ATTENTION!!! IPMAN Says Petrol Scarcity Challenge Will Last For 2 More Weeks

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2 years ago

April 29, 2024

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ATTENTION!!! IPMAN Says Petrol Scarcity Challenge Will Last For 2 More Weeks—-As acute petrol supply challenges enter its second week, independent marketers have explained that issues that led to the scarcity of the product would take another two weeks to be fully resolved.

Checks around Abuja on Sunday showed that most stations were out of stock with very few major marketers dispensing the product in Abuja city centre. At the suburbs, the few stations opened to motorists jacked up their pump price from N680 per litre to N870 per litre.

Speaking to Vanguard on the situation, the Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, IPMAN, Chief Chinedu Ukadike said the product was not available in-country.

Chief Ukadike blamed the acute shortage in supply of importation bottlenecks and the slow pace of marketers licence renewal by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA.

He disclosed that only 1,050 marketers out of 15,000 have had their licences renewed by the NMDPRA.

He said: “The situation is that there is no product. Once there is lack of supply or inadequate supply, what you will see is scarcity and queues will emerge at filling stations. On the part of NNPCL, which is the sole supplier of petroleum products in Nigeria, they have attributed the challenge to logistics and vessel problems.

“Once there is breech in the international supply chain, it will have an impact of domestic supply because we depend on import. I also have it good authority that most of the refineries in Europe are undergoing turn around maintenance. So sourcing of petroleum products has become a bit difficult.

“NNPC Group CEO has assured us that there will be improvement in the supply chain because their vessels are arriving. Once that is done, normalcy will return. This is because once the 30 days supply sufficiency distrusted, it takes two to three months to restore it. We expect that by next week or so, NNPC should be able to restore supply and with another one week, normalcy should return”.

The challenges faced by marketers in renewing their licences, he said: “NNPC has said the marketers who have not been able to renew their licences will not be allowed to remain on their portal which has been shut for sometime now. Because of this we have not been able to request for new products.

“At this nascent period of deregulation, you will discover that this leads to scarcity even when the product arrives. As it is now, even by their own data, out of 15,000 marketers that are on the portal with licences, only 1,050 renewed their licences. And the requirement for renewal by NMDPRA is so much. Marketers are facing hostile environment. NNPC placed a deadline of April 15, 2024, for marketers to renew their licences.

“We are therefore appealing to NNPC extend this deadline and also to NMDPRA to hasten the release of marketers licences who have completed their processes, and also reduce the bottlenecks around licence renewals”.

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FirstBank Reaches ₦500bn Capital Threshold Before CBN Deadline

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5 days ago

January 7, 2026

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FirstBank Reaches ₦500bn Capital Threshold Before CBN Deadline—-First HoldCo Plc says its commercial banking subsidiary, First Bank of Nigeria Ltd., has met the Central Bank of Nigeria’s N500 billion minimum capital requirement.

The disclosure was made in a statement on Wednesday by Mr Olayinka Ijabiyi, Acting Group Head, Marketing and Corporate Communications, FirstBank.

Ijabiyi said the milestone followed strategic capital initiatives, including a Rights Issue, Private Placement and proceeds from divesting the group’s merchant banking subsidiary.

He said the successful capitalisation reflected strong market confidence in FirstHoldCo’s business model, long-term vision and growth prospects.

“With a fortified capital base, FirstBank is positioned to accelerate real sector support, deepen financial inclusion and deliver innovative, digitally driven customer experiences,” Ijabiyi said.

He added that the recapitalisation strengthens financial resilience and provides a platform for earnings growth through expansion, technology and new opportunities.

In March 2024, the CBN directed commercial banks to raise minimum capital to N500 billion within 24 months to strengthen sector stability.

Ijabiyi said FirstBank had fulfilled the requirement well ahead of the regulatory deadline.

He said FirstHoldCo plans to raise fresh funding in 2026 to inject additional capital into subsidiaries and new business adjacencies.

According to him, the move aims to enhance service offerings and support strategic expansion.

Commenting, Chairman, Mr Femi Otedola, thanked shareholders for their trust and support throughout the capitalisation programme.

“Securing FirstBank’s capital base ahead of schedule positions us firmly for our next growth phase,” Otedola said, appreciating guidance from the CBN and SEC.

Group Managing Director, Mr Wale Oyedeji, said the capital raise strengthens execution of strategic priorities and delivery of lasting value to stakeholders.

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FBN Quest Repossesses Nestoil HQ As $1bn Debt Row Deepens

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1 month ago

December 1, 2025

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FBN Quest Repossesses Nestoil HQ As $1bn Debt Row Deepens—-Nestoil’s financial woes have taken a turn for the worse as FBN Quest Merchant Bank and First Trustees Limited repossessed the company’s Lagos headquarters over a $1 billion debt. Armed policemen were stationed at the entrance of the building, and the multi-storey facility at 41/42 Akin Adesola Street, Victoria Island, Lagos, was sealed and marked as repossessed.

This latest development follows a Court of Appeal ruling that reversed an earlier Federal High Court decision, allowing the receiver-manager to take over Nestoil’s assets. The debt, reportedly exceeding $1.01 billion and ₦430 billion, has been a longstanding issue for the oil and gas services group.

Nestoil had previously stated that the matter was a commercial dispute being addressed through legal channels, assuring stakeholders that operations remain unaffected across all business lines. However, the repossession of its headquarters signals a new phase in the years-long battle between Nestoil and its creditors.

A federal high court in Lagos had earlier, on October 22, 2025, issued a Mareva order authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to assume control of the company’s assets.

Justice D. I. Dipeolu granted the injunction against the defendants — Nestoil Limited, its affiliate Neconde Energy Limited, and the principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.

Dipeolu restrained all dealings relating to $1,012,608,386.91 and N430,014,064,380.77 — the total indebtedness as of September 30, 2025.

There were also additional debts personally guaranteed by Azudialu-Obiejesi, including over N366.8 billion, $61.2 million, $152 million, and N10.4 billion owed to Access Bank, First Bank, and Zenith Bank.

However, Nestoil and its promoters later approached a federal high court seeking to set aside the Mareva order prior to the latest development.

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