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Anambra approves three-month tax waiver for business owners

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The Anambra State Government has approved a three-month tax waiver for business owners under its newly introduced Voluntary Assets and Income Declaration and Tax Regularisation Scheme (VAIDS), from 6 July to 5 September.

The Commissioner for Information and Value Reformation, Law Mefor, disclosed this in a statement on Thursday in Awka.

Mr Mefor said the scheme offers a one-time opportunity for taxpayers to resolve their tax issues without incurring full penalties for non-compliance.

He said the decision was reached by the state tax authority, led by the Chairman of the Anambra State Internal Revenue Service (AIRS), Ikeazor Okonkwo.

He urged businesses and other organisations that have not paid taxes or fees, and those who have not registered as taxable persons, to take advantage of the three-month window to register and pay their taxes.

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Mr Mefor also urged other registered taxpayers with additional income, assets or liabilities to disclose them.

He said those who failed to fully declare taxable income and assets, or who underpaid or under-remitted taxes or levies, would face the full weight of the law.

He added that those currently under tax audit, investigation, or involved in a tax dispute with the AIRS, and who had been issued Best of Judgement (BOJ) assessments but failed to respond within the statutory time limit, would not be exempted from prosecution.

READ ALSO: Mother hails Anambra free maternity scheme after delivering triplets

The commissioner said eligible taxpayers who make full and honest disclosure would enjoy a 100 per cent waiver of penalties and accrued interest, as well as immunity from prosecution.

He urged those with undeclared income or assets, and taxpayers, business owners, and companies that had defaulted in the declaration of assets and tax payments, to regularise with the tax offices or visit the VAIDS portal.

Mr Mefor warned that the AIRS would commence full enforcement against defaulting taxpayers at the expiration of the tax waiver by 5 September.

(NAN)


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SPECIAL REPORT: How soaring cooking gas prices are squeezing Nigerian households, businesses

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By: Abdulkareem Mojeed, Ekemini Simon, Chuwang Dungs, Famrah Bagudu, Fortune Eronmonsele, Oluwakemi Adelagun, Abubakar Ahmadu Maishanu, Auwal Umar, Ogalah Dunamis, Afolabi Joseph, Manasseh Mbachii, Emmanuel Agbo, Abubakar Abdulrasheed, Oluwole Josiah, Falmata Daniel, Folashade Ogunrinde, Idowu Omotoyosi, and Chinagorom Ugwu

In June, Lagos fashion designer Lolade Fayemi took her 6kg gas cylinder to refill station in Baruwa, Iyana-Ipaja, with plans to buy 2kg of cooking gas. But to her dismay, she discovered that the price had jumped from about ₦1,700 per kilogramme to ₦2,500 within a week. She could only afford and eventually paid for 1 kilogramme.

“The price is ridiculous. You still spend money on transportation to the gas station, and the gas may not even serve you for a week,” she told PREMIUM TIMES in July.

Ms Fayemi’s experience mirrors that of millions of Nigerians after the price of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, increased following supply disruptions triggered by the war involving Iran, the United States and Israel.

Energy experts and players across the supply chain said the increase was compounded by longstanding domestic challenges, including inadequate infrastructure, inconsistent government policies and Nigeria’s dependence on imported LPG.

Although PREMIUM TIMES’ survey in July showed that prices have begun to ease after peaking in late June, consumers say the relief has been modest, with cooking gas still selling well above levels recorded just two months ago.

A PREMIUM TIMES survey across Nigeria’s six geopolitical zones found that LPG prices rose from about ₦1,100–₦1,350 per kilogramme in April and May to between ₦1,700 and ₦2,200 in late June, with some outlets charging as much as ₦2,500.

By the first week of July, prices had eased to between ₦1,250 and ₦1,800 per kilogramme, but many households continue to buy smaller quantities, postpone refills or return to traditional means of cooking with the use of firewood and charcoal.

In Lagos, scarcity created a sellers’ market

Navgas Terminal/Depot, Creek Road, Apapa, Lagos
Navgas Terminal/Depot, Creek Road, Apapa, Lagos

Retailers in Lagos attributed the price spike to shortages at coastal depots and uncertainty in international energy markets during the recent Middle East tensions.

Lateef Badmus, manager of Al-Moruff Gas Plant along LASU-Iba Road, said retail prices largely reflected wholesale costs.

“When there is scarcity and demand is high, prices increase because consumers have little choice,” he said.

Damilola Adeyoriju, administrator at Casco Gas, described the period as a “man-know-man” market, where access to supplies depended largely on personal relationships.

“The few marketers that had products sold mainly to people they knew. Getting even one truck became difficult,” she said.

Across Lagos, however, prices have begun to moderate.

At Al-Moruff Gas in Kosofe, cooking gas sold for about ₦1,450 per kilogramme, down from around ₦2,000 at the peak of the supply crisis. Starco Filling Station in Orile reduced its price to ₦1,800 from over ₦2,000, while NIPCO outlets in Jakande Estate sold between ₦1,500 and ₦1,550 per kilogramme after previously charging as much as ₦1,700.

Starco Gas Station in Orile, Lagos
Starco Gas Station in Orile, Lagos
Starco Gas Station in Orile, Lagos
Starco Gas Station in Orile, Lagos

Consumers said the temporary spike significantly increased household expenses.

Enomfon Okure, an oncology nurse, said she paid ₦2,100 per kilogramme in June compared to about ₦1,700 in May.

“The hike affects everything because cooking gas is our only reliable means of cooking. We don’t have regular electricity, so we simply adjust and pay,” she said.

Another resident, Ajura Oseme, said the increase forced her to temporarily return to charcoal before prices started easing.

In Ondo, households returned to firewood

Prices followed a similar pattern in Akure, the capital of Ondo State, rising from about ₦1,300 per kilogramme in April to around ₦1,700 in late June before easing to about ₦1,400 in early July.

The increase forced many residents to reduce usage and embrace traditional cooking methods.

Jo Uanzekin, a resident of Oda, said although he took his 12.5kg cylinder for a refill, he could afford only 5kg.

“I am managing that one for now while supporting it with firewood from my farm,” he said.

Joshua Nambur, who buys cooking gas at a NIPCO station in Akure, said he now purchases only one to one-and-a-half kilograms at a time.

Nipco gas

Marketers also reported declining patronage.

Shuaibu Aminu, operations manager at Shaffa Filling Station, said the station sold LPG for about ₦1,350 per kilogramme in May before prices rose to ₦1,600 and later eased to around ₦1,400.

Rotimi Adamolekun, manager of SCAAB Gas, said the recent drop in wholesale prices left many marketers selling at a loss.

“My last purchase was ₦28 million for 20 tonnes. Now the same quantity sells for ₦22 million, so we have to sell at a loss,” he said.

In many rural communities of Ondo state, households reverted to firewood and charcoal, while some urban residents with relatively stable electricity increasingly relied on electric cookers.

A similar trend emerged in Oyo and Osun states, where cooking gas prices fell after peaking at ₦1,700 and ₦2,000 per kilogramme during the supply crisis.

A PREMIUM TIMES survey found that stations in Ibadan and Osogbo now sell LPG for between ₦1,250 and ₦1,420 per kilogramme.

At Petrocam Gas Station in Ibadan, the manager, Bello Olaniyi, attributed the decline to lower depot prices.

“Many customers could not afford to refill their cylinders when prices rose. They simply bought smaller quantities,” he said.

John Israel, an attendant at an MRS Filling Station, linked the volatility to supply disruptions and Nigeria’s continued dependence on imported LPG.

In Osogbo, marketers expressed similar concerns.

Maruf Adeniyi, manager of an A.A. Rano outlet, said Nigeria remained vulnerable to global price movements because domestic supply was still inadequate.

“We’re currently selling at about ₦1,350 per kilogramme, which is much lower than last week. But unless domestic production improves, price fluctuations will continue,” he said.

For businesses that rely heavily on cooking gas, the recent decline has offered some relief.

Victoria Okechi, who runs a food business in Osogbo, said the increase forced her to raise food prices to stay afloat.

Although she welcomed the recent reduction in prices, she warned that another spike would leave many small businesses with little choice but to increase prices again.

Across the South-west, consumers and marketers expressed cautious optimism that prices would continue to fall.

However, many warned that without stronger domestic LPG production and a more resilient supply chain, Nigerian households would remain vulnerable to future global supply shocks.

North-central: Households, businesses remain under pressure

Cooking gas prices have begun to moderate across the North-central region after weeks of sharp increases, but households, retailers and small businesses say the decline has brought only limited relief.

A PREMIUM TIMES survey in Abuja, Benue, Plateau and Niger states found that LPG prices, which climbed to ₦2,000 per kilogramme at the height of the crisis, have eased to about ₦1,450–₦1,600 in many outlets. Even so, consumers continue to buy smaller quantities or supplement cooking with charcoal and firewood.

In Abuja, Mustapha Abubakar, manager of AA Rano Gas along the Karshi Bypass, linked the increase to disruptions in global energy markets following tensions involving Iran.

He said prices at the outlet rose to ₦1,750 per kilogramme before falling to ₦1,450 as supply improved.

A gas dealer, Luka Samuel. (PHOTO CREDIT: Fortune Eromonsele)
A gas dealer, Luka Samuel. (PHOTO CREDIT: Fortune Eromonsele)

Independent retailer Luka Samuel said higher procurement and transportation costs squeezed marketers’ margins, forcing many to raise prices.

He noted that customers who previously refilled 6kg or 12.5kg cylinders now buy only two or three kilograms at a time.

The impact has also been severe for small businesses.

Helen Ikwuoche, who runs a restaurant within the Nigerian Police Force Headquarters. . (PHOTO CREDIT: Fortune Eromonsele)
Helen Ikwuoche, who runs a restaurant within the Nigerian Police Force Headquarters. . (PHOTO CREDIT: Fortune Eromonsele)

Helen Ikwuoche, who runs a restaurant within the Nigerian Police Force Headquarters in Abuja, said the cost of refilling her 12.5kg cylinder increased from about ₦12,000 to more than ₦22,000 during the peak of the crisis.

To stay in business, she began using charcoal to prepare some meals.

Market checks showed LPG selling for about ₦1,500 per kilogramme at RainOil, ₦1,550 at NIPCO and ₦1,616 at LUBGAS. Retailers said patronage declined sharply during the price spike as customers reduced purchases.

Rain oil gas station's price list
Rain oil gas station’s price list

In Benue State, many households have also rationed gas consumption.

Doosuur Demingor carries gas cylinder after purchasing cooking gas at Jinson Gases Nigeria Limited in Makurdi, Benue State. (PHOTO CREDIT: Manasseh Mbachi/Premium Times)
Doosuur Demingor carries gas cylinder after purchasing cooking gas at Jinson Gases Nigeria Limited in Makurdi, Benue State. (PHOTO CREDIT: Manasseh Mbachi/Premium Times)

A resident of Makurdi, Enoch Nyita, said the ₦6,000 with which he filled his 5kg cylinder when gas sold for about ₦1,250 per kilogramme now covers less than 3kg after prices rose to around ₦1,950.

His family now relies on charcoal for meals that require longer cooking duration. Other residents reported similar adjustments, while efforts to obtain comments from major LPG retailers in Makurdi were unsuccessful.

In Plateau State, retailers blamed the increase on the high cost of transporting LPG from coastal depots to the region.

At GDS Gas Plant in Jos, an off-taker, Dalla George, said customer traffic dropped significantly as many buyers reduced purchases from about 5kg to just 2kg.

Albarka Danladi, a small business owner, said soaring cooking gas prices forced him to shut down the food section of his business, while marketers warned that sustained increases could push more households back to firewood and charcoal.

In Niger State, prices have also moderated.

PREMIUM TIMES found that AA Rano reduced its price from ₦1,750 to ₦1,450 per kilogramme, while El-Shabab Gas sold at about ₦1,500 and Admar Gas at ₦1,600.

Consumers welcomed the reductions but said prices remained far above what many households could comfortably afford.

South-east: Consumers continue to feel the squeeze

Across the South-east, cooking gas remains significantly more expensive than it was just a few months ago despite recent price reductions in some parts of the country.

In Enugu State, PREMIUM TIMES found that LPG currently sells for between ₦1,650 and ₦1,700 per kilogramme.

Uchenna Okegbe, a point-of-sale operator, said the high cost of cooking gas continues to strain household finances.

“What we suffer now is that after refilling our cylinders, we are unable to afford food items,” he told PREMIUM TIMES in Igbo.

He said the increase has worsened economic hardship because LPG remains the primary cooking fuel for many urban households.

Anthony Ogbu, a cooking gas depot owner, attributed the high prices to inadequate product supply across the country.

Surveys in other parts of the South-east showed LPG selling for between ₦1,600 and ₦1,700 per kilogramme in Abia and Anambra states, while prices ranged from ₦1,700 to ₦2,200 in Imo and Ebonyi states.

North-west & North-east: Households cut consumption as prices remain elevated

Cooking gas prices remain high across Kano, Katsina and Gombe states despite recent easing in some markets, forcing households to reduce consumption while retailers cite higher logistics costs, supply disruptions and global market volatility.

In Kano, PREMIUM TIMES’ survey found that LPG sold for between ₦1,400 and ₦1,750 per kilogramme after peaking at a high of ₦2,000 during the periods of supply crisis.

Ayuba Isah, an attendant at Isa Gulu Gas in Gwale Local Government Area, said prices remain unpredictable.

“Prices can increase at any moment. Sometimes customers are still in the queue when we receive instructions to adjust prices,” he said.

Nipco gas

For consumers, the increases have stretched already strained household budgets.

Bature Muhammad said refilling his 6kg cylinder rose from about ₦7,500 in June to more than ₦10,000 within weeks.

At Marhaf Gas Station, a civil servant, Isma’il Mu’azu, said he now struggles to refill his 12kg cylinder because his salary has remained unchanged despite rising living costs.

“Once I pay for food, water and electricity, nothing is left,” he said, adding that although his family occasionally uses charcoal, the savings are minimal.

Musadiq Muhammad, manager of AA Rano Gas on Zaria Road, attributed the spike to uncertainty in international energy markets during the recent Middle East conflict.

He said marketers became reluctant to buy large volumes because of volatile wholesale prices, contributing to temporary shortages.

AA Rano now sells LPG for about ₦1,400 per kilogramme after prices eased.

In Katsina, cooking gas remained readily available, although prices varied between ₦1,600 and ₦1,950 per kilogramme. Retailers blamed transportation costs, diesel prices, distance from coastal depots and other supply-chain expenses.

The manager of Ultimate Gas, who identified simply as Muhammed, said retailers passed on prices set by suppliers.

“Gas comes from Port Harcourt or Lagos, and transporting it over that distance consumes a lot of diesel,” he said.

At Butane Energy, manager Abubakar Abdullahi said improved supply had recently pushed prices down slightly, while Shafa Energy reported that customers increasingly buy smaller quantities instead of filling entire cylinders.

Many households and small businesses also said travelling to larger stations offering cheaper prices often turn out as counter-productive because the supposed savings are wiped off by transport and logistic costs.

A food vendor in Katsina said he now buys gas from nearby retailers despite the higher price because transport costs renders traveling to distant outlets because of relatively cheaper price “uneconomical”. Rather than increase menu prices, he said he has reduced portion sizes.

In Gombe State, residents reported a similar experience.

Retailers said higher depot prices, transportation costs and supply disruptions drove up prices, while consumers increasingly delayed refilling cylinders or bought only small quantities.

Amina Muhammad, a mother of three, said her family now carefully considers when to refill its cylinder because food and other household expenses have also increased.

Although there were no widespread shortages, marketers reported poor patronage as consumers adjusted their spending.

South-south: Even gas-producing communities feel the pain

Despite being one of Nigeria’s largest gas-producing states, many households in Akwa Ibom are buying less cooking gas, changing their diets and returning to firewood as LPG prices remain elevated.

Christiana John at a Gas retailer shop in Esit Eket LGA, Akwa Ibom
Christiana John at a Gas retailer shop in Esit Eket LGA, Akwa Ibom

When Christiana John, a mother of six in Uquo, Esit Eket Local Government Area, visited a gas outlet with her 4kg cylinder at the peak of the crisis, she could afford only 1kg.

“I used to fill the entire cylinder. Now I can only buy one kilogramme,” she told PREMIUM TIMES.

Her family now cooks only once a day, avoids meals that require long cooking times and often eats soup without reheating it.

Her experience highlights a striking paradox.

According to the latest Nigeria Extractive Industries Transparency Initiative (NEITI) report, Akwa Ibom accounted for about 28 per cent of Nigeria’s gas production in 2023, yet many residents say cooking gas has become increasingly unaffordable.

A survey across Esit Eket, Eket, Ikot Ekpene, Abak, Uyo and Ibesikpo Asutan found retail prices ranging from ₦1,500 to ₦1,900 per kilogramme, although prices exceeded ₦2,000 during the June supply disruption.

In Uquo, retailer Enombang Derek said customers have not stopped buying gas but now purchase much smaller quantities.

“People who used to buy 10kg now buy about seven. Those who bought four kilogrammes now buy one-and-a-half,” he said.

In nearby Eket, PREMIUM TIMES observed long queues at Hydrogas, where LPG sold for ₦1,550 per kilogramme.

Customers at point of payment and sales at Hydrogas, Eket, Akwa Ibom State
Customers at point of payment and sales at Hydrogas, Eket, Akwa Ibom State
Customers at point of payment and sales at Hydrogas, Eket, Akwa Ibom State
Customers at point of payment and sales at Hydrogas, Eket, Akwa Ibom State

A resident, Kingsley Umoette, said cooking gas now consumes nearly one-third of his income, forcing him to cook less and eat more meals outside the home.

Hydrogas supervisor Nelson Williams said households continue to buy LPG despite widespread complaints because there are few alternatives.

Kingsley Umoette at Hydrogas, Eket
Kingsley Umoette at Hydrogas, Eket

“We have gone past the age of abandoning gas. People complain every day, but they still buy because there is no alternative,” he said.

In Ikot Ekpene, a retired teacher, Juliana Umoh, said she now spends about ₦31,000 each month on cooking gas from her ₦107,000 pension.

Manager of Basumoh Gas Plant, Umoh Edet, said customers increasingly buy smaller quantities as incomes fail to keep pace with rising prices.

Umoh Edet, Manager of Basumoh Gas Plant, Ikot Ekpene, Akwa Ibom State.
Umoh Edet, Manager of Basumoh Gas Plant, Ikot Ekpene, Akwa Ibom State.

Across Abak and Ibesikpo Asutan, retailers sold LPG for between ₦1,750 and ₦1,900 per kilogramme, citing older stock purchased at higher wholesale prices and transportation costs.

The largest crowds were recorded in Uyo, where AA Rano sold cooking gas for ₦1,500 per kilogramme. PREMIUM TIMES observed more than 100 customers waiting to refill cylinders, with some having reportedly waited for more than four hours.

Station Manager, AA Rano, Uyo, Akwa Ibom State, Usman Yahaya
Station Manager, AA Rano, Uyo, Akwa Ibom State, Usman Yahaya

Station manager Usman Yahaya said prices remain about 35 per cent higher than before the June spike.

“Customers now buy in anger because they are struggling to survive,” he said.

He attributed AA Rano’s relatively lower prices to the company’s integrated supply chain, which allows it to source LPG directly and operate on slimmer margins.

Queue waiting to buy gas at AA Rano Gas station, Uyo, Akwa Ibom State
Queue waiting to buy gas at AA Rano Gas station, Uyo, Akwa Ibom State
Queue waiting to buy gas at AA Rano Gas station, Uyo, Akwa Ibom State
Queue waiting to buy gas at AA Rano Gas station, Uyo, Akwa Ibom State

Elsewhere in the Niger Delta, prices also remain elevated despite recent declines.

In Port Harcourt, most outlets sell LPG at about ₦1,800 per kilogramme.

Mercy Francis said she could afford only 4kg instead of the 6kg she previously bought.

“I was so hurt spending that amount of money. These four kilograms won’t even last me one month,” she said.

In Yenagoa, prices ranged from ₦1,350 to ₦1,450 per kilogramme across major stations, while outlets in Asaba sold LPG for between ₦1,800 and ₦2,000 per kilogramme.

Across the South-south, consumers welcomed the recent moderation in prices but said cooking gas remains beyond the reach of many low-income households.

Why cooking gas prices keep rising

Nipco gas
Nipco gas

Industry operators say Nigeria’s recurring cooking gas price shocks stem from a combination of global market disruptions and longstanding domestic structural weaknesses.

Segun Adigun, Executive Director of Thruvision Gas Plant in Abuja, said policy inconsistencies, inadequate infrastructure and the country’s dependence on imported LPG continue to expose consumers to price volatility.

He explained that for many years, producers exported most of Nigeria’s LPG because contracts signed before domestic demand expanded did not prioritise local supply.

Although the administration of former President Muhammadu Buhari renegotiated some agreements to reserve a portion of production for the domestic market, he argued that subsequent policies made local sales less attractive, encouraging producers to export again.

According to him, international developments have further complicated the situation.

The Russia-Ukraine war increased European demand for LPG, while the recent military confrontation involving Iran, Israel and the United States disrupted global energy markets, pushing up prices and replacement costs for importers.

“Nigerian producers naturally prioritise markets where they earn more, while local marketers face higher replacement costs, shipping delays and uncertainty,” he said.

Mr Adigun said weak domestic infrastructure also continues to inflate costs.

“Poor pipeline networks force marketers to transport LPG over long distances by road, increasing logistics costs and delaying deliveries,” he said.

He urged the government to expand gas transportation infrastructure and implement consistent long-term energy policies to improve domestic supply, reduce transportation costs and stabilise prices.

Government intervention begins to ease pressure

Last month, the federal government announced emergency measures to address the sharp increase in cooking gas prices after retail prices climbed to about ₦2,000 per kilogramme in Lagos and above ₦1,600 in parts of Abuja.

The intervention followed emergency engagements with producers, marketers and other industry stakeholders aimed at improving domestic supply and calming the market.

According to the latest market intelligence report by the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), the measures have started yielding results.

The association reported that Nigeria’s LPG market rebounded during the week ending 5 July as improved product availability reduced panic buying.

Average depot prices fell by between 10 and 18 per cent from their mid-June peak, with ex-depot prices now averaging between ₦1,050 and ₦1,125 per kilogramme.

Nipco Gas station's price list.
Nipco Gas station’s price list.

Retail prices have also started declining, ranging from about ₦1,100–₦1,350 per kilogramme in Lagos to between ₦1,650 and ₦1,900 in Maiduguri.

However, NALPGAM said significant regional differences persist because of high transportation costs, multiple levies, foreign exchange exposure and inadequate inland storage infrastructure.

Industry data obtained by PREMIUM TIMES illustrates how sharply wholesale prices moved during the crisis.

Before the escalation of the conflict involving Iran, a 20-metric-tonne truckload of LPG sold for about ₦16.5 million. During the height of the disruption, the price rose to approximately ₦27.5 million before falling to around ₦22 million following the ceasefire negotiations.

Major LPG plant operators in Abuja also told PREMIUM TIMES that heavy rainfall has complicated road transportation across parts of the country, increasing delivery costs and slowing distribution.

Some marketers also alleged that higher profit margins in neighbouring countries encourage suppliers to divert products across Nigeria’s borders, tightening domestic supply.

Clean cooking transition policy endangered?

Nipco gas
Nipco gas

The recent surge in cooking gas prices comes at a critical time for Nigeria.

Successive governments have promoted LPG as a cleaner alternative to firewood and charcoal, positioning it as a key component of the country’s energy transition strategy and its efforts to reduce greenhouse gas emissions and improve public health.

Yet the nationwide survey by PREMIUM TIMES shows that rising prices are forcing many households back to traditional cooking fuels, particularly in low-income and rural communities.

Across every geopolitical zone visited, families reported buying smaller quantities of gas, delaying refills, cooking fewer meals and increasingly relying on charcoal and firewood to manage household budgets.

Restaurants, food vendors and other small businesses have also been forced to absorb higher operating costs, raise prices or reduce production.

Although recent government interventions have helped stabilise supplies and moderate prices, industry stakeholders warn that lasting stability will depend on expanding domestic LPG production, strengthening storage and distribution infrastructure, improving transportation networks and maintaining consistent market policies.

Energy experts have argued that until those structural challenges are addressed, Nigerian households will remain vulnerable to periodic cooking gas price shocks, driven as much by domestic bottlenecks as by events thousands of kilometres beyond the country’s borders.

READ ALSO: Minister leads federal delegation to Bille community over gas seepage

Crackdown

As part of efforts to curb soaring cooking gas prices, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, announced in late June that the federal government had directed regulatory and security agencies to crack down on the diversion, hoarding and illegal storage of Liquefied Petroleum Gas (LPG).

Describing the price surge as a national concern affecting households, small businesses and the economy, Mr Ekpo said the government had directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to strengthen market oversight, establish a pricing framework and sanction operators engaging in market distortions. He also asked the regulator to work with the State Security Services (SSS), the Economic and Financial Crimes Commission (EFCC) and the Nigeria Police Force to eliminate artificial scarcity and ensure the free movement of LPG.

On supply, the minister said marketers had pledged to increase imports, while expected deliveries from new domestic facilities, including the Seplat gas plant, would boost availability. He added that the government was also pursuing a local blending initiative involving Nigeria LNG Limited, domestic producers and depot owners to improve supply, reduce import dependence and stabilise prices.

“There is no cause for panic,” Mr Ekpo said, adding that the government remained committed to ensuring adequate domestic gas supply and advancing the Decade of Gas Initiative.

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Lawmakers worry as Senate approves sale of third-largest cement producer

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Some senators on Thursday expressed reservations over the sale of Lafarge Africa Plc, Nigeria’s third-largest cement producer, to a Chinese company.

The lawmakers expressed concerns about the transfer of ownership to Hainan Huaxin Pan-African Investment Company Plc, noting that the identities of major shareholders in the proposed ownership structure were not fully disclosed.

The ownership structure, according to the Senate ad hoc committee that reviewed the transaction, showed that Lafarge Africa is proposing to sell its 18 per cent market share to Huaxin, while Nigerian public investors currently hold a combined 16.19 per cent stake in the company.

The committee chairman, Abba Moro, while presenting the report during the plenary, recommended that the transaction be allowed to proceed and that all relevant regulatory authorities continue to monitor compliance with Nigerian laws and regulations.

However, the report did not provide details of the remaining shareholding structure, either under the current arrangement or after the completion of the proposed acquisition.

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The senators who opposed the sale said that a transaction involving one of Nigeria’s major cement producers should be conducted with greater transparency, including full disclosure of the company’s ownership structure.

The senator representing Bauchi Central, Abdul Ningi, was the first to question the proposed sale, describing the transaction as insufficiently transparent. Mr Ningi, a member of the Peoples Democratic Party (PDP), criticised the committee’s report for failing to disclose the complete shareholding structure of the company.

“I would have imagined that the report of the committee should specifically give us shareholding. Sixteen per cent Nigerians, 18 per cent Lafarge, what about the remaining? Who owns that? So, we need to understand where we are coming from. It is when you know who owns the rest that you’ll understand whether Nigerians are benefiting from these sales,” he stated.

Similarly, the senator representing Gombe Central, Danjuma Goje, expressed concerns about Lafarge’s operations in Gombe State, arguing that the company had not sufficiently benefited its host communities. Mr Goje, a former governor of Gombe State, urged the committee to recommend stricter conditions that would compel the company to comply with regulatory requirements and existing agreements with host communities.

Also, the senator representing Kebbi North Senatorial District, Yahaya Abdullahi, called for stronger safeguards to ensure that Nigerians, particularly residents of host communities, derive greater benefits from the transaction.

The Deputy Senate President, Barau Jibrin, who presided over the session, maintained that the chamber could only act on the recommendations contained in the committee’s report. Mr Jibrin, who represents Kano North Senatorial District, added that anyone seeking additional details about the transaction could obtain them through the Freedom of Information (FOI) Act.

“Anybody can write an FOI to the appropriate body to ask whatever information they wanted to ask,” he said. The Deputy Senate President subsequently put the committee’s recommendations to a voice vote, with the majority of senators supporting them. The Senate thereafter approved the transaction.

Lafarge Africa, a major player in Nigeria’s cement industry, is a subsidiary of Holcim AG, a multinational building materials company listed on the Swiss stock exchange. Lafarge Africa itself is listed on the Nigerian Exchange (NGX).

Holcim AG is reportedly finalising plans to sell its 83.8 per cent stake in Lafarge Africa to China’s Huaxin Cement Co. in a deal valued at about $1 billion, subject to regulatory approvals.

The proposed sale was first debated on the floor of the Nigerian Senate in March 2025, when the senator representing Ogun Central, Shuaib Salisu, sponsored a motion to address issues such as lack of transparency in the divestment process and limited access to the deal for Nigerian investors.

During the debate, senators were divided. While some cautioned against interfering in legitimate private-sector transactions and foreign investment, the majority stressed the need for regulatory oversight.

The Senate subsequently directed the Bureau of Public Enterprises (BPE) and Securities and Exchange Commission (SEC) to ensure the sale aligns with Nigeria’s economic and national security interests, and mandated its Capital Market Committee to liaise with all relevant agencies for proper scrutiny.

READ ALSO: Lafarge unveils new corporate identity, changes name to HBM Nigeria Plc

After the Capital Market Committee submitted its report recommending approval of the transaction, some senators remained dissatisfied, prompting the Senate to establish an ad hoc committee chaired by Mr Moro, the Minority Leader, to conduct a further review.

Lafarge Africa has many factories in Nigeria with cement operations in the South-west (Ewekoro and Sagamu in Ogun State), North-east (Ashaka, in Gombe State), and South-south (Mfamosing, Cross Rivers State). It also has Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5 metric tonnes per annum.

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