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Crude-for-loans: NNPCL battles N8.07tn outstanding debt

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The Nigerian National Petroleum Company Limited is burdened with crude-backed loan obligations estimated at N8.07tn, according to an analysis of its 2024 financial statements and capital-commitment disclosures.

The liabilities stretch across multiple forward-sale and project-financing arrangements that are expected to be serviced through substantial crude oil and gas deliveries. The commitments have become a major pillar of NNPCL’s funding structure following years of fiscal pressure, volatile crude production, and declining upstream investment.

Several of the facilities were used to refinance older debts, fund refinery rehabilitation, support cash flow, and meet government revenue obligations.

One of the major exposures is tied to the Eagle Export Funding arrangement. Although the 2024 financial statement notes that “at least 1.8 million barrels” must be delivered per cycle, earlier reporting by The PUNCH shows the facility consists of three separate loan tranches.

The first, a $935m loan obtained in 2020 and backed by 30,000 barrels per day, was fully repaid by September 2023. A second tranche of $635m was also cleared within the same period. The only outstanding portion is the Project Eagle Export Funding Subsequent 2 Debt, a $900m facility secured in 2023 and pledged against 21,000 barrels per day.

Repayment is scheduled to begin in June 2024, with final maturity expected in 2028. As of December 2024, the outstanding balance stood at N1.1tn, making Eagle one of the company’s significant forward-sale exposures.

“The Company had capital commitments of N1.1tn as at the year ended 31 December 2024 (31 December 2023: N1.2tn). This relates to the forward sale agreement with Eagle Export Funding Limited for the delivery of Crude Oil.

“Under the contract, Eagle Export Funding Limited will make an upfront payment to NEPL for crude in a Forward Sale Agreement. The payment received is required to be settled with the delivery of crude oil volumes, i.e., NEPL sells crude to Eagle Export Funding Limited based on a delivery schedule.

“Based on the agreement, at least 1,800,000 barrels of Crude oil must be nominated and scheduled by NEPL (and delivered at the relevant delivery terminal to Eagle Export Limited in every delivery period commencing on 28 August 2020,” the company’s financial statement read.

Another major obligation arises from the incremental gas-supply financing arrangement with the Nigeria LNG Limited. Under the agreement, NLNG provided upfront funding of N772bn for gas supplies to be delivered over time.

By the close of 2024, gas worth N535bn had been drawn and N312bn recovered by NLNG, leaving N460bn yet to be supplied. A financing charge of N12bn also accrued in the period, bringing the total outstanding balance to N472bn.

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The refinery rehabilitation programme accounts for some of the largest crude-secured debt commitments. Project Yield, the financing structure backing the Port Harcourt Refinery upgrade, had an outstanding drawdown of N1.4tn at the end of 2024.

The agreement requires NNPCL to deliver refined-product-equivalent volumes of 67,000 barrels per day, with repayment scheduled to begin in June 2025 after a two-and-a-half-year moratorium.

“This is a 7-year N1.5tn PxF loan obtained in October 2022 for general corporate purposes with the ultimate use being the execution of the EPC Contract between PHRC and Tecnimont for the rehabilitation of Port Harcourt Refinery.

“It is secured with a forward sale of refined product equivalent of 67kbpd of crude oil. As of 31 December 2024, the amount drawn is N1.4tn with principal repayment to commence in June 2025 after a moratorium period of 2 years and 6 months.

Therefore, loan commitment as of 31 December 2024 is N1.4tn,” the financial statement read.

Similarly, Project Leopard, another crude-backed forward-sale facility, carried an outstanding balance of N1.3tn. The five-year financing agreement commits the company to deliver 35,000 barrels of crude oil per day, with repayments expected to commence in mid-2025 following a six-month moratorium.

The most significant exposure is tied to Project Gazelle, a large crude-for-cash arrangement used to finance advance tax and royalty payments on Production Sharing Contract assets.

NNPCL had drawn N4.9tn out of the total N5.1tn facility by December 2024. Crude valued at N991bn had been delivered, leaving an outstanding N3.8tn. The agreement requires sustained deliveries of 90,000 barrels per day until the liability is fully extinguished.

When assessed together, the company’s major crude-for-loan facilities—Eagle Export Funding (21,000 bpd), Project Yield (67,000 bpd), Project Leopard (35,000 bpd), and Project Gazelle (90,000 bpd)—represent a combined commitment of 213,000 barrels per day, in addition to separate gas-delivery obligations under the NLNG arrangement.

The volume equates to a sizeable share of Nigeria’s daily crude output, underscoring the long-term implications of these arrangements for government revenue, export allocation, and operational flexibility.

The PUNCH excluded non-debt commitments such as equity stakes in refinery projects and callable capital, which do not qualify as loan obligations. Industry analysts warn that the weight of the obligations leaves NNPCL exposed to fluctuations in crude production and earnings.

The PUNCH earlier reported that Nigeria’s gross profit from crude oil and gas sales plunged by N824.66bn in 2024 despite a rebound in oil production, according to figures from the latest Budget Implementation Report for the fourth quarter of 2024 released by the Budget Office of the Federation.

Data from the report revealed that gross profit from crude and gas sales fell to N1.08tn during the year, from N1.90tn in 2023, representing a 43.32 per cent decline.

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The 2024 performance was also 26.3 per cent below the government’s budgeted target of N1.46tn, underscoring the persistence of weak fiscal inflows from the petroleum sector despite policy reforms aimed at boosting revenue.

Nigeria’s crude output fluctuated between 1.4 and 1.6 million barrels per day, below the 1.78 million barrels per day target used in the 2024 budget.

Despite being the country’s traditional fiscal anchor, gross profit from crude oil and gas sales accounted for only about eight per cent of total oil and gas revenue in 2024, highlighting the structural shift in government earnings toward taxes, royalties, and penalties.

The PUNCH also observed that Nigeria’s crude-oil production inched up in 2024, with data from the Nigerian Upstream Petroleum Regulatory Commission showing that output rose to 442.21 million barrels, compared with 392.66 million barrels in 2023.

The increase of 49.55 million barrels, or 12.62 per cent, marked a modest recovery in upstream performance following three years of volatility and output disruptions. On a daily-average basis, Nigeria pumped about 1.43 million barrels per day in 2024, up from 1.27 million barrels per day the previous year.

The gradual improvement reflected reduced vandalism along major crude-evacuation corridors, improved coordination among joint-venture partners, and incremental barrels from marginal-field operators licensed under the Petroleum Industry Act.

Despite the increase, Nigeria’s output still lagged its fiscal target of 1.78 million bpd, reflecting lingering infrastructure constraints, under-investment, and crude theft. The shortfall means that actual production achieved only about 80 per cent of the government’s projection, a key reason oil-revenue inflows missed the 2024 budget despite nominal gains from exchange-rate revaluation.

Meanwhile, NNPC’s remittances to the government have repeatedly come under scrutiny by local and international organisations. Earlier this year, the World Bank said NNPC was remitting only half of the financial gains from the removal of petrol subsidies due to debt arrears. It said that, out of the N1.1tn revenue from crude sales and other income in 2024, NNPC remitted only N600bn, leaving a deficit of N500bn unaccounted for.

“Despite the subsidy being fully removed in October 2024, NNPCL started transferring the revenue gains to the Federation only in January 2025. Since then, it has been remitting only 50 per cent of these gains, using the rest to offset past arrears,” the World Bank noted.

The Chief Executive Officer of AHA Strategies and oil and gas expert, Mr Ademola Adigun, earlier linked Nigeria’s declining oil earnings to opaque crude-for-cash agreements and undisclosed loan repayments that have tied up part of the country’s crude output.

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He said some of the government’s oil barrels were already committed to debt settlements and forward-sale contracts, reducing the actual volume that brought fresh revenue into the Federation Account.

In October 2024, The PUNCH reported that the Nigerian National Petroleum Company Limited pledged 272,500 barrels per day of crude through a series of crude-for-loan deals totalling $8.86bn.

Pledging 272,500 barrels daily means that about 8.17 million barrels of crude are diverted monthly for various loan arrangements, based on an analysis of a report by the Nigeria Extractive Industries Transparency Initiative and the NNPCL’s financial statements.

Adigun said, “Some of our crude is already tied up in loan agreements. The problem is that Nigeria doesn’t know the full details of these transactions because there’s little transparency around them.”

He explained that several crude-backed projects, such as Project Gazelle, were carried out without proper public disclosure or parliamentary scrutiny. He added that the Nigeria Extractive Industries Transparency Initiative should strengthen its audits to determine how much of the country’s crude is being used for debt repayment or swap transactions.

Development economist and Chief Executive Officer of CSA Advisory, Dr Aliyu Ilias, said Nigeria’s crude trading structure had become increasingly complex, involving swaps and oil-to-naira exchanges that might not be fully accounted for. He urged the government to commission a study on how such short-term crude transactions affect fiscal performance.

The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, recalled that during the tenure of the former Central Bank Governor, Godwin Emefiele, several forward-sale deals were signed to raise emergency funds when the government faced fiscal pressure.

“During the Emefiele years, Nigeria committed a lot of its crude up front,” he said. “Those forward sales are still eating into our current earnings.”

He explained that the combination of forward sales, opaque trading, and off-balance-sheet transactions had distorted the relationship between production and earnings.

Yusuf, however, noted that transparency and professionalism within the Nigerian National Petroleum Company Limited had improved under the current administration of Bayo Ojulari. “Under the new management of the NNPCL, there’s better professionalism and openness,” he said.

He added that the government must disclose the full details of its crude swap and forward-sale agreements to restore confidence in oil revenue reporting.

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IMF Ranks Nigeria Among World’s Top Growth Drivers, Places Country Sixth for 2026 GDP Impact

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Nigeria has been listed as the sixth-largest contributor to projected global real GDP growth in 2026, according to the latest figures released by the International Monetary Fund (IMF), marking a significant endorsement of Africa’s biggest economy.

Data from the IMF’s newly published World Economic Outlook indicate that Nigeria is expected to account for about 1.5 per cent of total global real GDP expansion next year. This positions the country ahead of several advanced and emerging economies and underlines its growing role in shaping worldwide economic performance.

The report highlights that emerging markets will be the main engines of global growth in 2026, as many developed economies continue to grapple with sluggish expansion, elevated interest rates, and lingering post-pandemic pressures.

Experts attribute Nigeria’s ranking to a mix of demographic momentum, increased productivity in key non-oil sectors, and gradual economic reforms aimed at restoring stability. Although Nigeria’s growth rate may appear moderate compared to some peers, analysts note that the size of its economy means even small improvements have a sizable effect on global output.

IMF data place Nigeria among a select group of countries projected to have a notable influence on global economic trends in 2026, reflecting its rising relevance beyond the African continent.

Recent gains in telecommunications, agriculture, financial services, and the creative industry, combined with efforts to boost oil output and enhance foreign exchange market operations, have helped strengthen economic activity. These advances have partly countered persistent challenges, including high inflation, currency fluctuations, and infrastructure deficits.

However, the IMF and local economists caution that maintaining this positive trajectory will require steady policy execution, higher productivity, and strategies that convert macroeconomic growth into tangible improvements in living standards.

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Despite these caveats, the sixth-place ranking is being hailed as a positive signal to investors and development partners, many of whom view Nigeria’s youthful population and vast consumer base as major long-term advantages.

As global growth increasingly tilts toward emerging economies, Nigeria’s projected contribution in 2026 reinforces its standing as a key economy to watch, both within Africa and on the global stage.

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Elon Musk Reacts as Nigeria Makes Top 10 List of Countries Contributing to Global GDP

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In a surprising twist on global economic rankings, Nigeria has been cited among the top 10 countries contributing to global real GDP growth this year, prompting a reaction from billionaire tech magnate Elon Musk.

Data attributed to the International Monetary Fund (IMF) for 2026 shows China and India leading global real GDP expansion, with China’s contribution estimated at roughly 26.6% and
India’s at 17.0%. Nigeria, together with other emerging economies such as Brazil and Indonesia, was listed as accounting for around 1.5 % of global growth, placing it in the top 10 contributors globally.

The ranking highlights the shifting dynamics of the world economy, as growth increasingly comes from large developing nations rather than traditional Western economic powerhouses.

Reacting to these figures on social media, Musk underscored the broader theme of changing global economic power. “The balance of power is changing,” he wrote in a brief post, linking to IMF data that emphasised the outsized roles of China and India in driving global growth — while also indirectly drawing attention to the rising contributions of other emerging markets.

Market commentators and analysts say the inclusion of Nigeria reflects both demographic momentum — Africa’s most populous nation — and a rebound in several key sectors, including telecommunications, real estate, and trade. The news has been met with enthusiasm by some observers in Nigeria, who see it as validation of long-term economic reforms and diversification efforts.

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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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