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NNPCL’s reduction in refinery stake huge mistake, says Dangote

Aliko Dangote, President of Dangote Group and owner of the 650,000 bpd Lagos refinery, has criticised the Nigerian National Petroleum Company Limited (NNPCL) for reducing its stake in his refinery from 20% to 7.2%.

During an interview with Bloomberg Television, Dangote stressed that the NNPC’s decision was a mistake, explaining the favourable deal that was originally offered to the company.

“We gave them (NNPC) a good deal. We said, okay, fine, we structured an agreement. The first agreement was that they were going to pay us a billion dollars. The deal was about $2.79 billion. And then the balance of the money, $1 billion, which they paid us over a year and a half ago, and then the balance of the money was split into two.

“One position was that every crude they supply to us, 300,000 barrels per day, we’ll deduct $2 and then up to the time they finish paying that, one third. The other one third will come out of their own profit. So, why NNPC opted out is a little bit confusing.

“They wanted this agreement to be changed where they wanted to pay cash, not in any other way. So, we said, okay, fine. We signed another agreement, you know, cancelling the other one. The new agreement that we signed was for them to pay us after one year, no interest, after one year, they’ll pay us the balance of $1.8 billion.

“The month for them to pay was June. And by June they came back to us and said, no, they’ve changed their minds and they want to remain at 7.2 per cent. So, okay, fine. So, we left it and we now own the rest of the shares, they own 7.2 per cent. And that’s what it is. But I think they made a big mistake.

“But no, there’s no negotiation. The agreement is finished, dead, completed. It’s 7.2 per cent,” he stated.

Despite the reduction in the NNPC’s stake, Dangote revealed that his refinery would still receive 390,000 barrels per day of crude from the NNPC in October.

He noted that selling crude and fuel in naira would reduce pressure on the Nigerian currency by 40%.

On the upstream sector, Dangote disclosed ownership of two oil blocks set for production next month but added that he would not heavily invest in that segment.

Dangote also addressed fuel prices, stating that his refinery’s product is 15-20% cheaper than imported gasoline. He expressed confidence that the refinery’s output would stabilise the naira and provide clarity on Nigeria’s actual fuel consumption.

Additionally, Dangote reflected on his earlier ambitions to purchase Arsenal Football Club, admitting that the timing and financial commitment required for the $20 billion refinery project made the acquisition impossible.

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Lagos State Demolishes 138 Illegal Shanties Charging N100,000 Annual Rent

Lagos State Demolishes 138 Illegal Shanties Charging N100,000 Annual Rent

The Lagos State Government has torn down several makeshift structures along the Ajao Estate Canal bank, where tenants pay an annual rent of N100,000.

This information was revealed in a statement from Tokunbo Wahab, the State Commissioner for Environment and Water Resources, shared on X.com on Friday.

Wahab wrote, “In continuation of concerted measures to reduce the scourge of environmental infractions and illegal encampment in public spaces, the Lagos Environmental Sanitation Corps (LAGESC) popularly known as KAI on Thursday demolished 138 shanties around the canal bank in Ajao Estate Canal where illegal occupants pays between N60,000 to N100,000 rent.”

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EFCC asks court to refuse Sanwo-Olu’s suit, says it is speculative

Babajide Sanwolu

The Economic and Financial Crimes Commission (EFCC) has urged a Federal High Court in Abuja not to grant the reliefs sought by Gov. Babajide Sanwo-Olu of Lagos State in his fundamental right enforcement suit, describing it as speculative.

The EFCC, in its counter affidavit in opposition to Sanwo-Olu’s originating summon, told Justice Joyce Abdulmalik that the governor’s action in the instant suit is a mere conjecture.

The News Agency of Nigeria (NAN) reports that Sanwo-Olu, through his counsel, Darlington Ozurumba, had sued the anti-graft agency as the sole defendant over an alleged threat to arrest, detain and prosecute him after his tenure as governor.

In the originating summons, marked: FHC/ABJ/CS/773/2024 dated and filed on June 6, the governor raised seven questions and sought 11 reliefs.

Sanwo-Olu sought a declaration that under and by virtue of the provisions of Section 37 of the 1999 Constitution, “the plaintiff, as a citizen of Nigeria, is entitled to right to private and family life as a minimum guarantee encapsulated under the Constitution of the Republic of Nigeria, 1999 before, during and after the occupation of a public office created by the Constitution.”

He also wants the court to declare that upon community reading of the provisions of Sections 35(1) & (4) and 41(1) of the constitution, the threat of his investigation, arrest and detention by the EFCC  during his tenure of office as governor is illegal.

The governor prayed the court to declare that the incessant harassment, threat of arrest and detention, against him upon the EFCC’s instigation by his political adversaries based on false and politically motivated allegations of corruption is a misuse of executive powers and abuse of public office.

He, therefore, sought an order restraining the EFCC from harassing, intimidating, arresting, detaining, interrogating or prosecuting him in connection with his tenure as the governor of Lagos State, among others.

However, the anti-corruption agency, in its counter affidavit dated Oct. 30 but filed Oct. 31 by its lawyer, Hadiza Afegbua, said contrary to the governor’s claims, the EFCC neither threatened, invited or took any step at all to encroach on his right to freedom of movement nor violated his right to private and family life and personal liberty.

The EFCC’s objection was sighted on Monday in Abuja.

In the application, Ufuoma Ezire, a Superintendent and Litigation Secretary in the Legal and Prosecution Department of EFCC, who deposed to the counter affidavit, averred that he was conversant with the facts of the case.

According to him, I have the authority, consent and permission of the defendant to depose to this counter affidavit.

“That I have read and understood the plaintiff’s affidavit in support of the originating summons and I hereby state that the depositions in Paragraphs 4, 5, 6, 7 and even 8 are not true and are calculated attempts to mislead the honourable court.

“That the depositions in paragraph 4 sub 4(iv), 4(v), 4(vi), 4(vii), 4(viii), 4(ix), 4(x), 4(xi), 4(xii), 4(xiv), 4(xvi), 4(vii), 4(xviii), 4(xix), 4(xx), 4(xxi),4(xxii), 4(xxiv) and 4(xxv) of the plaintiff’s affidavit are unfounded, untrue and unknown to the defendant and are hereby denied,” Ezire said.

The official said the commission was not investigating the governor and had never invited him or threatened to arrest any member of his staff, domestic or otherwise.

“That I know as a fact that the defendant invites members of the public for interview, interrogation or any engagement vide a written invitation, phone calls or text messages by any of its officers who shall introduce himself or herself by name, rank, designation, and Section to enable the invitee trace the officer easily.

“That no officer of the defendant could have invited the plaintiff or his aides without furnishing them with such detailed particulars of himself.

“That contrary to the depositions in paragraphs 5 of the plaintiff affidavit, the defendant did not intimidate, harass or threaten the plaintiff or subject him to any trauma,” he said.

He said the agency was unaware of any threat to arrest Sanwo-Olu’s “aides, accusation of maladministration or diversion of Lagos State’s funds nor is it aware of any likelihood of a breach of the applicant’s right to liberty or right to own movable and immovable properties in this case.

“That the action of the plaintiff, in this case, is mere conjecture and speculations as there is no petition or any intel gathered before the defendant to warrant the men and officers of same to invite, threaten to
arrest the plaintiff at the moment.

 “That the entirety of the dispositions contained in the plaintiffs’ affidavit is not true, as the application is misconceived and brought in bad faith to mislead this honourable court.

“That the defendant is not in a position to deny or confirm the depositions in paragraphs 4 and 4(iii) as the defendant is not a party to the conversation between the deponent and the plaintiff.

“That it will be in the interest of justice to refuse the reliefs sought by the plaintiff,” Ezire said.

NAN had earlier reported that when the matter was called for mention on Oct. 29, Ozurumba, who appeared for the governor, informed the court that he had withdrawn the earlier originating summons filed and replaced it with a new one.

The lawyer said the anti-graft agency had been duly served with the latest court documents.

However, EFCC’s counsel, Hadiza Afegbua, said she was yet to see the latest documents.

Besides, the proof of service of the processes was not in the court file and Justice Abdulmalik had adjourned the matter until Nov. 26 for further mention.

NAN, however, gathered that though hearing notices had been served on the parties ahead of the Nov. 26 proceeding, the suit may be withdrawn by Ozurumba in the next adjourned date.

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14 states to struggle if FAAC allocation stops 

The BudgIT Nigeria says 14 states will struggle if FAAC allocation stops

The BudgIT Nigeria has listed 14 states that will  struggle if the Federal Account Allocation Committee (FAAC) stops its payment.

According to a post on its official X account on Thursday afternoon, the BudgIT Nigeria said such states will find it difficult to exist.

“Hello Nigerians, here are 14 states that will STRUGGLE if FAAC allocation stops coming in today!,” it wrote.

“If FAAC disappears today, these states will struggle to pay salaries, pension and gratuity. This is because they rely on FAAC for at least 70% of their total revenue.”

1. Bayelsa – 92.17%

2. Akwa Ibom – 86.29%

3. Delta – 83.88%

4. Taraba – 81.89%

5. Niger – 80.19%

6. Benue – 79.85%

7. Anambra – 76.94%

8. Bauchi – 75.33%

9. Cross River – 74.87%

10. Nasarawa – 74.55%

11. ⁠Gombe – 72.29%

12. Enugu – 70.68%

13. ⁠Edo – 70.24%

14. ⁠Kano – 70.24%

“Is your state among this list? Can your state still function if FAAC allocation is removed from its total revenue?,” the BudgIT Nigeria asked.

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Amnesty International urges Nigeria to enact anti-mob violence laws

Amnesty International is calling on the Federal Government of Nigeria to take action against mob violence by enacting anti-mob violence laws.

The human rights organisation’s Country Director, Isa Sanusi, made this plea in their report, “Instantly Killed: How Law Enforcement Failures Exacerbate Nigeria’s Wave of Mob Violence,” presented on Monday in Abuja.

Sanusi emphasised the need for these laws to combat the growing trend of jungle justice in Nigeria.

According to Amnesty International, between January 2012 and August 2023, at least 555 people fell victim to mob violence in 363 documented incidents, character1sed by killings, torture, and other forms of ill-treatment.

“Mob violence has spread with impunity in Nigeria over the past decade.

“The surge in mob violence, including against women and children, has sparked nationwide calls for justice from victims, their families, and human rights advocates.

“Law enforcement failures have exacerbated the problem, highlighting the need for effective legislation.”

“To address this issue, Amnesty International recommends that the Nigerian government should take concrete steps to prevent mob violence, protect victims, and hold perpetrators accountable.”

He said addressing this includes enforcing existing laws, providing training for law enforcement, and promoting community-based initiatives to prevent violence

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Nigerians rejected your ideas in 2023 election; Presidency tells Atiku

The Presidency has hit back at former Vice President Atiku Abubakar following his criticism of President Bola Tinubu’s economic reforms.

The clash began after Atiku, in a statement on x, outlined what he claimed would have been a more effective approach to tackling Nigeria’s economic challenges.

Atiku criticised Tinubu’s handling of key reforms, including the removal of fuel subsidies, and proposed a slower, more cautious rollout of economic policies.

He argued that his administration would have been more empathetic and better prepared to handle the fallout of such reforms.

“I am not the president, Tinubu is. The focus should be on him and not on me or any other. I believe that such inquiries distract from the critical questions of what President Bola Tinubu needs to do to save Nigerians from the excruciating pains arising from his trial-and-error economic policies,” he wrote.

Responding to this, Presidency, through the presidential spokesperson, Bayo Onanuga, said Atiku “tried to discredit President Tinubu’s economic reform programmes” while pushing his untested agenda as a better alternative.

The Presidency added that Nigerians rejected Atiku’s ideas in the 2023 election, claiming they his proposals lacked substance.

“First, Alhaji Atiku’s ideas, which lacked details, were rejected by Nigerians in the 2023 poll,” Onanuga said.

The Presidency also claimed that if Atiku had been elected, his administration would have been riddled with corruption, citing Atiku’s alleged plans to sell key national assets to close associates.

“If he had won the election, we believe he would have plunged Nigeria into a worse situation or run a regime of cronyism,”

“Abubakar lost the election partly because he vowed to sell the NNPC and other assets to his friends.”

The Presidency’s statement also took aim at Atiku’s tenure as vice president from 1999 to 2003 under President Olusegun Obasanjo, accusing him of overseeing a “questionable privatization programme”

“He (Atiku) and his boss (Obasanjo) demonstrated a lack of faith in our educational system and both went to establish their universities while they allowed ours to flounder,” he added.

“Talk is cheap. It is easy to pontificate and deride a rival’s programmes even when there are irrefutable indices that the economic reforms yield positives despite the temporary difficulties.”

The Presidency also noted that despite Atiku’s futile attempt to hoodwink Nigerians again in his statement that “it is gratifying that the former VP could not repudiate the economic reforms pursued by the Tinubu administration because they are the right things to do.”

The presidency, however, defended Tinubu’s economic reforms, stating the president “met a country facing several grave challenges” with “fuel subsidies were syphoning away enormous resources” that it could not afford, as well as the “criminal arbitrage in the forex market.”

It stated, “No leader worth his name will allow these two economic disorders to persist without moving to end them surgically.”

The Presidency also dismissed Atiku’s call for a “gradualist approach,” stating that it “only showed that he (Atiku) was not in tune with the enormity of problems inherited by President Tinubu.”

“It is so easy to paint a flowery to-do list. It is expected of an election loser,” the presidency added.

“While advocating for gradual reforms may sound appealing, Tinubu took measures that should have been taken decades ago by Alhaji Abubakar and his boss when they had the opportunity.

“Alhaji Abubakar calls for empathy and a human face to reforms. We have no problem with this as it resonates well with our administration’s focus. President Tinubu has consistently emphasised the need for compassion and protection of the most vulnerable.

“The administration has prioritised social safety nets and targeted support for those affected by recent economic transitions.”

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Tinubu to swear in seven new ministers on Monday—Presidency

Barring any last-minute changes, President Bola Tinubu is set to swear in seven new ministers tomorrow (Monday), marking a significant development in his administration’s restructuring efforts.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this on his verified X handle on Sunday.

The new ministers, who were cleared by the Senate last week, will assume critical roles in various sectors under the President Tinubu-led administration after their inauguration.

The newly appointed ministers include Dr. Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction, Muhammadu Maigari Dingyadi as Minister of Labour and Employment, and Bianca Odinaka Odumegwu-Ojukwu as Minister of State for Foreign Affairs.

Other appointees are Dr. Jumoke Oduwole as Minister of Industry, Trade and Investment (Trade and Investment), Idi Mukhtar Maiha as Minister of Livestock Development, Yusuf Abdullahi Ata as Minister of State for Housing and Urban Development, and Dr. Suwaiba Said Ahmad as Minister of State for Education.

“President Bola Ahmed Tinubu will swear in the new seven ministers tomorrow Monday. The Ministers are: Dr Nentawe Yilwatda – Minister of Humanitarian Affairs and Poverty Reduction; Muhammadu Maigari Dingyadi – Minister of Labour & Employment; Bianca Odinaka Odumegwu-Ojukwu – Minister of State Foreign Affairs.

“Others are Dr Jumoke Oduwole – Minister of Industry, Trade and Investment (Trade and Investment), Idi Mukhtar Maiha – Minister of Livestock Development; Yusuf Abdullahi Ata – Minister of State, Housing and Urban Development and Dr Suwaiba Said Ahmad – Minister of State Education.

“The Senate cleared the ministers last week.”

This cabinet reshuffle comes amids months of growing calls from Nigerians for change and the need to put energy into the government.

President Tinubu’s administration has been working to address the country’s challenges, and these new appointments, according to Presidency officials, are expected to bring fresh perspectives and expertise to their respective ministries.

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