Economy

NNPC, MRS engage in blame game over importation of toxic fuel

The Nigerian National Petroleum Corporation(NNPC) and MRS, a Major oil marketer, have engaged in a blame game over the importation of adulterated fuel into the country.

The two organisations were locked in trading of accusations and counter-accusations over who was responsible for the importation of the toxic fuel.

Curiously, the NNPC, the sole importer of petroleum products into the country, in an attempt to absolve itself of the national embarrassment, fingered some major oil marketers in the sordid transaction.

The Group Managing Director of NNPC, Mallam Mele Kyari, at a press conference on Wednesday, revealed that MRS, Emadeb/Hyde/AY Maikifi/Brittania-U Consortium, Oando and Duke Oil are the importers of the adulterated fuel.

However,MRS countered the position of the NNPC, accusing the oil corporation of importing the toxic fuel.

In its rebuttal statement on Wednesday, MRS accused Panama-based Duke Oil, an NNPC agent, of being the direct importer of the adulterated fuel.

The Major Oil marketer denied importing the substandard PMS, stating that importation of fuel into Nigeria was solely the responsibility of Duke Oil on behalf of NNPC, and the contaminated fuel was distributed to various retailing companies.

How the toxic fuel was imported and distributed in Nigeria

Investigation revealed that Duke Oil is a subsidiary of Nigeria National Petroleum Corporation (NNPC), acting as the government agency’s trading arm, which makes the firm the only importer of PMS into Nigeria.

The company was established about 32 years ago during the administration of Gen Ibrahim Babangida, with a registered designation of Sociedad Anonima, which means Anonymous Society.

Sociedad Anonima implies that shareholders of Duke Oil are largely unknown or secret, and its registered base is in Panama, a Central American country known for providing safe haven to money launderers.

Stakeholders have however queried why a government agency such as NNPC should be running a sole trading arm that is operating out of a money laundering country with secret shareholders.

After the importation of the contaminated fuel, it was gathered that OVH, MRS, NIPCO, ARDOVA and TOTAL received the contaminated fuel from NNPC, after landing in Apapa between the 24th and 30th of January, 2022.

Sources claimed the adulterated fuel was bought by Duke Oil from the international trader, Litasco, and it has 20% methanol, an illegal substance in Nigeria after it was delivered with Motor Tanker (MT) Nord Gainer.

“Following delivery into the tank, it was observed that the product appeared hazy and dark,” MRS claimed.

adding “the product analysis revealed that the PMS discharged by MT Nord Ganier had 20% methanol, which is an illegal substance in Nigeria.

“As a Company, we are aware that alcohol/ethanol is not permitted to be mixed in PMS specification.” The oil and gas company wrote in the filing at the Exchange on Wednesday.

MRS said it has now halted further sales of fuel from its retailing stations and awaits NNPC’s decision on replacing the contaminated fuel.

However, Kyari said the efforts of the NNPC have been to hold back the affected fuel some of which came from Antwerp in Belgium.

He also explained that petrol imported into the country does not include tests to ascertain the level of methanol content.

The NNPC boss however said that the quality of the products as shown in the certificates issues at port of loading in Belgium showed the fuel was in compliance with Nigerian specifications.

Apart from this, he added that GMO, SGS, GeoChem and G&G working as NNPC quality inspectors had carried out tests before the products were discharged showing Nigeria’s standard.

Related Topics:featured Importation of toxic fuel

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We haven’t stopped Customs, FIRS, NUPRC, others from deducting cost of revenue collection at source – FG

Funso OLOJO

The Federal government has debunked the widely- held insinuation that it has stopped the standard practice of revenue – generating agencies such as the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Customs Service (NCS) to deduct their cost of collection at source.

In a statement issued by the Federal Ministry of Finance and signed by Mohammed Manga, Director of Information and Public Relations in the ministry, at no point did the Minister of Finance and the Coordinating Minister of Economy, Wale Edun, announced the discontinuation of such practice.

“We categorically state that these reports are inaccurate and misleading.

“At no point during his remarks at the Nigeria Development Update (NDU) programme hosted by the World Bank did the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announce or imply any change to the existing policy on the cost of collection deductions.

“For the avoidance of doubt, there has been no policy change regarding the deduction of costs of collection at source by revenue-generating agencies. The current framework remains in effect.

“What is underway are ongoing policy discussions in line with the directives of His Excellency, President Bola Ahmed Tinubu, to review cost of collection structure.

“These discussions are part of broader efforts to enhance transparency, efficiency, and value-for-money in public financial management.

“However, no final decision has been made on this matter.

“The Ministry assures all stakeholders and the public that revenue operations continue uninterrupted and that any future adjustments will be guided by due process, stakeholder engagement, and clear communication.

“We urge media organisations to seek clarification from official sources before publishing information that may cause unnecessary confusion.

“The Ministry appreciates the continued support of Nigerians as we work collectively to build a stronger, more transparent, and sustainable economy” the statement concluded

Economy

Le Look Nigeria marks 40 years of ingenious local fabric branded bags on October 1st

Gloria Odion

All is set to mark the 40 years anniversary of Le Look Nigeria Limited, makers of Le look Bags brands.

According to the founder and Chief Executive Officer(CEO), Chief Mrs. Chinwe Ezenwa, arrangements have been concluded to hold the event on October 1, 2025 at Federal Palace Hotel, Lagos.

The event with morning and award night sessions is themed: “Legacy of Resilience: Empowering Entrepreneurs for Africa’s Economic Future.”

Ezenwa added:”Le Look 40th Anniversary is a milestone that celebrates resilience, creativity, and the power of Nigerian enterprise.

“Founded in 1985, Le Look has grown from a small women-led business into a proudly Nigerian manufacturer, exporting unique, locally crafted bags to international markets.

“Over four decades, we have stayed true to our mission of:

Strengthening local manufacturing;

creating jobs and transferring skills;

opening doors for women and youth in enterprise;

supporting Nigeria’s non-oil export drive and the AfCFTA agenda.

“This anniversary is more than a celebration—it is a call to sustain entrepreneurship in Africa’s fast-changing economy,” she noted.

With expected over 300 distinguished guests, including senior government officials, private sector leaders, development partners, and entrepreneurs across generations;

the day will feature keynote address and fireside conversations with veteran entrepreneurs as well as panel sessions on business longevity.

Other features are African Continental Free Trade Agreement(AfCFTA) readiness;

Youth and women forums on inclusive business practices

Exhibitions by government and trade agencies will be part of the activities.

Le Look Nigeria Limited has grown to a global brand with the Le Look Bags Academy built in Abuja, Enugu and Lagos.

Le Look is a manufacturer of afro-centric luxury-life style branded bags inspired by African culture and sensibility.

These handbags are crafted from African prints in celebration of the rich African heritage with international and modern fashion flair.

The company offers multiple product categories, including ready-to-wear, handbags, Apple-support products and other carry-on unique and durable accessories.

“Our partnership with designers in Africa has catalysed the resurgence of retailing locally made goods across the continent,” Ezenwa said.

According to her, “Through our studio in Lagos, we provide on- the-job training, school tuition and health care benefits.

“Our philosophy is simple-to be the first and foremost African luxury brand with global reach”, she added.

Over the years, Le Look Bags Academy has partnered international and government institutions to promote trade and build capacities for the continent.

The Nigerian Export Promotion Council (NEPC) last year partnered Le Look Nigeria Limited to boost Nigeria’s non-oil exports and empower local artisans, particularly women and youth in Lagos. This collaboration, includes the launch of an export skills acquisition center and a fashion innovation hub to equip individuals with skills in bag-making and international trade to meet growing global demand for handcrafted bags.

Also, UNDP Nigeria is in partnership with Le Look Bags Academy, to launch a training program designed to equip unemployed youth with limited formal education, primarily women, with practical skills in bag-making as a sustainable livelihood mechanism.

Le Look Bags Academy serves as the leading hub for mastering bag-making and digital technology skills.

The academy provides a unique, personalized approach to equipping learners with the necessary skills to succeed in the dynamic global landscape.

Le Look Nigeria Limited is the first Small and Medium Enterprise (SME) to receive the Authorized Economic Operator (AEO) certificate from the Nigeria Customs Service (NCS).

As a certified AEO, Lelook benefits from trade facilitation, reduced costs, and improved efficiency in its export and import activities, supporting Nigeria’s goal of becoming a leading trade hub.

Le Look Nigeria is No 0001 under the AFCFTA guided trade Initiative to receive the Certificate of Origin to trade across Africa

Economy

Tinubu orders take-off of National Single Window in Q1 2026

Funso OLOJO

President Bola Ahmed Tinubu has given a marching order to the National Single Window (NSW) Steering Committee to ensure the platform becomes fully operational by the first quarter of 2026.‎

The directive was delivered during Tuesday’s fifth steering committee meeting at the State House, Abuja.

President Tinubu was represented by his Chief of Staff, Femi Gbajabiamila.‎

Gbajabiamila said the recent Tax Reform Acts, signed into law in June, underscored the urgency of accelerating reforms and pursuing Nigeria’s $1 trillion economy target.‎

He highlighted the importance of financial and trade reforms in achieving national economic transformation.‎

“It’s important that we continue to stay focused on this project. So that at the end of the day, we meet our timelines and achieve the results the President expects.‎

“As you all are aware, the project is one of the transformative initiatives of Mr. President which we collectively must ensure is effectively and commendably implemented,” Gbajabiamila said.‎

He emphasised the role of a unified electronic platform in simplifying Nigeria’s import and export operations.‎According to him, the NSW will boost investment and trade revenues, improve transparency, and strengthen Nigeria’s global business credibility.‎

Gbajabiamila urged all agencies to refine their targets and Key Performance Indicators (KPIs) to meet the Phase 1 deadline.‎“I do expect that since the last meeting of the steering committee which was held on the 8th April, 2025, all stakeholders have operated and actively progressed with all the required KPIs and set targets to ensure that we go live with phase 1 in Q1 2026 as was previously scheduled,” he said.‎

Minister of Finance and Coordinating Minister of the Economy, Wale Edun described the progress as encouraging but stressed the need for swift execution.‎

He urged a shift from strategy to concrete implementation, calling the project complex but transformational.‎

Edun urged the committee to improve collaboration and resolve final hurdles to meet the rollout timeline.‎

Minister of Industry, Trade and Investment Jumoke Oduwole also charged the committee to work diligently and meet the Q1 2026 deadline without fail.

Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), thanked the President for consistently supporting the project.‎

“Thank you on behalf of the steering committee. We thank you for the relentless support that you have given to us.”‎

“And to all my colleagues here, we can see that the reward for hard work is more work.

“When we started last month, it is now law; the single window is now in the law.”‎

He asked committee members to stay focused on the mission ahead.‎

The Director of the National Single Window (NSW) Project, Tola Fakolade, gave a brief overview of the steering committee’s progress toward implementing the project.

“All second quarter 2025 key project milestones have been successfully achieved. And the customisation of the Single window platform has commenced,” he said.

He gave assurances that the committee would meet up with the timelines.

The National Single Window project is a Federal Government initiative to streamline trade processes by creating a centralised electronic platform for importers and exporters.

It is a digital trade facilitation platform expected to accelerate economic growth and facilitate cross-border transactions.‎

Launched in April 2024, the NSW seeks to consolidate all agencies involved in imports and exports onto a unified electronic portal.‎

It is expected to reduce trade costs, cut delays, and enhance transparency and efficiency at Nigerian ports.‎

Committee members include representatives from the Ministry of Trade and Investments, the Ministry of Finance, FIRS, and the Nigeria Customs Service.