Cloned Nigerian Anchor

Author: Chike Ozohili

NNPCL, marketers, others involved in fuel subsidy scam –Yuguda

*Says Buhari can’t claim ignorance of the whole issue

Former Bauchi State Governor, Isa Yuguda has said that the Nigerian National Petroleum Corporation Limited (NNPCL), petroleum markers and other are involved in the fuel subsidy scam the country has suffered in so many years.

Yuguda, who blamed the lack of a political will on the part of former President Muhammadu Buhari’s, said Buhari had before becoming President in 2015 described subsidy as a scam yet he did nothing to end it.

Yuguda, who said this on ChannelsTV on Monday in Abuja, insisted that the subsidy regime was a scam that was perpetuated by the Nigeria National Petroleum Company Limited (NNPCL) in collaboration with marketers and other stakeholders.

He said: “I am sad to let Nigerians know what I saw; we came across situations where subsidy was claimed on pipelines that never existed.

“We were subsidizing West Africa, we were bringing in this fuel at an elevated cost and then half of it was exported out by the same group that is supposed to supply this fuel in Nigeria. Are the security doing their jobs, are other security agencies that are supposed to sanction those that are taking our fuel out of Nigeria doing their jobs?

“Secondly, when I chaired that committee on subsidy that uncovered the scam, I told you that subsidy was being paid on pipelines that never pumped products. In fact, forms were just filled and subsidies are paid, and to whom are they paid? – to the marketers.

“Those that claim to pump the products and those that are in the subsidy scam, they just fill papers, invoices and they claim subsidy on it. They have no heart, these people, they are just heartless,” Yuguda said.

Yuguda, who is the Chairman of the APC Forum, a professional think-tank, said that the subsidy racket “was a sophisticated gang up and those that should act are also part of it. President Buhari cannot claim ignorance of the whole issue,” he added.

Recently, after a visit to President Bola Ahmed Tinubu, ex-militant leader, Asari Dokubo had said:

“I also want to say that oil theft is encouraged by the military. The Army and the Navy intimidate the (Nigeria Security and) Civil Defence (Corps) who are by status the people who are supposed to guard these pipelines. They receive a lot of money from NNPCL and the IOCs and just across the corner, you will see a houseboat.

“We have seen that situation. You have a situation that is completely different. The government thought they could run the economy through borrowing. This is the time as a matter of necessity.

“If Mr President can have the will to go after all those government officials that were responsible for hemorrhaging the economy, 70-80 per cent of what they have taken out of Nigeria should be brought back into Nigeria. Would he continue printing money like the way that they’ve been doing through Ways and Means.

“Government cannot continue to borrow from the CBN to fund activities, it’s not possible. There is a limit to which you can borrow,” he explained.

06/26/2023
Nigeria’s equities market gains N72bn

The Domestic equity market on Monday opened the week in a bullish run gaining N72 billion as trading in the shares of BUA Cement, GTCO Plc, AccessCorp, Eobank Transnational Incorporated and others lifted market activities.

Market capitalisation of listed equities increased by 0.22 per cent to close at N32.308 trillion from N32.236 trillion it closed on Friday.

The NGX All Share Index also appreciated 132.76 basis points to 59338.76 points from 59206.63 points traded the previous day.

The NGX trading result showed that five companies appreciated by 10 per cent at the close of transactions on Monday. Tantalizer, Transco Hotel, Ikeja Hotel, Thomas Way and Academy Press led gained 10 per cent each to close at N0.22 per share, N19.36, N3.30, N1.43 and N2.20 per unit respectively.

Conversely, Unity Bank topped losers chart during the day, declining 10 per cent to close at N0.99 per share, Japaul Gold trailed with a loss of 9.23 per cent to close at N0.59 per unit, Veritas Kapital dipped 8.70 per cent to close at N0.21 per unit, NSI Tech declined by 7.89 per cent to close at N0.35 per unit, Cutix Plc down by 5.45 per cent to close at N2.60 per share.

Volume of trades increased by 75.182 million shares, representing 11.97 per cent as investors traded 552.688 million shares valued at N13.056 million in 8052 deals against 627.870 million shares worth N9.150 billion in 6953 deals.

Transactions in the shares of AccessCorp Plc led the market activity during the day with 74.602 million shares valued at N1.134 billion, BUACement followed with account of 45.405 million shares valued at N3.861 billion, GTCO Plc traded 44.833 million shares cost N1.449 billion, Universal insurance traded 40.373 million shares valued at N9.094 million while Ecobank Transnational Incorporate traded 39.821 million shares cost N604.805 million.

06/26/2023
Again, Chinese Yuan weakens to 7.2056 against dollar

The central parity rate of the Chinese currency Renminbi, or the yuan, weakened 261 pips to 7.2056 against the dollar on Monday, according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the inter-bank market each business day.

06/26/2023
Eid-el-Kabir: Yari gifts N300m to Zamfara APC supporters

Former Governor of Zamfara State and Senator Abdulaziz Yari, representing Zamfara West Senatorial District, has donated N300 million to APC officials and supporters across the state.

Yari announced the donation through the State Chairman of the party, Alhaji Tukur Danfulani, at the Senator’s residence in Talata Mafara during a meeting with the party stakeholders.

Yari said the gesture was to assist the stakeholders and party supporters to celebrate Eid-el-Kabir with ease.

According to him, the welfare packages are meant to reduce the economic hardships the people are facing.

He urged APC supporters to pray for the success of their leaders and party at all levels.

Yari, who later addressed the party loyalists, thanked them for their support and loyalty during the concluded general elections in the country.

Yari renewed his commitment to support the Tinubu administration in all aspects, especially in the fight against insecurity and other heinous crimes.

He said: “What translated in the general poll and that of National Assembly elections was destiny that only geared up our political ambition.

“We will therefore, continue to remain loyal to our party and the government to attract development.”

Yari’s donation came few days after distributing 400 rams, 1000 cows to the supporters and another 500 rams to his neighbours in Talata Mafara Local Government Area of the state.

06/26/2023
Boat Mishap: Gov Otu indefinitely suspends activities at Marina Resort

Cross River State Governor, Bassey Otu in further response to the cruise boat mishap involving 14 medical students at the Marina Resort on Saturday, has ordered the suspension of cruise operations and other activities at the resort.

The order was given in a statement signed by Mr Emmanuel Ogbeche, Chief Press Secretary to the governor on Monday.

The accident occurred on Saturday at about 3pm when it was ferrying 14 medical students from different tertiary institutions in the nation.

The governor had earlier ordered an investigation into the incident in which 11 of the 14 students who were in Calabar for their Annual Health Week were rescued and three feared dead.

”All cruise operations and other activities at the Marina Resort is hereby suspended immediately until further notice.

“Operators of cruise boats and management of the state’s Tourism Bureau are directed to attend a meeting in the office of the Secretary to the State Government on Tuesday, June 27, 2023.

“Besides the cruise boat operations, the State Ministry of Transport is to immediately cross check the safety standards and conditions of all boats operating in Calabar waterways,” he said.

The governor also appealed to the police to speed up their investigations of the fatal boat accident and prosecute those culpable.

In an interview with newsmen, Ejim Egba, National President of the Nigeria Medical Students Association, (NiMSA) accused the management of the resort of negligence, incompetence and lackadaisical attitude.

He said that the engine of the boat had gone off in the middle of the river and water started entering the boat which caused it to start sinking and finally capsized.

“Factors that contributed to the mishap included a leaky boat, poor condition and integrity of the vests, poorly maintained engines resulting in the engine going off during the trip.

”Also, their was little or no supervision by Marina Resort management as well as poor regulation and monitoring”, Egba said.

Some medical students had converged in Calabar, for the annual NIMSA Health Week and, as part of the activities, decided to visit the resort, where some embarked on a boat cruise.

The Cross River State Government had said earlier that it would sanction officials of the Marina Resort found culpable of having compromised on safety standards over the cruise boat mishap.

06/26/2023
17 girls rescued, 7 Arrested in Army baby-making factory raid

The Nigerian military troops conducted a special operation on the border between Nigeria and Cameroon on June 23, leading to the uncovering of a baby-making factory in Adamawa State.

Upon gathering credible information, troops stormed the enclave of criminals at the outskirts of Kasingila village in the Maiha Local Government Area of the state.

Seven suspects were arrested in the raid, and 17 teenage girls as well as two babies were rescued. The suspects were nabbed during a raid in their enclave in Adamawa state on the Nigerian-Cameroon border.

They were said to be operating a brothel, human trafficking joint and baby-making factory.

Addressing journalists when parading the culprits, the leader of the camp, Abubakar Abdullahi, stated that he had originally obtained the girls from Adamawa, Gombe and Borno States in order to establish a camp serving as a dance club, brothel, and sales of babies to both Nigeria and Cameroon.

The girls – aged between 19 and 21 – revealed they had been held captive in the camp for two to three years, including being used to perform during weddings and naming ceremonies within Nigeria and Cameroon.

Money made from the activities was then held back by the captors so that they could not escape.

Investigation has revealed that such facilities are abundant in border areas, making human trafficking prominent in the area.

It is therefore expected that the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) will take the appropriate measures end this ugly trend.

06/25/2023
FG/IFAD-VCDP distribute agric inputs to 363 smallholder farmers

The Federal Government and International Fund for Agricultural Development Programme (IFAD) assisted Value Chain Development Programme (VCDP), on Sunday, distributed agricultural inputs to 363 smallholder cassava and rice farmers in Nasarawa State.

Dr Eunice Adgidzi, State Programme Coordinator, FG/IFAD-VCDP, stated this at the flagoff of the 2023 wet season agricultural inputs distribution exercise in Lafia.

Adgidzi said that distribution of the agricultural inputs to the smallholder farmers was to improve their livelihood and enhance their productivity towards ensuring food security in Nasarawa State and the country.

She noted that smallholder farmers were at the centre Nigeria’s food security drive as they accounted for about 90 per cent of agricultural produce in the country.

“However, these farmers have always been the primary victims of threat to agriculture including insecurity, climate change, rising cost of inputs among other.

“These factors pose grave threat to their productivity thereby leading to the current high rate of poverty among them, hence the need for the support,” she said.

The programme coordinator said the 363 smallholder farmer were drawn from Lafia, Doma, Wamba, Nasarawa and Karu Local Government Areas of the State.

She listed the agriculture inputs distributed to include 1, 800 kg of improved rice seeds, 1,650 bundles of cassava stems, 402 bags of fertilisers (NPK and Urea) as well as 156 litres of selective and non-selective herbicides.

She called on the farmers to effectively utilise the inputs in order to enhance their productivity for the benefit of everyone in the state.

In her remarks, Dr Fatima Aliyu, National Programme Coordinator FG/IFAD-VCDP, commended the Nasarawa State Government for keying into the programme, which had recorded tremendous successes in the state within the last three years.

Represented by Hamza Shehu, Technical Assistant to National Programme Coordinator, Aliyu particularly lauded Gov Abdullahi Sule for supporting the vision of VCDP and making agriculture a top priority.

“We are proud of the achievements in this State and will continue to work with all stakeholders to ensuring that we give smallholder farmers a more quality livelihood,” she said.

Aliyu, therefore, urged the farmers to make the most use of the inputs bearing in mind that the whole nation was looking up to them for survival.

Also speaking, Mr Isa Eya, Permanent Secretary, Nasarawa Ministry of Agriculture and Water Resources, lauded FG/IFAD-VCDP for the support to farmers in the state.

He pointed out that distribution of the inputs was timely and in compliance with the 2023 seasonal rainfall prediction by the Nigeria Meteorological Agency (Nimet).

Eya also encouraged the smallholder farmers to fully deploy the knowledge acquired through VCDP over the years on good agronomic practices in order to surmount the numerous challenges to agricultural production in the state.

06/25/2023
Adesina pledges to support Nigeria’s economic recovery

President of the African Development Bank (AfDB), Akinwumi Adesina has assured President Bola Ahmed Tinubu of the Bank’s readiness to help resuscitate the Nigerian economy.

Adesina gave the assurance during a meeting with President Tinubu, at the New Global Finance Pact Summit in Paris.

Speaking on his verified Twitter handle, the AfDB President said; “I had a great meeting with President Tinubu during the New Global Finance Pact Summit in Paris.

“I was impressed by his commitment to bold and sound policies for Nigeria’s economy. The AfDB will strongly support his vision for the Nigerian economy.”

Tinubu commended Adesina and AfDB, for the bank’s investment of $520 million in the special agro-processing zones programme, which is said to be the largest in scope and size in Africa.

He assured the AfDB President that the federal government would continue to provide necessary support for the bank’s projects and operations in Nigeria.

The bank’s portfolio in Nigeria comprises 48 operations for a total commitment value of $4.2 dollars.

The national (Federal and States) operations account for 90 per cent of the portfolio, for 41 projects amounting to $3.79 billion dollars, while multinational operations constitute 10 per cent, for seven projects amounting to 0.41 billion dollars.

There are 24 sovereign operations ($2.36 billion or 56 per cent of total commitments) and 24 non-sovereign operations ($1.84 billion or 44%).

A mapping of the portfolio to the High 5s shows a balanced distribution. industrialise Africa has the highest share (45 per cent).

This is followed by improving the quality of life for the people of Africa (18%), lightup and power Africa (14%), feed Africa (13%), and integrate Africa (10%).

Also, the performance of the bank’s public sector portfolio in Nigeria has been satisfactory.

06/25/2023
CBN, Bill Gates to collaborate on financial inclusion

The Central Bank of Nigeria (CBN) and the Bill and Melinda Gates Foundation (BMGF) have held strategic discussions in Abuja on how to deepen collaboration on financial inclusion in Nigeria.

Speaking during the meeting on June 22, 2023, the Bank’s Acting Governor, Mr. Folashodun Shonubi, reiterated the commitment of the CBN to continually partner with BMGF and other development partners to explore innovative solutions for driving access to finance.

Mr. Shonubi, who was accompanied by the Deputy Governor, Financial System Stability (FSS), Mrs. Aishah Ahmad, disclosed that though much progress had been made in various aspects of financial inclusion, some challenges still remained in attaining the desired level of financial inclusion in Nigeria. He, therefore, called for greater partnership between the Bank and the BMGF.

In his remarks, the co-chair of the Bill and Melinda Gates Foundation, Mr. Bill Gates highlighted the foundation’s focus areas for continued engagement in Nigeria to include health, agriculture and financial services.

Mr. Gates expressed satisfaction that support from his organization was catalyzing developmental action in Nigeria. While noting that there were still challenges and gaps, he expressed optimism that the country would witness better outcomes given the new economic and monetary policies currently in place in Nigeria.

The BMGF has supported financial inclusion in Nigeria since 2012 and has been a strategic partner of the CBN in driving innovation to reach excluded segments of Nigeria’s population with financial products and services. The partnership has brought about strategic initiatives such as the Nigeria Financial Services Maps, a gateway for geospatial mapping of access points, the development of the National Financial Inclusion Strategy in 2012 and a revision in 2018, research into financial exclusion, scoping of digital financial services in Nigeria, and many more activities that help accelerate access to financial services.

While Mr. Gates was accompanied by the duo of Christopher Elias, President, Global Development (BMGF); and Abi Jagun, Senior Programme Officer (BMGF), other members on the CBN team were Director Development Finance, Mr. Philip Yila Yusuf; and Head Financial Inclusion, Dr. Paul Oluikpe.

06/25/2023
Cooking gas price falls by 6.07% in May

The average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) declined by 6.07% on a month-on-month basis from N4,642.27 recorded in April 2023 to N4,360.69 in May 2023.

On a year-on-year basis, this rose by 11.20% from N3,921.35 in May 2022, according to the National Bureau of Statistics (NBS).

In its Liquefied Petroleum Gas (Cooking Gas) Price Watch for May 2023, the statistics bureau, revealed that Ondo recorded the lowest price with N3,795.83, followed by Nasarawa and Edo with N3,800.00 and N3,837.14 respectively.

On state profile analysis, Bayelsa recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N5,016.67 followed by Zamfara with N5,000.00, and Abuja with N4,900.00.

In addition, analysis by zone showed that the North-Central recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4,712.85, followed by the North-West with N4,550.04, while the South-East recorded the lowest with N4,078.50.

06/24/2023