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Pump price drop envisaged as Naira-for-crude deal begins

Fuel price hike

The Nigerian government has confirmed that the Nigerian National Petroleum Company Limited (NNPC) will begin supplying crude oil in naira to the Dangote Refinery starting Tuesday, October 2024, as part of efforts to reduce the cost of Premium Motor Spirit (petrol).

Dare Adekanmbi, spokesperson for Zacch Adedeji, the Chairman of the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency, and the Chairman of the Federal Inland Revenue Service, confirmed this in a statement on Sunday.

Adekanmbi noted that Adedeji is working tirelessly to ensure the smooth implementation of the agreement for the benefit of Nigerians.

The committee, on September 13, 2024, announced that the Federal Executive Council, led by President Bola Tinubu, approved the sale of crude to local refineries in naira, with corresponding purchases of petroleum products also in naira, starting October 1, 2024.

The committee stated that NNPC would supply approximately 385,000 barrels per day (kbpd) of crude oil to the Dangote Refinery, with payment made in naira.

This translates to roughly 11.5 million barrels of crude monthly. In return, the refinery will supply equivalent volumes of refined diesel and petrol to the domestic market, also to be transacted in naira.

Eche Idoko, Publicity Secretary of the Crude Oil Refinery-Owners Association of Nigeria, expressed that the naira-for-crude deal should extend to other modular refineries, not just Dangote. Despite this, the current discussions are solely with Dangote Refinery.

Petroleum marketers believe that selling crude to refineries in naira will lead to lower petrol prices.

In August 2024, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, predicted a price drop once the deal was implemented.

Currently, Nigerians are paying between N950 and N1,100 per liter of fuel.

NNPCL previously purchased petrol from the Dangote Refinery at N898 per liter, but disagreements arose over pricing.

Aliko Dangote recently claimed his refinery’s petrol was cheaper than imported products, though he did not disclose the exact price. Meanwhile, members of the House of Representatives have asked Dangote Refinery to publicly reveal its petrol pricing, but no information has been released yet.

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Tragic Blaze at Spanish Retirement Home Claims 10 Lives

"Tragic Blaze at Spanish Retirement Home Claims 10 Lives"

A deadly fire that broke out overnight at a retirement home in Villafranca de Ebro, located in northeastern Spain, claimed the lives of at least 10 individuals, according to the local emergency service on Friday.

The emergency services in the Aragon region shared limited information in their X post, though Spanish media reported that 82 people were present at the facility when the fire started around 5:00 am (0400 GMT), with the cause still unknown.

More details later…

AFP

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Customs Chief Honors Late COAS Lagbaja’s Legacy in Strengthening Nigeria’s Security

Customs Chief Honors Late COAS Lagbaja's Legacy in Strengthening Nigeria's Security

The Comptroller-General of Customs, Bashir Adeniyi, praised the late Chief of Army Staff, Taoreed Lagbaja, for his invaluable contributions to national security, describing him as a leader known for his unwavering commitment and selflessness.

Customs Chief Honors Late COAS Lagbaja's Legacy in Strengthening Nigeria's Security
The Comptroller General of Customs Bashir Adeniyi

Adeniyi shared these remarks in a statement released on Thursday by NCS spokesperson, Abdullahi Maiwada.

He expressed that Lagbaja’s passing is a tremendous loss not only for his family, the military, and the government but for the entire Nigerian people.

Adeniyi extended his condolences to Lagbaja’s family, his colleagues, and the Nigerian Armed Forces.

He announced that the NCS had rescheduled its Gala and Award Night, originally planned for Friday in Abuja as part of the Comptroller-General of Customs conference, to pay tribute to the military leader.

“This decision is taken to allow NCS to identify with the mood of the nation in mourning Lagbaja.

“The NCS acknowledges the weight of this moment; we join all to mourn the passing of a steadfast leader,” he said.

According to the News Agency of Nigeria, Lagbaja’s body was brought to Abuja on Thursday ahead of his burial set for Friday.

Lagbaja passed away on November 5 in Lagos following a short illness.

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Stephen Akintayo dreams Trump’s appointment as US International Secretary

Nigerian entrepreneur, Stephen Akintayo is dreaming of President Donald Trump's appointment as the US International Secretary for Housing and Land Banking

Nigerian inspirational speaker and serial entrepreneur, Stephen Akintayo is dreaming of landing an appointment from President Donald Trump as the United States (US) International Secretary for Housing and Land Banking.

Akintayo revealed his dream on Friday morning in a post he shared on his official X account.

“BREAKING NEWS! Wow! Who would have thought that one day, I’d be part of a story where Donald Trump and Stephen Akintayo are mentioned in the same breath?,” he wrote.

“Looks like all my posts supporting Trump’s policy direction on housing and land banking over the years have finally come full circle.”

Akintayo who is currently the Chief Executive Officer (CEO) of Stephen Akintayo Consulting International, Gtext Group and Investment Limited, however, added jokingly: “This news just had me cracking up, now if only this were true.

“From my posts about his business sense to my cheers for his election strategies, it is clear I have seen a lot of values in Trump’s approach to leadership, love him or not.

“And here is the thing: if Trump did offer me this position, I would bring some African flair to it. Imagine mixing our culture’s resilience with American land strategies!

“We would make property investment great again in ways no one has ever seen before! So, what do you all think? If this was real, should I take the role?”

Akintayo is a graduate of Microbiology from the Olabisi Onabanjo University (OOU), Ogun State, Nigeria.

While in his fifth year in the university, the 38-year-old entrepreneur started a Student Trade Fair on his campus.

He thereafter studied Digital Marketing Consultancy at the Digital Marketing Institute and Harvard University in the US.

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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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How God stopped naira from falling to ₦10,000 per dollar- Adeboye

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor E.A. Adeboye, has said that without divine intervention, the exchange rate could have skyrocketed to ₦10,000 for $1.

Speaking at the Special Holy Ghost Congress in Abuja, Adeboye explained that Nigeria’s financial difficulties are largely linked to its reliance on fuel imports, despite the country having significant oil resources.

He noted that billions have been spent on refineries, many of which remain non-functional, resulting in a continued dependence on imported petrol.

Adeboye also addressed the controversy surrounding the government’s decision to eliminate costly fuel subsidies, a move that angered those who profited from the previous system and contributed to further economic challenges.

“We need help, and it’s not human help; it’s divine help,” he stated.

“Before our current president took office, we were aware that the root of our financial issues lay in the importation of petrol. Despite having oil, we continued to import petrol and waste billions on refineries that did not operate effectively.

“When the president cancelled the subsidy on petrol imports, those who benefited from it became upset and created more problems.”

As the naira continued to decline rapidly, Adeboye said that he prayed and was grateful that others joined him in prayer.

“If God hadn’t intervened, $1 could have been worth N10,000 by now. This illustrates how much we need prayers,” he said.

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Ondo Election: LP Dismisses Claims of Candidate Disqualification

As the Ondo State governorship election approaches, the Labour Party (LP) has refuted claims that its candidate, Olusola Ebiseni, has been disqualified.

The party has called on Nigerians, especially voters in the state, to disregard reports suggesting that Ebiseni is no longer in the race.

The controversy stems from a judgment by the Abuja Division of the Court of Appeal, which reportedly disqualified Ebiseni.

The three-member panel of justices, led by Justice Hamma Barka and with the ruling delivered by Justice Adebukola Banjoko, allegedly ruled in favor of an appeal against Ebiseni’s candidacy.

However, the LP insists that the matter had already been resolved internally before the court’s judgment. Ondo State LP Chairperson, Mrs. Remilekun Ojo, dismissed the reports as false, accusing opposition parties of spreading misinformation to destabilize the party.

“These reports are all lies,” Ojo said in a statement to Newsmen on Thursday.

“The issue was settled internally, and our candidate remains in the race.

This is an attempt by politicians from other parties, who feel threatened by our growing influence, to create confusion.”Ojo emphasized that Ebiseni’s name remains on the Independent National Electoral Commission (INEC) portal and that the party had no official communication from the electoral body indicating otherwise.

The LP’s legal challenges began with a previous Federal High Court ruling by Justice Emeka Nwite, which recognized Ebiseni and his running mate, Ezekiel Awude, as the valid candidates for the election.

Justice Nwite ruled that Ebiseni’s second primary election was valid, noting that he had paid the required nomination fees and compensated another aspirant, Festus Olorunfemi, who had withdrawn from the race.

The appellate court’s decision, however, has been contested by the LP, which maintains that the issue has been resolved.

The party also criticized media outlets for publishing misleading information about Ebiseni’s candidacy.

The party’s youth leader in Ondo State, Hon. Samuel Boniface, supported the Chairperson’s position, alleging that some politicians had attempted to bribe him to dismantle the LP structure in favor of the People’s Democratic Party (PDP).

“Three weeks ago, PDP stakeholders offered me over ₦100 million to collapse the LP structure into their party, but I declined,” Boniface revealed in an interview. “I have a goal and cannot sell my conscience.

This election is not about money but about the future of Ondo State.”Boniface also hinted at legal action against media platforms that reported the purported disqualification of Ebiseni.

“We are suing newspapers that claimed our candidate was removed from the race. The claims are baseless and disruptive.

The Olorunfemi who started this matter stepped down for Ebiseni and was duly compensated. We have all the records to prove it.

”As the November 16 election draws near, the Labour Party remains determined to challenge the dominance of the APC and PDP, asserting that it offers a viable alternative for the people of Ondo State.

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