Franktom247:
I see Obaseki being picked up by EFCC once his tenure ends

He better start getting his house in order

Hmmn, just like they picked Yahaya Bello ASAP ....

Yourprick:
Everyone has a childhood picture except one man I guess we all know him🤔

Druggie, Toronto graduate ......

Africa’s richest man, Aliko Dangote, says January’s visit by the operatives of the Economic and Financial Crimes Commission to the Lagos Head Office of the Dangote Group was intended to embarrass his company.

Speaking in an interview with Bloomberg and monitored on Tuesday, Dangote stated, “They visited the office but didn’t talk to anybody, nor did they arrest anyone. It was just to cause embarrassment (sic).”

The visit by the anti-graft commission to the company was part of a probe into alleged preferential allocations of forex to the Dangote Group and 51 other companies under the Emefiele-led Central Bank of Nigeria.

Dangote meanwhile maintained that despite the challenges, their operations remain “100 per cent clean,” given their significant role in Nigeria’s economy.

He also emphasized his company’s reputation as the highest-paying organization in Nigeria, adding that Dangote Group pays more taxes than the banking sector.

The PUNCH reports that EFCC had earlier written to the 52 companies directing them to provide documents supporting the allocation and utilisation of foreign exchange sold to them at official rates in the last 10 years.

The anti-graft commission had asked the firms to submit Form A and Form M which detailed the forex allocations to them between 2014 and June 2023.

But while some companies complied with the directive, several others were said to have asked for time to get the proper documents.

However, a Dangote official claimed the firm had honoured the EFCC’s request and wondered why the commission chose to embarrass them.

“We don’t know why they (EFCC officials) came to our office again; we had earlier been invited to the office of the EFCC. As such, the Dangote officials took along all the documents and submitted them. We don’t know why they eventually decided to visit our office again.

“The question we are asking is what did they come to take from our office when we had honoured their invitation? They left with empty hands because all the documents they wanted from us had been taken to them. The same EFCC that came to our office is the one giving information to the media that they are investigating us,’’ the official said.

Before the raid, Dangote Industries had in November 2023 refuted allegations that it was involved in forex malpractices and money laundering involving a staggering $3.4bn allegedly facilitated by Emefiele.

It denied the claims that the money was funnelled to its non-Nigerian subsidiaries, prompting illicit financial flows and round-tripping.

The company referred to past approvals granted by the CBN between 2010 to 2018, allowing it to purchase forex totalling $3.755bn for funding of its projects across Africa, of which only 47.70 per cent was utilised.

Source: https://punchng.com/efccs-raid-of-our-office-intended-to-embarrass-us-dangote

Salewa97:
Fake protest.

Those kids were coached

Confirmed! They should direct their protest to their parents who voted in evil party to man their entire local governments on Saturday.

The President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, has called on the Federal Government to end fuel subsidies completely.

He said the removal would help determine the actual petrol consumption in the country, as he confirmed ownership of two oil blocks in the upstream sector with an expected production date of next month.

Dangote also stated that fuel production from his $20bn mega refinery in Lagos will help ease pressures on the naira. The refinery can refine 650,000 barrels of crude oil daily.

Speaking in a 26-minute interview with Bloomberg Television in New York on Monday, monitored by our correspondent, Dangote said now is the right time to end fuel subsidies.

Africa’s wealthiest man further noted that ending petrol imports will have a huge upside in easing currency pressures.

He said, “Subsidy is a very sensitive issue. Once you are subsidising something then people will bloat the price and then the government will end up paying what they are not supposed to be paying. It is the right time to get rid of subsidies.”

“But this refinery will resolve a lot of issues out there, you know, it will show the real consumption of Nigeria, because, you know, nobody can tell you. Some people say 60 million litres of gasoline per day.

“Some say, it’s less. But right now, if you look at it by us producing, everything can be counted. So everything can be accounted for, particularly for most of the trucks or ships that will come to load from us. We are going to put a tracker on them to be sure they are going to take the oil within Nigeria, and that, I think, can help the government save quite a lot of money. I think it is the right time, you know, to remove the subsidy.”

Dangote who recalled the challenges faced after the project’s launch in 2013, experiencing a five-year delay due to issues with state government and host communities and a running loan of $2.4bn, said he is personally proud to achieve the feat.

On whether the subsidy will make the refinery viable, Dangote said, “Well, you see, we have a choice of either one. We produce, we export, and when we produce, we sell locally. But we are a big private company. And yes, it’s true, we have to make a profit. We build something worth $20bn so definitely we have to make money.

“The removal of subsidies is totally dependent on the government, not on us. We cannot change the price, but I think the government will have to give up something for something. So I think at the end of the day, this subsidy will have to go.”

President Bola Tinubu removed the subsidy when he took office in May 2023, exacerbating a cost-of-living crisis that sparked protests, but quickly reinstated it as inflation spiked.

Another step to ending it was taken in early September when the gasoline cap was eased — though the price remains below the market level.

Nigeria, until Dangote’s refinery came on stream was fully dependent on imported petroleum products, and has been taking tentative moves to finally end the nation’s pricey fuel subsidies, which in 2022 cost $10bn.

Dangote, who has the option of either exporting his fuel or selling it domestically, said the decision on subsidies was the government’s, but added that ending gasoline imports will have a huge upside in easing currency pressures.

The naira has lost around 70 per cent of its value against the dollar since rules that pegged the currency at an artificially high level were relaxed last year.

But the scarcity of the greenback in the Nigerian foreign exchange market continues to weigh on the naira and is made worse by the need to pay for imported gasoline in dollars.

“Petroleum products consume about 40 per cent of our foreign exchange,” Dangote said, adding that fuel from his refinery, which started supplying gasoline on Sept. 15 to the state-owned oil company for domestic sale, “can actually stabilize the naira.”

Continuing in the interview, the businessman revealed the details of the pricing disagreement that occurred with the Nigerian National Petroleum Company Limited.

He said the national oil company bought its current stock from the refinery at a cheaper price than its imported fuel but gave a uniform price for all products.

“There wasn’t really a disagreement, per se. NNPC bought from us on the 15th of September at the international price, which they also bought, about 800,000 metric tons of gasoline imported. So the one that they bought from us actually is cheaper than the one they are importing.

“And so when they announced our price, the guy, I don’t know whether he was authorized. It wasn’t really the real price. What they have announced is most likely that is what it cost them, including profit and other expenses.

“And then the other one is one that they imported. But the people don’t know how much they spend in terms of imports, but their importation is almost, maybe about 15 per cent more expensive than ours, you know.

“So what they are supposed to do is to sell at a basket price, or if they want to remove subsidy, they can announce that they will remove subsidy, which is okay, everybody you know will adjust it.”

On the planned crude oil sales anticipated to begin in October, Dangote said that discussions are still ongoing and a detailed agreement will be finalised this week.

Revealing details of the deal, he explained, “We will sell the crude in naira after we have bought in naira. So now we are currently working out with the committee that the exchange rate is going to be priced. It is going to be normal pricing, you know, if crude is at $80, we will pay that price at an agreed exchange rate.

“And then we will also sell in the domestic market. What that will do is that it’s going to remove 40 per cent pressure on the naira. So because, see, the petroleum products consume about 40 per cent of foreign exchange, so you know, and then, you know, it’s like you have 40 per cent of demand been taken out so that can actually stabilize the naira and even if they subsidise, they would know what they are paying for.

“The deal is to give the government something that they want. It’s also a win-win situation for all and it would benefit the country.

“Currently, discussions are still ongoing to determine the details of the agreement. They are working out something that I think would be a win-win between us and the NNPCL.

“The agreement is very robust. Well, first of all, we would have energy security where they will give us crude. For example, in October, they’re going to give us 12 million barrels, which is on average, about 390,000 barrels a day, which will sell both gasoline, diesel, and aviation fuel.”

He also confirmed ownership of two oil blocks in the upstream sector with an expected production date of next month.

Dangote tankers’ park

Meanwhile, the Federal Government has said that it is providing land for interested entities to build an expansive park for tankers lifting petrol and other products from the Dangote refinery.

This followed a routine inspection on Sunday by the Minister of Works, Dave Umahi, who raised concerns about over 3,000 fuel tankers queueing up on the new concrete pavement road.

Umahi noted that though the pavement is made of concrete the current road was not designed to handle static load and may soon deteriorate like the ever-busy Apapa road.

This minister revealed this to State House Correspondents after Monday’s Federal Executive Council meeting at the Aso Rock Villa, Abuja.

He said, “From my inspection yesterday, we discovered that we had over 3,000 fuel trucks queuing for the Dangote fuel lifting, and they were all parked on the newly constructed road.

“Technically and by design, the roads were never built for static loads. And so it has a lot of effects. So, we will have the same thing we had in Apapa that damaged the entire road until it was constructed on concrete.”

“So what FEC approved today is that the land that we have, the Federal Government land, we should put it for concession so that concessionaires would bid and whoever wins will be able to build a park. The park will be tolled so all those trucks can safely park there. And the pavement of such a park is quite different from the pavement of the road.”

Umahi also announced that the council approved various road projects. He said, “The council approved several road projects. One is a new contract for rehabilitating Maraban-Kankara-Funtua Road in Katsina state. The second is the award of a contract for the construction of a 258km three-lane carriageway, a component of the 1,000 Sokoto-Badagry superhighway section two, phase 2A in the Kebbi Section. It is to be done with continuous reinforced concrete pavement. It excludes all bridges and flyovers.

“The third one is the contract for the construction and dualisation of Afikpo-Uturu-Okiwe in Ebony, Abia, and Imo State, Section Two. The next one is the Bodo-Bonny road in Rivers State under Julius Berger. The Federal Executive Council approved an additional N80bn to complete that project, bringing the total cost to N280bn.

“The next is the third mainland bridge. The third mainland Bridge was executed under emergency work. When you have emergency work, you have to get going, measure the work, and send all your measurements and quotations to the BPP. And that’s what we did. So that has been done, and it’s also extended to Falamo and Queens Drive. It also came with solar-powered light. The essence is that all through the length and breadth of the road, the security agencies will be able to check everything happening within the length and breadth of this bridge. And we give response time to respond to any eventuality for 10 minutes. So the contract covers about four security vans and one-speed boat.”

Other contracts include the N158bn contract approved for the Lekki Port service lanes by Dangote Industries, linking Epe to Shagamu-Benin Expressway. The council also approved the N740.79bn Abuja-Kaduna-Zaria-Kano Road re-scoped with solar lighting under a 14-month completion by Julius Berger.

Umahi also named about 14 road projects and bridges affected by floods, including Ado-Ekiti-Afe Babalola in Ekiti State and Lafia-Shendam Road in Plateau State.

Source: https://punchng.com/Why-FG-must-end-petrol-subsidy-now-Dangote

https://www.vanguardngr.com/2024/09/be-patient-with-tinubu-ooni-begs-nigerians/
[/quote]
Kabiyesi, no put mouth o........

Fujiyama:


^^^
Exactly. This point isn't stressed often enough.

The PDP didn't deliver in Edo state and the people have punished them for it. But will the people punish (or...will they even be allowed to exercise their right to punish) an inept and incompetent APC at the federal level - when the time comes? That is the question.

There are other parties besides the PDP and the APC. If Nigerians refuse to clear out these two parties despite their woeful track record then they have no one but themselves to blame.

I totally agree with you!!!

Kingspin:
Will rig, point of correction

God bless you for this point blank comment......

Darlingjay1:
Ours nko

Over 1k.....

GOTVee:
Even though I'm a born again Christian, no sane Christian should support the bombing of people's devices without provocations. Isreal is bitting more than it can chew in the middle east and I hope the US government call the isrealis to order before things go sour. The patience of the Muslim folks doesn't necessarily mean cowardice. They are applying restraints so as not set destabilize the region. Imagine a situation where all the Islamic nations decide to fight Isreal? Isreal should thread with caution and henceforth I will stop supporting Isreal and my visit to Jerusalem later this year is canceled

There will never be a reaction without action!
Who started this? Rules of Engagement is playing out here, period!!!

Nokio2:

Omo...
Flood wash ya house solution Rice
Bandits clear village ...rice
Them kidnapped ur family...rice
Fuel scarce...rice
Even obaseki wey lose elections na rice them go send give am just dey watch...

Yeeee, you no go kill person o.......

thisisit:
WHY REVEAL THIS KIND OF INFORMATION?...

DO YOU WANT TO SPOIL MARKET FOR THE CABALS AND CURRENT MINISTER OF PETROLEUM?

DO YOU WANT TINUBU'S REFINERY IN MALTA TO STOP WORK??

PLEASE.. DELETE THE POST... THE SUFFERING, HARDSHIP AND HUNGER MUST CONTINUE AND THE INEVITABLE REVOLUTION MUST HOLD.

Just like this........

Libya continues to offer the cheapest petrol in Africa, with the price of octane-95 gasoline (petrol) standing at 0.15 Libyan Dinar per litre, equivalent to approximately $0.032 or N52 as of September 16, 2024.

This is according to a report by Global Petrol Prices, a platform that tracks retail petrol prices across various countries.

In comparison, petrol prices in Egypt, Algeria, and Angola stood at $0.279, $0.342, and $0.351 per litre, respectively.

These are the only four countries in Africa that sell fuel at cheaper rates than Nigeria.

Current data shows the average petrol price in Nigeria is N1,000 per litre, with black market rates soaring to N1,600 per litre.

Meanwhile, the Central African Republic has the highest petrol price on the continent, at $1.83 per litre.

Senegal ($1.646), Seychelles ($1.595), Zimbabwe ($1.590), Morocco ($1.527), and Uganda ($1.475) are other countries with costlier fuel price per litre, while Malawi ($1.458), Côte d’Ivoire ($1.455), Kenya ($1.453), and Sierra Leone ($1.448) round up the list.

Despite being one of Africa’s largest oil producers, Nigeria faces criticism for its high petrol prices.

This has led to calls for government intervention in the oil sector, with many arguing that the removal of fuel subsidies has negatively impacted citizens.

Abdullahi Aliyu, a resident of Abuja, emphasised that if petrol were priced between N150 and N200, it would significantly lower costs across various sectors, including transportation and food.

He urged Nigerian leaders to learn from Libya’s pricing strategy.

“All over the world, there are various types of subsidies, but I think in Nigeria, the one that plays a vital role in the life of the citizens is petrol subsidy.

“Just imagine that it is being sold at between N150 and N200! Everything will be cheap, including transportation, food and electricity. Our leaders should please learn from Libya,” he said.

Adenike Andrew, an economics graduate turned restaurateur, criticised the rationale behind subsidy removal, arguing that the Nigerian populace cannot bear fuel prices comparable to those in wealthier countries, especially given their lower income levels.

She also called for Nigeria to explore legal avenues for supplying petrol to neighbouring countries to boost foreign currency earnings.

“If they say they removed it (subsidy) because our neighbouring countries are also benefiting from it, it is self-indictment. Our security agencies should do their work. And most importantly, Nigeria should tap the enormous market in Africa to earn foreign currency by supplying petrol to them using legal means.

“It is wrong to say that Nigerians must pay for petrol in the same manner as non-oil, but rich countries are selling it to their citizens. People there have higher incomes. Our people here have been pauperised in facets,” she said.

Source: https://dailytrust.com/Petrol-is-N52/litre-in-Libya

President Bola Ahmed Tinubu has congratulated Senator Monday Okpebholo, the All Progressives Congress (APC) candidate in Saturday’s governorship election Edo State, on his victory at the polls.

The President said the victory testifies to the people’s support for the ruling party, “its progressive ideals and economic reengineering programme”.

Bayo Onanuga, Special Adviser to the President on Information and Strategy disclosed this in a statement on Sunday.

He said the President commended INEC for conducting a free and fair election while asking those that are aggrieved to seek legal redress.

“The victory testified to the people’s support for the ruling party, its progressive ideals, its economic reengineering programme and its commitment to improving the lives of Nigerians.”

The President urged Senator Okpebholo not to gloat over his victory but to see it as a challenging call to service and encouraged him to demonstrate magnanimity by reaching out to his political rivals and uniting the people of Edo State to ensure its development.

President Tinubu also praised other candidates who participated in the election for their contributions to advancing Nigeria’s democracy, saying peaceful political contests, such as the one on Saturday, portray Nigeria as a stable democracy.

He also commended the people of Edo for their orderly and peaceful conduct during the election, underscoring the maturing of Nigeria’s democracy after 25 years.

“I commend the INEC and our security agencies for working round the clock to conduct a successful, peaceful and largely hitch-free exercise. INEC has once again demonstrated that it is committed to organising a free and fair election in our country”, President Tinubu said.

Source: https://dailytrust.com/Edo-victory-sign-of-people’s-support-for-our-economic-programme –Tinubu

Boko Haram terrorists have reportedly destroyed Damaturu-Maiduguri 330 Kilovolt transmission line barely three weeks after it was restored.

Security analyst Zagazola Makama disclosed this in a post on his social Media account on Sunday.

According to him, the terrorists blew up the TCN infrastructure with improvised explosive devices (IEDs) in the early hours of Sunday.

The development had plunged Maiduguri and the surrounding environment into complete darkness.

“The attackers used improvised explosive devices (IEDs) to blow up the facility around 2 a.m., plunging Maiduguri and surrounding areas back into darkness. This marks a repeated targeting of the critical infrastructure by insurgents,” the post read.

The incident is coming weeks after TCN restored the line on September 4, 2024, following its earlier destruction by terrorists.

Meanwhile, TCN is yet to officially speak on the latest incident as of the time of filing this report.

Source: https://dailypost.ng/Again-Boko-Haram-terrorists-bomb-Damaturu-Maiduguri-330kV-transmission-line

Sammy101111:
Just imagine see what Tinubu is causing to our country . Petrol price high gas price high..If we allow Tunubu in again in 2027 Nigeria will have been digged to the grace

Only if our votes count........

Lebanon’s health ministry said three people were killed in separate Israeli strikes on south Lebanon on Sunday, as Israel said it was striking Hezbollah targets in Lebanon.

In separate statements, the health ministry said one person was killed in “Israel enemy” strikes in three different south Lebanon villages. Hezbollah on Sunday announced one fighter had been killed, without specifying where they died.

Sourced: https://punchng.com/Israeli-strikes-kill-three-in-Lebanon

Most filling stations in the Federal Capital Territory have implemented the Premium Motor Spirit (petrol) third pump price hike under President Bola Ahmed Tinubu’s administration.

DAILY POST gathered on Friday that the Nigerian National Petroleum Company retail outlets and independent marketers such as AA Rano, Shema, Ranoil, Total and others have commenced implementation of the third fuel price adjustment.

Analysis by DAILY POST showed that the price had moved from N238 in May 2023 to between N950 and N1,100 per litre in September 2024.

Many Nigerians and motorists now buy petrol between N950 and N1,100 per litre in Abuja, according to a DAILY POST survey on Friday.

This represents an increase of N862 or 362 per cent compared to the N238 per litre of petrol sold in May 2023 when Tinubu was elected.

A resident, Benjamin Njoku, said the latest hike in pump price is the new normal for Nigerians under Tinubu.

“In September only we had two hikes. On September 3, 2024, and this recent one. It is painful. Hike in transportation will jump astronomically,” he said.

Abdul Abubakar, a resident of Niger State, expressed the same frustration.

The price may be higher in states such as Borno, Enugu and Benue states.

This comes as NNPCL on Monday announced a fresh price list across its retail outlet after lifting PMS from Dangote Refinery.

NNPCL had lifted petrol from Dangote Refinery upon its inaugural distribution.

However, the state-owned firm had engaged in a battle with Dangote Refinery over price.

While NNPCL insisted it bought, Dangote Refinery Petrol at N898, the 650,000 per day Lagos-based refinery disagreed. The development created confusion in Nigeria’s oil and gas sector.

This situation has led to petroleum marketers looking to import, ignoring Dangote Refinery’s product.

But refiners had kicked against the marketers’ move to import.

Earlier in May 2024, the President of Dangote Group, Aliko Dangote, had said that the kickoff of petrol in his refinery meant an end to the product imports in Nigeria.

The National Bureau of Statistics data showed that petrol pump price stood at N238 per litre in May 2023.

Source: https://dailypost.ng/fuel-price-hike-nigerians-buy-petrol-at-N1,100-per-litre

President Bola Ahmed Tinubu has assured Nigerians that his administration is focused on delivering tangible results and making a positive difference in various sectors including education and long-term economic stability.

The President who made the commitment at a meeting with the Forum of Former Presiding Officers of the National Assembly, led by former Senate President Ken Nnamani, emphasised that he is not in office for personal gain but to serve the country.

”I didn’t come to look for money and exploit the situation; I came to work. I asked for the votes, and Nigerians gave them to me, ” the President told his visitors

The meeting was attended by 16 former presiding officers, including former senate presidents, former speakers of the House of Representatives, former deputy senate presidents, and former deputy speakers of the House of Representatives.

The President acknowledged the support and encouragement from the Forum members, irrespective of party affiliations, and implored them to continue fostering unity and camaraderie to achieve national development goals.

Reflecting on the complex nature of legislative activities, constitutional reviews, and nation-building processes, the President expressed confidence that Nigeria can progress through collaboration and inclusiveness.

”Regardless of party differences of the past and difficulty of the present, you still believe in me and what we all plan for this country.

”I thank you very much; no one will do it better than us. I have travelled the world and seen how developed countries have done it for themselves through collaboration, inclusiveness and financial structure.

”Yes, there is hardship, but how did we get here? What did we do when we had very high crude production?”

“We neglected our communities; we neglected the goose that lays the golden eggs; we forgot even to give them a good standard of living. We forgot to educate our children. Go round and look at the dilapidated schools. The education environment must be decent enough for pupils to want to learn.

”We can complain from now till eternity that the school enrolment is low. But did we do anything to encourage the enrolment process? We must ask ourselves because it is a matter of conscience,” he said.

The President outlined his administration’s focus on addressing these challenges, including improving infrastructure, ensuring compliance with financial regulations, exploring alternative energy sources and providing energy security.

”We have come a long way, and I promise we must do our best,” he said.

He urged the former presiding officers to continue sharing their wealth of experience in nation-building and governance, noting that they were uniquely positioned to provide “clear interpretations of where we are” to Nigerians.

Senator Nnamani, who spoke on behalf of the delegation, expressed full support for President Tinubu’s administration and its efforts to address Nigeria’s pressing challenges.

He noted that the meeting was the president’s first official engagement with the group since his assumption of office.

”Mr President, history has never been the burden of one man alone, but some are called to meet a special share of its challenges.

”Though not of your creation, it has fallen onto you to end the pervasive insecurity across the nation, the economic downturn that has resulted in hunger and anger, infrastructural decay due to years of neglect and myriads of other national challenges.

”As difficult as these problems are, we believe that with your experience, you can face the difficulties and surmount them.

”What gives us more hope is the courage with which you handled the issue of Local government autonomy, which has won you open admiration from friends and foes alike.

”We are convinced that you will dig in deeper again to eradicate these problems and restore Nigerians pride of place among the comity of nations,” the former senate president said.

Source: https://dailytrust.com/Im-not-in-aso-rock-for-money-tinubu

Former President Olusegun Obasanjo, on Thursday, lamented the high level of corruption among Nigerian politicians, advocating that such individuals should be imprisoned.

Obasanjo, Nigeria’s first democratically elected Head of State, who served for eight years from 1999 to 2007, decried the criminal behaviour among certain political officeholders.

“If you examine the people in government today at both executive and legislative levels, some of them should be permanently behind bars for their past misdemeanours and criminal misconduct.

“You cannot expect thieves to deliver fair judgment in favour of the rightful owner of the property,” the ex-military leader said virtually during the memorial lecture of the late cleric Denis Slattery, held in Lagos State, titled, ‘The Imperative for Moral Rectitude in Governance.’

The Abeokuta-born elder statesman recalled an instance where he challenged a politician (name undisclosed) who had made a false statement, but instead of correcting it, the politician simply attributed his statement to the nature of “politics.”

Obasanjo added, “The first thing that shocked me when I entered politics was the level of corruption among election officials, which was considered normal.

“The second was the extent of general and criminal misbehaviour, which was treated with levity and impunity. We were in a meeting where a man lied, and I confronted him. The next thing he said was, ‘It’s all politics, Sir.’

“Every wrongdoing is excused as politics, which suggests that politics has no room for morality, principles, rectitude, ethics, good character, or positive attributes.”

He stressed that the oil-rich nation needs “transformational leaders rather than transactional leaders, truth instead of lies, honesty instead of dishonesty, integrity instead of disintegration, hope instead of despair, production instead of deduction, inclusion instead of exclusion and marginalisation.”

Recall that last month, Obasanjo had made the same call for many politicians to be jailed when he received six members of the House of Representatives in Abeokuta.

“The real issue is ourselves. Yes, the system needs rethinking, but the character of people in government must change. With all due respect, many in government should currently be behind bars or on the gallows,” Obasanjo had said.

Source: https://punchng.com/Corrupt-leaders-should-be-behind-bars-Obasanjo-insists

FreeStuffsNG:


https://punchng.com/eguavoen-lacks-grace-taribo/

If you possess grace, why haven't you got the job......

post=132078529:
Una Don See Am, Hunger Can Lead To Crime...

Also can lead to premature death........

Despite the rollout of premium motor spirit (PMS) otherwise known as petrol from the Dangote Refinery on Sunday, Nigerians have expressed disappointment over the high price of fuel.

They said their hope on the refinery for a reduced fuel price after recent increment of pump price was dashed with the price sold to the Nigerian National Petroleum Company Limited (NNPCL).

Daily Trust reports that the first set of PMS from Dangote refinery hit the market on Sunday as promised by the federal government.

However, many Nigerians who had anticipated a lesser price compared to the present market price of between N855 and N950 were jolted when the NNPCL released a price template for the stock received from the refinery.

By implication, the price of Dangote PMS is over N100 costlier than the existing market price from NNPC retail stations and other major stations.

Nigerians express disappointment

Many Nigerians who spoke with Daily Trust expressed their concerns over the pricing of petrol from Dangote refinery.

A survey conducted by Daily Trust also indicated that 76 per cent of Nigerians are disappointed over the price of Dangote fuel.

Israel Ibok, a Lagos resident, said his expectation of a reduced fuel price from Dangote has been dashed, wondering why it is so when Dangote refinery sources its crude from Nigeria.

“We thought that the price of petrol would go down and be a bit moderate when Dangote starts selling,” he said.

However, he asserted that Dangote refinery being a private-owned business could not be driven by emotional sentiments, rather on profit-making, urging the federal government to support with incentives that may reduce the cost of production.

“But we know the Dangote refinery was set up for business, so I did not expect much difference because it is a private business. It’s just God that can help us because the masses are suffering but I believe the federal government can come into this and put reforms in place, maybe subside to Dangote so that the PMS price and other crude oil by products should not be sold at a higher rate.

“We should not buy fuel at the same price as other countries, which do not have crude oil and are buying. Ours should be a bit cheaper because this is where the production is taking place,” he added.

Paul Oyewusi exonerated Dangote refinery for the increase in the price of fuel, citing the country’s unstable economy as a dominant force to determine price.

Kaduna

In Kaduna, Adamu Hassan, a local guard expressed disappointment over the price announced by NNPCL, saying they just don’t want Nigerians to benefit from the local refinery belonging to Dangote.

He questioned why NNPCL cannot allow the Dangote refinery to determine the price of its products and why they insist on buying from the private company.

Another Kaduna resident, Ibrahima Yakubu, described the situation as hope in vain, saying Nigerians, and he in particular, are disappointed with NNPCL and their cartel in the industry, which is working hard to ensure that Nigerians do not enjoy the Dangote refinery fuel.

“Honestly, I’m disappointed because we were all hoping that when Dangote starts selling, fuel prices and foodstuff prices would reduce. But it seems that NNPCL is not happy with the Dangote company,” he said.

Benue

In Benue State, residents expressed disappointment with the skyrocketing increase of premium motor spirit (PMS), describing the situation as unbearable.

Angel Torkuma, a resident of Makurdi, said the sufferings of Nigerians had reached its crescendo in recent times with the uncontrolled hike in petrol price with its attendant effect on food items at various markets in the state.

“I don’t want to believe we have a government in this nation watching the suffering of Nigerians. Nigerians don’t deserve this and certainly not what we voted for in the 2023 general election. It’s still unbelievable that we are now buying fuel for between N1200 and N1400 per litre here in Makurdi.

“Nobody is offering us any sensible explanation. And as if we are being punished for asking the government during the August protest to ameliorate the sufferings of people, the price of fuel had doubled ever since then,” she said.

Another respondent, Ikyado Jimmy, opined that the price of fuel was bad enough at even N540 but that the latest increment to N1200 was unacceptable and unjustifiable.

Kano

Motorists in Kano also shared similar disappointment that refined fuel from Dangote refinery would push up PMS price instead of crashing it.

NNPCL, the sole distributor of PMS from Dangote refinery, has fixed the price at N999.12 per litre.

An NNPC retail filling station is however selling at N904 as of Monday afternoon. Chain of cars on queue at the station located at Kofar Nassarawa has stretched up to Yahuza Suya spot on the state road.

A motorist, Abubakar Dan Zaria is disappointed with the new price regime as announced by the NNPC.

“Before Dangote refinery started selling its refined PMS, NNPC was selling imported fuel at N904 but now that Dangote begins local refining, the price is going up again to almost N1000. I cannot really understand what is the rationale behind this. It makes absolutely no sense to me. Imported fuel is cheaper than locally produced, how come?,” Dan Zaria fumes.

Another motorist who preferred to remain anonymous said he bought a small quantity of fuel yesterday at Dan Marna at N990 per litre thinking that once the market is flooded with refined fuel from the Dangote refinery, the price would crash but was disappointed to learn that instead of crashing the price remains high.

“To be honest, I am disappointed. Our hopes of cheaper fuel are dashed. Why on earth would NNPC be the sole marketer of Dangote fuel? The same NNPC that monopolised fuel importation and made Nigerians pay through their nose, is now the sole marketer of Dangote’s fuel. We are doomed. I hope they do something urgent about this, otherwise we are doomed,” he concluded.

Borno

Yakubu Musa, a civil servant in Borno State stated that the federal government is not doing enough to alleviate the suffering of Nigerians.

“If the government is really committed, now that we have a functional refinery in Nigeria, and we have the crude, why can’t the government sell it in naira to the refinery and ask them to reciprocate?

A journalist, Patrick Mark, said what is playing out on the issue of fuel price is politics.

“Generally, we don’t seem to like ourselves, Dangote has invested to ameliorate the suffering of Nigerians but the NNPC refused to give him the crude quantity he requires.

Nigerians in a mess – Economist

Speaking on the issue, an economist at the University of Ilorin, Prof Gafar Ijaya said the country is already in a mess.

According to him, “When Dangote came on board and people were jubilating, the question was whether Dangote would be buying below the international price, which was about $80 per barrel around yesterday.

“The federal government allowed Dangote to buy crude in naira, many people thought it was a favour to Nigerians but at what rate of the naira per dollar. So, at the end of the day, it makes no difference.

“The federal government was tactical and strategic in doing that because they know that if Dangote is to buy crude in dollars, it has to be sourced from the central bank, which would have further depleted our foreign reserves.

“If NNPCL did not take the decision of the sole buyer and allow Dangote to sell directly to the buyer, it would have folded up because they survive on importation.”

Why Nigerians should not expect cheap fuel yet – Expert

Dr. Ayodele Oni, Energy Expert in a chat with our correspondent said Nigerians should not expect cheap fuel despite the rollout of fuel from Dangote refinery.

He reiterated that crude oil is an international commodity and the price in Nigeria is determined by the international market price.

“Crude oil price is already expensive unless government gives subsidy. Dangote is not going to give subsidy because it is a private business. If crude oil is expensive, the fuel might be expensive in Nigeria as well except the government is also giving Dangote subsidy,” he added.

Wait till October 1 – Dangote Official

A Dangote official who spoke with our correspondent on the condition of anonymity stated that Nigerians should be patient till October 1 when the crude oil sale in naira would commence.

The official said the crude being refined at the moment was sourced in dollars, saying, “What we explained was that the crude we have now is that we got it in dollar. The naira agreement will start October. For now, we got our crude in dollars.”

Source: https://dailytrust.com/nigerians-our-hopes-dashed-over-dangote-fuel-price

The World Bank is set to approve a new loan totalling $1.5billion to the federal government.

The financial institution’s project list indicated that the loan will be approved on September 26.

The $1.5 billion will be distributed through three major development projects aimed at improving Nigeria’s economic stability and resource mobilisation capacity. The projects, targeting crucial sectors such as healthcare, agriculture, and infrastructure, are pivotal for the country’s sustainable development and economic stability.

A breakdown of the projects showed the World Bank will approve $500 million for the first project tagged ‘Nigeria: Primary Healthcare Provision Strengthening Programme’.

The World Bank did not disclose the cost of the first project.

Another $500 million will be approved for the ‘Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) – Governance’ project, which has a project cost of $700 million.

The third project, ‘Sustainable Power and Irrigation for Nigeria,’ will also receive $500 million, but has a project cost of $10.75 billion.

One of the loan requests – ‘Rural Access and Agricultural Marketing Project – Scale Up,’ will receive $500 million by December 16. The other on ‘Solutions for the Internally Displaced and Host Communities Project,’ slated for an approval date of April 8, 2025, will receive N300 million.

In May, the Bureau of Public Enterprises (BPE) said the federal government has secured a $500 million loan from the World Bank to boost electricity distribution in the country.

The federal government had received $750 million from the World Bank for humanitarian and social reforms and $1.5 billion for its economic stabilisation plan.

Also, on June 3, Wale Edun, minister of finance and coordinating minister of the economy, said the World Bank board of directors would consider a loan of $2.25 billion for Nigeria.

Source: https://dailytrust.com/World-Bank-set-to-approve-$1.5bn-loan-to-Nigeria

Domestic crude oil refiners and officials at the Dangote Petroleum Refinery have kicked against the commencement of the importation of Premium Motor Spirit, popularly called petrol, by major oil marketers in Nigeria.

Oil refiners alleged that some imported fuels were of low quality when compared with the ones produced by the Dangote refinery, a position that was reiterated by officials of the $20bn Lekki-based plant.

The PUNCH exclusively reported on Wednesday that three major oil marketers were expecting vessels of imported petrol this week barring any unforeseen circumstances.

Dealers said about 141 million litres of PMS are being conveyed to Nigeria by oil vessels following the full deregulation of the downstream oil sector by the Federal Government.

They also noted that the recent hike in the pump prices of petrol produced by the Dangote refinery and released by the Nigerian National Petroleum Company Limited on Monday had allowed room for PMS imports.

Reacting to this on Thursday, officials at the Dangote refinery and the Crude Oil Refiners Association of Nigeria tackled the marketers, stressing that aside from the fact that the situation would increase the demand for United States dollars, the imported fuels were of low quality.

“These people (marketers) are importing dirty fuels that are toxic,” an impeccable source at the Dangote refinery who spoke to one of our correspondents in confidence, declared.

The source added. “They are importing substandard fuels and if allowed they will not stop importing such. We have more than enough, but these guys don’t want it. They want the game to continue, but the game will not continue.”

Another official at the plant stated that Nigerians should be concerned about the importation of substandard petroleum products into the country.

“You have to be concerned about the quality of the products they import. These are toxic fuels when you consider their blending process. All this is just to maximise profit,” the official stated.

Their positions were corroborated by the Publicity Secretary of CORAN, Eche Idoko, who alleged that some of the substandard fuels were blended in Malta or Togo.

He called for backward integration, saying some were afraid that Dangote would become a monopoly.

“The fear marketers are having is that Dangote will become a monopoly, but that has been taken care of by Dangote subscribing to our association. With the Petroleum Industry Act in place and all the agencies in play, there is no way that Dangote can become a monopoly.

“But for people who are used to a particular way, the fear of what the unknown holds keeps them back. I think that’s where a lot of marketers are now. They don’t know what to expect in this new regime and they are trying to struggle.

“So I would assure you this regime will pay them way better than the regime of importing petroleum products, where they sell to us, substandard products blended in Malta or Togo and imported into our country,” Idoko stated.

The domestic refiners’ association spokesperson condemned the continuous importation of fuel by marketers despite the coming on board of the Dangote refinery.

He said the focus at this time should be on how to export refined products instead of bringing substandard fuel into the country.

Idoko, however, recalled that some marketers who tried to import petroleum products could not do so after the removal of subsidies due to the foreign exchange crisis.

“For some people who are doing this import, at the end of the day, you import, and then you go back to CBN to give you ‘Form M’ to be able to access dollars. So, by importing, you are still not solving the problem because you still have to rely on dollars within Nigeria or use your naira to buy dollars from anywhere. And it will reduce the value of the naira. So you have not solved the problem.

“What enables the power of the currency is the level of its demand by other corresponding currencies. So, if you have dollars, francs, cefa, and other currencies chasing the naira because you want to buy a refined product of Nigeria, invariably, the value of the naira will appreciate,“ he explained.

Responding to concerns about the quality of imported fuels, the Nigerian Midstream and Downstream Petroleum Regulatory Authority declared that all imported PMS would be subjected to at least three major tests by the agency before being allowed for sale across the country.

Its spokesperson, George Ene-Ita, earlier said marketers with approved import licenses were free to import PMS, but 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 move the fuels 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.

Source: https://punchng.com/Dangote-officials-refiners-tackle-marketers-over-imported-PMS

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The late sage, Chief Obafemi Awolowo, in his bestseller, The People’s Republic, said that “The primary responsibility of leadership is catering for and promoting its people to the end so that they may live a full and happy life.” This means a government should recognise the dignity of its citizens and work tirelessly to improve their lives

Currently, it seems Nigerians are far from living a full and happy life, given the hyperinflation, rising cost of living, and the embarrassing chaos in the oil and gas industry.

President Bola Tinubu assumed office with a promise of renewed hope. Nigerians supported him, even after the unceremonious declaration at Eagles Square on May 29, 2023, and the subsequent call for patience. Many questioned the rationale behind this call when the government showed no intent to reduce the cost of governance or stop the misuse of public funds on unnecessary activities.

Nigerians’ patience wore thin by August 1, 2024, leading to nationwide protests. But that was just the beginning. The situation could worsen if the government does not address the confusion in the petroleum industry. How can Nigerians pay over 1,000 naira for fuel and still struggle to obtain it? In Tinubu’s Nigeria, people spend hours queuing at filling stations and up to N50,000 for fuel, only to find themselves back on the queue after two days. This is unsustainable and unacceptable.

Nigerians are deeply frustrated. They feel that nothing is working and do not believe the problem rests solely with the president. Many believe that most of the president’s aides are either unfit for their roles or unwilling to perform them effectively.

Tinubu started by creating and renaming ministries, including appointing himself as minister of petroleum-the largest cabinet in the country’s history,. This is where the housecleaning should begin. The president needs to relieve himself of the role of minister of petroleum and appoint a competent individual to manage that role.

“I thank the cabinet members for their efforts, but I will relieve any of them of their duties anytime I feel that they are failing Nigerians,” the President had said in May.

It seems the Tinubu cabinet is in a race to failure. The national grid has collapsed a record five times this year alone, supply remains erratic, projects from previous administrations are abandoned, more contracts are awarded, food insecurity and malnutrition persist despite agricultural initiatives, and security is nearly non-existent. The list of needed improvements is extensive.

Reshuffling the cabinet is necessary, and the President may need to start with himself as minister of petroleum. Presidents should focus on their strategic administrative roles and avoid holding ministerial positions. The awkward norm began with former President Olusegun Obasanjo and continued with former President Muhammadu Buhari, and now, the current President, all due to the ‘sensitivity’ of the sectors.

Our petroleum industry is in disarray. The upstream sector, including exploration and production, is plagued by oil theft, undermining our OPEC quota and attacking our revenue base. The midstream sector, responsible for transportation and processing, is struggling with outdated facilities. The shocks in the downstream sector are evident in the current fuel crisis across the country. The Dangote Refinery, touted as a definitive solution to the country’s energy crisis, has been plagued by countervailing forces.

Ending the subsidy regime had potential benefits, but the increased federal allocation to states has left many more confused. The dividends have not trickled down to the common man.

The problem is immense and seems too great for a President who also chairs the Economic Community of West African States. Mr President should exit from the role and appoint an excellent technocrat to handle the petroleum sector comprehensively.

Obviously, there is a lot on the table on the president. Nigeria’s economy requires his full attention. As commander-in-chief of the armed forces of Nigeria, he needs to be on the driver’s seat to tackle the hydraheaded insecurity, banditry, terrorism and criminality in the country. Terrorists and bandits have grown bold, attacking monarchs and publicising their acts on social media.

Nigeria’s infrastructure is largely comatose. Hunger pervades the land, the Food and Agricultural Organization reports that over 26.5 million people are experiencing acute hunger this year, with predictions that between 82 million will face severe food insecurity by 2030.

The only way out of this stalemate is for the President to take decisive action against non-performing ministers, aides, and heads of agencies, starting with stepping down as minister of petroleum.

Lawal Dahiru Mamman writes from Abuja
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Source: https://punchng.com/Mr-President-relieve-yourself-of-petroleum-minister-role

ajiu124:

https://www.youtube.com/watch?v=P-8pT965K6I


https://www.youtube.com/watch?v=k2ggOJsSBpE



https://www.youtube.com/watch?v=avJKcaIYZb0

But what has these Videos got to do with the thread?
Some people are behaving like a baby.........

*“When I was military head of state, we ordered 19 new ships to be built for the Nigerian National Shipping Line (NNSL), which was owned by the federal government. We had about five at the time, and with 19, we were to have 24 ships. We took delivery of some before we left office. President Shehu Shagari took delivery of the remaining balance. When I returned after 20 years, the shipping line had been liquidated. Not one ship left. Let me tell you the story of one of the ships. They sold it for half a million dollars. Then, they started the Oron merchant navy school and needed a ship for training. They bought the ship they had sold for half a million dollars for $2 million and spent another $1.5 million to refit it so it could be seaworthy.*

*The ship went on the first voyage a week after I became president in 1999. One of the first things they brought to me was that the ship had been arrested for not being seaworthy and that I should bring $1 million to pay as fine for the ship that had been detained. I requested that they allow me time to look at the issues, and when I studied the issues, I told them to inform those who arrested the ship that I had gifted them the ship. The following day, the ship was released without Nigeria paying a dime. You can guess what happened there.”*

- *General Olusegun Obasanjo*

Source:

https://www./NigeriaLatest/permalink/10160744088758720/mibextid=rS40aB7S9Ucbxw6v

CodeTemplarr:
Quote the whole piece just to type one short sentence.

Abi o, E tire meo.........

BlackfireX:




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Please, stop being abusive on the platform, there are ways you can present your grievances in a civil manners without explicitly using vulgar words.
Thanks!