News
Petrol price may rise as crude hits $81 per barrel
The prices of premium motor spirit and other petroleum refined products may rise in the coming days following the increase in the cost of crude oil prices, such as Brent.
Ekwutosblog reports on Monday that the price of Brent crude surged $81.09 per barrel as of the time of filing this report from around $76 last week.
Recall that the Nigerian government in the 2025 budget proposal bench-marked oil price at $75 per barrel.
The rise in the price of Brent is attributed to geopolitical tensions, particularly sanctions imposed on Russian oil exports, which have triggered supply concerns.
The development may impact the ex-depot prices of refined petroleum fuel across depots in Nigeria.
Ekwutosblog gathered on Friday that the price of automotive gas oil, diesel, has already been adjusted by at least N70 from N1,050 to N1,120 per litre in Lagos depots.
Data from the Major Energies Marketers Association of Nigeria on December 19, 2024, showed that the landing cost of petrol stood at N887.51 per litre; however, the rise in the price of crude oil means the landing cost may go up in the coming days.
Ekwutosblog reports that in the past weeks, the price of petrol has recorded a reduction.
Recall that Dangote Refinery and Nigerian National Petroleum Company Limited last year announced an ex-depot petrol price reduction, which led to the retail product dropping to between N935 and N965 per litre from N1040 per litre.
Consequently, Nigerians currently buy petrol between N935 and N1,100 per litre nationwide.
A rise in petrol prices may directly impact the increase in the prices of goods and services that are already on the high side, as November headline and food inflation stand at 34.60 percent and 39.93 percent, respectively.
Business
Boris Johnson Says He Feels “Perfectly Safe” in Nigeria, Praises Imo State’s Progress
Former British Prime Minister Boris Johnson has expressed confidence in Nigeria’s security, saying he feels perfectly safe during his visit to the country. His remarks come amid ongoing reports of insecurity in various parts of Nigeria, making his statement a notable endorsement of the nation’s stability in certain regions.
Johnson made the declaration on Thursday, December 4, 2025, while addressing participants at the Imo State Economic Summit 2025 in Owerri, the state capital. He acknowledged having read travel advisories and news reports highlighting security concerns prior to his trip but said his experience has been reassuring.
He said he feels perfectly safe in the country and emphasized that the summit environment and local hospitality contributed to his sense of security. He also asked the audience if they felt safe, receiving an enthusiastic affirmation.
During his visit, Johnson commended Governor Hope Uzodimma and the Imo State Government for their development initiatives, particularly efforts to provide 24-hour electricity. He highlighted the potential of Nigeria as a hub for innovation and economic growth, noting the opportunities presented by emerging technologies such as artificial intelligence.
While his statements have been welcomed by some as a boost to international confidence in Nigeria, analysts caution that the former prime minister’s experience reflects only a controlled and secure environment within Imo State. Several parts of the country continue to face challenges, including banditry, communal conflicts, and kidnappings.
Nonetheless, Johnson’s visit and remarks are significant, sending a positive message to investors and global observers about Nigeria’s potential for stability and progress. They also underscore the contrast between localized experiences of safety and broader security challenges across the country.
Business
Dangote to Uzodimma: Just show me where to invest
By Emmanuel Iheaka, OWERRI
The President of Dangote Group, Aliko Dangote has assured Governor Hope Uzodimma of Imo State that his group will be one of the biggest investors in the state.
Dangote gave the assurance at the opening session of the Imo Economic Summit 2025 in Owerri on Thursday.
The renowned Africa’s industrialist urged Uzodimma to indicate his preferred area of investment and forget the rest.
Dangote described the Imo governor as a personal friend of decades and commended him for providing enabling environment for investment.
“We will be one of your biggest investors in Imo. So, please tell me the area to invest and we will invest”, Dangote declared.
He called on entrepreneurs to always invest at home, adding that foreigners cannot drive the economy of any nation more than the nationals.
“What attracts foreign investors is a domestic investor. Africa has about 30 percent of the world’s minerals. We are blessed,” he submitted.
Dangote reiterated that his refinery was set to launch 1.4 million barrels per day capacity, the highest for any single refinery in the world.
News
Judge rejects Nnamdi Kanu’s brother court appearance
Justice James Omotosho of the Federal High Court in Abuja on Thursday declined to accept Prince Emmanuel Kanu’s appearance on behalf of his brother, Nnamdi Kanu, ruling that he is not a legal practitioner.
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