Business
Nigeria’s petrol price climbs to ₦1,596 per litre in May — NBS
The average retail price paid by Nigerians for Premium Motor Spirit (PMS), popularly known as petrol, rose to ₦1,596.25 per litre in May 2026, reflecting the continued pressure of high fuel costs on households and businesses across the country.
The National Bureau of Statistics (NBS) disclosed this in its Petrol Price Watch report released on Wednesday, showing that the average pump price increased by 55.31 per cent when compared with ₦1,027.76 recorded in May 2025.
The latest figure also represents a 4.13 per cent increase from the average price of ₦1,532.93 per litre recorded in April 2026.
The data indicate that fuel prices have continued their upward trajectory despite fluctuations recorded in some months over the past year.
A review of the monthly trend showed that the national average stood at ₦1,037.66 per litre in June 2025, then declined to ₦1,024.99 in July and ₦988.25 in August. The average price fell further to ₦970.59 in September 2025, then rose to ₦1,052.31 in October and ₦1,061.35 in November.
In December 2025, the average price eased slightly to ₦1,048.63 per litre and stood at ₦1,034.76 in January 2026. It increased marginally to ₦1,051.47 in February, then surged to ₦1,288.54 in March and ₦1,532.93 in April. The upward trend continued in May, reaching ₦1,596.25 per litre.
Edo records highest price
Across the states, Edo recorded the highest average retail price of petrol at ₦1,722.91 per litre in May.
Bauchi followed, with an average price of ₦1,715.47 per litre, while Benue residents paid ₦1,698.57 per litre.
On the other hand, Adamawa recorded the lowest average price at ₦1,469.83 per litre. Katsina followed closely with ₦1,470.63 per litre, while Sokoto posted an average of ₦1,489.33 per litre.
The figures underscore the wide variations in petrol prices across the country, reflecting differences in transportation costs, supply logistics and market conditions.
South-south leads geopolitical zones
At the zonal level, the South-South recorded the highest average petrol price at ₦1,623.84 per litre.
The North-east followed with ₦1,622.76, while the South-East posted an average of ₦1,593.91.
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The North-central zone recorded ₦1,589.92, marginally higher than the South-West’s ₦1,588.96. The North-West had the lowest zonal average at ₦1,564.11 per litre.
The latest report highlights the persistent rise in fuel prices since the deregulation of the downstream petroleum sector, with petrol now selling at levels significantly higher than those recorded a year ago.
For many households and businesses, the increase continues to translate into higher transportation and operating costs, adding to broader concerns over the cost of living in Africa’s largest economy.
BY SUNDAY SAMUEL The Legal Practitioners’ Privileges Committee (LPPC) has directed prominent lawyer Mike Ozekhome to stop using the title of Senior Advocate of Nigeria (SAN) pending the conclusion of disciplinary proceedings against him.
The decision was made in line with Paragraph 26(6) of the guidelines governing the award and regulation of the SAN rank. The measure will remain in force until the committee reaches a final decision on matters currently before its Disciplinary and Ethics Sub-Committee, as well as other related proceedings.
According to the LPPC, the action is intended to protect the honour, reputation and standing of the prestigious SAN designation while the issues under consideration are thoroughly examined.
As a result, Ozekhome is prohibited from portraying or identifying himself as a Senior Advocate of Nigeria until the disciplinary process is concluded.
The committee reaffirmed its dedication to promoting professionalism, ethical conduct and accountability within the legal profession, stressing the need to preserve public trust in the SAN institution.
Ozekhome was elevated to the rank of Senior Advocate of Nigeria in 2010, joining a group of 19 distinguished legal practitioners admitted to the Inner Bar that year.
The post LPPC Bars Ozekhome from Using SAN Title Amid Ongoing Ethics Review appeared first on Business Today NG.
Jaiz Bank Plc paid N530.9 million in regulatory penalties in 2025, almost twelve times the N45 million it paid in 2024, according to its 2025 annual report, which detailed sanctions imposed by regulators during the year.
The bank was sanctioned by the Central Bank of Nigeria (CBN) and the Nigerian Exchange Group (NGX) for breaches ranging from anti-money laundering and customer due diligence requirements to filing infractions.
According to the annual report, the largest penalties were two separate fines of N131 million each for violations of the CBN’s Customer Due Diligence Regulations in 2025.
In 2025, the bank breached the CBN’s AML/CFT/CPF Regulations 2022, resulting in total penalties of N156 million.
The lender was also sanctioned for contraventions of the Customer Due Diligence Regulations 2023, resulting in penalties totalling N262 million, while breaches of the Targeted Financial Sanctions Guidelines 2022 led to a N75 million fine.
Additional penalties arose from violations of Sections 50 and 19 of the Banks and Other Financial Institutions Act (BOFIA) 2020, resulting in combined sanctions of N22 million.
The report further disclosed penalties of N15.9 million imposed by the NGX for late filing obligations.
2024 penalties
Meanwhile, in 2024, Jaiz Bank paid a total of N45 million in regulatory penalties for breaches of foreign exchange regulations, corporate governance requirements, electronic payment guidelines, and the provisions of BOFIA 2020.
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According to the bank’s annual report, the largest penalty, N20 million, was imposed for a contravention of Section 29(5) of BOFIA 2020. Another N10 million fine was paid for violating Section 25(4) of the same Act.
CBN also sanctioned the non-interest lender for breaches of its foreign exchange regulations. The bank paid N4 million for contravening Memorandum 8(1) of the CBN Foreign Exchange Manual and an additional N2 million for violating Memorandum 5, Section 3(a)(i) and (ii) of the manual.
Jaiz Bank further incurred a N5 million penalty for breaching Section 1.5(g) of the CBN Guideline on Operations of Electronic Payment Channels in Nigeria.
The bank also paid N2 million for failing to comply with a CBN circular on the Business Standards and Development Assurance (BSDA) Directive and another N2 million for contravening the CBN Guidelines on the Governance of Advisory Committees of Experts for Non-Interest Financial Institutions.
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