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Marketers warn against disruption as Dangote plans direct fuel supply

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The Natural Oil and Gas Suppliers Association of Nigeria has warned that the Dangote Petroleum Refinery’s plan to bypass existing distribution channels and supply refined petroleum products directly to end-users would lead to a nationwide disruption, long-term product scarcity, and the collapse of existing supply networks.

The oil and gas suppliers called on the refinery to halt its plan and seek further dialogue before commencing the distribution of products to end users, urging it to learn from what happened to non-functional refineries under the management of the Nigerian National Petroleum Company Limited.

They also called on President Bola Tinubu to intervene in the issue, stressing that Dangote alone cannot handle nationwide distribution of products sustainably. The NOGASA National President, Bennett Korie, made the call during the association’s Annual General Meeting held on Thursday in Abuja.

However, an official of the Dangote Group described the position of the dealers as anti-Nigeria, arguing that the plan by Dangote was to remove the cost of logistics in the movement of petrol nationwide.

Speaking with The PUNCH, while reacting to the development, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said Nigerians should not rejoice yet over the announcement by the Dangote refinery, as he backed the sister oil marketing group, NOGASA.

Meanwhile, it was observed on Thursday that the prices of petrol at depots spiked by up to seven per cent, from the N815 per litre it sold on Wednesday to N870 per litre on Thursday.

Recall that the $20bn Dangote refinery recently disclosed plans to deploy 4,000 new Compressed Natural Gas-powered tankers for nationwide distribution of petrol and diesel directly to marketers, manufacturers, telecom firms, aviation companies, and other large consumers, bypassing traditional depots and intermediaries.

The refinery took delivery of 4,000 new CNG-powered trucks for its fuel distribution initiative, scheduled to be launched on August 15. The initiative, which is intended to provide more efficient transportation across Nigeria and beyond, has been applauded by some industry experts. With the investment of N720bn, the initiative is expected to save Nigerians over N1.7tn annually, and lift 42 million Micro, Small, and Medium Enterprises by reducing energy costs and enhancing profitability.

The refinery said the strategic programme is part of its broader commitment to eliminating logistics costs, enhancing energy efficiency, promoting sustainability, and supporting Nigeria’s economic development.

However, Korie, speaking in his address, said if existing retail outlets were forced out of business due to Dangote’s direct distribution approach, it would be difficult to revive the supply chain in the event of any disruption at the refinery.

He further warned that handling refining, distribution, and retail through filling stations as a single entity is unsustainable, citing the failed attempt by the Nigerian National Petroleum Company Limited at direct distribution. He stated that the state-owned refineries began to decline after the oil company ventured into retail distribution.

“We are pleading that Mr President should intervene in this matter by telling Dangote to slow down, and go by the rules of the game. Nobody’s against the refinery. If there’s anybody who supported Dangote Refinery more than any other organisation, it is this association.

“But when this issue came up, we said, no, we need to advise, we need to give you an idea how to go about it. What is important to us is that the refinery is blending, the product is coming out, and Nigerians are enjoying the product that is blended today.

See also  Bulk fuel buyers dump middlemen for direct Dangote supply

“Now, some Nigerians will be thinking maybe because we don’t want him to do this or because of competition. No, it is because we don’t want what happened to NNPCL to happen to Dangote Refinery. The reason is that, before now, NNPC refined products and distributed them through their subsidiary at that time.

“And everything was moving smoothly, it wasn’t bad. Until people who I think advised Dangote today, went to advise NNPC to start doing distribution directly, which is the filling station that you have in NNPC filling stations. As soon as this NNPC filling station started, that was when our refinery started going down,” Korie said, warning that the same fate could befall Dangote’s $20bn refinery if it follows a similar path.

Korie stressed that while the association fully supports the operations of the Dangote refinery, the decision to bypass traditional distributors poses a serious threat to existing supply structures and could replicate the challenges that undermined the NNPCL in the past.

He warned that handling refining, distribution, and retail through filling stations as a single entity is unsustainable.  “Because they were concentrating on their filling stations. I am not saying they are not paying attention to refineries, but you can’t do it alone. You are blending, you are refining, and at the same time operating, and again, add a filling station in your operation.

“You will have a problem. That is why today you have this problem of our refineries not working. So because of this, we now say, No, please don’t go there. Concentrate on this thing you are doing. You are doing good. You are finding the product good, sell to the marketers, marketers sell to the end users. Remove your hand from this direct distribution. It will bring you problems, and once you start solving that problem, you will not have time to fix the refinery or operate the refineries very well.

“So it’s important that you concentrate on this refinery. Blend enough for us and sell some to other countries. And that way, the job there will be stable, and our own here will be stable. We are capable of distributing the product. All we need you to do, blend, sell to depot owners, and they will go there and buy, and distribute to the end users. That way, you balance the system.”

He further expressed NOSAGA’s readiness to work with the Refinery to ensure that the business survives for the mutual benefit of all involved. The NOGASA  president added, “During our last meeting, we supported the completion of the refinery, but most of our members are afraid of the giant monopoly.

“The entire giant’s indirect distribution of their products with the purchase of 4,000 distribution trucks for nationwide supply makes us worried about staying in the business. We wish to assure that they consider the small suppliers who depend on those business employee levels. We need to work with them to ensure that our business survives for the mutual benefit of all involved.”

Korie noted the economic impact of such centralisation, stating that thousands of Nigerians working across over 50,000 filling stations and logistics chains could be displaced if independent marketers are sidelined. He called on the government to facilitate dialogue between Dangote Group and key industry stakeholders, including major and independent Petroleum marketers among others.

Also speaking, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said Nigerians should not rejoice yet over the announcement by the Dangote refinery to distribute petroleum products across the country, as there is always payback time.

See also  Nigerian farmers say rise in fertiliser price threatens lower food cost

“We don’t need to pretend that we don’t know what’s going to happen. Because many of us are clapping hands, one company wants to refine, one company wants to stock, one company wants to do the logistics of distribution, and one company wants to fix prices. So that one company is going to be both a businessman and a regulator. And so many Nigerians don’t seem to understand the dynamics of the difficulty,” he said.

Reflecting on what happened in the cement industry, he said, “Because I want to draw your attention to the fact that we also have similar situations in our cement industry, where you are seeing the same trucks supplying cement.

“So, I’m sure you have seen in all your homes and villages and cities, those small, small container shops that are for cement. So, where the cement is not produced from the factory, and also distributed to those very critical distribution centres, have you bought cement for N115 again? From N115, we are buying now for 10,000 plus,” he said.

He raised concerns over what he described as Dangote’s attempt to dominate the market, noting that retail outlet operators are losing as much as N80 per litre due to sudden price adjustments.

The PETROAN boss argued that with a production capacity of 650,000 barrels per day, which has now been upgraded to 700,000 barrels, the Dangote  refinery should be competing with global refineries, and not operate as a distributor in the downstream, adding that NOGASA, NATO, and PTT could effectively do the job of distribution of the products.

“Just yesterday, some of them began selling products at N817 per litre. That represents a loss of over N80 per litre for filling station operators. When you consider the volume of product involved, it becomes clear that, very soon, salaries may not be paid.

“The association is therefore calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Minister of State for Petroleum Resources to urgently implement pricing regulations, reinforce market oversight, ensure crude oil is accessible to local refineries, and take deliberate steps to protect existing jobs in the sector,” Gillis Harry noted.

Dangote reacts

A senior official of the Dangote Group expressed surprise that an organisation could threaten to disrupt fuel supply because an individual wants to distribute fuel free of charge to Nigerians.

“Why would they want to disrupt? Somebody wants to distribute fuel for free (without the cost of logistics). We are not asking for money. We are saying part of the reason why PMS is expensive is because of the logistics, and we are removing the cost. We are removing that money. So, why are they angry?  Why the disruption, if not anti-Nigeria? They hate Nigeria; they don’t want this country to prosper.

“If someone wants to do something free, we are not asking for money. We are not saying, once we use our truck to supply you with PMS, you are going to pay us money. Why are you angry that an individual, a private sector person, wants to do that? Why are you angry? Why are you pained? And is this market not big enough for everybody to survive?” the official, who spoke in confidence because he was not permitted to talk on the matter, asked.

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The official discountenanced claims that NOGASA members would lose their source of livelihood.

“How will they lose their job? The market is big enough. You heard what the NNPC man said yesterday about the fact that they are not willing to sell the Port Harcourt refinery. And there are other modular refineries everywhere. Some people are working. They will still be in use. They will still be useful.

“Okay, we are starting with 4,000 trucks. There are 774 Local Governments in Nigeria. Can the 4,000 trucks really go around the 774 LGs? No. Why are we deceiving ourselves? Why are we anti-Nigeria? Why don’t we want this country to progress and develop? Absolutely, I don’t see any need for them to go on strike. Nobody’s threatening anybody. Nobody’s interested in a monopoly. This country can thrive with everybody doing their business. Dangote is not saying, ‘don’t do your business,” the official stated.

IPMAN National Vice Chairman, Hammed Fashola, said he would not know whether or not NOGASA members have the strength to disrupt fuel supply in Nigeria.

According to him, everybody is trying to survive in the oil business as they perceived Dangote’s plan as a means of cutting them out of business.

“Everybody wants to make sure they remain in business. You know, there have been a lot of reactions to that move by Dangote. Naturally, transporters will not be happy, and intermediaries won’t like it. You know this thing has a value chain, and there are a lot of people playing one role or the other in the supply chain.

“I believe Dangote, too, will be listening to the stakeholders. So, I think at the end of the day, everybody will be on the same page. Let’s see what happens. I don’t know their strength. I told you I’m not a member. So, I cannot tell if they have the strength to disrupt fuel supply. Before they can say they want to disrupt the supply, I think maybe they have the capacity. But let’s wait and see,” Fashola said.

Depots hike prices

Meanwhile, depot prices for petrol spiked by up to seven per cent, from the N815 per litre it sold to customers on Wednesday to N870 per litre on Thursday. This was as Dangote refinery abruptly suspended petrol sales across its terminals, deepening supply uncertainty and accelerating price movements nationwide.

In a notice titled “Important Update on DPRP Collection Account for PMS”, Dangote refinery instructed marketers to halt all payments for PMS loading at its gantry, effectively freezing further allocations. “Please be advised that, effective immediately, all payments to the DPRP collection account for PMS gantry should be placed on hold,” the internal memo read. “Further updates will be communicated shortly.”

Earlier this week, importers dropped petrol prices below the price offered by the Dangote Petroleum Refinery, sparking a new wave of competition.

But fresh findings have now revealed that depot owners have hiked their prices based on the increased crude price, indicating a possible increase in pump price next week nationwide. Findings by our correspondent using petroleumprice.ng showed that six depots including NIPCO, Aiteo, Rain oil, MenJ, Sahara and Aipec have all effected an increase to N870 per litre. The Dangote refinery depot sold slightly less at N865 per litre.

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Counterfeit empire: Lagos electronics market where fake products sustain luxury

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Beneath the bustling chaos of Alaba International Market lies a hidden economy built on counterfeit goods. Refurbished televisions masquerade as brand-new, logos deceive the eye, and receipts vanish without a trace. For traders, it is a lifeline, a way to support families and even sustain luxury lifestyles; for unsuspecting buyers, it often means disappointment and significant financial loss. In this investigation, CHIJIOKE IREMEKA not only exposes the underdogs behind this imitation business but also draws parallels with similar trade hubs worldwide, offering potential solutions to curb this thriving culture

“I  didn’t know a television could be refurbished and painted the way a vehicle could be panel-beaten and sprayed,” said 31-year-old Dumebi Asika, recalling how he was shortchanged at Alaba International Market, Lagos, while trying to buy a 65-inch smart TV for his home.

The newlywed had recently rented a two-bedroom flat in Okota, Amuwo-Odofin, in the heart of Ojo Local Government Area, Lagos State, for N1.8m. After furnishing his living room with sofas, he set out to buy a fashionable smart television as a gift for his wife.

However, with the prices of new televisions rising across brands, the 65-inch TV he wanted was beyond his budget.

A new model was going for N620,000, while a tokunbo (used) television sold for N242,000. Reluctantly, he opted for a used set, but that decision would later lead to disappointment.

“Everything went wrong when I settled for tokunbo instead of my original choice. I went for a fairly used TV, but I was given a refurbished one instead,” he said.

How it began

What the smooth-talking seller, known only as Joe, actually handed Asika was an old TV set cleverly passed off as tokunbo.

“The TV worked perfectly for a couple of weeks, but after a month, it started overheating and randomly shutting down. Within a week, lines appeared across the screen. I was shocked,” he recalled.

Attempts to reach Joe through the contact on the receipt proved futile. Frustrated, Asika took the television to a local electrician, who delivered the unwelcome news: the set was not a genuine Samsung.

While the casing bore Samsung branding, the internal components: panel, motherboard, and power unit, were cheap, mismatched parts from unknown manufacturers.

Essentially, it was an assembled TV masquerading as a branded product.

“It was a screen problem, but repairing it would cost almost as much as the TV itself, with no guarantee it would last. I was advised to return it to the seller,” Asika explained.

Finding the seller, Joe, was complicated by ongoing demolition and rebuilding projects in the market, which had displaced many traders. When they finally met, Joe argued the television had been in perfect condition when it was sold, claiming Asika damaged it and should bear the responsibility.

“It was a heated argument. People gathered to intervene, but Joe insisted he had done nothing wrong, saying he sold the product two months earlier and couldn’t accommodate returns beyond that period.

“Eventually, I had to drop the faulty set, pay an additional N49,500, and accept a 55-inch LG TV instead of the 65-inch I wanted. I wish I had gone for my initial choice, a brand-new TV. But it was an experience that changed my perception of tokunbo items,” Asika lamented.

‘I paid for a 55-inch TV but 45-inch was given’

In a similar case, 48-year-old civil servant, Sunday Chinwike, fell victim to brand counterfeiters at Alaba Market. After saving for months to upgrade his living room TV, he was led to believe he could get a high-quality 55-inch LG smart television at a lower price.

Guided by local hustlers known as Osoafia boys, who posed as market insiders, Chinwike was led into a shop lined with neatly stacked LG-branded television cartons.

The shop assistants, later discovered to be impostors, showcased the television’s features, displayed an LG-branded remote control, and produced a seemingly convincing warranty card.

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“The price was N320,000, lower than elsewhere, but not suspiciously cheap. I trusted them. I didn’t understand the meaning of being careful until I was shortchanged,” Chinwike recalled.

Trader packing a counterfeited LG television into a carton after manually stamping LG logo on it

He said he was drawn in by claims of a promotional price and LG’s excess stock.

“After a brief test in the shop, the television came on, showed bright colours and looked genuine. Unfortunately, I did not pay attention to the software or the size,” the man said.

It was only after returning home that his son, Marcel, began navigating the settings and noticed anomalies.

“Some of the apps and software in the menu weren’t customised. After a series of checks, we discovered it wasn’t an LG product at all; it was a clone. We also realised it wasn’t as large as my neighbour’s television. Yet, surprisingly, most features worked, including Bluetooth and Wi-Fi,” Chinwike explained.

Shocked by the discovery, father and son returned to the shop seeking a replacement, only to encounter the real shop owner, who delivered an unexpected revelation.

“By the time we arrived, the seller had disappeared. The shop owner examined the television and said it was not his product. He said he did not even stock 55-inch LG televisions. The receipt I had did not come from his store. Apparently, Osoafia hustlers had sourced the set from another vendor and sold it as genuine,” Chinwike said.

The owner advised him to exercise more caution, clarifying that the product itself was not faulty, just that it was simply not authentic.

“The original model sells for about N750,000 and is roughly 10 inches larger than the one I bought. I had to return home with the fake television, wasting my transport fare. Still, it wasn’t entirely useless, and I learnt my lesson,” he added.

Chinwike’s experience, like that of many others, highlights a fractured system in which counterfeit global brands sustain livelihoods while ordinary Nigerians bear the brunt.

The menace of counterfeiting

Across Alaba International Market, counterfeit products, including telephones, cables, electronics, and televisions, are sold daily.

LG, Samsung, and Hisense are among the global brands most commonly imitated. Investigations by Sunday PUNCH revealed that traders import generic or substandard TV panels, assemble them locally, and brand them with popular logos. To the untrained eye, the products appear authentic, with carefully fabricated cartons, substandard remote controls, start-up screens, and serial numbers.

Experts warn that until regulatory agencies, brand owners, and policymakers enforce stricter measures, Alaba’s counterfeit economy will continue to thrive, ensnaring unsuspecting buyers behind familiar logos.

Regulatory agencies, including the Standards Organisation of Nigeria, have occasionally carried out raids in the market, seizing counterfeit goods and shutting down shops engaged in illegal activities.

However, enforcement has remained inconsistent. The market’s vast size, dense population, and political sensitivity mean that business often resumes almost immediately after raids. Brand owners have also faced criticism for weak local oversight and limited consumer education.

Millions lost to counterfeiting

The World Bank estimates that Nigeria loses around 15 per cent of potential GDP growth annually due to counterfeit products and related illegal trade.

Experts note that the Information and Communications Technology and electronics sectors are particularly vulnerable, with counterfeit devices contributing to poor service quality and financial losses for both consumers and original manufacturers.

Even international watchdogs have taken notice. In 2014, the Trademark Working Group, an informal collaboration of US companies facing challenges protecting their trademarks abroad, listed Alaba as one of Nigeria’s most notorious markets for counterfeit goods.

In 2018, SON revealed that Nigeria lost N15bn annually to counterfeiters.

A former SON director, John Achukwu, made this known at a stakeholders’ workshop on “Reduction of Substandard Products in Nigeria” for the South-East zone.

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Today, counterfeit goods are noted to make up 40 per cent of products in the Nigerian market, causing annual economic losses exceeding $20bn.

Many of these products, particularly electronics, are imported, and according to SON, the body had previously destroyed counterfeit items worth up to N500m in single operations.

Recent accounts from buyers highlight the persistence and severity of these scams.

A banker, Wilson Ebo, for instance, said he went to Alaba to buy a second-hand Samsung home theatre, only to realise it was counterfeit.

“After testing the sets and negotiating a price of N25,000, I paid and signed the receipt without scrutiny. Later, a shop assistant told me the DVD engine worked only on a generator and suggested a swap. When I asked for a refund, the seller refused. An elderly man posing as a mediator later revealed that the receipt excluded the subwoofer and speakers. It became clear that the mediator was part of the scam. I had no choice but to pay an extra N6,000, and even then, the so-called Samsung was fake, as the logo was simply glued on it,” he said.

Fake products, cheap alternatives

Sunday PUNCH’s investigation revealed a system sustained by economic hardship and weak regulation, even as some traders defended the sale of low-quality goods as affordable alternatives for the masses.

“The goods you call fake are actually cheap alternatives for the masses. If we sold only originals, what would the poor do? How many people can afford them? Customers want affordable products because of the country’s economic situation. Everyone is just trying to survive, and you cannot blame anyone for that. Those who cannot afford the original will go for an alternative and still enjoy their lives,” argued a trader, Joshua Chidozie.

He acknowledged that alternatives are not necessarily bad but warned that some hustlers do not provide buyers with true, full details.

Osoafia boys at Alaba

“If you are not careful, they will sell that same alternative to you as the original. In the market, there are always two products: original and copy. You can get the one you want, but if you don’t know and seek a cheaper product, they will sell you a copy in place of the original,” he added.

In contrast, an electronics engineer, Kenneth Ikwo, warned that the normalisation of counterfeiting has created a dangerous marketplace where deception has become routine. He noted that while consumers are often blamed for being ‘careless,’ the sophistication of counterfeit products makes it nearly impossible for the average buyer to identify a fake.

“You can’t be more careful than the criminals. Some counterfeit TVs pass basic on-the-spot tests but fail weeks or months later, long after the seller has disappeared. Beyond financial loss, the risks are serious. Substandard electronics can cause electrical faults, fires, and health hazards. Many fake TVs lack proper insulation and voltage regulation, which can burn sockets and damage entire apartments,” Ikwo warned.

He alleged that traders often source low-quality television sets from foreign manufacturers, particularly in China, without brand logos. Once in Nigeria, he noted, local printing shops produce counterfeit brand cartons to package the products as originals—a practice recently highlighted in a viral video circulating online.

Fake LG logo syndicate exposed

Recently, a suspected syndicate was exposed inside Alaba International Market for printing LG logos on cartons for 45-inch and 55-inch televisions. A viral video obtained by Sunday PUNCH showed the suspects stamping LG logos on cartons as they prepared the televisions for sale to unsuspecting customers.

Stack_of fake television inside of fake LG cartorns at Alaba Internationa Market, Ojo. Lagos

A voiceover in the video said, “Yesterday, I was in Alaba… and I came across this guy printing the LG logo on these new TVs.”

According to the narrator, over 3,000 cartons of counterfeit televisions were discovered inside the shop, raising fresh concerns about the scale of fake electronics flooding Lagos.

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Prospective buyers were urged to exercise caution, as branded packaging alone does not guarantee authenticity.

Why the menace persists

An electronics dealer in Festac town, Osita Udegbunam,  attributed the persistence of counterfeiting to poverty and the struggle for survival.

“As a first-time visitor to the market, you’ll encounter Osofia hustlers who direct you to shops or claim they have exactly what you are looking for. These are mostly unemployed young men with no capital to start trading, but with extensive knowledge of the market.

“They guide buyers to sellers, earning small tokens from both parties to survive. Even married men rely on these crumbs to support their families. This system exists in major markets – electronics, foodstuffs, and more,” he said.

Udegbunam noted that similar practices are common in Alaba Rago, the livestock market, where local boys guide buyers, as well as in cattle markets.

“However, due to hunger and desperation, some have turned to crime as a faster way to survive. No authority can solve this without addressing the root causes. Create jobs, reduce hunger, and make life meaningful for the masses, and these problems will diminish. Even graduates are involved. The hungrier the population, the more people drift into scams and crime,” Udegbunam added.

Supporting this, a trader in Oshodi, Jonathan Isibor, explained that while some hustlers are genuinely trying to make a living, others deliberately prey on unsuspecting buyers.

“The bad ones usually exploit greed. They may offer an LG 42-inch LED TV for N100,000 or quote other unrealistic prices. If you fall for it, you return the next day claiming you were scammed at Alaba. These scammers operate in organised rings, and once you fall into one, escaping their trap is difficult. The best protection is to remain alert and wary of their tricks,” he advised.

Isibor added that these hustlers cut across ethnic lines, Yoruba, Igbo, and Hausa, but are united by a single motive: defrauding unsuspecting buyers.

“Hunger knows no tribe, and crime has no colour. A Yoruba hustler may discourage you from buying from an Igbo trader, and vice versa, but they often belong to the same ring. Their sole aim is to defraud you,” he explained.

The trader also noted that task forces oversee different sections of the market. “Once you identify where you made a transaction, report it immediately to the task force, and it will be addressed. Alaba has many genuine, hardworking traders, but in a market of this size, bad actors will always exist. Buyers must stay observant, avoid shady deals, and carefully read receipts before signing or making payment,” he added.

 ‘We are hustlers, not criminals’

One of the Osoafia hustlers, Peter Balogun, rejected the criminal label often attached to them, insisting that most are simply trying to survive.

“We are not criminals,” he insisted. “We hustle to feed our homes. What we do is guide customers to traders who sell the products they are looking for. When a customer buys, we get a small commission from the trader or a token from the customer.”

Balogun acknowledged that some individuals exploit the system to commit scams, but emphasised that they do not represent the majority. “Bad people are spoiling the work for us, but many of us are genuine. Unemployment and hardship have pushed many young men into Osoafia hustling. There are no jobs. This market is how we survive,” he added.

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PHOTOS: FAAN Launches Nigeria’s First Fully Electric Airport Shuttle

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The Federal Airports Authority of Nigeria FAAN has launched electric shuttle buses at the Nnamdi Azikiwe International Airport Abuja in a major step toward modernising airport operations improving service delivery and advancing environmental sustainability.

The project was executed in collaboration with Possible EVS and NEV Electric.

Speaking at the launch, the chairman of the FAAN Board, Dr. Abdullahi Umar Ganduje described the initiative as a milestone in FAAN’s drive to modernise airport operations and align Nigeria’s aviation sector with global best practices.

“These vehicles will support airside and landside logistics staff movement and services strengthening passenger coordination and efficiency across the airport,” he said.

Ganduje noted that electric vehicles offer strong environmental and operational advantages as they are cleaner quieter and more energy efficient significantly reducing carbon emissions and FAAN’s ecological footprint.

He added that the initiative supports global sustainability targets including the International Civil Aviation Organisation’s goal of achieving net zero carbon emissions by 2050.

“By embracing electric mobility FAAN is positioning Nigerian airports to remain competitive responsible and future ready,” he stated.

The former Kano state governor further explained that the predictable performance and lower maintenance requirements of electric vehicles will enhance monitoring coordination compliance accountability and overall service reliability.

According to him this will translate into more transparent efficient and passenger friendly airport services.

For her part, FAAN Managing Director, Olubunmi Kuku said the initiative demonstrates the authority’s commitment to a sustainable climate future by reducing carbon footprint and addressing the effects of climate change.

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She noted that the electric vehicles will reduce dependence on fossil fuels lower operating and maintenance costs cut harmful emissions and enhance passenger travel experience.

“They represent more than just transport; they symbolise cleaner air quieter terminals and a commitment to pioneering sustainable infrastructure in Nigerian aviation.”

She described the collaboration with private sector partners as a model for innovation and progress.

“This partnership is a testament to what is possible when the public and private sectors align with a shared vision,”she said.

“FAAN has always prioritised passenger comfort safety and a seamless airport experience and today’s official launch of our electric shuttle buses and cabs is a further powerful demonstration of that commitment to service towards a sustainable future,” she added.

Kuku disclosed that FAAN has secured the approval to deploy 100 Electric Vehicles (EVs) to operate as airport shuttles at both the Murtala Mohammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.

Abimbola Gyer, the Head of Fleet Operations at Possible Energy disclosed that the electric shuttle service will operate daily from 7 a.m. to 7 p.m. with a fare of ₦10,000 per passenger from the airport to the city centre.

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Asian stocks hit by fresh tech fears as gold retreats from peak

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Asian stocks took a hit on Friday amid fresh worries over vast investments in artificial intelligence, gold and silver tumbled after hitting multiple record highs, and oil retreated on hopes for an easing of US-Iran tensions.

Markets have endured a rollercoaster ride this week as traders weathered a weaker dollar, Donald Trump’s threats against Tehran, a resumption of tariff warnings and a possible US government shutdown.

Fresh optimism in the tech sector about the future of AI has provided support, however, with healthy earnings from companies including Meta, Samsung and SK hynix providing much cheer.

However, the positivity took a hit on Thursday after Microsoft announced a surge in spending on AI infrastructure and revived concerns that companies could take some time before seeing a return on their investments.

There are also fears that firms’ valuations may be a little too stretched and markets could be in a bubble, having soared in recent years to record highs on the back of a tech-fuelled rally.

“Microsoft suffered its worst session since the COVID‑era crash, falling 12 percent and accounting for over two‑thirds of the S&P 500’s decline,” wrote National Australia Bank’s Rodrigo Catril.

“Concerns centred on rising investment spending, slower Azure (cloud service) growth, and a longer runway to monetising AI.”

– Trump Fed pick –

Wall Street ended mostly in the red, with Dow the only advancer.

Asia also struggled amid speculation Trump will pick Kevin Warsh, a former Fed governor and a man considered more hawkish on interest rates, as the next boss of the central bank. The president has said he will name a successor to Jerome Powell on Friday morning US time.

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Hong Kong, Shanghai, Tokyo, Sydney, Singapore, Taipei and Bangkok were all down. Seoul, Manila and Wellington rose.

Paris was flat as data showed France’s economy grew slower last year than 2024. London opened lower but Frankfurt rose.

Jakarta rose after a two-day rout sparked by index compiler MSCI calling on regulators to look into ownership concerns.

The compiler said: “If insufficient progress is made towards achieving necessary transparency enhancements by May 2026, MSCI will reassess Indonesia’s market accessibility status.”

It warned this could result in “a weighting reduction in MSCI Emerging Markets Indexes for all Indonesian securities and a potential reclassification of Indonesia from Emerging Market to Frontier Market status”.

Gold was also in retreat, sitting around $5,150 an ounce, a day after topping out above $5,595. Silver was at $106 from a peak of more than $121.

The precious metals were also weighed by a slight uptick in the dollar, having tumbled on Trump appearing to be happy to see the world’s reserve currency weaken despite the potential risk of pushing up US inflation.

Investors are keeping tabs on developments in the Middle East after the US president sent an “armada” to the region and warned Iran of possible strikes if it did not reach a fresh nuclear deal.

Both main contracts were down more than one percent, having spiked as much as five percent Thursday.

Still, concerns remain about a conflict in the crude-rich region, which would send prices soaring, also putting upward pressure on inflation.

In Washington, the US Senate edged closer to a vote on a funding deal to avert a government shutdown following a bitter standoff over Trump’s sweeping immigration crackdown.

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Current government funding lapses at midnight on Friday.

– Key figures –

Tokyo – Nikkei 225: DOWN 0.1 percent at 53,322.85 (close)

Hong Kong – Hang Seng Index: DOWN 2.1 percent at 27,387.11 (close)

Shanghai – Composite: DOWN 1.0 percent at 4,117.95 (close)

London – FTSE 100: DOWN 0.2 percent at 10,150.97

West Texas Intermediate: DOWN 1.7 percent at $64.32 per barrel

Brent North Sea Crude: DOWN 1.6 percent at $68.50 per barrel

Euro/dollar: DOWN at $1.1940 from $1.1962 on Thursday

Pound/dollar: DOWN at $1.3781 from $1.3800

Dollar/yen: UP at 153.74 yen from 153.04 yen

Euro/pound: DOWN at 86.63 pence from 86.67 pence

New York – Dow: UP 0.1 percent at 49,071.56 (close)

AFP

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