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Fuel Scarcity: Petrol Price Rises Above N1,500 As Marketers Shut Filling Stations To Support Strike

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A litre of petrol is selling for as high as N1,700 as fuel scarcity has hit residents of Benue state following the petrol tankers’ protest over unfulfilled compensation

Several filling stations are closed, and black market operators have taken advantage of the situation to hike prices

The sudden shutdown has sent petrol prices skyrocketing to hit new levels as black market operators have taken advantage of the situation.

The state governor has pleaded with the petrol tankers to suspend their strike and return to work.

Petrol Tanker Drivers (PTD) branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is currently on a 3-day warning strike in Benue state.

In solidarity, petrol station owners in the state shut their doors.

The sudden shutdown has sent petrol prices skyrocketing to hit new levels as black market operators have taken advantage of the situation.

Vanguard reports that desperate motorists and commercial motorcycle operators who have been left stranded are resorting to black market operators who are selling petrol for as high as N1,700 perlitre.

Prices vary depending on the location within the town, with some areas seeing prices at N1,600.

The price is a massive N775 difference when compared to N945 it was sold before the showdown.

According to a member of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Benue State, who was quoted in the report said the strike action was taken following unresolved grievances.

“A few years ago, youths attacked a etrol-laden truck on the Makurdi-Aliade road and siphoned its contents. Promises of ompensation by the former administration were never fulfilled.”

He added that efforts by NUPENG and IPMAN to engage the current administration for redress reportedly met with resistance, prompting the decision for a warning strike.

All fuel station managers were instructed to cease operations during this period. “Heavy penalties of up to N500,000 were threatened for non-compliance, leaving no stations perational.”

Meanwhile, the Benue State Government has urged NUPENG to call off the strike, noting that the strike was uncalled for.

Deborah Aber, the Secretary to the State Government (SSG), stated that the government received a letter from NUPENG requesting payment of over N40 million as compensation for the vandalised PMS tank in 2022.

“In the letter, they were asking for payment for their 45,000 litres of PMS they lost through the activities of vandals in 2022 at Aliade.

“We needed to sit down and look at the whole scenario and how it played out. To us, it seemed like a straightforward case of theft and vandalism, with no government involvement.

“We have held several meetings with them. Surprisingly, we woke up today to find that the stations were locked. The government too is surprised because we are still. t the discussion at table.

“When we received the letter, we wrote to the police and DSS to furnish us with what happened that time.

In the letter they were claiming payment of over N40m for the loss of their goods in 2022.”

NNPC increase petrol prices
The new price follows changes announced by petrol importers and the Dangote Refinery amid the global oil price increase

NNPC Limited retail outlets are now selling nigher rate than the rate offered by Dangote refinery partners.

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From Kabiru to Khalifa: How Abdul Samad Rabiu is Quietly Positioning his Son in the Corridors of Business and Power

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Once, his younger brother Kabiru was one of the familiar family figures around the BUA empire. Now another generation is moving steadily into view as Abdul Samad Rabiu brings his son, Khalifa, closer to the business, relationships and rarefied circles surrounding one of Africa’s largest industrial fortunes.

On Friday, October 2, 2026, when Abdul Samad Rabiu went calling on President Bola Ahmed Tinubu at his Ikoyi residence in Lagos, he did not go alone. Beside the billionaire industrialist was his son, Isyaku Abdulsamad “Khalifa” Rabiu, the young BUA executive whose presence increasingly seems to accompany his father into rooms where business, government and influence converge. Rabiu said the visit afforded an opportunity to reflect on Nigeria’s journey and its future, while other reports confirmed that the BUA chairman was among several prominent business and political figures received by the President that day.

On the surface, there was nothing extraordinary about it. Wealthy fathers travel with their sons, introduce them to friends and take them to important engagements every day. Yet, when the father is Abdul Samad Rabiu, founder of an industrial empire painstakingly assembled over decades, and the son has recently moved into a strategic executive position within that empire, the optics acquire a different texture. A photograph becomes more than a photograph; a handshake begins to look like an introduction, and what appears to be a simple father-and-son outing starts to resemble that ancient ritual through which successful men gradually acquaint the next generation with the world they may one day have to navigate without them.

For those who have watched Abdul Samad through the years, the changing silhouette around him is difficult to miss. There was a time when his younger brother, Kabiru Rabiu, represented one of the most prominent family presences within the BUA establishment, rising through the group’s operations and eventually becoming Group Executive Director, while also serving as a non-executive director of BUA Foods and BUA Cement. He remains firmly embedded in the conglomerate, with more than two decades of experience across edible oils, cement and infrastructure.

Kabiru belongs to Abdul Samad’s generation, however, and that distinction matters because every family empire, no matter how vast or professionally managed, eventually encounters the question that money alone cannot answer: what happens when the generation that built it begins to make room for the generation that must preserve it?

It is within that quiet, complicated passage that Khalifa is increasingly becoming interesting.

His emergence has not arrived with trumpets, ceremonial titles or the public unveiling of a successor. Abdul Samad has not declared him heir to BUA, and nothing in the public record justifies such a conclusion. What has become visible instead is something subtler and perhaps more meaningful: a gradual accumulation of responsibility, exposure and proximity, the three ingredients through which the children of powerful business families are often introduced to the burden behind the privilege.

Khalifa is no longer merely the billionaire’s son appearing occasionally beside his father. On January 29, 2026, BUA Foods appointed him Chief Officer, Global Procurement and Strategic Operations, giving him responsibility for the company’s end-to-end global procurement function and strategic operational initiatives. Before that appointment, he served as Director for Special Operations at BUA Group, where his work included transformation projects, supplier relationships, wheat sourcing, animal-feed production, the commercial reintroduction of BUA rice and other operational initiatives.

There is something instructive about where he has been placed. For the son of one of Africa’s wealthiest industrialists, a grand office and ornamental designation would have been easy enough to manufacture, the sort of corporate embroidery with which family businesses sometimes decorate heirs who have yet to acquire the scars of enterprise. Khalifa, however, has been taken closer to procurement, supply chains and operations, into the less glamorous entrails of an industrial organisation where fortunes are not discussed in abstract terms but depend on the relentless movement of wheat, sugar, machinery, ships, suppliers, currencies, warehouses and markets.

Perhaps that is the more revealing education his father is giving him. Abdul Samad appears less interested in merely showing the young man the assets than in allowing him to understand how those assets breathe.

Factories photograph beautifully, particularly when they rise from acres of land in steel and concrete, but the real life of an industrial empire occurs away from the cameras, in the anxious arithmetic of raw-material costs, shipping schedules, exchange rates, energy, regulation, financing and distribution. The young man who may someday occupy a larger place within such a system must learn that wealth is not sustained by the serenity of the chairman’s office but by countless decisions made under pressure, many of them invisible to the public until one of them goes wrong.

Khalifa’s academic preparation seems almost tailored to the wider world awaiting him. He studied International Relations at Regent’s University London and later earned a Master’s in Management from Georgetown University’s McDonough School of Business, combining an education in states, diplomacy and institutions with the language of management and enterprise.

That marriage of disciplines becomes particularly interesting when considered against the circles into which he has been born and the ones into which he is now increasingly being introduced.

There is, of course, another dimension to his story. Khalifa is one of the children from Abdul Samad Rabiu’s former marriage to Hannatu Musawa, the lawyer, writer and public official who currently serves in President Tinubu’s cabinet as Minister of Art, Culture, Tourism and the Creative Economy. Musawa has herself spoken publicly about her former marriage to Rabiu and the enduring ties between their families.

There is nothing publicly established to suggest that he is preparing to contest an election or embark on a conventional political career. What he possesses instead is exposure: a father situated at the commanding heights of Nigerian private enterprise and a mother operating within the upper reaches of government, two worlds that remain distinct but inevitably encounter each other wherever industry, regulation, investment and public policy meet.

That is why Friday’s visit to President Tinubu is noteworthy without needing to be exaggerated. Its importance lies less in whatever may have been discussed behind closed doors than in the simple fact that Khalifa was there, standing beside his father and becoming familiar with another environment in which his surname, responsibilities and future may eventually carry their own weight.

Such encounters form a peculiar education unavailable in lecture halls. Universities can teach capital allocation and international relations, but they cannot completely teach the temperament of power: how an industrialist speaks to a president without becoming obsequious, how one carries disagreement without converting it into hostility, how old relationships are tended, how new ones are cultivated, or how to distinguish those who are merely attracted to wealth from those whose trust survives difficult seasons.

Those lessons are absorbed by watching.

They reside in airport lounges and factory inspections, private dinners and waiting rooms, board meetings and courtesy visits, in introductions that appear inconsequential until, perhaps ten years later, a name remembered from a handshake becomes the person sitting across a negotiating table.

This is how relationships are inherited, if relationships can ever truly be inherited at all. A father may leave his son factories, shares, houses and an enviable portfolio of assets, but he cannot simply insert forty years of trust into an estate document. The son must accumulate his own credit among bankers, investors, regulators, political leaders, employees and business partners, even when the father’s name opens the first door.

Abdul Samad should understand the intricacies of that inheritance better than most. He was himself born into the formidable commercial tradition of the late Khalifah Isyaku Rabiu, the Kano merchant, scholar and industrialist whose name carried considerable weight long before BUA became the corporate colossus it is today. Abdul Samad inherited a tradition of enterprise but did not merely preserve it; he recast it for another age, moving far beyond the familiar pathways of trading into manufacturing on a scale that turned cement, sugar, flour and other essential commodities into the pillars of a modern industrial fortune.

Now the wheel appears to be turning again.

There is an almost poetic symmetry in the fact that another Khalifa is moving towards the centre of the Rabiu story, although it would be simplistic to describe what is happening as a transfer of the crown. BUA is today too sprawling and professionally structured to be reduced to a princely succession tale, and Kabiru Rabiu remains an important figure in its leadership. The more compelling point is that Khalifa has moved beyond merely being part of the family photograph; he now occupies a position where he can be tested by responsibility, measured by results and introduced gradually to the ecosystem surrounding the family enterprise.

That is how serious succession often begins, not with coronation but with apprenticeship. A young man is first handed work that can expose his weaknesses, then brought into relationships that can test his temperament, before the people who have dealt with his father for decades begin, cautiously, to deal with him in his own right. The family name may secure the introduction, but eventually the young man must demonstrate whether there is substance behind it.

For Abdul Samad, therefore, legacy will one day amount to considerably more than deciding how factories, shares and investments are distributed among heirs. The harder inheritance will be culture, discipline, judgement and the instinct for survival that allowed a family trading heritage to become an industrial institution. Kabiru represents an important part of the generation that travelled that journey alongside him; Khalifa increasingly represents the question of what follows after it.

Seen from that perspective, the young man’s growing presence around his father acquires a meaning beyond privilege. He is watching a man who has spent decades learning the peculiar choreography of Nigerian capitalism, where enterprise lives constantly in conversation with government, regulation, foreign capital, infrastructure and politics without necessarily becoming politics itself. He is being allowed to observe not simply how a fortune is enjoyed but how influence is managed, relationships are preserved and institutions are kept alive through changing governments and economic seasons.

That may ultimately be the most valuable thing Abdul Samad can give him.

Factories can be inherited. Shares can change names on a register. Houses and aircraft can pass from father to son with the neat efficiency of lawyers and trustees. What cannot be transferred so easily is the confidence of people who matter, the discipline to remain composed when markets rebel, the instinct to recognise danger before it announces itself and the ability to enter a room full of powerful men without being diminished by them or intoxicated by their attention. Those things take time.

And perhaps that is the deeper meaning of Khalifa walking beside his father into President Tinubu’s Lagos residence on Friday: the young man is no longer being shown only the empire.

He is being introduced, carefully and gradually, to the world around it.

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NNPC Posts N7.2trn Profit As 2025 Revenue Falls To N34.5trn

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NNPC Hikes Petrol Prices In Abuja, Lagos, Ibadan

The Nigerian National Petroleum Company Limited (NNPC Limited) on Tuesday reported a profit after tax of N7.2 trillion for the 2025 financial year, representing a 33 percent increase from the N5.4 trillion recorded in 2024.

The company’s revenue, however, declined by 23.4 percent from N45.075 trillion in 2024 to N34.516 trillion in 2025.

NNPC Limited also reported earnings per share of N35.9, while its taxes, royalties and other remittances to the Federal Government increased by 39 percent to N22.3 trillion.

The company attributed the increase in profit despite lower revenue to improved operational efficiency and cost discipline. Speaking on the results, NNPC Limited Group Chief Executive Officer (GCEO), Engr. Bayo Ojulari, said the decline in revenue was largely due to lower crude oil prices and reduced white-product volumes following market deregulation.

He said the company nonetheless achieved improved operational performance, with crude oil and condensate production reaching a five-year high of 1.77 million barrels per day at its peak in 2025.

Natural gas supply also rose to a three-year high of 7.2 billion standard cubic feet per day, he said.

According to the company, crude oil production for the year stood at 565.8 million barrels, with 278.2 million barrels supplied to domestic refineries.

Gas supply to power plants and commercial customers stood at 473.3 billion standard cubic feet during the year.

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Dollar To Naira Exchange Rate Today, September 29th, 2026

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The Nigerian currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Monday, 28/09/2026.

Naija News reports that data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,331.3292/1$ on Monday.

The latest rate represents a change in figure from Sunday’s rate of ₦1,329.5138/1$.

At the parallel market (black market), however, the naira closed on Monday at ₦1,382 to the dollar.

The offer by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates because of transaction margins and prevailing demand and supply conditions.

Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indications of whether the naira can sustain its gains through the month.

 

 

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