Airstrikes kill dozens in Gaza, international criticism of Israel grows

Israeli forces killed at least 55 Palestinians in airstrikes in Gaza on Tuesday, local medics said, continuing to bombard the enclave despite mounting international pressure to halt military operations and allow unimpeded deliveries of aid.

Britain announced it was suspending trade talks with Israel and summoning its ambassador over "egregious policies" in the occupied West Bank and Gaza, while European Union foreign policy chief Kaja Kallas asked for a review of the EU-Israel trade deal, according to Dutch news agency ANP.

The war, now in its 20th month, has left Gaza in ruins and its population facing a worsening hunger crisis. It has strained Israel's relations with much of the world and those with its closest ally, the United States, now appear to be wavering.

The United Nations said no humanitarian aid had been distributed yet in Gaza, although Israel eased its 11-week-old blockade on Monday.

"Israeli authorities are requiring us to offload supplies on the Palestinian side of Kerem Shalom crossing and reload them separately once they secure our team's access from inside Gaza," said U.N. spokesperson Stephane Dujarric.

He said four trucks of baby food were dropped off on the Palestinian side of the border on Monday, and that a few dozen trucks of flour, medicine, nutrition supplies and other basic items entered Gaza on Tuesday.

Israel's military said 93 UN aid trucks entered Gaza on Tuesday via Kerem Shalom "after a thorough security inspection".

Indirect ceasefire talks between Israel and Hamas militants in Qatar appeared to falter again, with Israeli Prime Minister Benjamin Netanyahu saying he had decided to bring back the senior negotiating team from Doha for consultations.

Hamas accused Netanyahu of entering the talks in bad faith, pretending to participate in a bid to mislead global public opinion. "No real negotiations have taken place since last Saturday," the Palestinian Islamist group said in a statement.

Israel's military chief said during a Gaza field tour that the army would expand its operations against Hamas, capture additional territory and "clear and destroy the terrorist infrastructure until (Hamas) is defeated".

Reuters

WESTERN PERSPECTIVE

EU, Britain go ahead with new Russia sanctions without waiting for Trump

The EU and Britain announced new sanctions against Russia on Tuesday without waiting for Washington to join them, a day after President Donald Trump's phone call with Vladimir Putin brought about neither a ceasefire in Ukraine nor fresh U.S. sanctions.

London and Brussels said their new measures would zero in on Moscow's "shadow fleet" of oil tankers and financial firms that have helped it avoid the impact of other sanctions imposed over the war.

"Sanctions matter, and I am grateful to everyone who makes them more tangible for the perpetrators of the war," Ukraine's President Volodymyr Zelenskiy wrote on Telegram.

He said it "would be good" if the United States added its help, adding: "It is important that America remain involved in the process of bringing peace closer."

The sanctions were unveiled without an immediate announcement of corresponding steps from Washington, despite intense public lobbying from European leaders for the Trump administration to join them if Russia rejected a ceasefire.

"We have repeatedly made it clear that we expect one thing from Russia - an immediate ceasefire without preconditions," German Foreign Minister Johann Wadephul said on the sidelines of a meeting with EU counterparts in Brussels.

As Russia had not accepted a ceasefire, "we will have to react," he said. "We also expect our U.S. allies not to tolerate this."

Trump told reporters on Tuesday he was deliberating over what actions to take, but gave no further details.

"We're looking at a lot of things, but we'll see," he said.

In a two-hour conversation with Putin on Monday, the U.S. president dropped his earlier insistence on an unconditional 30-day ceasefire and signalled that the war he once promised to end in 24 hours was no longer his to fix - a message that leaves Ukraine vulnerable and its allies worried.

Asked on Monday why he had not imposed fresh sanctions to push Moscow into a peace deal, Trump said that could make the situation worse and affect the chance of a deal, while adding: "But there could be a time where that's going to happen."

Trump said after talking to Putin he had told Zelenskiy and European leaders that Russia and Ukraine would immediately start negotiations on conditions for a ceasefire, a process Russia said would take time.

Russia and Ukraine held their first direct talks in more than three years on Friday at Trump's behest, but failed to agree a truce after Moscow presented conditions that a member of the Ukrainian delegation called "non-starters".

POPE WILLING TO HOST TALKS

Italian Prime Minister Giorgia Meloni said on Tuesday that Pope Leo had confirmed to her his willingness to host in the Vatican the next round of negotiations to try to end the war.

U.S. Secretary of State Marco Rubio told a congressional hearing on Tuesday that Putin had not received any real concessions in the U.S. effort to initiate talks and existing U.S. sanctions on Russia remained in place.

"The president ... believes that right now, you start threatening sanctions, the Russians will stop talking, and there's value in us being able to talk and drive them to get to the table. We'll see," Rubio said.

Ukraine says it is ready for an immediate ceasefire. The Europeans say Russia's insistence on talks first is proof that Putin, who started the war by invading his neighbour in 2022, is not prepared to end it.

European Commission President Ursula von der Leyen said a further package of sanctions was being prepared.

"It's time to intensify the pressure on Russia to bring about the ceasefire," she wrote on X.

RUSSIA SAYS IT WILL NOT BOW TO ULTIMATUMS

Russian Foreign Ministry spokeswoman Maria Zakharova said Russia would never bow to what she called ultimatums.

Putin said on Monday that Moscow was ready to work with Ukraine on a memorandum about a future peace accord. "Now, accordingly, the ball is in Kyiv's court," Zakharova said.

Brussels and London signalled they have not given up hope of persuading Washington.

"Let us push Vladimir Putin to put an end to his imperialist fantasy," France's Foreign Minister Jean-Noel Barrot said.

Britain's Foreign Minister David Lammy said "delaying peace efforts will only redouble our resolve to help Ukraine to defend itself and use our sanctions to restrict Putin's war machine".

The latest sanctions are aimed mainly at cracking down on a shipping fleet Russia uses to export oil, circumventing a $60 a barrel price cap imposed by the G7 group of industrialised countries to limit Russia's income.

Britain and the EU said they would also work to lower the cap, which imposes far less of a discount on Russian oil now that global prices have fallen this year.

RUSSIAN PERSPECTIVE

Ukraine has ‘one last chance’ – Medvedev

Authorities in Kiev have one last opportunity to preserve some kind of statehood after the Ukraine conflict inevitably resolves, former Russian President Dmitry Medvedev has said, urging Kiev to engage in peace talks.

Speaking at an international legal forum in St. Petersburg on Tuesday, Medvedev - who serves as the deputy chairman of the Russian Security Council - admitted that Moscow doesn’t like the current political regime in Kiev “at all.”

Nevertheless, he suggested that Ukraine’s leaders have “one last chance to preserve, under certain conditions, after the end of military actions, some kind of statehood or, if you like, some kind of international legal personality and gain a chance for peaceful development.”

Though the Ukrainian government lacks any sovereignty and is a failed “quasi-state” in its current form, Moscow remains open to holding unconditional direct peace negotiations that would take into account the current realities on the ground and address the root causes of the conflict, Medvedev stated.

Moscow is concerned that there are currently no individuals in Ukraine that have the legal authority to sign any sort of a peace deal with Russia, he noted. This concern mainly has to do with the fact that a treaty signed by the current leadership could subsequently be rejected once a new government in Ukraine is elected, he explained.

Zelensky’s presidential term officially expired last year, and he has since repeatedly held off holding new elections, citing the conflict with Russia and martial law.

While Moscow has questioned Zelensky’s legitimacy as Ukraine’s leader, last month, Kremlin spokesman Dmitry Peskov signaled that the Russian side may overlook his status in order to resume peace negotiations.

”The interests of entering the peaceful settlement process are above all else,” Peskov said, stressing that “the primary goal is to begin this negotiation process,” while all other questions are “secondary.”

Last week, delegations from Russia and Ukraine met in Istanbul, marking their first direct talks since Kiev unilaterally abandoned the peace process in 2022. The head of Russia’s negotiating team in Istanbul, Vladimir Medinsky, later said the two parties had agreed to conduct a prisoner swap involving 1,000 POWs from each side, and to continue contacts once both have prepared detailed ceasefire proposals.

Reuters/RT

“If I were to try to read, much less answer, all the attacks made on me, this shop might as well be closed for any other business” – US President Abraham Lincoln, 1809-1865.

I address you as “my brother” not because you are Yoruba and Ijebu; but because you are a Nigerian.

As a stubbornly non-party member, I remain non-partisan.

Politicians can play their games as they always do – deceive, decamp, destroy, defraud – but my neutrality is unassailable.

That should not be misconstrued to mean that I have no opinions about performances, usually horrible, but they are never coloured by partisanship.

Each event or issue is viewed from an independent perspective; and damn the consequences.

MAN ON THE HOT SEAT

“Stewards are not hired for their creativity but their reliability” -VANGUARD BOOK OF QUOTATIONS, VBQ, p 233

The position you occupy, Special Adviser to the President, Media, is perhaps the hottest seat in government.

Few predecessors in office had escaped having their trousers or skirts burnt.

There is no need to list seriatim all those who went into the office with excellent reputations; which have been tarnished forever.

For those who were brought up with high ethical standards, Double Chief Duro Onabule, former Chief Press Secretary to President Babangida, the post office trauma he experienced, as he personally told me, gave him sleepless nights.

Everywhere he went, people virtually held him responsible for the decisions of government which were made without his views being sought; and which he was bound to defend as if his life depended on it – which to some extent it did.

My brother, you have my sympathies; because all you are doing is nothing more than following the familiar road of defending government on matters which might be beyond the control of the President who appointed you; and who you must reliably serve – even if your utterances are unconvincing.

Let me provide a true example from the hideous past when you were away in exile.

The late Wada Nas, who I addressed as Wada Nasty, became Abacha’s spokesman late into the life of that regime.

Unknown to Wada and anybody else till today was the fact that one of his closest friends was also my friend – on account of his dad being a major transporter for North Brewery Limited, Kano; when I was responsible for paying the transporters.

Abdul, that was his name, told me one day that Wada was in tears one day – when he was carpeted for not responding to an article written in the TRIBUNE very critical of Abacha’s government on education.

He immediately called reporters and issued a statement accusing the author of having attended a clandestine meeting with people wanting to destabilise the Abacha regime in a hotel in Tamale, Ghana.

I went to the Ghanaian High Commission in Lagos, pretending to want to travel to Ghana and lodge in the hotel. It did not exist. Furthermore, Abdul revealed that Wada knew there was no such hotel. He just had to save his job.

“You cannot bully reality” – VBQ p 288 

You are not Wada Nasty, at least not yet.

But, you are falling into the same manhole as your predecessors in office; at a time when bullying reality has become almost impossible for governments.

You cannot now get away with attempts to distort unpleasant facts. In the almost two years since your appointment, it is quite possible that for every new fan you have acquired, you have lost 20 – who formerly believed in you.

Given that the messenger constitutes an important part of the message, your attempts increasingly are becoming unconvincing – even when there is a good message to deliver – for instance your defence of the solar power for Aso Rock; which I fully endorse.

Your recent rejoinder to the President of the African Development Bank, Akinwunmi Adesina, was the latest in a series of ill-advised interventions.

It reminds me of the hammer principle.

DANGEROUS OPERATING ON THE HAMMER PRINCIPLE

“If someone’s only tool is a hammer, they will tend to see every problem as something to be hammered” – Abraham Maslow, 1908-1970. 

Whenever government spokesmen assume that every unfavourable report, observation or comment must be countered by a rejoinder – oftentimes in combative or even crude language – they demonstrate the hammer principle in operation. Frequently, they might not even be experts on the subject matter. Emotionalism takes over; denial of obvious truths follows in quick succession.

With the possible exception of their bosses and camp-followers, very few people are convinced by what they publish.

Credibility gap worsens. 

The rejoinder to the statements credited to Adesina was a classic example of how the response makes the situation worse for government in several ways.

Primarily, it draws the attention of those who missed the story to go in search of it.

The remark was forwarded to me by a friend; and, to be candid, I saw nothing new in it.

Furthermore, as an economist, and Adesina is not, I thought it failed to mention the role the government of President Goodluck Jonathan, on whose cabinet he was Minister of Agriculture, played to bring Nigeria to the sorry situation in which our country finds itself.

In short, it was a broad historical perspective – mostly correct – but, it was not a specific condemnation of Tinubu government. 

Nigeria became the World Poverty Capital in 2018 – three years after Jonathan left office and three years after Buhari mounted the saddle.

It has remained in that position till today.

Tinubu’s two years in office certainly did not create it, but, it accelerated the descent into poverty and added more millions to the numbers.

Among the thinking classes in any country, every attempt to deny the obvious only invites needless counter-rejoinders and widespread ridicule.

“Most of the problems a President has to face have their roots in the past” – US President Harry Truman, 1884-1972.

Announcements such as Adesina’s should either be ignored altogether or should be out-sourced to economic historians and demographers who could have rendered more objective and professional criticisms of an imperfect submission.

The bottom line of all these is simple: Please stop trying to send a hasty reply to every criticism of the government you serve.

No government is perfect; and there will never be one – as long as human beings are in charge of our affairs. Focus on persuasion rather than combativeness when a rejoinder is inevitable.

Nobody is convinced by tough talk; and in the Age of Social Media, an avalanche of maledictions against the spokesman and President is guaranteed.

PAT UTOMI AND HIS SHADOW GOVERNMENT

“They came forth to war; but, they always fell” – James Macpherson, 1736-1796.

James Macpherson, a Scottish writer, was the father of John Macpherson, who was the Governor General of Nigeria from 1948 to 1955; when he retired and was replaced by Sir James Robertson.

His father penned that line after several failed attempts by the Scotts to go to war with the British.

Pat Utomi’s announcement of the formation of a Shadow Government, which inexplicably has rattled the government, reminds me of that aspect of history; as well as other similar attempts by conscientious men to change societies which apparently are unchangeable – at least not in the way they want.  Ordinarily, I would not have bothered to comment on the matter but for two reasons.

First, I agree ninety per cent with Pat Utomi regarding the sort of society Nigeria should have.

In fact, I find myself nodding from the first to the last sentence each time he publishes an article.

Second, with the current state of the nation, Nigeria definitely needs a change of direction.

We simply cannot continue like this. Pat, more than most people known to me, is well equipped to lead the quest for the transformative agenda that might save our nation before it goes the way of Sudan or Syria.

Unfortunately, he had tried before to put together groups of people who he thought could help bring about a new social order.

When he created Patito’s Gang – a group of young, well-educated, articulate and strongly opinionated men – he must have thought he had the nucleus of the socio-political movement; which would ultimately change Nigeria for the better.

In 2001, with all of them under the age of 50, George Bush II was US President and Tony Blair was UK Prime Minister – both about 50 – the battle cry of the Gang was for Nigeria to be turned over to the young people under 50. 

Apart from the weekly meeting on the television show – where everybody agreed with Pat on how Nigeria should be governed – meetings were held at Apapa in the office of Olisa Agbakoba – aimed at getting a young Nigerian elected President.

I was invited and went to one television programme and one meeting at Agbakoba’s office; and came to a conclusion: Pat had gathered office seekers masquerading as political reformers. I was proved right and Pat wrong when old man Obasanjo started his re-election campaign and packed his Media and Publicity Unit with members of Patito’s Gang. Agbakoba, who was warming up to run for President, with the support of the gang, was totally abandoned in the race to obtain their own pieces of the national cake.

Several of them have since served governments headed by old men. Now they are over 60; many compromised.

I just hope that Utomi’s Shadow Government will not be another Patito’s Gang. 

Vanguard

Key Takeaways

• Overconsumption of animal-based protein raises IGF-1 levels—a growth hormone linked to increased risk of chronic disease, accelerated aging, and reduced cellular repair.
• While IGF-1 is essential in youth and for muscle repair, chronically elevated levels in adulthood can disrupt longevity by promoting cell growth over cellular cleanup (autophagy).
• Experts recommend a Mediterranean or flexitarian approach—favoring plant- and fish-based proteins over heavy meat consumption—to reduce IGF-1 and support long-term health.

Protein is an essential nutrient for optimal health. And between the variety of meats, eggs, beans, nuts, and so much more to choose from, there are a lot of options when it comes to sourcing protein. Unfortunately, though, an overconsumption of protein can actually sabotage your longevity efforts, says healthy aging expert Joseph Antoun. “Consuming excessive protein, particularly from animal sources, raises IGF-1 levels,” he says. “IGF-1, Insulin-like Growth Factor 1, is a hormone that plays a crucial role in growth and cell proliferation.”

But what’s the science behind the negative effects of eating too much protein? How is IGF-1 affected? We asked our longevity experts all the questions—including the best approach to eating the right amount of protein.

How Does IGF-1 Affect Our Longevity, Exactly?

“Excessive IGF-1 is harmful to healthy longevity, as it promotes cellular growth over repair (increasing the risk of mutations), decreases autophagy (the cellular cleanup process key to healthy aging), and increases risk of chronic diseases,” Antoun says. Foods that are high in animal protein—such as meat, eggs, and even milk—stimulate and increase our IGF-1 levels, meaning the more you eat, the more you’re at risk of increased IGF-1 levels.

“While it’s essential in childhood and for muscle repair, chronically elevated IGF-1 in adults has been linked to accelerated biological aging, and therefore, an increased risk of age-related conditions,” Antoun says. “I call this condition the ‘Diabetes of Protein,’ whereby high IGF is excessively aging the body way beyond what the muscles require.” You might notice these lasting impacts on excessively muscular figures, such as body builders, who look great during their peak but tend to age poorly in their 50s and 60s. Much like when you’re a kid, eating animal-based protein in your 20s can feel and seem healthy, Antoun notes. Around the mid-life period, however, disease formation begins and can slow down the natural processes of our body.

You might be wondering what exactly you can eat to get your recommended daily intake of protein. Don’t worry—we’ve got you covered.

What’s the Best Way to Eat Protein?

“A well-balanced, plant-forward approach, such as a longevity-based diet(rich in complex carbs, plant-based/fish-based proteins, and healthy fats from nuts and seeds) offers a far more evidence-based path to metabolic health, disease prevention, and healthspan,” Antoun says. “When we study centenarians, we notice that most of them follow a plant-based Mediterranean, pescatarian, or flexitarian [semi-vegetarian] diet.”

Rather than quitting cold turkey, it’s best to slowly replace animal protein with plant-based protein without completely giving up meat or eggs. For example, you might turn your weekly grilled chicken rotation into a salad, where you’re getting more diverse nutrients than just animal protein. If you tend to eat a specific meat the most, consider replacing it with a plant-based protein like tofu, so you’re still getting the same textural experience while managing your IGF-1 levels. “A pure vegan diet is also correlated with longevity, but it needs to be supplemented with protein—especially at early and late stages of life,” Antoun adds. Like most things, consumption of animal protein in moderation can be a small change that makes a big difference.

Real Simple

Nigeria is experiencing the continent's most severe food security crisis, with 31.8 million people suffering from acute food shortages in 2024, according to a newly released global assessment. This figure represents not only Africa's highest total but also ranks among the world's most severe food emergencies.

The Global Report on Food Crises, jointly published by the Global Network Against Food Crises, UNICEF, and the Food Security Information Network, identifies Nigeria as the country with the sharpest increase in food insecurity worldwide last year. An additional 6.9 million Nigerians fell into acute food insecurity during 2024—accounting for nearly a quarter (23%) of the global increase.

Multiple factors have converged to create this crisis, including:

- Persistent armed conflict disrupting agricultural activities

- Severe economic challenges affecting affordability of food

- Extreme weather events devastating farmland and crops

- Disruptions to farming and trade, particularly in northern regions

The report places Nigeria at the top of food insecurity rankings among 40 assessed countries and territories. Over 30.8 million Nigerians were classified in Phase 3 (Crisis) of the Integrated Food Security Phase Classification (IPC), while more than one million reached Phase 4 (Emergency) conditions.

Environmental Impact and Displacement

The crisis was significantly worsened by environmental disasters, with flooding affecting 1.2 million people and destroying over 700,000 hectares of agricultural land in 2024 alone. The northeastern and northwestern regions suffered the most severe impacts, with many communities experiencing displacement and broken food supply chains.

Child Nutrition Crisis

The food shortages have taken a devastating toll on children's health:

- 5.4 million Nigerian children under five affected by acute malnutrition

- 1.8 million suffering from severe acute malnutrition

- 84 locations across the northeast and northwest classified as having "Serious" or worse nutrition conditions

- 34 areas reaching "Critical" malnutrition status

Health experts attribute these outcomes to inadequate diets, limited access to clean water, and disruptions to infant feeding practices due to displacement.

Structural Challenges

The report highlights ongoing structural issues exacerbating the crisis, including poor crop yields, economic hardship, and limited access to essential farming inputs. Food inflation remained high throughout 2024, while currency depreciation further reduced households' purchasing power for basic food items.

The humanitarian situation is further complicated by displacement, with 3.4 million internally displaced Nigerians and approximately 100,000 refugees in the country by year's end.

Outlook for 2025

Without significant intervention, the outlook remains bleak. Projections indicate that 30.6 million Nigerians may continue to face crisis-level food insecurity during the upcoming lean season in 2025, suggesting the emergency will persist without urgent and comprehensive action.

A fresh wave of Premium Motor Spirit (petrol) importation into the country has made the row between oil marketers and the Dangote Petroleum Refinery to linger, amid signs of deepening tensions in Nigeria’s downstream oil sector.

This row deepened after independent oil marketers resumed large-scale importation of petrol, as fresh data shows that over 496.17 million litres of petrol were brought into the country within nine days.

Two weeks ago, the President of Dangote Group, Aliko Dangote, declared that his $20bn refinery was still “fighting for survival”. The business mogul’s remarks were triggered by the continued importation of petrol and the reluctance of major marketers to buy in bulk from the refinery, despite its increased production capacity and improved output of petroleum products.

He stated at an event that the battle with entrenched oil cabals, one that began even before the refinery commenced full operations, was still ongoing.

The business mogul’s fears now appear to be confirmed, as fuel imports have surged significantly in recent weeks. The PUNCH findings using the Tanker Position Report, a document that tracks oil tankers’ movement and was obtained from Blue Sea Maritime by our correspondent on Monday, revealed that a total of 370,000 metric tonnes of petrol were discharged at various depots. These products berthed at sea ports between May 11 and 20, 2025.

Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers utilising scarce foreign exchange brought in about 496.17 million litres of petrol within the period.

With an average landing cost of N879.48 per litre, importers may have spent a total sum of N436.37bn on PMS imports. This is in addition to N2.42tn spent in 70 days between March 1 and May 9, 2025, and N4.51tn spent on the same purpose between October 2024 and February 2025.

Industry sources say the development is a result of a growing friction between private fuel importers, depot owners, and the Dangote Petroleum Refinery, rooted in what stakeholders describe as unfavourable business conditions.

Industry sources revealed that many marketers are deliberately opting to import Premium Motor Spirit rather than purchase from the refinery, citing a combination of economic and operational challenges.

Key among the grievances is the pricing model adopted by the refinery, which marketers say is not competitive when compared to international import options. In addition, sources said unfavourable business terms and gantry loading, among others, have pushed importers into importation.

This coincided with a PUNCH report that reduced output from the Dangote Petroleum Refinery due to an unscheduled maintenance, supported a bounce in West African import demand, as the market reverted to European supplies to serve regional demand.

According to S&P Global Commodities at Sea data, gasoline imports to Nigeria and Togo surged from around 200,000 barrels per day in January to over 300,000 barrels per day in March, and roughly 250,000 b/d in April, close to Nigeria’s total of around 300,000 b/d of national demand.

Market sources observed that Togo became an increasingly important channel for Nigerian imports as traders have drawn growing volumes to the offshore Lome market, where supplies are then loaded from large cargoes onto smaller vessels.

The trend to import supplies to Lome and breakbulk has been motivated by financial incentives to reduce tax exposure and continue purchases in US dollars, sources said, as the Nigerian government has made a push for companies to transact in naira.

Strong flows to West Africa have been aided by soft freight costs. Platts assessed the Clean Long-range UKC-West Africa rate at $22.68/mt on May 12, down from $28.25/mt the previous year.

This development is further confirmed by import documents, which revealed that a total of  370,000 metric tonnes were imported within nine days.

The depots receiving the product include strategic facilities in Lagos, Warri, and Calabar, marking one of the highest weekly import volumes recorded this year, amid foreign exchange challenges.

A further breakdown showed that Pinnacle Oil led the surge. The depot stationed very close to the Lekki-based plant received 152,000MT of petrol, translating to 208.83 million litres, which accounts for nearly 49.60 per cent of the week’s nationwide PMS deliveries.

Also, seven independent petroleum marketers collectively imported over 167 million litres of PMS during the review period, according to the latest import schedule. AA Rano, via the AITEO/LESTE terminal, accounted for the largest volume with 40.23 million litres. Sunbeth followed with 26.82 million litres delivered at the Menj Jetty. Other contributors—OBAT, Rainoil, Matrix, Prudent Energy, and Mainland (Calabar)—each brought in 20.12 million litres, underscoring the growing role of private players in sustaining fuel supply amid ongoing market pressures.

Further analysis showed that three vessels conveying 56,000MT are expected to berth at the Lagos Apapa port and the Calabar port today, Tuesday, May 20, 2025.

Stakeholders who spoke to The PUNCH said that the sudden surge in imports suggests marketers may have turned away from local sourcing in favour of direct importation, a move believed to be driven by widening margins at the depot level and mounting supply pressures.

Depot prices for PMS have reportedly surged in recent days, further complicating distribution and pricing across the downstream market. While exact figures remain fluid, marketers cited landing costs and logistics as key contributors to the upward adjustment.

The Independent Petroleum Marketers Association of Nigeria, National Publicity Secretary, Chinedu Ukadike, said the full deregulation of the downstream segment allowed marketers to freely source products, but noted that the abnormal import surge is indicative that something is wrong in the sector.

Ukadike, who spoke in a telephone interview on Monday, suggested it may be a sign of deeper issues with the Dangote Petroleum Refinery’s pricing strategy.

The national officer said the downstream petroleum market has become a battleground for survival as marketers weigh their options between importing fuel and sourcing from the Dangote refinery.

He stated, “Like I have always maintained, the market has been liberalised and there is not atom of regulation at all. It has now become a survival of the fittest and a price war. So, if Dangote’s price is actually cheaper for those importers, I don’t think they would do so (continue importing). Those who are importing are essentially businessmen who also want to make a profit. The refinery has said it has enough petroleum products to meet local demand and take care of the needs of the country.

“But the NMDPRA has said Dangote has a shortfall in supply, and when the authority in the downstream sector has spoken, it reveals the true situation of things. However, this surge in imports didn’t happen in previous months, it may likely indicate that there is something wrong with Dangote’s template on pricing. The new surge definitely means something is wrong somewhere, and maybe Dangote is not giving Nigerians the actual cost of petroleum products, which has allowed marketers to import and still sell, and they are not running at a loss. There is something on the borderline that needs to be cleared.

“For us as independent marketers, our own concern is to ensure the availability of products. We don’t want the interruption in the supply of petroleum products, whether locally or internationally. So whatever, we would be able to contribute to ensure the supply and bring down the petroleum. It is a win-win situation. Pinnacle has its own customer base, tricks and tactics to the distribution of products, as well as Dangote. These companies are big players in the downstream and gas industry.

“I also know that sometimes the Nigerian National Petroleum Company Limited uses Pinnacle and Matrix to bring in products. These companies have outlets too. People are free to import products for their own outlets, and they are selling them. Dangote is using MRS too. So it’s a free market.”

The Petroleum Products Retail Outlets Owners Association of Nigeria President, Billy Gillis-Harry, said that more than 70 per cent of the association’s over 7,000 retail outlets have shut down due to unsustainable operating conditions and lack of pricing stability in the downstream oil sector.

“Over 70 per cent of our retail outlets are closed and out of business today,” Gillis-Harry disclosed. “And the reason is that we struggle to take loans from the banks, purchase products, and before we even get to our filling stations, prices have either gone up or been slashed without any justifiable reason.”

He said the current volatility in fuel pricing has left marketers exposed to losses and made it nearly impossible to plan or remain competitive, forcing many to seek alternative sources of supply that offer stability and relief.

“That situation has forced us to source products from those who can give us a soft landing, so we can recover and compete,” he explained. “If someone knows that fuel is available and affordable, there’s no need for Nigerians to queue endlessly. But if there’s no liquidity to stock or restock, it naturally leads to scarcity and price hikes.”

Gillis-Harry warned that Nigeria may be sliding into a risky experiment akin to the strategy once adopted by Indian oil magnate Mukesh Ambani, who reportedly sustained massive losses to gain long-term market dominance.

“Right now, the current scenario reminds me of Mukesh Ambani. He had a vision of losing $25bn in 180 days and gaining three times that in 30 days—and he achieved it. We fear that this might be the same kind of market experiment playing out in Nigeria,” he said.

While commending the ambition and potential of the Dangote refinery, the PETROAN president cautioned that the project’s success must not come at the cost of destroying smaller market players who are already grappling with survival.

“I am happy about the Dangote Refinery. But if that happiness results in me being thrown out of business, how do I foot my bills? What then is the happiness about?” he queried.

According to Gillis-Harry, PETROAN members are left with no choice but to patronise fuel sources that offer predictable pricing and reduced risk.

“We will gladly patronise any source of products that would not expose us to the kind of fluctuation that is currently wrecking our businesses,” he added.

An oil and gas expert, Olatide Jeremiah, confirmed that the situation has sparked a deepening business conflict between importers, depot owners, and the refinery.

He said the refinery’s massive gantry loading capacity has significantly reduced the market share of traditional fuel importers, intensifying competition and triggering fresh business tensions in the industry.

“The gantry loading capacity of over 2,500 trucks daily at Dangote Refinery has diminished 50 per cent of the sales made by fuel importers,” he said. “Most of these importers now sell through their retail outlets just to stay afloat.”

“I can categorically tell you that there is a business conflict, and that’s why private depot owners and importers would rather continue importing than patronising the Dangote Refinery,” Jeremiah stated. “Unfair pricing, unfavourable business terms, and gantry loading constraints are all pushing many players back into importation. It’s a game of survival now.”

According to him, long-standing importers and depot operators, many of whom pioneered the liberalisation of the sector, are leveraging their experience and global contacts to beat Dangote on landing cost.

“Don’t forget, importers and depot owners are pioneers and major stakeholders in the downstream sector,” he noted. “They will always find their way around cheaper landing costs in order to beat the competition posed by Dangote Refinery.”

Also speaking, renowned energy economist Prof Wumi Iledare, raised concerns over the structural inefficiencies in Nigeria’s downstream petroleum sector, describing it as “largely anticompetitive” and dominated by a few influential players who are locked in a struggle for market share and profit maximisation.

Speaking with The PUNCH, Iledare said the Federal Government’s continued reliance on fuel imports to drive competition has worsened the situation, putting pressure on the naira, draining foreign reserves, and preventing pump price reductions despite a global decline in crude oil prices.

“The Nigerian petroleum market remains largely anticompetitive, dominated by a few influential firms competing for market share and producer surplus,” Iledare said. “Reliance on imports to boost market participation has been counterproductive. It exerts pressure on the naira, depletes external reserves, and prevents petrol price reductions even when crude oil prices fall.”

According to him, the dependence on imported fuel not only reflects governance challenges but also worsens systemic inefficiencies in the market, creating instability and economic disruptions.

“This dependency highlights governmental inadequacies and exacerbates market problems, disrupting both efficiency and economic stability,” he noted.

Rather than using importation as a tool to balance the market, Iledare argued that more attention should be given to regulating the behaviour of market participants and enforcing fair competition across the board.

“Effective regulation should focus on ensuring fair competition, not merely controlling market shares to drive down prices,” he explained. “Regulating conduct, not just structure, is more effective in tackling anticompetitive practices.”

He recommended a strategic shift toward price modulation, particularly now that domestic refining capacity, led by the Dangote Refinery, is still facing integration challenges.

“An improved pricing strategy would involve price modulation, especially given the government’s current dependence on imports to apply competitive pressure,” Iledare said.

Punch

The Nigerian equities market recorded a robust performance last week, with investors gaining N613 billion as positive sentiment drove trading activities ahead of the Central Bank of Nigeria's (CBN) crucial Monetary Policy Committee (MPC) meeting.

Market Performance Highlights

The Nigerian Exchange Limited (NGX) closed the week on a strong note, with the all-share index (ASI) appreciating by 0.9 percent to 109,710.37 points. Market capitalization rose significantly by N613.99 billion to close at N68.95 trillion, pushing the year-to-date return on investment to 6.59 percent.

This positive momentum was fueled by strong Q1 2025 corporate earnings reports and easing inflation, which declined to 23.71 percent in April 2025—providing much-needed relief for businesses and consumers alike.

Sector Performance

The rally was broad-based with all sectoral indices recording gains:

- Consumer Goods: Led the gains with a 4.08 percent increase, driven by strong investor interest in Champion, NNFM, May & Baker Nigeria Plc, and Honeywell Flourmills Plc

- Insurance: Advanced by 2.47 percent

- Banking: Rose by 1.19 percent, reflecting continued strength in financial stocks

- Oil and Gas: Increased by 0.66 percent

- Industrial and Commodity: Posted modest gains of 0.13 percent and 0.14 percent respectively

Trading Activity

Despite the overall positive market sentiment, trading activity showed some restraint:

- Total volume of shares traded declined by 1.66 percent to 2.6 billion units

- Total value of trades dropped by 17.32 percent to N63.66 billion

- Number of deals fell by 10.15 percent to 77,370

However, market breadth remained strong with 61 gainers outpacing 31 losers, resulting in a healthy breadth ratio of 1.97x—underscoring sustained investor appetite for Nigerian equities.

Sector Analysis

A detailed breakdown of the week's transactions showed:

- Financial Services: Dominated trading with 1.54 billion shares valued at N28.9 billion in 32,805 deals, accounting for 59.08 percent of total equity turnover

- Services Industry: Followed with 286.8 million shares worth N1.7 billion in 6,280 deals

- Consumer Goods: Ranked third with 202.565 million shares worth N7.4 billion in 9,708 deals

The top three traded equities—FCMB Group Plc, Access Holdings Plc, and Tantalizer Plc—accounted for 600.684 million shares worth N6.6 billion in 7,201 deals, contributing 23.05 percent to total equity turnover volume and value.

Market Outlook

Analysts attribute the positive market performance to softening inflation and anticipation of a more accommodative monetary policy stance from the CBN. Investors are closely watching the upcoming MPC meeting scheduled for May 19-20, where potential policy adjustments to support economic growth are expected.

Additionally, market participants await the release of Nigeria's first-quarter 2025 GDP figures, which could further influence market sentiment in the coming weeks.

President Bola Tinubu’s first son, Seyi, was in his entourage to the inauguration of Pope Leo XIV, on Sunday.

Daily Trust had reported different highlights of the event, including the president’s encounter with Peter Obi, one of his major rivals in the 2023 elections.

Obi, who came third in the election, defeated Tinubu in Lagos, the president’s stronghold since democracy returned to Nigeria in 1999.

However, one highlight of the trip to Vatican City was the encounter that Tinubu’s son, who wields a major influence back home, had with the Pope’s security team.

In a video making rounds online, Seyi was seen walking towards his father’s direction when a plain cloth security official redirected him calmly.

Nigeria’s number one citizen was exchanging pleasantries with the Pontiff when the incident happened.

Dressed in a black suit like his father, Seyi attempted to catch up with the president, but the official blocked him.

Daily Trust

At least 20,000 people have fled Marte town following increasing attacks by Islamist militants in Nigeria's northeastern Borno state, its governor has said, four years after residents returned to the town that was once controlled by insurgents.

Borno state has witnessed an upsurge in attacks by suspected Boko Haram and Islamic State West Africa Province (ISWAP) terrorists this year, raising concerns that the militants are making gains again after years of intense attacks by the military.

Borno state governor Babagana Zulum visited Marte, which is close to the border with Cameroon, to assess the security situation and meet military officials there.

His visit followed a raid on Marte's army base last week in which militants temporarily overran the installation. At least five soldiers were killed and others went missing in the attack.

"Marte was resettled about four years ago, but unfortunately, over the last three days, it was ransacked and was displaced again," Zulum told reporters on Sunday.

"About 20,000 people left Marte for Dikwa (town)."

Zulum, who also visited Rann, another town where an army base was attacked last week, will on Monday head to Kalawa Balge district where 23 farmers were killed by suspected militants.

At least two million people have been displaced and thousands killed by the insurgency in Nigeria in the last 16 years, according to humanitarian groups.

Zulum's state government resettled residents in Marte as part of a programme to shut camps for Internally Displaced Persons in Borno capital Maiduguri and upheld the plan as a model for other towns previously controlled by insurgents.

But many Marte residents now fear that their lives could be upended again if attacks continue.

Boko Haram and Islamic State-backed ISWAP have been adapting their tactics, including using drones for surveillance, security analysts and the military say.

Zulum said leaving residents to live in a camp in Dikwa town was a big threat as it would leave young men "vulnerable to recruitment by insurgents."

Reuters

Netanyahu says Israel will control Gaza as pressure mounts on aid

Prime Minister Benjamin Netanyahu said on Monday Israel would control the whole of Gaza despite mounting international pressure that pushed it to lift a blockade on aid supplies in the face of warnings of looming famine.

The Israeli military, which announced the start of a new operation on Friday, warned residents of the southern city of Khan Younis on Monday to evacuate to the coast immediately as it prepared "an unprecedented attack".

Netanyahu said in a video message Israel would achieve "complete victory" with both the release of the 58 hostages still held by Hamas in Gaza and the destruction of the Palestinian militant group.

Even as the military warned of the attack, Reuters reporters saw aid trucks heading towards northern Gaza after increasing global alarm forced Netanyahu to lift a blockade imposed in March.

Israel has said aid was being stolen by Hamas, a charge Hamas denies. European countries including France, Germany and Britain have said the situation in Gaza is intolerable, and even U.S. support appeared to be wavering.

Netanyahu said U.S. senators he has known for years as supporters of Israel, "our best friends in the world", were telling him the scenes of hunger were draining vital support and bringing Israel close to a "red line, to a point where we might lose control".

"It is for that reason, in order to achieve victory, we have to somehow solve the problem," he said, in a message apparently addressed to far-right hardliners in his government who have insisted aid be denied to Gaza.

The United Nations has long said Gaza needs at least 500 trucks of aid and commercial goods every day. The World Food Programme has said more than 116,000 metric tonnes of food – enough to feed one million people for up to four months – was standing ready to be brought in.

However it remained unclear how much aid would be allowed in and how it would be distributed before the launch of a U.S.-sponsored plan to employ private contractors to distribute aid, which the United Nations and other aid groups have rejected.

The Israeli military said five trucks had entered Gaza on Monday, although U.N. aid officials said nine trucks had been cleared to enter, a quantity U.N. aid chief Tom Fletcher described as "a drop in the ocean".

Under a heavily-criticized U.S.-backed plan to get aid to Palestinians, a newly created Gaza Humanitarian Foundation aims to start work in Gaza by the end of May. U.N. aid chief Tom Fletcher has said that time should not be wastedon the alternative plan.

A source familiar with the plan said the foundation has already received more than $100 million in commitments. It was not immediately clear where the money was coming from.

Israeli military spokesman Nadav Shoshani said it would take time to create a situation where hundreds of trucks were able to enter daily but added: "I think that's also a decision for the political echelon of how many will come in," he told reporters.

UNDERCOVER OPERATION

Israeli strikes have killed more than 500 people in the past eight days as the military campaign has intensified, with at least 40 people killed on Monday, according to local medical workers.

One of the strikes killed seven at a school housing displaced families in Nuseirat, central Gaza, and three in a house in nearby Deir Al-Balah, local health authorities said.

The military said it hit 160 targets, including anti-tank positions, underground infrastructure and a weapons storage point as part of what it has dubbed "Operation Gideon's Chariots".

On Monday, residents and medics said an Israeli undercover force disguised as displaced persons killed Ahmed Sarhan, a commander of the Popular Resistance Committees, a militant group allied with Hamas in a raid in the city of Khan Younis.

As the fighting has intensified, hopes of a ceasefire appeared to be waning.

The White House said U.S. President Donald Trump continued to engage with both sides. But sources on both sides said there had been no progress in a new round of indirect ceasefire talks between Israel and Hamas in Qatar.

Former Defence Minister Yoav Gallant, who left the government last year after falling out with Netanyahu, said the fact Hamas remained in Gaza represented a "resounding failure" for the Israeli campaign and reflected the government's failure to plan for the future of the enclave.

Netanyahu said ceasefire discussions touched on a fresh truce and hostage deal as well as a proposal to end the war in return for the exile of Hamas militants and the demilitarisation of Gaza - terms previously rejected by Hamas.

Senior Hamas official Sami Abu Zuhri blamed Israel for the lack of progress at the talks and said escalating its offensive would be "a death sentence" for remaining hostages.

Israel's ground and air war has devastated Gaza, displacing nearly all its residents and killing more than 53,000 people, many of them civilians, according to Gaza health authorities.

The war erupted after Hamas-led militants attacked Israeli communities near Gaza's border on October 7, 2023, killing about 1,200 people, mostly civilians, and seizing 251 hostages, according to Israeli tallies.

Reuters