part of a broader economic challenge faced by Nigerians, who are dealing with soaring food inflation and energy prices that have quadrupled in the past year.
Under the Tinubu administration, the price of petrol has jumped from less than ₦200 to over ₦1,000 per litre, with many attributing this surge to the recent removal of petrol subsidies and the unification of foreign exchange rates.
Citizens have expressed their frustration through two major protests, demanding a reversal of the government’s controversial reforms.
However, the current administration remains steadfast, insisting that its policies are essential for the country’s economic recovery.
NEWS
Police Report Nationwide Operations, Rescue Kidnap Victims, Recover Weapons in 5 States
The Nigeria Police Force has disclosed a series of operational successes recorded across eight states, including the rescue of kidnapped victims, the recovery of firearms and rocket launchers, the repulsion of bandit attacks and the arrest of suspects linked to armed robbery and murder.
The Force made the disclosure on Saturday, October 3, 2026, in its 24-hour operational update covering security operations recorded on October 2 and related reporting periods.
SEE MORE: Alcohol Encourages Banditry, Destroys The Future Of Our Children — NAFDAC
According to the Police, the operations were recorded in Sokoto, Benue, Katsina, Ogun, Taraba, Cross River and Oyo states.
Sokoto: Police Foil Bandit Attack, Recover Rocket Launchers
In Sokoto State, Police tactical teams, the Anti-Kidnapping Unit and the Violent Crime Response Unit (VCRU) engaged suspected bandits who attacked Tsabre Village.
The Police said the attackers were overpowered and fled into the forest with casualties.
A subsequent bush-combing operation led to the recovery of two rocket launchers, two empty AK-47 magazines, a Tecno keypad phone, a torchlight, an army jungle hat, a sweater cap, five pairs of sandals and a rain jacket.
The Police said no casualty was recorded on its side.
Katsina: Bandits Repelled on Funtua-Zaria Road
In Katsina State, a joint team comprising VCRU, 83 Police Mobile Force (PMF) and other tactical operatives engaged suspected heavily armed bandits who reportedly blocked the Funtua-Zaria Road and opened fire on commuters.
The Police said the attackers were repelled and traffic flow was restored along the road.
Four injured commuters were evacuated for medical treatment.
The incident is being investigated by the SCID, Katsina.
Ogun: Police Rescue Nine Kidnapped Travellers
In Ogun State, the Police disclosed the rescue of nine travellers who were kidnapped on September 29, 2026, by armed men along the Benin-Sagamu Expressway.
According to the Force, the victims were released unharmed following sustained pressure mounted by the Police and sister security agencies.
“Their statements were taken and they were reunited with their families,” the Police said.
The case is being investigated by the SCID, Abeokuta.
Katsina: Four Kidnap Victims Rescued
The Police also reported the rescue of four kidnapped victims in Katsina State, as reflected in its consolidated operational returns for the reporting period.
The Force said the matter was being investigated by the SCID, Katsina.
Oyo: Three Arrested Over Alleged Robbery, Murder
In Oyo State, operatives of the VCRU arrested Akinrinola Oluwatobi, 28; Okunola Mathew, 24; and Ibrahim Rabiu, 23, in connection with the alleged armed robbery and murder of Mrs Wahab Rukayat.
The Police said the suspects were arrested following credible intelligence after operatives raided a criminal hideout in the Sabo area of Ibadan.
An iPhone 7 Plus belonging to the deceased was reportedly recovered during the operation.
The Force further stated that the complainant identified the suspects during an identification parade and that they confessed to the crime.
The case is being investigated by the SCID, Ibadan.
The Police said the various operations formed part of its ongoing efforts to combat banditry, kidnapping, cult-related activities, armed robbery and other crimes across the country.
NEWS
Subsidy Removal, FX Reforms Driving Fresh Oil Sector Investment – Shettima
Vice President Kashim Shettima has attributed renewed investment and stronger performance in Nigeria’s oil and gas sector to the economic reforms of President Bola Ahmed Tinubu’s administration, particularly the removal of petroleum subsidy and reforms in the foreign exchange market.
Shettima spoke on Friday in Lagos while commissioning the ultra-modern corporate headquarters of Northwest Petroleum & Gas Company Limited in Victoria Island.
The Vice President said the reforms had confronted distortions that previously discouraged productive investment, while improved market stability was helping businesses make longer-term investment decisions.
SEE ALSO: Shettima Arrives Lagos for Northwest Petroleum & Gas Headquarters Commissioning
According to him, greater exchange-rate predictability strengthens procurement, improves investment decisions and supports production.
“The stabilisation of the market is restoring the confidence businesses need to commit capital beyond the next quarter. A business must be able to plan before it can expand.
“Greater exchange rate predictability strengthens procurement, improves investment decisions and supports production,” Shettima said.
He assured investors that the Federal Government would continue to create conditions that reward enterprise, encourage technological advancement and sustain economic growth.
“We recognise the sacrifices reform has demanded, and our obligation is to translate economic progress into better lives,” he added.
Speaking on the newly commissioned Northwest Petroleum facility, Shettima described the headquarters as a significant expansion for the indigenous company and said it demonstrated the capacity of Nigerian businesses to compete, innovate and deliver at international standards.
He said the facility sends a message to investors, customers and Nigerians that Northwest Petroleum is preparing for decades of service in a changing global energy economy.
“We take particular pride in seeing an indigenous enterprise expand with such conviction. Nigerian ownership must mean Nigerian capacity to compete, invent and deliver,” the Vice President said.
Shettima also stressed the importance of private enterprises in creating employment and economic opportunities, noting that government alone cannot manufacture prosperity.
He commended Northwest Petroleum for building a strong Nigerian presence across the oil and gas value chain since 1998, saying its continued expansion could create opportunities for young Nigerians, professionals, suppliers, transport operators, maintenance providers and other businesses.
The Vice President urged the company to use its new corporate hub to improve efficiency, coordination and productivity across its expanding operations.
He also expressed confidence that the facility would nurture creativity, reward innovation, generate profitability and contribute to Nigeria’s economic development.
Earlier, Lagos State Governor Babajide Sanwo-Olu commended private-sector investors for contributing to the growth of the state.
Sanwo-Olu described the private sector as the “oil of growth” and reaffirmed the Lagos State Government’s commitment to creating an enabling environment for businesses to thrive.
He also thanked investors in the oil and gas, financial services and construction sectors for their contributions to the development of Lagos.
The Chief Executive Officer and Founder of Northwest Petroleum & Gas Company Limited, Winifred Akpani, said the new facility represented the company’s growth, confidence in Nigeria’s future and determination to build a modern Nigerian company capable of operating to high standards.
Akpani said the smart building was designed to promote collaboration, strengthen operational efficiency, encourage innovation and empower the company’s workforce.
She added that the future of the energy industry would increasingly depend on innovation, technology, responsible investment, strong partnerships and the development of Nigerian talent.
Also present at the commissioning were former Lagos State Governor Akinwunmi Ambode; Fatima Aliko-Dangote, Group Executive Director, Commercial Operations, Oil and Gas, WAEP, and Fertilizer, Dangote Industries Limited; former Delta State Governor James Ibori; and other business and industry leaders.
NEWS
Shettima Arrives Lagos for Northwest Petroleum & Gas Headquarters Commissioning
Vice President Kashim Shettima has arrived in Lagos to commission the new corporate headquarters of Northwest Petroleum & Gas Company Limited.
Shettima, who is the Special Guest of Honour at the event, is expected to deliver the keynote address and officially commission the facility alongside Lagos State Governor Babajide Sanwo-Olu and other government and private-sector leaders.
SEE ALSO: UN Secretary-General Race: Shettima Says Nigeria Will Back Equity, Justice and Fairness
The development was disclosed by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President on Friday.
Northwest Petroleum & Gas Company Limited is an indigenous oil and gas company involved in the importation, supply, distribution and storage of petroleum products, as well as crude oil export activities.
The investment is being positioned in line with President Bola Ahmed Tinubu’s Renewed Hope agenda of mobilising private capital, strengthening indigenous businesses and expanding the role of the private sector in Nigeria’s economic development.
The Tinubu administration has continued to emphasise private-sector-led growth and investment mobilisation as key components of its development strategy, with a focus on job creation, increased productive capacity and a more competitive economy.
The commissioning brings together senior government officials and private-sector stakeholders as the administration seeks to encourage greater domestic investment and enterprise development.





