Petrol prices across Nigeria have increased to between N1,050 and N1,150 per litre.

This increase follows a price adjustment by Dangote Refinery, which raised its rates from N899 to N955 per litre for bulk purchases.

Private depots nationwide have also raised their prices, with some locations now charging over N1,000 per litre for Premium Motor Spirit (PMS).

Oil marketers explained that the hike is primarily due to rising crude oil prices, which recently climbed to $81.84 per barrel, the highest in 2025.

Deregulation of the petroleum sector and logistics costs have further contributed to the price surge.

Areas far from depots, such as the hinterlands, are experiencing the steepest prices, with some regions reporting costs of up to N1,150 per litre.

Private depots in Lagos and Calabar have also adjusted their loading costs.

For instance, Sahara and Pinnacle depots raised prices to N970 per litre, while Rainoil and Alkanes in Calabar now charge N1,000 per litre.

Retail stations are adding logistics and regulatory charges to their prices, pushing the pump rates higher for consumers.

Marketers predict that prices will continue to rise due to the global increase in crude oil costs.

With deregulation in place, the industry relies on demand and supply dynamics, making fluctuations inevitable.

Experts warn that this trend will significantly impact consumers and businesses across the country.

Oba Otudeko, a former chairman of the First Bank of Nigeria (FBN), has suddenly left Nigeria.

According to The Cable, his departure comes in the wake of his imminent arraignment by the Economic and Financial Crimes Commission (EFCC) on a 13-count charge of alleged fraud.

The businessman left the country via one of the land borders.

According to security sources, he was dropped off at the Nigeria-Benin border on Thursday evening by a family member.

When TheCable reached out to Otudeko, his phone number was switched off. Messages sent to his WhatsApp, however, delivered — but there was no response.

Obafemi Otudeko, his son, did not respond to calls and messages when contacted for comments on his father’s whereabouts and destination.

Earlier on Thursday, the EFCC filed charges against Otudeko and three others at the federal high court in Lagos for allegedly obtaining a N30 billion loan under false pretences. The anti-graft agency said the defendants would be arraigned on Monday.

The three other defendants are Stephen Olabisi Onasanya, a former group managing director of FBN; Soji Akintayo, an ex-board member of Honeywell Flour Mills plc; and Anchorage Limited, a company linked to Otudeko.

In the charge sheet seen by TheCable, the EFCC accused Otudeko and the other defendants of obtaining tranches of loans—N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion—from First Bank under the pretence that the funds were obtained by some firms.

The anti-graft agency said the credit facilities were obtained between 2013 and 2014.

Otudeko — in a statement issued on Thursday by Olasumbo Abolaji, general counsel of Honeywell Group — refuted the allegations made against him, adding that he was yet to receive any official invitation to the effect.

Otudeko said he has never served in an executive capacity within FBN Holdings and its banking subsidiary, First Bank of Nigeria Limited — hence he had no operational responsibility in the organisation.

“In light of recent news reports, Dr. Oba Otudeko categorically refutes the claims concerning his role in FBN Holdings and will aggressively defend his reputation,” the statement reads.

“Dr Oba Otudeko is a builder and one of Nigeria’s foremost investors and industrialists. He has built directly from scratch and has worked with others to build many of Nigeria’s most successful companies. This includes FBNHoldings, where he served as a director (then Chairman) from 1997 to 2021 and was instrumental in supporting the transformation of the bank from an old generation bank to its current leadership role as a pan-African financial services holding company.

“As of this moment, he has received no official summons, neither has his legal team received any official invitation from relevant authorities. As he has done in the past, Dr Oba Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, with the expectation that these affairs will be conducted with the highest standard of professionalism.

“At 81, after 5 decades of contributions to the growth of Nigeria’s economy, Dr Oba Otudeko is now focused on mentoring the next generation of business leaders and contributing to the positive development of society through enterprise.

“He is not interested in serving in an executive capacity in any organization in Nigeria or elsewhere, neither is he interested in serving in a non-executive capacity on any board asides those he currently sits on. This includes any possibility of returning to the board of FBN Holdings Plc, which appears to be the focus of the recent unfortunate news barrage. FBN Holdings, a legacy institution built over 130 years, holds a special place in Dr. Otudeko’s heart. He trusts this strong foundation to guide the institution into the next era of success.

“Dr. Oba Otudeko is confident that the truth will prevail in due course and looks forward to addressing these claims in the appropriate forum.”

A former Assistant Director of the Department of State Services (DSS), Dennis Amachree, has raised concerns over the lack of coordinated intelligence among Nigeria’s security agencies, which he said was hindering the fight against insurgency in the North-East geopolitical zone.

Speaking on Channels Television’s Lunchtime Politics programme on Thursday, Amachree emphasized the importance of intelligence sharing and operational synergy in addressing the persistent threat posed by terrorists in the region.

“There is a loophole in intelligence gathering, and this is affecting the fight against insurgents,” he said.

“While we are making gains, especially in Borno State, the concentration of military and intelligence power in Maiduguri leaves far-flung areas like Damboa, Chibok, and Gwoza vulnerable to attacks.”

Amachree highlighted recent incidents, including an ambush by Boko Haram terrorists in Baga, where soldiers attempting to recover the bodies of slain civilians were attacked. Several soldiers were reportedly killed, while others went missing.

“The ambush in Baga underscores the need for better intelligence. Going there to pick up dead bodies without proper reconnaissance or understanding of the area’s security situation was not a good idea,” he said.

He also criticized the lack of follow-up after military operations, where territories cleared of insurgents are often left without adequate security, leaving residents exposed to renewed attacks.

“After the fight, insurgents are supposed to be driven away, and the police are supposed to take over. But what we see is that after the fight, the natives are left alone. When the insurgents return and don’t see any security agents, they strike again,” Amachree explained.

The former DSS official also welcomed President Bola Tinubu’s efforts to restructure Nigeria’s security architecture, noting that the appointment of new heads for security agencies was a step in the right direction.

“He [Tinubu] said in his first speech that he would restructure the security architecture. Changing the heads of the agencies is a very good move, but it’s important to improve the reporting lines and coordination among all security agencies to ensure seamless intelligence sharing,” Amachree said.