Yusuf Alli


President Bola Ahmed Tinubu is expected to receive the scorecard of members of his cabinet this week.

The Administration will be one year old next week, but the ministers will clock nine months in office tomorrow, having been sworn in on August 21 last year.

The scorecard of special advisers and heads of key departments and agencies will also likely be delivered to the President.

Forty-eight ministers were inaugurated by the President but they are now reduced to 46, following the departure of Minister of Labour and Employment Simon Lalong, who resigned to take up his seat at the Senate following his victory at the Court of Appeal.

He left the government on December 20.

Minister of Humanitarian Affairs Dr. Betta Edu has been on suspension since March 6 to allow a probe into allegations of misdeed in her ministry.


There is anxiety in the cabinet over whether the assessment report will lead to a reshuffle or removal of some ministers.

Although the report was compiled by Special Adviser on Policy and Coordination/ Head of Central Coordination Delivery Unit (CDCU) Hajiya Hadiza Bala-Usman, the President has the final say on it.

The criteria for the performance assessment of the ministers were spelt out after the retreat which followed their inauguration.

This is based on deliverables of the Federal Executive Council (FEC) members on the eight priority areas of the Administration. These are:

• Reforming the economy to deliver sustained and inclusive growth;

• Strengthening national security for peace and prosperity;

• Boosting agriculture to achieve food security;

• Unlocking energy and natural resources for sustainable development;

• Enhancing infrastructure and transportation as enablers for growth;

• Focusing on education, health, and social investment as essential pillars of development;

• Accelerating diversification through industrialisation, digitisation, creative arts, manufacturing, and innovation; and

• Improving governance for effective service delivery.

Read Also: Ten things to know about FAAN’s new e-tags for airport access
The ministers have been undergoing quarterly performance appraisals by the CDCU.

Although the unit had submitted an interim report, the first-year assessment was said to be “crucial” to shaping the focus of the 36 months left in the first tenure of the President.

A top source, who spoke in confidence, said: “The President may receive the first year performance evaluation of the ministers, advisers and even strategic departments /agencies.

“The CDCU has subjected the ministers and others to a quarterly assessment.

“From the outset, the ministers signed a performance bond. And the bond will determine their fate.

“There was also a Citizens’ Delivery Tracker App used to monitor the performance of the ministers and their portfolios. Nigerians’ verdict may also count too.

“But whatever is the eventual decision on the ministers, it is the prerogative of the President.”

On how the ministers will be rated, a top source said: “It has been based on the eight priority areas of the President. They are already aware of the key indices.”

At the commencement of the evaluation process, Hajiya Bala-Usman said: “For each of these priority areas, we agreed on specific deliverables and developed Key Performance Indicators (KPIs), which formed the basis for the Performance Bond which all ministers and permanent secretaries signed with the President in November 2023.

“These parameters will guide the Quarterly Assessments and Annual Scorecards, which the CDCU is mandated to present to the President.”

The Iranian cabinet has convened a second emergency meeting in less than 24 hours following the confirmation of the death of President Ebrahim Raisi.

Local media reported on Monday that the Iranian Vice-President Mohammad Mokhber had already chaired a meeting on Sunday evening after the helicopter went missing with nine people on board over Iran’s north-west.

The report stated that Foreign Minister Hossein Amirabdollahian also died in the helicopter crash.

Raisi and Amirabdollahian were travelling back from a meeting with the president of neighbouring Azerbaijan, Ilham Aliyev, when their aircraft disappeared from radar on Sunday afternoon.

According to protocol, with Raisi’s death, Mokhber should assume power, pending approval from Supreme Leader Ayatollah Ali Khamenei.

New elections will then have to hold within 50 days. (dpa/NAN)

Financial experts have said there are concerns that the Central Bank of Nigeria (CBN) low net FX reserves and the defense of the naira sparked risk-off sentiments amongst foreign investors and limited inflows from Foreign Portfolio Investors (FPIs).

Analysts at Cordros Security raised the point in its pre MPC notes ahead of the third meeting of the year on the 20th and 21st of May.

FX inflows into the NAFEM market fell by 48.1% to USD1.95 billion in April (March: $ 3.75 billion), with inflows from foreign sources particularly led by FPIs declining by 68.9% to USD478.10 million (March: $1.54billion).

Financial Analyst, Esther Mayowa in her submission said: “We note that despite weak inflows from FPIs, the CBN’s intervention in various market segments has remained frail and irregular, given its weak net FX reserves.

“Total inflows from the CBN into the NAFEM market declined by 35.1% to USD 98.00 million (March: USD151.00 million). Additionally, whilst the CBN maintained dollar sales to BDCs and commercial banks, the total sum of FX supplied remained insufficient to alleviate the pressure in the FX market.

“Consequently, the naira weakened to a low of NGN1,533.99/USD in the NAFEM market on 16 May, coming from a high of NGN1,072.74/USD on 17 April. Elsewhere, the naira fell by 34.0% to NGN1,515.00/USD as of 16 May from a low of NGN1,000.00 as of 16 April.”

The Experts want the MPC to note the depreciation of the naira in the FX market and attribute this to the renewed demand pressure from capital outflows induced by external shock.

Moya said: “We expect the MPC to encourage the CBN to sustain its FX supply to the market to stabilize the naira while maintaining reforms to ensure reduced speculation activities and market confidence.

MPC to Raise the Monetary Policy Rate by 100bps

According to Cordros Research estimates, Despite the moderation in price increases evidenced in the decline in month-on-month inflation numbers for April, the analyst anticipates a further tightening of the monetary policy rate.

Mayowa said; “This is because (1) a one-month data release of a slowdown in prices is not sufficient for the MPC to conclude that inflation is under control, (2) inflation risks are skewed to the upside given that currency pressures have resurfaced, (3) the need to manage inflation expectations given the inflationary impact of the anticipated review of the minimum wage.

“Nevertheless, we anticipate a less hawkish stance primarily due to (1) the slowdown in the pace of inflation and (2) DMO’s reluctance to take interest rates significantly higher in the fixed-income market, given its impact on the Federal Government’s debt burden.

“Accordingly, we anticipate the MPC to raise the MPR by 100 basis points to 25.75% while holding other parameters constant.”.


Naira grapple with price discovery

The naira appreciated by N90 on the parallel segment of the foreign exchange (FX) market last Friday as it closed at N1,450/$1, compared to the previous day’s rate of N1,540/$1.

The positive trend extended to the official Nigerian Autonomous Foreign Exchange Market (NAFEX) window, where the naira appreciated by N36.66, closing at N1,497.33/$1 compared to the N1,533.99/$1 which it closed on Thursday.

The data represents a 2.1% depreciation week to date. It was, however, a 2.5% gain from the N1,593.9 recorded a day earlier, which was the weakest since March 20 this year.

Daily turnover for the week also rose from $608.5 million to $991.9 million, representing a 63% increase week on week.

Written by Olugbenga Soyele


Justice Nnamdi Dimgba of the Federal High Court in Lagos has held that the Central Bank of Nigeria (CBN) is constitutionally empowered to demand and collect the social media handles of their customers as part of the standard Know-Your-Customer procedure, saying it is not a breach of the right to privacy.

Justice Dimgba made the declaration while ruling on a suit filed by a Lagos-based lawyer, Chris Eke, seeking an order stopping the apex bank from demanding bank customers’ social media handles.

Eke had prayed the court to declare that the regulation as contained in Section 6(a)(iv) of the Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023, is undemocratic, unconstitutional, null and void to the extent of its inconsistency with Section 37 of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

The lawyer had also prayed the court to grant an order of perpetual injunction restraining CBN from enforcing the regulation, which requires financial institutions to request customers’ social media handles as part of average bank customer due diligence requirements.

But the CBN, in its response to the suit, filed a notice of preliminary objection, challenging the competence of the suit and also argued that the said regulation did not interfere with the applicant’s private life, as claimed.

In his judgment, Justice Dimgba held that CBN’s preliminary objection had merit, and he subsequently struck out the suit.

The judge further held that a social media handle is the same as providing email addresses, phone numbers and other means by which potential customers can be contacted.

He maintained that it is part of due diligence to determine if the person is a fit and proper person for the bank to do business with, and as such, this regulation does not infringe on the right to privacy.

The judge also held that the essence of having a social media account was to be publicly visible communication-wise; it would be highly unreasonable to hold the CBN in breach of privacy.

The court held, “First, the Applicant claims that the requirements on the CBN Regulations for financial institutions to request and collect the social media handle of its customers as part of KYC infringes on his right to privacy.

“This claim is very ambitious and amounts to a very far throw. The said Regulations are directed to and apply to financial institutions. It does not apply to private individuals such as the Applicant.

“Even if, as appears to be argued, that the Regulations itself would inevitably affect the Applicant, this claim is speculative for the simple reason that in nowhere in the affidavit in support was it stated that the Applicant operates an account with a financial institution and that the said institution had demanded his social media handle. So the suggestion that he would be affected by this Regulation, albeit negatively, is very speculative and at large.

“Second, there is also no deposition that any financial institution had begun to implement this Regulation and that its implementation had begun to create disruptions and inconvenience against the general population, in which case one could infer that the suit should be legitimated as a public interest litigation.

“Third, assuming even that the banks had begun to implement this regulation, the Applicant assuming he maintained any bank accounts or sought to open one, but is being hindered or irritated by the requirement of the Regulation to avail his social media handle as part of KYC, the Applicant still had a choice, which is to refuse to do business with any bank insisting on the information as part of its social media handle but to seek other alternatives.

“Fourth, and for all it is worth, I do not see how asking a banking or potential banking customer to provide his social media handle can ever amount to a breach of privacy.

“Granted that Section 37 of the Constitution of the Federal Republic of Nigeria 1999 (as amended) provides, among other things: “The privacy of citizens, their homes, correspondence, telephone conversations and telegraphic communications is at this moment guaranteed and protected.

“My view is that a social media handle is of the same genre as providing email addresses, phone numbers and other means by which a potential bank customer can be contacted.

“Thus, it is clear from the face of the Regulations as set out above that email addresses, phone numbers and social media handles are all provided for under clause 6iv just to show that the aim was not to pry on anyone but rather to provide alternative ways by which a customer of the bank can be contacted and or due diligence conducted on the person to determine if the person is a fit and proper person to extend banking services to.

“I do not see how this infringes on the right to privacy. I should even say that the essence of having a social media account was to be publicly visible communication-wise. It, therefore, appears quite ironic, though wryly, that one can suggest that asking for information about a social media handle with which the individual exposes and immerses himself in public can amount to a violation of privacy rights, which rights itself is all about the isolation of one from public glare.


“It is also to my knowledge that even in filling some business applications, personal information of this sort is sometimes requested, and parties generally oblige. If it does not constitute a breach of privacy, why should it now?

“A social media handle is left at large for the world to see, being in the public space, everyone enjoys the liberty to have access to it whether or not consent was obtained. It would be highly unreasonable to hold the Respondent in breach of privacy for what other persons can access.

“The applicant’s apprehension of his social interactions being monitored is manifestly speculative and somewhat incredulous to believe that the financial institutions have the luxury of time to concern themselves with such frivolities.

“On the whole, if I did not sustain the preliminary objection, I would have dismissed the suit for the reasons stated. But the preliminary objection having been sustained, the suit is, therefore, at this moment, struck out.

“I make no order as to costs,” the judge held.

By Johnbosco Agbakwuru


THE Vice President, Senator Kashim Shettima on Thursday said that the latest rating of Nigeria by Fitch was an indication that President Bola Tinubu’s administration was a reflection of increasing confidence in the nation’s economy.

The Vice President also said that the Tinubu-led federal government has performed well in its fiscal responsibilities and management, as the administration maintains transparency in financial dealings.

He cited the recent ranking by global credit rating agency, Fitch, which upgraded Nigeria’s credit outlook to positive, describing it as a reflection of increasing confidence in the nation’s economy.

Senator Shettima, who spoke during the 141st meeting of the National Economic Council (NEC) at the Presidential Villa, Abuja, said:

“There is no doubt that this government has demonstrated transparency in its financial dealings and protections. Therefore, it is not surprising that just a few days ago, Fitch Ratings upgraded Nigeria’s credit outlook to positive, citing reform progress under President Tinubu.

“This reflects the increasing confidence in our economic trajectory, especially in light of policy changes aimed at reducing our debt service burden,” he stated.

In a statement issued by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Stanley Nkwocha, disclosed that NEC also had members of the Institute Chartered Accountants of Nigeria in attendance to “shed light on the accountability index and their ranking of states on public financial management (PFM)”.

This, the VP said, would guide the government at all levels to adjust their “finances and planning for the rainy days based on realistic projections”.

NEC deliberated on the general state of the economy and resolved to do more to improve the situation across the country, especially supporting the growth of Micro, Small, and Medium Enterprises (MSMEs).

Urging Council members to assess the administration’s journey so far and acknowledge the impact of their decisions, Shettima drew attention to the nation’s MSMEs, describing them as the backbone of the country’s economy.

“As we plan for stability, we must remember that the backbone of our economy isn’t solely comprised of our big corporations. While these entities play a vital role in tracking the nation’s productivity and employment data, it is our Micro, Small, and Medium Enterprises (MSMEs) that should keep us awake at night.

“Accounting for about 96% of all businesses in the country and contributing 49% of the national GDP, MSMEs are the backbone of our economy. The past few months of our efforts to mend the economy have caused disruptions that have sent shockwaves throughout the industry. We cannot afford to ignore this reality; immediate intervention is essential to mitigate the damage and ensure their survival,” he pointed out.

To achieve President Tinubu’s promise to create jobs and eradicate poverty, VP Shettima noted that access to capital must be a central driver of the target.

“Therefore, our agenda today revolves around the ongoing and proposed interventions we have designed to support our small businesses.

“Whether it is addressing the inflationary impacts of the inevitable solutions proposed to save the economy or tackling the issue of high-interest rates at our financial institutions, our focus is on ensuring the survival and prosperity of these enterprises.”

The Vice President underscored the role of digital technology in the growth and sustainability of small businesses, tipping Investment in Digital and Creative Enterprises (iDICE) as “a work in progress to upscale these businesses.

“The potential of our creative and digital economic sector is vast, and iDICE presents an opportunity to explore it and offer our people an advantage to compete fairly with their counterparts from other parts of the world”, he explained.

Senator Shettima also called for proactive measures in tackling flooding this year, cautioning that incident reports of Nigeria’s vulnerability to flooding in 2024 are such that it requires constant vigilance and preparedness.

“We cannot afford to be caught off guard by a disaster that we are all too familiar with, one that has devastated various communities across the nation, including our urban centers.

“We must not merely prepare for a cure; instead, we must take proactive measures to prevent this annual cycle of loss of lives and properties. While the tragedy itself may be natural, the management of the emergency is within our control,” he declared.

On the Human Capital Development (HCD) Programme launched by the immediate past administration, Vice President Shettima disclosed that the federal government “is set to commence its implementation phase tomorrow (today) under this NEC dispensation, with the inauguration of the steering committee and core working group”.

On the account balances, the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, briefed the Council on the update of the Excess Crude Account (ECA), Stabilization and Development of Natural Resources accounts.

The CBN Governor put the ECA as at the end of April 2024 at $473,754.57, while the Stabilization account was put at N17,209,155,588.20, during the same period. The Development of Natural Resources Account was put at N62,307,926,804.17, also at the end of April, 2024.

Meanwhile, the NEC, chaired by the Vice President adjourned but without mentioning any date to resume sitting.

As was the tradition that after every NEC meeting, some members will be selected to brief journalists on the decisions reached, but the governors who primarily dominate the council did not brief this time around.

It was expected that the NEC should deliberate on the new National Minimum Wage, but the governors kept sealed lips after the meeting that lasted about three hours.

One of the Vice President’s aide told journalists that the NEC only adjourned to reconvene later, but he declined to mention when.

The Rivers State Governor, Sir Siminalayi Fubara, has stated that his administration has defeated those who came all out to bring them down, adding that his detractors are now victims of their plots.

This was as the governor expressed happiness with assurances of brotherly support from the Ijaw Youth Council, IYC, urging Ijaw Nation to key into the on-going celebration of the liberation the State is enjoying now.

Fubara spoke when he received the national and state leadership of IYC, who were on solidarity walk to Government House in Port Harcourt on Thursday, to mark 2024 Issac Adaka Boro Day.

The Governor noted that Major Isaac Adaka Boro genuinely stood for equity, justice, and fair play, and pursued his course to ensure liberation for the Ijaw people and their clans.

Fubara stressed that every genuine Rivers man is a liberator, adding that he was delighted to receive them on such auspicious day to re-enact the common purpose of liberation that they shared.

He said, “Because he stood for that unique thing, even after his death, we still celebrate him because he was a liberator.

“Every Rivers man, it doesn’t matter whether you are Ijaw or upland, the most important thing is that every genuine Rivers man must be a liberator.

“And I’m happy that you have come here today. I have also received you because we have one common purpose: to liberate our dear State. We are not going back on that.”

The Governor stated that the target of the renewed crisis in the state was to distract his one year in office celebration, but that those behind it are sleeping with their eyes opened.

He said: “I am happy that you’ve told me this morning that when I call on you, you will respond. But there is nothing to call on you for. Because we have already defeated them.

“By the special grace of God, what they thought that they would have done to us while we were celebrating our one year in office, they are the ones sleeping with their two eyes open. It shows that we have the Ijaw blood. And what is that blood: it is the blood of action; less talk, more action.”

He, however, urged Ijaw youths to conduct themselves peacefully as they celebrate the Major Isaac Adaka Boro Day, and also be good ambassadors of the entire Ijaw Nation.

Dangote Oil Refinery in Lagos is seeking to buy millions of barrels of US crude over the next year as it ramps up processing rates.

According to a document seen by Bloomberg, the Dangote plant, built by Africa’s richest man, Aliko Dangote, issued a so-called term tender for the purchase of 2 million barrels a month of West Texas Intermediate Midland crude for 12 months starting in July.

The tender for overseas oil — from a refinery that’s situated in Africa’s largest producer nation, highlights how influential the plant will be in global crude and fuel trading. It will be the largest fuelmaking facility in Africa when fully up and running.

The tender closes at 3 p.m. on May 21.

The tender shows how Nigerian crudes are struggling to compete against American supply, one trader of West African barrels said.

An official at Dangote didn’t immediately respond to a request for comment.

The refinery is a 650,000 barrels per day (BPD) integrated refinery project under construction in the Lekki Free Zone near Lagos, Nigeria. It is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility.

In March, the Nigerian government stated that it would be very embarrassing if Port Harcourt, Kaduna, Warri, Dangote and BUA refineries did not get enough crude oil locally for the production of petroleum products after they were fully ready.

The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, said the refineries and modular refineries in the country might not get enough crude oil locally without an increase in production in the sector.

Nigeria’s Mega Refinery Seeks Millions of Barrels of US Oil
Dangote seeks 2 million barrels of Midland a month from July
Nigeria has been struggling to boost its crude production

Nigeria’s new Dangote mega refinery near Lagos is seeking to buy millions of barrels of US crude over the next year as it ramps up processing rates, a sign of the challenges that Africa’s largest producer faces in lifting its own oil output.

The plant, built by Africa’s richest man Aliko Dangote, issued a so-called term tender for the purchase of 2 million barrels a month of West Texas Intermediate Midland crude for 12 months starting in July, according to a document seen by Bloomberg. The tender closes on May 21.

Ali Isa, a member of the house of representatives, says President Bola Tinubu should travel by road or use commercial flights for official engagements.

Isa, the minority whip and a member of the Peoples Democratic Party (PDP) representing the Balanga/Billiri federal constituency of Gombe, spoke on the floor of the green chamber on Wednesday.

Isa was contributing to a motion sponsored by Satomi Ahmed, chairman of the house committee on national security and intelligence, on the need to probe the status of the presidential fleet.

Recently, Tinubu reportedly used a chartered aircraft from the Netherlands to Saudi Arabia after the presidential jet developed a fault.

Early this month, Vice-President Kashim Shettima also cancelled his trip to the United States due to a fault developed by the presidential jet.

Shettima was to represent Tinubu at the 2024 US-Africa business summit.


‘TINUBU SHOULD TRAVEL BY ROAD’

Isa said the president and the vice-president can travel by road or fly commercial airlines when they are going on official engagements.

“Mr Speaker, since an issue has been raised, I would advise that the president should suspend using the presidential aircraft; if there is a need he can use either commercial or chartered aircraft,” the lawmaker said.

“And another option that will also help Nigerians is if the president can travel by road. Nigerians will have hope that our roads will be repaired.”

Benjamin Kalu, the deputy speaker who presided over the plenary, said the president should not travel by road.

“Are you saying, Mr president, the number one leader should travel around by road?” Kalu asked.

But Kingsley Chinda, the minority leader, corroborated Isa’s position that the president can use commercial aircraft.

“I have not seen anything wrong with a public office holder using public aircraft. The prime minister of the UK uses British Airways. It is commercial,” Chinda said.

“We should be thinking of how to resuscitate the Nigerian Airway.

“British Airways is not a British Air Force; it is a British private company. If we have planes in the presidential fleet, they should be maintained, and the president and vice president can use them.

“If for any reason we have failed to maintain them, it is not for it to be discussed on the floor of the house.”

However, Sada Soli, a member from Katsina countered Chinda, saying that the UK prime minister uses a special British Airways plane.

Labour Party National Chairman, Julius Abure, on Wednesday, appealed to the President of the Nigeria Labour Congress, Joe Ajaero, to set aside his differences and work together with the party leadership for old-time’s sake.

Abure made the plea at his first press conference following the April 3 fire incident that almost claimed his life at his Abuja residence.

Both Abure and Ajaero had been at loggerheads following several attempts made by the congress to take control of the party structure over claims the embattled LP chairman was running a one-man show amid allegations of financial malfeasance.

The LP camp had also made a counterclaim that Ajaero was desperately seeking to evict the Abure-led National Working Committee with an ulterior motive to use the party as a transactional platform ahead of the 2027 election.

Addressing newsmen at the party secretariat in Abuja, Abure described the NLC president as a friend and brother having worked together in the trenches over the years fighting for the welfare of workers.

The LP national chairman therefore urged the union leader to put aside his grievances and support their effort to rebuild the country in the interest of Nigerians.

He said, “Consequently, I want to appeal first to my brother, friend and Joe Ajaero, President of the NLC whom we have worked together in the trenches over the years in the struggle for workers, to put aside whatever may be his grievances. Let’s work in the interest of our people.

“Fighting the Labour Party is uncalled for and unwarranted, especially at this time when the working people of Nigeria are suffering. As we speak today, the minimum wage is still N30,000. There are unfair workers practices by employers across the country. The inflation in Nigeria is unprecedented and nobody talks about workers welfare.

“For us, we need to team up together to be able to fight for better working conditions for our people. We need not waste or dissipate our collective energies in fighting ourselves over nothing. The NLC should know by now that the attempt being made to take over the leadership of the party will not work. It is my appeal that working together is better.”

Senator representing Kano Central, Rufai Sani Hanga, says he donated over 2000 clay pots and 10,500 yards of white cloth (called ‘Likkadani’ in Hausa) to the Muslim graveyards in his constituency to please God and seek His eternal reward.

Hanga said it was not part of his constituency project as propagated by cynics and his opponents who out of hatred and malice spread the misinformation.

The senator came under criticism when he donated the items to 15 local government areas in his senatorial zone last week.

In his first press conference since after his election in 2023, Hanga said the gesture was something he had been doing even before his election and it was a family legacy he grew up to see and inherited, hoping to continue to do throughout his time on earth.

“We made the donation to Kano state committee for the graveyards headed by Dangoribar Kano and district head of Tarauni Local government. We had found out that clay pots were lacking in most of our graveyards and decided to donate,” he explained.

Hanga said he faced health challenges after his election as senator spending seven months in hospitals in Nigeria and later flown to Egypt and England, where he spent 3 months each on hospital bed.

The lawmaker said despite his health condition which he is still recuperating from, he managed to make meaningful contributions to make life better for his constituents from his personal resources.

He said he succeeded in inserting some projects for his constituency in the 2023 budget, which he will follow up to ensure implementation.

There are many challenges in transborder trade at Seme Border, Badagry, especially the constraints of exchanging the Naira for the CFAs, coupled with the over 100 road blocks manned by Security agencies along the Lagos-Badagry-Seme Expressway with the attendant daily harassment and extortion of innocent Nigerians by security officials on the 62 kilometers expressway. These are some of the factors inhibiting both legitimate trade and lawful movement of persons who do business across the border. Podo Sunday x-rays these issues in this report.

The rate at which Nigerians are openly frustrated in the Seme border area is alarming, despite having their legitimate money to trade with. The rejection of the Naira continues unabated at the border markets, as those accepting Naira are few.

Even some of those accepting the currency are daily engaged in the devaluation of the Naira to enrich themselves, a situation many Nigerian traders have allowed in order to make ends meet. But at the end of the day, it is the consumers in Nigeria that bear the burden of the high prices. A close look at the monetary transactions shows that only few Benin Republic BDC operators accept e-transfers into Nigerian banks, despite the large number of Nigerian banks operating at Seme border, including EcoBank, First Bank, UBA, Union Bank, Zenith bank, etc.


Border closure

background Transborder trading came to a halt when the Federal Government shut all land borders in August 2019 under former President Muhammadu Buhari. Reasons guven by the Government then include the proliferation of illegal importation and smuggling of hard drugs, firearms, poultry foods and agricultural produce into Nigeria from neighbouring countries. Movement of persons were allowed throughout the duration of the border closure but without any legitimate economic activities except pockets of smuggling activities in many of the border communities across the country as a result of the porosity of border, largely aided by the connivance of security operatives.

However, respite came in December 18, 2020 when the Federal Government announced the partial re-opening of four land borders including Seme, in Badagry in Lagos, Illela Border in Sokoto, Maigatari in Jigawa, and Mfum in Cross River where import and export policy known as ECOWAS Trade Liberalization Scheme (ETLS) were again allowed across the four borders specifically for goods locally produced in ECOWAS States. In the same vein, another respite came in April 22, 2022 as the Federal Government again announced the re-opening of four additional land borders which include the Idiroko border in Ogun State (South West Zone); Jibiya border post, Katsina State (North West Zone); Kamba border post, Kebbi State (North East Zone); and Ikom border post in Cross River State (South – South Zone) At Seme border, the border reopening saw Dangote Cement, Gas companies, Nigerite slates, Food beverages, Alumaco Alumin- ium frames and glasses, motor spare parts, electrical parts and electronics etc take advantage of the import-export windows.

Smuggling of fairly used vehicles (Tokunbo) and petroleum products especially PMS and engine oil, beverages and general commodities also got to the peak at the borders under the partial re-opening policy of the Federal G o v e r n m e n t which made many drivers frown at the border closure policy, saying it is counterproductive. But the story took another dimension at the borders again when on May 29, 2023, the current Government of President Bola Ahmed Tinubu announced the removal of fuel subsidy, the galloping effect of the cost of PMS invariably skyrocketed prices of food stuffs, general goods and services due to the surge in the cost of production and transportation, which in turn jacked up the exchange rate of the Dollars and CFAs against the Naira.


Rejecting the Naira

The dominant currency at most Nigerian borders is CFAs since the nation is sandwiched between Francophone countries: Benin Republic, Niger, Chad and Cameroun, among others. In neighbouring cities of Cotonou and Porto Novo near the Seme border, for example, it was observed that one cannot pay an Okada fare with Naira, as they only accept CFAs. As of today, 1000CFA goes for between N1950 and N2150 depending on the mood of the BDC operators at the Benin side of the Seme border known as Krakè. It is also interesting to notice that, on both sides of the border, the Beninoise BDC operators are on the borderline of both Nigeria and Benin Republic, such that, if one is buy- ing or selling CFAs, he must go to the table of a Beninoise, ditto if buying or selling Naira, he must appear before Beninoise exchange operators. They control about 99% of the exchange business at Seme, Owode and Idiroko borders.

However, it is not only the Dollars that determines the rate of the CFAs but the influx of Naira demand on the CFA is huge and the Beninoise are cashing out Nigerians on daily basis continue to throng the Seme, Owode and Idiroko borders in their thousands for both formal and informal trades, either to buy Tokunbo Cars, foreign Rice, Frozen foods, Tomatoes paste and groundnut oil, Okrika shoes and clothings, etc. Nearly all the reopened borders are opened to ETLS and other goods that are not on the prohibition lists. Some of those who responded to our enquiries noted that multiple checkpoints, Nigerians’ lust for foreign goods and thriving smuggling are some of the things government must tackle to find lasting solutions to the debasing of the Naira by Nigeria’s neighbours. Mr. Raji Rasak, the News Agency of Nigeria Badagry Correspondent spoke to our correspondent on the constraints of Naira/CFAs exchange at Seme Border. Raji attributed the first constraints to multiple checkpoints that cause gridlock from Badagry roundabout with over 50 road blocks, turning a journey of 15 minutes to two hours while advising the government to address the issue. “In fact, reducing the checkpoints to three standard ones from the over 100 we have today and rehabilitation of the Seme-Badagry portion of the Lagos – Badagry expressway is a major concern. It is sad to note here that the CFAs remain stronger against the Naira maybe because of the law of demand and supply.

“There is too much Naira chasing the CFAs from Monday to Sunday. They love Nigerians in Cotonou because they believe we are richer than them and could afford to throw away money hence they are taking advantage of our economic crisis”, Raji noted while calling for the total closure of the border with exception being the importation of rice and Tokunbo vehicles.

To halt the indignity Nigerian traders face, the President of Badagry Hengo Youth Association, Comrade. Felix Godonu, who doubles as the Community Liaison Officer of Badagry Port Project, said: “only a healthy government trade and currency policy could move Nigeria from an importing to exporting country and that is the easiest way to strengthen the Naira.” Noting that in spite of the high exchange rate, rice is still cheaper in Cotonou than in Nigeria, Godonu advised the government to consider the total reversal of the border clo- sure policy.

He said the policy has further strengthened smuggling ac- tivities which is mounting pressure on the Naira through the informal sourcing of the CFAs. He also bared his mind on the industrialisation of border communities and the need to empower the Nigeria Border Community Development Agency if the government is sincere about combating smuggling. Godonu also condemned the various task forces set up to police the border, saying that “all they do is to set up multiple checkpoints to harass travellers and extort traders as if Seme is a war zone”.

He wants those checkpoints dismantled and Government approved checkpoints at Gbaji and Agbara should “remain and better equipped to perform efficiently.” Another resident of Badagry who is a social media influencer, Manoah Kikekon, is also calling for the dismantling of the “too many checking points that have become official toll points especially for Customs, Mobile Policemen, regular Police, Immigration, NDLEA, Civil Defence Corps and Air Force”.

Kikekon is also of the view that, if the Federal Government is sincere about the Naira / CFAs wide disparity, the government should initiate a productive economy by investing in agriculture and bringing in investors who ship goods to Cotonou ports to invest in Nigeria. He also called on the government to “pay attention to technical education so as to drive the manufacturing and stop the policy that favours importation from China and elsewhere.” A Badagry based media entrepreneur, Ayo Akide, is of the opinion that, patronage of ‘Made in Nigeria’ products is a way to strengthen the Naira.

He said: “Our taste for luxury and foreign goods is the only reason why a poor country like Benin Republic is taking advantage of Nigerians who troop their country everyday to buy Chinese goods and European vehicles.” He wants the Nigerian Government to look inward and invite more foreign investors who will set up factories in Nigeria. Akide also pleaded with the government to lift the ban on items with no comparative advantage and invest more in agriculture, especially rice farming. He is also not happy with the multiple checkpoints from Badagry round to Seme Border, calling it “ridiculous and makes the frontier look like another Gaza Strip.”


More people speak

A Nigerian Immigration official, who preferred anonymity, is equally not happy at the influx of Nigerians coming across the border on a daily basis in spite of the high exchange rate and the unfriendly disposition of Cotonou traders. He argues that to strengthen the Naira and stop the embarrassment, Federal should put in place tough measures. He said: “If I have the powers, we should lock up the border and let everyone go and feed themselves”, but he also wants the government to “lift ban on goods we don’t have in Nigeria, like vehicles and let importers choose either to use our ports or Cotonou ports. “The second is rice because presently Nigerian rice growers do not have the capacity to meet up local demands. Let importers bridge the shortfall and pay duty on them,” he quipped.

A Lagos-based auto dealer, Chukwuemeka Onyehatara, who would not allow his picture taken, said he can’t stop trading in Cotonou because his customers prefer Tokunbo vehicles as they are accident free. He however, stressed that the troubles associated with getting CFAs is cumbersome and discouraging. Revealing that auto dealers now source for dollars when going to Cotonou, he said he and his colleagues only buy a million CFAs to do some running and for miscel- laneous use. He also revealed that they purchase dollars from white people at Cotonou Port. Prince Adewumi Adeyeye, a resident of Badagry and agriculturist who deals in dwarf coconut from Ghana also lamented the multiple checkpoints and the exchange rate at the border, saying the Naira has lost both weight and value and wants the border fully reopened to ease the exchange tension and further boost the economy of the border communities which has collapsed since 2019 when the border was first shut down.

Alhaja Sulaimon Muinat, an Oyo Indigene but based in Mushin Lagos is a rice merchant and a regular visitor to Cotonou. She speaks a little of French and their local Fon; she said her language advantage has actually helped her transborder business. She said her single trip is worth N10 million and she sources for the CFAs through her customers of many years and usually sends the money ahead. Asked if she’s not bothered about the high exchange, she said will do the mathematics and still make her gains. “I buy quality rice and I have quality customers from Akure, Ondo, Osogbo, Ife, Ekiti, Benin even from Abuja and so on.”

She advised the government to open the border for rice importation so that people can pay duty and bring them in. A senior public servant, Ovi Kuton, said his opinions are based on his personal pains and convictions that all is not well with some government policies and attitude of the people. Condemning in clear terms, the multiple check points, he noted that they have become a major hindrance to business.

He said travelling through the borders is a huge headache as compared to what is obtainable in neighbouring countries where there is decorum and laws are strictly obeyed. He also attributed the influx of Nigerians to Cotonou and high rate of the CFAs to available cheap and markets due to Benin Republic’s low import tariff and said “until Nigeria could beat that, then nothing is going to happen. We either produce for our people to buy or lower our import tariffs. “Another option available to the Government to save the Naira is to formulate and implement policies to accommodate SMEs and ensure For- eign Direct Investment (FDI) incentives, thus, boosting export and strengthening the Naira”, he said.

Africa is the world’s second-largest and second-most populous continent, known for its diverse cultures, landscapes, and wildlife.

It’s home to some of the oldest civilisations, stunning natural wonders like the Sahara Desert and Victoria Falls, and a rich tapestry of languages and traditions.

Africa, a home to 57 countries, is a continent abundant in natural resources, yet it’s often linked with an economy in decline, particularly due to the aftermath of the COVID-19 pandemic, conflicts within its nations, and disruptions in global supply chains.

However, contrary to this prevailing narrative, many African economies demonstrate resilience. Below is the list of top ten countries with the highest currency in Africa compared to the US Dollar:


1. Tunisian Dinar (Tunisia) Currency Name: DinarCode: TNDCurrent Exchange Rate: $1 = 3.14

2. Libyan Dinar (Libya) Currency Name: DinarCode: LYDCurrent Exchange Rate: $1 = 4.86

3. Moroccan Dirham (Morocco) Currency Name: DirhamCode: MADCurrent Exchange Rate: $1 = DH 10.02

4. Botswana Pula (Botswana) Currency Name: PulaCode: BWPCurrent Exchange Rate: $1 = 13.61

5. Seychellois Rupee (Seychelles) Currency Name: Seychellois RupeeCode: SCR Current Exchange Rate: $1 = SRe 13.86

6.Ghanaian Cedi (Ghana) Currency Name: CediCode: GHCCurrent Exchange Rate: $1 = GH₵ 13.89

7. Eritrean Nakfa (Eritrea) Currency Name: NakfaCode: ERNCurrent Exchange Rate: $1 = Nfk 15.00

8. South African Rand (South African) Currency Name: RandCode: ZARCurrent Exchange Rate: $1 = R 18.35

9. Zambian Kwacha (Zambia) Currency Name: KwachaCode: ZMWCurrent Exchange Rate: $1 = ZK 27.37

10. Egyptian Pound (Egypt) Currency Name: Egyptian PoundCode: EGPCurrent Exchange Rate: $1 = E£ 47. 40

Many of the ministers in the cabinet of President Bola Tinubu fall below Grade A, according to Jimoh Ibrahim, Senator representing Ondo South.

Ibrahim also said some of the ministers have allegations of corruption connected to them, while some of them are not up and doing.

The senator said this in an interview with Channels Television.

According to the federal lawmaker, Tinubu has a “very fantastic” mechanism to govern the country, but there is no structure and system for him to achieve it.

He advised the president to dissolve his cabinet over lukewarmness and incompetence.

“You have to dissolve the cabinet and come up with knowledgeable people. The cabinet is too cold and the efforts are not seen,” Ibrahim said.

“Some of them that have been accused of corruption should be dropped immediately. If you fail to do that, you will be carrying their burden with you and that will be terrible for our country. I can’t see so many of the ministers in the first grade of the box. A lot of them are in the B, C grades.”

Some of Tinubu’s ministers have not lived to the expectation of Nigerians, as the government struggles to get its bearing on the economy and insecurity.

Last year, the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, was enmeshed in corruption, leading to her suspension.

She has vehemently denied any wrongdoing.

Segun James


As one of the latest oil-producing states in the country, the Lagos state government yesterday disclosed that it had so far realised the sum of N3.911 billion as derivation, but lamented that production had been hampered by challenges faced by the company managing its exploration and exploitation activities.

The state’s Commissioner for Energy and Mineral Resources, Mr Biodun Ogunleye, disclosed this during a ministerial press briefing to mark the first year of the second term in office of Governor Babajide Sanwo-Olu at Alausa, Ikeja.

He said that Lagos which joined the league of oil-producing states in the country in 2016, received the amount as its share of the 13 per cent derivation fund.

Oil-producing states, including Abia, Akwa Ibom, Bayelsa, Delta, Edo, Imo, Ondo and Rivers, are entitled to 13 per cent derivation fund from the Federation Account.

Ogunleye said: “Between 2018-2019, the state government received from the federal government N131 million as part of oil derivation. And, between 2020-2021, the Lagos state government received N3.78 billion.

“But the owners of the assets have been having issues among themselves. And as long as they could not produce, there would be no money for Lagos.

“The state government is engaging them to ensure that they return to the field. And we hope that before the end of the year, they will find new technical partners and they can go back to production.”

Dwelling on the community electrification programme, the commissioner said the governor had approved the procurement of 20,000 units of prepaid energy meters to target low income communities in the state.

‘’Approval was further expanded to utilise funding to catalyse full metering across the state via collaborations with electricity Distribution Companies (Discos) in Lagos and a leading smart metering solution company, ElSewedy Electric,” he added.

The commissioner, who frowned on the increasing death rate from gas explosions in the state, hinted that the state government will soon introduce stringent measures to regulate the operation of Liquefied Natural Gas (LNG) vendors in the state.

Recall that Yinka Folawiyo Petroleum Company Limited (YFP), a wholly-owned indigenous firm and operator of the OML 113 offshore Lagos, commenced the production of crude oil from the field in 2016.

Meanwhile, the Lagos State government has assured the international business community that as one of the largest economies on the continent, Lagos remains the best choice to do business in Africa.

As part of this move and to increase its economic growth and consolidate its position as Africa’s economic hub, the state government called on foreign investors, particularly those interested in investing in Nigeria, to consider Lagos as the best destination for their investments.

The government committed international investors yesterday during the panel session on “African Infrastructure Investment: Impacts and Returns,” through the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, and her Innovation, Science, and Technology counterpart, Mr. Tunbosun Alake, at the ongoing 2024 US-Africa Business Summit in Dallas, Texas, United States.

Besides, the state also expressed readiness to partner with any investors with a strong assurance that the government will provide a conducive and friendly business environment for predictable returns on their investments.

Addressing delegates during the panel session that focused on infrastructure as an investable asset globally and how African countries can benefit from over $30 billion fund being set aside by the United States and some partner nations through identified financial instruments, Ambrose-Medebem and Alake expressed Lagos’ readiness for business and its openness for new investments by showcasing the potential of the State.

The summit, hosted by Corporate Council Africa brings together political and business leaders from across Africa, the United States, and other regions for high-level dialogue and networking in Dallas Texas, United States of America.

Ambrose-Medebem assured the business community that Sanwo-Olu’s administration in Lagos State had created an enabling environment for investments and businesses to grow in the state in the past five years.

She said Lagos has a huge population of over 25 million people, stressing that more than 60 per cent of the population is youth. She added that Sanwo-Olu and his administration had invested in critical infrastructure projects such as rail, water, health, and housing.

“There is Blue Line rail in Lagos State that takes approximately 500,000 people per day. There is another Red rail line that was just commissioned and will start commercial operations very soon. The new Red Line rail service will move close to 1 million Lagosians daily when it commences operation.

“The Lagos State Government has provided a lot of infrastructure for businesses to thrive in the State. We have done a lot in the areas of health, education, technology, and many other sectors.

“For agriculture, over 200 hectares of land has been allocated to build the largest food hub infrastructure in the eastern part of the State. In addition, we also have the Lekki Deep Sea Port, which is about a $1.53 million investment. Lagos is open for business and investments,” she added.

Also speaking, Alake said: “Over the past three and a half years, about $3 billion worth of investment has come into Lagos with high numbers of start-ups and scale-ups in the continent. So, Lagos has a sheer number of start-ups, the largest start-up network in the continent.

“Investments that have come to Lagos over the past three years have created networks of unicorns and high scale up to the combined value of $5 billion and this has created thousands of jobs for young people.

“Lagos State Government has also done projects from a Public-Private Partnership (PPP) perspective, and one of them is the 3,000 kilometres of fibre cables that we have done on a PPP basis.”

Some of the delegates who visited the Lagos stand during the summit expressed their readiness to partner with the Lagos State Government for business and partnerships that will be of mutual interest.

By Daily Trust


In a rare and unusual circumstance, the presidency did not release any picture of President Bola Tinubu’s return trip to Nigeria after two weeks abroad.

Since Tinubu took charge of the country a year ago, his aides and presidency officials have consistently released pictures and videos of his arrival and departure from Nnamdi Azikiwe International Airport in Nigeria’s capital city.

During such moments, top government officials such Chief of Staff to the president, Secretary to the Government of the Federation, Ministers, Governors, among others bid farewell and welcome the president.

However, Tinubu’s return on Wednesday was announced in a news flash by NTA.

“President Bola Tinubu returns to Abuja after his trips to the Netherlands and Saudi Arabia,” the government-owned media outlet posted on social media, without a single picture or video, triggering reactions.

Like NTA, none of the accounts of the presidential aides or supporters posted multimedia content of Tinubu’s return trip.

Although the APC UK posted a video on its X handle while welcoming Tinubu back to the country, checks by Daily Trust showed that it is an old video.

Welcome back, Mr. President.

President Bola Ahmed Tinubu, GCFR, returns to Nigeria after a successful trip abroad.

He embarked on the trip two weeks ago, initially meeting with Dutch Prime Minister Mark Rutte. From there, he travelled to Saudi Arabia to participate in a… pic.twitter.com/23OWQae9vd

— APC United Kingdom (@APCUKingdom) May 8, 2024

Daily Trust can confirm that the video is that of February 6, 2024, when the president returned to the country after a private visit to France.

Meanwhile, Tinubu’s return without videos or pictures has set tongues wagging among Nigerians on X.

Commenting on the issue, an X user who tweeted via @SnipesLyon wrote: “Show videos.”

@WAghwarito98347 wrote: “No videos just news…..omoh our president never come back….make he address is as before na abi there’s more to it?”

@MaziEzike_Nedu: “Audio return trip. Show us the president. He is usually welcomed by his cabinet 🗄”

@mr_richjoel: “We don’t want these pictures… We need videos of him stepping down the jet with the governor’s welcoming him.”

@alakowee: “Na lie una dey like, make una show us video. Tinubu that likes to show off. He will return and his video won’t be on Twitter NG. Una dey whine?”

@agent_freedom: “Where is the video that he returns.”

@prolific4ØØ: “show us the video or pictures.”

@Ansersonjean: “Oga drop the video 📹 this one is for audio playback.”


Unknown destination after official trips

The president had, on April 23, left Abuja for the Kingdom of the Netherlands, on an official visit.

His Special Adviser on Media and Publicity, Ajuri Ngelale, had, in a statement, said the visit was on the invitation of Prime Minister Mark Rutte.

From The Netherlands, he had proceeded to the World Economic Forum’s (WEF’s) Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia.

However, after the event ended, the president’s next destination was shrouded in secrecy, fuelling speculations that he had gone on a medical trip to France.

Two credible sources had independently told Daily Trust that the president proceeded to London from the Saudi capital of Riyadh.

One of our two sources, a highly placed official at the Presidency, told one of our reporters that the president “is at the moment in London on a private visit.”

The official, who asked not to be mentioned, declined further comments on the reason for the president’s visit in London.

But Special Adviser to the President on information and strategy, Bayo Onanuga, later confirmed that Tinubu headed for Europe from Saudi Arabia, although he was not the precise about European country.

In a post on his X handle, Onanuga had announced that the president would return to Nigeria on Wednesday.

He wrote: “President Bola Ahmed Tinubu, along with his aides, will return to Nigeria tomorrow from Europe.”


Shettima’s aborted trip

While the dust was yet to settle on the whereabouts of Nigeria’s number one citizen, the office of Vice-President Kashim Shettima announced that the nation’s number two man was heading for a summit in US.

This had triggered backlash as Nigerians wondered how those in charge could leave the country in the middle of the storms, particularly nationwide fuel scarcity.

But just as the debate was raging, particularly on social media, Shettima’s media team announced that the US trip had been aborted for the vice president to carry on with “national duties”.

However, the cancellation was attributed to technical fault, a rare occurrence for jets in the presidential fleet.

Several attempts to reach Onanuga for clarifications on the president’s return trips were unsuccessful as calls were not answered.

The presidency has announced that President Bola Tinubu and his aides will return to Nigeria from Europe today.

Special Adviser to President Tinubu on Information and Strategy, Bayo Onanuga, announced the development in a post on his social media handle today.

“Welcome Home Mr President!,” he wrote.

His return on Wednesday concludes his 20th foreign trip since he was sworn in last May, totalling 96 days abroad.

Here’s a list of every country the President has visited since inauguration:

1. Paris, France

2. London, the United Kingdom

3. Bissau, Guinea-Bissau (twice)

4. Nairobi, Kenya

5. Porto Norvo, Benin Republic

6. New Delhi, India

7. Abu Dhabi and Dubai in the United Arab Emirates

8. New York, the United States of America

9. Riyadh, Saudi Arabia

10. Berlin, Germany

11. Addis Ababa, Ethiopia

12. Dakar, Senegal;

13. Doha, Qatar

14. The Hague, The Netherlands.

The lifeless body of a man, said to be a father of 12 children has been found in a brothel at Tombia-Amossoma road axis of Yenagoa, Bayelsa.

According to the residents of the area, the deceased is a 40-year-old man from Delta, though his name was not known as at the time of filling the report.

The deceased was said to be suffering from partial stroke, before engaging in a sex rump that led to his unfortunate demise.

They said he was one of the customers of the commercial sex workers, who left home around 8 am on Tuesday to meet a prostitute, but was later found dead in the quarters.

It was gathered that the lifeless body was found naked in the apartment while all the commercial sex workers had deserted the said apartment.

At the time of visiting the scene, people living around the area were trying to get the identity of the deceased to contact the relative to evacuate the corpse for burial.

It was gathered that security operatives had previously raided the brothel and earmarked it as a red-light zone.

The Commander of Vigilante Group of Nigeria (VGN) in Bayelsa State, Mr Tolumobofa Akpoebibo Jonathan, told Nigerian Tribune at the scene that the deceased is a 40-year-old father of 12 from Delta state.

Police spokesperson in Bayelsa, ASP Musa Muhammed, told Nigerian Tribune that he was trying to reach out to the Divisional Police Officer (DPO) in charge of the area to get accurate information about what happened while promising to get back on the cause of the incident.

Supervisors and advisers of Ikere-Ekiti LGA in Ekiti state were sworn in with an ‘Ògún’ totem and the Quran.

Ògún is one of the deities in African traditional religion. It is often regarded as the “god of iron”.

The swearing-in ceremony took place on May 2 at the conference hall of the office of Olu Adamolekun, chairman of Ikere-Ekiti LGA.

The oath of office was administered on the appointees by Adamolekun.

In a video making the rounds on social media, the appointees could be seen taking turns to wield a cutlass (a totem for the god of iron) in one hand and a Quran in the other.

While administering the oath of office, Adamolekun asked the appointees to repeat the following in Yoruba: “From today, I will be loyal and truthful to BAO (Ekiti state governor), and Monisade (deputy governor), APC and its leaders.”

“I will take instructions from the leaders. If I refuse to do so, Ogun or Quran should kill me. For this, I will be truthful,” they said.

In Nigeria, public office holders usually swear an oath of office using the Quran or Bible, while pledging allegiance to the constitution.

In this instance, however, the appointees were asked to swear allegiance to the All Progressives Congress (APC) and its leaders in Ekiti — while invoking a deity.

LIST OF THE APPOINTEES

SUPERVISORS

1. Femi Ayeni — Are/Aramomi/Ayetoro Ward
2. Olu Ogundipe — Okeruku Ward
3. ldowu Ojo Omowumi — Atiba/Aafin Ward
4. Ajayi Mathew Oladele — Ogbonjana Ward

ADVISERS

1. Sola Alonge — Odose Ward
2. Boluwaji Daramola — llapetu/ljao Ward
3. Toyin Owolabi — Agbado/Oyo Ward
4. Akojiyan Olamilekan Rasaq — Oke Osun Ward
5. Filani Motunrayo — Afao/Kajola Ward

The All Progressives Congress (APC) in Rivers State has asked the 27 members of the House of Assembly loyal to Nyesom Wike, Minister of Federal Capital Territory (FCT), to commence impeachment procerding against Governor Similanayi Fubara.

Caretaker Committee Chairman of APC in the state, Chief Tony Okocha, made the call at a press conference in Port Harcourt, on Tuesday.

He said the governor has committed so many impeachable offences, hence the need to commence his impeachment process.

Okocha said the Nigeria constitution recognized the three arms of government such as the Executive, Judiciary and Legislative, saying the governor has no constitutional power to declare duly elected members of the state Assembly non-existent.

He said, “We have directed members of the Rivers State House of Assembly to commence the impeachment process of a comatose government.

The Governor’s head has become bigger than his pillow. He does not respect the law. He does anything he cares to do. We will not sit here as Rivers people to see Rivers State become a laughing stock in the comity of states, when we have a Governor who does not know his left from his right.

“A state as crucial and all important as Rivers State churned out a dunderhead. We cannot accept that. Our charge to the Assembly is to immediately commence an impeachment. And if they don’t do that there is what they call party discipline. We shall invoke the relevant section of the constitution.


“You know the history of politics. You know the constitution of Nigeria. The Governor said the Assembly members do not exist, that whatever thing they are doing is because he allowed them. In other words he has re-written the books. Elementary politics taught us the three organs of government and their roles. And goes further to talk about the separation of powers and checks and balances. Now what the Governor was implying clearly is that he is ruling Rivers State without laws.

“That Rivers State runs on executive arm and judiciary. So what that implies is simply absurdity. You can now see the tendencies of a dictator. As an opposition party in Rivers State, we will not keep quiet, we will shout. It is regrettable that the Governor has taken up to this point and we will not take it. The Governor was clear whether unambiguous in his deliberate attempt to denigrate the person of Mr President.

“All these while he has been sponsoring people to challenge the power of the President in the proclamation made by the President. The Governor said that the President’s intervention in Rivers State which he signed was not constitutional but a political solution. But he assented to it, not under duress. The agreement was signed in a friendly environment and the Governor assented to the proclamation and had the opportunity to speak where he thanked Mr President. So nobody forced him to sign the proclamation, he did it willingly. So at what point did the governor realize that the resolution was a political matter?

“The issue again to ask is each of those items for us to drive this home. Nine Commissioners resigned and they were brought back. Then you now began to talk about constitutional issues when the President advised you not to interfere in the funding of the State Assembly. Another area of the Constitution which the President delved into was the conduct of local government elections and the representation of the budget. Among these issues raised, which of these is the Governor talking about that is not constitutional?.

“What section of the constitution empowers the Governor to declare the Assembly non-existent? The role of the Governor is proclamation of the Assembly which is done once in four years. The constitution doesn’t allow him for quarterly proclamation of the Assembly. He dissolved the House and proclaimed the Assembly at the end of the tenure of the Assembly. Mind you the Assembly we are talking about is a representative of the people, they were duly elected. They are not his appointees. So where did the Governor derive his powers to say that the Assembly is non-existent.

“Meanwhile records are there about the correspondences between the Governor and the Assembly wherein he addressed Martin Amaewhule as the Speaker of the Rivers State House of Assembly. We want this to be on record as the Chairman of the APC in Rivers State, as the representative of Mr President, we won’t sit here to see the Governor declare on his own as if he is in court.

“He has become Daniel, who is sitting in judgement to declare the Assembly members’ seat vacant. To that extent in consultation with my party, we have directed and we are directing the Assembly members and as APC members who are in the Assembly to immediately commence the impeachment of Governor Sim Fubara.”

Reacting, Rivers Commissioner for Information, Mr Joseph Johnson, said Okocha is not the Chairman of APC in Rivers State.

“In our jurisprudence the 27 lawmakers have lost their seat on the day they defected to another party that’s what the law says. The Constitution of federal Republic of Nigeria section 109 clearly stated that and it’s incontrovertible. The law says you cannot put something on nothing.

“There is nothing at all to even put on something. The Rivers State House of Assembly does not exist, they are none existent. The governor said yesterday that they does not exist but out of his magnanimity has allowed them he even gone further to draw them closer but it does not appear that they don’t understand.”

The Central Bank of Nigeria (CBN) has issued an order to all banks operating within the country to impose a cybersecurity levy on transactions.

In a circular released on Monday, May, the apex bank stated that the implementation of the levy would begin two weeks from the date of the circular.

The circular was directed to all commercial, merchant, non-interest, and payment service banks.

The circular stated it was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively, on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.

Here are five charges Nigerians pay for electronic transactions:


1. Cybersecurity levy (0.5% on every transaction):

N5 is charged on the transaction of N1,000

N50 is charged on the transaction of N10,000

N500 is charged on the transaction of N100,000

N5,000 is charged on the transaction of N1,000,000

N50,000 is charged on the transaction of N10,000,000


2. Transfer fee

N10 is being charged on the transaction below N5,000

N25 is being charged on the transaction between 5,001 and N50,000

N50 is being charged on transactions above N50,000


3. Stamp duties

N50 is being charged on transactions between N10,000 and N10,000,000


4. Short Messaging Service (SMS)

N4 is being charged on each electronic transfer notification

Note: This is only applicable to customers on eligible electronic transactions. Those who opt for e-mailing services are not charged the same.


5. Value Added Tax (VAT)

N0.75 is being charged on the N10 transfer fee

N1.875 is being charged on the N25 transfer fee

N3.75 is being charged on the N50 transfer fee.

By Abubakar Sadiq Mohd


Tomato Crates Dealers Association of Nigeria and Amalgamated Union of Food Stuff and Cattle Dealers of Nigeria have threatened to cut tomato supply to Lagos state over destruction of their commodities.

Alhaji Ahmed Alaramma, the National Chairman, Tomato Crates Dealers Association, made the threat at a press briefing in Zaria, Kaduna State, on Sunday.

He said the incident that occurred at Oke-Odo market in Lagos, led to the destruction of over 60,000 empty tomato crates.

Alaramma who is also the National Secretary of Amalgamated Union of Food Stuff and Cattle Dealers of Nigeria said explained that raffia basket was initially used for conveying tomatoes to south, however raffia basket caused more damages.

He added that the plastic crates were introduced to mitigate the damage and wastage while conveying fresh tomatoes from north to southern parts of Nigeria.

“Over 70 Members of the association rent out the crates to tomato dealers across the country; we have over 60,000 crates which were about to be returned to north at the market during the turmoil.

“These crates were burnt by the area boys during the clash and the area boys prevented our people from quenching the fire. We have video evidence and other proof supporting our claims,” the Chairman said.

According to him, each empty crate cost N6000; therefore members lost over N360m investment.

He appealed to the federal government, Lagos state government and other relevant stakeholders to look into this and compensate the association to cushion the effect of the damage.

He said the association was already in touch with its legal team over available legal remedies in the event of unfavorable response from the government.

“If nothing is done, we will have no option than to cut supply of tomatoes to Lagos over this incident,” Alaramma said.

Saturday was exactly six days after President Bola Ahmed Tinubu attended the World Economic Forum’s (WEF’s) Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, and he is yet to return to Nigeria.

The two-day forum, which aimed to help public and private sector leaders address shared global challenges, opened on Sunday, 28th and ended on Monday, 29th April, 2024.

The Presidency has not released any statement on what was holding the president from returning to Nigeria.

This has led to speculations in some quarters that the president may have proceeded to Paris, France, where he had travelled to several times for medicals.

However, two credible sources have independently told Daily Trust that the president proceeded to London from the Saudi capital of Riyadh.

One of our two sources, a highly placed official at the Presidency, told one of our reporters yesterday that the president “is at the moment in London on a private visit.”

The official, who asked not to be mentioned, declined further comments on the reason for the president’s visit in London.

“I really don’t know, he (the president) has left Saudi Arabia and he should be in London now, but I don’t have details.

“I don’t have an idea about it (the purpose of the president’s trip to London), but I think it is a private visit,” the official said.

Another top official at the Presidential Villa said there was no cause for alarm about the president’s whereabouts.

The official, who refused to disclose his boss’ whereabouts, assured that the president would return to the country “this weekend.”

The president had, on April 23, left Abuja for the Kingdom of the Netherlands on an official visit.

His Special Adviser on Media and Publicity, Ajuri Ngelale, had, in a statement, said the visit was on the invitation of Prime Minister Mark Rutte.

Ngelale had said that while in the Netherlands, Tinubu would engage in high-level discussions with the Prime Minister and hold separate meetings with His Royal Majesty, King Willem-Alexander and Queen Maxima of the Kingdom.

“While in the Netherlands, the president will participate in the Nigerian-Dutch Business and Investment Forum, that will bring together heads of conglomerates and organisations in both countries to explore opportunities for collaboration and partnerships, especially in agriculture and water management towards innovative solutions for sustainable farming practices,” he had stated.

Ngelale had added that Tinubu would, as part of the official visits, also proceed to attend a special WEF meeting scheduled for April 28-29 in Riyadh, Saudi Arabia.

The special meeting in Riyadh was to among other objectives, bridge the growing North-South divide, which has further widened on issues such as emerging economic policies, the energy transition and geopolitical shocks.

Customers of DStv and GOtv have been notified to expect a three-day “technical downtime” of its services.

In a notice shared on its official social media handle on Friday, DStv explained that the downtime would be due to the ongoing Lagos-Calabar coastal road construction.

The pay TV operator, Multichoice said the project would force them to relocate from the office location between May 5,and May 7, 2024, assuring customers that disruptions would be minimised during the relocation.

It stated, “Our uplink facility will be impacted by the ongoing Lagos-Calabar coastal road construction project. As a result, we are forced to relocate. From Sunday, 5th May, 2024, to Thursday, 7th May, 2024, our technical team will be working tirelessly to relocate and minimize disruptions during the exercise.”

Appreciating customers for their patience and understanding during the period, it reiterated its dedication to delivering the quality service and support they expect from DStv and GOtv.

It added, “We’re relocating our uplink facility due to the Lagos-Calabar coastal road construction. This means you might experience some technical downtime. Thank you for bearing with us during this transition.’’

The company assured that it would soon restore its services better than ever.

Independent marketers expect the current fuel supply crisis in parts of the country to abate not later than next week.

Their optimism is hinged on the ongoing efforts to free seven fuel-laden vessels trapped in Warri.

The vessels are carrying a total of 150 million litres of Premium Motor Spirit (PMS) an official of the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) told The Nation yesterday.

The fuel shortage remained critical in many states of the federation last night although reports from other parts said the situation was easing off.

The DAPPMAN source said: “Seven vessels are trapped in Warri. It happened that four were on their way to Nigeria when they ran into other two that had broken down and the one that was trying to rescue them, making seven vessels.

“They are all in Warri and once their total stock of 150 million litres hits the market, the queues will disappear.”

The claim could not be confirmed from the Nigerian National Petroleum Company Limited (NNPCL), whose chief spokesman, Olufemi Soneye, asked that an SMS be sent to him when he was contacted on the phone.

This was done promptly, but his response had not come at press time.

The fuel crisis appeared to have eased marginally in the Federal Capital Territory yesterday.

The situation in parts of Lagos and Ibadan, the Oyo State capital, was also relatively better yesterday.

Filling stations of NNPC, NIPCO and ENYO in Ibadan operated in full and sold at the old rates of between N580 and N630 per litre.

Consequently, queues reduced drastically towards the evening.

Motorists who fuelled their vehicles on Friday told The Nation that they were able to buy fuel within 90 minutes of queuing.

A motorist, Mr Wale Olola, said: “I went out at about 10am in search of fuel. I had prepared my mind to spend about four to five hours wherever I got but was surprised to see NNPC, ENYO, NIPCO and others selling.

“Because of the availability in more stations, the queues were not as long as they were earlier in the week.

“I joined the queue and was able to buy fuel within an hour. It was so soothing.”

Yet some filling stations were closed yesterday for lack of product supply.

Commercial transporters were still charging exorbitant fares as at Friday with the claim that they bought fuel at high cost.


Fuel hits N950 per litre in Ondo

There was still no respite in Ondo State yesterday with a litre of fuel going for N950 per litre in Akure, the state capital.

Many of the petrol stations in Akure did not even have products to dispense.

Chairman of IPMAN, Ore depot, Shiba Amoo, said fuel would soon be available in Akure.

“We are working on how we can have priority for Akure. NNPCL has called for immediate loading of fuel,” he said.


It’s N880 per litre in Enugu

There were long queues at NNPC filling stations in Enugu where the product was sold for N600 per liter.

But the price differed at other filling stations, going for N880 per litre in some of them.

In places like Nsukka and Obollo Afor, it was between N880 and N1000 per liter.

However, only NNPC outlets and those of Total Energies sold N600 and N667 per liter respectively.

The price also ranged between N730 and N800 per litre in Anambra, Imo and Abia states, although there is no scarcity in Anambra.

In Imo State, the high price has caused significant disruption and hardship with transporters increasing fares by 100%.

Despite the availability of the product, motorists are struggling to cope with the increased cost, which has added to their financial burdens.

Many commuters have expressed their discontent, saying that the price hike has made it difficult for them to afford transportation to work, school, and other daily activities.

Many of the major and Independent Petroleum Marketers operating various petrol stations in Aba, the commercial nerve centre of Abia State, had no queues, but sold for ₦730-₦750.

On Friday, our correspondent reports that the pump price of PMS rose to ₦750-₦800 per liter.


No scarcity in Port Harcourt

Fuel is readily available in Rivers State although a litre can only be got for nothing less than N750.

A resident of the city said yesterday that he bought a litre for N712 on Thursday and N750 yesterday.

“Most filling stations have fuel but I noticed that they jerked up the price,” he said.

However, some of the stations did not sell to motorists, even when their gates were left wide open.

By Ayodeji Adegboyega


The Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso, has called on the fiscal authorities to address new sources of inflation to complement the efforts of monetary policy in achieving price stability.

In his statement published after the last Monetary Policy Committee (MPC) meeting held on 26 and 27 February, Mr Cardoso highlighted the need for collaborative efforts between monetary and fiscal authorities to address the multifaceted nature of inflationary pressures in the Nigerian economy.

He expressed worry over the persistence of inflationary pressures despite efforts to stabilise the foreign exchange market since its previous meeting where the rate was increased by 400 basis points to 22.75 per cent.

The CBN helmsman spoke on the risk of escalating inflation and highlighted the need for decisive action to prevent hyperinflationary pressure.

Although monetary factors contributing to inflation are diminishing, structural issues such as increases in food and energy prices continue to drive inflation, he explained.

He also said there are new sources of inflation, including ‘seller inflation’ and government purchases for distribution as palliatives.

“In addition, huge purchases by the government for distribution as palliatives to vulnerable citizenry is adding another dimension to the food price inflation, with seasonal factors of food price increases during religious fasting and festive periods, adding price cyclicality.

“Some of these new sources of inflation are better addressed by the fiscal authorities to complement the efforts of monetary policy in achieving round price stability,” he said.

Similarly, Emem Usoro, a member of the MPC, urged fiscal authorities to collaborate closely with monetary policymakers to address inflationary pressures.

This includes implementing measures to tackle structural factors contributing to inflation, such as addressing issues in commodity markets and managing price fluctuations during religious and festive periods.

Additionally, fiscal policies should aim to complement monetary efforts in anchoring inflation expectations and promoting overall price stability in the economy, the expert noted.

“From the foregoing, it is obvious that the continuous rise in inflation is detrimental to the broad recovery of the economy,” the MPC member argued.

“While the rise can be attributed to both monetary and structural factors, unwavering collaboration between the monetary and fiscal authorities is essential to effectively combat upward price movement and restore macroeconomic equilibrium.

“Monetary policy must thus focus on two key issues: moderating monetary demand and stabilizing the exchange rate.”

In March 2024, Nigeria witnessed a surge in food inflation, with the rate reaching 40.01 per cent, reflecting a significant increase of 15.56 percentage points compared to March 2023 when it stood at 24.45 per cent.

According to the data released by the National Bureau of Statistics, this upward trend was attributed to the escalating prices of staple items such as garri, millet, and akpu (all categorized under Bread and Cereals), as well as yam tuber, water yam, and other essential food commodities.

Simultaneously, the country’s overall inflation rate rose to 33.2 per cent in the same month, reflecting a 1.5 percentage point increase from the 31.7 per cent recorded in February.

The March inflation was primarily driven by notable increases in food and beverage costs, in addition to rising energy and housing expenses.

Adedamola Ogunbewon


The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has shared an incident where a 17-year-old successfully hacked into his personal computer and bank account while being questioned at the EFCC office in Lagos.

Olukoyede invited the young hacker to his office for questioning, saying the teenager was able to bypass the security measures on his locked computer with ease.

The EFCC chairman disclosed this during a conversation with editors at the EFCC headquarters in Jabi, Abuja.

He said: “I brought into my Lagos office a seventeen-year-old boy who is studying History and Anthropology. He is in the 200 level. He is not doing anything science-related. The guy sat in my office in Lagos and demonstrated some things to me on my laptop.

“He asked for my number, I gave him my number and through my number, he got my BVN. He then mentioned the name of my account number to me at the bank. I didn’t tell him anything.

“The problem is, I see crime in that, and I also see opportunities in it. So, if you leave these guys, we don’t make them know that what they are doing is wrong, if you leave them, they will continue to see it as a way of life to make money.

“We plead for light sentences so that we can reorientate them and that’s part of what we’re doing. What joy will I derive from sending a 17-year-old boy to jail? You have destroyed his future. You have destroyed his career.

“Sometimes they give them options of fines and all of that conviction, so we bring them in, lecture them and talk to them.”

The boy boldly told Olukoyede that he could transfer up to 10 million naira from any account in a single transaction, showcasing his expertise.

He said the 17-year-old boy, when he was done, said: “Look, oga, I can make 10 million now. I will demonstrate it to you. I will move money from your account to mine.

“I said no, don’t do that in my office and he was ready to do that. When he opened my laptop, I didn’t give him the key to my laptop and he had access.

“He has two younger ones. One is in JSS2 and the other is in SSS2. He is the one feeding his parents and responsible for the payment of tuition for his younger ones.

“I saw a Bill Gates in that guy. I told my family, we were going to do that.

“I spoke to one of my friends who is also ready to help take up the schooling of the SSS 2 guy. So I’m still looking for someone who will take up the one for the JSS 2 sibling.”

The EFCC chairman has already disclosed the anti-graft agency’s strategy to pardon and rehabilitate convicted online scammers.

The ongoing hostilities towards Nigerian carriers is not limited to the foreign airlines as many fellow African airlines have been found to be culpable.

Confirming this at the 48th Annual General Meeting and exhibition of the National Association of Nigeria Travel Agencies (NANTA) in Lagos, the Chairman of Air Peace, Allen Onyema, narrated how African countries have been frustrating his airline from operating seamlessly into their home countries with airport charges.

The airline chief who exonerated Ghana from the aero politics, maintained that all other African countries where Air Peace operates, have continued to use exorbitant airport charges to frustrate Air Peace from operating into the African market.

Onyema said while these African airlines operate flights into Nigeria without limitations, reverse has been the case as their home countries write to Air Peace not to fly into their country.

Whenever Air Peace challenges this decision in court, the countries would reluctantly allow Air Peace to operate but afterwards use exorbitant airport charges to frustrate the airline.

“It took us four years to get approval to fly into a West African country but their airline has been coming into Nigeria for many years. When we eventually started flying, they wanted to chase us away with exorbitant airport charges. They told us to pay $12,000 per landing. We cannot implement SAATM in a lopsided way and expect it to work.

“Some countries we fly into send us bills running into millions of euros. When we ask them how we incurred the bill, they won’t respond. We made payment and after making payment, they told us the account we paid into no longer exists and we need to make a fresh payment. I have never seen a country as welcoming as Nigeria but we are being stigmatised in other countries”, Onyema said.

He also disclosed that another African country asked Air Peace to pay four million euros as charges incurred but when Air Peace asked them how they arrived at the charges, they got judgement against Air Peace in a French court.

The Air Peace chairman said the advantage Air Peace has over other airlines is that Air Peace is flying people from other States in Nigeria to London via the Lagos airport, thereby saving passengers over N200,000 they would have paid on local destinations after arriving at Lagos airport.

“We studied to find out why Nigerian airlines failed on the London route, we know the issues and we addressed them. It is not totally the fault of Nigerian airlines. If I didn›t go to the media to expose what Gatwick and other airlines were doing to us, we would not have lasted on the Lagos-London route for two weeks,” he said.

In his remarks, the representative of the Minister of aviation and aerospace development, Hassan Tai Ejibunu, a director, Air Transport management, Minister of Aviation and Aerospace Development said the theme of this year›s AGM and exhibition ‹Unlocking Africa’s Economic Potential: Travel and Tourism as Catalyst for Intra-Africa Business, Investment and Trade,› is very apt as it is sync with the visionary thought of African leaders to integrate and facilitate trade and investment among the 55 countries of the African Union and eight Regional Economic Communities (RECs) in the continent, through the African Continental Free Trade Area (AfCFTA).

For the minister, AfCFTA is the world’s largest free trade area which objective includes free movement of people and capital. With a combined GDP of an estimated US$3.4 trillion, the pact links 1.4 billion people living in different parts of the continent.

Keyamo said the underlying objectives behind the creation of AfCTFA cannot be totally achieved without the contribution of Associations like NANTA in the continent, as they facilitate the movement of people, goods and services.

He said the five-point agenda, which are in tandem with the renewed hope agenda of the President are to “Ensure strict compliance with safety regulations and continuous upward movement of Nigeria’s rating by ICAO, support for the growth and sustenance of local businesses whilst holding them to the highest international standard in the aviation industry, improve infrastructures in the aviation industry, develop human capacity within the industry and Optimise revenue generation for the federal government.”

Also speaking at the event, Susan Akporaiye, said when NANTA was confronted by the high fare pandemic out of Nigeria, it reasoned with the government and stakeholders to address the issue.

The 650,000 barrels per day Dangote Refinery may not be able to deliver Premium Motor Spirit (PMS) also called petrol to the domestic market in May as widely reported earlier.

LEADERSHIP learnt that the delay may not be unconnected with the installation of residue fluid catalytic cracking unit (RFCCU) to facilitate sustainable refining of petrol by the refinery.

An industry expert told our correspondent that the RFCCU is an advanced version of the Fluid Catalytic Cracking Unit (FCCU).

“This is causing delays in efforts by the refinery to commence petrol refining,” another source within the firm said.

LEADERSHIP efforts to get confirmation from spokesman of the Dangote Group, Tony Chiejine, were unsuccessful as he didn’t pick his calls nor respond to WhatsApp messages sent to him before this report.

The Fluid Catalytic Cracking Unit is a piece of refining equipment used to convert the heavy portion of crude oil feedstock into oil lighter petroleum products, including liquified petroleum gas and gasoline.

The FCCU uses a chemical process known as cracking to break down large hydrocarbon molecules into smaller molecules by exposing them to a catalyst and extreme heat. Common catalysts include zeolite, bauxite, silica-alumina, and aluminum hydrosilicate. Once the FCCU process is complete, the product is then sent to a hydrocracker for further processing.

LEADERSHIP recalls that the Dangote Refinery was reported to be set to supply petrol to marketers by May 2024.

The refinery has already begun the distribution of diesel and aviation jet fuel to domestic marketers, a development that has reduced the retail price of both products.

Bloomberg had reported the new mega-refinery would begin supply of PMS to the domestic market in May, significantly reducing Nigeria’s dependence on imported petroleum products.

The refinery, which began its operations in January, made its first export last month, shipping 65,000 metric tonnes of low-sulfur straight run fuel oil and approximately 60,000 tonnes of naphtha.

The facility is operating at an initial processing rate of 350,000 barrels per day, with plans to increase towards its maximum capacity.

However, analysts at the Standard and Poor’s’ Global Commodities Insights have projected that the Dangote Refinery will start supply of petrol in the fourth quarter of this year rather than the next month being stated by the company.

This was disclosed by Kelly Norways- an African energy expert at the S&P podcast titled: “Exploring West Africa’s oil product flows in a changing refining landscape” where its analysts shared insights on the latest trends in the energy market across Europe and West Africa.

She commented on the impact of the Dangote refinery to significantly reduce energy imports across the West African sub-region putting the figure for petrol as 290,000 barrels daily from 2024 and 2026.

In her words, “We are starting to see signs of activities, but all eyes are on when we’ll start to see gasoline production commence from that project. There is a significant amount of pressure from the Nigerian government for a significant volume of that supply to be sent to the domestic market.”

“In reality, when we see that start scale up is still subject to debate. Dangote has recently been espousing some punchy timelines. They have most recently been saying that they are looking to produce gasoline by May. But in reality, our analyst expects that it would be something like the fourth quarter of this year in a more realistic timeline.”

Furthermore, the discussion delved into the changing dynamics of petroleum product flow into West Africa in the past few months with reduced supply of petroleum products into Africa following reduction from hitherto traditional suppliers the Netherlands.

It noted that the decline in supply from The Netherlands Amsterdam and Rotterdam refineries was due to improvements in quality and new regulations from those places since 2022.

The Dangote refinery was officially commissioned in May 2023 but has not been able to operate at full capacity due to a series of delays. However, it began receiving crude oil around December and finally started distribution of diesel to marketers in the local market in March.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it will take decisions that will cripple the supply of petrol due to the non-payment of over N200 billion bridging claims.

The development comes amid a scarcity of petrol, which has led to an increase in transport costs.

Bridging claims entails the cost of transporting fuel from depots to approved zones to ensure a uniform pump price across the country.

In a communique released after a press conference on Tuesday, Oliver Okolo, the association’s unit chairman and spokesperson, Aba Depot, said the debt is being owed by the Nigerian Midstream and Downstream Petroleum Regulatory Commission (NMDPRA).

Okolo said NMDPRA failed to pay the N200 billion debt, accruing since September 2022 — despite a directive for payment from Heineken Lokpobiri, the minister of petroleum resources (oil).

“We are poised to take far-reaching decisions that may cripple the supply and sales of petroleum products across Nigeria, if our demands are not met within the shortest period,” he said.

He said the NMDPRA’s delay in offsetting the debt has led to the “deaths of many of our members and the unfortunate collapse of their businesses”.

“As businessmen and women, our members acquired bank loans to keep their fuel retail outlets running daily across the nooks and crannies of Nigeria, to serve the teeming population of Nigerians,” he said.

“However, it is demoralising to know that many of our members have gone bankrupt and have become financially insolvent as a result of their inability to meet their financial obligations to their banks, arising wholly from their inability to get their monies from the NMDPRA.

“Consequently, also, the banks have taken over the business premises of many of our members.

“As indigenous organisations, and Depot Chairmen, we are unhappy that rather than receive support from the government to boost our businesses, we are being discouraged, by the head of NMDPRA.

“It is noteworthy to recall and state here that at a stakeholders meeting held on the 20th of February, 2024 with Mr. Heineken Lokpobiri, the Honourable Minister of Petroleum Resources (Oil), and the NSA Nuhu Ribadu, Engr. Farouk Ahmed, the Chief Authority of NMDPRA, was mandated by Mr. Heinehken Lokpobiri to clear the entire debt in 40 days.”

However, after the 40-day deadline, Okolo said a paltry sum of N13 billion has been paid.

The NMDPRA and IPMAN have a history of disputes over bridging claims, with the latter often threatening to withdraw services.

A harmonised new minimum national wage may be ready on or before President Bola Tinubu’s first anniversary on May 29.
A source in the Office of the Secretary to the Government of the Federation (OSGF) which made this known to The Nation yesterday, said the new wage would meet the nation’s current economic reality.

The government’s representatives on the Bukar Goni Aji-led tripartite committee met yesterday to consider the proposals presented by the Organised Labour on the issue.

The source, who did not divulge specific information from the meeting, said: “They want to ensure that there’s a reasonable, realistic minimum wage. They’ll be having another meeting in another few days and that’s because they want to ensure that something happens on or before May 29.

“The way the discussions are going, the focus is to ensure that Nigerian workers have something reasonable to meet the economic reality of now. This is one of the things the members are harping on.

“I am sure before or on May 29, they should be able to come up with something reasonable that will gladden the hearts of Nigerians.”

Vice President Kashim Shettima inaugurated the tripartite committee on January 30 at the State House, Abuja.

The committee has federal and state governments, Organised Labour, and the private sector representatives as members.