News

POS threatens to suspend services

Published

1 week ago

May 30, 2026

This may not be the best of times for the POS operators and many Nigerians, as The Association of Point of Sale Service Providers {POS} have threatened to suspend and cripple banking operations in the country if the Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Act (FCCPC) fail to immediately intervene in the alleged exclusivity practice by Verve International and Interswitch Limited.

The Association disclosed this in a statement signed by Yomi Idowu, Communications Consultant to the Association.

According to Idowu, the POS operators have written a letter to protest the alleged persistent unlawful decisions of the two companies, noting that the actions of Verve and Interswitch negate ‘extant rules and regulations of the Central Bank of Nigeria{CBN} and the Federal Competition and Consumer Protection Act {FCCPC}, 2018.

The Association of POS Service Providers emphasised that ‘As representatives’ of a coalition comprising several Central Bank of Nigeria Licensed payment acceptors/acquirers, processors and switches, they would have no option but to suspend acceptance/acquiring, processing and switching of Verve Card transactions.

The Point of Sales Association in the letter was quoted thus: “This decision has become unavoidable due to the persistent and escalating unlawful conduct of Verve International (Verve) and Interswitch Limited (Interswitch) which according to the Association jointly undermine “The integrity of Nigeria’s payments ecosystem, erode the capital base of participating institutions and violate several regulatory requirements.”

The Association highlighted the breaches as including but not limited to: maintenance of an exclusive monopoly over Verve transaction processing; abuse of dominant position in the domestic card scheme market, contrary to section 72 of the Federal Competition and Consumer Protection Act 2018(FCCPCA) and Section 3,4,7,3 of the CBN Guidelines on Operation of Electronic Payment Channels; imposition of scheme fees in excess of the regulated Merchant Service Commission(MSC) share attributable to acquirers under extant CBN regulations and; unauthorised and unlawful debits from settlement accounts of Acquirers, and Processors /Switches.

The POS Association recalled that its members contributed immensely to building the acceptance and growth of Verve cards at enormous cost to its members in compliance with the CBN regulations without subsidy from Verve and Interswitch as a domestic scheme in Nigeria.

Mr Idowu concluded that “Ironically, the association emphasised that other card scheme operators have since abolished all forms of exclusivity in compliance with the CBN regulations.”

News

Police promote 17,952 junior officers

Published

1 week ago

May 30, 2026

The Exclusives

The Nigerian Police has promoted a new set of junior police officers.

The Exclusivesonline gathered that the promotion is part of ongoing efforts to enhance personnel welfare, boost morale, and reward diligence, professionalism, and dedication to duty.

17,952 junior police officers across various ranks in the Nigeria Police Force were promoted.

The Inspector-General of Police (IGP), Olatunji Disu, said the promotion exercise, which spans Commands and Formations nationwide, comprises the elevation of 165 Sergeants to the rank of Inspector, 73 Corporals to the rank of Sergeant, and 17,714 Constables to the rank of Corporal.

He noted that timely promotion remains a critical component of the Force’s human resource management strategy and a key tool for motivating officers to remain committed to discharging their constitutional responsibilities.

The IGP emphasised that the advancement of deserving personnel reflects the commitment of the current Police leadership to merit, career progression, and institutional development.

Disu congratulated the newly promoted officers and charged them to see their elevation as a call to greater responsibility, professionalism, discipline, and dedication to service.

According to a statement issued by the Force Public Relations Officer, DCP Anthony Placid, the IGP urged them to uphold the core values of the Nigeria Police Force and continue to discharge their duties with integrity, respect for human rights, and commitment to the rule of law.

He said the NPF remains steadfast in its commitment to promoting excellence, rewarding hard work, and strengthening institutional capacity in line with global best practices in policing.

News

No end in sight to cooking gas price increase

Published

1 week ago

May 30, 2026

The Exclusives

The surge in the price of cooking gas may not end soon if the current development is to go by.

1 kg of cooking gas is currently N2,000 as against N1,200 that was sold some months back.

Many Nigerians are currently groaning over the surge in the price of cooking gas.

The Exclusivesonline gathered that Nigerians may have to wait for a while unless drastic action is taken to address the sudden increase in the price of cooking gas.

The Nigerian Association of Liquefied Petroleum Gas Marketers [NALPGAM] has also warned that the supply crisis could push millions of households and businesses into deeper hardship.

Operators in the industry attribute the rise to supply pressure in depots, high replacement cost, logistical hiccups, and foreign exchange pressure influencing importation and distribution of LPG and festive demand surge.

The Exclusivesonline gathered that the price of cooking gas has surged three times recently within two weeks. It rose from N1,200 to N1,500, then N1,700 and N1,800 per kilo and now, as at May 27th, is selling for N2,000-N2200 in various towns in Nigeria. Many Consumers refilled a 12.5kg cylinder of gas for N24,700 and more last week.

Executive Secretary of the NALPGAM, Bassey Essien, said that marketers made repeated representations to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) seeking incentives, but have not received relief.

“The problem is beyond marketers. Domestic suppliers such as NLNG and the Dangote refinery cannot meet the rising demand,” Essien said.

Industry data show NLNG has supplied about 400,000 metric tonnes to the domestic market since 2020, when local demand was around 1.2 million metric tonnes.

Demand has now risen to about 1.9 million metric tonnes, leaving a significant shortfall. Dangote Refinery’s earlier contribution to the local market — previously as much as 50 per cent of its available LPG — has been cut back because some output is being used as feedstock for fertiliser production.

According to him, the NLNG has been supplying the entire 400,000 metric tons to the local market since 2020 when market demand was about 1.2 million metric tons.

Now, the demand has risen to 1.9 million metric tons, and the supply from NLNG cannot come anywhere close to meeting market needs.

According to Essien, off-takers previously obtained between 500 and 5,000 metric tonnes from Dangote, but this has now been reduced to about 250 metric tonnes.

The supply shortage has caused wholesale depot prices to jump to between N25.2 million and N26.2 million for a 20-metric tonnes truck.

Recall that the federal government had, in November 2024, tried to stop the export of LPG to boost domestic supply, but investigations revealed that the export has not stopped entirely.

The Minister of State, Petroleum Resources (Gas), Obongemem Ekperikpe Ekpo, had announced the directive on 22 October 2024 in Abuja, after a high‑level meeting with industry stakeholders, including NNPC Ltd. and LPG producers.

Meanwhile, NALPGAM executive secretary, Bassey Essien, said the domestic price has continued to increase because the quantity supplied by NLNG is benchmarked at international market prices and, as such, marketers would add up their running costs, which pushes up the price that is transferred to consumers.

Also, the Nigerian LPG marketers are aggressively seeking government incentives and market reforms to stimulate demand, stabilise erratic retail prices, which have now surged toward N1, 800 to N2,000 per kg, and triple the country’s annual supply to 6 million metric tonnes.

To achieve sustainable market penetration, the industry is advocating the following critical incentives: the elimination of Value-Added Tax (VAT) on locally produced cooking gas and subsidising the cost of cylinders and accessories for low-income groups and cooperatives.

Developing robust domestic blending, storage, and delivery facilities is also part of their demand to cut landing and operational costs.

Also, enforcing the prioritisation of domestic LPG allocation over exports to prevent severe structural supply deficits, while providing forex intervention to help marketers ease the financial burden of importing equipment and products amid volatile global energy shocks.

Meanwhile, the global LPG market is actively surging, driven by a strong shift toward clean residential energy and petrochemical feedstock needs.

The market valuation is projected to grow significantly from approximately $176 billion to $273 billion by 2034.

However, this upward trend is accompanied by increased price volatility due to geopolitical supply disruptions.

News

Flooding: LASEMA, NEMA partner on sensitisation, preparedness

Published

2 weeks ago

May 25, 2026

The Exclusives

As the rainy season approaches, the Lagos State Emergency Management Agency (LASEMA) in collaboration with the National Emergency Management Agency (NEMA), are holding a sensitisation programme on flooding and preparedness aimed at reducing disaster risk and strengthening early warning systems across Lagos State.

The event will be held tomorrow at the Folarin Coker Hall, Alausa, Secretariat, Lagos.

Speaking during a press briefing, ahead of the programme, the Permanent Secretary of LASEMA, Dr Olufemi Oke- Osanyintolu, said the work of combating flood is for everybody, which should not be left to government and government agencies alone, insisting that citizens must also play their part in preventing flooding.

The PS further stated that other stakeholders, including the local government officials, community leaders, market associations, transport unions, and civil society organisations, would be around to review evacuation protocols, flood vulnerability maps, and community-level response plans ahead of the 2026 rainy season.

LASEMA’s PS disclosed that the state is shifting from a reactive to a responsive approach to disaster management.

“Lagos is a coastal megacity with over 22 million residents and extensive waterways. While this drives economic growth, it also exposes us to recurrent flooding. In 2025, over 1,100 emergency incidents were recorded, many linked to flooding. Our focus for 2026 is prevention, early warning, and community-level preparedness. Response alone is no longer sufficient,” Dr Oke-Osanyintolu stated.

Also speaking, Mr Akinyode Saheed, South-West Coordinator, NEMA, emphasised the importance of federal-state alignment in disaster risk reduction.

“NEMA is committed to supporting Lagos State with technical expertise, early warning data, and relief resources where needed. Our joint operations protocol ensures that when an incident escalates beyond state capacity, federal response is triggered without delay. Preparedness is a shared mandate, and today’s engagement shows that collaboration is working.”

South-West Coordinator National Emergency Management Agency South – West added that public cooperation is critical to the success of early warning systems. “When communities act on alerts and avoid high-risk areas, we save lives and reduce the burden on first responders.”

He also called on the media to play a critical role in risk communication by disseminating accurate, timely, and verified information to prevent panic and support coordinated response.

The PS emphasised the key pillars of the 2026 flood preparedness strategy to include:

“Intelligence and early warning: LASEMA has strengthened its 24/7 Command and Control Centre with real-time data from the Nigerian Meteorological Agency (NIMET) and the Nigeria Hydrological Services Agency (NIHSA). Residents will receive localised alerts 48–72 hours before predicted heavy rainfall through radio, SMS, social media, and community networks.

“Sensitisation and capacity building: The agency is training and activating community disaster marshals in all 57 LGAs and LCDAs to serve as first responders and information channels. Today’s stakeholder engagement is the first in a series of grassroots outreach efforts.

“Coordinated response and resource prepositioning: Emergency equipment and relief materials have been prepositioned in high-risk zones. LASEMA’s Light Rescue, Heavy Duty, and Marine Units are on standby, operating under the new joint operations protocol with NEMA to ensure seamless federal-state coordination.

Oke-Osanyintolu, also urged residents to take proactive steps to reduce flood risk, including clearing drainage channels, avoiding indiscriminate waste disposal, and evacuating promptly when advised.

“Disaster management is not the responsibility of the government alone. Every resident has a role to play. Blocked drainage remains the leading cause of urban flash floods in Lagos,” he said.

He said residents can contact LASEMA’s 24/7 emergency lines on *112* or *767* for assistance and to report incidents.