₦airaland Forum

The Naira on Friday depreciated to N1,750 per dollar in the parallel market from N1,745 per dollar on Thursday.

But the Naira appreciated to N1,652.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.


Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,652.62 per dollar from N1,658.67 per dollar on Thursday, indicating N6.05 appreciation for the naira.



The market recorded an intraday high of N1,703 per dollar and an intraday low of N1,640 per dollar

The volume of dollars traded (turnover) grew by 48.5 percent to $243.05 million from $163.66 million traded on Thursday.

Consequently, the margin between the parallel market and NAFEM rate widened to N97.38 per dollar from N86.33 per dollar on Thursday.

Chieftains of the Arewa Consultative Forum (ACF) have unanimously agreed that the interests of the North will be best served by Northerners, while calling on the region to take responsibility for its fast-growing population.

This position was outlined in a communiqué signed by Prof. Tukur Muhammad Baba, the National Publicity Secretary of the ACF, and made available to journalists following the Forum’s National Executive Council meeting in Kaduna on Wednesday.

The communiqué reads: ACF National Executive Council Meets; Reviews Activities, Appraises State of Arewa and the Nation

“A meeting of the National Executive Council (NEC) of the Arewa Consultative Forum (ACF) took place at the organisation’s headquarters in Kaduna on Wednesday, 20th September, 2024. Delegates at the meeting came from states in Arewa as well as the Diaspora Chapter, presided over by the NEC Chairman, Mamman Mike Osuman, SAN, OFR. The meeting reviewed ACF’s activities since its meeting of May 2024.”

“In his opening remarks, the Chairman welcomed members and noted with satisfaction the resurgence of ACF as the leading socio-cultural organisation, which seeks to unify the various and diverse peoples of the North under a common vision and mission, united in pursuit of the collective interests of the Arewa people within the context of Nigeria. The Chairman enjoined members to remain focused, foremost on the interests of Arewa as well as the goals and objectives of ACF, as there is a whole lot that needs to be done and time is running out.

“The Chairman enjoined chapters to remain purpose-driven, disavowing religious and ethnic differences, but to strive to be accommodating and ensure harmonious relationships with state governors. The meeting expressed satisfaction with the reinvigorated and rejuvenated ACF, urging state chapters to emulate the National body by rising to be counted and visible in articulating the vision and mission of ACF at their respective levels.

“Arising from the meeting, the state of Arewa and the Nigerian nation were reviewed from the perspective of ACF as the voice of Northern Nigeria, focusing on the economy, existential conditions, politics, security, social challenges, peace, coexistence, and political development.

“Security is an irreducible minimum of human existence. In this regard, insecurity in its various manifestations remains the most worrisome challenge of the Arewa people, which has even started to corrosively undermine the authority of government; such that people have started to ask what the purpose of government is! That those whose responsibility it is to provide security will be saying they are doing their best is unacceptable. The minimum duty of government is to safeguard life and property, and doing anything less is a failure.

“Leadership selection appears flawed, which allows so many people without competence and/or experience to rise to positions of power and authority. This has to be addressed. There is also a tendency to base politics on personalities, not issues, and this has compounded the sorry state of affairs. Arewa must ask how this came to be and what can be done to redress the situation.

“Not enough can be said about the sorry state of education in Arewa, secular and religious. Statistics of out-of-school children, of which Arewa has an overwhelming proportion, are cogent pointers to the situation. A lot has been done, but the truth is, far more needs to be done such that it looks as if nothing is being done. Indeed, Arewa may well ask itself if the insufficiency and inadequacy of education are not directly correlated to the multitudes of problems bedeviling the region.

“Members expressed displeasure at the current and continuing impoverishment of the proverbial common men and women in the country due to the economic policies of the current administration. The meeting noted in particular that Arewa people remain at great disadvantage, being already relatively worse off economically compared to other parts of Nigeria.

“Livelihoods are currently dependent on micro activities. The region faces acute and chronic food insecurity, and its youths lack education and skills training. Daunting as these may be, they can be reversed. The time to think big is now. Notwithstanding the parlous state of Arewa’s glaringly challenging economic conditions, the policies of the current Federal Government have continued to make matters much worse, with little indication of needed sensitivity to the precarious existential conditions of the Arewa people.

“Calls on the Federal Government under the leadership of President Bola Ahmed Tinubu to review, reassess, reevaluate, and reorder the direction of its economic policies with a view to giving them the needed human face.

“Strongly calls on the governors of the Northern states to adopt a strong, coordinated approach to policy planning and implementation, particularly in the areas of security, education, skills acquisition, agricultural production, and health services.

“Calls on the Federal Government to be receptive to criticisms and suggestions, not only in line with the principles of democracy but also because they improve, not retard, the policy process for the ultimate benefit of the people.

“Calls on Northern elites, in all spheres of life, to take it upon themselves to counter negative narratives about the North and also imbibe the spirit of community service, individually and collectively. The interests of the North will be best served by Northerners.

“People should take responsibility for our fast-growing population. Public policy and the law should be adopted to achieve a balance.

“Poor electricity supply will continue to hamper efforts to ameliorate poverty, unemployment, and underdevelopment in the region. These have to be addressed with utmost urgency.

Against the backdrop of frustrations faced by the general public in Nigeria and some other Sub-Saharan African countries undergoing economic reforms, the International Monetary Fund, IMF, has rolled out a set of recommendations on how to make the reforms acceptable and supported by the citizens.


The IMF, in its latest Regional Economic Outlook for Sub-Saharan Africa report, noted that the countries involved in deep reforms including Nigeria, Ghana, Ethiopia and Kenya, may now be experiencing what it called ‘adjustment fatigue’ while some are facing civil resistance.

Nigeria, for instance, has recorded multiple civil unrests and labour shutdowns following disenchantment with the impact of the macroeconomic reforms, especially in petrol and foreign exchange deregulations.

The IMF’s recommendations emphasized broad-based engagement with the populations, a communications strategy clearly articulating the benefits of reform, forging partnerships with key figures in the country, appropriate design and sequencing of reforms, establishing complementary and compensatory measures, and fostering inclusive growth.

The Fund sees an opportunity for making a success of the reforms if the frustrations faced by the citizens are adequately addressed.

The report stated: “In the face of popular frustration, there is also an opportunity to work to mobilize support for large, deep reforms, of the sort that, for instance, Ethiopia, Ghana, Kenya, and Nigeria are pursuing.


“Realizing this opportunity requires rethinking reform strategies, to build and maintain pro-growth coalitions among constituent leaders and the general public. This will require greater attention to communication and engagement strategies, reform design, compensatory measures, and rebuilding trust in public institutions”.

Giving further details on what should be done, the report stated: “In particular, policymakers will need to focus on broad-based engagement with populations; a participatory approach, involving a two-way dialogue with stakeholders and the population at large, can help design policy approaches; building a sense of ownership among the public, and garner support from both business and civil society”.

IMF added, “Communications should clearly articulate the benefits of reform, the costs of inaction, the accompanying compensatory measures, and correct misinformation and misperceptions.


“Partnering with key figures including parliamentarians, community leaders, and independent researchers is also essential. The emphasis should be on listening to concerns and designing appropriate responses. Providing regular updates on reform progress, and establishing ongoing feedback mechanisms, will help maintain support over time.

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“Appropriate design and sequencing of reforms; the costs and benefits of multiple reforms should be appropriately spaced through time so as not to overburden populations. Demonstrable, upfront gains will boost support, and beginning with reforms that do not threaten the core benefits of multiple social groups has been shown to improve success.

“Complementary and compensatory measures; Appropriately designed and well-targeted policies to support those most affected by reforms (such as stronger social safety nets, job search assistance, and retraining) can help overcome resistance to reform by mitigating potential social costs.

“Fair and transparent management of public resources; A strong governance framework that fosters trust in government and in its ability to adequately implement policies—including by promoting transparency, increasing accountability, strengthening the rule of law, and controlling corruption—is a precondition for public backing of any reform strategy.

“Opinion surveys indicate that trust in the government’s ability to use public resources to promote the population’s well-being is still relatively low in many sub-Saharan African countries


“Fostering inclusive growth; As painful as the current policy choices are, deeper and broader reforms will be required to guarantee that countries reap the gains, and not just the pain, of reform. Most of the region is struggling with low growth, lack of jobs, and widespread social exclusion. Unlocking more durable and inclusive growth, by making the economy work more effectively for all, will simultaneously reduce both macroeconomic vulnerabilities and social frustration, easing the task of policymakers”.

The Regional Economic Outlook is the IMF’s regular update on the group of economies within the region addressing challenges and the growth opportunities.

It appears the days children from average homes look up to the Yuletide season as a period they get new clothes, mostly ready-made ones, which distinguish them from the less privileged ones, are gone.

Today, the line between the rich, average and even poor homes is out.

The present economic condition has levelled levels. Many families today, struggle to feed, pay rents, medical care and school fees. So, the thought of buying expensive Christmas clothes for children is a suicidal luxury.

Economy&Lifestyle discovered that many parents have resolved to go for fairly used clothes, popularly known as Okirikia or bend-down- select, in some instances.

Mrs. Anyanwu Bridget, a teacher said: “The price of buying even the cheapest ready made gown is now N30,000 as against N5,000 or at most N7000 before.

“I have three girls and a boy. Buying three gowns means I have to have nothing less than N90,000 or more which will cover two children’s school fees in a term.

“A boy’s shirt and jeans trousers are well above N25,000.

“Meanwhile, these costs are without the prices of shoes. So, I just decided to get six yards of beautiful ankara materials that I will give to a very good tailor.

“They will use their old shoes to match. Christmas is just for a day. With such a plan, I have budgeted N20,000. This amount will do a lot of magic.”

Anyanwu’s plan was different from Mrs. Agbogun Olaide’s plan for her children’s Christmas wears.

According to Olaide, she has visited the Okrika (fairly used) clothes market and bought first grade shirts and trousers for her two boys.

“If you have visited the children’s wear market recently, you will know that this economy is not smiling at all.

“Those of us women who usually buy two to three clothes with matching shoes for our children to wear during Christmas have disappeared.

“Anyone you see in the market buying expensive children’s clothes now is well to do.
“I have to cut my coat according to my cloth.

“Last year, I bought ready made clothes for my boys but this year I had to talk to myself and get them first grade fairly used clothes.

“They are expensive too but have lesser prices when compared to ready made.
“A shirt was N3,000 and trousers N5,000.

“Their shoes were N8,000 each.

“I spent N32,000 for both of them.

“If I hadn’t cut costs that way, I would have coughed out N100,000 to buy clothes for my sons.”

Recall that years back, parents purchased two pairs of clothes for their children to celebrate the Yuletide season.

One is worn on Christmas day and the other on the first day of the new year.
Such practice has been overshadowed by the continuous increase in the prices of goods and services in the market.

Economy&Lifestyle’s visit to the market revealed that many sellers of children ready made wears were experiencing low patronage.

Mrs. Sherifatu Hamzat, a children’s wear trader, said: “This year is terrible. I have never experienced such low patronage during the Yuletide season.

“Parents are not even looking at buying readymade clothes for their children.
“Many just come, check the prices and walk away lamenting on the price.

“It is not our fault but the present foreign exchange rate which has affected the cost of importing these clothes.

“By this time, the market is booming with parents shopping for Christmas clothes for their children.

“Let’s hope to see a positive change in the remaining weeks to Christmas.”

NNPC imported a 1,846,548.202 million metric tonnes of diesel and petrol between October 1 and November 11, 2024, despite reports of excessive supply at Dangote Refinery.

The Nigerian National Petroleum Company Limited (NNPCL) is still importing premium motor spirit (PMS), also known as petrol and Automotive Gas Oil (AGO), also known as diesel, despite Dangote Refinery having sufficient supply, SaharaReporters has learnt.

Interestingly, the Crude Oil Refiners Association of Nigeria has opposed petroleum marketers' plans to import PMS, citing the availability of petrol from the newly operational Dangote Refinery.

NNPC imported a 1,846,548.202 million metric tonnes of diesel and petrol between October 1 and November 11, 2024, despite reports of excessive supply at Dangote Refinery.

This importation was facilitated through numerous petroleum marketers across the country, with Pinnacle Oil leading the pack.

Dangote Refinery has reportedly been producing AGO and Jet-A1 in excess of Nigeria's daily consumption, yet NNPCL continues to issue import licenses to other companies.

This has led Dangote Refinery to seek legal action, asking the Federal High Court to void import licenses issued to NNPCL, Matrix Petroleum Services Limited, and four other companies.

Meanwhile, a source who spoke to SaharaReporters on Sunday said the marketers are bringing in the products to continue "their $200 million per month racket".

The source said they tried to find out if the imported products, especially PMS is subsidized since that would be the only way they could offer a lower or equal price to Dangote Refinery’s.

Document
NNPC Continues Importing Petrol, Diesel.pdf
"I asked whether the fuel is subsidized since that would be the only way they could offer a lower or equal price to Dangote," the source said, adding that they were “told they can match or sell at lower price because the imports are off spec, blended and substandard".

According to the source, the NNPC is able to do this and get away with it because the state-owned oil company owns the “checking facilities so they can provide any quality certificates they want."

The beneficiaries of the importation include Northwest, BOVAS, Shorelink, Dozzy, Rainoil, Matrix, Prudent, AYM Shafa, Emadeb, Deepwater, Raj, AA Tano, T-Time, Chisco and NNPC itself.


Efforts to reach Olufemi Soneye, NNPC spokesperson, for clarification on the ongoing importation of petroleum products despite Dangote Petroleum Refinery's surplus, were unsuccessful.

Unfortunately, Mr. Soneye was unreachable by phone, and a text message sent to his number bounced back as undeliverable, indicating it was unreachable.

SaharaReporters reported on November 7, that three petroleum marketers had told the Federal High Court in Abuja that the Dangote Petroleum Refinery and Petrochemicals' did not produce adequate Premium Motor Spirit for the daily use/consumption of Nigerians.

They maintained that there was nothing before the court to the contrary, stating that without them and others importing petroleum products into Nigeria, there would no doubt be a huge shortfall in petroleum products supply in the country, which will gravely hurt Nigeria's economy and further inflict excruciating pains and hardship on Nigerians.

Three marketers, AYM Shafa Limited, A. A. Rano Limited, and Matrix Petroleum Services Limited, listed as 3rd, 4th and 7th Defendants in the Dangote's suit, which stated this in a counter- affidavit in opposition to plaintiff Originating Summons in Suit No: FHC/ABJ/CS/1324/2024 before a Federal High Court in Abuja, also cited major oil producing countries such as United Arab Emirate, Saudi Arabia, United States of America, China, Venezuela and host of others that are still importing petroleum products despite being a net exporter of same products.

They told the court that it takes an average of two months for the Plaintiff (Dangote Petroleum Refinery and Petrochemicals FZE) to supply products ordered from it, adding that it "hardly ever meets the demand, as trucks wait for months to be loaded at the Plaintiff's refinery, whereas it takes about three weeks to import petroleum products from offshore refiners".



In the affidavit which was deposed by one Ali Ibrahim Abiodun, Acting Managing Director of the 3rd Defendant, (AYM Shafa Limited), he told the court that there was no credible and verifiable "forensic material before it showing that the local consumption rate of Automotive Gas Oil (AGO) in Nigeria per day is 14 million litres or that the Plaintiff produces 15 million litres per day.


"That there is no credible and verifiable forensic material before this Honourable Court showing that the local consumption rate of Jet fuel (Jet A-1) in Nigeria is 2.5 million litres per day or that the Plaintiff produces 7.5 million litres of Jet fuel (Jet A-1) per day.


"That again, no credible and verifiable forensic piece of evidence is before this noble Court showing that the Plaintiff has the capacity to produce uninterruptedly 35 million litres of Automotive Gas Oil (AGO) and 9 million Jet A-1 products per day.

"That in light of the above, there is nothing before this Honourable Court showing that the Plaintiff is refining and supplying adequate petroleum products for the daily use/consumption of Nigerians," he maintained.



The Defendants accused the plaintiff of jettisoning fair practice and introduced an oppressive trade practice which requires a buyer to deposit 110% in Letters of Credit (LC) of whatever quantity it wants to off-take and the off-taker is told of the actual price it would pay for what it has off-taken 5 days from the date of the LC date (i.e. after loading the product from the Plaintiff's refinery.


The Defendants further told the court that healthy competition in businesses, trade and investment is the hallmark of a progressive, developing and developed economy.

The marketers had also expressed concerns over Dangote Petroleum Refinery and Petrochemicals' plan to monopolise Nigeria's energy sector, warning that allowing such monopoly would have devastating consequences for the country's oil sector.



The Dangote Oil Refinery, a massive project by Africa's richest man, Aliko Dangote, aims to transform Nigeria's energy sector.

According to the company, once fully operational, it will be the largest refinery in Africa, producing 650,000 barrels per day. While this project promises to reduce Nigeria's dependence on imported petroleum products and create jobs, the marketers claim it will harm the sector.

Dangote Petroleum's lawsuit against the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigeria National Petroleum Company Limited (NNPC), and several other petroleum companies has taken an interesting turn.

In the suit dated September 6, the plaintiff (Dangote Petroleum Refinery and Petrochemicals) prayed the court to declare that NMDPRA is in violation of Sections 317( and (9) of the Petroleum Industry Act by issuing licenses for the importation of petroleum products.

According to Dangote Refinery, import licenses for petroleum products should only be granted when there's a proven shortage in domestic production.

This stance is based on Sections 317( and (9) of the Petroleum Industry Act (PIA), which restrict the issuance of import licenses to situations where local production can't meet demand.

In essence, the company is advocating for a controlled importation process to ensure that domestic refineries like theirs can meet the country's petroleum needs before resorting to imports.

But the marketers in their response dated November 5, 2024, told the court that they have a “total staff strength of 19,535 employees, majority of whom are Nigerians who earn a living from their remunerations and other fringe benefits accruing to them from the Defendants”.



According to them, the “bulk of the employees of the plaintiff (Dangote Refinery) are foreigners (Indians)”.

They told the court that “withdrawing the import licences lawfully and validly issued to the defendants or denying them further issuance of import licences will not only cripple the lawful businesses of the defendants which contribute immensely to Nigeria’s Gross Domestic Product (GDP) but will inescapably result in mass unemployment in the country, as the defendants will be constrained to retrench majority of their employees due to loss of business and earnings for the companies”.


The marketers said “vesting the Plaintiff with the power of monopoly in Nigeria’s petroleum industry as it seeks vide the instant suit, will kill competitive pricing of petroleum products in the country, further deteriorate Nigeria’s critically ailing economy and unleash untold hardship on Nigerians, all of which constitute a recipe for disaster in the polity”.

Former President, Olusegun Obasanjo says Nigeria’s failing status under the reign of President Bola Tinubu is “confirmed and glaringly indicated and manifested for every honest person to see.”

He labelled Tinubu as “Baba-go-slow and Emilokan.”

A statement on Saturday by his Media Aide, Kehinde Akinyemi, on Saturday, quoted Obasanjo to have said this while delivering his keynote address at the Chinua Achebe Leadership Forum, Yale University New Haven Connecticut, USA.
“As the world can see and understand, Nigeria’s situation is bad,” Obasanjo was quoted as saying.

According to the statement, the former President in his address titled, ‘Leadership Failure and State Capture in Nigeria’ said,

“Nigeria Situation: As we can see and understand, Nigeria’s situation is bad. The more the immorality and corruption of a nation, the more the nation sinks into chaos, insecurity, conflict, discord, division, disunity, depression, youth restiveness, confusion, violence, and underdevelopment.

“That’s the situation mostly in Nigeria in the reign of Baba-go-slow and Emilokan. The failing state status of Nigeria is confirmed and glaringly indicated and manifested for every honest person to see through the consequences of the level of our pervasive corruption, mediocrity, immorality, misconduct, mismanagement, perversion, injustice, incompetence and all other forms of iniquity. But yes, there is hope.”
Obasanjo while copying from a short, classic treatise published in 1983, called ‘The Trouble with Nigeria’ by Chinua Achebe admitted that, “The trouble with Nigeria is simply and squarely a failure of leadership. There is nothing basically wrong with the Nigerian character. There is nothing wrong with the Nigerian land or climate or water or air or anything else. The Nigerian problem is the unwillingness or inability of its leaders to rise to the responsibility, to the challenge of personal example which are the hallmarks of true leadership.”

He added, “In hindsight, this forty-one-year-old prescriptive analysis on the root causes of Nigeria’s leadership crisis is quite moderate and appropriate. It is at least not as desolate as the diagnosis provided by Robert Rotberg and John Campbell, two prominent US intellectuals – the latter a former United States ambassador to Nigeria to boot: ‘Nigeria has long teetered on the precipice of failure,’ they argue. ‘Unable to keep its citizens safe and secure, Nigeria has become a fully failed state of critical geopolitical concern. Its failure matters because the peace and prosperity of Africa and preventing the spread of disorder and militancy around the globe depend on a stronger Nigeria.”
The former President, who also relied on a World Bank and Transparency International definition, described a state capture, “as one of the most pervasive forms of corruption, a situation where powerful individuals, institutions, companies, or groups within or outside a country use corruption to shape a nation’s policies, legal environment, and economy, to benefit their own private interests.

“State capture is not always overt and obvious. It can also arise from the more subtle close alignment of interests between specific business and political elites through family ties, friendships, and the intertwined ownership of economic assets.

“What is happening in Nigeria – right before our eyes – is state capture: The purchase of National assets by political elites – and their family members – at bargain prices, the allocation of national resources – minerals, land, and even human resources – to local, regional, and international actors. It must be prohibited and prevented through local and international laws.

“Public institutions such as the legislature, the executive, the judiciary, and regulatory agencies both at the federal and local levels are subject to capture. As such, state capture can broadly be understood as the disproportionate and unregulated influence of interest groups or decision-making processes, where special interest groups manage to bend state laws, policies, and regulations.

“They do so through practices such as illicit contributions paid by private interests to political parties, and for election campaigns, vote-buying, buying of presidential decrees or court decisions, as well as through illegitimate lobbying and revolving door appointments.

“The main risk of state capture is that decisions no longer take into consideration the public interest, but instead favor a specific special interest group or individual. Laws, policies, and regulations are designed to benefit a specific interest group, often times to the detriment of smaller firms and groups and society in general. State capture can seriously affect economic development, regulatory quality, the provision of public services, quality of education and health services, infrastructure decisions, and even the environment and public health.”
On Achebe’s personality, Obasanjo hinted that the great author and writer has been known through “his work, and his values for as long as our Nation has been in existence. He was a great and distinguished Nigerian.”

The data is captured in the NBS’ latest consumer price index (CPI) report for October published on Friday.

The CPI measures the rate of change in prices of goods and services.

The data bureau said the headline inflation rate in October rose by “1.18% points when compared to the September 2024 headline inflation rate”.

“On a year-on-year basis, the Headline inflation rate was 6.55% points higher than the rate recorded in October 2023 (27.33%),” NBS said.

“This shows that the Headline inflation rate (year-on-year basis) increased in October 2024 when compared to the same month in the preceding year (i.e., October 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in October 2024 was 2.64%, which was 0.12% higher than the rate recorded in September 2024 (2.52%).

“This means that in October 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2024.”

‘INCREASE IN RICE, YAM PUSHED FOOD INFLATION RATE TO 39.16%’

The NBS also said the food inflation rate in October surged to 39.16 percent, compared to 33.77 percent in September.

On a year-on-year basis, the food inflation rate was 7.64 percent higher compared to the rate recorded in October 2023 (31.52 percent).

“The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items: guinea corn, rice, maize grains, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable Oil, etc (Oil and Fats Class) and Milo Lipton, Bourvita, etc (Coffee, Tea & Cocoa Class),” the bureau added.

The statistics firm also said the month-on-month food inflation rate in October was 2.94 percent, showing a rise of 0.3 percent compared to the 2.64 percent recorded in September.

“The rise can be attributed to the rate of increase in the average prices of Palm Oil, Vegetable oil, etc (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc (Fish Class), Dried Beef, Goat Meat, Mut-ton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc (Bread and Cereals Class),” the NBS said.

“The average annual rate of food inflation for the twelve months ending October 2024 over the previous twelve-month average was 38.12%, which was an 11.79% point increase from the average annual rate of change recorded in October 2023 (26.33%).”

The report also said Sokoto state (52.18 percent), Edo (46.55 percent), and Borno (45.85 percent) spent more on food in October, while Kwara (31.68 percent), Kogi (33.30 percent) and Rivers (33.87 percent), recorded the slowest rise in food inflation on a year-on-year basis.

On the other hand, Adamawa (5.08 percent), Sokoto (4.86 percent), and Yobe (4.34 percent) states had the highest food inflation month-on-month.

According to the NBS, such as Kwara (1.11 percent), Ondo (1.31 percent) and Kogi (1.50 percent) recorded the slowest rise in food inflation in October 2024.

The Nigerian National Petroleum Company Limited (NNPCL) has described a news report that it has ended the importation of refined petroleum products and is now sourcing from the Dangote Petroleum Refinery and other local refineries as a misrepresentation and misinterpretation of fact.

A national newspaper (not Daily Trust) had, on Tuesday, credited NNPCL’s Group Chief Executive Officer, Mele Kyari, as signalling the end of fuel importation.

Kyari spoke in Lagos at the Nigerian Association of Petroleum Explorationists conference themed: ‘Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth and Affordability.’

However, in a statement, Mr Femi Soneye, the NNPCL Chief Corporate Communications Officer, submitted that though Kyari’s statement was correctly quoted in the news report, the interpretation contained factually inaccurate assertions and misrepresentations.

“While your report quotes the GCEO’s exact words in several instances, you have inserted interpretations that misrepresent the context and meaning of the statement. This misrepresentation has created a false narrative that deviates significantly from the facts,” he said.

Soneye described as unfortunate the infusion of incorrect assertions in the GCEO’s statement while warning media organisations to carry out due diligence when reporting sensitive national issues.

“I write to request the right of reply regarding the misrepresentation of the GCEO’s statement on fuel importation in your coverage of the NAPE Conference. Your article, published on November 12, 2024, and titled ‘NNPCL Ends N24tn Fuel Import, Buys from Dangote Refinery,’ contains factually inaccurate assertions.

“The GCEO’s statement, ‘Today, NNPC does not import any product; we are only taking from domestic refineries’, should not be construed to imply that NNPC Ltd. is obligated to be the sole off-taker of any refinery or that we will no longer import fuel.

“While NNPC prioritises sourcing products from domestic refineries, this is contingent upon economic viability. If local supply is cost-effective, it will be preferred, but the same principle applies to other marketers, who will also evaluate total costs when deciding whether to buy locally or import.”

Soneye said economic viability would guide NNPCL in its decisions on whether to source refined petroleum from local refineries or import, noting that there was nowhere in the statement where Kyari announced the end of fuel importation or mentioned N24 trillion contained in the report.

He added, “It is also essential to note that the authority to grant import licences resides with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as mandated by the Petroleum Industry Act (PIA). NNPC Ltd. does not have control over more than 30% of the market, as stipulated by the PIA, which aims to prevent monopolies.

“The law promotes a free-market system where competition drives efficiency and cost reduction, ensuring that consumers benefit. Domestic refiners must compete on price and value, as patronage cannot be legislated in a deregulated sector.”

He commended the newspaper for accurately reporting that NNPC Ltd was making significant investments in Compressed Natural Gas (CNG) infrastructure as part of its broader energy security and affordability initiatives but warned against further distortion of facts especially as it relates to sensitive national energy security issues.

“However, I must express concern over a recurring trend of deliberate distortions and mischaracterization in some of your recent reports. While we understand that errors can occur, it is imperative that your reporters seek clarification when in doubt, especially on issues of national importance. Misleading narratives undermine public trust and the integrity of your reputable newspaper.

“I urge you to prioritize accuracy in your reporting and educate your team on the importance of seeking clarity before publishing sensitive content. A more cautious approach will benefit both your readership and the reputation of your publication,” he added.

The South African pay-TV operator MultiChoice Group disclosed that its Nigerian unit, MultiChoice Nigeria, lost 243,000 subscribers on its Digital Satellite Television (DStv) and General Entertainment on Television (GOtv) services from April to September this year.

The company revealed these figures in its Interim Financial Results for the period ending 30 September 2024, which were released on Tuesday.

MultiChoice attributed this decline to Nigeria’s high inflation rate, which exceeds 30%, driven by the rising costs of food, electricity, and fuel, causing many customers to disconnect.

In its financial report for March 2024, MultiChoice had earlier reported an 18% subscriber loss in Nigeria.

The company further reported a 566,000-subscriber loss in the Rest of Africa operations over the past six months, with Zambia and Nigeria contributing the largest shares to this decline.

“With the Rest of Africa business having seen a decline of 803k subscribers in 2H FY24, this rate of decline slowed to 566k in 1H FY25,” stated MultiChoice.

The loss included 298,000 in Zambia and 243,000 in Nigeria, while other markets experienced a minor decline.

Extreme inflation and currency instability have negatively impacted the group’s profits, with MultiChoice Group CEO Calvo Mawela commenting, “We are making good progress in addressing the technical insolvency that resulted from non-cash accounting entries at the end of the last financial year.”

Mawela noted that the group’s net equity position is expected to recover by November.

With regard to Zambia’s losses, the company attributed them to extensive power outages caused by drought, leaving some regions with up to 23 hours of daily outages.

The company also cited competition from streaming services and changes in viewer preferences as pressures on its traditional pay-TV model.

To adapt, MultiChoice invested an additional ZAR1.6 billion in its streaming service Showmax, which reported 50% year-over-year growth.

Mawela added, “Showmax strategically positions the business to actively participate in the streaming revolution as it gains momentum across Africa.”

Islie:
https://dailypost.ng/2024/11/12/nnpc-part-owner-of-dangote-refinery-mele-kyari/

PDPdestroyer:
Obidunces and their insatiable appetite for bad news, ogododo don rush ask IPOB mods to push his unverified news to FP

A powerful explosion shook the city of Jos on Tuesday morning, sending shockwaves through surrounding communities.

Eyewitnesses reported that the blast occurred around 10:30 am near the densely populated Terminus market area.

Initial reports indicate that several people were injured in the blast, with some sources suggesting there may have been fatalities.

The extent of the damage remains unclear, but witnesses described scenes of destruction and chaos.

“I was nearby when I heard a loud bang,” said an eyewitness. “I saw people running and screaming. It was terrifying,” added Gyang Buba, a clothes vendor who confirmed the incident.

Emergency services, including the police, fire department, and ambulance teams, reportedly rushed to the scene to provide assistance.

The Plateau State Police Command has yet to make a public statement on the incident.

Attempts to reach the Command’s spokesman, Alabo Alfred, were unsuccessful as his phone was switched off.

However, security sources at police command headquarters in Jos confirmed the incident, adding that an investigation had been launched.

“The area has been cordoned off as investigators begin to assess the situation. We are working to determine the cause of the explosion,” the source added. “We urge calm and assure the public that we will do everything possible to ensure their safety.”

Our correspondent reports that the incident has heightened security concerns in Jos, which has experienced periodic violence and unrest in recent years, with residents calling on authorities to increase security measures in the area.