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Category: News

Petrol Landing Cost: Probe NNPC, Kyari– PDP BoT Member

A member of the People Democratic Party (PDP), National Presidential Campaign Council, Adetokunbo Pearse, says Nigerians have a right to know the actual landing cost of Premium Motor Spirit (PMS).

Dr Pearse, speaking on Channels Television’s Sunrise Daily on Monday, stated that a thorough scrutiny should be carried out on the Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over the fluctuation of landing cost.

“The way you solve a problem is to go to the source. Let the president go and interrogate NNPCL and let us find out – announce to the country what the landing cost is so that we know exactly what we can make, and how much we can sell oil that will not cripple the economy. That’s what we need to do,” he said.

He lamented that going back to the NNPC would affect the landing cost of imported fuel.

“When you go to the NNPCL, you find out that the landing cost is so low, the price that is given. The landing cost at one point was 50 naira per litre, now it’s about 150 per litre.”

According to the Lagos State Coordinator, Atiku/ Okowa Presidential Campaign Support Group, the emergence of the Dangote Petroleum Refinery and the repair of the local refineries ought to reduce the landing cost of the product in contrast to the NNPCL boss’ comment.

“One of the reasons I said we need to go to NNPCL is this: Kyari said on this Channels that even when Dangote oil comes fully on board, the price of pump fuel will not reduce – even with the production of oil in Port Harcourt and elsewhere. That man needs to be investigated.

“Of course, if you refine your oil here, the man is already telling us that even when it is refined here, it is still not going to go down and you and I know that if we have our own refineries and we are refining the product here, the price should be more competitive,” he argued.

As of September 2022, the NNPCL in a statement noted that PMS will cost consumers N462 per litre without the Federal Government’s subsidy.

It added that the “rising crude oil prices and PMS supply costs above PPPRA (now NMDPRA) cap had forced oil marketing companies (OMCs) withdrawal from PMS import since the fourth quarter of 2017.

In the wake of a deepening forex crisis, NIGERIAN ANCHOR had reported that oil marketers signalled a potential surge in the cost of Premium Motor Spirit (PMS), commonly known as petrol, projecting prices between N680/litre and N720/litre in the near future.

The escalation hinges on the prevailing exchange rate, which oscillates between N910 and N950 for a US dollar in the parallel market.

Market insiders have also disclosed that the scarcity of foreign exchange has prompted prospective PMS importers to shelve their plans temporarily.

This revelation emerges shortly after the local currency surpassed the N900/dollar benchmark, with the naira trading at over 945/dollar in the parallel market on Friday.

As a result, the shortage has forced dealers who were initially eager to import petrol to suspend their plans.

Leaders of notable organizations such as the Major Oil Marketers Association of Nigeria, Independent Petroleum Marketers Association of Nigeria, and Petroleum Products Retail Outlets Owners Association of Nigeria have underscored the need for the Federal Government’s intervention to address the mounting crisis.

08/14/2023
Flood Warning: NEMA identifies 19 states, 56 communities at risk in August

The National Emergency Management Agency (NEMA) has issued a flood alert, indicating that 19 states and 56 communities throughout Nigeria are under the threat of heavy rainfall that could potentially lead to flooding in the upcoming month.

In a statement released by Mr. Ibrahim Farinloye, NEMA’s Lagos Territorial Coordinator, on Monday, this warning highlights the urgent need for preparedness and precautionary measures.

The states and communities identified are as follows:

Delta: Aboh, Ekiti State; Ado Ekiti, Ondo State; Akure, Idanre, Ifon, Iju Itaogbolu, Ogbese, Owo, Owena, Ondo

Others he said include: Lagos State; Apapa, Badagry, Eti Osa, Ikeja, Ikorodu, Ikoyi, Lagos Island, Ojo Lagos, Surulere; Anambra; Atani; Ogun; Ifo, Ota, Sagamu; Nasarawa State; Lafia, Wamba and Cross River; Ikom, Ogoja

Farinloye also listed Bauchi State: Jamaare, Misau, Azare, Itas ,Kafin Madaki,Kari, Kirfi, Tafawa Balewa, Katagum; Jigawa; Hadejia, Miga; Osun State; Ilesa, Oshogbo and Kwara; Kosubosu.

The rest are Zamfara; Anka, Bungudu, Gusau; Sokoto State; Goronyo; Adamawa; Numan, Shelleng; Taraba: Serti; Benue; Ito, Katsina-Alan, Vande-Ikya; Imo State: Oguta, Orlu and Abia State; Ugba.

NEMA’s Farinloye further emphasized the critical importance of taking preventive measures and staying informed about weather updates to mitigate potential risks.

Residents in these identified states and communities are advised to be vigilant and prepare for potential flooding situations as the rainy season continues this month.

08/14/2023
Oil marketers mull N750/litre fuel price amid forex crisis

*Stop importation of products

In the wake of a deepening forex crisis, oil marketers have signaled a potential surge in the cost of Premium Motor Spirit (PMS), commonly known as petrol, projecting prices between N680/litre and N720/litre in the near future.

The escalation hinges on the prevailing exchange rate, which oscillates between N910 and N950 for a US dollar in the parallel market.

Market insiders have also disclosed that the scarcity of foreign exchange has prompted prospective PMS importers to shelve their plans temporarily.

This revelation emerges shortly after the local currency surpassed the N900/dollar benchmark, with the naira trading at over 945/dollar in the parallel market on Friday.

The forex dilemma has significantly impacted the availability of foreign exchange through the Central Bank of Nigeria’s (CBN) Importers and Exporters official window, which offers a more favorable exchange rate of approximately $740/litre.

However, the window remains insufficiently liquid to accommodate the $25 million to $30 million required for PMS imports by dealers.

As a result, the shortage has forced dealers who were initially eager to import petrol to suspend their plans.

Leaders of notable organizations such as the Major Oil Marketers Association of Nigeria, Independent Petroleum Marketers Association of Nigeria, and Petroleum Products Retail Outlets Owners Association of Nigeria have underscored the need for Federal Government intervention to address the mounting crisis.

Chief Chinedu Ukadike, the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, highlighted that petrol prices now closely follow forex fluctuations, thus foreshadowing an impending price hike.

Ukadike pointed out that the demand and supply of forex significantly impact petrol costs, and this situation extends beyond petroleum products, affecting other import-dependent industries as well.

He indicated that with the dollar’s upward trajectory to N910 to N940, and potentially nearing N1,000, consumers should anticipate a PMS prices of about N750/litre.

Ukadike emphasized that since many importers, including oil marketers, rely on the parallel market for dollar sourcing, the price increase is a direct result of dollar strength.

While the Nigerian National Petroleum Company Limited remains the primary petrol importer in the country, independent importer Emadeb recently entered the market.

However, Ukadike noted that the depreciation of the naira creates challenges for importers when trying to recover funds from sales conducted in the local currency.

He projected that once NNPC adjusts its petrol prices, other marketers are likely to follow suit.

The nation’s growing forex predicament continues to cast uncertainty on fuel prices and availability.

08/14/2023
Niger Military Junta vows to prosecute ousted Bazoum for ‘high treason’

*Says it’s open to diplomatic resolution; decries ECOWAS sanctions

Niger’s military junta announced late on Sunday its intention to press charges of “high treason” against former President Mohamed Bazoum, who was ousted from power, even as the regime also criticized the Economic Community of West African States (ECOWAS) for imposing sanctions on the nation.

ECOWAS had placed sanctions on Niger as a response to the coup and had not ruled out the possibility of using force against the military officers responsible for toppling the democratically elected Bazoum on July 26.

While ECOWAS had approved the potential deployment of a “standby force to restore constitutional order” in Niger, it maintained its commitment to pursuing a diplomatic resolution to the crisis.

In a statement delivered on national television by Colonel-Major Amadou Abdramane late Sunday night, Niger’s military leaders conveyed their intent to prosecute Bazoum for “high treason” and for undermining both the internal and external security of Niger.

The former president, aged 63, along with his family, has been confined to the official Niamey residence since the coup, raising international concerns about their well-being during detention.

According to sources close to Bazoum, he received a medical check-up on Saturday, and the military authorities stated that the doctor found no health issues concerning the deposed president and his family.

The military also decried the sanctions imposed on Niger, asserting that they had led to difficulties in accessing essential supplies such as medicines, food, and electricity. They characterized these sanctions as “illegal, inhumane, and humiliating.”

The remarks from the military came shortly after a meeting between religious mediators and coup leader General Abdourahamane Tiani. During the meeting, Tiani expressed his regime’s openness to diplomatic discussions and peaceful resolution of the crisis.

Sheikh Bala Lau, part of a Nigerian Muslim delegation that engaged in talks in Niamey, reported that Tiani stated their willingness to explore diplomacy and peace in addressing the situation. Tiani also contended that the coup had been executed with good intentions, aimed at averting an imminent threat that could have impacted both Nigeria and Niger.

Tiani lamented that ECOWAS had issued an ultimatum demanding Bazoum’s restoration without giving them an opportunity to present their perspective on the matter.

Nigeria’s President Bola Tinubu, who also serves as the head of ECOWAS, sanctioned the visit of the Muslim leaders to Niamey. Tinubu had adopted a resolute stance against the coup, marking the sixth instance of such an occurrence in an ECOWAS member state since 2020.

ECOWAS had enacted stringent measures, including halting financial transactions and electricity supplies and sealing borders with Niger, causing significant disruptions to imports in one of the world’s most impoverished countries.

The organization had set a seven-day ultimatum for the reinstatement of Bazoum, threatening a potential use of force, but the deadline passed without compliance from the new rulers. A crisis meeting scheduled for Accra, Ghana, was canceled for “technical reasons.”

Support for the new military leadership has manifested in public demonstrations, with large crowds gathering in Niamey. Concerts at the Seyni Kountche Stadium saw thousands of individuals expressing backing for the National Council for the Safeguard of the Homeland (CNSP), the group of generals who have assumed control. The gathering, primarily composed of youth, waved flags of Niger, Burkina Faso, Mali, and Russia.

The prospect of a military intervention to reinstate Bazoum has polarized ECOWAS members and evoked warnings from international powers, including Russia and Algeria.

Neighboring countries Mali and Burkina Faso, both governed by military regimes resulting from coups, have cautioned that such an intervention could escalate into a declaration of war against them.

08/14/2023
Nigerian military denies receiving coup request, expresses commitment to democracy

In response to a misleading and concerning report, the Defence Headquarters has vehemently denied that the Armed Forces of Nigeria (AFN) received any solicitation to facilitate a change of leadership within the nation.

The Director of Defence Information, Brigadier-General Tukur Gusau, said this in a statement issued on Sunday in Abuja to clarify the situation.

Gusau emphasized that at no point did the armed forces receive or issue any communication indicating support for a leadership alteration to any individual or group.

He condemned the unfounded claims, attributing them to those with ulterior motives who harbour ill-will towards the nation.

He asserted, “This statement appears to have originated from individuals who are not aligned with the nation’s well-being and progress. It is an unfortunate product of the imagination of a small faction that is dissatisfied with the advancements and prosperity of our beloved country.”

The Defence Headquarters also sought to reaffirm the military’s staunch alignment with democratic principles and unwavering loyalty to President Bola Tinubu, who holds the position of President, Commander-In-Chief of the Armed Forces of the Federal Republic of Nigeria.

The military’s steadfast commitment to upholding the constitution of the nation was also underscored by Brigadier-General Gusau.

“We wish to underscore that the military is fully comfortable within the democratic framework and stands firm in its dedication to safeguarding the constitution of the Federal Republic of Nigeria. Any suggestions to the contrary are baseless and misleading.”

The statement further extended a stern caution to those disseminating false information.

“We call upon those circulating such fabrications to cease immediately or be prepared to face legal consequences. Both the Military and other security agencies are actively monitoring such negative agents. Our collective responsibility is to bolster our democracy and foster unity,” he said.

Gusau further urged the nation to collaborate in protecting the democratic values and progress that Nigeria has strived to achieve.

The Defence Headquarters’ statement reflects the military’s firm commitment to democratic governance and its unwavering dedication to upholding the country’s constitutional integrity.

08/13/2023
N52bn SPW Disbursement: Lawyer threatens NDE with court action

An Abuja-based legal practitioner and social crusader, Abdulazeez Tijani has invoked the Freedom of Information (FOI) Act against the National Directorate of Employment (NDE), demanding details of the disbursement of N52bn to some youths under former President Muhammadu Buhari’s Special Public Work (SPW) policy.

The disbursement of the N52bn approved and released to NDE by the former President was said to have been supervised by the office of the immediate past Minister of State for Labour and Employment, Mr. Festus Keyamo.

Keyamo who was taken up on the issue by some Senators during his screening as a Ministerial nominee had claimed on the floor of the Senate that all registers and records of the beneficiaries are domiciled with the NDE.

Keyamo had told the lawmakers that the account details and Bank Verification Numbers (BVN) of the 774,000 youths who benefited under the SPW policy of former President Buhari can be accessed under the NDE.

Armed with Keyamo’s revelation, the lawyer cum social crusader, in a letter to the Director General of the NDE applied for Certified True Copies of the list of the 774,000 beneficiaries, their account details and evidence of disbursement to the accounts.

He cited section 1 (1) of the Freedom of Information Act 2011, the enabling law to back up his demand for the N52 billion naira payment facts.

In the letter dated August 10, 2023, and received the same day in the NDE Headquarters in Abuja, the lawyer claimed that as a law-abiding citizen of Nigeria, he became curious to know the true state of affairs in relation to the Special Public Works involving 774,000 youths and disbursement of N52bn to them as claimed in the Senate by the former Minister.

In compliance with the Freedom of Information Act, the legal practitioner said he will undertake to be responsible for the cost of production of the demanded documents.

In the letter obtained by our correspondent, the lawyer warned the NDE Director General to take the 30-day ultimatum as a pre-action notice and act within the period to meet up with his demands in line with the provision of the enabling law.

The legal practitioner warned that unless his demands are met, he would have no option than to approach the Federal High Court for an order of Mandamus that would compel approval of his demands.

It will be recalled that the sum of N52 billion was allocated for the SPW programme which was coordinated by the NDE under the supervision of the then Minister of State for Labour and Employment.

The programme was targeted at employing 1,000 unskilled youths in each of the 774 local government areas for three months across the country.

The beneficiaries were expected to engage in public service works and receive a monthly stipend of N20,000 each for three months.

08/13/2023
FCCPC releases fresh list of approved loan Apps

*Places 20 Apps on watchlist

The Federal Competition and Consumer Protection Commission (FCCPC) has released a fresh list of 154 companies it has given full approval to operate loan apps in the country, bringing the total now to 194.

While the earlier published list of approved companies was taken down by the Commission for what it called ‘clean-up’, the new list just released is more detailed as it added the apps operated by each company under the approval list.

The release of apps associated with the companies will allow customers to identify the companies behind the app they are using and also curtail cases of app duplicity by the companies.

Aside from the companies given full approval, the Commission said 40 other companies have been issued conditional approval. This brings the total loan app companies recognized by the FCCPC to 194.

Meanwhile, the Commission said it has also placed 20 loan apps suspected of engaging in unethical practices under its watchlist. These apps include those it recently requested Google to remove from the Play Store.

According to the FCCPC, the loan apps that have been placed under the watchlist include Getloan, Joy Cash-Loan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan, and Cashme.

Others are Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal, Nairaeasy gist loan, Swiftcash, Easynaira, Secucash, and Creditbox-Africa.

The Chief Executive Officer of the FCCPC, Babatunde Irukera recently disclosed that many unapproved loan apps are still available on the Google Play Store, despite an agreement with Google that they should be removed.

Irukera said the Commission would continue to engage with Google to clarify how and why apps that have not received relevant regulatory approvals are available on Google’s platform.

“Under the Guidelines, only DMLs that have been subjected to regulatory scrutiny and compliance evidenced by written approval from the Commission are allowed on Playstore.

The Commission notes that some DMLs have resorted to the use of Android Package Kits (APK) file formats to reach consumers outside of the Google Play Store.

This appears to be a device by some of these DMLs to evade or avoid regulatory compliance,” he said.

Irukera added that compliance with the Guidelines is mandatory for all DMLs regardless of whether they intend to be placed on Playstore, operate by APK file formats, or any other means for that matter.

According to him, failure to comply with the Guidelines is a violation of law and renders any such operation illegal.

08/13/2023
Group slams military for burning vessels with stolen crude

*Says action destroys the ecosystem

The Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN) has decried the burning and destruction of vessels laden with stolen crude oil, describing it as a worrisome and environmentally unfriendly way of curbing oil theft.

ERA/FoEN’s Executive Director, Barr. Chima Williams, in a statement signed by Communication Officer, Elvira Jordan, recently stated that the burning of crude oil-laden vessels disposes a high level of chemical content into the water bodies that destroys eco lives and aquatic organisms that humans need to survive.

“Destroying such vessels with their crude contents produces high-level chemical debris that follows tidal movement to other parts of the country. This kind of devastation destroys the aquatic organisms needed to satisfy man’s nutritional and survival needs.

“What is discharged includes chemical contents from the crude and the vessels that are harmful to human health. The health implications of such activities may not have immediate effects but will be transferred to the people who inhabit these areas, as the primary occupation of the Riverine people is fishing and farming, which is dependent on the surrounding waters,” he said.

He added that the destruction of crude oil laden vessels will also deprive the people of their sources of livelihood, when the chemical waste from the burnt vessels and crude oil comes in contact with the environment, killing aquatic life and poisoning the surrounding soil.

The Executive Director stated that destroying and wasting stolen crude, is a disfavor to Nigeria’s economy noting that the product will generate funds that will build infrastructures and better the lives of the people.

He said, “Destroying badges of crude that runs into millions is equivalent to denying the nation and its people of the revenue that can be derived from such large amounts of crude. This is a country in dire need of resources to rebuild the economy, to build infrastructures and to better the lives of the people. The country is in heavy dept, yet we are destroying sources of enhancing our economy. The burnt vessels can be transformed into other uses like enhancing the work of seafarers in the country.”

On the legal implications, Williams explained that destroying the evidence would not make for the proper prosecution of the case.

He stressed that such actions wipe away the key principles of the rule of law, as the chances of conviction or proper acquittal are no longer visible. According to him, this is a denial of justice to the nation, the individuals involved, and the victims of their negative operational conduct and activities.

He called on military and security operatives to put an end to the burning of crude oil-laden vessels, as it goes against every tenet of environmental protection and environmental health.

08/13/2023
NJC denies alleged letter relinquishing powers to State Govs

The National Judicial Council (NJC) has formally distanced itself from a forged letter that falsely conveys the surrender of its legal authorities and responsibilities concerning the appointment and promotion of judges to State Governors.

The legal body’s spokesperson stated that the missive, ostensibly directed to the Chief Judge of Kebbi State and purportedly signed by the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, did not originate from the NJC or the CJN, who also serves as the NJC’s Chairman.

In an official statement released on Sunday, Mr. Soji Oye, the NJC’s Director of Information, unequivocally declared that there is absolutely no basis in reality for the fabricated letter.

The NJC’s statement elucidated, “The National Judicial Council has been made aware of a falsified letter dated July 14, 2023, fraudulently attributed to the Council and bearing the signature of the Chief Justice of Nigeria and Chairperson of the National Judicial Council, Honorable Justice Olukayode Ariwoola, GCON.”

The fraudulent communication, titled “Judicial Seniority Order of Kebbi State High Court Judges and the Endorsement of Justice Umar Abubakar as the Substantive Chief Judge of Kebbi State,” contends that, “In accordance with Section 10 of the prevailing 1996 Kebbi State law, the Governor possesses the authority to establish the seniority of judges, and the National Judicial Council lacks any capacity to counteract or reverse the Governor’s decision.”

The letter further alleges, “The position of the Court’s Lead or Chief Judge is essentially a political appointment, subject to determination by the respective state’s Governor.

“To eliminate any misconceptions and uncertainties, the NJC explicitly denies any association with the counterfeit letter and underscores that no such communication originated from the office of the Chief Justice of Nigeria or the NJC.

“The general public is hereby advised to disregard the forged letter and its contents,” the NJC said.

Simultaneously, the NJC said it has reported this unfortunate occurrence to relevant law enforcement agencies, aiming to investigate and apprehend the individual(s) responsible for this reprehensible act.

08/13/2023
NAIC urges livestock farmers to embrace insurance amid Anthrax threat

The Nigerian Agricultural Insurance Corporation (NAIC) has issued a call to livestock farmers, urging them to consider obtaining agricultural insurance coverage as a safeguard against the impacts of the anthrax disease.

In a statement released in Lagos at the weekend, Mrs. Folashade Joseph, the Managing Director of NAIC, emphasized that their insurance offerings also extend to encompass emerging risks within the agricultural value chain.

Joseph expressed apprehension about the prevalence of anthrax disease and the detrimental consequences it inflicts on the income of livestock farmers.

She also highlighted the potential risk to fellow Nigerians who might inadvertently be affected by the disease, whilst extending her sympathies to livestock farmers who have been negatively impacted by the reported occurrences of anthrax disease in the country.

Highlighting the corporation’s responsibility, Joseph stressed that providing insurance solutions to mitigate agricultural hazards stands as one of its core mandates.

According to her, NAIC, which is fully owned by the Federal Government, aims to support farmers and agricultural enterprises in safeguarding their operations and livelihoods.

Joseph further directed the attention of farming communities and entrepreneurs to the imminent threat of floods across the nation, emphasizing the significance of adhering to best practices in addressing this challenge.

She emphasized that availing NAIC’s agricultural insurance coverage ensures a safety net for those who experience losses, enabling them to recover and prosper despite adversities.

08/13/2023