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PoliticsObasanjo Neglected Abeokuta–Abule Egba Road – Onanuga by treesun(op): 11:12am On Aug 24, 2024
President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, says work has commenced on the Abeokuta-Ifo-Sango-Abule Egba Highway abandoned by past administration of former President Olusegun Obasanjo.


Onanuga said the road became a huge embarrassment due to neglect.

He commended Governor Dapo Abiodun of Ogun State for taking on the road construction after Tinubu’s administration transferred it to the state government.


Posting the commencement of the road construction via his X page, Abiodun wrote: “Prince Dr. Dapo Abiodun at the flag-off ceremony for the reconstruction of the Abeokuta/Ifo/Sango/Abule-Egba Road, we welcomed all attendees and expressed our gratitude to President Bola Ahmed Tinubu for approving the transfer of this critical project to Ogun State.

“This road, spanning 70 kilometres, is vital for connecting key regions within Ogun and Lagos States, supporting both local and national economic activities, and serving as a crucial link to neighbouring West African countries.

“We assured our citizens that the road will be reconstructed to world-class standards, with features such as drainage systems, sidewalks, and traffic signs. The project is expected to create jobs for both skilled and unskilled workers, boost economic activity, and improve the quality of life for residents.


“The reconstruction effort is part of our broader strategy to enhance infrastructure across Ogun State, contributing to job creation, poverty alleviation, and food security.”

Reacting, Onanuga said: “Work begins on the Abeokuta-Ifo-Sango-Abule Egba Highway. The very important road was neglected during the Obasanjo presidency and became a huge embarrassment to the people of Ogun state.

“We must show appreciation to Governor Abiodun for taking on the reconstruction of the road, after the Tinubu administration transferred it to the Ogun State Government.”
https://dailypost.ng/2024/08/24/obasanjo-neglected-abeokuta-abule-egba-road-onanuga/

TravelFully Loaded BRT Bus Tumbles At Iyana Ipaja, Lagos, Many Injured by treesun(op): 11:56am On Aug 23, 2024
A fully loaded high-capacity Bus Rapid Transit (BRT) vehicle overturned inside the dedicated BRT lane at Iyana Ipaja, Lagos, resulting in injuries to 10 passengers.

According to an update from the Lagos State Traffic Management Authority (LASTMA), the accident occurred shortly after the bus had departed from the BRT park at Iyana Ipaja.

While giving an update on social media, the agency said the bus ran into an abandoned pedestrian bridge foot immediately after the Iyana Ipaja bridge, causing it to tip over onto its side.

The authorities have confirmed that all 10 victims have received necessary medical attention.

LASTMA officials were quickly on the scene to manage the situation and ensure that the victims were promptly taken care of.

The accident has caused significant disruption to traffic in the area, with efforts underway to clear the lane and restore normal traffic flow.

Motorists and commuters are advised to exercise caution and follow traffic directives as authorities work to resolve the situation.
https://www.channelstv.com/2024/08/23/many-injured-as-fully-loaded-brt-bus-tumbles-in-lagos/

PoliticsGunmen In Military Uniform Kill 3 Persons & 100 Cows In Kaduna by treesun(op): 8:24am On Aug 23, 2024
Residents in the Igabi Local Government Area of Kaduna State are in shock after men in military uniform stormed the Sabon Birnin Daji Cattle Market and opened fire, killing three persons and over 100 cows.

Eyewitnesses claimed the suspected soldiers stormed the market, opening fire on the cattle market, resulting in the deaths of at least three people as traders scrambled for safety.

According to a local, Mallam Shehu Sabon Birni, who spoke to our correspondent, “the dead animals are scattered in the market, causing an offensive odour, making life unpleasant.”

“It was a horrific scene when the soldiers arrived at the market, some of them on motorcycles, and started shooting the animals. Two people were killed in the chaos,” Birni said.

Now, over 100 dead cows are scattered throughout the market, and the nearby houses are overwhelmed by the stench. We are still unsure why the soldiers took such drastic action,” he added.

Islamic scholar, Dr. Ahmad Gumi, in a video on his Facebook handle, commented on the incident, stating: “Banditry has a cause. And this is part of it. Two wrongs don’t make a right, especially when committed by those entrusted with our protection.”

However, reacting in a statement on Thursday, the Army’s Director of Public Relations, Maj. Gen. Onyema Nwachukwu, said the Chief of Army Staff, Lt. Gen. Taoreed Lagbaja, had ordered a probe of the incident to establish the immediate and remote causes and uncover those responsible.

Nwachukwu said, “The attention of the Nigerian Army has been drawn to a disturbing news report with gory pictures/video footages published in some mainstream and social media platforms alleging that troops of 1 Division annihilated three persons and some cattle during a recent operation at Sabon Birni in Igabi Local Government Area of Kaduna State.

“While the Nigerian Army wishes to sympathise with the Sabon Birni community and families of the affected persons, we also wish to state that the allegation will be thoroughly investigated and any personnel found culpable will be appropriately sanctioned.

“It is also necessary to add that the NA, which is constitutionally mandated to protect the lives and property of the citizenry, can not tolerate doing otherwise.

“Accordingly, the Chief of Army Staff, Lt. Gen. Taoreed Lagbaja, has directed a thorough investigation into the incident with a view to establishing the immediate and remote causes of the incident and unraveling those behind it.

“We, therefore, appeal for calm and assure the general public that the outcome of the investigation will also be made public.”

The PUNCH reports that in May, the Nigerian Army said it took into custody some soldiers who were accused of oppression and illegally seizing 518 cows, 177 sheep and rams belonging to the Fulani Waziri family of Rafin Sarki village in Fatika District.

This was in response to a petition by the Fulani Waziri family in the Giwa Local Government Area of Kaduna State, who urged the Nigerian Army authorities to order the detachment of soldiers deployed to Fatika to return their animals and henceforth stop selling their farmlands.

They also called for a full investigation into the activities of the soldiers in the community, whom they accused of killing 12 members of the family without provocation.

The family listed those allegedly killed by the soldiers as: Nura Abdussalam, Adamu Abdulkarim, Yusuf Haruna, Buhari Haruna, Kabiru Haruna, Hussaini Haruna, Zinatu Bello, Haruna Idris, Waziri, Rayyanu Shuaibu, Alhaji Abdulkarim and Salisu Abdulkarim.

Nwachukwu told The PUNCH that the Army received a petition from the aggrieved family and had commenced full investigations into the case.

“Reference your inquiry. The information available to me is that an investigation into the allegation is currently ongoing.

“The personnel involved have been taken into custody and investigation has commenced and we should await the outcome,” Nwachukwu said.
https://punchng.com/gunmen-in-military-uniform-kill-three-100-cows-in-kaduna/

PoliticsBandits Kill 13 Farmers In Niger State by treesun(op): 3:34pm On Aug 22, 2024
Bloodthirsty bandits have killed 13 persons on their farms at the Ijuwa fringes of the Alawa community of the Shiroro Local Government Area (LGA) of Niger State.

The LGA Chairman, Akilu Isyaku, confirmed the killing of the 13 farmers in an interview with a local radio station in Minna on Wednesday.

He said the bandits shot nine of the victims to death while four others were killed at a different location the same day.

A local who spoke to Channels Television also said the bandits targeted the community over allegations that members supply intelligence to security agencies on bandits’ movements.

Meanwhile, the Niger State Acting Governor Yakubu Garba has described the attack as satanic and callous.

Garba, in a statement, commiserated with the affected families, community members and the entire people of Shiroro LGA over the unfortunate incident.

This attack occurred at the time farmers are expected to spend more time on their farms. It was gathered that several other farmers far away from the scene of the attack have deserted their farmland for fear of attack.
https://www.channelstv.com/2024/08/22/bandits-kill-13-farmers-in-niger-state/

PoliticsFuture Of Nigerians Mortgaged By Tinubu, Family – Atiku by treesun(op): 10:24am On Aug 22, 2024
The future of Nigerians has been effectively mortgaged to President Bola Tinubu, his family, and associates,” Mr Atiku said.

The candidate of the Peoples Democratic Party (PDP) in the last election and former vice president of Nigeria, Atiku Abubakar, on Wednesday alleged that the future of Nigerians is being mortgaged by President Bola Tinubu, his family, and associates.

Atiku, in a statement signed by his Media Adviser, Paul Ibe, on Wednesday, said he believes that even after Mr Tinubu leaves office, breaking these shackles will be nearly impossible.

Atiku compares Mr Tinubu’s integration of his business interests into Lagos’s public enterprises to his efforts at the federal level.

“Just as Alpha Beta, Primero, and others act as Tinubu’s proxies in Lagos, managing critical sectors and generating revenue for him and his family, he has begun to replicate this at the federal level,” he said.

He expressed astonishment at the operations of the Nigerian National Petroleum Company Limited (NNPC Ltd) and how the government-owned oil company had put its retail arm under the control of OVH, a company in which Oando, led by Wale Tinubu, a relative of the president, owns 49 per cent.

The statement said Atiku regretted that his intention to privatise the NNPC and increase its transparency has been overshadowed by what he describes as the “criminal hijacking of the NNPC by corporate cabals around the current president.”

“In October 2022, just five months before the elections, the NNPC Retail controversially announced it had acquired OVH and all its filling stations. NNPCL already had about 550 filling stations across the country but claimed it was enhancing its capacity by acquiring OVH, which had only 94 stations and 100 others leased.

“The NNPC did not disclose the purchase price of OVH or the terms of the acquisition. A Freedom of Information request by Premium Times was also rejected by the NNPC, which claimed to be a private company despite still being government-owned,”
he said.

Following this controversial deal, he said Mele Kyari, the NNOC boss, was controversially retained as NNPC group managing director “despite his incompetence.”

“Tinubu then appointed his former boss at Mobil, turned ally, Pius Akinyelure, as NNPC Chairman, while he took on the role of Minister of Petroleum.

“In a move that defies economic logic, OVH, previously owned by NNPC Retail, has now acquired NNPC Retail. This absurd situation means that Wale Tinubu’s Oando now owns 49 per cent of NNPC Retail,”
he said.

Atiku said Nigeria paid Wale Tinubu a significant sum to facilitate the Tinubu family’s acquisition of the national oil company.


He said this represents a clear case of illogical business transactions and abuse of office by Mr Tinubu, who has prevented NNPC from becoming a public liability company as stipulated by the Petroleum Industry Act (PIA).

PREMIUM TIMES reported how OVH Energy effectively took control of NNPC Retail’s management, prompting an NNPC insider to describe the deal as “the most ridiculous business acquisition in the world”.

The former vice president acknowledged that the NNPC and its leadership are under legislative investigation but expressed scepticism about the process’s credibility due to the vested interests of those conducting the investigation.

“Senator Opeyemi Bamidele, who is heading the National Assembly panel, is a known supporter of Tinubu. He served as a commissioner under Tinubu in Lagos State and publicly called him his godfather,” Atiku said.

He said that since Tinubu is the Petroleum Minister, he should be held responsible for the sector’s issues.
https://www.premiumtimesng.com/news/headlines/726738-future-of-nigerians-mortgaged-by-tinubu-family-atiku.html

PoliticsWhat Is The Unending Brouhaha Over Dangote Refinery? by treesun(op): 8:10am On Aug 22, 2024
It is understandable that in the case of Dangote Refinery, there will be lots of emotions involved because everything to do with oil in this country has always been sentimental, incendiary even—from the environmental crisis in the Niger Delta, the agitations that followed that, to the fuel subsidy debacle and the recurrent contestations about it. It is not only a vital sector in the nation’s economy and well-being, but it is also one that is very lucrative. So understandably, a lot is hidden, sometimes deliberately in technical jargon to confuse a casual peruser, other times in secrecy to protect vested interests.

A lot has been written, including a contribution from this column, about the Dangote Refinery. A lot has also come to light since this crisis began. None of the information that has surfaced has provided definitive answers to what exactly the truth is. Instead, it has raised more questions and provided a fascinating playing field for merchants of information disorder.



Dinosaurs Spine at Hang Dong, Ta Xua, Son La seen from above

The key question every Nigerian is asking is: are vested interests acting to frustrate Dangote’s $20 billion Refinery? This question was derived directly from statements the business mogul, Aliko Dangote, himself made.

His first allegation was that oil majors were blocking his access to locally produced crude, and the second was that the regulator was allowing fuel traders to import high-sulfur diesel into the country. The implications are huge, and the reactions were as expected, sensational. This is because of the importance of the refinery to the country, the fact that none of the four state-owned refineries is working (the recommencement of operations at the Port Harcourt Refinery, due this week, has been postponed yet again), and the belief that many Nigerians have that the operationalization of Dangote Refinery would help ease the country’s energy crisis.

Villagers accuse soldiers of killing 3 persons, 100 cows in Kaduna market
Shippers’ council urges exporters to flood African markets with agricultural products
I suppose for many Nigerians, the shock was in seeing Dangote, one of the richest men in Africa, frustrated enough to appeal that he be bought out of the refinery as a result of the frustration he was feeling. This has effectively rubbished claims of Nigeria’s ease of doing business.

There was a rush to denounce the regulatory agency, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and its boss Farouk Ahmed, who had dared to suggest in very clear terms that there are concessions the agency cannot make for Dangote beyond what they had done already. This is obviously a touchy subject for Nigerians whose economy is tied to the country’s oil deposits. But it would seem concessions have already been made.

As a single-train refinery, the Dangote Refinery is required to run at a minimum of 50 per cent capacity. This means that at its full capacity of over 650kbd, making it Africa’s largest refinery, the refinery must run at a minimum of 325kbd. However, according to the NMDPRA, the refinery is currently running at 45 per cent capacity, not 50 per cent as required. Although the refinery is not fully licensed to operate, the licensing process has been designed to allow for issuance in stages.

So what exactly is happening?


Dangote’s frustration is obvious and has merit. The refinery is designed to run on Nigerian Forcados, Escravos, and Bonny Light crude, so it primarily needs to obtain its crude from Nigeria. If there are any disruptions to the crude supply, it would have negative effects on the refinery’s operation and profitability.

In my previous column on this topic, I noted that this refinery is not a charity, and Nigerians need to adjust their expectations accordingly. However, it is important to understand the key issues beyond this.

The controversy surrounding this issue has triggered several investigations. One allegation, for example, is that Dangote’s refined diesel is 80% better than the diesel being imported into the country. These tests were conducted by the refinery itself, although there have been calls for independent verification. Nigerian regulations currently allow for a sulfur content of about 50 ppm, with enforcement set to begin next year.


According to Dangote’s tests witnessed by lawmakers, the sulfur content was 87.6 ppm, while the other two samples reportedly showed sulfur levels exceeding 1800 ppm and 2000 ppm, respectively. Importers have denied these allegations. Crucially, the head of the NMDPRA has claimed that Dangote’s refined diesel has a sulfur content of between 650 and 1200ppm, contradicting the refinery’s claims. Who should we believe?

While this is a concerning development, the truth of both claims needs to be verified independently. A party involved in a dispute cannot be the complainant and arbitrator within the same dispute. However, they can present evidence that can be contested and verified. The relevant oversight committee of the National Assembly has ordered an investigation into these claims. It would be wise to withhold judgment until the outcomes of these investigations are known.


In any case, Nigerians must be protected from harmful products, whether they are locally refined or imported. Our nation’s desperation should not make us vulnerable to the exploitation of commercial interests. Regulatory agencies need to fulfill their duties diligently. The major worry for Nigeria is the institution of a monopoly in the oil and gas sector. While Dangote has been a very adept investor in the country and creator of jobs and wealth, we must not forget that this is not a handout to the nation but an aggressive business decision.

This business drive is one that, as we have seen in the past, blitzes competitors out of the way, some into oblivion, and gives Dangote strong control over product pricing. We must not replace the NNPC monopoly with a Dangote monopoly. And for this reason, the regulatory agencies must ensure that due diligence is followed.


And this is where we must query the NMPDRC. Its transparency has been economical from the onset and now, having been spotlighted by Dangote’s pleas, it must step up and be upfront with the information that is required for Nigerians to understand what is happening in that sector of the economy and what sort of concessions it has been making.

Nigeria is heavily invested in the Dangote Refinery, materially and emotionally. After all, the NNPC took a loan to invest in the Dangote Refinery. President Buhari was so eager about this refinery that he hastened to commission it a year before it was ready to start any kind of operations at any capacity. That is how eager we all are to see local businesses succeed, especially those that could change the lives of Nigerians, create employment, and hopefully help the country function better.

However, the rush of knee-jerk reactions must be curtailed and due diligence must be paid to ensure that the right is done. Both Dangote and NMPDRA must be completely transparent, and Nigerians must not be hasty to judge. The tension in this sector must be addressed with calm heads and in the end, Nigerians and their well-being must be placed ahead of any vested interest.





https://dailytrust.com/what-is-the-unending-brouhaha-over-dangote-refinery/
PoliticsRe: NNPC Reports N9.3tn Petrol Imports As Queues Linger by treesun(op): 11:45am On Aug 21, 2024
Honestly Nlfpmod, it is not making sense again. This suffering is not easy!
PoliticsNNPC Reports N9.3tn Petrol Imports As Queues Linger by treesun(op): 9:45am On Aug 21, 2024
The Nigerian National Petroleum Company Limited has confirmed that the Federal Government incurred a debt of N5.1tn in under-recovery and energy security expenses for fuel importation in 2023.

It also stated that a total sum of N9.38tn, described as receivables, was incurred on behalf of the Federal Government in 2023 for fuel imports.

In its financial statement for the fiscal year ending December 31, 2023, the national oil firm explained that N6.25tn was accrued under domestic crude oil supply and N3.14tn under other receivables.

Receivables, also regarded as accounts receivable, are debts owed to a firm by its customers for goods or services used or delivered but not yet paid for.


The amount (N9.38tn) was N7.2tn or 76.7 per cent more than the N2.18tn expenses incurred in the preceding year of 2022.

“Receivables from the Federation relate to expenses incurred on behalf of the Federation by the Group,” the report noted.

On the N5.1tn in under-recovery and energy security expenses, the firm stated that the cumulative amount spent was used as expenses from crude oil supply for domestic use and other receivables on behalf of the federation after it instructed the company not to sell its Premium Motor Spirit, popularly known as petrol, above a certain regulated price.


This total cost is made up of January to May 2023 under-recovery of N3.3tn and August-December 2023 energy security expense of N1.8tn.

The new term (under-recovery), as indicated in the financial statement of the NNPC for the fiscal year ending December 31, 2023, is a technical term to conceal a secret, a petroleum engineer and oil and gas analyst, Bala Zakka, stated on Tuesday.

“In my capacity as a practising petroleum engineer and a tax analyst, everything about the NNPC presentation looks vague,” Zakka told The PUNCH.

“This is because when you are talking to Nigerians, you need to be simple in language so that people can understand. It is only when you are talking to experts you use technical jargon. That term was used to confuse, convince and conceal a secret we all know and the company has not done any good service on this.”

Also, former Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Waiziri Adio, asked the NNPCL to be transparent in its dealings and stop using vocabulary to deceive Nigerians.

He said this while reacting to the national oil company’s response to reports that President Bola Tinubu had approved subsidy payment.

The Chief Financial Officer of the NNPCL, Umar Ajiya, had said the oil firm was only bearing what he called the “shortfall” and not a subsidy.


But reacting in a series of tweets on Tuesday, Waiziri Adio, who is the Executive Director of Agora Policy, a Nigerian think tank and non-profit organisation committed to finding practical solutions to urgent national challenges, wondered why the company was playing with words.

Adio stated, “NNPCL’s waffling on petrol subsidy is so disingenuous. Oh, it is not a subsidy, but a shortfall/PMS FX differential, same difference. No subsidy was paid to any marketer. Has anyone said NNPCL paid subsidy to marketers and is it even within their remit to pay subsidy to marketers?

“Former PPPRA was charged with approving subsidies for marketers and NNPC. The Ministry of Finance was paying marketers after verification of claims. The only difference with NNPC was that it deducted its subsidy and other claims from money for crude given to it for domestic use.

“It is not NNPCL’s responsibility, by practice or by law, to pay subsidies to marketers. That answer to a question not asked is at best a hollow attempt at deflection.”

He added, “Saying there is no subsidy because selling PMS below landing cost is a transaction between the company and the Federation (repaid or netted off) is a lame play with words that takes everyone for a slowpoke. NNPCL can use this free advice: when in a hole, stop digging.”

Although President Bola Tinubu announced the removal of fuel subsidies during his inaugural address on May 29, 2023, there have been strong indications that the government still spends billions on subsidies. However, the federal government has consistently denied paying subsidies.

Former President Olusegun Obasanjo, in an interview with Financial Times during the nationwide hunger protest earlier this month, faulted the fuel subsidy removal by President Bola Tinubu.


According to him, the government should have put measures in place before the fuel subsidy removal.

“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy.

“Because of inflation, the subsidy that we have removed is not gone. It has come back,” Obasanjo said.

Last month, the Major Energies Marketers Association of Nigeria disclosed that the landing cost of petrol was N1,117/litre leading to a monthly subsidy of N707bn.

Currently, a litre of fuel is sold between N650, N700 and N950, depending on location in the country, which has aggravated the economic hardship faced by Nigerians.

Earlier this month, when some Nigerians hit the streets to protest hunger and hardship in the country, one of their demands was the reinstatement of subsidies.

But in his national broadcast, Tinubu ruled out the return of the subsidy, describing the decision to remove the fuel subsidy as painful but necessary.


Similarly, the NNPC Ltd has stated that it is selling petrol at only half the land cost but bearing the “shortfall” and not as a subsidy.

Its chief financial officer, Ajiya, told journalists that the national oil company was only “taking care of the shortfall on petrol importation between it and the federation.”

This is despite the company demanding a refund of N4.7tn as exchange rate differentials from fuel import.

A breakdown as indicated on the NNPCL books showed that the debt claims had an opening balance of N2.1tn from the closing period of 2022, an undefrayed cost of N4.84tn and a payment of N649.45bn as defrayed costs making a total of N6.25tn.

Explaining the implications, the oil company said, “The total undefrayed cost is made up of January to May 2023 under-recovery of N3.3tn and August-December 2023 energy security expense of N1.8tn.”


It added, “Under-recovery arises when the landing cost of Premium Motor Spirit is higher than the local regulated market price. These amounts are receivable to the Group as they are defrayed and charged against amounts due to the Federation every month.

“Energy security expenses are expenses incurred by the group in fulfilling its obligations as the supplier of last resort for energy security purposes on the account of the federation in line with the provisions of Section 164(m) of the Petroleum Industry Act, 2021.

“As of year-end 31 December 2022, the amount to be remitted based on crude oil purchased is due 90 days after the period of lifting. During the period, the Company made a total cash payment of nil (2022: N58.8bn) to the Federation leaving an outstanding payable of N6.25tn from an amount of N2.06tn in 2022.

“In line with Section 64(M) of the Petroleum Industry Act (PIA) 2021, the cost incurred by NNPC Limited (Group) as the energy supplier of last resort for energy security reasons, and all associated costs shall be on the account of the Federation.

“The government instructed that NNPCL cannot sell its Premium Motor Spirit above a certain regulated price. However, the cost of importing this PMS is usually much higher than this regulated price. The under-recovery is essentially the difference between the actual landing cost of the product and the regulated price. This balance is used to reduce the cost of sales of the Group.

“The corresponding entry is either used to reduce the liability due to the Federation or used as a receivable from the Federation. Premium Motor Spirit cost under-recovery is recognised where there is reasonable assurance that it will be received and all attached conditions have been complied with. When it relates to an expense item, they are deducted in reporting the related expense in cost of sales.”

The audited statement also stated that the company received a total sum of N23.99tn as revenue from contracts with customers but spent a total of N16.95tn as cost of sales leaving a gross profit of N7.03tn.

According to experts, this cost of sales, which indicates the cost involved in directly producing the goods or services that you sell, is exorbitant and detrimental to the financial stability of the company.

The figure is an increase of N15.17tn or 63.2 per cent from N8.82tn recorded as revenue from contracts in 2022 and a surge of 60.5 per cent or N10.25tn from N6.7tn from the cost of sales in 2022.


Further analysis revealed that the company got a revenue of N14.07tn from sales of crude oil, N7.15tn as revenue from petroleum product sales, N2.3tn from sales of natural gas, N94m from sale of power and N464.94bn as proceeds from its services from seismic contracts, time-based contracts, gas transmission tariffs, shipping, marine and engineering making a total of N23.99tn.

Similarly, Nigerians were the highest contributor to the company’s revenue in terms of geographical market, generating a total of N21.3tn from its sales, Panama was the second on the list with revenue of N2.05tn. Other countries include Cayman Islands (N402.76bn), Bahamas (N151.79bn), Cyprus (N80.499bn), United Arab Emirates (N3.15bn), United Kingdom (N2.00bn).

The NNPCL also spent N132.6bn to sell and distribute petroleum products to marketers and distributors in 2023, marking an 82.7 per cent increase in the cost of sales from N22.88bn in 2022.

It got a profit of N15.95tn from exchange differences in the translation of foreign operations. This represents an increase of 86.39 per cent or N13.78tn from N2.17tn in 2022. It also donated N199m to host communities from zero donations in 2022.

The statement further noted that contingent liabilities for lawsuits against the Group are estimated at N18.14bn and N620.24bn.

“A provision has been made in the Financial Statements for contingent liabilities for lawsuits against the Group estimated at N18.14bn. The contingent liabilities are based on confirmations received from the Company’s external legal counsels. Furthermore, the Group has also been advised by its legal counsel that it is only possible, but not probable, that action will succeed for some lawsuits against the Group, which are pending in various courts estimated at N620.24bn. Accordingly, no provision has been made in the financial statements for contingent liabilities in respect of these lawsuits,” it said.

Meanwhile, the NNPCL says it has successfully repaid 60 per cent of a $1.036bn loan that it took in September 2021 to finance the acquisition of a 20 per cent stake in the Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise.

As of December 31, 2023, NNPC has repaid $625m of the principal amount, leaving an outstanding balance of $424m on the principal loan amount, it stated in the financial statement.

The loan was secured through a forward sale agreement with Lekki Refinery Funding Limited, with an interest rate of 3-month LIBOR plus 6.125 per cent.

A part of the financial statement read, “In September 2021, NNPC entered into a forward sale agreement with Lekki Refinery Funding Limited to supply 35,000 bbl. of crude oil per day for the settlement of the $1.036bn (N426.2bn) funding received for the financing of investment in Dangote Refinery.

“The interest rate for the facility is three-month LIBOR plus 6.125 per cent. As of 31st December 2023, NNPC limited has paid $625m principal, while $424m (N324bn) is still outstanding.”

Initially, this investment was managed by NNPC Greenfield Limited, a special-purpose vehicle wholly owned by NNPC.

However, following the restructuring of NNPC under the Petroleum Industry Act, the management of this investment was transferred to NNPC Downstream Investment Service.

The restructuring also led to a significant change in the payment structure. The balance of the cost of equity investments, amounting to $1.76bn, was agreed to be paid in cash instead of the originally proposed crude oil discount of $2.5 per barrel on the official selling price of crude oil.


As of December 31, 2023, NNPC Limited held a 7.25 per cent interest in DPRP FZE, confirming earlier indications by the Chairman, of Dangote Group, Aliko Dangote.

Meanwhile, the scarcity of petrol has worsened across the country as tankers remain stranded at depots, several of which have run out of the product.

The scarcity of the product has led to long queues in all the states nationwide, with the price going for as much as N950/litre in the last two days.

Our correspondent learnt on Tuesday that though some of the trucks had started loading, the supply of the product by the NNPCL was still not enough.

Oil marketers confirmed the commencement of loading, but expressed fears that the queues may not disappear till Friday.

The PUNCH reported on Monday that NNPC had vowed to end the queues by Wednesday, as the black market for the product continues to boom, selling as much as N1,400/litre.

The Chief Corporate Communications Officer of NNPC, Olufemi Soneye, had told our correspondent that the oil firm was working hard to tackle the fuel supply challenges, stressing that the queues should clear by mid-week.

“It’s just an evacuation challenge out of Apapa (ports in Lagos) from the vessel. But we are working on it. It should be resolved. I’m very sure that fuel scarcity will be cleared out by Wednesday,” Soneye stated.

However, despite the assurances by NNPC that the queues would clear soon, the fuel queues in Lagos, Abuja and other parts of the country continue to spread as prices of foodstuff and other products continue to soar amid the harsh economic conditions.

https://punchng.com/fraudster-faces-20-year-jail-for-stealing-10m-us-unemployment-fund/
PoliticsShut The Economy If Ajaero Is Arrested, NLC Directs Workers by treesun(op): 11:50am On Aug 20, 2024
THE Nigeria Labour Congress, NLC, has directed its affiliates members and indeed all workers in the country to immediately shutdown the economy if the Nigerian Police arrest the Congress President, Comrade Joe Ajaero.

Recall that the Police had last night invited the NLC President to its headquarters for questioning over the allegation of involvement in terrorism financing among others.

The development led to the convocation of emergency National Executive Council, NEC, meeting at the Labour House where the Congress resolved to write to the Police for extension of time to enable it consult with its lawyers.

Briefing the workers, who had assembled at the Labour House in solidarity with the Congress President and to follow him to the Police headquarters, the NLC Deputy President, Kabiru Ado Sani, said that the invitation to Ajaero was invitation to workers.

According to him, “At the end of the meeting, we reached some certain resolutions. Part of the resolutions is that, as a committed labour center that we agreed or that we abide by the rule of law and due process.

“We will honor the invitation of the Nigerian police, because we are not faseless organization, but we believe that we need an extension of time, after consultation with our lawyers, because this invitation was extended to the Congress President yesterday and asked to report at the police by 10am today.

“So we are already working with our lawyers to look for extension of time, but this does not legitimize the charges by the Nigerian police to the Congress leadership, and secondly, we resolve that in an event our Congress President was arrested or detained at any moment, we put our affiliate on red alert to mobilize our membership across the country, that all workers in this country should down tool their services.

“This is the resolution because Comrades, this organization belongs to all of us, therefore we should do everything possible to safeguard the safety of this organization. We therefore, thank you very much, and you shoulwait for further directives by our leadership.

“Whatever happens, we will communicate your leadership, and your leadership will communicate you. So we urge you to remain calm and go back peacefully to our working place and await further directives.”
https://www.vanguardngr.com/2024/08/breaking-shut-the-economy-if-ajaero-is-arrested-nlc-directs-workers/

PoliticsRe: Niyi Ijalaye Slumps, Dies After RECs Meeting In Abuja by treesun(op): 8:27am On Aug 20, 2024
Nothing in life is certain, all the money in accounts now useless!
PoliticsNiyi Ijalaye Slumps, Dies After RECs Meeting In Abuja by treesun(op): 8:07am On Aug 20, 2024
The Resident Electoral Commissioner (REC) of the Independent National Electoral Commission (INEC) in Ogun State, Barrister Niyi Ijalaye, has reportedly passed away.

Ijalaye reportedly slumped and died on Monday evening in Abuja shortly after attending a meeting of RECs at the Commission's headquarters.

The cause of his death has not been officially disclosed.

It was gathered that the incident took place in his hotel room shortly after he attended a meeting at the Commission’s headquarters.

The meeting, chaired by INEC Chairman Prof. Mahmood Yakubu, focused on the upcoming off-cycle governorship elections in Edo and Ondo States, as well as discussions on seven vacant seats in the National and State Assemblies.

The Ondo-born administrator, who had been in high spirits during the Commission's meeting, retired to Bon Octagon Hotel in the Federal Capital Territory, where the incident took place.

According to a report, the REC from Ondo State was in good spirits throughout the day’s proceedings before his sudden demise.
During the meeting, Barrister Ijalaye, dressed in a blue-striped kaftan and a red cap, was captured in one of the photos posted by the Commission on its timeline.

Barrister Ijalaye had been posted to Ogun State in March 2022 following the transfer of Olusegun Agbaje to Lagos State.

However, the Independent National Electoral Commission (INEC) has not yet released an official statement regarding his death.
https://saharareporters.com/2024/08/20/ogun-state-inec-resident-commissioner-reportedly-slumps-dies-after-abuja-meeting

PoliticsTinubu Approves NNPC’s Request To Use Dividends To Pay Subsidy - SR by treesun(op): 9:29am On Aug 19, 2024
The report which is based on a forecast from NNPC, obtained by the newspaper, indicated that the total petrol subsidy expenses from August 2023 to December 2024 will amount to N6.884 trillion, leaving the company unable to remit N3.987 trillion in taxes and royalties to the federation account.

Despite many denials by the Nigerian government on non-payment of fuel subsidies, President Bola Tinubu has given approval to the Nigerian National Petroleum Company (NNPC) Limited to use the 2023 final dividends owed to the federation to cover the cost of petrol subsidies, BusinessDay reports.

The president reportedly approved a halt on the payment of 2024 interim dividends to the federation to help boost NNPC’s cash flow.

The NNPC informed the president that due to the subsidy payments, it is currently unable to pay taxes and royalties into the federation account, referring to this as a “subsidy shortfall/FX differential”.

The report which is based on a forecast from NNPC, obtained by the newspaper, indicated that the total petrol subsidy expenses from August 2023 to December 2024 will amount to N6.884 trillion, leaving the company unable to remit N3.987 trillion in taxes and royalties to the federation account.

The exact number of dividends that would be withheld or put on hold could not be verified at the time of filing this report.
https://saharareporters.com/2024/08/19/tinubu-approves-nnpcs-request-use-dividends-pay-subsidy-fuel-subsidies-gulp-n68trillion

PoliticsNNPC Battles Deepening Fuel Scarcity, Black Market Booms by treesun(op): 8:09am On Aug 19, 2024
The Nigerian National Petroleum Company Limited has vowed to end the queues for Premium Motor Spirit, popularly called petrol, by Wednesday, as the black market for PMS boomed on Sunday.

NNPC also declared that it did not owe international oil traders $6.8bn as claimed in some quarters, a development which some industry watchers described as a major reason for the widespread PMS scarcity in Nigeria.

But despite the national oil firm’s assurance that the queues for petrol would clear this week, oil marketers said on Sunday that the loading of products at depots had yet to improve.

Black marketers of petrol who sold the commodity in jerrycans took advantage of the situation, as they dispensed PMS for as high as N1,200 to N1,500/litre, depending on the area of purchase.


This came as the sole importer of the commodity (NNPC) blamed the petrol scarcity on evacuation challenges at PMS vessels.

NNPC is Nigeria’s only importer of petrol. Other dealers stopped importing the commodity due to their inability to access the United States dollar required for petrol imports.

The Chief Corporate Communications Officer of NNPC, Olufemi Soneye, told one of our correspondents that the oil firm was working hard to tackle the fuel supply challenges, stressing that the queues should clear by mid-week.


“It’s just an evacuation challenge out of Apapa (ports in Lagos) from the vessel. But we are working on it. It should be resolved. I’m very sure that fuel scarcity will be cleared out by Wednesday,” Soneye stated on Sunday.

He later issued a press statement on the matter, saying, “The NNPC Ltd regrets the tightness in fuel supply witnessed in some parts of Lagos and the FCT (Federal Capital Territory), which is as a result of distribution challenges.

“The company further urges motorists to shun panic buying as it is working round the clock with relevant stakeholders to restore normalcy.”

But operators told The PUNCH that the fuel supply situation at the depots had yet to improve as of Sunday.

An official of one of the top petroleum companies in Nigeria said the company was out of stock.

“We don’t have supply yet. For us and many depots in Apapa, it’s nil stock,” the official, who spoke in confidence due to lack of authorisation to speak on the matter, stated.

An oil marketer disclosed that the scarcity might get worse in Lagos during the week as there was no improvement in supply.


“The scarcity may get worse in Lagos during the week. Nothing is changing yet. Though motorists still get the product to buy although at very high rates,” the marketer disclosed.

A depot operator revealed that “depots will still get supplies this week, but definitely it will not be enough to meet desired demand to bring down the fuel crisis.”

The manager of a filling station in Abeokuta, the Ogun State capital, said a litre of petrol was N880 as of Friday.

The manager, who identified himself simply as Adeyanju, said his principal had not been able to get fuel since Friday, adding that the private depots were hiking the price of petrol.

On his part, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, said the challenges in the downstream oil sector were compounded by the recent nationwide hunger protests.

“Aside from the fact that there is not enough supply, the recent protests disrupted activities in the downstream oil sector. We are still struggling to sort that one out and there is also the challenge of low supply of petrol,” he stated.

NNPC denies indebtedness


In a similar development, the national oil firm said on Sunday that it does not owe international oil traders $6.8bn.

The company also denied claims that it has not remitted funds into the federation account since January.

Soneye, in a statement, reacted to different allegations against the state-owned energy firm.



It was alleged that NNPC owed some of its suppliers, being the sole importer of petrol into Nigeria, though Soneye acknowledged that such transactions were done on credit.

“NNPC Ltd does not owe the sum of $6.8bn to any international trader(s). In the oil trading business, transactions are carried out on credit, so it is normal to owe at one point or the other.

“But NNPC Ltd through its subsidiary, NNPC Trading, has many open trade credit lines from several traders. The company is paying its obligations of related invoices on a first-in-first-out basis,” Soneye stated.

However, he did not state the financial obligations NNPC is currently attending to.


On remittances, he said, “It is not correct to say that NNPC Ltd has not remitted any money to the federation account since January. NNPC Ltd. and all its subsidiaries remit their taxes to the Federal Inland Revenue Service regularly.

“This is in addition to payments of CIT (company income tax) to road contractors under the Road Investment Tax Credit Scheme. In all, NNPC Ltd is the largest contributor to the tax revenue shared every month at the Federation Account Allocation Committee.”

Soneye maintained that the NNPC is not a regulator and has nothing to do with the quality of imported fuel.

“On the issue of quality/quantity fiscalisation of imported petroleum products, NNPC Ltd has no role whatsoever as it is not a regulator. The Nigerian Midstream and Downstream Petroleum Regulatory Authority, which is the relevant regulatory agency in charge of such issues, is an independent body and does not report to the NNPC Ltd,” he noted.

He explained that the NNPC is not averse to inquiries by the media into issues on and around its operations before dissemination to the public either through the print or electronic channels of communication.

“The company will, always, gladly take the opportunity to state the facts of the subject matter(s). This is in line with the company’s commitment to the Transparency, Accountability, and Performance Excellence philosophy as emplaced by the Mele Kyari-led management since stepping into the saddle in 2019,” Soneye said.

Queues in states


Despite NNPC’s assurance and defense, the queues for petrol lingered in many states and Abuja, while the cost of the commodity crossed N1,000/litre in some locations.

Fuel scarcity persisted in Abuja, Nasarawa, Niger, and neighbouring states. It resurfaced in Lagos on Sunday. The PUNCH observed that the queues to the Northwest filling station inward Gbagada stretched to the West End bus stop along the Gbagada-Oworonshoki Expressway.

The queues at the NNPC filling station at Ogudu stretched across the nearby bridge. It was the same scene at the MRS filling station at the Estate bus stop.

In Osogbo, Osun State, petrol was unavailable in most filling stations observed in Ayetoro, Old Garage, and Ota Efun Area, while a handful of independent marketers dispensing fuel sold the product for N800/litre.

Motorists and commuters decried the increase in petrol prices in Edo State. Independent marketers sold it for between N830 and N890/litre in the state capital while the outlets owned by major marketers sold for between N680 and N688/litre.

The cost of transportation worsened in Uyo as petrol sold for between N900 and N950/litre in the metropolis.

Residents of Gombe State lamented the increase in the cost of PMS across most filling stations in the state.


Petrol scarcity in Bauchi State did not change as customers stayed in long queues to buy the product on Sunday.

Residents of Lafia, the Nasarawa State capital, lamented the hike in the price of PMA and the scarcity of the product.

The scarcity was also pronounced in Sokoto State as many residents expressed frustration over the development.

The fuel scarcity in the Kaduna metropolis and its environs continued unabated on Sunday, causing untold hardship to motorists and other road users.

In Benue State, petrol was sold at between N960 and N980/litre in many filling stations.
https://punchng.com/nnpc-battles-deepening-fuel-scarcity-black-market-booms/
PoliticsRe: We Were Pressured To Ask INEC To Cancel 2023 Elections — Gen. Abdulsalami by treesun(op): 6:54am On Aug 18, 2024
Even INEC ad-hoc staff knew the fraud!
PoliticsRe: We Were Pressured To Ask INEC To Cancel 2023 Elections — Gen. Abdulsalami by treesun(op): 9:05pm On Aug 17, 2024
iwaeda:
Nlfpmod, Only INEC can claim the election was peaceful. My polling unit was close to Elegushi, Ikate, saw most of anonymity. Why did IREV not work? Why is he talking more than a year after. grin grin grin grin
!
PoliticsRe: We Were Pressured To Ask INEC To Cancel 2023 Elections — Gen. Abdulsalami by treesun(op): 6:43pm On Aug 17, 2024
gawu1:
Canceling the election to save your candidate from losing the election! Unfortunately for you, Nigeria doesn't belong to you or your loser candidate and that was why the peace committee refused to yield to undue pressure from the headless mobs to cancel the election. We live to see how your Pandora messiah will fair better in the 2027 election.
Nlfpmod, remembered those we danced to gawu lepa gawu!
PoliticsRe: Chinese Firm Plotting To Strip Nigeria Of Assets, Embarrass Tinubu– Bayo Onanuga by treesun(op): 1:59pm On Aug 17, 2024
Nlfpmod!
PoliticsWe Were Pressured To Ask INEC To Cancel 2023 Elections — Gen. Abdulsalami by treesun(op): 1:57pm On Aug 17, 2024
The National Peace Committee NPC on Friday revealed details of some behind-the-scenes maneuvers by partisans and other unnamed elements during the 2023 Presidential Election, disclosing how it came under immense pressure to get the Independent National Electoral Commission INEC to either halt collation of the results or cancel the election.

The committee led by a former Head of State, General Abdulsalami Abubakar disclosed this on Friday in Abuja when it presented to the public its 106-page report of the 2023 General Elections titled, “Nigeria’s Pursuit of Electoral Compliance: National Peace Committee NPC 2023 General Elections Report”.

Before presenting the report to the public, the committee had earlier met with the INEC Chairman, Prof. Mahmood Yakubu and other management staff of the commission where it was briefed on the electoral umpire’s preparation for the forthcoming Governorship elections in Edo and Ondo states.

Other members of the committee are Okoh Ebitu Ukiwe (Vice Chairman); Bishop Matthew Hassan Kukah (Convener); Sultan of Sokoto, Muhammadu Sa’ad Abubakar III; John Cardinal Onaiyekan; business icons, Aliko Dangote and Femi Otedola; Vanguard Newspapers Publisher, Sam Amuka Pemu; Ameze Guobadia; Idayat Hassan; Dame Priscilla Kuye; Gen. Martin Luther Agwai; Mahmud Yayale Ahmed; Channels TV owner, John Momoh; Roseline Ukeje; and, Fr. Atta Barkindo, its Head of Secretariat.

Part of the report reads; “As the election day progressed, criticisms and counter criticisms became abundant. The NPC was already being faced with a flurry of phone calls and the need to call INEC to order. The Peace Committee was flooded with requests for intervention. Both the Chairman of the Committee, General Abdulsalami A. Abubakar, the Convener, Bishop Matthew Hassan Kukah and the Head of NPC Secretariat, Fr. Atta Barkindo, were inundated with calls, requests, and petitions demanding the intervention of the NPC.

“Some of the requests wanted the NPC to prevail on INEC to stop collating election results because there were gross violations and lack of compliance with the electoral act. Others demanded that the tenets of the Peace Accord signed were not adhered to and therefore the Committee should call for cancellation of the election entirely.
“The most significant call was related to the 25% threshold for Abuja as the Federal Capital Territory. Some of the analysts who reached out to the committee asked that the final election result should not be announced because the resumptive president-elect did not score the required 25% as stated in the electoral act. If anything, there should be a runoff.


“For example, the Centre for Reform and Public Advocacy described the silence of National Peace Committee (NPC) as deafening in spite of the avalanche of election petitions and likely far-reaching outcomes that could follow the decisions. The Centre stated that the NPC led by General Abdulsalami Abubakar (retd) had prior to the 2023 elections engaged political leaders on the need for a peaceful and credible election. However, what was missing was a post- election formal statement of the NPC on the outcome of the election and the sort of intervention needed to prevent widespread violence.

“The biggest bone of contention was the significance of the 25% threshold for the FCT, the vacuum created by pre-election legal interpretation that was not given by INEC.

“Within the general context of the mandate of the Peace Committee, there were requests that demanded the Committee to go beyond its mandate and to interfere in an electoral process that only agencies empowered by law can do so.

“The interventions provided by the NPC is purely and squarely moral, particularly in a context that trust deficit is widespread, the culture of impunity and lack of compliance with laws. The mandate is founded on the need to promote peace, prevent widespread violence and encourage parties and candidates to uphold the rule of law.

“The NPC has no mandate to arrest violators of process or interfere with the constitutional duties of INEC. It is set up to provide moral intervention, defined by mediation and moral persuasion to ensure that there is peace. It is also expected to, on behalf of public interest, speak truth to power when things are going terribly wrong. After the presidential elections, the NPC has continued with its engagements with political parties, youth and women led groups, persons with disabilities, the security agencies, traditional rulers and religious leaders, including the Independent State-based Peace Architectures”.

“Most people are not aware that the NPC provides only a moral intervention, and it has no constitutional duty to arrest, punish or prosecute any citizen for any wrongdoing. Rather, the Committee has the moral obligation to encourage, persuade and appeal to political actors, community leaders and other stakeholders on the importance of peace. This limited awareness has forced some Nigerians to question the significance of engaging with the NPC if only what the committee brings to the table is moral persuasion. This is a challenge for the work of the Committee” report added.
https://www.vanguardngr.com/2024/08/we-were-pressured-to-ask-inec-to-cancel-2023-presidential-elections-gen-abdulsalamis-peace-cttee/

PoliticsRe: We’re Only Able To Eat When We Go Out To Beg - Kano Family Laments Hardship by treesun(op): 10:25am On Aug 17, 2024
gabbytabby:
And you can’t farm and plant anything. How come
Can you go to your farm too, with this insecurity!
PoliticsChinese Firm Plotting To Strip Nigeria Of Assets, Embarrass Tinubu– Bayo Onanuga by treesun(op): 9:25am On Aug 17, 2024
The Presidency is aware of failed attempts by Zhongshan Fucheng Industrial Investment Co. Ltd., a Chinese company, to take over offshore assets of Nigeria through subterfuge.

Mr Bayo Onanuga, Special Adviser to the President on Information and Strategy, in a statement, said Zhongshan misled the Judicial Court in Paris into attaching Nigeria’s presidential jets in its judgment against Ogun government.

He faulted the use of the presidential jets which were on routine maintenance in France.

According to him, the presidential jets are assets of a Sovereign entity protected by diplomatic immunity, which forbids any foreign court from issuing an order against them.

We are convinced the Chinese company misled the Judicial Court of Paris regarding the use and nature of the assets it seeks to attach and did not fully disclose to the court as required by law,” he said.

He said the Federal Government was not under any contractual obligation with the Chinese company.

The case in which Zhongshan is trying to use every unorthodox means to strip our offshore assets is between the company and the Ogun State government.

The Federal Government is fully aware of efforts being made by the Ogun State government to reach an amicable resolution on the matter,”
said Onanuga.

He said the company had no solid ground to demand restitution from Ogun government based on the facts regarding the 2007 contract between the company and the state government to manage a free-trade zone.

He said that when the contract with Ogun was revoked in 2015, the company had only erected a perimeter fence on the land earmarked for a free trade zone.

According to him, while the Attorney-General of the Federation and Minister of Justice was working with the Ogun government on an amicable resolution, Zhongshan obtained two orders from the Judicial Court of Paris.

“This arm-twisting tactic by the Chinese company is the latest in a long list of failed moves to attach Nigerian government-owned assets in foreign jurisdictions,” said Onanuga.

He said unscrupulous and questionable individuals were falsely presenting themselves as investors with the sole objective of undercutting and scamming governments in Africa.

He said the same Chinese company had tried to enforce its questionable judgment in the UK and USA but failed.

He was emphatic that foreign companies were trying to defraud Nigeria with the collaboration of some bureaucrats.

“Zhongshan appeared to have sold the judgment they got to a venture capitalist seeking to make money by embarrassing the Federal Government and President Bola Tinubu.

“We want to assure Nigerians that the Federal Government is working with the Ogun government to discharge this frivolous order in Paris immediately.

“Nigerian government will always work to protect our national assets from predators and shylocks who masquerade as investors,” said Onanuga.

The News Agency of Nigeria (NAN) reports that the contract between Ogun and Zhongshan to manage a free-trade zone was executed in 2007.

The parties entered into a dispute in 2015, and arbitration began in 2016.

By 2019, the arbitration hearing had been concluded.

The Arbitral Panel awarded over 60 million dollars against the Federal Government of Nigeria, a co-defendant, when all Zhongshan had done was build a perimeter fence around the free-trade zone.

Based on legal advice, the Ogun government resolved to resist the enforcement of the award.

The resistance was successful in eight different jurisdictions. There are pending appeals against recognition orders issued in both the US and UK.


Ogun State also engaged Zhongshan in settlement discussions on reasonable terms.

The last meeting, held in September 2023 in London, was attended by several officials of Ogun, including Gov. Dapo Abiodun and Prince Lateef Fagbemi, Attorney General/Minister of Justice.

Zhongshan’s initial reasonable readiness to consider Ogun State’s offer was surprisingly reversed by the second day when it insisted on the government paying the full arbitration debt.

This led to a breakdown of the mediation, with parties agreeing to meet again in the first quarter of this year.

But Onanuga said since then, Zhongshan has been evasive.


“Instead, it embarked on a series of enforcement proceedings, which the legal team appointed by the Federal Government and Ogun successfully opposed.

“In cases similar to the present one, where Zhongshan obtained an ex-parte order, Ogun State successfully set aside the orders.

“Ogun has not given up on a reasonable settlement option, with the most recent letter sent to Zhongshan last week.

“Zhongshan only responded after obtaining this latest illegal order,” said Onanuga.
https://www.vanguardngr.com/2024/08/chinese-coy-plotting-to-strip-nigeria-of-assets-embarrass-tinubu-presidency/

PoliticsRe: We’re Only Able To Eat When We Go Out To Beg - Kano Family Laments Hardship by treesun(op): 9:22am On Aug 17, 2024
Nlfpmod!
PoliticsWe’re Only Able To Eat When We Go Out To Beg - Kano Family Laments Hardship by treesun(op): 2:49pm On Aug 16, 2024
We’re Only Able To Eat When We Go Out To Beg, Kano Family Lament Hardship In Nigeria


In a TikTok video, Dr Bello Galadanci, a US-born Kano State indigene, skitmaker, and journalist also known as Dan Bello, has expressed concern about the plight of vulnerable families in northern Nigeria.

There are millions of vulnerable families all over northern Nigeria. They are poor, young, unhealthy, uneducated, and struggling to pay rent,” he said.

Galadanci called for local governments to use their financial autonomy to aid such families.

“Every local government should establish a structure to identify such families. This programme should cater for their basic needs and education,” he advised.

He also stressed the need for transparency in these initiatives.

“LG chairpersons and ward councillors should cooperate to ensure this program is free of corruption,” he added.

In a video he posted, a family in Kano gives a harrowing account of their situation which underscores the urgency of such measures.

“My name is Aliyu and my sister's name is Siyama. Our dad is late, and our mother is blind. We are from the Gwamaja area of Kano State,” said the children.

Their mother added, “My husband died more than a year ago. We have not received help from LG authorities or councillors. We eat when we go out to beg.”

This testimony highlights the critical need for local governments to act decisively in supporting vulnerable families.
https://saharareporters.com/2024/08/16/were-only-able-eat-when-we-go-out-beg-kano-family-lament-hardship-nigeria

PoliticsNigeria’s Inflation Drops, First Time Since 2022 by treesun(op): 2:23pm On Aug 15, 2024
Nigeria’s inflation fell to 33.40 percent in July 2024 from 34.19 percent in June on a year-on-year basis.


This is the first time the country’s inflation has cooled down since December 2022 when it stood at 21.34 percent.

The National Bureau of Statistics disclosed this in its latest Consumer Price Index and Inflation for July released on Thursday.

This represents a 0.79 percent decline compared to the 34.19 percent recorded in June 2024.

The decline was in line with the expectations of Financial analysts who projected that the country’s inflation would cool off from July to August.

“The picture is that the rate of increase in price level has begun to slow. Hence we are projecting that information will begin to decline from July to August”, the Chief Executive Officer of Financial Derivatives said in June.



CBN governor, Olayemi Cardoso had earlier assured that the Monetary Policy Committee would do everything to tame inflation.

As part of measures to ensure inflation is tame, CBN through MPC has continued to raise interest rates.

The latest was in July when it raised the rate by 50 basis points to 26.75 percent from 26.25 percent in May.


Additionally, the Nigerian government had recently introduced fiscal measures including zero import duties on selected staple foods to tackle inflation.

Also, recall that Defence Headquarters recently said that it had deployed its troops to farmsz especially in the North East and North Central to ensure a hitch-free farming season in Nigeria.
https://dailypost.ng/2024/08/15/nigerias-inflation-drops-for-first-time-since-2022/

BusinessRe: Hackers Seize Gtbank Website, Intercept Customers’ Data In Massive Phishing Oper by treesun(op): 7:47am On Aug 15, 2024
JobAndVacancies:
a nairalander's GTB account was hacked and the 42 million naira in the account was completely wiped off.
The money was a contract recently awarded to him.
His moniker below is Gloriousgbola.
You can quote him and send in your condolences.
He can write CBN, EFCC, GTB for refund!
PoliticsRe: Petrol Sells For N950 Per Litre In Kano by treesun(op): 7:45am On Aug 15, 2024
My people from Kano, Nlfpmod!, greet!
PoliticsSenators’ Monthly Pay Hits N2 Billion by treesun(op): 7:43am On Aug 15, 2024
Indications have emerged that the total monthly pay of 99 non-principal officers of the Nigerian senate is above N2 billion.

One of them, Senator Abdulrahman Kawu Sumaila (NNPP, Kano) yesterday confirmed that he receives about N21 million monthly as his perquisite for representing the people of Kano South Senatorial District in the 10th National Assembly.

He however said that he does not know how much goes to the Senate president, the deputy Senate president, as well as each of the eight other principal officers of the upper chamber of the Nigerian parliament.

The revelation by Kawu puts the total monthly package for all the 99 non-principal officers of the Senate at N2.079 billion.

The 10 principal officers of the 10th Senate are: President, Godswill Akpabio; Deputy President; Jibrin Barau; Majority Leader, Opeyemi Bamidele; Deputy Majority Leader, Lola Ashiru; Chief Whip, Tahir Monguno; Deputy Chief Whip, Nwebonyi Peter Onyeka; Minority Leader, Abba Moro; Deputy Minority Leader, Akogun Lere Oyewumi; Minority Whip, Osita Ngwu and Deputy Minority Whip, Rufai Hanga.

The earnings of the presiding officers of the National Assembly have been still not been known, with several other lawmakers in the past saying they do not know what those officers receive monthly, and that even the number of aides statutorily allowed for those category of officers were unknown to them.

Efforts by Daily Trust to get the breakdown of their monthly earnings yesterday were not successful as the Senate’s spokesperson, Yemi Adaramodu, neither answered calls nor replied to messages inquiring about the earnings of the principal officers, where were sent to his mobile telephone line.

There have been controversies in recent times over the actual salaries and allowances of federal lawmakers in the country.

Some former members of parliament like Senator Shehu Sani and representatives Muhammad Sani Zoro and Sergius Ogun had recently quoted different figures as emoluments of lawmakers, and also challenged those who are serving in the 10th National Assembly to make public what they earn.

Ogun, who represented Esan North-East/Esan South-East Constituency from 2015 to 2023, had disclosed last week that each member of the House of Representatives received N8.5 million monthly as running costs while he was in the parliament.

Sani Zorro, who had represented Gumel/Maigatari/Sule Tankarkar/Gagarawa Federal Constituency of Jigawa State in the House of Representatives from 2015 to 2019, however, challenged those currently serving to make public their entitlements.

Senator Sani, who was in the Senate from 2015 to 2019, had said each senator received a monthly running cost of N13.5 million in addition to the monthly N750, 000.00 prescribed by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).

Also, former President Olusegun Obasanjo recently criticised the federal lawmakers for allegedly fixing their salaries, describing the practice as “immoral.”

In response to Obasanjo’s accusation, however, the Senate spokesman, Yemi Adaramodu insisted that members of the National Assembly only receive what was allocated to them by the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC).

But reacting to Senator Sani’s claim, the Chairman of RMAFC, M. B. Shehu, had, in a statement on Tuesday, said each senator earns N1,063,860 in salary and allowances per month.

The RMAFC boss, however, stressed that the commission does not have the constitutional powers to enforce compliance with the proper implementation of the remuneration package of lawmakers. “This lacuna is, however, being addressed by the National Assembly,” he had stated.

I earn N21m monthly running cost – Senator Kawu Sumaila

But in what seemed to be a contradiction of the RMAFC’s position, Senator Kawu Sumaila, in an interview on BBC Hausa on Wednesday, said that he receives about N21 million monthly.

Kawu, a former legislative aide to former President Muhammadu Buhari, said: “The amount that salary that each senator receives per month is less than N1 million. If there are cuts, it comes back to about N600,000.

“In the Senate, each senator is given N21 million every month as the cost of running his office”, he said.

He said the N21 million each senator receives is for all the activities, including domestic trips, purchase of daily newspapers, among other functions.

Former President Obasanjo had, on Friday in Abeokuta, Ogun State, while hosting six members of the House of Representatives, led by Ikenga Ugochinyere, who visited him, accused federal lawmakers of fixing their salaries and allowances; a claim both chambers had separately dispelled.

“In your case, with all due respect, you’re not supposed to fix your salaries. But you decide what you pay yourself—the allowances that you give yourselves, including newspaper allowances.

“You give yourselves all sorts of things, and you know it is not right. It is immoral, yet you are doing it, the Senate is doing it, and you are beating your chests about it. In some cases, the executive gives you what you’re not entitled to. You all got N200 million (each),” Obasanjo had alleged.

Adjust your earnings with masses’ realities—SERAP, YIAGA, CHRICED

Reacting to the revelation by Senator Sumaila, some civil society organisations (CSOs) and analysts yesterday raised concerns over the “huge” pays being received by the legislators amidst the hardship in the land.

Executive Director, Socio-Economic Rights and Accountability Project (SERAP), Adetokunbo Mumuni, in a chat with Daily Trust, noted that Nigeria operates one of the world’s most expensive democracies without corresponding results.

“We cannot compare ourselves with any other nations in terms of the expenses incurred, whether annually or monthly. Legislators, especially senators, must reassess their earnings in line with the realities of the Nigerian nation,” Mumuni said.

He decried the huge disparity between the earnings of lawmakers and the average Nigerian, saying the N70,000 new minimum wage for Nigerian workers is a stark contrast to the N21 million received by senators.

“This situation needs urgent attention to prevent leaving future generations of Nigerians in a dire financial mess,” he added. Mark Amaza, Senior Communications Officer at Yiaga Africa, said even after 25 years of democratic governance, Nigerians still lack clarity on the earnings of their federal legislators.

He blamed the National Assembly for perpetuating “this opacity”, saying “Transparency and accountability are essential in a democracy, and the earnings of legislators should not be a closely guarded secret.”

Ibrahim Zikirullahi, Executive Director, the Resource Centre for Human Rights and Civic Education (CHRICED), said the revelation by Senator Sumaila reinforced the need to reduce the cost of governance.

He said it was “unfortunate” that those entrusted with managing the nation’s resources appear indifferent to the needs of the people they represent.

“At a time when the majority of Nigerians are suffering from multi-dimensional poverty and severe hunger, it is disheartening to learn that such vast amounts are being spent on just 109 lawmakers while millions lack basic amenities like roads, electricity, and water,” Zikirullahi said.

He said the funds allocated to legislators could be better spent on public services such as schools and healthcare centres.

“Something drastic must be done to address social inequality in this country, starting with a significant reduction in the funds allocated to the lavish lifestyles of our political officeholders. The frequent calls by the government for citizens to make sacrifices amid Nigeria’s economic challenges will ring hollow if those in power continue to enrich themselves at public expense,” he said.
https://dailytrust.com/senators-monthly-pay-hits-n2-billion/

BusinessHackers Seize Gtbank Website, Intercept Customers’ Data In Massive Phishing Oper by treesun(op): 9:20pm On Aug 14, 2024
Suspected cybercriminals appeared to have compromised the domain address of Nigeria’s banking giant GTBank.

Checks by Peoples Gazette showed Wednesday night that gtbank.com was no longer accessible. The incident came a day after the domain name was renewed for another five years from August 13, 2024, through March 21, 2029, according to multiple online platforms that analyse domain information.

No collective of hackers has claimed responsibility for the vandalism, which appeared to have started on August 14. A spokesman for GTBank did not immediately return a request seeking comments.

Already, the attackers appeared to have created another HTTP layer of the website in an apparent ploy to steal customers’ data through phishing.

A cybersecurity expert with experience in the Nigerian banking industry said it was possible that the bank’s login details were compromised, as against the domain address itself being stolen for a resale at a more lucrative deal online.

GTBank’s customers have already started expressing their frustration about the incident, with many commenting on social media platform X that they couldn’t open the website to conduct transactions. Some of the bank’s representatives on X urged customers to be patient and send their requests to a designated channel.

GTBank is one of Nigeria’s largest banks, serving millions of customers in Nigeria and other African countries.

https://gazettengr.com/hackers-seize-gtbank-website-intercept-customers-data-in-massive-phishing-operation/
PoliticsPetrol Sells For N950 Per Litre In Kano by treesun(op): 3:21pm On Aug 14, 2024
Fuel marketers in Kano State have jerked up their prices as a litre is being sold at between N900 and N950 per litre.

Following the increase, commercial tricycle operators within the metropolitan local government areas have also increased their fares by about 100 per cent.

This is coming just a few days after the #EndBadGovernanceInNigeria# nationwide protest.

It was observed that most of the filling stations in Kano city have also remained shut while the few that were selling the commodity were besieged by a long queue of vehicles.

The few filling stations that were operating, had already jerked up their prices from between N780 per litre and N850 per litre before the anti-hunger protest, to between N900 per litre and N950 per litre.

Black marketers who returned to business recently are also having a field day.

Investigation showed that a litre of fuel at the black market sells for between N1,100 and N1,200 depending on the location where the black marketers are operating.

A cross-section of motorists who spoke to our reporter, expressed concern over the price hike.

Efforts to contact the state Chairman of the Independent Petroleum Marketers Association of Nigeria, Alhaji Gana Girge, failed as his calls did not connect.
https://punchng.com/petrol-sells-for-n950-per-litre-in-kano/

PoliticsUNICEF Raises Alarm Over Increasing Rate Of Out-of-school Children In Ekiti, Oyo by treesun(op): 12:41pm On Aug 14, 2024
The United Nations Children’s Fund (UNICEF) has expressed concern over the 8-15% dropout rate among adolescents in primary and secondary schools across the Southwest region, which includes Ekiti, Oyo, Lagos, Ondo, Osun, and Ogun states.

UNICEF Education Specialist, Azuka Menkiti made this statement at the 2-day regional stakeholders meeting on out-of-school child retention, transition, and completion models held in Ibadan.

Speaking with journalists, Menkiti explained that the completion rates for primary and secondary school among adolescents aged 10 to 18 are 92% and 85%, respectively.

She warned that this shortfall could severely impact the education sector in both the state and the country if full retention and completion are not achieved.

Her words: “This is a two-day regional meeting for the Southwest zone of Nigeria. UNICEF is working to support states in enhancing retention, transition, and completion of secondary education for adolescents.

“This effort builds on about 10 years of intervention in girls’ education, which has demonstrated successful, scalable interventions to bring girls to school and keep them there.

“UNICEF is supporting states to identify and address the factors driving dropout rates among adolescents.

“When we talk about out-of-school children, we look at it from different perspectives: those who have never enrolled in school, those likely not to enroll, and those who have dropped out.


“We are particularly focused on adolescents at risk of dropping out or not completing secondary education, especially in Southwestern states where enrollment rates are high but retention, transition, and completion rates need improvement.

“At this meeting, we have commissioners, SUBEB chairmen, permanent directors, and secretaries from various Southwest states who have come together to review successful intervention models and adapt them to their state contexts.

“We are advocating for these states to commit to ensuring adequate funding for secondary education and to develop credible data to support advocacy efforts for improving secondary education.

“For UNICEF, our work in education is focused on three core areas: system strengthening, expanding access to education, and supporting states in creating quality learning opportunities for children and adolescents.

“In terms of system strengthening, we are emphasizing evidence generation. To effectively advocate for support, states need credible data.

“We are also supporting states in developing plans and policies to create opportunities for children to transition to and complete secondary education.

“In terms of access, we are working with community structures, religious leaders, and others to address social norms that keep children out of school. There are both direct and indirect barriers to secondary education that need to be addressed.

“As the Nigerian constitution mandates that secondary education be free and compulsory for every child, we are working with commissioners to develop plans to address this in their states.

“The third area of our intervention focuses on scaling up foundational literacy and numeracy programs so that when children attend school, they are learning effectively and in an environment conducive to their education”.

Also, UNICEF Education Specialist, Lagos office, Babangana Aminu, urged the government and education stakeholders to adopt fundamental literacy, numeracy, and transferable skills to address these persistent issues.

He said, “In terms of out-of-school children in the Southwest, about 80% of children are in school, according to the NBS multiple survey, but retention is still a major issue.

“The data shows that while 92% and 85% of children are completing primary and upper secondary education, this is still worrisome.

“There is a need for the government and stakeholders in the educational sector to address these issues, particularly around 21st-century fundamental literacy, numeracy, and transferable skills, which are essential for children to thrive in today’s world”.

UNICEF Programme Officer, Muhammed Okorie, stated that the purpose of the workshop was to design a model that works for each state to improve retention and ensure children complete their education.


“This meeting is to ensure that our children not only receive an education but also receive a quality education that is transformative.

“If we think about human capital development, these children are the driving force.

“Our mandate is fulfilled only when every child’s right to education is fully realized, protected, and upheld.”

Oyo State Commissioner for Education, Science, and Technology, Professor Saliu Adelabu, acknowledged that the state once had the highest number of out-of-school children but noted significant improvements in recent data published by the World Bank and UNICEF.

He added that the influx of children from the northern part of the country poses a security threat to the state, but that the government is making efforts to address the situation.


“There has been tremendous improvement when you look at the World Bank data and that of UNICEF.

“Oyo State used to have the highest number of out-of-school children about two years ago, but we are now in a better position.

“The influx of young boys and girls from the northern part of the country is a security challenge, but we are not folding our arms.

“The Oyo State government, through the Ministry of Environment, is working to bring as many of these children back to school as possible. For those who cannot be reintegrated into formal education, we are providing vocational training opportunities”.


https://www.vanguardngr.com/2024/08/unicef-raises-alarm-over-increasing-rate-of-out-of-school-children-in-ekiti-oyo-others/
PoliticsRe: Endbadgovernance: Protesters Didn’t Want To End Tinubu’s Govt – Archb. Onaiyekan by treesun(op): 12:38pm On Aug 14, 2024
N, Alake lied that it was for change of government!

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