News
Stakeholder urges oil marketers to cooperate with FG, end fuel scarcity
Chairman, Skymark Energy and Power Ltd, Mr Muhammad Saleh-Hassan, has urged oil marketers and other stakeholders in the energy sector, to cooperate with the Federal Government and end fuel scarcity in Nigeria. The energy stakeholder, who made the call in Abuja said that oil marketers had a major role to play in ending recurring fuel scarcity in the country. Saleh-Hassan said that the energy crisis appeared to have defied government’s efforts, and urged oil marketers to be patriotic and support government by shunning sharp practices and putting the people’s interests above high profit-making targets.
”In this circumstance that we have found ourselves, the marketers and other stakeholders should be patriotic by supporting government in the interest of the masses. A critical situation like this is not a time that we should be thinking of our personal interests and gains. We should also think of the interests of the nation and the people. This is because you rely on the people to do your business. So, they too need your support to be able to afford the services you are rendering to them. You also rely on government for regulations to also do your business. That is why you should also support government”. Saleh-Hassan said it was morally wrong for oil markers, as critical stakeholders in the oil and gas sector, to be unpatriotic by aiding and abetting energy crisis through sharp practices which caused fuel scarcity,
“You are not supposed to take advantage of the situation by insisting that you want to add transport cost, or make more money by hoarding your products, sending it to the black market or diverting it to other destinations, where you think that you can make more gains. I, therefore, call on the marketers, particularly the Independent Petroleum Marketers’ Association of Nigeria (IPMAN), the Major Oil Marketers’ Association of Nigeria (MOMAN), the Petroleum and Natural Gas Association of Nigeria (PENGASSAN) among others, to support government in finding a lasting solution in the interest of the masses,” he said. Commenting on media reports that, in spite of the N4 trillion fuel subsidy made available by government, yet there were empty fuel depots, persistent fuel scarcity and unstable prices, he stressed that fuel subsidy had not failed.
According to the Skymark Energy and Power Ltd boss, sharp practices in the industry is responsible for sabotaging the integrity of subsidy. He said that it was patriotism, and not fuel subsidy removal, that would solve the fuel scarcity problem, adding that removing subsidy would hit the economy badly. “If you remove subsidy it will hit the economy and aggravate the ailing economy and the masses will suffer seriously. There will be severe problems in the economic sector of the country. In fact, it would worsen the current inflation. Essential commodities in particular would not be affordable. President Buhari’s decision not to remove fuel subsidy is a kind and commendable gesture to the masses. As a leader I think he is in the right direction. If patriotism is applied, you can be sure that the subsidy will work.
Responding to a question on why fuel depots were empty, in spite of the subsisting subsidy, he said, “the claim in the media circle that depots are empty is not true. Depots are not empty. If depots are empty, where are the independent marketers getting the product they are giving to the black marketers? After all, if NNPC imports the products, it gives it directly to the marketers to sell to people at stations at N165 per litre. Is a black marketer an independent marketer? Where do they get the fuel that they sell to people in gallons? Saleh-Hassan said that it was necessary for government to take more proactive measures to decisively address the fuel scarcity situation. “The law has to work. We have to go back to the military era when petroleum products used to be escorted by security operatives from depots to the expected destinations to stop independent marketers from diverting them. At the point of discharging and distribution, all the trailers should be escorted by security agents to ensure that the products are delivered appropriately to the fuel stations.
“The police clamp down on fuel hawkers who were selling fuel in jerrycans in some parts of Abuja recently was a good move and I commend the IGP for that. This should continue until we see the end of the fuel crisis,” he said. Saleh-Hassan also called on Nigerians to be patient, adding that the crisis would soon be over as it was not peculiar to Nigeria,saying, “efforts are already being made by the Federal Government to reposition the oil sector.” He said, “The ongoing Russia-Ukraine war has triggered economic woes across the globe and this is already trickling down on the energy sector in different countries in the world and Nigeria is no exception. Globally, refineries are not working. Even in America. About two, three weeks ago, there was fuel scarcity in London. Prices of refined products in the UK and U.S. are not stable. In the U.S.,a gallon of fuel s almost hitting eight dollars. In the UK, to fill a car tank now is about 100 pounds. But in Nigeria, the official price is still N165 per litre. So, Mele Kyari, the NNPC GMD,, is doing very well and should be commended,” he said.(NAN)
A new technology transfer agreement between the Nigeria–China Strategic Partnership (NCSP) and the Presidential Implementation Committee on Technology Transfer (PICTT) is expected to open more job opportunities, improve local skills, and expand access to advanced technology for ordinary Nigerians.
In a press statement reaching Vanguard on Friday, the MoU aims to strengthen industrial development, support local content, and create clearer pathways for Nigerians to benefit from China’s growing investments in the country.
PICTT Chairman, Dr Dahiru Mohammed, said the partnership will immediately begin coordinated programmes that support local participation in infrastructure and industrial projects.
Special Adviser to the President on Industry, Trade and Investment, Mr John Uwajumogu, said the deal will help attract high value investments that can stimulate job creation and strengthen Nigeria’s economy.
NCSP Head of International Relations, Ms Judy Melifonwu, highlighted that Nigerians stand to gain from expanded STEM scholarships, technical training, access to modern technology, and collaboration across key sectors including steel, agriculture, automobile parks, and cultural industries.
The NCSP Director-General reaffirmed the organisation’s commitment to measurable results, noting that the partnership with PICTT will prioritise initiatives that deliver direct national impact.
The MoU signals a new phase of Nigeria–China cooperation focused on practical delivery, local content, and opportunities that improve everyday livelihoods.
EU regulators launched an antitrust investigation into Meta Platforms on Thursday over its rollout of artificial intelligence features in its WhatsApp messenger that would block rivals, hardening Europe’s already tough stance on Big Tech. The move, reported earlier by Reuters and the Financial Times, is the latest action by European Union regulators against large technology firms such as Amazon and Alphabet’s Google as the bloc seeks to balance support for the sector with efforts to curb its expanding influence.
Europe’s tough stance – a marked contrast to more lenient U.S. regulation – has sparked an industry pushback, particularly by U.S. tech titans, and led to criticism from the administration of U. S. President Donald Trump. The European Commission said that the investigation will look into Meta’s new policy that would limit other AI providers’ access to WhatsApp, a potential boost for its own Meta AI system integrated into the platform earlier this year.
EU antitrust chief Teresa Ribera said the move was to prevent dominant firms from “abusing their power to crowd out innovative competitors”. She added interim measures could be imposed to block Meta’s new WhatsApp AI policy rollout. “AI markets are booming in Europe and beyond,” she said. This is why we are investigating if Meta’s new policy might be illegal under competition rules, and whether we should act quickly to prevent any possible irreparable harm to competition in the AI space.”
A WhatsApp spokesperson called the claims “baseless”, adding that the emergence of chatbots on its platforms had put a “strain on our systems that they were not designed to support”, a reference to AI systems from other providers. “Still, the AI space is highly competitive and people have access to the services of their choice in any number of ways, including app stores, search engines, email services, partnership integrations, and operating systems.” The EU was the first in the world to establish a comprehensive legal framework for AI, setting out guardrails for AI systems and rules for certain high-risk applications in the AI Act.
Meta AI, a chatbot and virtual assistant, has been built into WhatsApp’s interface across European markets since March. The Commission said a new policy fully applicable from January 15, 2026, may block competing AI providers from reaching customers via the platform. Ribera said the probe came on the back of complaints from small AI developers about the WhatsApp policy. The Interaction Company of California, which has developed AI assistant Poke.com, has taken its grievance to the EU competition enforcer. Spanish AI startup Luzia has also talked to the Commission, a person with knowledge of the matter said.
Marvin von Hagen, co-founder and CEO of The Interaction Company of California, said if Meta was allowed to roll out its new policy, “millions of European consumers will be deprived of the possibility of enjoying new and innovative AI assistants”. Meta also risks a fine of as much as 10% of its global annual turnover if found guilty of breaching EU antitrust rules.
Italy’s antitrust watchdog opened a parallel investigation in July into allegations that Meta leveraged its market power by integrating an AI tool into WhatsApp, expanding the probe in November to examine whether Meta further abused its dominance by blocking rival AI chatbots from the messaging platform. The antitrust probe is a more traditional means of investigation than the EU’s Digital Markets Act, the bloc’s landmark legislation currently used to scrutinize Amazon’s and Microsoft’s cloud services for potential curbs. Reuters
The spouses and children of billionaires inherited more wealth in 2025 than in any previous year since reporting began in 2015, according to UBS’s Billionaire Ambitions Report published on Thursday. In the 12 months to April, 91 people became billionaires through inheritance, collectively receiving $298 billion, up more than a third from 2024, the Swiss bank said. “These heirs are proof of a multi-year wealth transfer that’s intensifying,” UBS executive Benjamin Cavalli said.
The report is based on a survey of some of UBS’s super-rich clients and a database that tracks the wealth of billionaires across 47 markets in all world regions. At least $5.9 trillion will be inherited by billionaire children over the next 15 years, the bank calculates.
Most of this inheritance growth is set to take place in the United States, with India, France, Germany and Switzerland next on the list, UBS estimated. However, billionaires are highly mobile, especially younger ones, which could change that picture, it added. The search for a better quality of life, geopolitical concerns and tax considerations are driving decisions to relocate, according to the report.
In Switzerland, where $206 billion will be inherited over the next 15 years according to the bank, voters on Sunday overwhelmingly rejected 50 per cent tax on inherited fortunes of $62 million or more, after critics said it could trigger an exodus of wealthy people.
Switzerland, the UAE, the U.S. and Singapore are among billionaires’ preferred destinations, UBS’s Cavalli said. “In Switzerland, Sunday’s vote may have helped to increase the country’s appeal again,” he said. Reuters
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