Economy
Retailers Give Reason For Cooking Gas Scarcity, Price Hike: LPGAR
Retailers Give Reason For Cooking Gas Scarcity, Price Hike: LPGAR
Retailers give reason for cooking gas scarcity, price hike: LPGAR. The Liquefied Petroleum Gas Retailers Association of Nigeria has said retailers should not be blamed for the current hike and scarcity of cooking gas.
The Liquefied Petroleum Gas Retailers Association of Nigeria has said retailers should not be blamed for the current hike and scarcity of cooking gas.
Ayobami Olarinoye, chairman of LPGAR under the Nigeria Union of Petroleum and Natural Gas Workers, said this in a statement on Saturday.
He said the rising cost and limited availability of LPG stem from supply challenges, not price manipulation by retailers.
“The recent scarcity and spike in LPG prices have brought untold hardship to millions of Nigerian households and businesses. We understand this pain and feel compelled to clarify the role of retailers in this crisis,” Mr Olarinoye said.
The chairman was reacting to comments by the president of the Nigerian Association of Liquefied Petroleum Gas Marketers, who reportedly blamed retailers for the price surge.
Describing the allegation as “unfair and misleading”, Mr Olarinoye explained that retailers neither operate at the depot level nor act as importers or primary off-takers.
“Our operations are limited to buying gas from plant owners and selling to end-users. Many of us travel to neighbouring states to purchase LPG at high costs due to supply shortages, which naturally affects retail prices,” he said.
According to him, although Dangote Refinery has not increased its gas price, supply irregularities have created a demand-supply imbalance that continues to drive up prices.
“Some retailers have had to shut their outlets for days or weeks because they couldn’t access supply, resulting in huge business losses and operational strain,” he said.
Olarinoye stressed that the price hike is driven purely by market forces.
“If plant owners increase prices, we have no choice but to adjust ours. We cannot be expected to sell at a loss,” he said.
He noted that while Dangote Refinery is a major market player, it currently lacks the capacity to meet Nigeria’s total LPG demand, which has risen from less than one million metric tonnes to over 2.3 million metric tonnes annually.
He said off-takers, who should complement Dangote’s supply by importing or sourcing from the Nigeria Liquefied Natural Gas, have slowed operations due to uncompetitive pricing.
“Dangote sells a 20-metric-tonne truckload of LPG at about N15.8 to N16 million, while off-takers offer the same quantity at N18.5 to N18.6 million. Naturally, buyers opt for the cheaper option, reducing importation and worsening scarcity,” he said.
He added that the recent PENGASSAN strike only aggravated an already fragile supply chain.
“Even after the strike was called off, supply has not stabilised. Some plant owners have paid for gas from Dangote but are yet to load due to long queues and limited availability,” he explained.
Olarinoye urged the government to bridge the price gap between Dangote and off-takers to ensure consistent supply and market stability.
“We don’t know the exact landing costs from NLNG, but if off-takers were making enough profit, they would price competitively. As it stands, they’re reluctant to restock,” he said.
Retailers Give Reason For Cooking Gas Scarcity
He stressed that the ongoing crisis is rooted in systemic supply issues, not retailer manipulation, and called for collaboration among stakeholders.
“Blaming retailers will not solve anything. We urge the government and industry players to work together to boost domestic production, encourage competitive pricing, and stabilise supply nationwide,” he said.
Olarinoye assured customers that the union remains committed to restoring normalcy.
“We share the public’s frustration and are working toward solutions. Until then, supply and demand will continue to drive market prices,” he noted.
Court Jails Man for $19,400 Bitcoin Fraud In Edo
Bitcoin fraud. The Benin Zonal Directorate of the Economic and Financial Crimes Commission has secured the conviction and sentence of Osamudiamen Philip Ikilo for fraud.
The convict was arraigned on one -count charge of stealing before Justice W.I. Aziegbemhin of the Edo State High Court sitting in Benin City.
Upon arraignment the defendant pleaded not guilty to the charge, setting the stage for trial.
The charge reads: That you Osamudiamen Philip Ikilo (m) sometime in March 2024 within the jurisdiction of this Honourable Court did steal Bitcoin worth the sum of $19,400 (Nineteen thousand, four Hundred United States Dollars) belonging to one Cynthia Imade Alile by fraudulently converting the said sum to your own use, and thereby committed an offence contrary to Section 287 of the Criminal Law of Edo State Law 2022 and punishable under Section 294 of the same Law.
Bitcoin
In the course of the trial, prosecution counsel, A. S. Bala-Ribah called two witnesses and also tendered documents which were admitted by the court. On his part, the defendant called two witnesses including himself.
Delivering judgment on Monday, March 23, 2026 Justice Aziegbemhin found the defendant guilty of the charge and sentenced him to two years imprisonment without an option of fine.
Ikilo’s road to jail began when he offered to assist the petitioner convert her 0.52092582 Bitcoin worth $19,400 but failed to remit the money to the petitioner as he converted same to his personal use.
Court Admits More Evidence Against Mamman In Alleged N31b Fraud
Court Admits more Evidence against Mamman. Justice Maryann Anineh of the Federal Capital Territory High Court, Maitama, Abuja, on Wednesday, March 25, 2026, admitted more documents in evidence against the former Minister for Power, Saleh Mamman in his prosecution by the Economic and Financial Crimes Commission, EFCC for alleged fraud.
Mamman and seven others are being prosecuted by the EFCC on a nine-count charge, bordering on conspiracy, obtaining by false pretence and intent to defraud to the tune of N31,070,541,349.64 (Thirty-one Billion, Seventy Million, Five Hundred and Forty-one Thousand, Three Hundred and Forty-nine Naira, Sixty-four Kobo).
At Wednesday’s proceedings, the Second Prosecution Witness, PW2, Leadu Kpandei, a female compliance officer with Guaranty Trust Bank, GTB while being led in evidence by prosecution counsel, A.O. Mohammed, disclosed that the EFCC, sometime in March 2025, requested the details of account of one of its customers, Fullest Utility Concept Ltd to which the bank responded via a letter attached with the account opening documents, certificate of identification and statement of accounts of the said company, distilled from the bank’s database. She confirmed that she and her colleague signed the documents on behalf of the bank before they were transmitted to the EFCC.
The documents, marked exhibit E1, E2, E3, E4 were tendered and admitted in evidence by the court.
Court
Earlier in the proceedings, the First Prosecution Witness PW1, Umar Abba, a compliance officer of Zenith Bank, concluded his cross-examination, where he revealed he generated the account statements of the defendants also from the bank’s database, endorsed and sent to the EFCC. “I generated the documents of the account statements from the bank’s computer, compared them with what I have, then I signed before sending them to the EFCC” he said.
Suleiman Mohammed, counsel to Mamman drew the attention of the court to a pending application on motion on notice, filed on March 9, 2026 and the judge promised to go through it.
Justice Anineh adjourned the matter till April 16, May 11 and June 4, 2026 for continuation of trial.
Economy
Executive Vice President, Upstream, NNPC Ltd Contributed To A High-Level Session Titled “Data-Rich, Infrastructure Ready
Executive Vice President, Upstream, NNPC Ltd Contributed To A High-Level Session Titled “Data-Rich, Infrastructure Ready
At the ongoing #CERAWeek, the Executive Vice President, Upstream, NNPC Limited, Mr. Udy Ntia contributed to a high-level session titled “Data-Rich, Infrastructure Ready: The Competitive Edge of Proven Super Basins”.
He described Nigeria’s growing attractiveness as a prime destination for global energy investment, citing strengthened fiscal stability, regulatory predictability, and a commercially driven governance framework as critical enablers of renewed investor confidence.
Ntia also reiterated that the convergence of robust data ecosystems, infrastructure readiness, and advanced analytics is redefining how proven basins compete globally, positioning Nigeria to fully capitalise on its extensive resource base.
Upstream, NNPC Ltd
The session, moderated by Beth Evans, Head of Regional Insight, Upstream Solutions at S&P Global, featured other distinguished panelists, including Andy Krieger, Senior Vice President, Gulf of America and Canada, BP, and Paul Madero, Senior Vice President, Production Solutions, Baker Hughes.
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