Category: Business Day

United Nigeria Airlines has announced the commencement of direct flights to Accra, Ghana, beginning November 10, 2025.

In a statement issued on Tuesday, the airline revealed that the new service will operate from both Lagos and Abuja to Kotoka International Airport, Accra, marking United Nigeria Airlines’ first regional route beyond Nigeria’s borders.

Speaking in Lagos, Mazi Osita Okonkwo, the Chief Operating Officer, described the launch as a major milestone in the airline’s expansion strategy.

‘Ghana is an important part of our regional growth plan. This marks our first operation outside Nigeria, and we are truly excited about it,’ Okonkwo said.

‘Over the past four years, United Nigeria Airlines has built a strong reputation for safety, regulatory compliance, exceptional customer service, and on-time performance, values we are committed to extending across all regional and international routes. ‘With United Nigeria Airlines now operating on the Accra route, we are expanding travel options for the flying public, including business and leisure travelers, while proudly flying the Nigerian flag and strengthening connectivity between Nigeria and Ghana.

‘Our mission is to Unite. Uniting people, cultures, and dreams while bridging the gap in connectivity through efficient flight operations.’ Okonkwo said.

Tickets for the Lagos-Accra-Lagos and Abuja-Accra-Abuja routes are now available for purchase on the United Nigeria Airlines booking portal and agents.

More domestic routes are also scheduled to commence operations in November, including the Abuja-Sokoto and Ilorin routes, among others.

I want to begin by expressing a deep gratitude to God and Ndi Enugu.

For we are indeed at a moment of reflection, gratitude and renewal.

Today, I stand before you to announce a break from the past, and to share a decision that will shape the road ahead. This concerns our values, how we organise ourselves politically, and how we secure the future of our projects and our people.

I offer my sincere thanks to everyone who has contributed to this journey over the past 28 months.

At the top of that list is Ndi Enugu. At a time when confidence in political leaders had almost collapsed, you chose to believe in us.

When I declared that ‘Tomorrow Is Here,’ it struck a chord in your hearts. You put aside long-held skepticism and stood by us. Without that trust, the transformation we see today would never have happened.

Let us pause for a moment and consider what this transformation looks like.

It looks like Smart Green Schools nearing completion and primary healthcare centres in all 260 wards.

It looks like crime down by 80percent; Maternal, Under-5 and infant mortality rates reduced by 400 percent.

It looks like a Command and Control Centre with AI-embedded Security Surveillance System and 150 Distress Response Squad vehicles that guarantee safe streets and neighbourhoods.

It looks like water flowing again through new mains and restored supply.

It looks like over 1000 kilometres of paved roads.

It looks like Internally-Generated Revenue up 600percent.

It looks like a fully booked International Conference Centre pouring money into our local economy.

It looks like direct flights taking off – with Enugu Air linking us to key cities across Nigeria and beyond.

It looks like 3 million visitors to Enugu by 2026 – with Nigeria’s first zipline, 4 immersive eco-tourist sites.

It looks like commuting in comfortable CNG buses at 5 world-class terminals; and having 260 Farm Estates that bring production to scale.

It looks like Hotel Presidential and Nigergas revamped; and several moribund assets roaring back to life.

Of course, it looks like winning the Renewed Hope Initiative’s Model Green State Award as the Cleanest State in Nigeria.

It looks like Enugu on the national – indeed global – map.

Ndi Enugu, your trust and support have been the bedrock of our success, and we pledge to honour that by delivering on our election promises.

Our elder statesmen have also demonstrated generosity and foresight.

Many of you had witnessed decades of broken promises. When we approached you, we did not ask for blind loyalty but some faith in our vision.

You gave us that faith. Together, with your vote of confidence, we have achieved remarkable progress.

To my colleagues in the administration, I am grateful for your resilience. We have walked a path that often felt like a marathon without rest. Many of the ideas we put forward were dismissed as unrealistic. Yet you kept pushing the boundaries of what was possible.

Because of your dedication, today we hear applause for Enugu across Nigeria and beyond.

To the Peoples Democratic Party, which provided the platform on which we campaigned and won, I extend deep gratitude. The PDP supported us through a demanding campaign and joined in celebrating the victory.

For nearly 3 decades, the PDP and the people of Enugu walked side by side, united by shared purpose. Together, we built relationships that will always matter to me personally and to this state.

Yet, leadership sometimes demands difficult – even painful – decisions in the service of higher principles and goals. And there always comes a time when everyone must make a bold choice to determine their destiny.

Today, after a long reflection, we have made the decision to leave the PDP and join the All Progressives Congress. This is no whimsical decision. It’s a collective move by the political family in Enugu State, comprising members of the National Assembly, members of the State House of Assembly, the State Executive Council, all the Local Government Chairmen and Councillors, all political appointees and over 80% of party executives.

Over the past months, I have thought carefully about the path forward. In the end, after much soul searching and discussion, I have concluded that we must stand for the principles and institutions that honour transparency, trust, and above all – the people we serve.

For decades, the South East – especially Enugu – has stood firmly behind the PDP, showing loyalty that shaped the party’s success.

Yet despite this history, our voices were too often disregarded when it mattered most.

It has therefore become necessary to seek affiliation where our interests as a region are represented in the form of fair partnership.

We are not moving from a place of resentment or fear. We are confident of our future.

We have no axe to grind, no personal point to make. But fairness, respect and integrity must guide our choices for that future to be ours.

Today, in joining the APC, we are embracing a visionary partnership.

I have found in His Excellency President Bola Ahmed Tinubu, GCFR, not just a leader of our nation, but a partner in purpose, a man with the courage to look beyond today and make the tough choices that secure lasting prosperity for tomorrow.

Together, we share a conviction that transformation must be bold and disruptive – that roads, railways, and airlines must stretch out from the heart of the South East; that Enugu’s promise, its security, its schools, its hospitals, its markets, its communities – must be reinforced.

The President has shown not only interest, but a deep and vested commitment to Enugu, one that recognises our region as a pillar of national progress.

We both share a belief that renewal does not stop at the grand highways or the balance sheets. It must reach the ward, the village, our grassroots. It is in the daily life of the farmer, the trader, the young entrepreneur that reforms come alive.

We both welcome initiatives that decentralise opportunity, that strengthen the capacity of local government, that bring seed capital and credit to our youth, and that expand healthcare and education at the community level.

Just as we do in our ward-based development initiatives, these convictions are boldly expressed in the Federal Government’s Renewed Hope Ward Development Programme, an idea conceived to empower over 8.8 million Nigerians across the country’s 8,809 electoral wards.

Yes, some choices demand sacrifice. Removing subsidies, unifying our foreign exchange markets, confronting crippling inefficiency – these are not easy decisions. But these are the smart choices that free resources for investment in our people.

His Excellency, the President, has shown he is not afraid to make the tough decisions for a fair and stable nation. And here in Enugu, we have been just as audacious.

This move is bigger than politics – it is about alignment at scale. It is about connecting Enugu’s destiny with the central hub of broader reforms shaping our nation.

Of course, this does raise some questions:

Will the voice of Enugu be heard now in Abuja?

How will the change affect our progress at home?

How will your lives be touched by this decision?

Let me be clear, I will represent our state and our region with the same strength of purpose as I have always done. Our Igbo DNA does not change; our destiny does not change. What changes is that our vision now finds stronger reinforcement at the federal level.

The progress you see today will not slow, and the projects we have begun will be completed. Yes, there have been challenges and delays along the way, but make no mistake – schools, hospitals, roads, and our services will be finished as promised.

To the political elite across the South East, I say this: our people are watching. What they care about most are results. True leadership is about service to the people, not service to self. Principles, not personalities, must guide us.

To Ndi Enugu, let me say this: this will not break our stride. We are a force of endeavour, and we need an ally who can match our ambition.

Let me reassure you – this is not a detour, but a conscious step towards a more compelling future.

As we begin this new chapter, I ask for your understanding, your trust, and your continued support.

Let us gather with renewed hope to build the Enugu – and the Nigeria – that our children deserve.

Finally, I want to express our most profound gratitude to Mr President for his support and encouragement of our vision. I’m confident this marks the beginning of a new era of growth and progress.

Geregu Power Plc, Nigeria’s first listed power generation company, recorded its highest net profit in more than five years buoyed by a stronger revenue, despite widening finance costs.

The company’s revenue surged to N131.4 billion in 9M’25, up from N112 billion reported in the same period last year, with 65 percent of the total amount from energy sales.

A breakdown of the total revenue made during the period revealed that energy sold rose to N85.5 billion, up from N71.4 billion, while the capacity charge rose to N45.9 billion.

The increase impacted the power-generating firm’s after-tax profit by 4.1 percent, to N25.1 billion from N24.1 billion.

A further analysis of Geregu’s report revealed that administrative expenses amounted to N7.3 billion in the period under review from N7 billion recorded in the same period of 2024.

Of the administrative expenses, personnel cost gulped N2.04 billion of the total amount, followed by repair and maintenance of machinery and plant with N1.02 billion, compared to N1.2 billion a year ago.

The company’s other income increased to N1.3 billion as a result of the firm’s ability to generate proceeds from insurance claims.

Finance costs during the period rose by 38.5 percent to N10.1 billion from N7.3 billion in the same period in the previous year. The statement disclosed that the increase in finance cost was on the back of a 108.6 percent increase in the cost of borrowed funds.

The power-generating firm’s total assets rose to N273.1 billion, up from N221 billion, while total liabilities rose to N216 billion, up from N171 billion.

Its shareholders’ fund during the reviewed period also rose to N56.4 billion from N48 billion, indicating that the firm has a healthy financial health and can pay its short-term obligations as at when due.

The company’s cash flows for the nine months of 2025 were as follows: Net cash from operating activities amounted to N24.3 billion, down from N38.7 billion; net cash generated from investing activities rebounded to N3.14 billion, from a N25.2 billion recorded.

Net cash used in financing activities amounted to a negative N39.2 billion from N35.6 billion generated in the corresponding period of 2023.

Cash and cash equivalents for the period increased to N28.1 billion from N40.4 billion.

The value of equities traded on the Nigerian Exchange (NGX) jumped to N6.92 trillion in the first eight months of 2025, the highest in 18 years.

The figure more than doubles N3.47 trillion reported for the entire year of 2024, reflecting rising investor confidence in the local bourse.

Out of the N6.92 trillion deal, foreign investors accounted for N1.45 trillion, representing 21.01 percent, while domestic counterparts dominated with N5.46 trillion or 78.99 percent.

Month-on-month (MoM) report shows that in January 2025, the total value of traded equities stood at N607.05 billion, February (N509.47 billion), March (N1.115 trillion), April (N482.04 billion), May (N700.50 billion), June (N778.65 billion), July (N1.815 trillion), and August (N908.38 billion).

‘It’s imperative to note the surge in primary market activity as well, validating the broad improvement in liquidity across the capital market,’ Abiola Rasaq, financial analyst, told BusinessDay.

‘Interestingly, domestic investors accounted for over three-quarters of the trading activities and, more importantly, retail investors accounted for one-thirds of the market liquidity, highlighting the renewed appetite of investors for stocks,’ he noted.

He explained that the improved trading activity on the NGX reflects risk-on sentiment and high investor confidence in the Nigerian capital market.

‘This strong appetite of local retail investors may have been spurred by the five consecutive years of positive returns of the NGX All Share Index, validating the superior returns on equities over fixed income, despite the high-interest rate environment,’ he said.

‘Interestingly, stock brokers and other market participants have also eased market access, leveraging technology and improved customer service – initiatives which have increased youthful participation and overall penetration of the retail market. Again, as stability returns to the FX market, speculative capital, which hitherto were held in FX asset class, is being reallocated, supporting fund flow to the equities market.’

Razaq further said that the improved participation of retail investors is validated by the higher number of active retail investors’ accounts as well as new account openings at the Central Securities Clearing System (CSCS).

‘We have also seen improved allocation of funds from institutional investors, especially pension fund managers, which now allocate over 11 percent of their portfolio to domestic equities,’ Rasaq noted.

He added that the shortening of settlement cycle to T+2 days and a moderation in fixed-income yields could sustain market liquidity, provided that stakeholders continue to deepen the capital market.

He stressed that in dollar-terms, the overall trading value over the first eight months of the year is still barely $4.7 billion, which is behind peak historical levels when adjusted for exchange rate and inflation.

In the reviewed data, foreign inflows into equities stood at N704.87 billion, while outflows reached N748.23 billion in the eight-month period.

On the other hand, domestic retail investors traded stocks worth N2.332 trillion within the period, while institutional investors recorded N3.130 trillion in transactions, according to the NGX latest report.

‘Foreign investors prioritise stability, liquidity, policy consistency and sanctity of contract,’ said Sam Onukwue, chairman, Association of Securities Dealing Houses of Nigeria (ASHON), in a recent interview.

‘Government must ensure a more predictable foreign exchange regime and address concerns around capital repatriation. A transparent market-driven approach to privatisation will enthrone sound corporate governance in privatised entities and make our market more attractive to foreign investors,’ he noted.

The stock market has returned in excess of 42 percent this year as more investors reconsider equities. Amid this development, analysts anticipate that this momentum could continue, filtering into the mid-to-low cap segments of the market.

‘Looking ahead, we expect the market to trade with a slightly bullish bias as investors position ahead of the Q3 2025 earnings season. Market sentiment will likely be shaped by the pace of earnings releases, dividend guidance, and macroeconomic policy signals,’ Coronation Research analysts said in their recent note.

‘While short-term volatility may persist, the medium-term outlook remains constructive, supported by attractive valuations and resilient corporate fundamentals across key sectors.’

The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for introducing draft guidelines that mandate all banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours.

In a statement signed by Ondaje Ijagwu, Director of Corporate Affairs, the Commission described the CBN’s move as a major step toward strengthening consumer protection and accountability in Nigeria’s banking system.

According to the FCCPC, the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria were released shortly after the Commission published its Consumer Complaints Data Report in September 2025.

The report, covering the period from March to August 2025, revealed that the banking and fintech sectors recorded the highest number of consumer complaints nationwide, over 3,000 in banking alone, with about ?10 billion recovered for customers across 30 sectors.

The findings identified recurring consumer grievances, including failed transactions, unauthorised deductions, and delayed refunds, issues the new CBN guidelines are designed to address.

Tunji Bello, Executive Vice Chairman and Chief Executive Officer of the FCCPC, described the proposed directive as ‘a timely and long-awaited correction to a persistent consumer challenge.’

‘It is consistent with what the FCCPC has been advocating, given the number of complaints we receive about failed transactions. We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services,’ he stated.

The Commission emphasized that the proposed refund directive aligns with the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t), which mandate the elimination of unfair practices, promotion of fair dealings, and protection of consumer interests across all sectors.

It urged the prompt adoption and enforcement of the new policy, stressing that early implementation would provide immediate relief to consumers while reinforcing accountability within the banking sector.

To ensure the effectiveness of the policy, the FCCPC announced plans to collaborate with the CBN in setting up systems to monitor compliance and ensure timely redress when banks fail to meet the 48-hour refund deadline.

The Commission further advised consumers with unresolved ATM or electronic transaction issues to first report such cases to their banks or the CBN. Where the issue remains unresolved, complaints can be escalated to the FCCPC through its online porta.

According to the FCCPC, sustained cooperation among regulatory agencies will lead to faster resolutions, prevent recurrence of consumer grievances, and strengthen public confidence in Nigeria’s growing digital economy.

The World Health Organisation (WHO) has warned that antibiotic resistance is accelerating at a concerning pace, faster than medical science can respond, and posing serious threat to global health.

A new ‘Global antibiotic resistance surveillance report 2025’ launched by WHO on Monday showed that one in six laboratory-confirmed bacterial infections causing common infections in people worldwide in 2023 were resistant to antibiotic treatments.

Between 2018 and 2023, it found that antibiotic resistance rose in over 40 percent of the pathogen, antibiotic combinations monitored, with an average annual increase of 5-15 percent.

Data reported to the WHO Global Antimicrobial Resistance and Use Surveillance System (GLASS) from over 100 countries cautioned that increasing resistance to essential antibiotics poses a growing threat to global health.

The new report presents for the first time, resistance prevalence estimates across 22 antibiotics used to treat infections of the urinary and gastrointestinal tracts, the bloodstream and those used to treat gonorrhoea.

WHO estimates that antibiotic resistance is highest in the WHO South-East Asian and Eastern Mediterranean Regions, where 1 in 3 reported infections were resistant. In the African Region, 1 in 5 infections was resistant. It added that resistance is also more common and worsening in places where health systems lack capacity to diagnose or treat bacterial pathogens.

‘Antimicrobial resistance is outpacing advances in modern medicine, threatening the health of families worldwide,’ Tedros Ghebreyesus, WHO director-general said.

‘As countries strengthen their AMR surveillance systems, we must use antibiotics responsibly, and make sure everyone has access to the right medicines, quality-assured diagnostics, and vaccines. Our future also depends on strengthening systems to prevent, diagnose and treat infections and on innovating with next-generation antibiotics and rapid point-of-care molecular tests’, he added.

The new report noted that drug-resistant Gram-negative bacteria are becoming more dangerous worldwide, with the greatest burden falling on countries least equipped to respond.

The global health body therefore called on all countries to report high-quality data on AMR and antimicrobial use to GLASS by 2030,noting that achieving the target will require concerted action to strengthen the quality, geographic coverage, and sharing of AMR surveillance data to track progress.

WHO also urged countries to scale up coordinated interventions designed to address antimicrobial resistance across all levels of healthcare and ensure that treatment guidelines and essential medicines lists align with local resistance patterns.

In what many have described as a revolutionary step for education, innovation, and enterprise development in Nigeria, Osun Business School (OBS) has been officially registered, setting a bold new standard for business leadership training and entrepreneurial transformation in Africa.

Founded by Adegboyega Musthofa Adebayo, a Doctorate of Business Administration in International Business, the institution is designed to go beyond traditional classroom teaching, serving as a real-world business laboratory where entrepreneurs, executives, and public sector professionals will acquire the tools to create, manage, and scale sustainable ventures.

‘Osun Business School is not just a school. It’s an idea factory. It’s where innovation meets execution, where we bridge the gap between academic theory and real-world enterprise. We are building a new generation of business leaders who can compete globally and create impact locally,’ Dr. Adebayo said.

Unlike the conventional business education model, Osun Business School is structured to combine academic rigour with entrepreneurial incubation, mentorship, and access to investment networks.

The school will provide programs tailored for entrepreneurs, CEOs, and civil servants, enabling them to upgrade their professional and managerial skills while pursuing practical business growth.

The institution will also partner with foreign universities and strategic industry leaders to offer dual certification, global immersion programs, and cross-border mentorship opportunities and advance beyond the traditional model of Lagos Business School and similar institutions by focusing on innovation, inclusivity, and enterprise development at the grassroots level.

Adebayo revealed that the Governing Council and Executive Members of the school will be announced soon, and that full operations will commence in 2026, with programs designed to stimulate job creation, business expansion, and leadership excellence across Nigeria.

‘Our goal is not only to teach business,’ Dr. Adebayo added, ‘but to transform how people think about business from survival to scalability, from local operation to global relevance. Osun Business School will be a launchpad for tomorrow’s African business champions.’

He expressed appreciation to Governor Ademola Jackson Nurudeen Adeleke for his unwavering commitment to youth empowerment, education, and innovation, which have created an enabling environment for such transformative initiatives in the state.

Osun Business School stands as a beacon of innovation, leadership, and entrepreneurship, positioning Osun State as the next frontier of business education in Nigeria and beyond.

The Nigerian housing market is expectant and getting ready to receive Eko Paragon’s 105 housing units to be delivered in the next 12 months.

AceRoyal Estates Homes, the developer of the estates, say they are on the verge of delivering the luxury units in just 12 months as part of their strides towards bridging Nigeria’s housing deficit.

Eko Paragon is a 5-star hotel-styled residential estate located in the serene Abijo G.R.A., Lagos, and represents a new benchmark for innovation, comfort, and affordability in real estate investment. Endurance Cletus Agonor, AceRoyal Estates managing director and chief executive officer revealed recently that construction, which commenced in February 2025, is nearing completion.

‘Just eight months in, 41 housing units are already fully fitted and ready. Eko Paragon embodies our commitment to delivering affordable yet luxurious housing solutions in collaboration with the Lagos State Property Development Corporation (LSPDC),’ he stated.

Eko Paragon is strategically located within the secure and serene Abijo Government Reserved Area (GRA), just a 10-minute drive from the Lekki-Epe Expressway. Notably, Abijo stands as the only GRA on Lagos Island, offering both exclusivity and accessibility.

Designed to promote a balanced and healthy lifestyle, the estate features modern wellness and fitness facilities, including a gym, tennis courts, and spacious recreational areas. With only 32 percent of its land area built up, residents enjoy ample greenery, private parking for two vehicles per unit, and additional spaces for visitors.

Inside, each residence showcases exceptional attention to detail – from expansive living areas and kitchens elegantly designed for ease, to bathrooms bigger than typical BQs in Lekki. The estate is also powered by a 24-hour electricity supply, ensuring uninterrupted comfort for all homeowners.

The estate offers a mix of luxury and affordability and comprises three-bedroom terrace duplexes with BQ; two-bedroom signature suites; and one-bedroom executive business suites

‘We have mastered the art of blending comfort, class, elegance, and luxury – all at an unbeatable price,’ Agonor affirmed, adding, ‘our goal is simple: to redefine modern living while keeping it affordable and accessible.’

Clearly, Eko Paragon is a 5-Star Hotel Residence. It is a game changer in Nigeria’s real estate industry, offering residents the exclusive benefit of 5-star hotel services within their homes.

‘Imagine enjoying all the privileges of a luxury hotel – breakfast in bed, professional chef services, laundry, and cleaning services, right from the comfort of your home,’ Agonor explained, stressing, ‘Eko Paragon provides that everyday premium hospitality experience.’

The developer said they were committed to excellence and investor value, describing the project as ‘an A-list affair.’ He emphasized the exceptional level of investment, craftsmanship, and engineering that defines Eko Paragon.

‘From the deep foundation and top-tier materials to expert structural execution and scenic landscaping, every detail reflects our dedication to excellence,’ he said. ‘For us, there’s no better way to demonstrate our commitment than ensuring your investment is safe, secure, grows in value, and is worth more in returns.’

The federal government has directed vice-chancellors of all federal universities to strictly implement the ‘no work, no pay’ policy against members of the Academic Staff Union of Universities (ASUU) currently on strike.

In a circular dated October 13, 2025, and signed by Tunji Alausa, Minister of Education, the government ordered university heads to conduct a roll call and submit reports identifying lecturers who are absent or participating in the industrial action, warning that salaries will be withheld for the period of work stoppage.

The circular was copied to the Head of the Civil Service of the Federation, Permanent Secretary of Education, Pro-Chancellors of all federal universities, Director-General of the Budget Office of the Federation, the Accountant-General of the Federation, and the Executive Secretary of National Universities Commission (NUC).

According to the circular, the Federal Ministry of Education expressed dissatisfaction over reports of the continued industrial action by ASUU despite repeated calls for dialogue, stressing that the government would no longer tolerate non-compliance with extant labour laws.

‘In line with the provisions of the Labour Laws of the Federation, the Federal Government reiterates its position on the enforcement of the ‘No Work, No Pay’ policy in respect of any employee who fails to discharge his or her official duties during the period of strike action,’ the circular reads.

The minister directed all vice-chancellors of federal universities to immediately conduct a roll call and physical headcount of all academic staff in their institutions.

He also instructed them to submit a comprehensive report indicating staff members who are present and performing their official duties, and those absent or participating in the strike.

Alausa further directed that salary payment for the period of work stoppage be withheld from those who fail to perform their duties.

He clarified that members of the Congress of University Academics and the National Association of Medical and Dental Academics, who are not part of the strike, are exempted from the directive and will not face any salary deductions.

The minister also tasked the NUC to monitor compliance with the directive and submit a consolidated report to the ministry within seven days of receiving the circular.

‘Please, treat this matter with utmost urgency and a deep sense of responsibility in national interest,’ Alausa urged the university heads.

ASUU is currently demanding the conclusion of the renegotiated 2009 FGN-ASUU agreement, the release of the withheld three and a half months’ salaries, sustainable funding of public universities, revitalisation of public universities, and cessation of the victimisation of lecturers in LASU, Prince Abubakar Audu University, and FUTO.

Others are payment of outstanding 25-35% salary arrears, payment of promotion arrears for over four years and release of withheld third-party deductions (cooperative contributions, union check-off dues).

The federal government has ordered an intensified monitoring of Liquefied Petroleum Gas (LPG) depots across the country to prevent product hoarding and other sharp practices, as the retail price continues on the high side.

According to Ekperikpe Ekpo, Minister of State Petroleum Resources (Gas), the government is concerned about the price of LPG, which has risen from between N1,000-N1,100 per kilogram to as high as N1,500-N1,700 per kilogram in some parts of the country.

Ekpo, in a statement issued to Journalists on Monday, noted that the LPG market is deregulated. He appealed to marketers, distributors, and all stakeholders along the LPG value chain to be patriotic in their dealings, desist from hoarding, and refrain from exploiting consumers for profit.

To ensure compliance, the minister mandated the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to intensify monitoring of LPG depots across the country to prevent product hoarding and other sharp practices capable of worsening the current situation.

The minister attributed the price hike to the industrial action by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) at the Dangote Refinery, which temporarily halted LPG loading.

He also highlighted the impact of the ongoing maintenance activities at the Nigeria LNG Train 4 facility, which he said reduced the volume of LPG available in the domestic market.

‘These disruptions led to a shortfall in supply and a consequent increase in prices due to a demand-supply imbalance.

‘The situation is temporary and will normalise very soon as operations at the Dangote Refinery have now resumed, with loading of LPG to the domestic market already underway.

‘Similarly, the Bonny River Terminal operated by Seplat Energy has commenced loading, while the Nigeria LNG is gradually restoring normal operations as maintenance nears completion.

‘With these developments, supply to the domestic market is expected to stabilise by next week, leading to a gradual reduction in prices,’ he said.

He reassured Nigerians that the federal government remains committed to ensuring sufficient and affordable gas supply to all households across the country.