Economy
Fuel Scarcity: IADI Faults Kyari, Threatens Mass Protest
- …Says Kyari secretly discrediting Tinubu’s administration
- …Tags fuel scarcity an agenda of fifth columnists
- ….Mele Kyari must go for fuel crisis to end- says Comrade Ofomhi
A foremost civil society organisation, Integrity Advocacy For Development Initiative (IADI), has demanded the immediate removal of the Managing Director of the Nigerian National Petroleum Corporation Limited (NNPCL), Mele Kyari, over allegations of mismanagement, gross misconduct and lingering nationwide fuel scarcity that has caused widespread hardship and economic losses.
In a statement signed issued on Wednesday in Abuja, the Executive Director, Comrade Christopher Ofomhi, accused Kyari of discreetly discrediting the President Tinubu’s administration with his continued gross incompetence and mismanagement, while presiding over a corrupt and inefficient system that has led to the decline of the oil sector and plunged the country’s economy into further doom.
The group in a bid to further justify its rallies and calls, specifically alleged that Kyari’s leadership has been marred by failure to ensure adequate fuel supply and distribution, inability to address the decay of Nigeria’s refineries and infrastructures, lack of transparency and accountability in the management of fuel subsidies, corruption and nepotism in the award of contracts and appointments, mismanagement of the NNPCL’s finances, leading to a debt burden of over $6.1 billion and fuelling a fifth columnists agenda.
It also alleged that this same fuel scarcity strategy, was what was used prior to the 2023 general elections as an attempt to stop Bola Ahmed Tinubu from emerging as president.
IADI demanded that President Bola Ahmed Tinubu sack Kyari and appoint a new MD who will transparently manage the NNPCL and address the fuel crisis.
The group also called for an immediate investigation into the causes of the fuel scarcity and the role of NNPCL officials, prosecution of those found culpable, a detailed and comprehensive audit of the NNPCL’s finances and operations and the implementation of reforms to ensure transparency and accountability in the oil sector.
They further warned that if their demands are not met within two weeks, they will mobilize concerned Nigerians for a rally/mass protests and other civil disobedience actions to demand the sack, accountability and good governance because it is their sole rights as citizens of this great nation.
This development comes as the fuel scarcity has continued to linger, and no change is in sight, with many Nigerians struggling to access fuel for transportation, power generation, and other essential needs.
The NNPCL through its chief corporate communications officer Olufemi Soneye, told newsmen last Thursday that the challenge in the supply of petrol/ scarcity currently being experienced in some areas across the country is a result of logistics issues and they had been resolved. However, IADI and many Nigerians believe that the root cause of the problem lies in the mismanagement, gross incompetence, and corruption within the four walls of NNPCL.
As at the time of filing this report, the group had already written to the Department of State Services to intimate them on the scheduled civil action against the MD. (SEE ATTACHED DOCUMENTS).
- …Sets the stage for a future of more possibilities
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has officially marked the incredible milestone of its 80th anniversary on Friday, May 2nd, 2025.
Celebrated as Nigeria’s oldest indigenous bank, Wema Bank was founded on May 2nd, 1945, as Agbonmagbe Bank Limited; an institution that has now evolved from a single-branch operation aimed at empowering indigenous Nigerians into a formidable force that continues to blaze the trail in Nigeria’s banking and financial industry.
From bridging gaps in access to finance for underserved Nigerians to empowering businesses with insightful financial solutions and support, providing a platform for other industries to thrive and proactively delivering financial solutions tailored to the needs of every Nigerian, Wema Bank has built a legacy of impact for 8 decades. With millions of customers and global presence via 150+ branches and the ALAT App, Wema Bank continues to set the pace in customer-centric innovation and impactful banking.
Extending heartfelt gratitude to the Bank’s stakeholders, Moruf Oseni, the MD/CEO of Wema Bank reiterated the Bank’s commitment to continue going above and beyond in service of its customers in the decades to come. According to him, “Wema at 80 is a milestone that extends deeply into the very roots of the industry, the people and the nation. This is an 80-year-old bank that began to set the pace for indigenous businesses in the depths of colonial rule and has remained resolute in carrying on that mission since 1945, showing the world that ‘Nigerian-owned’ can last, and institutions can be agents of transformation in their own capacity. It’s a journey I am deeply proud of and I cannot celebrate alone”.
“I take this moment to express my sincerest gratitude to every person and institution that has played a part in Wema Bank’s success story. From our customers to shareholders, investors, partners to employees past and present, and every other stakeholder whose efforts run in the veins of this great Bank. We are Wema and I take this moment, on behalf of the Board and Management of the Bank, to reiterate our lifelong commitment to you. Wema Bank is built to last, Wema Bank is built for you and Wema Bank will never relent in delivering optimum value to you. It has been 80 years of impact, and as we look ahead to a future of limitless possibilities, our promise to you remains the same. We Are With You, All The Way!”, Oseni concluded.
Wema Bank’s 80th anniversary has taken the world by storm, with a major highlight being the Wema at 80 Gala Night scheduled to hold in Lagos at 6 p.m. on Friday May 2nd, 2025. Headlined by Afrobeats stars Davido and Wande Coal, Fuji legend Ayuba, vocal sensation Yinka Davies, 9ice and a star-studded lineup of celebrities, dignitaries and stakeholders; the night promises to be one for the books, convening 8 decades of generations in a glamorous ceremony themed ‘Timeless Elegance’.
Anyone can be a part of the Wema at 80 Gala Night by tuning in live at 7 p.m. to the Bank’s YouTube Channel as well as select national TV stations.
The naira appreciated slightly in the parallel market on Tuesday, trading at N1,618 per dollar, an improvement from N1,620 per dollar recorded on Monday.
However, at the Nigerian Foreign Exchange Market (NFEM), the currency depreciated to N1,604 per dollar, compared to N1,599 per dollar the previous day.
Data from the Central Bank of Nigeria (CBN) indicated a N5 drop in the naira’s value at the official window, further reflecting volatility in the forex market.
As a result, the exchange rate gap between the parallel market and the official market narrowed to N14 per dollar, down from N21 per dollar on Monday, signaling a slight convergence between both market rates.
Nigeria’s headline inflation rate surged to 24.23 percent in March 2025, up from 23.18 percent recorded in February, according to the National Bureau of Statistics (NBS).
The figures were released in the bureau’s latest Consumer Price Index (CPI) Report published today. The data indicates a 1.05 percentage point increase month-on-month, and a 4.40-point rise in the CPI, which now stands at 117.34.
The NBS stated, “In March 2025, the headline inflation rate rose to 24.23% relative to the February 2025 headline inflation rate of 23.18%.”
This continued rise in inflation is attributed to persistent food price hikes, supply chain challenges, and currency pressures, according to analysts monitoring economic trends.
The development is likely to influence future monetary policy decisions as economic stakeholders assess the impact on household purchasing power and overall cost of living.
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