Sets out exchange rate, figures behind the price

Presidential candidate of the Accord Party, Dr Gbenga Olawepo-Hashim, has said his proposed ₦605 per litre petrol price is only the starting point of a broader energy policy that could eventually bring the price down to between ₦200 and ₦300 per litre.

Hashim, who has been campaigning on an energy security first agenda, said Nigeria could achieve cheaper petrol without returning to the opaque subsidy regime that existed before the 2023 reform.

The energy executive noted in a statement issued on Monday, that the fundamental question Nigeria should answer is not simply how much petrol sells for internationally, but how much it actually costs Nigeria to produce crude, refine it and deliver the finished product to Nigerian consumers.

Hashim’s campaign used a domestic crude production of $45 per barrel in explaining the proposed starting price.This includes NNPC and standard industry upper limit cost of $30 plus $15 margin.

According to the Hashim campaign cost model, a standard barrel of crude gives 159 litres. At $57 divided by 159, petrol will be approximately $0.3585 per litre.

At an illustrative exchange rate of ₦1,400 to the dollar, that translates to about ₦502 per litre. Other costs include refining costs of $5 per barrel, distribution, transportation and insurance $7 per barells.

Hashim explained that, given that a barrel of crude accounts for 159 litres of a basket of products, unit price to a total of $57 divided by 159 liters gives $0.34 (N501).

Hashim’s campaign has proposed an Energy Stabilisation Tax of approximately ₦104 per litre, producing a figure close to the ₦605 target.

However, the campaign’s framework treats the calculation as a benchmark rather than a complete refinery cost calculation, since a barrel of crude does not produce 159 litres of petrol. It produces a basket of products, including petrol, diesel, aviation fuel, LPG and other refinery outputs.

Hashim’s broader argument rests on reducing the underlying cost of Nigeria’s petroleum system; which translates to approximately $0.346 per litre when expressed against the 159 litre barrel.

His position has attracted fresh attention following his declaration that an Accord administration in 2027 would ensure that Nigerians do not pay more than about ₦605–₦610 per litre for petrol at the beginning of its tenure.

Hashim called for an independent forensic audit of the petroleum value-chain, covering crude exploration and production, contracting, procurement, security, transportation, refining, storage, insurance, pipelines and distribution.

He insisted the exercise should establish the actual cost of producing and delivering petroleum products rather than relying automatically on international benchmark prices.

“Show Nigerians the books. Publish the production cost. Publish refinery cost. Publish transportation. Publish insurance. Publish every margin. Let the data speak.”

The Accord Party presidential candidate questioned whether Nigerians should automatically bear every international opportunity cost attached to crude produced within Nigeria, arguing that the country should distinguish. between the cost of producing energy and the international market value of the resource.

He described the conventional justification of subsidy removal as “accounting magic,” arguing that selling a domestically-produced product below an international opportunity price does not, by itself, establish that government is subsidising the product.

The Accord Party candidate noted that Nigeria’s growing refining capacity provides an opportunity to fundamentally change the country’s petroleum economics.

He proposed greater support for large scale and modular refineries, regional refining facilities, petrochemical plants, storage infrastructure and crude evacuation systems.

According to him, domestic refining should do more than eliminate imports. It should lower the cost of energy, retain value inside Nigeria and create a platform for industrialisation.

“We must stop exporting cheap energy and importing expensive products. Nigeria must refine more, manufacture more and export more value-added energy products,” he said.

Hashim said refinery capacity alone would not solve the problem if domestic refineries could not obtain adequate crude at competitive prices.

Exchange Rate Component

Hashim also noted that exchange rate stability is another major component of the proposal and has proposed an exchange rate range of approximately ₦525–₦700 to the dollar, arguing that a stronger and more stable naira would reduce the domestic cost of imported equipment, technology and other dollar linked inputs used across the energy sector.

He said the combination of lower crude production costs, efficient domestic refining and a stronger naira could eventually move petrol towards ₦200–₦300 per litre.

Hashim said the objective is not merely to make petrol cheaper but wants lower energy costs to translate into lower costs of transportation, agriculture, manufacturing, mining and other productive activities.

He argued that government should ultimately generate more revenue from an expanding productive economy rather than rely heavily on high energy prices.

He added: “The best revenue strategy is not to make everything expensive. It is to make Nigerians more productive and her manufactures more competitive.”

Hashim said the 2027 presidential election should force Nigerians to examine competing economic models rather than simply competing personalities.

He said his administration would judge its energy policy not only by the amount of revenue collected from petroleum but by whether Nigerians become more productive as energy becomes more affordable.

“₦605 is where we start. ₦200–₦300 is where we can go. The route is not magic. It is lower production costs, domestic refining, a stronger naira, greater energy production and a government that understands that affordable energy is an investment in national productivity.”

A governorship aspirant of the African Democratic Congress (ADC) in Oyo State, Olooye Adegboyega Taofeek Adegoke, has claimed that he played a role in having the names of himself and other candidates from his faction listed on the portal of the Independent National Electoral Commission (INEC).

Adegoke was seeing making the claim in a video from a meeting with party members and leaders in Ibadan on August 18, 2026, where he spoke about the status of the candidates ahead of the 2027 elections.

According to him, the names of the candidates, including those seeking seats in the House of Representatives and the Oyo State House of Assembly, were not initially reflected on the commission’s portal.

He said, “The names of the people here were not on the INEC portal. It was I and God who made it possible for our names to appear on the portal.”

The claim has added a new dimension to the lingering crisis over the ADC’s candidates in Oyo State, where rival factions have continued to dispute the party’s leadership and tickets for the 2027 elections.

While Adegoke said the uploading of names was due to his efforts, the claim has raised concerns among party stakeholders and other observers over how an aspirant could influence the uploading of candidates’ names on INEC’s portal.

Attention has also shifted to the commission for clarification on how the disputed names were submitted and published, and whether the process followed its established procedures.

INEC had not, as of the time of filing this report, publicly commented on Adegoke’s claim or explained the circumstances surrounding the appearance of the candidates’ names on its portal.

The Ogun State Government has commenced a crackdown on unapproved associations of commercial motorcycle operators across the state, directing them to immediately stop the collection of revenues, levies, taxes and other government-related charges from operators.

The government, in a directive issued through the relevant authorities, said only three motorcycle operators’ associations—ROMO, AMORAN and ACCOMORAN—are currently recognised and authorised to operate on public roads and parks in Ogun State.

It described the activities of unapproved groups as a breach of the state’s regulatory framework, warning that their operations could undermine the effective regulation of commercial motorcycle transportation, threaten public order and result in the illegal diversion of revenues meant for government.

The government specifically named ANACOWA, AKMODE Transport Limited and other parallel motorcycle operators’ groups among those not approved by the Ogun State Ministry of Transportation to undertake commercial motorcycle revenue activities on public roads and parks.

It also clarified that the affected organisations are not authorised by the Ogun State Internal Revenue Service (OGIRS) to collect personal income tax or any other government levies from their members.

According to the government, registration with the Corporate Affairs Commission (CAC) merely gives an organisation legal personality and does not automatically grant it a licence to engage in regulated commercial motorcycle operations or collect taxes and other government revenues.

The government further stressed that although citizens have a constitutional right to form or belong to associations, such a right does not amount to an automatic licence to carry out regulated commercial activities without obtaining the necessary permits, approvals and licences from the appropriate government agencies.

Addressing the March 28, 2023 judgment delivered by Justice Akinyemi, which has reportedly been relied upon by AKMODE Transport Limited and other affected groups, the government said the judgment only affirmed the constitutional right to freedom of association through registration with the CAC.

It maintained that the judgment did not grant any licence to operate commercial motorcycle businesses in public spaces, authorise the collection of government revenue or invalidate Ogun State’s policy on the licensing and regulation of commercial motorcycle operations.

Consequently, the government directed ANACOWA, AKMODE Transport Limited and all other unapproved motorcycle associations to immediately cease revenue collection and other unauthorised activities in public spaces across the state.

It warned that continued operations by the affected groups would be regarded as a violation of the state’s regulatory framework and a challenge to constituted authority.

The government, however, assured residents and stakeholders that enforcement would be conducted professionally, peacefully and in accordance with the law.

It said the Ministry of Information would commence immediate public enlightenment on the directive, while security and enforcement agencies had been instructed to begin simultaneous implementation across the state.

The Police and other relevant agencies, the government added, would take all lawful measures against individuals or groups found violating the directive. Such measures may, where legally permissible, include arrest of persons reasonably suspected of committing an offence, seizure or impoundment of property and prosecution before the appropriate authorities.

Commercial motorcycle operators and members of the public were consequently advised not to pay taxes, levies, subscriptions or other government-related charges to any association or individual that has not been duly authorised by the Ogun State Government.

The government urged all stakeholders to comply with the directive and cooperate with relevant authorities towards establishing a properly regulated, orderly and lawful commercial motorcycle transportation system across Ogun State.

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has pledged to reopen Nigeria’s land borders if elected president in 2027, saying the move would revive legitimate trans-border trade and create more economic opportunities.

Atiku said border restrictions had negatively affected traders and young entrepreneurs who depended on cross-border commerce for their livelihoods. He argued that reopening the borders would boost economic activities while strengthening opportunities for youths.

He also promised to develop and modernise seaports in the South-South and South-East, including ports around Calabar and Port Harcourt. According to him, this would reduce pressure on Lagos ports and bring imported goods closer to consumers and businesses across the country.

Atiku said improved port infrastructure and road networks would reduce transportation costs and delivery times. He cited the long journey from Lagos to northern cities such as Yola, arguing that properly developed southern ports could make the movement of goods to the North significantly faster and more efficient.

The Federal Government says it has disbursed more than N600 billion in cash transfers to over 10 million households across Nigeria since President Bola Tinubu assumed office three years ago.

Minister of Humanitarian Affairs and Poverty Reduction, Bernard Doro, disclosed this on Wednesday during an interview on Politics Today, a Channels Television programme.

Doro said the intervention was designed to support poor and vulnerable households and improve their living conditions, noting that the 10 million beneficiary households could represent about 40 million Nigerians based.

Yoruba Nation activist, Sunday Adeyemo, popularly known as Sunday Igboho, has launched the Ogun State chapter of the Iru Ekun Security Network, a community-based security initiative aimed at supporting efforts to tackle kidnapping, banditry and other criminal activities across the South-West.

The Ogun chapter was inaugurated amid a large gathering of supporters and volunteers, with members appearing in coordinated outfits. Igboho said the initiative would expand across the South-West and focus on improving security in communities, forests and other areas considered vulnerable to criminal activities.

Speaking at the event, Igboho said members of the outfit would receive formal training, with the Federal Government expected to determine who would conduct the training. He added that the Ogun State Government would determine where trained members would be deployed, while members would receive identification cards at the local government level.

Igboho also urged members to maintain discipline and avoid abusing their positions after receiving training and identification. He said the Ogun State Government had promised to support the initiative and would determine a monthly allowance for members to enable them to carry out their duties while supporting their families.

The launch comes amid growing concerns over kidnapping, banditry and other security challenges in parts of the South-West. Igboho said the long-term goal was to establish Iru Ekun as a properly organised community security structure working in coordination with government authorities to improve security across Yorubaland.

Operatives of the Lagos State Environmental Sanitation Corps, popularly known as Kick Against Indiscipline (KAI), have rescued a baby found abandoned at a junkyard along the Lagos-Badagry Expressway.

The disturbing discovery was made on Wednesday, August 26, 2026, during an ongoing multi-agency cleanup and enforcement operation along the busy Lagos-Badagry corridor.

According to reports, the baby was found at the Alakija Junkyard by KAI operatives who were carrying out clearance activities in the area.

The circumstances surrounding how the child ended up at the junkyard remain unclear, while no family member or guardian had reportedly come forward to claim the baby as of the time of reporting.

The rescue has sparked concern over the welfare and safety of vulnerable children, particularly those found in unsafe environments along the Lagos-Badagry corridor.

The development is particularly disturbing because it comes barely two weeks after KAI operatives rescued four nursing mothers and their babies from an illegal dumpsite at Agboju, also along the Lagos-Badagry Expressway.

During that earlier operation on August 10, four young mothers were found living with their children in what the Lagos Environmental Sanitation Corps described as inhumane and unsafe conditions. One of the babies was just nine days old.

The latest rescue therefore marks another major child-welfare incident uncovered during the ongoing environmental enforcement activities along the corridor.

A video circulating online showed KAI operatives at the scene after the child was recovered, with the rescue team appearing relieved to have found the baby alive.

Authorities are expected to establish the identity of the child and determine the circumstances that led to the abandonment, while appropriate welfare and child-protection agencies may be involved in the child’s care.

The repeated discoveries have also raised fresh concerns about the vulnerability of women and children living in or around illegal dumpsites, shanties and other hazardous environments along the Lagos-Badagry corridor.

The Lagos State Government has continued its crackdown on illegal dumpsites, shanties and other environmental infractions along major road corridors, with officials insisting that the operations are also necessary to protect public health and safety.

The latest incident underscores the need for stronger collaboration between environmental enforcement agencies, the police, social welfare authorities and humanitarian organisations to ensure that vulnerable children rescued from dangerous environments receive proper protection and care.

The case also highlights the urgent need for members of the public to report suspected cases of child abandonment, abuse or neglect to the appropriate authorities.

As investigations continue, attention is now focused on identifying the rescued baby’s parents or guardians and ensuring that the child remains safe.

The rescue was first reported on Thursday, August 27, 2026, by Pulse Nigeria, which said no family member or guardian had come forward at the time of its report.

The Minister of Education, Dr Tunji Alausa, has charged Nigerian universities and the National Agency for Science and Engineering Infrastructure (NASENI) to move research beyond academic journals and prototypes and turn innovative ideas into commercial products, companies and jobs.

Alausa gave the charge during a briefing with Vice-Chancellors, Directors of Academic Affairs, Directors of Postgraduate Studies and officials of the Federal Ministry of Education’s Directorate of University Education.

The minister said Nigeria could no longer afford to allow valuable research findings and innovations to remain on university shelves without being translated into solutions capable of driving economic growth and improving the lives of citizens.

According to him, universities should focus not only on publishing research but also on securing patents, developing market-ready products and attracting investors who can support the commercialisation of innovative ideas.

Alausa cited the innovation ecosystem around Cambridge, Massachusetts, as an example of how research institutions could successfully connect academic discoveries with industry, investment and entrepreneurship.

He said the proposed NASENI Campus would provide an important platform for achieving such collaboration by bringing together university researchers, laboratories, prototyping facilities, industries and investors.

The minister urged NASENI to deepen its collaboration with universities located close to its development centres, noting that universities have a large concentration of researchers, lecturers and students whose expertise could support Nigeria’s industrial development.

He said NASENI should serve as a bridge between universities and the private sector by assisting researchers with patent registration, connecting innovators with venture capital and facilitating the establishment of spin-off companies.

Alausa also urged NASENI to prioritise lithium processing and battery production as part of efforts to support Nigeria’s renewable energy ambitions and broader industrialisation agenda.

Earlier, the Executive Vice Chairman and Chief Executive Officer of NASENI, Khalil Suleiman Halilu, said the agency was aligning with President Bola Ahmed Tinubu’s directive to move innovations beyond prototypes and into full-scale production.

Halilu explained that the proposed NASENI Campus, located within a 100-hectare free trade zone, was designed as a hub where researchers, professors, prototyping facilities, industries and investors could work together.

He noted that several factories and industrial plants were already operating within the zone, creating opportunities for stronger collaboration between academia and industry.

Also speaking, the Vice-Chancellor of the University of Abuja, Prof Hakeem Babatunde Fawehinmi, said the university’s existing partnership with NASENI demonstrated the potential of university-industry collaboration.

Fawehinmi disclosed that the partnership had produced an integrated agriculture incubation centre, greenhouses, automated poultry systems and tissue culture laboratories, which are being utilised for undergraduate and postgraduate research.

He said the university was also prepared to expand the collaboration into dairy science and renewable energy.

Similarly, the Vice-Chancellor of Bayero University, Kano, Prof Haruna Musa, said the institution was seeking broader collaboration with NASENI in areas including nanotechnology, vaccinology, toxinology and mathematical modelling.

Musa disclosed that two research projects from Bayero University had reached the final stage of NASENI’s commercialisation grant.

The projects include the development of reusable sanitary pads and the industrial production of starch derivatives from sweet potatoes.

The minister’s position reinforces the Federal Government’s broader push to make Nigerian universities more responsive to national development by linking academic research with industry, entrepreneurship, job creation and economic diversification.

Alausa stressed that Nigeria’s human capital and intellectual resources must be converted into tangible economic and social benefits rather than remaining confined to academic publications.

Minister of State for Works, Bello Muhammad Goronyo, has urged Oyo State Governor, Seyi Makinde, to join the All Progressives Congress (APC), arguing that the move would bring the state closer to the Federal Government and enable it to benefit more directly from the administration of President Bola Ahmed Tinubu.

Goronyo made the appeal on Monday during the flag-off of the dualisation of the Ibadan-Ijebu Road in Ogun State. President Tinubu was represented at the event by Ogun State Governor, Dapo Abiodun.

The minister, while commending Abiodun for his contributions to infrastructure development in Ogun State and the wider South-West, said the APC-led Federal Government was accelerating development through major infrastructure projects.

“The central train of development is moving fast under our progressive banner,” Goronyo said.

He subsequently extended a direct invitation to Makinde to defect to the ruling party, describing the move as a “natural giant step” that would align Oyo State more closely with the Federal Government under the Renewed Hope Agenda.

“I therefore warmly welcome and openly invite His Excellency the Governor of Oyo State, Mr Engineer Seyi Makinde, to take the natural giant step into the All Progressives Congress, the APC,” the minister said.

“Come and align Oyo State fully with the centre under the Renewed Hope Agenda of President Asiwaju Bola Ahmed Tinubu.”

Makinde was absent from the ceremony. His political future has, however, become a subject of increased attention as preparations for the 2027 general elections intensify.

The governor is currently associated with the Allied Peoples Movement (APM), which has positioned him for the 2027 presidential contest amid ongoing political realignments across the country.

Goronyo’s appeal therefore comes against the backdrop of growing efforts by political parties and influential politicians to consolidate alliances ahead of the next general election.

The minister’s invitation also coincided with the commencement of the dualisation of the Ibadan-Ijebu Road, an important transport corridor connecting Oyo and Ogun states. The project is expected to improve connectivity, facilitate the movement of people and goods and strengthen economic activities along the route.

Among the dignitaries at the event were Minister of Works, Dave Umahi; the Olubadan of Ibadan, Oba Rashidi Ladoja; Ogun State Deputy Governor, Noimot Salako-Oyedele; and the APC governorship candidate in Oyo State, Senator Sharafadeen Abiodun Alli.

The latest invitation from the Federal Government adds another dimension to the political calculations ahead of 2027, with the possibility of Makinde joining the APC potentially representing a significant political realignment in Oyo State and the wider South-West.

For now, the minister’s appeal places the ball in Makinde’s court as political activities and alliances continue to take shape ahead of the 2027 elections.

Chief Alabi Ogundepo, a renowned Saki-born poet, writer, cultural enthusiast and respected community leader, has died at the age of 84.

The Ogundepo family announced his death on Sunday, August 24, 2026, describing his passing as a profound loss to the people of Saki, Oyo State, and the wider Yoruba literary and cultural community.

In a statement signed by Dupe Ogundepo Falana on behalf of the family, the family said it received the news of the elder statesman’s death with deep sadness, while acknowledging his remarkable contributions to literature, culture and community development.

Chief Ogundepo was widely respected for his passion for Yoruba language, poetry, culture and intellectual expression. Through his writings and engagement with traditional and contemporary Yoruba cultural values, he contributed to the preservation and promotion of the rich heritage of the Yoruba people.

Born and raised in Saki, in the Oke-Ogun area of Oyo State, Ogundepo remained closely connected to his roots and was regarded as one of the notable voices who promoted the cultural identity and traditions of the community.

His literary works and cultural engagements earned him recognition beyond Saki, particularly among those committed to the preservation of Yoruba literature, oral traditions and indigenous knowledge.

Beyond his literary and cultural pursuits, the deceased was also regarded as a respected community figure whose wisdom, experience and commitment to his people made him an influential voice within his community.

The family described his death as a significant loss, noting that his departure has left a vacuum that will be difficult to fill.

Tributes are expected to continue to pour in from family members, friends, literary figures, cultural organisations, community leaders and admirers as news of his death spreads across Oyo State and beyond.

Chief Alabi Ogundepo is survived by his children, grandchildren and other members of his extended family.

Details of his burial arrangements are expected to be announced by the family.

His death marks the passing of another notable custodian of Yoruba culture and literary heritage, leaving behind a legacy that is expected to endure through his writings, cultural contributions and the lives he influenced.