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Petrol: Oil marketers propose N550/litre price to Dangote

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AS the Nigerian National Petroleum Company, NNPC Limited, moves to end petrol scarcity in Lagos and its environs, Dangote Refinery and oil marketers have intensified efforts at taking final decisions on pricing and delivery of petrol to filling stations nationwide.

Dangote Refinery, which can refine 650,000 barrels per day, bpd of crude oil, intends to commence production and distribution of the product, the bulk of which is currently imported from the global market, in May 2024.
Checks by Vanguard, weekend, indicated that the parties have been meeting and exchanging notes on the pricing, distribution and margins to stakeholders in the value chain, including transporters and insurers.

Recall that depot owners buy the product from NNPC Limited at N556 per litre and sell to independents at N640 per litre.
It was, however learnt that independent markers have proposed N550 per litre to management of Dangote Refinery who is currenty in a discussion with them.

We have proposed N550 per litre — Marketers
The President of Independent Petroleum Marketers Association of Nigeria, IPMAN, Alhaji Abubakar Migandi Garima, who confirmed the development yesterday, said: “We have been discussing with Dangote Refinery. The discussion, centering on pricing, margins and other issues, is still ongoing.

“We have proposed that the lifting price should be N550 per litre in Lagos. The price of the product will differ from one part of Nigeria to another because of distance and cost of delivering petrol to different locations.

“We are currently waiting on Dangote Refinery to conclude and communicate the price per litre, so we can plan to lift the product when it comes on stream.

‘’We expect that the price of the locally refined petrol would be cheaper than imported petrol, due mainly to local availability of the bulk of its crude oil and removal of transportation cost.”

Let’s enjoy benefit of domestic refining — Experts, consumers
Similarly, Executive Director, Emmanuel Egbogah Foundation for Petroleum and Energy Industry Economics and Policy Advocacy, Professor Wumi Iledare, said the coming on stream of Dangote Refinery presented an opportunity for Nigerians to enjoy cheaper prices of petrol now or later.

He said: “The price of petroleum is majorly correlated with the acquisition cost of crude oil. The cost of running the refinery and opportunity cost of capital contribute marginally. Distribution and retailing costs are important but the crude cost matter the most.

‘’Thus, low price of petrol in Nigeria when Dangote Refinery operates at full capacity, is a possibility indeed, ceteris paribus.”

A motorist, who pleaded anonymity, said: “Most people have stopped driving every day. That is why we do not experience much traffic in the cities, including Lagos anymore. I am pleased that the Dangote Refinery will soon supply petrol. We hope and pray that it will be cheaper than the imported product.”

FG should float $1bn fund to complete new refineries — Refinery owners
However, President of Crude Oil Refinery-owners Association of Nigeria, CORAN, Mr. Momoh Oyarekhua, said: “ The coming on stream of Dangote Refinery is a very good development, especially as it would reduce huge dependence on imported petrol, conserve foreign exchange and create additional jobs.

“The government needs to support the construction of other indigenous refinery projects, currently at different stages nationwide. We have proposed the creation of $1 billion fund to support local investors.

‘’If this is done, lack of funds, which has always been a major challenge, would to some extent be addressed.
“The federal government and other stakeholders, including the Nigerian Midstream, Downstream Petroleum Regulatory Authority, NMDPRA, should engage with indigenous investors to explore the best ways and means of bringing this into reality in the best interest of oil and gas industry and the nation’s economy.”

We expect sector wide impact – CPPE
Also, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, CPPE, Dr. Muda Yusuf, said: “If we are able to take advantage of Dangote refinery to reduce our consuming products, it will go a long way in easing the country’s foreign exchange crisis. However, it would also make positive impact across all sectors.”

It’s premature for our reaction—NLC
Asked to react to the development yesterday, an official of the Nigeria Labour Congress, NLC, who chose to remain anonymous, said it was premature for comments, saying “how can we react to speculations? When we see what they have done, then, we can say something. For now, we think it is premature.”
NNPC Ltd moves to end shortage

On the current scarcity of fuel in some parts of Lagos and its environs, the Chief Corporate Communications Officer, NNPC Limited, Olufemi Soneye, stated: “The NNPC Limited wishes to inform the general public that the tightness in Premium Motor Spirit, PMS, supply witnessed in some filling stations in Lagos was a result of an issue in one of the depots in the area.

“The NNPC Retail Limited, our retail arm, has since resolved the issue and effective tomorrow (today), normalcy will be restored within the affected area.

“NNPC Limited calls on motorists in Lagos to avoid panic buying of PMS as all hands are on deck to sustain sufficiency in the supply of petroleum products in the area.”

Source: VANGUARD NEWS

 

 

 

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Kanu refuses to submit to trial, calls Nigerian Govt lawyer ‘terrorist’

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Detained leader of the proscribed Indigenous People of Biafra, IPOB, Nnamdi Kanu, caused an uproar at the Federal High Court in Abuja on Monday when he refused to submit himself for trial in the terrorism charges against him.

The development eventually forced Justice Binta Fatimat Nyako to adjourn the trial to June 19, in order to calm the situation.

Shouting on top of his voice, Kanu vowed he would not submit himself to trial, claiming that the Nigeria government has no powers under the Constitution and international laws to file criminal charges against him.

Shortly after the judge declined his request for restoration of his revoked bail, and removal from DSS custody, Kanu got up from the dock and contested the attempt by the Federal Government lawyer, Adegboyega Awomolo, to open the trial.

Immediately Awomolo announced that his witnesses were in court and ready to open trial, Kanu stood up and took over arguments from his lawyers led by Aloy Ejiamakor.

He told the court to forget any trial, adding that he would not allow himself to be prosecuted unjustly and illegally.

He cited several authorities from a document in his possession in the dock to support his objections to the trial.

When the government lawyer interjected that a defendant was not permitted to talk the way Kanu was doing, the Biafra agitator became more angry and descended heavily on the senior lawyer, calling him a terrorist in the open court.

Attempts by Justice Nyako to calm him down were rebuffed as he repeatedly shouted on the government lawyer, calling him “a terrorist and a dishonest man”.

“As current Chairman of Body of Benchers, you are supposed to know the Constitution and uphold it,” Kanu said, referring to Awomolo.

Apparently unhappy with Kanu’s outburst, Awomolo told Justice Nyako that such habit is expected.

“He is only acting on emotions. I am not offended, I am not provoked,” the senior lawyer submitted.

In a bid to save the situation, the court agreed to a request by Kanu’s lawyer for an adjournment to enable the legal team consult with him in a clean room where there should be no eavesdropping.

Justice Nyako subsequently fixed June 19 and 21 for commencement of trial.

Source: Daily Post

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HEAD MUST ROLL… Emefiele to name publishers who benefited from CBN looting

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The ongoing legal process involving former Central Bank of Nigeria chairman, Godwin Emefiele, regarding large sums of money in naira and
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The ongoing legal process involving former Central Bank of Nigeria chairman, Godwin Emefiele, regarding large sums of money in naira and dollars may implicate well-known figures in the newspaper industry. An anti-corruption agency is poised to investigate various financial dealings of media organizations in Nigeria.

A source told ThePAPERS that Emefiele is not happy with the way some newspaper outlets have been reporting his arraignment and this could lead to revealing certain newspaper publishers who had profited from the embezzlement of funds from the Central Bank of Nigeria during the administrations of former presidents Goodluck Jonathan and Mohammadu Buhari.

Additionally, the Economic and Financial Crimes Commission (EFCC) has reportedly looked into individuals linked to these transactions.

As the investigation progresses, there is growing concern among certain media personalities who are rumored to be involved in the transactions.

The Economic and Financial Crimes Commission (EFCC) has arraigned the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on a fresh four-count…

Meanwhile, the Economic and Financial Crimes Commission (EFCC) has arraigned the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on a fresh four-count charge of printing N684.5 million notes with the sum of N18.96 billion.

Emefiele was arraigned before Maryann Anenih, judge of a Federal High Court in Abuja, the nation’s capital, and pleaded not guilty to all the counts.

In the four-count charge filed against him, the EFCC alleged that Emefiele breached the order of the court with intent to harm during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

According to the anti-graft agency, the ex-CBN governor “disobeyed the direction of law with intent to cause injury to the public” by approving the printing of naira notes without “strict approval” from Buhari and the CBN board.

The EFCC further stated that Emefiele was accused of approving the withdrawal of N124.8 billion from the consolidated revenue fund “in a manner not prescribed by the national assembly”.

The charges filed against him are:

“That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence” .

“That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

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‘Focusing only on Tinubu will allow governors to steal more’

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The Catholic Archbishop of Lagos, Alfred Adewale Martins, has charged civil society and other Nigerians with demanding that lower tiers of
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The Catholic Archbishop of Lagos, Alfred Adewale Martins, has charged civil society and other Nigerians with demanding that lower tiers of government (state and local) account for the allocations they receive.

Martins gave the charge in an interview in Lagos. He said searchlights should be beamed on the local and state governments as they collected the larger budgetary allocations.

He said the subsisting approach of always focusing on the federal government for virtually everything was misleading and mostly ended in open-ended probes.

According to the cleric, the local and state governments receive votes from the centre for varying projects and services, which, if accomplished, will benefit the people.

Martins said, “But sadly, these projects and services are mostly not carried out or executed. If we continue to concentrate attention only on the centre, it will give the public officials at the lower levels room to continue to swindle and loot public treasuries.

“But when stakeholders ask questions on how resources are being expended, it will make the managers sit up and execute programmes and services as required.

“They are our leaders and representatives, so the conventional terms of the social contract reached with the leaders during electioneering should be seen to be upheld.”

The cleric urged the numerous civil groups in the society to lead in this call for others to follow. He noted that focusing only on Abuja had been the practice with no significant outcome.

He also decried the economic challenges people faced due to unpopular policy drives and called on civil society organisations to change their tactics and demand stewardship from local council leadership.

The cleric frowned upon the level of disconnect between the people and the government, adding that the best place to start to demand good governance and accountability was for the government to be closer to the people.

(NAN)

 

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Niger Speaker stops wedding plans for 100 orphans

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The Speaker of the Niger State House of Assembly, Abdulamlik Sarkindaji, has stopped the planned hosting of the wedding of 100 orphan
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The Speaker of the Niger State House of Assembly, Abdulamlik Sarkindaji, has stopped the planned hosting of the wedding of 100 orphan girls in his constituency, saying he would not grace the occasion.

Sarkindaji took the decision following the action of the Women Affairs Minister, Uju Ohannaya, who dragged the Speaker to court to halt the wedding.

The Speaker made this known on Tuesday during a media briefing in which he said the minister had overstepped her bounds.

He said the minister should take over the sponsorship of the wedding ceremony.

The Speaker disclosed that he had already made funds available to the girls’ parents through the traditional leaders and clerics of his constituency, noting that he would not withdraw the funds.

Abdulmalik also pointed out that his motive for wanting to sponsor the wedding was the state of poverty of the girls’ parents and not the constituency project, as reported in the media.

Details later…

 

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NiMet, Financial Reporting Council to collaborate in promoting sustainability practices

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Officials of the Nigerian Meteorological Agency (NiMet), and the Financial Reporting Council (FRC) of Nigeria, have met to discuss
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Officials of the Nigerian Meteorological Agency (NiMet), and the Financial Reporting Council (FRC) of Nigeria, have met to discuss areas of partnership towards improving sustainability practices by corporate organizations in Nigeria.

During a courtesy visit on the Executive Secretary and Chief Executive Officer of FRC in Abuja, Dr. Rabiu Olowo, on Monday, 13th May, 2024, the Director General, Chief Executive Officer of NiMet, Professor Charles Anosike said; “Climate change is fast becoming a priority for financial regulators. The work we do at NiMet through our weather and climate reports are the foundation for sustainability practices. This partnership will enable NiMet and FRC to jointly develop capacity”.

While welcoming the NiMet team, Dr. Olowo said; “There are opportunities for alignment between NiMet and FRC in fulfilling the core mandates of the two agencies, especially in the areas of sustainability reporting, climate risks and opportunities. Although we are championing sustainability reporting, FRC is also promoting sustainable practices among Nigerian organizations”.

Some directors and senior staff of the two agencies were present during the courtesy visit.

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N4.135 bn fraud: Court grants Sirika, daughter, two others N400m bail 

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A Federal High Court in Abuja has granted ₦100m bail each to a former Minister of Aviation Hadi Sirika, his daughter and two others.
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A Federal High Court in Abuja has granted ₦100m bail each to a former Minister of Aviation Hadi Sirika, his daughter and two others.

They are being tried over an alleged fraud to the tune of ₦N4.135 bn.

According to the court, they are also to provide two sureties who must have landed properties in Abuja. The sureties, the court said, must also be responsible citizens.

The sureties must depose to an affidavit of means. The court also restricted the defendants from traveling abroad without its permission.

Justice Oriji ordered that the defendants should be remanded in prison custody if they failed to meet their bail conditions.

The sureties must own landed properties within the FCT with valid titles. The trial will commence on the 10th, 11th and 20th of June.

Details Shortly…

 

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