Connect with us

News

Naira-for-crude oil deal will continue, says FG

Published

on

The Federal Government says the naira-for-crude oil deal will continue after the first phase ended on March 31.

The ministry of finance announced on Monday, after a meeting between the technical sub-committee on the crude and refined product sales in naira initiative, Wale Edun, minister of finance, and Zacch Adedeji, the chairman of the committee and the executive chairman of the Federal Inland Revenue Service (FIRS).

Also at the meeting are representatives of Dangote Petroleum Refinery and Dapo Segun, the chief financial officer of Nigerian National Petroleum Company (NNPC) Limited, the coordinator of NNPC refineries; management of NNPC Trading; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Senior officials from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representatives of the African Export-Import Bank (Afreximbank), and the secretary of the committee, Hauwa Ibrahim, were also at the meeting.

See also  Nigeria earned N12.4tn from crude oil in 11 months – Report

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC),” the ministry said.

“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.

“As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time.”

The ministry said the issues are being actively addressed through coordinated efforts among all parties.

“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the ministry said.

The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024, to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.

See also  BREAKING: Michael, Peace evicted from #BBNaija Show

On March 10, TheCable reported that the NNPC had halted the naira-for-crude deal until 2030, as the government-owned company has forward-sold all its crude oil.

Nine days later, the Dangote refinery said it had temporarily halted the sale of petroleum products in naira.

The refinery said the decision to halt sales in naira was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars”.

News

Court remands Ekiti LG vice-chair in prison custody over alleged self-kidnapping

Published

on

By

The vice-chairman of Ilejemeje Local Government Area in Ekiti state, Grace Ogunleye, has been remanded at the Ado-Ekiti Correctional Centre following her arraignment on charges bordering on conspiracy and self-kidnapping.

Ogunleye was arraigned on Wednesday alongside three others before a chief magistrate’s court in Ado-Ekiti, the state capital.

Sunday Abutu, Ekiti police spokesperson, said the suspects were arraigned after a thorough investigation into the allegations against them.

Akinwale Oriyimi, the prosecutor, informed the court that the case file had been forwarded to the state’s director of public prosecutions for legal advice and requested the remand of the accused.

Abayomi Adeosun, the chief magistrate, subsequently ordered that the defendants be remanded at the Ado-Ekiti Correctional Centre pending further proceedings.

Ogunleye was declared kidnapped on May 20 after her vehicle was reportedly found abandoned along the Ipere–Iludun Ekiti road.

Initial reports suggested she had been abducted by gunmen shortly after leaving the council secretariat.

See also  Good morning! Here Are Some Major News Headlines In The Newspapers Today: Dangote, modular refineries to pay naira for crude

She was later rescued unharmed in a joint operation by security operatives.

However, police investigations subsequently alleged that the abduction was staged to raise funds to settle her financial obligations and outstanding political commitments.

Pius Dada, the chairman of Ilejemeje LGA, condemned the alleged act, describing it as embarrassing and unacceptable.

Dada warned that the development could erode public trust in government officials and security agencies, adding that no public office holder would be shielded from justice if found culpable.

Continue Reading

News

Good morning! Nigerian Newspapers  Headlines: Oyo, Borno abductions: Tough terrain, casualty fears stall rescue mission

Published

on

By

1. Difficult terrain, fears over the safety of dozens of kidnapped pupils and teachers, and demands by the abductors for the release of detained terrorist commanders have emerged as major obstacles to ongoing efforts to rescue victims of the recent school attacks in Oyo and Borno states, The PUNCH has learnt.

2. There are indications that state police may soon come to fruition as part of efforts to address security challenges. On Thursday, the actualisation plan reached a significant milestone as more than three months of consultations among the Executive, the Legislature, security agencies, particularly the police, and other stakeholders, were concluded at the Presidential Villa.

3. The House of Representatives was on Thursday thrown into rowdy session as the Deputy Spokesperson, Hon. Philip Agbese, alleged his signature was forged on a list of opposition members who endorsed Imo lawmaker, Hon. Ikenga Imo Ugochinyere, as the new Minority Leader. Coming under a motion of personal privilege on the floor of the House, Hon. Agbese denied ever endorsing Hon. Ugochinyere, saying the development infringed his privilege as a member of the Minority Caucus.

See also  Sharing 2Baba with other women hurts – Annie Idibia

4. Osun State police command on Thursday said it has launched a probe into the attack on the Accord chairman for Osogbo Local Government Area, Asimiyu Ajibola, which left him battling for life at the Osun State University Teaching Hospital, Osogbo. The command, in a statement signed by its spokesperson, Abiodun Ojelabi, said the incident occurred on Wednesday in the MDS Area of Osogbo, when two armed men riding on a motorcycle attacked the victim in an apparent attempt at murder.

5. Yoruba Nation activist, Sunday Adeyemo, popularly known as Sunday Igboho, has threatened to release the names of politicians behind the abduction of students in the Oriire Local Government Area of Oyo State. The activist said this while speaking to the new executive members of the National Association of Nigerian Students led by Akinteye Bàbàtunde at his residence in the Soka area of Ibadan.


6. A tricycle rider simply identified as IK has allegedly beaten his lover and mother of two to death following a heated argument and reportedly fled, leaving her corpse with their children in Ogbogoro Community in Obio/Akpor Local Government Area of Rivers State. The incident, said to have occurred along the CPM Street axis of Ogbogoro on Tuesday, sent shock waves through the community as some residents tried to catch a glimpse of the gory scene to confirm the sad news.

See also  Good morning! Here Are Some Major News Headlines In The Newspapers Today: P’Harcourt refinery begins test-run, Rivers, 11 others get supply soon

7. The Anambra State government has vowed to ensure justice for a 16-year-old girl who was gang-raped by eight men, including her guardian, in the Nawfia community, Njikoka Local Government Area of the state. The state Commissioner for Women Affairs and Social Welfare, Esther Onyekesi, stated this when the survivor (name withheld) was brought to her office in Awka on Thursday.

8. The Labour Party has summoned a meeting of its National Executive Committee for June 11 to ratify the results of its recently concluded primary elections and approve the submission of candidates for the 2027 general elections to the Independent National Electoral Commission. The party disclosed this in a statement issued on Thursday by its National Publicity Secretary, Ken Asogwa.

9. The All Progressives Congress has disowned a purported list of its senatorial candidates currently circulating on social media and some online platforms, describing it as fake. The party said the list titled “Concluded List of APC Senatorial Candidates So Far” did not emanate from it and should be disregarded in its entirety. This was contained in a statement issued on Thursday in Abuja by the APC National Publicity Secretary, Felix Morka.

See also  60% of our crude feedstock supplied by NNPC, says Dangote refinery

10. Residents of Oda Community in Akure South Local Government Area of Ondo State were thrown into shock after a 38-year-old man, Nsikak Kingsley, allegedly beat his father, Adone Peter, to death during a dispute. Although the cause of the disagreement between the 65-year-old father and son, which reportedly escalated into a physical assault, was not disclosed, the state Police Public Relations Officer, DSP Abayomi Jimoh, said in a statement on Thursday that the suspect had been arrested and detained

Continue Reading

News

Police arrest suspect over AI-generated voice note attributed to Tinubu

Published

on

By

The special adviser to the president on information and strategy, Bayo Onanuga, on Thursday night disclosed that the police have arrested one Ifechukwu Dennis, the suspect accused of creating an artificial intelligence (AI)-generated voice note of President Bola Tinubu.

In an X post on Thursday, Onanuga said Dennis was arrested in Benin City, the capital of Edo state, by a crack team from the office of the inspector-general of police (IGP).

“The IGP crack team has arrested Ifechukwu Dennis, who originated the fake voice that he passed on to his gullible targets as President Tinubu’s voice,” the presidential spokesperson wrote.

“Dennis was arrested in Benin. The police will issue an official statement.”

The arrest comes days after a controversial audio recording, generated using AI and made to sound like Tinubu, circulated widely on social media.

The voice note contained several inflammatory claims, including allegations that insecurity in the south-east was deliberate, that Tinubu pressured Peter Obi, the 2023 presidential candidate of the Labour Party (LP), to step down ahead of the last general election, and that he was unconcerned about the hardship faced by Nigerians.

See also  FEC approves sale of crude oil to Dangote refinery in naira

“I’ve begged Peter Obi to step down for me. He refused. Now I will make sure the insecurity affects only South East,” the voice note claimed.

The audio gained wider attention after it was featured in a video posted on May 27 by Martins Otse, the social media activist popularly known as VeryDarkMan (VDM).

Reacting to the video at the time, Onanuga called for the arrest of the activist, accusing him of disseminating false information.

“This VDM needs to face the weight of the law for being the conveyor and disseminator of a fake audio of President Tinubu,” he wrote.

“This is a clear case of an egregious abuse of the social media platform.”

The police have yet to issue an official statement on the arrest or disclose the charges that may be filed against the suspect.

Continue Reading

Trending News