Written by Jonathan Nda-Isaiah


Billionaire industrialist Aliko Dangote has said his refinery’s ability to sell diesel at significantly discounted prices will provide immediate relief to Nigeria’s inflation woes.
He disclosed this to newsmen on Wednesday after visiting President Bola Tinubu to celebrate Eid-El-Fitr In Lagos.

This is as oil marketers are urging the Dangote Petroleum Refinery to lower its recently introduced diesel price.

The marketers argue that the current price, between N1,225 and N1,300 per litre, is too high considering the refinery’s location within Nigeria and the recent appreciation of the naira.

The Petroleum Products Marketers Associations, are also demanding access to foreign exchange at official rates to help bring down prices of petroleum products being imported into the country.

They said the price of Automotive Gas Oil, AGO, also called diesel, is still on the high side despite being processed locally by Dangote refinery.

Dangote, the chairman of Dangote Group, expressed optimism about the economy noting that the naira exchange rate has improved significantly in recent months, dropping from around 1,900 to the dollar to the current level of 1,250-1,300.

This, he said, is already having a positive impact, with the price of locally-produced goods like flour starting to come down as businesses pay less for diesel fuel.

The billionaire entrepreneur revealed that his own refinery has been selling diesel at 1,200 naira per litre, compared to the previous market price of 1,650-1,700.
He expects this dramatic reduction in fuel costs to help drive down inflation in the coming months.

He said “ but there’s quite a lot of improvement because if you look at it here, one of the major issues that we’ve had was the narrow devaluation that has gone very aggressively up to about 1,900. But right now we’re back to almost 1,250, 1,300, which is a good improvement.

“And you can see quite a lot of things have actually gone. Even people now when you go to the market, for example, something that will be produced locally like a flour or whatever, people will charge you more.

“Why? Because they’re paying very high prices on diesel. And what we did, for example, in our refinery, we started selling even diesel at about 1,200 for 1,650. And I’m sure, you know, as we go along, things will continue to improve quite a lot.

“Well, even now it’s a lot of impact. If you look at it now, when you are buying 1,650, 1,700 for a litre of diesel, and that one has been cut off by almost one third to now be paying diesel at 1,200.

“And maybe eventually going forward, even though the crude prices are going up, even with that, I believe people will not get it much higher than what it is today.


“1,200, it might be even a little bit lower. But that can help quite a lot. Because if you are transporting locally produced goods, rice and other stuff, you are paying 1,650.

“Now you are paying two thirds of that amount, 1,200. It’s a lot. It’s a lot of differences. People don’t know.

“That can actually help to bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you see that there’s quite a lot of improvement in the inflation rate.

“So step at a time. And I’m sure the government is working around the clock to make sure that things get much better.

Because it’s in their own interest. It’s in the interest of everybody, It’s in our own interest, and I just want to thank everybody for the Nigerians to get things better.

Dangote urged captains of industry to partner with the government to improve the lives of Nigerian citizens. “You can’t clap with one hand,” he said.

“So both the entrepreneurs and the government, they need to clap together and make sure that it is in the best interest of everybody.”

Commenting on this, president of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said though his association has approached Dangote seeking downward review of diesel price to marketers but it is not clear how much the refinery is willing to reduce for now.

Gillis-Harry, however, said the current report that oil marketers are proposing N700 to N850 per litre to Dangote Petroleum Refinery is not realistic as the refinery would not sell below cost of production.

The PETROAN president said such thinking is just an illusion as the cost of diesel production is well above that proposed figure.

Our Correspondent gathered that the refinery may be refining the product at about N950 per litre and which would not give room for such proposals.

He said currently his association buys diesel from Dangote at the cost of N1, 200 for a litre of diesel and has proposed for a little downward review.


The marketers argue that the current price, between N1,225 and N1,300 per litre is too high considering the refinery’s location within Nigeria and the recent appreciation of the naira.

The report quoted the Independent Petroleum Marketers Association of Nigeria, IPMAN as proposing a price range of N700 to N850 per litre for Dangote diesel.

The association points out that imported diesel currently lands in Nigeria at around N1,250 per litre due to the stronger naira.

Since Dangote avoids import costs like vessel rentals and foreign exchange fluctuations, they believe the locally produced diesel should be significantly cheaper

The Board of Trustee, BoT (Treasurer) of IPMAN, Elder Chinedu Okoronkwo, in a chat with our Correspondent said, his association has set up a committee to look at various options that could help in bringing down cost of the product.

Okoronkwo said the association is demanding access to foreign exchange at an official rate and that if that happens given the strength of the naira it would help in reducing the price.

“We are looking at the market fundamentals and as business men we focus on destinations where we can get products and sell in a competitive environment.

“Yes we look at Dangote giving us a reduced rate but if the exchange rate environment brings us to getting it cheaper then we opt for importation.” he said.

Meanwhile, the refinery is scheduled to provide marketers with Premium Motor Spirit (PMS) also known as petrol, in May 2024.

The refinery has already started supplying domestic marketers with diesel and aviation jet fuel at a price of 1,225 per litre.

This move could result in a decrease in the retail price of both products in the upcoming months, according to the emerging reports.

Nigeria will be considerably less dependent on foreign petroleum products starting in May when the new mega-refinery starts supplying PMS to the local market.

Last month, the refinery, which started operations in January, exported its first goods: 65,000 metric tonnes of low-sulphur straight-run fuel oil and roughly 60,000 tonnes of naphtha.

The Presidency on Tuesday said the concerted efforts of the Yemi Cardoso-led Central Bank of Nigeria aimed at stabilising the naira aligns with President Bola Tinubu’s “multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices.”

It also vowed to continue its campaign against racketeers, urging Nigerians to expect a stronger naira that would reflect in a significant drop in the prices of essential commodities by the first quarter of 2025.

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, who said this, spoke against the backdrop of the recent series of measures rolled out by the central bank to halt the naira free fall and return the local currency to its fair value.

The CBN had rolled out several circulars and directives, leading to the rebound of the local currency from 1,900/dollar recorded in late February to nearly 1,200/dollar on Tuesday at the parallel market.

The naira, which had fallen against the greenback to over 1,500/dollar at the official market, also rose to about 1,230/dollar on Monday.

According to analysts, the CBN recent policies have played a pivotal role in the strengthening of the naira against the dollar.

Key reforms encompass the unification of exchange rate windows, liberalisation of the FX market, clearance of FX backlog obligations for banks and airlines, implementation of a Price Verification System, imposition of limits on banks’ Net Open Position, removal of the daily cap of N2bn on remunerable Standing Deposit Facility, and overhaul of the Bureau De Change segment.

A number of reforms in the FX market have adversely affected racketeers and currency speculators in the FX market and banking sector.

However, the Presidency on Tuesday vowed to sustain the momentum, saying regulatory agencies would go after racketeers and “malign actors” bent on frustrating the efforts of the government.

Beyond stabilising the exchange rate, the President also pledged to tackle inflation and bring it to a considerable rate.

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, told The PUNCH that President Tinubu “has been very consistent in his view that the labour pains felt by our people and the incredible sacrifices made by our people over the past 10 months would be rewarded across the board.”

Therefore, “The President’s multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices have provided a platform for the sustainable strengthening of our national currency against all global currencies and this is what we are seeing,” he said.

“But there is still much work to be done and this is not a time for celebration. It is a time for doubling down and working harder to ensure that inflation is sustainably brought down in short order and that consumer protecting regulatory agencies step up enforcement to ensure that our people are not short-changed by enterprises that fail to reflect the prevailing exchange rates on the pricing of goods and services across the board,” he added.

The Presidency also expressed confidence that the expected resumption of operations by private and government-owned crude oil refineries would boost revenue for the country and better the economy.

Upon assuming office 10 months ago, Tinubu discontinued subsidies on petrol, which, he said, would save the government monies for infrastructural expansion.

Presidency assures Nigerians

He also unified the foreign exchange rates to, among other things, curb currency arbitrage.

However, these moves sparked collateral instability in the value of the naira and heaped hardship on Nigerians as food prices soared.

On the inauguration day, the President’s announcement of “subsidy is gone!” sparked a cascading scarcity in petrol even as pump prices tripled within hours.

In a statement issued on May 31 and signed by its then Chief Corporate Communications Officer, Garba Deen Muhammad, the Nigerian National Petroleum Company Limited explained that the adjusted pump price aligned with “current market realities.”

The increased pump price led to the soaring prices of essential goods and services, raising the cost of living to an all-time high.

Consequently, the administration and the Organised Labour have been at each other’s throats for months over what the latter termed the government’s failure to assuage the pains of the people. Labour also argued that the N30,000 minimum wage was no longer tenable given the soaring cost of living.

Following intermittent strikes and calls for nationwide protests by the Nigeria Labour Congress and the Trade Union Congress of Nigeria, the Federal Government, on January 30, inaugurated a 37-member minimum wage committee to recommend a new national minimum wage for the country.

More so, the cost of living crisis was exacerbated by the floating of the naira in the Investors & Exporters FX window. In February 2024, the local currency suffered an all-time low in value, exchanging for N1,900/$. It was exchanged for about N800/$ at the start of the administration.

However, the naira has recently seen a steady gain against the US dollar, exchanging N1,200/$.

More so, the CBN, in an effort to rectify distortions in the retail segment of Nigeria’s foreign exchange market and bridge the widening gap in the exchange rate, began the sale of FX to BDC operators at lower rates.

In March, the apex bank sold $10,000 to BDCs at a rate of N1,251/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 per cent above the purchase price (N1,269/$1).

In April, it sold $10,000 to each BDCs at N1101/$ and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.


The CBN also directed all eligible BDCs to commence payment of naira deposit into the designated CBN accounts from April 8, 2024.

The CBN’s efforts also include investigation of entities whose actions it believes are undermining the economic reforms efforts of the Tinubu administration.

In late March, Cardoso revealed that security agencies including the Economic and Financial Crimes Commission were investigating questionable foreign exchange allocations and forward contracts previously estimated at $2.4bn.

The new CBN administration had engaged a global firm, Deloitte, to carry out an audit of the $7bn debts. Cardoso had earlier said about $2.4bn FX allocations from the $7bn backlogs were invalid.

The development came as two executives of the global cryptocurrency trading platform, Binance, were detained and being investigated for tax evasion and other offences.

On April 8, 2024, the CBN directed all banks in Nigeria to stop the use of foreign currencies as collateral for naira loans within 90 days. It disclosed this in a circular titled “The use of foreign-currency-denominated collaterals for naira loans” with ref number BSD/DIR/PUB/LAB/017/004.

The regulator said it had observed the use of FCY by bank customers as collateral for naira loans and, therefore, prohibits it with immediate effect.

It, therefore, directed banks to trim all existing loans with foreign currency collaterals to 90 days or attract a 150 per cent capital adequacy ratio computation as part of the bank’s risk.

However, the Presidency said despite these efforts and the early gains realised, it is not yet Uhuru until these benefits reflect in the lowering of prices of essential goods and services for the average Nigerian.

The Presidency, directed consumer protection agencies to ensure that the local prices reflect the rising value of the naira.

“But there is still much work to be done and this is not a time for celebration. It is a time for doubling down and working harder to ensure that inflation is sustainably brought down in short order.

“As our private and publicly-owned refineries resume operations between now and the first quarter of 2025, the nation’s cash position will dramatically improve to the extent that Nigerians can rightly expect a stronger Naira and a fair reflection of its strength in the prices of commodities in the market place,” said Ngelale.

The Presidency also assured Nigerians of the better days ahead saying the benefits of the reforms will be “more evident” as the administration progresses.

“Once you join the rising spending power of Africa’s largest population with the historic availability of trillions of naira for consumer credit that will bolster the real sector, you will see why Nigerians will be most pleased that they elected a financial engineer and businessman as president by the end of his first term in office, even as the signs are increasingly more evident today,” the Presidential spokesman concluded.


Naira hits N1,200

Meanwhile, the naira appreciated to N1,200/dollar at the parallel section of the foreign exchange market on Tuesday, Bureau De change operators said.

The figure indicates an increase of N40 from the N1,240/dollar reported on April 3.

Licensed and unlicensed Bureau De Change operators at the popular Wuse Zone 4, quoted the buying rate of the local currency at between N1,100 and 1,150 while the sold at between N1,150 and 1200.

A currency trader, Malam Yahu said, “The dollar was quoted at N1,200 on Tuesday and we sold at that price because of the public holiday but we are buying at N1,100 and selling at N1,200 and I am sure that by next tomorrow, the price will drop further. Demand has really gone down and our traders have travelled, so you won’t find traders at the market now. “

The new rate followed Central Bank of Nigeria decision to review the exchange rate for the Bureau De Charge Operators to N1,101 per dollar from N1,251/$1 as it plans to sell $15.88 million to 1,588 eligible BDCs.

In a letter addressed to the President of the Association of Bureau De Change Operators of Nigeria, the CBN announced the sale of $10,000 to the BDC operators at an exchange rate of N1,101 per US dollar.

In March, the apex bank sold $10,000 to BDCs at a rate of N1,251/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 per cent above the purchase price (N1,269/$1).

This followed the bank’s earlier decision to sell foreign exchange worth $20,000 to eligible BDCs across the country in February.

The statement read, ” We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1101/$. The BDCs are, in turn, to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”

This recent move follows an appeal by the Association of Bureau De Change Operators of Nigeria to the CBN to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members.

Meanwhile, the Lagos Chamber of Commerce and Industry and the Small and Medium Enterprises and Development Agency of Nigeria have backed the CBN for mandating Deposit Money Banks to stop the use of foreign currencies as collateral for naira loans, saying the move will help raise the supply of foreign exchange in the economy.

The LCCI and SMEDAN made this known in separate chats with The PUNCH in Lagos on Tuesday.

The President of LCCI, Mr. Gabriel Idahosa, said using foreign currencies as collateral for naira loans is one of the ways the economy has been losing liquidity in foreign exchange.

“That was one of the ways the economy was losing liquidity in foreign exchange. So when people have foreign currency rather than put in the economy and use it for import; they put it in an account unutilised and use it for collateral for naira transactions which again is one of those things that have become prevalent in Nigeria and helping to lower the value of the naira.” Idahosa said.


OPS members

He explained that to take a naira loan facility you should either make a naira deposit or assets that are available to the bank.

He said, “They are two different currencies because normally if you want to take a naira loan facility you should either make a naira deposit or assets that are available to the bank. So certainly the CBN is doing this as part of increasing the supply of foreign exchange into the economy.”

He added, “So the foreign currency is not doing anything, it is not helping the economy so that was why the CBN is doing that. So it is a welcome development because we have always said that the CBN should look at how to supply more foreign currency into the economy.”

The LCCI president advised that if anyone in possession of dollars doesn’t need them for anything it should be sold off.

“If you have dollars and you don’t need them, you sell them or you keep them in a sales account but you don’t now turn around to take a naira loan to do transactions.”

The Head, of Corporate Affairs of the Small and Medium Enterprises Development Agency, Mr. Moshood Lawal, said, “For us at SMEDAN, this is a very welcomed development as it reduces the bottlenecks encountered by Micro and Small and Medium Enterprises in accessing finance

“We believe that no business can thrive in an economy that is characterised as volatile uncertain complex and ambiguous and that is what the foreign currency-dominated collateral aggravates in the Nigerian economy. So it is a decision that is welcome within the MSME ecosystem.”

The Federal Government has started getting feedback from Nigerians via its upgraded Citizens’ Delivery Tracker App.

The app which went live on Monday would enable Nigerians to monitor government projects.

Unveiling the application in Abuja, Special Adviser To The President on Policy and Coordination, Hadiza Bala-Usman, said while it can be immediately accessed at app.cdcu.gov.ng, it would be available on Google Play Store and Apple Store within the next month.

The innovative application, which was upgraded by the Central Delivery Coordination Unit (CDCU) in consultation with diverse stakeholders, provides citizens with information on priority projects, policies, and programmes of the Federal Government.

Bala-Usman said it would provide a “strong feedback loop between citizens and government” on the eight priority areas of the President Bola Tinubu-led administration.

She said Monday’s unveiling is the culmination of a months-long process since Tinubu announced plans for ministerial assessment at the Cabinet Retreat for ministers and heads of government agencies last November.

Checks by DailyTrust revealed that less than 24 hours after the app went live, Nigerians have started making use of it to voice their feelings.

One of the comments read: “I want to appreciate the wonderful work done by the Hon Minister Umahi and his team on Lagos 3rd Mainland Bridge and hope same would be done on Ibadan-Ife-llesa Expressway. I was on this road last weekend and I can confirm that the road requires attention.

“I believe in the renewed hope of the government and trust that the Hon Minister with his pedigree and track record in Ebonyi State is up to the task. Please keep it up sir!”

Someone not satisfied with what the Minister of Power, Adelabu Adebayo, wrote: “He’s the worst minister so far. Power has become epileptic even more. We barely have light. Sometimes 3 weeks. If they bring it by luck, it’ll stay for just an hour and they interrupt again. He’s a failure”

Another person urged the Minister of Education, Tahir Mamman, to have a monthly training programme for teachers.

“Why won’t this ministry train and retraining technical teachers or have a specific target on this issue. That shows that you still want us to remain on the second generation on technology level but claimed that we next to develop nations.

“Please, dont let technical teachers be giving our children 1970 or 80s definition of new technology in 2024. Have a monthly program for them.

On the Ministry of Information and National Orientation, a comment reads: “I Don’t even know the minister by name until now. They should be in our faces and partner with mainstream media to promote national cohesion, Social media is there. Let them leverage on it to relate with citizens.”

Some communities in Abuja, Lagos and Nasarawa are currently experiencing power outages due to technical glitches.

The Ikeja Electricity Distribution Company on Tuesday said the service disruption was due to significant load restrictions across many of its transmission load centres.

According to the power distribution firm, the transmission stations affected include Oworo, Maryland, Itire, Isolo, Ogba, Alausa, Ejigbo, Alimosho and others.

“The current service disruption you are encountering is a result of significant load restrictions across many of our transmission load centres, particularly impacting:

“Oworo TS, Maryland TS, Itire TS, Isolo TS, Ogba TS, Alausa TS, Ejigbo TS, Alimosho TS, Ilupeju TS, Ayobo TS.

“We apologise for any inconvenience caused. We are actively collaborating with relevant stakeholders to restore normal operations,” the Ikeja DisCo said.

In the same vein, the Abuja Electricity Distribution Company informed its customers in Nasarawa that they were in darkness after windstorms brought down transmission lines.

Also, some areas in the FCT were said to be in darkness due to a technical fault.

“This is to notify residents in Nasarawa State: Uke, Gidan Zakara, Gora, Auta-Baleifi, Tukur Farm, CS Farm, Masaka, Keffi GRA, Luvu, Dunamis Community 1&2, Dadin Kowa, Keffi and its environs that the power outage currently being experienced is due to damage to the lines serving these areas, caused by strong winds.

Allen Onyema, chief executive officer of Air Peace, says his company has sold out tickets for the Lagos-London flights until September.

Air Peace, Nigeria’s flag carrier, on March 30, commenced its Lagos-London flight services.

Speaking during an interview with Arise TV on Monday, Onyema said the airline owns over 30 planes and has made orders for 33 additional aircraft.

“At the end of the day, Air Peace will be owning over 60 aircraft,” he said.

“When you say what has it been like, right from the day we published our fares, even that inaugural flight got sold out within days.

“It got sold out in days and even up to September. So, the traffic is there; however, the last 48 hours has not been easy.”

According to Onyema, Air Peace was told by Gatwick Airport to deposit over £2 million before starting operations.

“Are British Airways and Virgins paying that amount of money to Nigeria airports as security deposits? And when you ask them when you will get this money back, they would tell you until you stop flying to Gatwick,” he said.

He said Air Peace and the airport started negotiations and “they brought the amount down to some level”.

Onyema had also said the airline faced internal and external obstacles before it could commence the Lagos-London operations.

The Nigeria Police Force, Kaduna State Command, has confirmed the arrest of a suspected gunman in possession of a complimentary card belonging to a Brigadier General of the Nigerian Army in a wallet also containing a First Bank ATM card amongst other items.

This was contained in a release issued and signed by the police command’s spokesman, ASP Mansir Hassan, on Tuesday in Kaduna.

The police said the command accomplished a big breakthrough in crime prevention and detection by apprehending an armed robbery suspect and recovering his operating weapon, an AK-47 rifle.

The command attributed the operatives' success to acting on solid intelligence information obtained from the Divisional Police Officer (DPO) of Maraban Jos Division on March 24, 2024, at approximately 2030hrs

The statement reads: “According to a report received from the Divisional Police Officer (DPO) of Maraban Jos Division, on March 24, 2024, at about 20:30 hours, acting on credible intelligence, police operatives arrested one Salim Aliyu, a 22 years old resident of Badarawa Kwaru in Kaduna North, Kaduna State in possession of one AK47 rifle with Breach No. 01585, along with three rounds of 7.62 x 39mm live ammunitions.

“Equally, other items recovered from the said suspect include; a Nigerian Immigration Service camouflage singlet and face cap, a sharp knife, a flier, a desert handbag, a wallet containing a First Bank ATM card, a complimentary card belonging to a Brigadier General of the Nigerian Army. During interrogation, the suspect, Aliyu confessed to being on a robbery mission to Maraban Jos.

“This successful operation underscores the Kaduna State Police Command’s unwavering commitment to maintaining law and order in the state”, the CP Ali Audu Dabigi, asserted.

Exploration of crude oil exploration activities at the Kolmani Oil Field has become dormant 16 months after a presidential inauguration of exploration activities on the site.

LEADERSHIP reports that at the twilight of the administration of former President Muhammadu Buhari, precisely in November 2022, Nigerian National Petroleum Company Limited, in partnership with New Nigeria Development Company, started drilling crude oil at two oil blocks in Kolmani Oil Field, OPL809 and OPL810 accordingly.

Similarly, the projection of crude oil deposits in Kolamani, which traversed both Bauchi and Gombe states, was pegged at about one billion barrels of crude oil deposit and about 500bcf. Exploration on the field was expected to last up to 2060.

The Kolmani oil blocks were projected to generate about 50,000 barrels of crude oil every day.
However, a resident of the Kolmani area who does not want to be identified said that drilling on the site was suspended since the presidential inauguration and nothing tangible has been done.

“About a year ago, we saw how NNPCL moved most of the drilling equipment to Nasarawa State but since then nothing has been going on here. Some of the equipment was taken to Lake Chad, leaving Kolmani with virtually nothing,” he emphasised.
Of the five oil wells in Kolmani, only about two were developed.

Similarly, a bridge linking Kolmani communities with the outside world collapsed due to the movement of heavy-duty machines.

“About a few days ago, personnel from Sterling Global were seen trying to fix the bridge which raised our hope that exploration activities may soon continue. They have fixed the pillars of the bridge and, as I speak with you, a crane can be sighted working to lift the beams of the bridge,” he said.

Regarding security provisions, the Kolmani Oil Field boosts proactive security measures. Teams of personnel from the Nigeria Security and Civil Defence Corps (NSCDC) and Nigerian Army protect the area.

Meanwhile, both the NNPCL and Federal Ministry of Petroleum Resources did not respond to enquiries about the abandonment of Kolmani oil exploration.

We Have Provided Enabling Environment For Smooth Operation – Bauchi Govt

Bauchi State Commissioner for Natural Resources, Bello Maiwada said Bauchi authorities have been engaging with relevant stakeholders at the federal government level to expedite crude oil exploration in Kolmani.
“Issues that concern crude oil exploration are matters in the exclusive list of powers of the federal government, as such we don’t have much to say about crude oil exploration.

“However, as a state, we are stakeholders in the process because we are the host community. Virtually, every move we are going to make will naturally be from this position,” he said.

The commissioner noted that while no significant progress has been made since the commencement of the drilling at Kolmani by former President Muhammadu Buhari, the Bauchi State Government has provided an enabling environment required for full-scale crude oil exploration.

“In terms of security, personnel of the company responsible for developing the field can work and move freely in the area without fear for their safety and that of their equipment because adequate security measures have been put in place.

“Similarly, the Bauchi State Government has started an oil and gas academy in Alkaleri which is the first of its kind in Northern Nigeria, to train skilled manpower critical to crude oil exploration.

“As we speak, about 300 students were admitted for some courses at the temporary site of the academy domiciled at Abubakar Tatari Ali Polytechnic. Other programmes are expected to commence as soon as possible,” the commissioner said.

He further said plans are underway to establish an Oil and Gas Free Trade Zone to further facilitate transactions related to oil and gas, adding that “quarters, parks security and companies will be invited to boost trading. A land has been secured for that purpose.”

Ebenyi-A Well Drilling Ongoing In Nasarawa

Drilling activities at the Ebenyi-A well by the Nigerian National Petroleum Company Limited (NNPCL) in Obi local government area of Nasarawa State are ongoing, findings by LEADERSHIP confirmed.

This is despite initial hiccups as a result of the geological complexity of the selected drilling area, our correspondent learnt.

Former President Muhammadu Buhari had in March 2023 flagged off the Ebenyi A oil well, signaling the commencement of full exploration in the Middle Benue Trough.
The development came months after the group chief executive officer (GCEO) of NNPCL, Mr Mele Kyari, announced the possibility of crude in commercial quantity in Keana and Obi local government areas following years of high-impact exploration work in the trough.
Mr Kyari had said that the company began exploration activities in the state in 2010 and had technically found a petroleum environment in the state.

“We have seen a great potential for finding hydrocarbons in Nasarawa State and to confirm this, we are going to start drilling in March (2023).

“We are very optimistic that it will be a successful exercise. It will not end there, once you find oil, you do further work to develop it not just for the benefit of the community around it but for Nasarawa State and the country,” he had explained.

However, sources close to the operation told LEADERSHIP in confidence that the complex geology of the area made drilling difficult at the initial stage, stalling the anticipated progress.

“The surface and immediate sub-surface geology of the Obi area is made up of very thick dark shales and coals of the Awgu Formation. Beneath this Awgu Formation is another very thick shale of the Ezeaku Formation.

“Drilling through these thick units of shales (clays) is not an easy task in any drilling campaign. I believe the NNPC had anticipated that from seismic and geological sections but I am not sure they knew it would be so herculean and overwhelming,” he explained.
The anomaly, it was learnt, affected the drilling rigs and other equipment several times even before progress could reach 1, 500 metres.

Despite the setback, the Company is said to be making progress and the prospect for commercial discovery is very high.
Already some huge volumes of hydrocarbon gas, it was gathered, have been flared from the well even before drilling hit 1,000 metres, a situation which experts said is a veritable sign.

“Although the flared gases could just be coalbed gas or shale-held tight gas at that shallow level, they could also be associated gas leaking from the main hydrocarbon kitchen. It could take another three months to reach this kitchen,” the source said.

A youth leader in the area, Mr. Emmanuel Ogosi, told our correspondent that the arrival of the team and the drilling activities had greatly raised the expectations of the people of a more prosperous future.

He said some of the youths had been productively engaged and doing menial jobs at the site, even as he said the work had spurred commercial activities around the area.
A member of the host community committee, Abdullahi Ladan Adowe, confirmed that drilling is in progress at the site.

He said the community and the state government had been cooperating and rendering necessary assistance to the team to ease their operation.

Our correspondent reports that Governor Abdullahi Sule had been enthusiastic about the project.

He told journalists that the commencement of drilling work was a dream come true for him as the leader of the state, noting that part of his excitement is the fact that Nasarawa youths were being engaged by the company.
He said, “When we went to the site today, my excitement was to see that on top of that (oil) rig are youths from Nasarawa State that have been employed already by the company.

“They are not just gaining employment; they are gaining experience. These are people who have never seen an oil and gas operation before. Today, they are working on a rig. So, we are getting them trained, they are getting the experience and we are getting the advantage of the economic empowerment that is there,” he said.

His senior special assistant on public affairs, Mr Peter Ahemba, told LEADERSHIP on Sunday that the state government was pleased with progress of work at the site, and that Nasarawa will soon join the league of oil-producing states.

Nuhu Obaje, the NNPC Chair Professor in Basinal Studies at the Ibrahim Badamasi Babangida University, Lapai and a leading researcher in the trough, told our correspondent that with the expected commercial discovery of crude, investors will invade the state to develop Ebenyi-A field while exploring other prospects that exist collaterally in the basin, which stretches to other states in the region.

“Apart from derivation that will accrue to Nasarawa State, huge employment opportunities and other positive socio-economic benefits would accrue to Nigerians and states in the region, because 80% of Nigerian prospects are full of gas and some little oil, discoveries here and other areas like in the Gongola Basin with Kolmani River will provide more feeds and inlets into the AKK pipeline.

“The Nigerian government through NUPRC and the NNPC Ltd looks set to change the economic fortunes of many Nigerian geopolitical states through her inland basins exploration programme. NNPC may not be able to handle all the basins at one swoop, but for now it has made success in the Gongola Basin of the Upper Benue Trough.

“It is currently almost at commercial discovery in the Middle Benue Trough and the Chad Basin. It is determined to move in next to the Bida Basin and follow it into the Sokoto Basin. Despite some commercial successes made by some independent players in the Anambra and Dahomey Basins, I am aware that NNPC will move in there to unravel more prospects in the open acreages in those basins to boost investors’ confidence,” he explained.

By Daily Trust

Federal Capital Territory (FCT) Minister, Nyesom Wike, has revealed what transpired between him and the Chairman and Chief Executive Officer (CEO) of the SNECOU Group Limited, Chief Nicholas Ukachukwu, who decried the demolition of his investment on 214 hectares of land in the Asokoro district of FCT.

Ukachukwu accused Wike of ordering the demolition without any court order despite pending valid two court orders from separate courts restraining him and the FCT administration from tampering with the property.

Speaking in a recent interview with Channels, the Anambra-born businessman called on President Bola Tinubu to intervene and save the multi-million-naira invested in the property.

Ukachukwu claimed that the property was demolished because it was owned by an Igbo man, and not because the company violated any law.

Claiming that the demolition was done in bad fate, Ukachukwu said: “Wike called for a meeting over the land, we went with our documents after seeing what we had with our lawyer and other company, Sunrise which they gave part of that land. Wike said that there is nothing on this that the court should take its effect.”

Reacting to the allegation in a press briefing, Wike said the land allocated to Ukachukwu did not have the approval of any minister as his predecessor.

The FCT minister said the land-grabbing in Abuja is becoming rampant because some officials in the land department of his ministry have compromised.

Wike said, “I have been doing this before. I will continue to do it. And nothing will happen. Criminals are criminals. They may come in different ways.

“I have never seen people like land-grabbing people in this place. I came in, (I met) so many petitions. One company came with different petitions, with different owners of properties. I summoned all of them. They came with their lawyers, senior advocates.

“And I said look what is this? Companies presented their own cases. Company A presented their own case, company B presented their own, company C, company D, Company E, I said okay, I’m going to seek advice from external solicitors. I’m not going to take advice from insiders … because the biggest (fraud) is that the Land Department has been compromised. I sought the views of senior lawyers and told them, we need to do things differently…

“This land, by this so-called ethnic jingoist, talked about, was allocated when there was no minister. The minister left on May 29, 2023. By June the land was allocated by the director of lands.

“We all met and agreed that nobody should do anything on the land until we are able to take a final decision. You know what happened? These guys thought they were too smart and they started selling the land.”

The minister said there was a time when he wanted to commission a Water Park, and he was informed he could not, saying, “The Pacco and its allies had gone to court stopping me from commissioning the water park.”

“You see these guys (some officials in FCTA) are colliding with the plaintiff against the FCTA. I’ve never seen people who are so fraudulent like this! What they do here. They sued you, they sued me as FCT minister. They have court judgments in their pocket. I told him you are wasting time. His brother sent me a text message. I have never met his brother but he sent me a message saying, “You told your Ikwerre brothers you will deal with Igbos in FCT’, Imagine such.

“Why do we behave like this in this country? We keep doing the same thing and expect different result. If you transfer a director, he would say, ‘Oh! It’s because I am Hausa! If you transfer another one, he would say, ‘It’s because I am a Muslim’, but why?” he added.

Six Peruvian cabinet ministers resigned Monday in a reshuffle that came amid a probe of how President Dina Boluarte obtained Rolex watches she has been seen wearing.

With Peru feasting on a scandal dubbed Rolexgate, Interior Minister Victor Torres was the first to step down, two days after police under his command raided and searched the home and office of the president.

Five other ministers resigned hours later. They held the posts of women’s issues, education, rural development, production, and foreign trade.

The government did not explain the resignations but they came two days before the new prime minister, Gustavo Adrianzen, and his cabinet were to go before congress to be sworn in, in a vote planned a month ago.

On Monday night, Boluarte swore in six new ministers to replace the ones who left.

Torres said after a cabinet meeting that he was stepping down for personal reasons.

But his departure was widely seen as punishment for the weekend raids targeting the president. He has also taken a lot of heat in congress over a sharp increase in street crime.

Torres said he coordinated his departure with Boluarte. “I am leaving because I asked the lady and she accepted,” Torres told reporters.

Peruvian politics is a turbulent world — the country has had six different presidents in the last eight years.

The latest drama erupted in mid-March when a news program revealed that Boluarte, who has a rock bottom approval rating, owns several expensive Rolex timepieces and it is not clear how she acquired them. She makes about $55,000 a year.

Boluarte, 61, has not cleared things up other than to say the watches are the fruit of a life of hard work.

She is now the target of a corruption probe to determine if she has enriched herself illegally since taking power in December 2022 and for failing to report the watches as part of her assets.

Boluarte is scheduled to give a formal statement to investigators on Friday and has been instructed to present any Rolex watches in her possession when she goes to that meeting.

None were found in the dramatic raids carried out Friday night into Saturday.

Boluarte came to power in December 2022 after then president Pedro Castillo tried to dissolve Congress and rule by decree, leading to his arrest and violent protests demanding she step down, and that fresh elections be held.

She is also facing a constitutional complaint over a crackdown on those protests which led to the deaths of more than 50 people.

If she is indicted in the Rolex case, a trial could not take place until after her term ends in July 2026 or she is impeached, according to the constitution.

Congress potentially could seek her dismissal on grounds of “moral incapacity,” but that would require the unlikely cooperation of the right-leaning groups that control the legislature — and are Boluarte’s main support — with their left-wing rivals.

AFP

The naira, on Monday, appreciated to N1,250 per dollar at the parallel section of the foreign exchange (FX) market.

The FX rate is a 0.43 percent increase from the N1,280 recorded on March 29.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,230 and the selling price at N1,250 — leaving a profit margin of N20.

“The dollar keeps declining and it is affecting business but business is picking up gradually,” a currency trader named Aliyu said.

At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, Aminu Gwadabe, president, Association of Bureau de Change Operators of Nigeria (ABCON), on March 31, said the recall of members into the FX market has led to stability in the exchange rate.

“The reconsideration of the BDCs into the mainstream foreign exchange market has not only cleared illegal economic behaviours of hoarding, rent-seeking, round tripping and FX holding position, and led to the emergence of exchange rate convergence,” Gwadabe said.

Gwadabe also said the increase in FX inflows through the CBN’s monetary tools boosts foreign reserves, granting the apex bank the power to defend the local currency.

Written by Godwin Enna


The lawmaker representing Musawa/Matazu federal constituency of Katsina State in the House of Representatives, Hon. Abdullahi Aliyu Ahmed, has threatened to take legal action against the management of Air Peace Airlines over alleged maltreatment.

Ahmed, who doubles as the chairman of the House of Representatives Committee on Interior, disclosed this on Sunday, while accusing the airlines of changing his flight ticket from business class to economy class after paying about N12 million from Mallam Aminu Kano International Airport Kano (MAKIA) to Jeddah in Saudi Arabia.

According to him, he boarded flight P4752 alongside his family to King Abdulaziz International Airport, Jeddah, for the lesser hajj (Umrah), saying the flight was supposed to depart Kano Airport on March 27, 2024, but it was delayed till the next day.

The lawmaker expressed displeasure at the incessant cases of delay, flight disruptions, and change of schedule without adequate notice to passengers by the management of Air Peace.

Discribing the spate of flight disruptions, poor customer experience and poor handling of passengers by Air Peace as inhuman, unacceptable and must be tackled immediately, he said that the contemplated legal action was imperative because what happened between him and Air Peace was one of the numerous maltreatments customers were subjected to in the Nigerian aviation sector.

He vowed to work with his colleagues in the National Assembly to ensure that Air Peace and other errant airlines were sanctioned appropriately without fear or favour, noting that it is no longer business as usual.

“I paid about N12 million for a business class ticket on 22 March 2024 and we were supposed to depart Mallam Aminu Kano International Airport on March 27th to Jeddah for lesser hajj. But Air Peace changed the ticket to economy class without compensation.

“Unfortunately, they delayed our flight till the next day. This is a clear case of a breach of contract by Air Peace. They should pay back the money otherwise I will be left with no option but to approach the court for a redress,” the lawmaker stated.

In the last two weeks, the Central Bank of Nigeria and other banking institutions have improved dollar supply to the foreign exchange market by $2.5bn, making the naira strengthen to N1,309 against the United States dollar.

Official figures obtained from the FMDQ Securities Exchange revealed that the naira closed at N1309/$1 on Thursday compared to the N1300/$1 recorded a day earlier. However, it still falls within the eight week low for the Naira as it continues to gain strength against the US dollar.

Trading activities were closed on Friday due to the public holiday.

Similarly, forex transactions between willing sellers and buyers at the Nigerian Autonomous Foreign Exchange Market increased by 106 per cent to $857m at the close of trading activity on Thursday, marking the highest level since the Central Bank implemented its new forex policies.

This latest development is also the largest turnover since 2021, with the closest figure being $760 million on June 2nd, 2022.

The average daily forex turnover recorded in March has been around $220 million, while this year we have seen $177 million in daily average forex turnover.

Penultimate week, the CBN made a total sales of $1bn.

The summary of the FX trading revealed that the intraday high closed at N1392 on Thursday from N1,460 per dollar on Wednesday, The intraday low appreciated to N1,250 on Thursday as against N1,200 closed on Wednesday.

Liquidity in the forex market has been attributed to an array of policies currently implemented by the CBN.

Key reforms include the unification of exchange rate windows, liberalization of the FX market, clearance of FX backlog obligations for banks and airlines, implementation of a Price Verification System, imposition of limits on banks’ Net Open Position, removal of the daily cap of N2 billion on remunerable Standing Deposit Facility, and overhaul of the Bureau De Change segment.

Forex turnover is a critical metric in the financial world as it represents the total value of all foreign exchange transactions completed within a specific timeframe, providing insights into the liquidity and vibrancy of the forex market.

High turnover rates indicate a highly active market with numerous participants engaging in buying and selling currencies, which can signal investor confidence and economic stability.

On the official end of the market, the apex bank started by addressing suspected cases of excessive foreign currency speculation and hoarding from Nigerian banks.

The apex bank also announced the complete clearance of the valid foreign exchange backlog. They stated that they concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog.

At the parallel market, the naira has continued to appreciate as the US dollar is currently selling at N1,280 on the parallel market.

At the black market, the US dollar sold between N1,280 to N1,305 depending on who is buying and selling, following the recent foreign exchange policy measures of the Central Bank of Nigeria.

The Rivers State House of Assembly, on Saturday, said it will not hesitate to impeach the state governor, Siminalayi Fubara, if it becomes the last resort to uphold the Constitution.

This is as the 27 lawmakers loyal to the Minister of the Federal Capital Territory, Nyesom Wike, took a swipe at the former Rivers State Peoples Democratic Party Presidential Campaign Council led by Dr Abiye Sekibo over its recent attack on Wike.


Speaker of the House, Martin Amaewhule, who stated this at a media briefing in Port Harcourt on Saturday, was flanked by 26 of his colleagues.

Senator Seriake Dickson representing Bayelsa West said some very important personalities (VIPs) from Lagos and the Federal Capital Territory, Abuja, are behind oil theft in Niger Delta.

Dickson stated this in an interview on Channels Television on Friday.

The two-term governor of Bayelsa State said the official system and oil companies are beneficiaries of oil theft in the Niger Delta.

According to him, there is an absence of national values which makes people to use the nation’s resources for selfish gains.

He said, “People from Abuja and Lagos are the masterminds and the official system is not ignorant and not innocent. The official security system, the official oil system, the official federal system, all of it in its entirety. It’s a powerful system.

“Why should a country like Nigeria that has been producing oil, exporting oil for the past 70 years not have a scientific way of metering, recording what leaves, what is pumped, what is sold and what is not sold? And it’s deliberate.

“It’s not a Niger Delta thing; it’s just happening there and it is unfortunate that it has destroyed communities because there is too much illegal money, illegal arms, illicit drugs and it has fueled cultism because people want to get the loyalties of young people to be able to hold territories where oil facilities are.

“They need weapons and young men that are always high on drugs. You think a man who slaughters and cuts off a man’s head and dismember him is normal? So, those are people who are actively on drugs.”

He said a global consensus should be formed that makes the international community reject stolen crude oil from Nigeria.

Dickson called for strong political will on the part of the government at all levels to stop oil theft.

Oil theft has existent in Nigeria for years with volumes of oil being lifted by in the oil sector without being accounted for.

Recall that in 2022, the Nigerian National Petroleum Company (NNPC) Limited had said it uncovered an illegal oil connection operated for nine years with about 600,000 barrels per day of oil lost in the same period.

About 108,000 barrels of crude are reportedly stolen daily in Nigeria. The Organisation of Petroleum Exporting Countries which Nigeria is a member estimates that the country lost 2.3 million barrels monthly, amounting to over $1 billion monthly.

Determined to prove his innocence in the controversy surrounding the murder of 17 military men in Okuama, the Ovie of Ewu-Urhobo Kingdom, Ughelli South local government area of Delta State, His Royal Majesty, Clement Oghenerukevwe Ikolo, Urhukpe 1, has surrendered himself to the State Police Command.

The monarch is one of the eight persons declared wanted by the Defence Headquarters (DHQ) for their role and connection with the gruesome killing of 17 soldiers in Okuama community in Ewu-Urhobo Kingdom of Ughelli South LGA of Delta State.

Ikolo reported Thursday evening at the Delta State Police Command in Asaba and was received by the Commissioner of Police, CP Abaniwonda Olufemi.

The monarch had been living in London, United Kingdom, before his recent selection and crowning as Ovie of Ewu-Urhobo Kingdom.

He was presented with a staff of office by Delta State governor, Hon. Sheriff Oborevwori, in November last year.

LEADERSHIP gathered that the monarch had not returned to his kingdom since his coronation ceremony over a legal tussle arising from his selection following the passage of the former traditional ruler.

Briefing journalists before surrendering himself to the Police, the monarch denied any involvement in the killing of the 17 soldiers, comprising four senior officers and 13 soldiers of the 181 Amphibious Battalion of the Nigerian Army.

He called on the federal and Delta State governments to constitute an independent panel of inquiry to investigate the killing of the military personnel within the Okuama community of his kingdom.

HRM Ikolo further stated that he decided to present himself to the authorities to prove to the Nigerian government and the international community that he had no hand or connection with those who murdered the soldiers.

The Police Public Relations Officer (PPRO), SP Bright Edafe, confirmed that the monarch had surrendered to the Police.

Okuama, an Urhobo community, is one of the over 40 communities under the rulership of the monarch in Ewu-Urhobo Kingdom.

By Babajide Komolafe, Economy Editor


The top five banks have a shortfall of N1.5 trillion to meet the new minimum capital base announced yesterday by the Central Bank of Nigeria, CBN for international commercial banks.

In a statement yesterday, the CBN unveiled new minimum capital requirements for banks, raising the minimum capital base for commercial banks with international authorisation by 900 per cent to N500 billion from N50 billion.

Confirming this in Abuja, yesterday in a statement, the Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali said the new minimum capital base for commercial banks with national authorisation is now 200 Billion, representing 700 per cent increase from N25 billion.

She also disclosed that the new requirement for commercial banks with regional authorization has been raised to N50 billion, representing 400 per cent increase from N10 billion.

Mrs. Sidi Ali also disclosed that the new minimum capital for merchant banks would be N50 Billion, while the new requirements for non-interest banks with national and regional authorisations are N20 Billion and N10 Billion, respectively.

A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasized that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026

According to the circular, the move, initially disclosed by the CBN Governor, Olayemi Cardoso, in his address to the Annual Bankers’ Dinner in November 2023, was to enhance banks’ resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.

To enable them to meet the minimum capital requirements, the CBN urged banks to consider inject fresh equity capital through private placements, rights issues and/or offers for subscription; Mergers and Acquisitions (M&As); and/or upgrade or downgrade of license authorisation.

Furthermore, the circular disclosed that the minimum capital shall comprise paid-up capital and share premium only. It stressed that the new capital requirement shall not be based on the Shareholders’ Fund.

“Additional Tier 1 (AT1) Capital shall not be eligible for meeting the new requirement. Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorisation.

“In line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their position,” it added.

The CBN circular said the minimum capital requirement for proposed banks shall be paid-up capital, adding that the new minimum capital requirement shall apply to all new applications for banking licenses submitted after April 1, 2024.

It noted that the CBN would continue to process all pending applications for banking licenses for which a capital deposit had been made and/or an Approval-in-Principle (AIP) had been granted. However, it said that the promoters of such proposed banks would make up the difference between the capital deposited with the CBN and the new capital requirement no later than March 31, 2026.

Meanwhile, the CBN said all banks are required to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024. The CBN also disclosed that it would l monitor and ensure compliance with the new requirements within the specified timeline.


Top banks and capital shortfall

Under the new minimum capital requirement, each of the top five banks namely Access Bank, FirstBank, GTBank, UBA and Zenith Bank must have N500 billion as a minimum capital base.

The CBN however said the minimum capital requirement is limited to paid-up capital and share premium.

Consequently, the five banks are supposed to have combined paid-up capital and share premium of N2.5 trillion.

Vanguard findings, based on the latest financial results of the bank showed that the combined paid-up capital and share premium of the top five banks amounted to N1.037 trillion, representing a shortfall of N1.472 trillion.

Based on the stipulation of the CBN, Access Corporation, the parent company of Access Bank has paid-up capital and share premium of N251.811 billion according to its 2023 full-year result released yesterday hence a shortfall of N248.189 billion.

FBN Holdings, the parent company of FirstBank has paid-up capital and share premium of N251.3 billion, hence a shortfall of N248.66 billion, according to its Q3’23 results

The paid-up capital and share premium of GTHoldco, the parent company of GTBank stands at N138.186 billion as of Q3’23, hence a shortfall of N361.814 billion

UBA has paid-up capital and share premium of N115.815 billion, hence a shortfall of N384.185 billion according to its Q3’23
Zenith Bank has a paid-up capital and share premium of N270.745 billion, hence a shortfall of N229.255 billion.

The Federal Inland Revenue Service has said that the Federal Government is eyeing a Value Added Tax of N5 trillion in 2024 while also putting mechanisms in place to close identified tax gaps.

It also said that the FG was ready to align with the Economic Community of West Africa State’s directive on tax reform.

The Chairman of the FIRS, Zacch Adedeji, said this at a press conference organised by the Support Programme for Tax Transactions in West Africa, a programme supported by the European Union and ECOWAS in Abuja on Thursday.

The chairman, represented by an official of the agency, Mr Matthew Osanekwe said the VAT has been on the increase since 2019 quoting N1.9trn, N1.5trn, N2.5trn, N2.3trn and 3.6trn in 2019, 2020, 2021, 2022 and 2023 respectively.

He added that the government is aligning with Aeticle 30 of the ECOWAS on tax reforms.

Article 30 of ECOWAS VAT reform states that, “Each member state shall have the liberty to fix the VAT rate applicable to taxable operations within a bracket ranging between 5 and 20 0/0. However, member states could establish a reduced rate whose scope and rate shall be determined by the Council of Ministers.”

Earlier, the FIRS said the apex government expects N19.41trn revenue from the FIRS in 2024.

This target represents an increase of 56.91 per cent from the previous year’s actual and 67.91 per cent from the previous year’s target.

“The VAT rate shall also be applicable to merchandise and services produced locally as well as taxable goods imported with the exclusion of the export of goods or equivalent, which are operations submitted to zero tax,” he said.

Osanekwe said there was a discussion at the National Assembly to pass the VAT reform into law, after which, it is expected that the VAT would increase to about N5trn from the current N3.6trn.

“From 2019, VAT has improved significantly in the country. As you can notice, there is a trajectory of increase. What we are doing at the FIRS is to look at issues of policy. Nigeria VAT was at five per cent and then reviewed to seven per cent after some policy recommendations.

“We are also aligning with ECOWAS directive on Article 30. The work is ongoing, and very soon, we will call on stakeholders when necessary. Another thing we are doing is to expand the scope of the VAT collection in the country. We now collect tax from non-resident resource suppliers like Google, Amazon, etc. We also use collection agents like the Deposit Money Banks and telecommunication companies.

“The report of the programme we had with PATF was sent to the FIRS management, and the recommendations have been adopted. For instance, for us to move from the Net Profit method to the Full Consumption method of tax collection is work in progress according to article 10. Since we are allowed to set our threshold, according to Article 30.

“We have discovered some VAT gaps, and we are working with the United Nations Development Programme to train out workers on VAT gap analysis. Once that is completed, we look forward to a VAT of about N5trn in 2024,” he added.

Also speaking at the conference, the Head of cooperation of the European Union Delegation to Nigeria, Mr. Massimo De Luca, reiterated the EU/ECOWAS stands on Nigeria VAT, stating that it remains low because citizens passive misuse of resources on the part of the government.

He expressed satisfaction with the PATF and said it is optimistic that VAT will work in Nigeria.

“Tax in NIgeria remain very low compared to other regions countries in the region. Citizens perceive that the taxes they pay are not being judiciously utilized and, hence, are reluctant to pay additional money on VAT. We are happy with the project carried out by PATF, and we are looking at sustaining efforts in the future. There is much to be done in terms of improving VAT in Nigeria,” he said.

Also Speaking at the conference, the representative of PATF, Mr Andrew Onyeanakwe, noted that the overall aim of PATF is to implement the Fiscal Transition Programme in West Africa, following the implementation of regional trade liberalization policies and to strengthen the domestic tax revenue mobilization capacities of ECOWAS member states and Mauritania.

Some of the achievement of the PATF highlighted by Onyenakwe, representative of PATF in Nigeria include: Development of Regional Tax Management Tools; Directive C/DIR.4/07/23 on the harmonization of the methodology for evaluating tax expenditure in ECOWAS Member States; Directive C/DIR. 5/07/23 Establishing the institutional mechanism for monitoring and evaluating ECOWAS Fiscal Transition.

Months after receiving the names of some ambassadorial nominees, President Bola Tinubu has yet to draw up a consolidated list of diplomats who will serve as Nigeria’s envoys to various countries and multilateral organisations, The PUNCH reports.

This is as the Ministry of Foreign Affairs says it has since collated and forwarded the names of prospective diplomats to the President for consideration.

“We have collated everything on our part and forwarded it to Mr. President,” the Minister of Foreign Affairs, Yusuf Tuggar, confirmed to our correspondent before Monday’s Federal Executive Council meeting.

However, the President’s Special Adviser on Information and Strategy, Mr Bayo Onanuga, confirmed to our correspondent that such nominations must pass through a thorough process before a final list is released. He debunked a list making the rounds, describing it as “fake news.”

“There is no official list as of today. There is a list in circulation. That is fake news. The foreign affairs list will still go through certain processes before it is released.

“Don’t forget that the ambassadorial list has two components. There are career ambassadors and political ambassadors. So, whichever one they submitted, it will still go through a long process.”

In November 2023, a senior official in the ministry said “Names of new ambassadors are being compiled.”

Although it was not clear if the nominees were political or career diplomats, feelers indicate that they primarily comprise the latter.

It is believed that while career diplomats are determined by their career progression, as recommended by the foreign service, political diplomats are often appointees of the President.

In December 2023, a high-ranking official in the nation’s foreign service, who spoke anonymously to The PUNCH, confirmed to our correspondent that one of those considered for the top diplomatic jobs is the Founder of Guaranty Trust Bank Plc. Mr. Afolabi Adeola.

Adeola will be designated Nigeria’s Ambassador to one of the world’s top three economies.

The source stated, “Yes, the President has a list of recommended persons and is considering it already.

“One of those I saw is Fola Adeola, the Founder of GTB.

“He is being considered as the Nigerian Ambassador to one of the world’s top three economies.”

Aside from Adeola, The PUNCH, on Tuesday, gathered that a Senior Special Assistant to the President, a former Deputy Governor of Lagos State, Olufemi Pedro, and the Speaker, Katsina House of Assembly, Tasiu Maigari, are also being considered for ambassadorial jobs.

Explaining the rationale for the choice, the source noted that the Tinubu administration was keen on deploying technocrats and captains of industry as its front persons in foreign lands.

“The President is reserving many of the slots for technocrats, people who have built a strong reputation in their respective fields and have built companies employing thousands of Nigerians. We need people who can use their influence to secure deals and partnerships for the benefit of their country.

“It is not a new thing. When choosing envoys, the most developed economies send their best hands for those jobs. And Tinubu is following that path.

“For example, Adeola is an investor and is not a strange face on the foreign scene and the global business community. He knows them and they know him. And he is not the only one. You can see that this speaks of the administration’s pursuit of more Foreign Direct Investment,” said the source.

On the process followed in compiling the nominees, sources told our correspondent that the Federal Government had set up a committee to recommend qualified individuals to fill the roles.

A source, who did not want to be named, said, “A committee was set up to make recommendations for career and political ambassadors.

“You see, most of the career ambassadors already know they are next for appointments. But they don’t know to which country they will be sent. There are countries where Nigeria has delicate political interests. For these ones, the government usually sends political ambassadors.

“If you remember, President Buhari appointed his former service chiefs as ambassadors to some African countries.”

Nigeria has 109 missions, 76 embassies, 22 high commissions and 11 consulates globally.

On September 2, 2023, President Bola Tinubu recalled all career and non-career ambassadors operating the country’s diplomatic missions, embassies and consulates globally.

A statement by Nigeria’s Foreign Affairs Ministry confirmed the recall of the ambassadors, saying: “Sequel to the inquiries on the letter recalling the Nigerian ambassador to the UK, the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has clarified that all career ambassadors and non-career ambassadors have been recalled on the instructions of President Bola Tinubu.”

The envoys were directed to return to the country on or before October 31.

They include the 41 non-career ambassadors and 42 career ambassadors appointed by Former President Muhammadu Buhari in July 2020.

The diplomats were deployed after the Senate confirmed them by Section 171(2)(1c) and Subsection 4 of the 1999 Constitution.

An explainer by Buhari’s Special Adviser on Media and Publicity, Garba Shehu, noted that only 25 career ambassadors who had attained the retirement age and had been in public service for 35 years were recalled.

The senator representing Bayelsa Central Senatorial District, Konbowei Benson, was arraigned before the FCT High Court in Abuja on Tuesday for allegedly forging exemption certificate of the National Youth Service Corps (NYSC).

Mr Benson, a member of the Peoples Democratic Party (PDP), was arraigned on a three-count charge for acting contrary to provisions of Penal Code Act, forgery of the NYSC exemption certificate and submitting the forged certificate to secure admission into the School of Postgraduate Studies of the Imo State University, Owerri.

In February, the Inspector General of Police, Kayode Egbetokun, instituted a forgery suit against the lawmaker.

In the suit marked: CR/028/2023, the IGP specifically accused the senator of forging a document titled ‘Certificate of Exemption’ with number 000256454 and dated 4 July 2008.

Mr Benson was subsequently charged to court and was to be arraigned on 12 February at the FCT High Court in Abuja, but his absence, due to ill health, stalled the arraignment.

The senator’s counsel, Gordy Uche, a Senior Advocate of Nigeria (SAN), told the court on that day that his client was “medically indisposed” and submitted a medical report to substantiate his claim.

“My lord, the defendant is medically indisposed and cannot be in court. He is on a drip. I pray the court for an adjournment. I promise to provide him at the next proceedings,” the counsel pleaded.


Charges

At the resumed proceeding on Tuesday, Mr Benson and his counsel were present.

Count one of the charges against the senator was that he acted contrary to the provisions of sections 366,156 and 158 of the Penal Code Act CAP 532 Laws of the Federation of Nigeria 1990 and was liable to punishment under Section 364 of the same Act.

Other charges are “That you, Benson Friday Konbowei, sometime in March 2014 within the jurisdiction of the High Court of the Federal Capital Territory fraudulently used as genuine a certain document to wit: Certificate of Exemption Number 000256454 dated 4th of July 2008 signed by the Director-General, NYSC, Directorate Headquarters, Abuja to the Independent National Electoral Commission to contest election into the Bayelsa State House of Assembly in 2015 election, which you won and represented Southern Ijaw Constituency IV and the Bayelsa Central Senatorial District National Assembly election conducted on February 25, 2023, which you won and currently a senator of the Federal Republic of Nigeria.

“And you also submitted four copies of the same forged NYSC certificate to gain admission into the School of Postgraduate Studies of the Imo State University, Owerri, which you then knew to be a forged document and you submitted four copies of the forged Certificate of Exemption Number 000256454 dated July 4, 2008, as a compulsory requirement to the School of Postgraduate Studies of the Imo State

University Owerri, which is a compulsory requirement to get admission into the school of postgraduate studies to study.”

Mr Benson, however, pleaded not guilty to all the charges when they were read to him.

The trial judge, Christopher Oba, adjourned the case till 28 March for the commencement of trial.

The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Governor Olayemi Cardoso stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

Last November, Cardoso, who assumed office two months earlier, had said commercial banks in the country would be directed to increase their capital base to service a $1 trillion economy ambition of the President Bola Tinubu administration.

The last time the CBN increased capital base for banks was in 2005, when the current Anambra State Governor, Charles Soludo, was the apex bank chief. Capital base was raised from ₦2bn to ₦25bn.

Abba Yusuf, governor of Kano, has nominated Mustapha Kwankwaso as a commissioner-designate in the state.

The governor submitted the nomination before the Kano house of assembly on Tuesday.

Mustapha is the eldest son of Rabiu Kwankwaso, the presidential candidate of the New Nigeria Peoples Party (NNPP) during the 2023 elections.

Yusuf, an ally of Kwankwaso, was also elected governor of Kano under the NNPP.

Yusuf was the personal assistant to Rabiu Kwankwaso when the latter was governor of Kano from 1999 to 2003.

He also served in the same capacity and as special assistant to Kwankwaso when the ex-presidential candidate was minister of defence in the Olusegun Obasanjo cabinet from 2003 to 2007.

The governor is also married to Kwankwaso’s niece.

Other commissioner-nominees submitted by Yusuf before the state assembly include Adamu Kibiya, Abduljabbar Garko and Shehu Karaye.

Last year, the governor submitted a list comprising 19 names, including Aminu Gwarzo, his deputy, to the state assembly as commissioner nominees.

He also appointed 96 new aides to serve as senior special reporters (SSRs) and special reporters (SRs) in various ministries, departments and agencies (MDAs) across the state.

A man identified simply as Remi was reportedly stabbed to death following an argument that ensued between him and some members of his community in the Ijeun Titun area of Abeokuta South Local Government Area of Ogun State.

PUNCH Metro gathered from a source who pleaded anonymity for fear of being interrogated that the incident occurred in the early hours of Saturday after some persons suspected to be loan sharks had come to harass Remi.

It was gathered that an argument ensued between Remi and the trio of Seyi, Ayeke and Bado, and in the process, Remi was stabbed in the neck.

The impact of the cut was said to have caused Remi to lose a lot of blood which eventually led to his death.

Meanwhile, upon seeing that Remi had given up the ghost, Seyi and Ayeke were said to have fled the scene of the incident while Bado was apprehended by the community members and handed over to the police.

The source said, “Seyi is wanted by the people of Ijeun Titun Community in Abeokuta, Ogun state for conniving with two others to stab Remi, a guy who was harassed by loan company this morning over payment of the loan taken online.

“Seyi and Ayeke held Remi for one Bado to stab him in his neck which led to Remi’s death after the fatal injury and unstoppable bleeding. They both absconded immediately they killed Remi this morning.”

The state’s Police Public Relations Officer, Omolola Odutola, confirmed the incident to our correspondent, stressing that an investigation has commenced into the matter.

“A case of suspected murder was reported at one of the divisional police stations in Abeokuta. One Remilekun Omotayo was stabbed in the neck by one Owoyemi Idowu over a minor argument on a loan.

“Investigation has commenced into the matter to ensure justice is served. Anyone found guilty will be punished according to the law,” Odutola said.

By Tosin Tope


Paul Akintelure, one of the prominent governorship aspirants of the ruling All Progressives Congress (APC) in Ondo state is dead.

Akintelure died in the early hours of Tuesday, according to sources.

Although details of his death are still sketchy, one of his political aides confirmed the sad news to Daily Trust.

“It’s true. My boss is dead. I’m on my way to see his family now,” the aide who preferred to remain anonymous told our reporter.

Recall that Akintelure had last week Thursday raised the alarm over the threat to his life ahead of the November 16 governorship election.

The APC governorship aspirant, in a statement released by his spokesman, Oladapo Akintelure, had revealed that there had been both direct and indirect attempts on his life.

The deceased said the recent unsetting event in the state compelled him to voice out and address a matter of grave concern with a heavy heart.

“Initially, I hope these incidents would dissipate over time, yet regrettably, they have escalated to pose a serious threat to my life,” he said in the statement.

While noting that he would not be intimidated by the threat, he said he had reported to the security agents about the development and had also engaged in necessary consultations with agencies entrusted with the safety of lives and properties.

“The threats against me only strength my resolve to stand up for what is right and just. I will not allow fear to dictate our path forward.

“Let us embrace peace, progress and unity. Our collective strength lies in our to stand together as one, regardless of our differences,” Akintelure said.

The late Akintelure was running mate to the late Governor Rotimi Akeredolu during the 2012 election under the defunct Action Congress of Nigeria (ACN).

He hailed from Igbotako, Okitipupa Local Government Area of the state and was also a medical practitioner.

The Nigerian Copyright Commission, NCC, has filed criminal charges against MTN Nigeria Communications Ltd. and four others over alleged copyright infringement.

The charge with Number FHC/ABJ/CR/111/2024 filed in the Federal High Court, Abuja Division was obtained by the News Agency of Nigeria on Monday.

The four other defendants in the case are; Karl Toriola, the Chief Executive Officer of MTN Nigeria, Nkeakam Abhulimen, Fun Mobile Ltd. and Yahaya Maibe.

In the three-count charge, NCC alleged that the defendants, between 2010 and 2017 “offered for sale, sold and traded for business’’, infringed musical works of an artist, Maleke Idowu Moye without his consent and authorisation.

The Commission alleged that the defendants used musical works and sound recordings of Maleke with subsisting copyright, as Caller Ring Back Tunes, without the authorisation of the artiste.

The musical works and sound recordings of the musician allegedly infringed upon included; 911, Minimini-wanawana, Stop racism, Ewole, 911 instrumental, Radio, Low waist, and No bother.

The defendants were also alleged to have distributed the musical works to their subscribers, without authorisation, thereby, infringing on the rights of the artiste.

In the third count, the defendant were alleged to have in their possession, other than for their private or domestic use, the musical works and sound recordings of the artiste.

According to NCC, the alleged offences are contrary to and punishable under section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

The case is yet to be assigned to any judge and no date has been fixed for mention.

NAN

The inability of most tenants to pay rent, as a result of the current economic hardship, has caused strained relationships between landlords and tenants.

There are escalating court cases over issues of rent defaults, LEADERSHIP can authoritatively.

Residential tenants are significantly impaired by rent defaults which piled up as a result of setbacks to their businesses and economic hardship, thereby, forcing employees, artisans, self-employed individuals to pile up rent debts.

These have prompted property owners to make hard choices on the type of tenants to give their property. Some of the landlords have to deal with their own mortgage and insurance payments too.

Checks by LEADERSHIP showed that the most affected by these debts are commercial landlords of event centres, restaurants and clubs. Hence, some landlords are exploring eviction moratoriums from courts over certain residential tenants and small business owners who rent spaces.

The recent development is coming on the heels of rent inflation spike, escalating cost of living, economic hardship and price shocks which doubles majorly on food, market prices, utility and essential bills.

The hope of paying rents by defaulters dimmed completely as the prices of major building materials, notably, cement and iron rods, are rising persistently as more markets are shutting down, forcing low income families to struggle to eat for survival.

The cost-of-living crisis in Nigeria is escalating and, in more ways than one, it is impacting on health, finances and access to basic needs of individuals, organisations and families with expectations and obligations no longer being met.

On account of growing poverty among citizens, job losses and shrinking income arising from bad economy, defaulting tenants are now facing the risk of losing their accommodation anytime soon.

According to the past president of International Real Estate Federation (FIABCI), Mr. Chudi Ubosi, virtually every location and commercial development type are affected by rent default. ‘The fact is that the adverse effects is hitting every business, so all businesses are reviewing strategy on their operations as income is negatively impacted.’

Ubosi said there is no discrimination in the industry, rather, real estate professionals reject tenants that do not meet the ‘diligent standards’ of the property owner.

“That’s not discrimination. I think that’s just setting the bar for the kind or quality of tenant a landlord requires in his or her property. Whilst landlords are naturally finical about who they want to let their properties, this has not changed due to the impact of inflation crisis on businesses.

“As real estate professionals, we are not taken aback because this is normal in the industry and generally obtains for every level of property as landlords and estate agents engage in what can be called risk analysis of each prospective tenants.” he said.

A report on ‘The State of Real Estate Market in Nigeria’ compiled by Pison Housing Company gives a sense and dimension of this friction. The report says, Nigeria is one of the most active rental markets globally with about 80 per cent of its estimated 200 million population living in rented accommodation and spending over 50 per cent of their income on house rent.

“Frequently, landlords and tenants quarrel over sundry issues including inability to pay rents on the part of the tenants and/or landlords’ high-handedness and near-impossible demands. Some of these quarrels often lead both parties to court cases which, rather than improve their relationship, worsens it and leads to quitting the tenant from the house,” an estate agent and consultant, Henry Ezike stated.

A resident of Apapa in Lagos who spoke on the condition of anonymity, said his relationship with his landlord is no better than that of a cat and dog. They are always quarrelling over delayed, unpaid or rentincrease which he considers too exploitative on the part of the landlord.

“My landlord is insensitive; at a time like this in Nigeria when everybody is struggling

to eat, he is increasing my rent. What manner of man is that? Is he blind or deaf? Let him do his worst; I don’t have a dime to pay him,” he told our reporter who learnt from other tenants that the landlord has taken his case to a customary court.

Similarly, Ebenezer Okonjo, who lives in Ejigbo area of Lagos, is digging it out with his landlord over arbitrary and frequent rent increases.

“I rented this house from the father of my present landlord. He was living in London then. Now he has come back after his father’s death and the first thing he did was to increase our rent,” Okonjo told our reporter.

Continuing, he said: “When I told him I won’t be able to pay a second rent increase, he told me to relocate to my village; that Lagos is not meant for everybody. I felt insulted and told him to his face that he was a wicked man. He quickly gave me a quit notice which I refused to collect from him. Since then, it has been an uneasy calm between us.”

Beyond rent increases, attitudes, especially, in the case of landlords with exploitative tendencies, is also breeding friction in a landlord-tenant relationship as reflected in our findings which show that, generally, the plight of tenants range from unjustifiable rent increases, outrageous service charge particularly on power supply, and disturbance from the landlords.

An anonymous teacher in a Lagos private school, told our reporter that he and his family rented an apartment in the Ifako-Ijaye area of the state, but his three-year stay in that apartment was a tug of war with his landlord.

“I secured a 2-bedroom flat in that area so that I can spend less on transport fare as the house is close to my place of work. The landlord collected a year rent along with agreement and commission. My experience there was not rosy. The landlord made us pay for almost every damage/renovation of the house,” he revealed.

“One thing that got me irritated was the landlord’s habit of reminding me that my rent would soon be due as if I didn’t know my responsibility. In my third year, he increased my rent by 30 percent. I couldn’t cope because my salary could not carry it. I left the place,” he added.

Akeem Baruwa, who resides in Ojokoro area of Lagos state, poured out her frustration with her landlord’s exploitative tendencies, explaining that, the man was fond of hiding power bill from tenants in order to make them pay for what they did not consume.

“The landlord lives with us. We are five in number. We hardly see power bill, yet we would be asked to pay as high as N50,000, which is shared among five of us. We have complained to him on several occasions, but he is adamant; he often tells us to leave his house if we are not pleased with the rules,” he lamented.

Ezike advised that there should be a chicken and egg relationship between landlords and tenants because they are or should be mutually beneficial to each other. But most times, especially in the cities where demand for housing far outstrips supply, there seems to be a master-servant relationship with the landlord assuming the position of a master.

‘With the difficult economic situation Nigerians find themselves, cases of rent default are on the increase and so is the friction between the landlords and their tenants,’ he stressed, pointing out that, while the tenants are complaining of rising food prices, energy and transportation costs, the landlords are adding to their burden with rent increase.

“But if you look at the case critically, you find that it is difficult to apportion blame, because the landlords, especially, those who live on rent from their houses, are also affected by the high cost of living in the country. They too buy from the same market and have to maintain or renovate their houses at a time when building material prices, especially cement, have hit the roof-top,” he said.

Titus Ijalade, an estate broker, agrees, noting that, most of the landlords are retirees and elderly individuals, who rely wholly on rent for their livelihood. “If you take a survey on the employment status of landlords in Nigeria, you will realize that about 60 percent are retirees or out of job, who rely on their property to survive. So, their behaviour is not intentional,” Ijalade said.

Though the friction between landlords and tenants is more pronounced in low-income settlements where most tenants are struggling with meagre income, the middle and high-income areas also have their own version of the friction, usually arising more from default in paying service charge than rent.

Serviced estates have also been hit-hard by rising costs, especially energy, which has seen managers of these estates mark-up power tariff and also reduce hours of power supply down to 12-14 hours.

The price of diesel has jumped to N1,300 per litre due to oil subsidy removal which has affected prices of consumer products coupled with the naira devaluation and the high inflationary trend.

Managers at serviced estates are, expectedly, pushing the increase in the diesel price to the residents who are also battling rising food prices, children’s school fees, increased transport costs and other service charges.

An anonymous estate manager, told the residents that it was getting pretty difficult providing power to the estate because proceeds generated from the purchase of electric token could not cover the cost of their monthly power expenses.

He, therefore, served the residents notice of tariff increase from N195.00/kilowatt to N250.00/kilowatt, citing a market survey showing a few estates that supply 24-hour power where tariff is now N350.00/kilowatt, which is about 79 percent increase from N195.00 per kilowatt.

Group CEO, Global Properties and Facilities International (PFI), MKO Balogun confirmed to LEADERSHIP that , “yes, power cost has gone up as well as other costs, including employees, materials and consumables. All these are impacted by the current inflationary trends as well as changes in the cost of living.”

President, Nigerian Facility Managers Association, Olalekan Akinwunmi also affirmed that the situation was challenging, such that, every fabric of services has really gone up, saying, ‘the diesel cost and general mains supply are not encouraging service apartments and the occupants are not happy with their managers.’

In all these circumstances, mediation and conflict resolution experts advise that landlords and tenants should conduct themselves maturely by not going to court to settle a dispute or disagreement over house rent or poor attitude of one towards the other as has been the case over the years.

They said parties to such disagreement or dispute should settle it within themselves, noting that, some landlords normally take their tenants to court to recover their property and/or outstanding rent while some tenants visit the court to seek protection from unjust treatment from landlords.

“As much as practicable, landlords should not take their tenants to court and vice versa; there are more viable options for settling any dispute or disagreement between these parties. Landlords and tenants should always see their relationship as those of husbands and wives and therefore, should not take one another to court,” a property lawyer, who pleaded anonymity, advised.

Similarly, Chairman, Royal Institution of Chartered Surveyors (RICS), Nigeria, Gbenga Ismail, said the rent default has been high, noting that; “What we have experienced is restructuring, paying in instalments or monthly. We have also experienced rent reduction from existing levels in both commercial and residential sectors.

“Right now, the landlord can’t even be picky. Priority is to rent out at a lower rent so that quality tenants could be attracted. You will be surprised that those that have the ability to pay are not always those that you may want to rent your properties. But with the economy, one cannot really afford to be over bureaucratic.

The military high command has made some gains and advances in its quest to unravel masterminds in the attack at Okuama, Delta State where officers and men of the armed forces were killed, as they have recovered weapons of the slain soldiers that were carted away by the attackers in an ambush. The recovery has inched them closer to unraveling those that carried out the dastardly attack as some dismembered organs of the victims and parts allegedly removed from them have been recovered.

Pointing to positive application of intelligence with the recoveries, the Defence Headquarters (DHQ), therefore, declared that there was no hiding place for the killers of 18 senior officers and soldiers in Okuama. It said the viral video of a suspect, who claimed to have masterminded the killing had hanged the direction of the investigation and narrowed the investigation to persons of interest.

A male suspect in a viral video had claimed responsibility for the killing insinuating that the military personnel took sides in the conflict between two communities in the area. Defence Headquarters (DHQ) also called on the Delta State government and the host communities to provide assistance to ensure that the culprits were fished out.

An update on the attack issued by Defence Headquarters said there was no hiding place for the perpetrators. “Troops have continued a manhunt for the perpetrators of the barbaric killing of 18 soldiers that occurred on 14 Mar 24.“Accordingly, clearance operations as well as cordon and search were conducted to among other things recover the weapons of the deceased soldiers”, it said It stated that “some of the communities in which troops have operated are Akugbene, Ukuama and Okoloba Communities in Ugheli and Ugheli South of Delta State.

“Others include Ukuama Amusamo, Akwagbe, Arhavwarien, Pirigbene and Igbomatoro communities all in Delta State. “The decomposing hearts of some of the killed soldiers were recovered during search while the manhunt continues with no significant arrest yet made”. The update issued by the Director, Defence Media Operations (DDMO), Maj Gen Edward Buba, said the armed forces will continue to confront the challenge of insecurity.

“Significantly, there is a viral video of person admitting to have perpetrated the killings of the soldier in Delta State. The video among other things helps to narrow investigations to persons of interest and their cohorts.

“Accordingly, the state governments and host communities of these personalities are required to assist the ongoing investigation to flush them out. “There can be no hiding place for perpetrators of such dastardly act against our nation. This is a clarion call to duty by members of those communities and the state government”, it said.

Continuing, the statement said “the ongoing counter-insurgency and counter terrorist operation across the country is a fight for our sovereignty and territorial integrity of the nation. Troops would continue to put themselves in harm’s way in order protect and secure the citizens of this country. “Consequent upon these operations, troops rescued several kidnapped hostages re-united them with their loved ones. Troops also disrupted untoward activities of terrorist, thereby preventing them from carrying out acts of terror or harming citizens”.

On general operations, Buba said 106 terrorists were killed while 103 others were arrested even as 40 illegal refineries were destroyed. “Across theatres of operation in the country. Troops during the week neutralised 106 terrorist and made 103 arrest. Troops also arrested 22 perpetrators of oil theft and rescued 96 kidnapped hostages. In the South South, troops denied the oil theft of the estimated sum of N754,149,600.00.

“Furthermore, troops recovered 171 assorted weapons and 2,452 assorted ammunition. The breakdown as follows: 47 AK47 rifles, one PKT gun, 18 pump action rifles, 17 locally fabricated guns, 14 Dane guns, 12 locally fabricated pistols, one fabricated revolver, one hand grenade, 81mm mortar bomb, one mortar tube and 4 bandoliers”, it said.

He listed others to include 995 rounds of 7.62mm special ammo, 468 rounds of 7.62mm NATO, 317 live cartridges, 125 rounds of 9mm ammo, 313 rounds of 7.62 x 54mm ammo, 13 rounds of 7.62 x 51mm, 19 rounds of 7.62 x 39mm, 167 empty shells of 7.62mm special ammo, 45 empty shells of 7.62mm NATO, 72 empty cases of cartridges, 14 magazines, 10 vehicles, 23 motorcycles, 19 mobile phones, one bicycles, 4 baofeng radios, and the sum of N112,920.00 amongst other items.

“Troops in the Niger Delta area discovered and destroyed 51 dugout pits, 17 boats, 15 storage tanks and 4 vehicles. Other items recovered include 21 cooking ovens, three pumping machines and 40 illegal refining sites.“Troops recovered 772,350 liters of stolen crude oil, 80,530 liters of illegally refined AGO and 1,500 liters of DPK”, it said.

The pressure on individuals, banks and Bureaux de Change (BDC) operators to offload their excess dollars and other foreign currencies is not about to wane as the raft of policy measures introduced by the Central Bank of Nigeria (CBN) continue to dig in.

The naira which last month fell to a low of N1,778.25 to the dollar, weighed down by high demand for the U.S. currency and outstanding forwards on the currency that needed to be settled by the Central Bank bounced back during the week , firming to N1,312.51 per dollar at the weekend, after the CBN said late on Wednesday it had cleared its entire verified foreign exchange backlog.

A BDC operator, Mallam Yakubu Salisu, said ‘people “are willing to exchange their dollars now more than ever before because of fears that it might crash further in the coming days.”

The apex bank had last month announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country.

The development came three years after the former CBN governor, Godwin Emefiele, announced the suspension of foreign exchange sales to BDC operators.

According to data obtained from the CBN website, there are 5,690 BDC operators nationwide.

However, about 1,373 BDC operators have been screened to get the allocation. The breakdown includes Abuja, 186; Awka, 26; Kano, 376; Lagos, 785.

On July 27, 2021, the CBN discontinued the sale of foreign exchange to BDCs accusing them of trading FX wholesale that amounts greater than USD 5000, in contravention of their licences, and Nigeria’s FX regulations.

The latest circular, “Sale of Foreign Exchange to Bureau de Change Operators to meet retail demand for eligible invisible transactions” approved resumption of sale of dollar to BDC operators

It noted that the move aimed at rectifying the persisting distortions in the retail segment of Nigeria’s foreign exchange market and bridge the widening gap in the exchange rate.

It said the allocation would be sold at a rate of N1,301/$, reflecting the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market as of the previous trading day, dated February 27, 2024.

This[b] means BDCs will buy at N1,301 and sell at ₦1,314.01.[/b]

Sell dollars in your possession as an act of patriotism, Oluwo charges Nigerians
The Oluwo of Iwoland, Osun State, Oba Abdulrosheed Adewale Akanbi, told The Nation that he has converted all the dollars in his account into naira and asked other Nigerians to do same to save the national currency.

According to the monarch, the availability of dollars in the market would reduce the exchange rate, and ultimately checkmate inflation hitting hard on Nigerians.

He stated that dollar hoarders are parts of those frustrating the economy, asking them to be wary of posterity.

The oba,in a statement through his press secretary, Alli Ibraheem, said those hoarding dollars only ended up creating artificial scarcity,“thus leading to high exchange rates and ultimately to inflation.”

He said:”Pumping the hoarded dollars in circulation will lubricate our economy and decimate the hardship on innocent masses. As I speak, I’ve emptied my dollar account. We can only get there if we are ready to sacrifice by jettisoning selfish economic policies capable of suffocating our survival.

“Nigerians are equally enjoined to patronize made-in-Nigeria products. I’ve taken that lead among the traditional rulers. I was the first Nigerian monarch to buy a made-in-Nigeria Innoson vehicle. My wears, most especially, the ofi are hundred percent made in Nigeria. With public enlightenment on the patronage of Nigerian goods, we can have a more prosperous and friendly economy.”

Saleem Ibrahim, a student of Department of Biochemistry in the University of Maiduguri, has inflicted a grevios wound on one Hauwa Abatcha Ngala for refusing his love advances.

According to Zagazola Makama, a counter-insurgency expert in the Lake Chad region, it was alleged that Saleem had tried for some time to force Hauwa to love him, but not quite convinced by his advances, Hauwa was said to have searched her mind for any speck of love she could have for him, but couldn’t find any.
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The report added that Hauwa reportedly convinced herself, and all along tried to convince Saleem Ibrahim that she nursed no feelings or emotions for him in the name of love.

Consequently, she reportedly did her best to break free from all his pranks and mischief against her in his effort at creating a speck of love for him in her heart and therefore parted ways with him respectfully.

The more she tried to free herself from his increasingly enmeshing pranks in the name of efforts at persuading her to love him, the more dangerous and threatening his dispositions got towards her.

Hauwa maintained that she had no love for Saleem, and there was no way she could eke out even the minutest degree of it for him in her innocent and exceptionally sincere heart.
Her emotional feelings against him reportedly sharply contrasted and fiercely clashed with his alleged persistent threat of inflicting severe pains on her, even killing her, if she refused to love him.

He reportedly told her point-blank that she either love him or she suffer the most-gruesome consequences.
“I can even kill you, and nothing will happen,” Saleem reportedly warned her.
This situation plunged Hauwa into severe emotional anguish. She languished under the increasing weight of this anguish up to Monday, February 26, 2024.

On that fateful Monday, around 8:30pm, Saleem Ibrahim violently physically assaulted Hauwa Abatcha Ngala, hitting her hard twice with a club until she fainted, for her refusal to love him. The club had cracked her head to the point of profuse bleeding.

Instead of making any possible effort to save her life, out of the love he feigned having for her, he fled, leaving her to the mercy of her relatives, who saved her life by getting her a first aid.

Having seen her alive, the relatives reported the incident to the police on the night of the same day. The police took her to the hospital and she was given emergency help.
Consequently, that night, the JTF civilian volunteers arrested Saleem Ibrahim and handed him over to the Police at the Gomari Division Office.

However, on Friday, March 1, 2024, which was three days after the incident and his arrest, the police allegedly released Saleem on the intervention of some politicians, without taking any action expressive of the law taking its due course on him.

Immediately Saleem was released by the police, he went on his Facebook messenger to send Hauwa a private message mocking her, saying “I’m not the type that makes empty threats, anything I decide to do I will do it and nothing will happen. I swear with Allah, it is only the poor you can mess with and go scot free but not a person from an influential background like Saleem. It is only the poor that don’t possess worldly things that you can succeed to win a case with. If you mess up and succeed with others, I swear with Almighty God you will never succeed because we have the Money, the Security Agencies, Politicians, and Government Officials on our side. But you can only boast of telling your brother. I dire you to continue the case and let’s see who has the monopoly of influence.”

The relatives, frustrated by the action of the police, again lodged another complaint at the Borno State Police Command Headquarters in Maiduguri, on Saturday March 2, 2024, especially as he had allegedly threatened to kill her and nothing would happen because he is a son of influential people, which infuriated them.

Saleem was consequently re-arrested and kept in police custody for a week, but allegedly released again as the family were told by the police that the Borno State Secretary to the Government, Hon. Bukar Tijjani has ordered for his release and subsequent dismissal of the case without any action taken against him for inflicting serious physical and emotional pain on the victim.

All of a sudden, Hauwa’s relatives came across Saleem roaming the streets of Maiduguri as free as every other law-abiding citizen, instead of freezing in police custody preparatory to prosecution before a court of law.

Unrelenting, deeply aggrieved Hauwa’s family filed a fresh complaint at the Borno State Police Commissioner’s Office, (CP Yusuf Lawan) on Tuesday, March 12, 2024, demanding justice in the case.

Consequently, the police again arrested Saleem Ibrahim. This time, the police invited the victim and took her report. From there, the police compiled a report on the case and forwarded it to the Borno State Ministry of Justice.

However, to this moment, no one has contacted the victim or her family, even after Saleem has allegedly confessed to committing the crime and his threat to kill her.

Jummai Mshelia, the Borno Coordinator of the National Human Right Commission (NHRC), condemned the senseless attack on the victim and demanded that the suspect should be charged to court to serve as a deterrence to other perpetrators.

She said: “We at human right, immediately the incident happened, the commission file a formal complaints to the Commisioner of Police who ordered the immediate arrest of the suspect. We commend the police for the quick response.

“We are told that the case has been written to the Ministry of Justice Department of Public Prosecution for their advice. While we awaits the response of the department, we want to assured the general public that the case would follow up the case untill justice is served.”

She advised the public to report such incident to the National Human Rights Commission or any other security agency to stamp out crimes in the society.

The Defence Headquarters, in a chilling update yesterday on the recent killing of 18 Army officers and men in Okuama, Delta State, confirmed recovery of the decomposing hearts of some of the victims.
It said the hunt for the perpetrators was intensifying but no significant arrest had been made.

Foreign Affairs Minister Yusuf Tuggar called the killing of the soldiers a national tragedy while Federal Capital Territory Minister Nyesom Wike branded it barbaric.

Niger Delta Development Minister, Abubakar Momoh, vowed that the killers would not go unpunished.

Residents of the community who have fled their homes for fear of reprisal are lamenting the horror of starvation and denial they have been going through since the incident.

An ex-Niger Delta militant leader, ‘General’ Endurance Amagbein, who was accused in some quarters as the brains behind the killings, yesterday vehemently denied the allegation.

He said he knew nothing whatsoever about the incident.

The Director Defence Media Operations, Maj.-Gen. Edward Buba, told reporters in Abuja that troops were currently conducting clearance operations and cordon and search to recover, among other things, the weapons of the deceased soldiers.

He said their efforts have yielded the recovery of the “decomposing hearts of some of the murdered soldiers.”

Earlier reports had indicated that the people responsible for the soldiers’ death also harvested their hearts and other body parts.

On the list of communities in which troops have already conducted operations are Akugbene, Ukuama and Okoloba in Ugheli and Ugheli South of Delta State as well as Ukuama Amusamo, Akwagbe, Arhavwarien, Pirigbene and Igbomatoro communities also in Delta State.

He said although no significant arrest had been made yet, the DHQ was not unaware of a viral video of a person “admitting to have perpetrated the killing of the soldiers in Delta State.”

He said one of the advantages of the video is that it “helps to narrow investigations to persons of interest and their cohorts.”

He said: “Accordingly, the state governments and host communities of these personalities are required to assist investigation in flushing them out.

“There can be no hiding place for perpetrators of such dastardly act against our nation. This is a clarion call to duty by members of those communities and the state governments.”

Besides the development in Okuama, Buba said troops across other theaters of operation during the week neutralised 106 alleged terrorists and arrested 103 other suspected criminals.

He said troops also arrested 22 oil thieves and rescued 96 kidnap victims.

Buba said troops recovered 171 assorted weapons comprising 47 AK47 rifles, one PKT gun, 18 pump action rifles, 17 locally fabricated guns, 14 Dane guns, 12 locally fabricated pistols, one fabricated revolver, one hand grenade, 81mm mortar bomb, one mortar tube and four bandoliers

He said troops also recovered 2,452 assorted ammunition, comprising 995 rounds of 7.62mm special ammo, 468 rounds of 7.62mm NATO, 317 live cartridges, 125 rounds of 9mm ammo, 313 rounds of 7.62 x 54mm ammo, 13 rounds of 7.62 x 51mm, 19 rounds of 7.62 x 39mm, 167 empty shells of 7.62mm special ammo, 45 empty shells of 7.62mm NATO, 72 empty cases of cartridges, 14 magazines.

Other items recovered, according to defence spokesperson, are 10 vehicles, 23 motorcycles, 19 mobile phones, one bicycle, four baofeng radios, and the sum of N112,920.00 amongst other items.

He said: “Troops in the Niger Delta area discovered and destroyed 51 dugout pits, 17 boats, 15 storage tanks and 4 vehicles. Other items recovered include 21 cooking ovens, 3 pumping machines and 40 illegal refining sites.

“Troops recovered 772,350 litres of stolen crude oil, 80,530 litres of illegally refined AGO and 1,500 litres of DPK.”

Buba said the troops would continue to put themselves in harm’s way in order to protect and secure the citizens of this country.


FG committed to bringingsolders’ killers to justice — Momoh

Niger Delta Development Minister Abubakar Momoh said yesterday that the federal government would not waver in its determination to bring the killers of the military personnel to justice.

Law enforcement agencies, according to him, have been mobilized to conduct a thorough investigation into the matter.

Expressing “my deepest sympathies to the Nigerian Army and the families affected by the barbaric act”, Momoh said the incident “is a profound tragedy that has shaken us all to the core.”

He said: “To the families who have lost loved ones, I offer my sincerest condolences. Your sacrifice and your pain will never be forgotten, and our thoughts and prayers are with you during this incredibly difficult time.

“We stand with you in solidarity, sharing in your grief and offering our unwavering support.

“To the Nigerian Army, I extend my deepest gratitude for your unwavering dedication to protecting our nation. Your bravery and selflessness in the face of danger serve as an inspiration to us all.

“We mourn the loss of your comrades and vow to honor their memory by continuing to support and uplift our armed forces.”

He urged the warring communities of Okuama and Okoloba to exercise restraint and seek peaceful resolutions to their grievances.

According to him, “violence only begets more violence, and further bloodshed will only deepen the wounds already inflicted upon our communities.

“Let us come together in a spirit of unity and cooperation, working hand in hand to build a future free from conflict and strife.”


It’s barbaric, says Wike

Federal Capital Territory (FCT) Minister Nyesom Wike was similarly inclined in his reaction to the killings.

Wike, who spoke during a visit to him by the Chief of Defence Staff, General Christopher Musa, said: “It was the most barbaric act that has ever been seen. I don’t think any right-thinking person will ever support such a heinous crime. Not only that the people died, but the way they were killed. It was quite unfortunate.

“We as FCT we support the Nigerian military in whichever way we can to see what we can do to reduce the pains the families of these individuals go through. We are going to support you.”

The minister reiterated the readiness of the administration to build a high technology security rapid response center for security agencies in the territory to stem the tide of criminality.

Wike explained that the centre would be equipped with all forms of technologically driven security gadgets to enable security agencies to effectively fight crime and criminality in the nation’s capital.

In addition to the Rapid Response Centre, Wike promised to provide necessary operational logistics to all the security agencies, including procurement of drones.

He went further: “The budget of FCT has been passed by the National Assembly. We are just waiting for the accent of Mr President. We have concluded to buy drones so that it will help the security agencies in trying to reduce the level of crime.”

Earlier, the Chief of Defence Staff, General Christopher Musa said plans were underway for the formation of special standby security forces in the FCT to check insecurity in the territory.

He commended the FCT Minister for changing the narratives in the history of Abuja, and assured him that the Armed Forces were solidly behind him in his quest to ensure that Nigerians are protected.


Tuggar: It’s a national tragedy

Tuggar, during a similar visit by Musa, said the killing of the soldiers was a national tragedy.

He prayed for the repose of their souls and asked the Almighty Lord to grant their families the fortitude to bear the irreparable loss.

He ended the condolence message by imploring the relevant authorities to bring the perpetrators of the tragic act to justice.

The troops of the 181 Amphibious Battalion of the Nigerian Army were on a peaceful and mediatory mission after a reported communal clash between the Okuama and Okoloba Communities in Ughelli South and Bomadi LGAs of Delta State.


Ex-militant leader Amagbein dissociates self from killings

Ex-Niger Delta militant leader, ‘General’ Endurance Amagbein, told reporter in his country home in Igbomotoru, Southern Ijaw Local Government Area of Bayelsa State yesterday that he had no connection whatsoever with the killings.

He described the incident as barbaric, an invitation to anarchy and a sad and ugly commentary on the history of the Niger Delta.

He said no responsible government and well-meaning citizens would condone such a brazen affront on the military.

On allegations that he was the brains behind the killings, he said: “I have been accused of crime I know nothing about. I am a repentant militant and have left bunkering.

“I do not operate any Kpofire site in Delta State and the entire Niger Delta, and I wonder why people are saying that it was my foot soldiers from my Kpofire sites in Delta State that murdered the soldiers.

“My trouble started when I supported the PDP candidate, Governor Douye Diri in the last Bayelsa State governorship election.

“Those accusing me are from the main opposition party in the state who felt I worked against their electoral victory.

“The election in my hometown was peaceful, devoid of any form of intimidation.”

Amagbein called on President Bola Ahmed Tinubu and the military to set up an independent investigation panel to probe the immediate and remote causes of the conflict that led to the mindless killing of the soldiers and bring to book those found culpable.

He emphasised that the rational thing for the military to do is to follow the rules of engagement, working with community leaders to go after the criminals and stop subjecting innocent people to unimaginable torture and avoid the Odi massacre as pictorial and video evidence circulating on the social media point to that direction.

He advised the military to observe rules of engagement in line with international best practices and avoid collateral damage to innocent citizens.

He enjoined community leaders not to allow outlaws to live in their communities but hand them over to law enforcement agents for necessary action, and advised everyone to be peaceful and law abiding in order to avoid future ugly incidents of this magnitude.

Amagbein advised his numerous supporters to remain calm in the face of the ongoing onslaught on innocent people by the soldiers in pursuit of the criminals and expressed deep condolences to families whose loved ones have been killed as a result of the military invasion.

Operatives of the Federal Capital Territory (FCT) Police Command have arrested an expectant mother who faked her own kidnap and demanded for N2 million as ransom from her husband.

It was gathered that the woman shared the ransom money with the man suspected to be her boyfriend, and whom she connived with to defraud the husband.

FCT Commissioner of Police Benneth Igweh, who paraded the suspects yesterday, said: “About 19:40hrs on March 11, one Chiedozie Ubah of Saburi II Dei-dei, Abuja, reported at Gwa Gwa Police Division that his pregnant wife, Rosemary Ubah, left for the hospital on same date but did not return home. He later received a call from his wife’s number telling him that she had been kidnapped and demanded for two N2 million ransom before her release.

“He transferred the money into his wife’s account as instructed and later brought his wife to the station after her release. During interrogation, the wife freely confessed to have conspired with one man named Walter Ezeala living on the same street with them at Saburi to extort money from her husband.

“The said Walter was arrested and he confessed that he got N800,000 from the ransom money.

“N793,500) cash, two ATM cards and two android phones were recovered from them.”

In a similar development, Igweh narrated how operatives of the command arrested a man who faked also his own kidnap to test the loyalty of his girlfriend.

He said: “About 5:30pm on March 14, one Akuh Chinemezeh reported at APO Divisional Headquarters that his younger brother, Pascal Akuh (28), called him saying he was arrested and taken to SCID custody. On the strength of this, the police and suspect’s family went to SCID, IRT and FCID detention facilities, only to discover that he was not in any of them.

“With the help of a tracker, the suspect’s vehicle was traced to an area in Wumba, Apo. Acting on this intelligence, the police operatives from Apo Division mobilised to the scene, searched the entire axis and subsequently traced the suspect to a hotel in Lokogoma later in the night and arrested the suspect.

“During interrogation, he confessed that he faked his own kidnap to prank the lady he intended to marry to know if she really loves him. He will be arraigned in court soon.”

The police also paraded one Alex Lorjaa, a dismissed military officer, who uses military uniform to rob and kidnap.

Lorjaa confessed that a serving military man initiated the plans and he only supports him.

There is controversy around the list of terror financiers purportedly leaked by the Nigerian Financial Intelligence Unit (NFIU) and reported on Wednesday, March 20, 2024.

Daily Trust reports that for nearly fifteen years, the federal government, right from the administration of former President Goodluck Jonathan, his successor, Muhammadu Buhari, and recently that of Bola Tinubu, have promised to expose terror financiers in the country with a view to unravelling the mystery surrounding the menace.

Thousands of people have been killed since 2009 when the Boko Haram crisis erupted; and the orgy of violence escalated with the onset of banditry in the North West and parts of North Central, as well as sundry crimes manifesting in different forms in other parts of the country.

A report by the Punch newspaper on Wednesday, said the federal government had uncovered the identity of 15 entities, including nine individuals and six Bureaus De Change allegedly involved in terrorism financing.

It said details of the development were revealed by the NFIU, in an email sent on Tuesday night, entitled “Designation of Individuals and Entities for March 18, 2024.”

It indicated that the document revealed that the Nigeria Sanctions Committee met on March 18, 2024, where specific individuals and entities were recommended for sanction following their involvement in terrorism financing.

“The Honourable Attorney General of the Federation, with the approval of the President, has thereupon designated the following individuals and entities to be listed on the Nigeria Sanctions List,” the document read in part.

Even though the first story clearly mentioned the Kaduna-based publisher, Tukur Mamu, who is currently being tried by the federal government for allegedly aiding the terrorists who attacked the Abuja-Kaduna train in March 2022, an updated story, which has gone viral on multiple platforms, listed other names and entities.

These include: Yusuf Ghazali, Muhammad Sani, Abubakar Muhammad, Sallamudeen Hassan, Adamu Ishak, Hassana-Oyiza Isah, Abdulkareem Musa, and Umar Abdullahi.

It also listed six BDCs and firms including the West and East Africa General Trading Company Limited, Settings Bureau De Change Limited, G. Side General Enterprises, Desert Exchange Ventures Limited, Eagle Square General Trading Company Limited and Alfa Exchange BDC.

Apart from Mamu, all the remaining names mentioned are not known, and efforts to unravel their identities did not yield any result as of press time.


NFIU disowns memo

Contacted yesterday to give more insight on the development, the Head of Public Affairs, NFIU, Abubakar Abba Ibrahim, said the organisation did not issue any statement.

Another senior official in the agency, Sani Tukur, said on the media WhatsApp platform of the agency, “There was no statement from our office sir. I have asked around and no one seems to know how they got it. I believe it is being investigated.”

Also contacted to know when the trial of the suspects will commence, a senior official in the office of the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, said they read the story.

“We saw nothing to expand on it because it is not new,” the source said.

The source further disclosed that the BDC operators and Tukur Mamu have been in court since their indictment in Dubai and arrest in Egypt, respectively.


Arrests started since 2020

Daily Trust had reported in April 2021, that dozens of persons have been arrested by security agents in an on-going nationwide crackdown on suspected financiers and collaborators of Boko Haram and other criminal groups in Nigeria.

Five months earlier, this newspaper had exclusively reported the jailing of six Nigerians in the United Arab Emirates (UAE) over allegations of terrorism financing.

It was gathered that the closely-guarded operation was being coordinated by the Defence Intelligence Agency (DIA), in collaboration with the Department of State Services (DSS), NFIU and the Central Bank of Nigeria (CBN).

As part of the operation, billions of naira traced to businesses belonging to persons of interest had been blocked in banks in a series of “post no debit” letters sent out to banks by the CBN and NFIU. The apex bank also obtained court orders directing freezing of dozens of accounts flagged for suspicious transactions.

A security source familiar with the operation confided in Daily Trust at the time that the operation started in 2020 with massive gathering and analysis of financial intelligence and drawing uplink analysis, leading to initial marking of some 60 businesses and individuals.

The source said an initial list of 957 suspects comprising bureau de change operators, gold miners and sellers, and other businessmen, was being acted upon.

Before the crackdown was relaxed, about 400 persons were arrested in a series of arrests in Kano, Borno, Abuja, Lagos, Sokoto, Adamawa, Kaduna and Zamfara.


Recent leaked findings

In the latest leaked document, it was stated that Mamu “Participated in the financing of terrorism by receiving and delivering ransom payments over the sum of $200,000 US in support of ISWAP terrorists for the release of hostages of the Abuja-Kaduna train attack.”

The document said one of the individuals is “The suspected attacker of the St. Francis Catholic Church, Owo, Ondo State on June 5, 2022 and the Kuje Correctional Centre, Abuja on July 5, 2022.”

Another was described as “A member of the terrorist group, Ansarul Muslimina Fi Biladissudam, the group is associated with Al-Qaeda in the Islamic Maghreb.

“The subject was trained and served under Muktar Belmokhtar, aka One Eyed Out, led Al-Murabitoun Katibat of AQIM in Algeria and Mali.”

The NFIU allegedly said the individual “Specialises in designing terrorist clandestine communication code and he is also an Improvised Explosive Device expert.

“The subject was also a gatekeeper to ANSARU leader, Mohammed Usman aka Khalid Al-Barnawi. Equally, he was a courier and travel guide to AQIM Katibat in the desert of Algeria and Mali. He is into carpentry. Subject fled Kuje Correctional Centre on July 5, 2022. He is currently at large.”

Another was identified as “A senior commander of the Islamic State of West Africa Province Okene.”

It said the individual “Came into limelight in 2012, as North Central wing of Boko Haram.

“The group is suspected of the attacks carried out around Federal Capital Territory and the South West Geographical Zone, including the June 5, 2022 attack on St. Francis Catholic Church, Owo, Ondo State.”

Another was described as “A financial courier to ISWAP Okene. She is responsible for the disbursement of funds to the widows/wives of the terrorist fighters of the group.”

According to the document, another of the individuals “In 2015, transferred N60 million to terrorism convicts”, and was said to have “Received a sum of N189 million between 2016 and 2018.”

The same person was said to “Own entities and business reported in the UAE court judgment as facilitating the transfer of terrorist funds from Dubai to Nigeria.”

Another individual was said to have “Received a total of N57 million from between 2014 and 2017.”

Another was said to have “Had a total inflow of N61.4 billion and a total outflow of N51.7 billion from his accounts.”


4 of 6 indicted BDCs not registered with CAC

Findings by Daily Trust revealed that four of the six bureaus de change allegedly named by the federal government as terrorism financiers are either not registered or have been delisted by the Corporate Affairs Commission (CAC).

Out of the six BDCs, only two, namely Desert Exchange Ventures Limited and Settings Bureau De Change were seen as registered with CAC although their statuses are inactive.

Subsequently, no results were found for West and East Africa General Trading Company Limited, G. Side General Enterprises, Eagle Square General Trading Company Limited and Alfa Exchange BDC.

This means they were either delisted by the CAC or have not been registered at all.

Desert Exchange Ventures Limited is located at NO. 18, M. Y. C. House, Lawan Dambazau Road, Kano and was incorporated on May 7, 2015, while Settings Bureau De Change is located at NO.43 Ibrahim Taiwo Rd, Kano, and was Incorporated on April 9 2014.

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, yesterday said that the anticipated public listing of the company’s shares at the stock market as provided for in the Petroleum Industry Act (PIA) will start soon.

Kyari told international oil and gas players participating at the ongoing 2024 CERAWEEK in Houston, United States that NNPC would become a quoted company in line with the PIA, adding that at maturity, some of the national oil company’s shares would be divested.

Fielding questions bordering on the changes in NNPC and the company’s strategic position in Nigeria, during a fireside chat at the event, Kyari said NNPC had experienced transformation owing to the reform process triggered by the PIA.

He said NNPC has moved away from a government-owned corporation to a limited liability company that is now commercial and profit-making company

He explained that in the past, the company was a corporation clearly owned by government but wasn’t a commercial company and that the organisation needed to move away from that situation to a reform process that converted it to a full limited liability company.

Kyari explained: “Today, the shareholders are largely the overall population of the country, very understandable, but it’s transiting to a situation where you can have other people owning interest in the company. What we did was to create a company that must pay taxes, pay royalties and also at the end, is able to provide dividends to its shareholders.

“This is clearly not a money-losing business, and the oil and gas industry in Nigeria has matured to the extent that any company operating, not just us, can actually break even and make benefits.

“Therefore, what really happened today is that you have a national oil company that is commercial, which has progressed from a loss-making company to now a profit-making company that is not just providing dividends to its shareholders.

“It is creating value to its stakeholders and its partners, including some international oil companies and some local oil companies in a manner that is beneficial.“

He insisted that the law had made NNPC to become a “fully commercial company that can migrate to a quoted company because it is clearly in the law establishing this company.”

The GCEO further explained that the reform process backed by law, which is the PIA, provided a pathway to getting NNPC quoted so that others can buy shares.

“So, it does create that opportunity. It never existed in the past, and therefore, ultimately, at maturity, this company’s shares will be owned by others,” he said.

On the exact date to get NNPC quoted, Kyari said: “The law anticipates three years of incorporation of the company. You can start the process and therefore, it is within sight”.

He said NNPC, which is the largest oil and gas company in Africa as well as the largest corporate entity in the continent is very critical to Nigeria’s resource management and resource funding.

Kyari said because of NNPC’s strategic importance in the country, everything done in Nigeria has a lot of connection with what happens in the company.

Meanwhile, the NNPC yesterday reiterated its commitment towards utilising Nigeria’s abundant gas resources to trigger Nigeria’s industrialisation and economic development.

NNPC Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, disclosed this during a panel session at the ongoing 2024 CERAWeek Conference in Houston, the United States.

The NNPC in a statement by the Chief Corporate Communications Officer, Olufemi Soneye, quoted Eyesan as saying that the company is vigorously opening avenues for infrastructural gas development through various gas projects spread across the country.

Eyesan, whose session addressed the theme: “What are the Choices for Upstream Strategies?” said Nigeria is a predominantly gas-rich country which boasts of over 200TCF of gas that can be leveraged for the country’s industrialisation and economic development.

She noted that NNPC plans to deepen gas utilisation domestically for industrialisation and ensuring that the entire country feels and optimises the use of the resource.

“Our focus is how do we move from predominantly oil player to gas player and not just for gas for the sake of it, but gas for power generation and for industrialisation, “she stated.

Eyesan observed that the NNPC is also focused on emission reduction and gas flare-out.

“We want to capture all gas flared, utilise it and for domestic use and ultimately, increase our energy transition footprints.

“NNPC is keying into the government agenda of using gas as a transition fuel and for us, we want to ensure not only the domestic gas market, but we also expand that to the region and internationally,” she said.

While calling on African countries to collaborate with one another in order to ensure even distribution of energy resources, Eyesan said collaboration was key as not all countries within the sub-region are endowed with equal proportion of energy resources.

“For us to ensure that we continue to subsist within the sub-region, we must be willing to work collaboratively and ensure that there is even distribution of energy resources we have across the sub-region,” she added.

On energy transition, Eyesan stated that the subject had evolved over the years, adding that for Sub-Saharan Africa, the narrative has been on how to address the energy poverty issue while for Nigeria.

She explained that the NNPC will continue to look at areas where it has competitive advantage to define the strategy.

Other energy experts on the panel were: The Chief Upstream Strategist, Energy, S&P Global Commodity Insights, Bob Fryklund; President of Pathways Alliance, Kendall Dilling and the Executive Vice President, Exploration and Production International, Equinor, Philippe Mathieu.