By Our Correspondent

As Traders of Onitsha Main market lament over the lost of their shops by the state governor,Onitsha Chamber of Commerce, Industry, Mines and Agriculture (ONICCIMA) has laid its weight behind Governor Chukwuma Soludo on the demolition of the market stating that the exercise was a bold and visionary step aimed at restoring the lost glory of Onitsha as the host of the largest market in West Africa.

In a statement signed by its President, Chinedu Nwonu, the chamber expressed full support for the modernization project, noting that the market, widely regarded as the largest in West Africa, had long suffered from congestion, unauthorized encroachments and infrastructural decay.

He president recalled that the remodeling exercise which began late February, 2026, is aimed at providing modern facilities such as adequate vehicular parking space, proper fire-fighting equipment, CCTV surveillance cameras, improved ventilation and enhanced security posts to create a safer and more convenient shopping environment.

The chamber however expressed very deep concern over the hardship likely to be faced by traders and shop owners whose structures, including individual shops and plazas, that were affected by the demolition exercise.

It lamented that many investors who purchased spaces in good faiffered significant financial losses, emotional distress and disruption to their livelihoods.

The chamber particularly criticized past administrations for allegedly permitting the fragmentation and sale of public spaces said to be originally designated for parks, roads and open areas, thereby compounding the present crisis.

While reiterating its support for the government’s objective, ONICCIMA urged the Anambra State Government to institute a transparent compensation framework for genuinely affected traders, provide alternative trading spaces during the remodeling phase, and engage stakeholders in inclusive planning.

It also called for free shop allocations in other markets within the zone or provide structured payment plans with a two-year moratorium to ease traders’ burdens, alongside legislation to criminalize future encroachments on public market spaces.

ONICCIMA further advocated full autonomy for markets to elect their leaders, in order to end what it described as the practice of appointing caretaker committees and political affiliates.

It pledged its readiness to collaborate with the government and stakeholders to ensure a humane and equitable transformation process that would ultimately boost revenue and secure a prosperous future for Onitsha and Anambra State.

The cost of goods and services across Nigeria is expected to rise further following a fresh increase in petrol prices after the Dangote Petroleum Refinery raised the gantry price of Premium Motor Spirit to N1,175 per litre, marking the third upward adjustment within a week.

The latest price revision comes hours after The PUNCH projected that petrol prices could rise for the third time within a week following the temporary suspension of petrol sales at the refinery on Sunday.

The refinery announced the price hike to marketers on Monday, raising the gantry price of Premium Motor Spirit to N1,175 per litre from N995 per litre announced on Friday, representing an increase of N180 or about 18.1 per cent within three days.

It also revised the gantry price of Automotive Gas Oil, commonly known as diesel, to N1,620 per litre.

A senior official of the refinery, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed the adjustment to our correspondent, stating that the revision had already been communicated to marketers and depot operators.

“Yes, the gantry prices have been adjusted. PMS is now N1,175 per litre while Automotive Gas Oil is N1,620 per litre,” the official said.

“The market has been extremely volatile and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market fundamentals and the cost environment we are currently operating in.”

Checks by our correspondent on the industry pricing platform petroleumprice.ng showed that the revised rates had already been updated across petroleum depot pricing systems, indicating a shift in the benchmark price used by downstream marketers.

The new price is the third surge in petrol prices within a week, following adjustments that pushed gantry prices from N774 to N995 per litre. As a result, retail pump prices in several states now exceed N1,000 per litre, as some stations now dispense petrol at about N1,200/litre, intensifying economic pressures on Nigerians.

The latest hike is expected to trigger another round of increases at filling stations nationwide, as higher fuel costs typically translate into more expensive transportation, logistics, and production expenses for businesses.

The increase comes despite efforts to ramp up crude supply by the Federal Government, through the Nigerian National Petroleum Company Limited, for the refinery through third-party international traders, in a bid to sustain domestic refining operations.

Officials, however, warned that the intervention may not immediately translate into lower petrol prices for consumers. Nigerians currently grapple with high fuel prices, following the recent hikes in the cost of the commodities by the $20bn Lekki-based refinery.

A senior NNPC official, who spoke on condition of anonymity because he was not authorised to speak publicly on the matter, said the crude was being sourced at prices that are competitive with prevailing international market rates.

“Leveraging our global crude trading network, we are sourcing third-party crude for the refinery at prices that are competitive with prevailing international market rates,” the official said.

He added that the government remained committed to ensuring stable crude supply for domestic refining.

“As the national oil company entrusted with safeguarding Nigeria’s energy security, NNPC Limited remains fully committed to supporting domestic refining, including the Dangote Petroleum Refinery. Within the framework of our existing agreements, we continue to facilitate crude supply to DRP, in the face of temporary availability constraints.”

However, the official cautioned that the intervention might not translate into immediate relief at the pump.

“This will not necessarily impact price. The current Middle East crisis is affecting overall global energy prices, crude oil, LNG and other fuels, and that has implications for refined product pricing globally,” he said.

By George Mgbeleke

The Senate on Thursday summoned immediate past Group Chief Executive Officer ( GCEO) of the Nigerian National Petroleum Company Limited ( NNPCL) , Mele Kyari , the Chief Financial Officer , Umar Ajia Isa and Dr Bala Wunti to refund unaccounted N210trillion expended by the company between 2017 and 2023.

The Red Chamber threatened to issue warrant of arrest against the summoned past management team of NNPCL if they fail to appear before it on a date to be forwarded to them soon , wondering among others , why a whopping sum of N5billion was spent by the National Oil Company on change of Name from NNPC to NNPCL .

These resolutions of Senate on summoning of the immediate past top management team of the NNPCL was taken at its meeting Public Accounts held on Thursday.

Chairman of the committee, Senator Aliyu Wadada Ahmed ( Nasarawa West), who read out the resolutions while briefing Senate Correspondents explained that the summon on the past management team of NNPCL , should be led by the incumbent GCEO, Engineer Bayo Ojulari .

Announcing the resolutions one after the other , Senator Wadada said : ” NNPCL should refund the sum of N210 trillion, being the combined sum of N103 trillion and N107 trillion, which were not properly accounted for as contained in the audit reports .NNPCL ,should and must account for the two figures.

“The second resolution of the committee is that the NNPCL should reform to treasury all production costs charged against crude oil revenue for the period under review since the NNPC and its subsidiaries, NAPIMS and co. do not directly produce crude oil.

“Three, that Immediate past management of NNPCL and NAPIMS, i.e, Mele Kyari as the then GCEO, Umar Ajia Isa as the then CFO and Bala Wunti as the then GGM, NAPIMS, should and must appear before the committee and to be led by the present management with the entire body of the external auditors that served within the period under review.

” Four, that the Auditor General for the Federation should carry out forensic audit review of the audited financial statements of NNPCL for the period under review in line with section 85 of the constitution of the federal republic of Nigeria (1999 as amended)”.

He added that the committee as contained in the audit report, wondered how NNPC spent a whopping sum of N5billion on change of name from NNPC to NNPCL .

” This to us in the committee , is unacceptable and satisfactory explanations must be given “, he said .

According to him , the committee came up with the resolutions due to inability of NNPCL to give satisfactory answers to the 19 questions posed to it from queries raised in the audit report .

” NNPCL, as a result of the questions that we asked, responded that the N103 trillion represented cumulative amounts expended by NNPCL Joint Venture Partners from JV Cash Calls 2017. For that, this response is unacceptable and the figure of N103 trillion is still lingering and hanging on NNPC.

“The Subsidy receivables according to the audited financial statement of NNPCL stood at N107 trillion. As at December 2023 NNPCL recorded N107 trillion as sundry receivables which it claims part of it was owed by some different banks and other entities . When put together, NNPCL need to properly account for N210trillion ” he explained .

The committee however affirmed its legislative support to President Bola Ahmed Tinubu led Federal government , who according to it , is doing everything possible in ensuring transparency , probity and accountability in the management of public fund.