The federal government has blocked Shell's sale of its entire onshore and shallow-water oil operations, but approved a similar deal by Exxon Mobil, the upstream oil regulator said on Monday.

Shell's asset sale for up to $2.4 billion to Renaissance consortium, comprising five companies, was first announced in January. Exxon's deal with Seplat Energy has awaited regulatory approval for more than two years since a $1.28 billion fee was announced in February 2022.

In a speech at an event in the capital Abuja, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga Komolafe said the Shell deal "could not scale (the) regulatory test," but did not elaborate. Exxon's transaction was granted ministerial approval.

President Bola Tinubu had signalled on Oct. 1 that the Exxon-Seplat deal would receive ministerial approval in a matter of days after getting clearance from the regulator.

"We welcome the regulator’s announcement and look forward to formally receiving the ministerial consent as we work toward the conclusion of the sale," Exxon said in a statement.

A Shell spokesperson did not immediately respond to a request for comment.

The rejection is a blow to Shell's strategy to pivot toward deepwater for future investments and reflects the growing challenges that oil companies face in Nigeria.

Oil majors operating in Nigeria, Africa's largest oil exporter, have been retreating from onshore operations hampered by theft and sabotage, opting to focus future investments on newer and more lucrative deep offshore fields.

The Shell assets hold a combined estimated volume of 6.73 billion barrels of oil and condensate and 56.27 trillion cubic feet of associated and non-associated gas.

Under Exxon's deal, Seplat will own 40% of four oil mining leases and associated infrastructure, including the Qua Iboe export terminal, and 51% of the Bonny River natural gas liquids recovery plant previously owned by Mobil Producing Nigeria Unlimited, Exxon's local unit.

In trying to exit the oil-rich Niger Delta, Shell follows Exxon Mobil, TotalEnergies and Eni who wanted to do so due to security concerns.

NUPRC approved the sale of onshore assets by Eni's local unit to Oando in July and another from Equinor to new entrant Project Odinmim.

Environmental activists and some communities opposed the Shell-Renaissance deal, tying Shell to a string of lawsuits for environmental restoration and compensation for land and rivers damaged by oil spills.

In April, NUPRC started evaluating Shell's divestment to the consortium, which comprises four Nigerian exploration and production companies and an international energy group.

Reuters

Due to the scarcity of foreign exchange (FX), hike in tariffs, increase in import duty, and other related taxes, automobile dealers have lamented their inability to import fairly used cars into the country.

This is even as they have now resorted to recycling Nigerian used cars, while others have abandoned the automobile business entirely.

Speaking with The Guardian, the President of the Association of Motor Dealers of Nigeria (AMDON), Ajibola Adedoyin, said the hike in taxes, fuel, and tariffs has affected the importation of cars into Nigeria.

Meanwhile, Nigeria’s import bills on used vehicles, popularly known as tokunbo, fell by 83 per cent year-on-year to N138.62 billion in the first half of the year, from N819.15 billion in H1 2023.

Quarter-on-quarter, a breakdown from the National Bureau of Statistics (NBS) for the review period showed that in Q1 2024, no used vehicle was imported, compared to N69.23 billion worth of used vehicles imported in Q1 2023.

In Q2 2024, the value of imported used vehicles was N138.62 billion, representing an 81.5 percent decline year-on-year from N749.92 billion in Q2 2023.

The NBS noted that the used vehicles were imported mainly from the United States of America, stating: “On the other hand, total imports from America in Q2 2024 stood at N971.84 billion.”

Recall that last year, the federal government introduced a new set of taxes on imported vehicles, among other things.

The new tax regime stipulates that imported vehicles with engine capacities between 2000cc (two litres) and 3999cc (3.9 litres) will pay an additional charge known as the Import Adjustment Tax (IAT) levy of two percent of the vehicle’s value, while vehicles with engine capacities of 4000cc (four litres) and above will attract an IAT of four percent of their value.

The new levy is in addition to the 35 percent import duty and 35 percent levy already being paid by vehicle importers.

However, vehicles below 2000cc, mass transit buses, electric vehicles, and locally manufactured vehicles are exempted from the IAT levy.

The government also revised the import prohibition list to include used motor vehicles older than 12 years from their year of manufacture.

According to Adedoyin, the situation has driven a lot of importers out of the business.

“The implication of this is that there would be safety related issues because most of what is happening now is recycling of Nigerian used cars.

“Importers can no longer bring in cars due to the high foreign exchange rate. Apart from exchange rate, there is the increase in import duty, which we have made clear to the government, is affecting us negatively and have asked that something be done about it. The hike has had adverse effects on our members because it has chased away some of them away from the business.

“Even when you buy a car and sell it at a profit, you cannot buy another one with the current price we use to import and that is why some people have abandoned the business. The government needs to take urgent steps to address the situation,” he said.

He said if the government fails to do something about it, apart from the transportation that will be badly affected, the safety of Nigerians and the economy will be affected.

“The economy is all about the movement of goods, services and people from one place to another. That is what forms the economy. So, anything that affects transportation affects the economy of the country,” he said.

He warned that the consequences of recycling old Nigerian used vehicles are the possibility of an increase in the rate of accidents because they will suffer from wear and tear, causing them to break down.

The Guardian

Israel busts spy ring acting for Iran, security services say

Israel's security services have broken up a spy ring that was gathering information on behalf of Iranian intelligence in the latest attempt by Tehran to recruit Israelis for espionage, the Shin Bet and police said on Monday.

Seven Israelis from Israel's north, including the port city of Haifa, were arrested after an investigation found they had gathered intelligence on Israeli military bases and energy and port infrastructure, a joint Shin Bet and police statement said.

Israeli police said the security breach was among the most serious ever seen by Israel.

"The assessment is that the activity of the members of the ring has caused security damage to the security of the state," a senior source with the Shin Bet security service said.

Iran's foreign ministry was not immediately available for comment.

The suspects, who included two minors, had been tasked by two agents from Iran's intelligence service to carry out hundreds of information gathering tasks on military bases across the country, the Israeli statement said.

The targets included a power plant in the northern town of Hadera, military bases with an emphasis on the air force and navy, as well as Israel's Iron Dome air defence batteries and ports, the statement said.

The suspects worked in exchange for hundreds of thousands of dollars, part of which was processed using cryptocurrency.

"As part of the investigation, many materials seized were collected by the members of the ring and handed over to the Iranian agents," the senior Shin Bet source said.

The suspects acted out of greed for money "and hurt the state of Israel and its citizens," the police said.

An indictment is expected to be served in coming days by the Israeli prosecutor's office.

In September, Israel's security services arrested an Israeli citizen on suspicion of involvement in an Iranian-backed assassination plot against prominent people including the prime minister.

Israel has a long history of intelligence operations in Iran, allegedly including the assassination in July of Ismail Haniyeh, the political leader of the Palestinian Islamist group Hamas in a Tehran state guesthouse. Israel has made no claim of responsibility for that killing.

Reuters

WESTERN PERSPECTIVE

US consults allies about North Korea troops in Ukraine

It would be a "dangerous and highly concerning development" if North Korea was sending troops to help Russia in Ukraine, the United States said on Monday as South Korea and Britain warned of the high price Moscow would likely have to pay Pyongyang.

"We are consulting with our allies and partners on the implications of such a dramatic move," deputy U.S. Ambassador to the U.N. Robert Wood told the 15-member United Nations Security Council. Russia invaded neighboring Ukraine in February 2022.

Ukrainian President Volodymyr Zelenskiy has accused Pyongyang of preparing to send 10,000 soldiers to Russia. Ukraine's U.N. Ambassador Sergiy Kyslytsya told the Security Council on Monday: "These troops are expected to be ready for war against Ukraine by November 1."

South Korea's spy agency said last week that North Korea had shipped 1,500 special forces troops to Russia's Far East for training and acclimatising at military bases and that they were likely to be deployed for combat in Ukraine.

"If true, this marks a dangerous and highly concerning development and an obvious deepening of the DPRK, Russia military relationship," Wood said of the reports, using North Korea's formal name - the Democratic People's Republic of Korea.

The Kremlin earlier on Monday declined to directly answer a query on whether North Korean troops were going to fight in Ukraine, but spokesman Dmitry Peskov said Moscow's cooperation with Pyongyang was not directed against third countries.

Russia's U.N. Ambassador Vassily Nebenzia accused Western countries of becoming "distracted by circulating scare mongering with Iranian, Chinese and Korean bogeymen, each one of which is more absurd than the one before."

Britain's U.N. Ambassador Barbara Woodward said it was "highly likely" that North Korea was sending troops.

"It seems that the harder (Russian President Vladimir) Putin finds it to recruit Russians to be cannon fodder, the more willing he is to rely on DPRK in his illegal war," she said. "We can be certain that the DPRK leadership will ask a high price from Russia in return."

South Korea's U.N. Ambassador Joonkook Hwang also warned the council of the implications of such a move.

"North Korea will expect a generous payoff from Moscow in return for its troop contribution. It could be either military or financial assistance. It could be nuclear weapons-related technology," he said.

North Korea has been under U.N. sanctions since 2006 for its nuclear and ballistic missile programs, and those measures have been strengthened over the years - with Russia's support.

RUSSIAN PERSPECTIVE

Ukrainians admit they’re running out of troops – Spanish media

A lack of manpower has now become the main problem for the Ukrainian army as it is forced to gradually yield ground to the Russian advance, El Pais reported on Monday, citing Defense Ministry officials and battlefield commanders.  

The Spanish daily’s reporters traveled to the frontline town of Kurakhovo, which is in Russia’s Donetsk People’s Republic but currently under Ukrainian control. According to the paper, Russian advances in the area mean that Kiev’s forces will soon have to retreat to avoid encirclement.   

The head of the Ukrainian Defense Ministry’s press team on the ground, speaking on condition of anonymity, told El Pais that Kiev’s main problem “is not weapons, it is the people.”   

“Nobody wants to go to the army. The brigades tell us they can’t rotate, they’re exhausted. There will be no people to fight soon,” he is cited as saying.  

Numerous Ukrainian servicemen interviewed by the outlet shared the same view. “Why are we retreating? Because we don’t have rotations, we don’t rest, we’re demoralized,”one Ukrainian officer fighting in Kurakhovo said.  

Yevgeny Churbanov, an officer in the 46th Airborne Brigade, said that nowadays his soldiers have to hold their positions for three months without any rotation, whereas a year ago it was never more than one month, while in the first year of the conflict, troops were typically rotated every four days.  

Ukrainian officials have long sounded the alarm about the depletion of the ranks of its military. To address the issue, earlier this year Kiev lowered the draft age from 27 to 25, and significantly tightened mobilization rules. Social media is rife with videos showing military patrols trying to detain potential recruits on the streets and in the shopping malls, with encounters often turning violent.   

Last week, Ukrainian media reported that, according to the country’s Prosecutor General’s Office, there have been nearly 60,000 criminal cases related to unauthorized abandonment of a military unit or place of service since 2022. Nearly 30,000 offenses related to desertion have been registered over the same period and the number of such transgressions has increased several-fold in recent months.  

In June, Russian President Vladimir Putin estimated Ukrainian losses at 50,000 troops per month, adding that Ukraine’s mobilization was not solving the manpower shortage.

Reuters/RT

Mark Manson (“Every Thing Is F*cked”), argues that “For every action, there is an equal and opposite emotional reaction.” From this vantage, the response of the “State House” to some Nigerians taking to calling President Bola Tinubu “T-Pain” was to be expected. The cease-and-desist warning issued by the state house, last week, was itself, unwittingly, from a position of pain. It gave vent to the federal government’s discomfort that despite the president’s best intentions for the country, and his best efforts (remember that so tired was he from these efforts that he only just returned to work from a furlough) at realising these intentions, the payback from key sections of the people he leads, if this new nickname has any meaning at all, is to further hold him in derision.

Beyond this first take, though, the state house’s response to the president’s new nickname reaches much further than the causal connection between reactions, and their equal and opposite feedback. Since assuming office, the gut response of the Tinubu government to dissent and opposition has been as good, if not better than that of, any of the military governments we have had since independence. Our current government has tried to squelch strikes called by civil society groups and labour unions to protest deteriorating living conditions. It has threatened charges of treason against domestic entities perceived to be on disagreement with it. In other words, it has not acted, thus far, as if its mandate derives from the electorate.

Ironically, the “T-Pain” sobriquet is itself an emotional reaction to a bucket of stimuli. The pains that the Nigerian people have been through in the last one year are rivalled only by the ones much older citizens went through in the mid-1980s – when we had to queue for “essential commodities”, when poor queuing etiquette was rewarded most rabidly by jackbooted soldiers, and when the call to the people to tighten their belts, as part of a national programme of economic austerity continued to ignore the fact that the last hole in the average Nigerian’s belt was as close to the buckle as the laws of biology and physics permitted.

I still believe that the Tinubu government could have made a more convincing case around both the stimuli it was reacting to in the design of its policy responses, and the nature of the responses themselves. Indeed, it could, arguably have successfully made two such cases. The first case, that it inherited economic mayhem is readily made. Between President Muhammadu Buhari and CBN Governor Godwin Emefiele, fiscal and monetary policy gumption was observed in the breach in the years before Tinubu took office. The transmogrification of a policy intended to drive electronic financial transactions into one that denied the economy of cash completely may have been the most stupid of what was then advertised as a new homegrown heterodoxy, yet it was but one chapter in a very ugly tome. Coming into office after 8 years of this madness, things were always going to be hard. The central bank’s dollar coffers were barer than Old Mother Hubbard’s cupboard. The national exchequer was no better – that is, before accounting for the debts and contingent obligations that the two previous joint managers of our macroeconomic space had added.

Attempts to fix this problem were going to be harder still. But in order to soften the popular response to the hardships that were on the cards, the federal government simply needed to let the people know how bad things were, what fixes it was going to implement, the time-horizons for these fixes, and how much displacement in living standards the people were going to have to bear. What we have learned over the last 12 months is that only governments that feel accountable to the people do such things. As has become painfully clear, the knee-jerk response of the incumbent federal government is that of an unelected junta, and not that of a democracy.

If the Tinubu government’s understanding of its relationship to the people were that of an elected government, accountable at elections, then it would understand that if the “State House” can warn Nigerians not to address our president after a certain fashion, it means the “State House” can also insist that we address him far more ingratiatingly. Whichever way you look at it, Enver Hoxha would have been delighted by the “State House” – straight out of George’s “1984”!!!

** Uddin Ifeanyi, journalist manqué and retired civil servant, can be reached @IfeanyiUddin.

Key Takeaways
Scaling a startup to a billion-dollar business is incredibly challenging, but it's achievable with the right strategies.
Leaders must focus on solving real problems, work to achieve operational excellence, secure product-market fit, avoid overreach, build a cohesive team, consider horizontal integration and think globally.

Every entrepreneur dreams of turning their startup into a billion-dollar business. The allure of achieving unicorn status — reaching a valuation of over $1 billion — is powerful, and I'm no exception. The journey from a fledgling startup to a billion-dollar enterprise is daunting.

While we are still on the path to this goal at Triplebar Bio, Inc., where I lead an incredible business as the CEO, I wanted to share my insights to help others navigate the beginning parts of this complex journey.

1. Start with the right problem

The most important question you must answer is, "What problem am I trying to solve?" If you don't have a clear answer to this question, how can you start building and then scale your business? It's crucial to solve a problem that affects millions, if not billions, of people. I constantly ask myself, "Is this cutting-edge? If not, how can it be?" Staying ahead of the curve is vital to keeping up with innovation, industry trends, competition and global markets.

2. Focus on operational excellence

One of the key factors in scaling a business is operational excellence. From the beginning, I focused on ensuring every dollar we spent generated significant value — ideally tenfold. This principle ensures that everything you do creates value; if it does not, it should be removed from the process or product. This concept is an output of a methodology called Lean Six Sigma (LSS), which companies like Toyota and FujiFilm use to enhance efficiency and quality by minimizing waste and reducing process variability. Staying lean is essential, but not at the expense of quality. It's a delicate balance that can make or break a business.

3. Achieve product-market fit

A crucial milestone in our journey has been achieving product-market fit. At Triplebar, we followed the 40% rule: If at least four out of ten customers would be very disappointed if our product or service ceased to exist, we knew we had achieved product-market fit. It's essential to create something that your customers simply can't live without. This requires a deep understanding of the market and ensuring that your technology precisely addresses the problem you're trying to solve.

4. Stay focused and avoid overreach

One of the biggest lessons I learned — and something I see as a common pitfall for startups, especially in high-tech sectors like biotech — is the danger of trying to do too much. Early on, I consciously decided not to try to be everything to everyone. That's a mistake I've seen other companies make, such as Ginkgo Bioworks, which saw its valuation plummet because it overextended itself. Instead, I focused on doing a few things exceptionally well rather than spreading ourselves too thin.

5. Build a cohesive A-team

Success in scaling a business goes beyond having a great product; it requires a strong, cohesive A-team. I firmly believe that to achieve excellence, you can't have different teams working in silos, and you can't have a team of sub-optimal performers. At Triplebar, we operate as one unified team with specific jobs aligned toward the same objectives — but we are all owners of the final outcome. Hire slowly, and fire quickly. Everyone's role is critical in an organization, and don't get me wrong, I care about people, but a bad fit for a lean/high-powered startup will only hold back your business and your mission. As we've grown and scaled, we have ensured that every effort is directed toward our common goals.

6. Consider horizontal integration

In the biotech sector, I've learned the value of moving away from vertical integration — where a company controls multiple stages of production — toward horizontal integration, where each partner in the value chain specializes in a specific area of expertise. This is the sign of a mature industry, as we see in the semiconductor industry. This approach has allowed us to focus on what we do best at Triplebar, leading to greater efficiency and operational excellence and diversifying our product portfolio and partnership base while simultaneously creating a broad impact on our mission.

7. Think globally

Finally, I've always believed in the power of thinking globally. Few unicorns are global, and scaling beyond your domestic market can have a multiplier effect. At Triplebar, we started with a strong foundation in our initial market and then strategically expanded. This global vision has been a critical factor in our growth and success.

Scaling a startup to a billion-dollar business is no small feat, but it's achievable with the right strategies. By focusing on solving real problems, achieving operational excellence, securing product-market fit, staying focused, building a cohesive team and considering horizontal integration, I've positioned Triplebar Bio for sustained success. The journey has been challenging, but the rewards are immense.

Whether you're just starting or looking to scale, I hope my experience can guide your journey to becoming the next unicorn. The path is colossally challenging, but your business can achieve this goal if you stay determined, learn from your mistakes, seek wisdom from more intelligent people, and maintain grit and perseverance.

Entrepreneur

No thanks to the excruciating economic conditions Nigerians are facing, Nigerians are going back to the old ways of brushing their teeth.

Gone are the days when Nigerians chose from a large array of brands and qualities of toothpaste.

Even the least of the toothpastes cost an arm these days, and only the super-rich can afford them.

But for an average family, who depends on God’s mercies for a moderate one or two meals, out of the three required in a day, spending N5,000 on toothpaste that may not last two weeks for an average family of seven, is a misplaced priority.

So, it is no wonder that chewing sticks are back to the stable of family needs.

Originally, chewing stick was a valued hygiene therapy mostly for the teeth, due to their high medicinal contents.

Chewing sticks are ordinarily from plants with rich medicinal values, and families of old insisted members compulsorily use them every morning.

However, with the spread of civilisation, toothpaste pushed the habit into oblivion.

But now, the harsh economy has resuscitated the practice. According to Vincent Osamese, a photographer, he reintroduced the use of chewing sticks in his house when he spent N4,000 on toothpaste in three weeks.

“Few months ago, I introduced the use of chewing stick in my house when I spent N4,000 for toothpaste in three weeks.

“My children use toothpaste like water.

“My wife was reluctant at first saying she would do the buying.

“On trying it for a month, she was shouting and lamenting on the amount she has spent on toothpaste in a month.

“One morning she presented a chewing stick to me. I laughed and was glad I left her to experience what it takes to buy toothpaste at an expensive price in a month.

“Now we are using the chewing stick happily with no fuss.”

Miss Adunni Hungbo, a trader, said: “My toothpaste finished few weeks ago.

“Upon getting to a shop, I was told the brand of toothpaste I use is now N2,000.
“I felt like fainting. Something I got last month for N1,500.

“I was so angry and couldn’t substitute for other brands because I have a tooth problem.I left the shop.

“As I was heading home, I saw a woman selling herbs and it dawned on me that with just N100 I can get a chewing stick that can replace the toothpaste.

“That was how I ended up using chewing sticks till date.

“I know you would say how can a big girl like me use chewing stick.

“I earn N40,000 monthly and live alone.

“I have rent and bills to pay yearly.

“In such a situation,I needed to cut costs.

“At all at all is bad. At least I can wash my teeth.

“If I don’t tell you it is chewing stick I used you won’t know.”

Fehintola Ademide, a plumber said: “How much does one make that he will spend all his earnings on toothpaste.

“The government is not concerned about whether the policies they are making are affecting us negatively.
“They are just concerned with raising revenues wherever they can.

“See the recent increase in fuel price, when you get to the market the price of everything has increased.
“There is nothing that the price has not risen.

“Toothpaste in question has also reduced in quantity and quality.

“It doesn’t last up to a week before it gets finished in my house.

“My wife had to introduce me to chewing stick recently which I embraced happily because that will cut the cost of buying toothpaste almost every week.

“She went further to buy this powder cup paste for the children because they are still kids and their gums can’t handle chewing sticks.

“Also, you know kids like licking toothpaste so this particular one they can’t lick.
“At least these alternatives have helped cut costs.

“No big man anywhere now. We are all managing seriously.”

Maureen Agu, a trader, said she has been using chewing stick for the past three months and introduced her two adolescents to using it.

“Myself and my two grown children now use chewing stick.

“The remaining two I bought powder paste for them because they are young.

“The powder paste is N500 and I make sure their elder sister or I myself puts it on their toothbrush.

“How much do I make? I am the only family they have and I have to cut costs in everything I do.
“It hasn’t been easy though but I thank God.

“Convincing my grown children to use chewing sticks wasn’t easy at all because this generation of children are just looking for an easy life.

“When they saw most of our neighbours using chewing sticks, they realized that they were not the only ones in such a predicament.

“Everyone is going for what they can afford.”

Vanguard

The United Kingdom has deported 44 Nigerian and Ghanaian asylum seekers.

According to UK Guardian, the number is the highest ever in a single flight.

The move comes barely 48 hours after Keir Starmer, UK prime minister, agreed a deal to deport migrants arriving in the Chagos Islands in small boats to St Helena, a British island territory more than 5,000 miles away in the Atlantic Ocean.

The Home Office told the UK Guardian on Friday that the deportations were part of a “major surge” in immigration enforcement and returns.

Since Starmer came to power in July, 3,600 people have been returned to various countries, including about 200 to Brazil and 46 to Vietnam and Timor-Leste.

There are also regular deportation flights to Albania, Lithuania and Romania.

However, deportation flights to Nigeria and Ghana are relatively rare, with just four recorded since 2020.

The number rose in June after some 13 Nigerians were flown to Lagos from the UK.

One of the Nigerian deportees in the latest removal said he was trafficked.

“I told the Home Office I was a victim of trafficking. They rejected my claim,” he told the Guardian.

Another said he had been in the UK for 15 years as an asylum seeker and had no criminal record but the Home Office refused his claim.

In August, Nigeria reportedly signed a deportation agreement with the UK, which would see the arrival of illegal immigrants in the country.

The partnership came into effect after an asylum deal with Rwanda turned sour.

The Cable

No fewer than four vessels carrying imported Premium Motor Spirit, popularly called petrol, arrived at seaports situated along the nation’s borders between Friday, October 18, and Sunday, October 20.

According to a document obtained from the Nigerian Port Authority on Sunday, about 123.4 million litres of PMS were berthed at two seaports to improve fuel supply nationwide.

The latest development confirms an exclusive report by The PUNCH, which disclosed that oil dealers intend to import the commodity to supplement the supply from the $20bn Dangote Petroleum Refinery.

The dealers had stated that the supply from the Lekki-based plant was currently insufficient to meet domestic demand.

They had alleged that the plant was producing about 10 million litres of petrol daily, as against the 25 million litres that it earlier promised to produce.

In September, dealers imported about 141 million litres of PMS following a hike in the pump prices of petrol produced by the Dangote Petroleum Refinery and released by the Nigerian National Petroleum Company Limited.

They said the fair market price following the full deregulation of the downstream oil sector by the government allowed room for PMS imports.

An analysis of the document showed that the commodities landed at the Apapa port in Lagos and the Calabar port in Cross River State.

Our correspondent, however, could not confirm if any of the vessels belonged to the NNPCL or only oil marketers.

The first shipment carrying 35,000 metric tonnes of PMS allocated to the West African Port Services berthed at terminal ASPM jetty on Friday, October 18, at 10.13 am.

This was followed by 37,000 metric tonnes of fuel assigned to Intership at 3.37 pm. It also berthed at terminal ASPM jetty.

As of 3:59 pm of the same day, another vessel carrying 10,000 metric tonnes of fuel berthed. It was assigned to Peak Shipping as its agent.

At the Calabar port, a vessel carrying 10,000 metric tonnes of fuel arrived at the Eco marine terminal on Sunday at 8:02 am.

This means the four vessels brought in 92,000 metric tonnes.

Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers brought in about 123.4 million litres of petrol.

When contacted in an earlier interview, the spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, George Ene-Ita, said marketers with approved import licenses were free to import PMS.

He, however, stressed that the products must be subjected to three major tests by the agency.

“The products must be subjected to our testing protocols at the ports. The products must conform to stipulated standards before we authorise them to offload to their terminals.

“Also, before the smaller vessels bring it further inland to Nigeria, our people will fly to the place to see the product and carry out some tests to ensure the right specification is upheld.

“Tests are also done at the products’ origins. And when the products come in before they are released to the market, further tests would be conducted to ensure that they meet the specifications,” he stated.

Punch

Lebanese flee as blasts hit Beirut, Israel warns of strikes on Hezbollah finance arm

Hundreds of Beirut residents fled their homes late on Sunday with multiple explosions heard across the Lebanese capital, as Israel prepared to attack sites linked to the financial operations of Lebanon's Hezbollah group and told people to leave those areas immediately.

Reuters witnesses saw dense plumes of black smoke billowing in the air after at least 10 blasts. Eyewitnesses, who spoke on the condition of anonymity, said a building located in the Chiyah neighbourhood in the southern suburbs of Beirut was reduced to rubble and the few people in the area had fled ahead of the explosion, resulting in no casualties.

There was no immediate information on what caused the blasts, or further details of any casualties. Panicked crowds clogged the streets and caused traffic jams in some parts of Beirut as they tried to get to neighbourhoods thought to be safer, witnesses said.

An Israeli military spokesperson said earlier in a statement posted on social media platform X that it "will begin attacking infrastructure belonging to the Hezbollah Al-Qard Al-Hassan Association - get away from it immediately."

Al-Qard al-Hassan - which the U.S. has said is used by Iran-backed Hezbollah to manage its finances - has more than 30 branches across Lebanon including 15 in densely populated parts of central Beirut and its suburbs.

There was no immediate statement from the organisation, Hezbollah or the Lebanese government.

Asked by journalists whether the branches could be considered military targets, a senior Israeli intelligence official said: "The purpose of this strike is to target the ability of Hezbollah economic function both during the war but also afterwards to rebuild and to rearm ...on the day after."

Cross-border fighting between Israel and Hezbollah erupted a year ago when the group began launching rockets in support of Palestinian militant group Hamas in Gaza.

At the start of October, Israel launched a ground assault inside Lebanon in an attempt to stabilise the border region for its citizens who had fled rocket attacks in northern Israel.

ESCALATED ATTACKS

Israel has intensified its military campaigns both in Gaza and Lebanon, days after the killing of Hamas leader Yahya Sinwar raised hopes of an opening for ceasefire negotiations to end more than a year of conflict.

With U.S. elections approaching, officials, diplomats and other sources in the region say Israel is seeking through military operations to try to shield its borders and ensure its rivals cannot regroup.

Israel is also preparing to retaliate for an Iranian missile barrage earlier this month, though Washington has pressed it not to strike Iranian energy facilities or nuclear sites.

Earlier on Sunday Israel said it hit Hezbollah's intelligence headquartersand an underground weapons workshop in Beirut.

Fighter jets killed three Hezbollah commanders, the Israeli military said.

Hezbollah made no immediate comment on those strikes, but said it had fired missiles at Israeli forces in Lebanon and at a base in northern Israel.

A 41-year-old Israeli colonel was killed, and another officer was wounded in combat in northern Gaza on Sunday, the Israeli military said. Israel's Channel 12 and public broadcaster Kan reported an explosive device had gone off under a tank.

Officials said rescuers were still recovering people from the rubble after an Israeli attack on the northern Gaza city of Beit Lahiya that left 87 people dead or missing on Saturday, according to the health ministry - one of the highest death tolls for months from a single attack.

The strike came two weeks into a major assault around Jabalia, just south of Beit Lahiya, where Israel says its troops have been trying to root out remaining Hamas fighters.

Israel said the strike hit a Hamas target, questioning an earlier death toll of 73 released by the Hamas media office.

Hamas-led militants killed 1,200 people and took 250 hostages in the attack on Israel on Oct. 7 last year that sparked the war in Gaza, according to Israeli tallies.

Israel's military response in Gaza has left more than 42,500 people dead and has made most of Gaza's 2.3 million people homeless, Palestinian officials say.

Over the last year, Lebanese officials estimate that more than 2,400 people have been killed and more than 1.2 million people displaced in Lebanon. Fifty-nine people have been killed in northern Israel and the occupied Golan Heights over the same period, say Israeli authorities.

Reuters