News

FCCPC obeys ex parte order over digital lending

Published

2 weeks ago

May 23, 2026

Temporary relief came for airtime lenders at the weekend following a statement by the Federal Competition and Consumers Protection Commission (FCCPC) to obey an ex parte order mandating it to suspend the enforcement of the 2025 digital lending regulations.

The order was made by the Lagos Federal High Court presided over by Justice A.L. Allagoa.

Ex parte orders last for 14 days.

The Wireless Application Service Providers’ Association of Nigeria (WASPAN) earlier filed the suit challenging the enforcement of the Digital, Electronic Online or Non-traditional Consumer Lending Regulations 2025 (DEON Regulations.

However, in a statement signed by its Director of Corporate Services, Mr Ondaje Ijagwu, FCCPC disclosed that its legal team had been directed to immediately challenge the competence of the order.

The FCCPC statement read in part:

“The Commission has since been served with an ex parte order of the Federal High Court sitting in Lagos, coram Hon. Justice A.L. Allagoa, made on the 15th day of April, 2026, restraining/suspending the implementation of the regulations.

“As a law-abiding institution, the Commission, in deference and in obedience to the rule of law, hereby suspends the implementation and the enforcement of the DEON REGULATIONS 2025. The Commission has also given its solicitors’ firm instructions to challenge the Order and the competence of the suit.”

News

Police promote 17,952 junior officers

Published

7 days 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

POS threatens to suspend services

Published

7 days ago

May 30, 2026

The Exclusives

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

No end in sight to cooking gas price increase

Published

7 days 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.