The Federal Competition and Consumer Protection Commission (FCCPC) has warned oil marketers against exploiting consumers, saying the current retail prices of petrol do not reflect the sharp decline in global crude oil prices.

In a statement issued on Sunday, the Commission said its ongoing surveillance of the downstream petroleum sector had uncovered indications of consumer exploitation, as recent reductions in petrol prices by refiners, depot operators and marketers remain insignificant despite the sustained fall in crude oil prices.

According to the FCCPC, global crude oil prices have dropped to about 73 dollars per barrel following the ceasefire between the United States and Iran and the reopening of the Strait of Hormuz. The agency noted that crude prices had climbed to about 120 dollars per barrel at the height of tensions in the Middle East between April and May, prompting a swift increase in petrol pump prices across Nigeria.

The Commission observed that while crude oil prices have now returned to levels recorded in February, retail fuel prices have remained relatively high.

It recalled that petrol sold for between ₦800 and ₦900 per litre in February, but rose sharply to between ₦1,350 and ₦1,500 per litre during the period of heightened geopolitical tensions. Despite the subsequent drop in crude oil prices, petrol is still being sold at an average of about ₦1,200 per litre, while some local refiners have fixed ex-depot prices between ₦1,025 and ₦1,075 per litre.

The Commission acknowledged that domestic fuel prices are influenced by several factors, including refining costs, foreign exchange fluctuations, logistics, financing and distribution expenses. However, it maintained that consumers should benefit from lower crude oil prices through competitive market pricing.

Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, said although the Commission does not regulate petrol prices in Nigeria’s deregulated downstream petroleum sector, it has a statutory responsibility to ensure consumers are protected from unfair and exploitative practices.

“To be clear, the Commission does not regulate or approve petroleum prices in a deregulated downstream market. Our responsibility under the Federal Competition and Consumer Protection Act, 2018, is to promote competitive markets, prevent anti-competitive conduct and protect consumers from unfair, deceptive and exploitative business practices,” Bello said.

He questioned why marketers often respond immediately by increasing pump prices whenever crude oil prices rise, yet delay passing on the benefits to consumers when prices fall.

“We are concerned that while dealers often respond swiftly by hiking pump prices whenever crude prices rise, it is curious that it is taking forever for consumers to benefit significantly when crude prices fall. Competitive markets must work fairly in both directions,” he added.

Bello warned that deregulation does not absolve businesses of the responsibility to compete fairly or respect consumer rights.

According to him, the Commission will investigate and sanction any company found engaging in anti-competitive conduct, consumer exploitation or any practice that violates the Federal Competition and Consumer Protection Act.

“Where credible evidence indicates conduct that undermines competition, exploits consumers or otherwise contravenes the Federal Competition and Consumer Protection Act, the Commission will investigate and take appropriate enforcement action,” he said.

He also urged Nigerians to continue reporting suspected price manipulation, anti-competitive practices and other unfair market behaviour through the Commission’s official complaint channels.

The FCCPC’s warning comes days after the Dangote Refinery reduced its ex-depot petrol price from ₦1,175 to ₦1,125 per litre, following the continued decline in international crude oil prices. Brent crude, the global oil benchmark, recently fell to about 72.97 dollars per barrel, its lowest level since February.

By Godwin Oritse

The Association of Nigerian Licensed Customs Agents (ANLCA) has called on the Federal Government (FG) to suspend the implementation of the Green Tax Policy, scheduled to take off from July 1st, 2026,  citing inadequate stakeholder engagement by the implementing agency, the Nigeria Customs Service (NCS).

The association argued that key stakeholders, particularly licensed customs agents and importers, who will be directly affected by the policy were not sufficiently sensitised or consulted before its rollout.

In a statement signed by ANLCA President, Emenike Nwokeoji, yesterday, the association expressed concern that a fiscal policy with such far-reaching implications for import duty, cargo valuation, contractual obligations, shipping arrangements and business planning was communicated to only a section of the critical trading community in Lagos barely 72 hours before its proposed implementation.

“Even more astonishing was the extremely late invitation extended to stakeholders for the consultation meeting. Such an approach is insensitive, procedurally defective and inconsistent with the principles of fairness, inclusiveness, stakeholder engagement and due consultation that should ordinarily guide the implementation of major public policies.

“Fiscal policies of this magnitude ought to be preceded by adequate notice, extensive consultations with all relevant stakeholders across the country, comprehensive sensitisation and sufficient transitional periods to ensure seamless compliance.

Anything short of this undermines confidence in government policies, exposes legitimate businesses to avoidable financial losses and ultimately erodes the confidence of both local and foreign investors in Nigeria’s trade environment.”

The group also raised concern about the decision to subject shipments already in transit to Nigeria to the new levy.

“This amounts to a retrospective fiscal burden on importers and licensed customs agents who had already entered into binding commercial contracts based on the existing tariff regime. Such a development will inevitably result in severe financial losses and unnecessary disputes within the international trading community.

“Furthermore, the stakeholders’ meeting failed to adequately address critical implementation issues. For instance, there was no clear methodology provided for determining engine capacities for the purpose of Green Tax assessment.

“This ambiguity is capable of creating confusion, inconsistent assessments, avoidable disputes and ultimately leaving the trading public at the discretion of individual assessment officers.

“ANLCA remains committed to constructive engagement with the Federal Government and the Nigeria Customs Service in pursuit of policies that promote legitimate trade while achieving national objectives,” he said.

The association also made it clear that it is not challenging the authority of the Federal Government to formulate or implement fiscal policies. It, however, demanded the immediate suspension or postponement of the implementation of the Green Tax Policy until adequate stakeholder consultations have been conducted nationwide.

By Peter Egwuatu

Shareholders of Neimeth International Pharmaceuticals Plc have approved plans by the company’s Board of Directors to raise additional capital to accelerate its expansion programme and complete its ongoing world-class pharmaceutical manufacturing facility in Amawbia, Anambra State.

At the company’s 67th Annual General Meeting (AGM), held virtually, shareholders unanimously approved all the board’s resolutions and called for appropriate timing of the capital raising to ensure full subscription.

Shareholders’ group leaders, including Boniface Okezie, Moses Igbrude, Mrs Bisi Bakare, Alex Adio and Adebayo Adeleke, urged the Board and Management to ensure that the new plant, upon completion, serves as a hub for manufacturing local drugs in the country.

Chairman of the company, Christopher Oshiafi, commended shareholders for their loyalty and support, noting that they had earlier approved a N20 billion capital raise programme, under which the company recently concluded a successful N2.4 billion Rights Issue.

He explained that part of the proceeds had been earmarked for completing the Amawbia manufacturing project, while additional funding would be required to fully execute the project.

According to Oshiafi, the facility will meet World Health Organisation (WHO) standards and position the company to take advantage of opportunities under the African Continental Free Trade Area (AfCFTA).

Managing Director/Chief Executive Officer, Valentine Okelu, described the project as a strategic priority, saying management remained committed to securing the funding needed to accelerate its completion.

The capital raising plan follows a strong financial turnaround in 2025, with revenue rising 64 per cent to N7.37 billion from N4.49 billion in 2024. Profit after tax stood at N976.4 million, compared with a loss of N885.3 million in the previous year.

Okelu attributed the improved performance to stronger market penetration, enhanced operational efficiency and the successful restructuring of the company’s foreign currency obligations. Oshiafi added that Neimeth’s share price rose from N2.29 to N6.15, pushing market capitalisation to N26.3 billion. He said the company’s priorities remain sustaining profitability, reducing debt, strengthening working capital, improving production efficiency and introducing