News
BREAKING: Dangote cries out again! *IOCs still frustrating us *Oil prices still too high
For the umpteenth time, Dangote Industries Limited (DIL), on Wednesday, cried out once again over the manipulations of the International Oil Companies (IOCs) in their continued bid to frustrate the operations in company to produce refined petroleum products in the country, a development many believe could solve the nagging problems being witnessed over the years.
Devakumar Edwin, Vice President, Oil & Gas, who spoke on the issue, spoke on the continued roadblocks being mounted by the foreign companies, including the refusal to sell crude directly and other measures that had necessitated buying the commodity at higher costs, even with the interventions of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the main regulator for the production and sale of the product.
Commending the agency for the several interventions, the company’s boss, maintained that despite the interventions in the oil company’s crude supply requests from IOCs, and for publishing the Domestic Crude Supply Obligation (DCSO) guidelines to enshrine transparency in the oil industry, the result in terms of smooth operations of the DIL had remained minimal.
His words: “If the Domestic Crude Supply Obligation (DCSO) guidelines are diligently implemented, this will ensure that we deal directly with the companies producing the crude oil in Nigeria as stipulated by the PIA. The IOCs operating in Nigeria have consistently frustrated the company’s requests for locally produced crude as feedstock for its refining process.
“When cargoes are offered to the oil company by the trading arms, it is sometimes at a $2-$4 (per barrel) premium above the official price set by NUPRC. As an example, we paid $96.23 per barrel for a cargo of Bonga crude grade in April (excluding transport). The price consisted of $90.15 dated Brent price + $5.08 NNPC premium (NSP) + $1 trader premium. In the same month, we were able to buy WTI at a dated Brent price of $90.15 + $0.93 trader premium including transport.
“When NNPC subsequently lowered its premium based on market feedback that it was too high, some traders then started asking us for a premium of up to $4m over and above the NSP for a cargo of Bonny Light. Data on platforms like Platts and Argus shows that the price offered to us is way higher than the market prices tracked by these platforms. We recently had to escalate this to NUPRC”, Edwin said and urged the regulatory commission to take a second look at the issue of pricing.”
In response to the contention by Gbenga Komolafe, Chief Executive Officer (CEO) of NUPRC, during an appearance on The Morning Show, a breakfast programme on ARISE News Television, on Monday, where he tried to contradict the claims against the IOC, particularly in their refusal to sell their crude, to the company, Edwin maintained that he, Komolafe, must have missed the point.
Stressing the provisions of the Petroleum Industry Act (PIA) on the issue of willing buyer-willing seller relationship, he noted: “The NUPRC has been very supportive to the Dangote Refinery as they have intervened several times to help us secure crude supply. However, the NUPRC Chief Executive was probably misquoted by some people hence his statement that IOCs did not refuse to sell to us. To set the records straight, we would like to recap the facts below.
“Aside from Nigerian National Petroleum Corporation Limited (NNPCL), to date, we have only purchased crude directly from one other local producer (Sapetro). All other producers refer us to their international trading arms. These international trading arms are non-value adding middlemen who sit abroad and earn margin from crude being produced and consumed in Nigeria. They are not bound by Nigerian laws and do not pay tax in Nigeria on the unjustifiable margin they earn.
“The trading arm of one of the IOCs refused to sell to us directly and asked us to find a middleman who would buy from them and then sell to us at a margin. We dialogued with them for 9 months and in the end, we had to escalate to NUPRC who helped resolve the situation. When we entered the market to purchase our crude requirement for August, the international trading arms told us that they had entered their Nigerian cargoes into a Pertamina (the Indonesia National Oil Company) tender, and we had to wait for the tender to conclude to see what is still available.
“This is not the first time. In many cases, particular crude grades we wish to buy are sold to Indian or other Asian refiners even before the cargoes are formally allocated in the curtailment meeting chaired by NUPRC. However, we would like to urge NUPRC to take a second look at the issue of pricing. NUPRC has severally asserted that transactions should be on a willing seller / willing buyer basis. The challenge however is that market liquidity (many sellers / many buyers in the market at the same time) is a precondition for this. Where a refinery needs a particular crude grade loading at a particular time then there is typically only one participant on either side of the market.
“It is to avoid the problem of price gouging in an illiquid market that the domestic gas supply obligation specifies volume obligation per producer and a formula for transparently determining pricing. The fact that the domestic crude supply obligation as defined in the PIA has gaps is no reason for wisdom not to prevail.”
Abubakar Rabe, retired Major General former spokesman of the Nigerian Army who was abducted by bandits in Katsina State exactly two weeks ago, has died in captivity, reports coming from the state, one of the hotbeds of terrorist activities in Nigeria, confirmed on Saturday.
The retired senior military officer was kidnapped alongside his wife around the Matazu area of Katsina State while traveling to attend a wedding ceremony, was said to have died of complications from diabetes and high blood pressure in the camp of his abductors.
Nasiru Mu’azu, Commissioner for Internal Security and Home Affairs, in the state, who confirmed the incident, in a statement, said the government received the news with heavy heart and deep sense of loss.
He wrote: “It is with profound sadness that we confirm the General’s death while in bandits captivity. Despite the relentless and concerted efforts of the State Government and various Security Agencies to secure his safe release, the situation ended in this tragedy.
“The deceased Retired General died a natural death from complications of diabetes and hypertension. His abduction and subsequent death are not only a loss to his family and Katsina State but a monumental loss to the entire country.
“His Excellency, the Executive Governor of Katsina State Malam Dikko Umaru Radda, PhD, CON, extends his deepest condolences to the family of the late General and the country at-large.
“The Governor has described this incident as a “dark moment” and a reminder of the urgent need for a collective and intensified front against the criminal elements threatening the peace of our communities.
“The Katsina State Government remains committed to working with the Federal Government and security forces to ensure that those responsible for this heinous act are brought to justice. We assure the citizens of Katsina State that our resolve to eliminate banditry and ensure the safety of all residents remains unshaken.
“Our thoughts and prayers are with the bereaved family during this difficult time. May the soul of the departed Retired Major General Rabe Abdulakdir rest in eternal peace.”
By Hon Eseme Eyiboh mnipr
When Senator Godswill Obot Akpabio assumed office as President of Nigeria’s 10th Senate in June 2023, expectations were understandably high. Nigeria was grappling with economic headwinds, persistent security challenges, and growing public demand for more responsive and effective democratic institutions. In such a climate, the National Assembly was expected not merely to make laws, but to provide leadership, strengthen oversight, and restore public confidence in governance.
Three years into his tenure, the Senate under Akpabio has increasingly sought to position itself as a stable, proactive, and policy-driven legislative institution. Through a combination of legislative initiatives, institutional reforms, parliamentary diplomacy, and engagement with critical national issues, the Senate has played a visible role in shaping the country’s governance landscape. While critics have raised concerns on certain matters—an inevitable feature of democratic leadership—the overall record presents a legislature that has remained active, cohesive, and focused on its constitutional responsibilities during a period of significant national transition.
The foremost responsibility of any legislature is lawmaking, and in this regard, the 10th Senate has maintained an ambitious legislative agenda. Hundreds of bills have been introduced and processed, many of them directly targeting Nigeria’s pressing economic, fiscal, and governance challenges. According to Senate Leader Opeyemi Bamidele, in a midterm scorecard released in June 2025, the upper chamber introduced 983 bills and passed 108 into law between June 2023 and June 2025. This included 83 bills passed in the 2024/2025 legislative year alone, compared to 25 bills in the 9th Senate in the same period. Official legislative records also indicate a significant rise in legislative activity compared to previous assemblies, suggesting that the 10th Senate has been notably active by legislative output metrics.
More significant than the volume of legislation, however, has been the Senate’s focus on measures with far-reaching national implications. The emphasis has not been on legislative activity for its own sake, but on advancing reforms designed to address some of Nigeria’s most pressing economic and governance challenges. The Senate has prioritised reforms aimed at stimulating economic growth, improving public finance management, strengthening institutions, and expanding social protection.
One of the defining legislative undertakings of the 10th Senate has been its commitment to tax reform and fiscal modernization. Nigeria’s tax system has long been criticised for fragmentation, multiple taxation, weak compliance, and excessive dependence on oil revenue. Under Akpabio’s leadership, the Senate pursued reforms aimed at simplifying tax administration, broadening the tax base, promoting digital compliance, and providing greater relief for small businesses and low-income earners. In May 2025, the Senate passed four major tax reform bills which, according to the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms and now Minister of Finance, Taiwo Oyedele, could increase Nigeria’s tax-to-GDP ratio from about 10 per cent in 2023 to approximately 18 per cent by the end of 2027.
These reforms are significant because Nigeria’s tax-to-GDP ratio remains among the lowest in Africa, limiting government revenue and public investment capacity. By supporting measures aimed at modernising tax collection and reducing leakages, the Senate sought to create a more sustainable fiscal framework capable of supporting infrastructure, education, healthcare, and social services.
Beyond fiscal reforms, the Senate has devoted significant legislative attention to education, regional development, agriculture, energy, and the digital economy. Bills relating to tertiary education, regional development etc commissions, agricultural growth, and public sector modernization have featured prominently on its agenda. Notable examples include the Student Loan (Access to Higher Education) Act, 2024, which reportedly facilitated over one million applications through the Nigerian Education Loan Fund, and the Electricity Act (Amendment) 2023, which expanded the role of states and private investors in electricity generation and distribution.
To strengthen the country’s electoral process, the Senate also pursued amendments to the Electoral Act aimed at improving internal party democracy and clarifying procedures around party primaries and consensus candidacies. Supporters of the reforms argue that clearer legal definitions and procedural safeguards could help reduce arbitrary candidate selection and strengthen transparency within political parties. Senate Leader Bamidele has also indicated that additional reforms, including possible provisions for diaspora voting and early voting for security personnel, remain priorities for the remaining legislative period.
Beyond lawmaking, one of the less visible but significant developments of the 10th Senate has been institutional stability. Historically, Nigeria’s upper legislative chamber has often been characterised by prolonged leadership disputes, partisan confrontations, and disruptions capable of slowing governance processes. Under Akpabio’s leadership, however, the Senate has largely maintained operational cohesion and stability.
Plenary debates have generally remained issue-focused rather than personality-driven, while contentious national matters have often been managed through consultation and negotiation. This atmosphere of relative stability has reduced legislative deadlocks and allowed committees to function with greater consistency.
The Senate President’s leadership style has leaned heavily toward consultation and consensus-building. In a politically diverse chamber comprising members of the APC, PDP, Labour Party, NNPP, SDP, and other minority parties, Akpabio has consistently emphasized bipartisan cooperation over rigid partisanship. Committee appointments, major motions, and sensitive legislative debates have reflected efforts to accommodate competing interests while preserving institutional cohesion.
As a result, the 10th Senate has witnessed substantial cross-party cooperation on key national issues, even though disagreements naturally remain part of democratic governance.
Another area in which the Senate has demonstrated effectiveness is budgetary coordination. For three consecutive fiscal years, the National Assembly passed the national budget before the start of the new financial year. The 2024 budget of N27.5 trillion, for instance, was approved on December 30, 2023, ahead of the fiscal cycle. The Senate also passed the 2024 and 2025 appropriations totalling N43.5 trillion, although implementation timelines for some projects were subsequently extended to facilitate completion.
This marked a departure from previous cycles characterised by delayed budget approvals and implementation uncertainty. Timely budget passage improves predictability for Ministries, Departments, and Agencies, enhances investor confidence, allows contractors to plan more effectively, and supports smoother execution of government projects. In a developing economy like Nigeria, where public expenditure plays a major role in economic activity, budget stability remains important to growth and development.
At the same time, the Senate has continued to discharge its constitutional oversight responsibilities through investigative hearings, committee reviews, and ministerial screenings. During periods of persistent fuel scarcity, the Senate leadership engaged key stakeholders in the petroleum sector, including an oversight visit to the Dangote Petroleum Refinery. Supporters contend that the intervention helped keep national attention focused on domestic refining capacity and crude supply arrangements.
Subsequent Federal Government measures, including support for naira-denominated crude transactions, were widely viewed as part of a broader effort to ease supply constraints and calm the downstream market. Today, the long fuel queues that once defined daily life have receded considerably, although deeper challenges in the energy sector remain.
On the international stage, the Senate under Akpabio has strengthened parliamentary diplomacy, carrying Nigeria’s voice into global conversations on democracy, development, security, and international cooperation. Nigeria has assumed a more visible role within the Inter-Parliamentary Union (IPU), contributing to debates on democratic governance, collective security, climate resilience, and legislative best practices. Through these engagements, the Senate has sought not only to advance Nigeria’s interests but also to position the country as a constructive participant in addressing shared global challenges.
A notable diplomatic milestone was Nigeria’s election into the IPU Executive Committee for the first time in decades, a development widely interpreted as recognition of the country’s renewed parliamentary engagement within international legislative circles. Akpabio was also designated to serve on the Preparatory Committee for the 6th World Conference of Speakers of Parliament in 2024.
Domestically, one of the Senate’s most consequential constitutional moments came in August 2023 during the crisis in the Niger Republic following the military coup. When President Bola Ahmed Tinubu, acting as Chairman of ECOWAS, sought legislative backing for possible regional intervention, the Senate urged restraint and prioritized diplomatic engagement over immediate military action. Widely viewed as a demonstration of legislative independence and respect for the principle of separation of powers, the decision reaffirmed the Senate’s constitutional role in matters of security and foreign policy while underscoring a preference for dialogue, diplomacy, and regional stability at a moment of heightened tension across West Africa.
No balanced assessment of the 10th Senate can entirely overlook concerns raised by critics and observers. Questions have occasionally been raised regarding the depth of scrutiny applied during the confirmation of some executive nominees, while certain oversight investigations produced outcomes that critics considered less robust than expected.
In broader terms, the 10th Senate has combined increased legislative activity with relative political stability while attempting to align its priorities with Nigeria’s economic and governance realities. Supporters point to the passage of the National Minimum Wage Amendment Act, the Investments and Securities Act, and multiple regional development commission bills as examples of substantive legislation with potentially long-term national impact.
With one legislative year remaining before the next election cycle begins to dominate political discourse, the principal test facing the 10th Senate may ultimately be one of implementation and public confidence. If the tax reforms strengthen revenue generation, if the student loan programme continues to expand educational access without major controversy, and if the Senate further enhances oversight transparency, the chamber may secure a more enduring institutional legacy. Conversely, if concerns about public perception and executive accommodation persist, critics may continue to question whether legislative productivity has translated into sufficient institutional independence. It is worth noting, however, that history suggests the most successful periods of national development have often occurred not during eras of executive-legislative confrontation, but when both arms of government cooperated effectively while remaining faithful to their distinct constitutional responsibilities.
If the reforms advanced by the Senate continue to produce measurable national impact, and if the institution successfully addresses concerns relating to oversight and accountability, history may ultimately remember the 10th Senate not merely as a productive legislature, but as one that contributed to stabilising governance and repositioning democratic institutions during a consequential period in Nigeria’s development.
* Rt Hon Eseme Eyiboh mnipr is a former member and Spokesperson in the House of Representatives and currently, the Special Adviser on Media/ Publicity and Official Spokesperson to the President of the 10th Senate.
For those believing that President Bola Tinubu’s exclusion of Humphrey Nwosu, the late Chairman of the defunct National Electoral Commission (NEC), was an error that would be corrected subsequently, their expectation came to naught on Friday, with his non-recognition once again.
In a surprise outing, the President failed once again to name the late Professor of Political Science as one of the Nigerians honoured, on the day Nigerians would be celebrating this year’s anniversary of June 12, designed to mark the historic 1993 presidential election, which has now been designated as Nigeria’s Democracy Day.
It was a day Moshood Kashimawo Olawale Abiola (MKO), the candidate of the defunct Social Democratic Party (SDP), was elected President in a transition programme undertaken by the military government of then President Ibrahim Badamasi Babangida (IBB).
Expectations are that because the Option A4 model used in achieving the outcome of the election, acknowledged as the freest and fairest election in Nigerian history, the late electoral commission’s boss, would feature prominently in the list of those to be honoured by the government.
But another list contained in the national broadcast by the President, suggested that the position of the treatment meted to the former NEC Chairman, reflected the thinking in the All Progressives Congress (APC), as the late President Muhammadu Buhari, Tinubu’s predecessor, under whom June 12 was given national recognition.
The list, populated mainly by names from the South West, which included both civilians and military personnel, did not capture the category of national honours to be bestowed on the recipients, as the government said further information would be released in due course.
Prominent among those recognized, was Shehu Musa Yar’Adua, a General and former Chief of Army Staff, Supreme Headquarters between 1976 and 1979, under the military regime of Olusegun Obasanjo, who died in Abakaliki Prison in 1997, where he was detained for allegedly participation in carrying out a coup against Sani Abacha, then Head of State.
Tinubu, said the completed Institute of Petroleum Studies, Kaduna, would now be known as General Shehu Musa Yar’Adua University of Geological Sciences and Engineering Technology, to honour the General, who later became a prominent figure in Nigerian politics, “for his vision of national partnership.”
Listing the other names, Tinubu said: “I am also pleased to announce national awards to the following Nigerians, who suffered persecution, endured indignities, exile, incarceration, and, at times, solitary confinement, so that we have democracy today.”
The recipients included: Ayoka Lawani, Tunde Fagbenle, Oladele Alake, Olatunji Bello, Louis Odion, Segun Babatope, Sam Omatseye, Ademola Osinubi, Bola Bolawole and the duo of Lade Bonuola, former Managing Director of The Guardian and Femi Kusa, former Editor of the Nigerian foremost newspaper.
Others, were: Debo Adeniran, Ayo Opadokun, Chief Ralph Obiora, Ose Osayande, Osa Director, Sylvester Odion-Akhaine, Arthur Nwankwo (Posthumous) and Osagie Obayuwana, all pro-democracy activists.
The list also included Joe Okei-Odumakin , Titus Mann, Joe Igbokwe, Richard Akinnola, Ben Charles-Obi (Posthumous), George Mbah Niran Malaolu, Ishola Williams, a retired Major-General, Femi Aborisade, Jenkins Alumona, Gbemiga Ogunleye, Muyiwa Adekeye, Babajide Kolade-Otitoju and Ike Okonta.
“We also recognise the soldier-democrats of the June 12 struggle: Major General MA Garba, Brigadier General Lawal Jaafaru Isa, Col Umar Farouk Ahmed; Col Sambo Dasuki;
Col Lawan Gwadabe; Brigadier Jonathan Ndam Temlong, Col Musa Shehu; Major General Chris Eze; Major General Harris Dzarma; Col Isa Jibrin; Maj. General Joseph Oshanupin; Col Olusegun Oloruntoba, Olugbede of Gbede Kingdom), Lieutenant Colonel Happy Kefas Bulus, Col J Okai;
Col Emmanuel Ndubueze; Lt Col Yakubu Muazu and Brigadier Yahaya Abubakar, the Current Etsu Nupe, who is already the holder of the CFR title.”
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