Business
Petrol Pump Price Hits N300 Per Litre, Nigerians Groan
By Punch Reporters
The scarcity of Premium Motor Spirit, popularly called petrol, grew worse across the country on Thursday, as massive queues were witnessed in Abuja, Lagos, Port Harcourt, Calabar, Warri, Nasarawa, Minna, among other places.
Oil marketers stated that the scarcity became worse due to the fact that dealers could hardly access the product from the only two depots that were dispensing the commodity in Lagos State as of Thursday.
The few filling stations, particularly those of independent marketers, that dispensed the commodity on Thursday, sold it at between N250/litre and N300/litre, depending on area of purchase.
Oil marketers told our correspondent that over 1,000 tickets, belonging to marketers which had paid for products, remained unattended to, at the few depots that dispense the commodity in Lagos.
It was gathered that the tickets, which were for over 1,000 tankers, had continued to pile up due to the pressure on the two depots, namely MRS and Pinnacle.
It was also gathered that the cost of petrol could have been increased quietly by the Federal Government, as stations that used to sell the approved price of N179 – N180/litre had raised their prices to between N185 – N190/litre.
Scarcity hits Abuja
The scarcity in Abuja was worse on Thursday, as virtually all retail outlets belonging to independent marketers were shut, while only few stations belonging to the Nigerian National Petroleum Company Limited and major marketers dispensed PMS.
But the very few outlets that dispensed products were greeted with massive queues of motorists who spent hours waiting to buy petrol.
Commenting on the issue, the Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, said the concerns in the downstream sector would continue to linger as long as the government remained the sole importer of petrol into Nigeria.
He said, “The Federal Government, through NNPC, is the only one importing this product and it is subsidising it. And they don’t have the facility to store the product.
“Some time ago we complained about this because when they store in private depots, the price is hiked and some of the depots continue to exploit the masses arbitrarily.
“However, as it is now, the government is bringing in products. But the issue now is that virtually all the depots that belong to major marketers in Apapa axis of Lagos are empty. So there is now pressure on MRS and Pinnacle depots where NNPC drop products.”
Shuaibu added, “So, there are over 1,000 tickets of marketers who have paid to have their trucks loaded, but we don’t know what is happening. Today they will tell you that they are upgrading the system, tomorrow you will hear that the system did not capture.”
He said tickets were piling and “you know that it takes much time to transport this product from the South to the North. Some trucks spend one month, especially when they have problems on the road, others spend two to three weeks.”
The IPMAN official called on the Federal Government to do something about this, adding that it must be done fast.
When asked why were other depots in Apapa and in other locations not selling products, Shuaibu stated that pipeline vandalism, depot upgrade and other issues were the reasons.
He said, “Last time we complained that some depots were exploiting us, and the depots argued that the cost of moving products from one end of their facility to another had Increased, as well as other issues. So we can’t tell whether that is another reason why NNPC stopped supplying some of these depots.
“Things were not worse like this before. As I’m talking to you now, some of our tickets have been there for close to a month. I did payment since but I can’t load. And the story is the same across their 21 depots. We can’t load.”
Meanwhile, Shuabu stated that unconfirmed information on the official pump price of PMS that filtered in on Thursday evening was that the government had quietly raised the cost of petrol.
“I cannot confirm it yet, but we are hearing that they have quietly increased the pump price of petrol, because major marketers in Lagos who used to sell at N179 – N180/litre, are now selling at N185 – N190/litre,” he stated.
Also speaking on the issue, the Public Relations Officer, IPMAN, Chief Ukadike Chinedu, said another reason for the scarcity was the changes being done by NNPC in terms of payment for products by marketers.
He said, “NNPC has moved independent marketers from PPMC Marketers Express to the NNPC Retail portal. That NNPC Retail portal is where marketers will be able to buy their products. However, they told us that the portal is in place now.
“Another concern is that they (NNPC) are also having an issue with the remittance, which, according to them, has been resolved. But the impact of these issues will definitely be felt and it will take some time to clear.
“Marketers are calling on NNPC to supply products to some of the depots where independent marketers can access them since most NNPC depots are not functional because of pipeline vandalism.”
UBA Group senior executives recently concluded the Group’s Half Year Business Review. Held at global headquarters in Lagos Nigeria, Group Managing Director/CEO, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation.
It was an opportunity to restate the Group’s pan-African strategy, and commitment to further expanding the Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets. With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence,
The international strategic intent reinforces with the Group’s intention to deliver innovative financial solutions to its fast-growing global customer base. The strategy demonstrates UBA’s unique position as Africa’s global bank and ability to leverage growth opportunities in emerging and leading African markets.
The Group commenced its Pan African journey, with its entry into Ghana in 2004, followed by rapid expansion into 18 additional African markets. Today, as a resilient and future-focused institution, UBA continues to push boundaries by connecting Africa to the world and the world to Africa.
Mr Alawuba highlighted the Group’s expansion plans, disclosing that the Group is excited about the vast opportunities that the new markets present, a testament to UBA Group’s confidence in the African economy, providing world-class banking services that meet the continent’s evolving needs.
“UBA’s vision is clear – we are building a truly global institution anchored in Africa, but serving customers across continents. Further strategic expansion positions us to unlock new opportunities, support intra-Africa trade, and deliver world-class banking experiences wherever our clients choose to do business,” Alawuba said.
“In Europe, UBA has operations in the United Kingdom and upgrading its license in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in NY. These moves signal a clear message of UBA’s intent to reshape the competitive landscape”, Alawuba further said.
As part of the Group’s plan to expand its global presence, UBA, in January, announced plans to open operations in Saudi Arabia.
Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 45 million customers globally.
Ecobank Nigeria, an affiliate of the leading pan-African banking group, Ecobank Group, has announced a comprehensive suite of innovative financial solutions designed to support all key stakeholders within the education ecosystem. These offerings are aimed at driving financial inclusion, operational efficiency, and sustainable growth across the sector.
For school owners and educational leaders, Ecobank offers cash-backed loans to support both operational and capital expenditures. These are complemented by treasury management tools that enhance financial oversight, along with digital collection platforms that ensure seamless and efficient school fee processing. Teachers and non-teaching staff also stand to benefit significantly. Ecobank provides salary access tools that enable timely and flexible income management, career development programs to support continuous professional growth, and financial wellness plans designed to promote long-term financial stability.
Suppliers and partners within the education value chain benefit from tailored financial solutions such as invoice factoring for improved cash flow, inventory financing to maintain operational continuity, and marketplace visibility to expand their reach and business opportunities within the sector.
Speaking at the unveiling event in Lagos, Kola Adeleke, Executive Director, Commercial and Consumer Banking at Ecobank Nigeria, reaffirmed the bank’s commitment to empowering the education sector with practical financial solutions that address real-world challenges, enabling all participants, from institutions and educators to families and partners, to thrive.
“Our integrated financial and non-financial propositions form part of a broader strategy to strengthen our leadership in the education financing space, while contributing meaningfully to national and continental goals around access, equity, and excellence in learning. We have designed these solutions to meet the diverse needs of school proprietors, teaching and non-teaching staff, students, and parents. Ecobank is committed to empowering the education sector through seamless collections, access to credit, and a suite of sustainability-focused offerings. Education is a pillar of national development, and we recognize the sector as an integrated system of needs and opportunities. Our goal is to support this system not just with financing but also with digital tools, career development programs, and sustainability initiatives,” he said.
Also speaking, Adebukola Ademiluyi, Head of Education, Faith, and Social Services at Ecobank Nigeria, highlighted the bank’s commitment to affordable and inclusive financing options. She noted that by integrating smart financing with sustainability, digital infrastructure, and inclusive participation, Ecobank is pioneering a full-service banking model tailored to the realities of Africa’s education sector.
“More than just funding, we are enabling seamless school management systems through API partnerships that digitize operations such as student registration, staff payroll, inventory management, and parental communication. We also place strong emphasis on supporting parents and guardians, providing financial planning tools, access to student loans, merit-based scholarships, and child progress monitoring systems. These innovations are designed to ease financial burdens and deepen parental involvement in their children’s academic journeys,” she said.
Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital for the sixteenth consecutive year, in the 2025 Top 1000 World Banks’ Rankings, published by The Banker, Financial Times Group, United Kingdom.
This ranking places Zenith Bank Plc as the 581st Bank globally, with a Tier-1 Capital of $2 billion.
The global rankings, published in the July 2025 edition of The Banker, was based on the 2024 year-end Tier-1 capital of banks. This is the primary basis for most international organizations’ assessments of banks.
Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said, “We are thrilled to have retained our position yet again as the Number One Bank in Nigeria by Tier-1 capital for the 16th consecutive year. This achievement is a reflection of the bank’s robust financial performance, prudent risk management and steadfast dedication to delivering exceptional value to our customers and stakeholders”.
She thanked the Founder and Chairman, Jim Ovia, CFR, for his visionary and transformative leadership which has played a pivotal role in cultivating a resilient and thriving institution. She also expressed her deepest appreciation to the bank’s esteemed customers for their continued loyalty to the Zenith brand, the Board for the sound corporate governance, and the staff for their relentless & tireless efforts in ensuring the bank’s success.
Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from a regulator’s perspective. According to the ranking, Tier-1 Capital, as defined by the Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned. A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating the Bank is well-capitalised and financially stable.
According to the audited financial results for the 2024 financial year presented to the Nigerian Exchange (NGX), the Bank recorded a double-digit growth of 86% in gross earnings, increasing from N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was driven by a 138% increase in interest income, supported by investment in high-yield government securities, and growth in the Bank’s loan book.
Zenith Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion in 2024 from N796 billion in 2023. This performance saw the bank record an unprecedented total dividend payout of N195.67 billion at N5.00 per ordinary share in the 2024 financial year.
