Business
Tanker drivers threaten to stop lifting petrol from Monday

The Nigerian Association of Road Transport Owners (NARTO) has vowed to suspend operations on Monday, Feb. 19.
The National president of the association, Alhaji Yusuf Lawal Othman, disclosed this in a press statement he issued from Abuja.
Othman said the statement is an official announcement from the association’s headquarters that the members are parking their trucks from Monday due to high operating costs.
Giving a reason for this decision, Othman said: “Why? Because what we spend on operation is more than what we get in total: both in local and bridging.”
He added that the members have been operating at a loss and it is no longer sustainable for them to endure the losses.
The NARTO national president said, “We will have to suspend operations from Monday.
“We cannot continue to operate at a loss. Most people have parked. A lot more are going to park.
“But from the point of view of the association itself, we are going to suspend operations on Monday.”
He disclosed that NARTO’s efforts at soliciting the intervention of all the key stakeholders in the federal government and industry have not yielded positive results.
Othman revealed that the association has written letters to table the plight of unbearable cost of operation to the chief of staff to President Bola Ahmed Tinubu; minister of Petroleum Resources; director general, Department of State Services (DSS); Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) chief executive officer; Nigerian National Petroleum Company Limited (NNPC) group chief executive officer; and the marketers.
He stressed that despite the notification to the above stakeholders, “No response.”
Analysing the market situation, which the members have endured for several months, he recalled that the same freight rate that was in force while President Muhammadu Buhari was in government is still subsisting.
According to him, the N32 Lagos to Abuja freight rate that was implemented while the dollar was N650 is still retained now that dollar is N1,615.
He said, “Everybody is aware that all our consumables in terms of operation are not produced in the country.
“So, by virtue of the rate of dollars, every consumable has increased. But the freight they are paying us has been the same even during Buhari’s time.
“So how is that feasible? During Buhari’s time, the dollar was N650. Today, the dollar is now N1,615. The average freight from Lagos to Abuja is N32.”
He continued: “What I mean by local, you load Lagos, you discharge in Lagos. And bridging, you load from Lagos, you come to Abuja. Lagos to Lagos, we are paid N120,000.
“AGO alone to distribute fuel within Lagos is N140,000 because it is N1,400 per litre. So, they give you N120,000 and you spend N140,000. So, how do you want to operate?
“Talk less about the cost of vehicles, cost of loading, driver’s allowance. That is for local. For bridging Lagos to Abuja, they gave us N32.
“If you have a truck of 40,000 litres, you are talking of N1,280,000-N1,216,000. Less 5% of the amount of N1,280,000 Withholding Tax N64,000. Less 55,000 loading expenses and 15,000 driver allowance. Total expenses N134,000 while balance is N1,146,000. AGO is N1400 for 900 litres, totalling N1260,000. There is a total loss of N114,000.
“The diesel that you use from Lagos to Abuja is 900 litres.
“So when you use 900 litres at 1,400, that will be N1,260,000. So it is by far more than what is paid.
“Meanwhile the cost of a new truck head and tank is N95 million and the used one is N50 million. So imagine the amount invested on each truck?”
Business
NAFDAC Launches Greenbook App To Combat Fake Drugs In Nigeria

The National Agency for Food and Drug Administration and Control (NAFDAC) has introduced a new mobile application, the Greenbook, to help Nigerians verify the authenticity of medical products and fight against counterfeit drugs.
NAFDAC’s Director-General, Mojisola Adeyeye, made this known at the opening of a two-day sensitization workshop on the Greenbook, traceability project, and paediatric policy in Port Harcourt, Rivers State.
Adeyeye, represented by the Director of the Post-Marketing Surveillance Directorate, Fraden Bitrus, stated that the Greenbook serves as an online database for registered drug products in Nigeria. The platform allows users to verify a product’s authenticity by searching for its name, brand, or registration number.
Bitrus emphasized the need for stakeholder collaboration, highlighting that counterfeiters are becoming more sophisticated in their methods.
“The NAFDAC Greenbook is a critical tool for tracking and identifying fake drugs. If a product is listed in the Greenbook, it means it has been registered by NAFDAC and is safe for use,” he said on Wednesday.
He further revealed that Nigeria is the first country in Africa and the second in the world to deploy this technology in the fight against counterfeit drugs.
“The Greenbook app is available for download on the Apple Store and Google Play Store via greenbook.nafdac.gov.ng,” he disclosed.
However, he, clarified that very newly registered medicines might be immediately uploaded as the app will get updated from time to time.
“We are yet to add cosmetics on the site, for now, it’s just Drugs,” he said.
On her part, the Rivers State Commissioner for Health, Adaeze Oreh, reaffirmed the state’s commitment to working with NAFDAC to eliminate fake drugs.
Represented by Quanta Dappa, the Rivers State Coordinator for Drug and Substance Abuse Control, the Rivers State Ministry of Health, commended NAFDAC’s leadership in tackling the circulation of unsafe medicines.
“As a state, we have a task force dedicated to combating counterfeit drugs, and NAFDAC is a key partner in this effort,” she said.
Similarly, the NAFDAC Director for the South-South Zone, Oligbu Chukwuma, assured that strict measures were in place to ensure the effective implementation of anti-counterfeit strategies.
Business
Court strikes out cyberstalking suit as GTBank withdraws charge against bloggers

The Federal High Court sitting in Lagos has struck out the suit against four bloggers who were accused of cyber stalking Guaranty Trust Bank, its holding company, GTCO Plc and its Group Chief Executive Officer, Segun Agbaje.
Justice Olayinka Faji struck out the suit following the withdrawal of the criminal charge filed against them by the police after reaching terms of settlement.
This reprieve for the bloggers is coming after they have been held in custody for six months.
The four bloggers, Precious Eze, male (38), Olawale Rotimi male (47), Rowland Olonishuwa, and Seun Odunlami, were arraigned before the court under the Cybercrimes Prohibition Prevention Act, by operatives of the Police Special Fraud Unit (PSFU), Ikoyi, Lagos.
They were specifically charged with spreading false information about GTCO Plc and its Group CEO Agbaje.
When the matter came up on Thursday for trial, the prosecuting counsel, Ajibola Aribisala (SAN), told the court that the prosecution and the nominal complainants, GTBank have finally succumbed to the defendants’ plea to have another look at the matter.
Aribisala said the defendants had surrendered and agreed to ameliorate the wrongs that led to their prosecution.
He also added that the Guild of Editors had intervened and GTBank is amenable to have the matter amicably settled under the terms agreed.
The prosecutor added that each of the defendants willingly agreed and appended their signatures on the document containing the terms of the settlement.
In the terms of the settlement, a copy of which was obtained by Channels Television, it was unanimously agreed that for an amicable resolution of the disputes between the complainant and the defendants, the defendants undertake:
a. To refrain from publishing any false, malicious, or defamatory content against the complainant, its affiliates, directors, or officers in the future.
b. To use their platforms to educate journalists on responsible reporting and fact-checking.
c. To promote positive and factual content about the Complainant.
d.Publish a retraction of their respective malicious publication earlier made against GTCO and its CEO on their respective blogs.
e.To jointly publish public apologies to GTCO, its CEO (Mr. Segun Agbaje), and GTBank in three national newspapers upon a withdrawal of the charge.
The prosecutor then asked the court to accept the terms.
He said, “We appeal that the court approves the document containing the terms as agreed in the deed of settlement so that they can go back to their families after spending six months in the custody of the Nigeria Correction Services”.
The defendants’ counsel, Olakunle Afolabi, had also via a letter dated 30th January 2025, communicated the defendant’s acceptance of and willingness to comply with the conditions for settlement outlined above.
“Subsequently, in compliance with the stipulated conditions for settlement, each of the defendants issued personally and individually signed letters of apology and retraction of defamatory publication dated 18th February 2025 to Mr. Segun Agbaje, GTCO, and the complainant respectively,” the letter read.
“The said letters of apology were delivered to the prosecutor via a cover letter also dated 18th February 2025, signed by the defendants’ counsel, Mr. Olakunle Afolabi, Esq.
“In consideration of the apologies tendered and undertakings made by the defendants, the complainant as a peace-loving and socially responsible organization has unequivocally indicated its decision to withdraw the complaint made against the defendants.
“The complainant has also accepted the undertakings made by the defendants (as outlined in the letters dated 30th January 2025 and 18th February 2025) in good faith and trusts that the defendants will implement the said undertakings.
“The Complainant, however, reserves the right to re-submit its petition to the appropriate law enforcement agency should the Defendants fail to fulfill their obligations under this deed.
“Parties hereby agree that the execution of this Deed of Settlement and the fulfillment of the terms and conditions contained herein SHALL be a bar to the enforcement of the right that would otherwise accrue to any of the Parties in respect of the facts-in-issue in the charge.
“All the parties further agree that withdrawal of charge No. FHC/L/CS/774C/24 and the fulfillment of the terms and conditions contained herein will also be a bar to any civil liability that may arise from and/or bothers on Charge No. FHC/L/CS/774C/24 or the facts-in-issues in the said charge.
“The defendants confirm that they have not been coerced, pressured, and/or induced to execute this Deed of Settlement.
“The defendants affirm that they have willingly and voluntarily executed this Deed of Settlement.
“The defendants confirm that they were not restrained, induced, or subjected to any form of duress whatsoever at the time of executing this Deed of Settlement.”
Counsel to the defendants, Kunle Afolabi in his submission before the court said he is not objecting to the withdrawal of the charge, adding that he and the defendants have appended their signatures on the document.
After listening to the parties, Justice Faji held that the parties shall comply with the terms of the agreement as contained in the deed of settlement.
He then struck out the charge.
The police had in the amended charge dated September 26, 2024, alleged among others that the four defendants, sometime in August 2024 in Lagos, conspired amongst themselves to commit a felony to wit: cyberStalking, and thereby committed an offence punishable under section 27 of the Cybercrimes (Prohibition, Prevention, etc) Act 2015 as amended in 2024.
The defendants were also alleged to have knowingly sent false messages or publications in social media, through a computer or network to the general public as follows “EFCC, FIRS storm GTBanks over Segun Agbaje’s N1 trillion scam” and “Whistle Blowers expose Segun Agbaje’s Nepotism, power play” which they alleged enriched him and his sister among other publications.
The police alleged that the publications insulted Agbaje and also caused criminal intimidation, annoyance, ill-will, needless anxiety, injury, and hatred to him and the defendants thereby committed an offence contrary to and punishable under section 24 (1) (b) of the Cybercrimes (Prohibition/Prevention) Act. 2015, as amended in 2024.
Business
Lawmakers approve Tinubu’s tax reform bills

The Nigerian House of Representatives approved President Bola Ahmed Tinubu’s tax reform bills on Thursday after months of controversy.
Presidential spokesperson and Special Adviser on Media and Public Communications, Sunday Dare, disclosed this in a statement through his official X account on Thursday.
Dare, without providing details, said that the bills were passed by the Green Chamber on Thursday after months of debate.
“Tax reform bills have been approved by Nigeria’s House of Representatives today in Abuja. Today, March 13, 2025,” he said.
This comes amid ongoing controversy surrounding Tinubu’s tax reform bills in recent months.
First, the Northern Nigeria Governors’ Forum rejected the bill, particularly the proposed value-added tax derivation model in the Nigeria Tax Bill.
The National Economic Council also opposed the tax derivation model.
Recall that on October 3, 2024, Tinubu sent four tax reform bills—including the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill—to the National Assembly.
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