Connect with us


Kachikwu-ibe

The Minister of State for Petroleum Resources, Ibe Kachikwu on Thursday, stated that the completion of Dangote Refinery would turn the country’s refineries to scraps.

Kachikwu, who spoke at a two-day stakeholder consultation meeting on draft National Gas Policy and National Oil Policy in Abuja, was of the opinion that the refineries should be properly fixed before the completion of Dangote Refinery in 2019.

“Refineries will have to work. If time goes by and Dangote Refinery begins in 2019, we will have scraps,” he said.

The government refineries in Port Harcourt, Kaduna and Warri, are not producing maximally.

Kachikwu, who gave a keynote address at the event on “Strengthening regulation in the oil and gas sector,” also talked about the need for full deregulation of the sector.

He said: “A lot of things happening in the industry for so long have been taken as a norm. If the only thing we succeed in doing is dealing with deregulation, subsidy removal, joint cash venture before December, then we are succeeding.

“We still refine crude oil for $28 per barrel. We have to bring it below $18 per barrel.”

Speaking on the sector’s deregulation, he said: “What is important is where are we heading to? Where we are heading is to try and free the industry so that it can do its own rule, set its own prices.

“There are few mechanics that we still have to get in place properly. We can’t forget the fact that we still have foreign exchange challenges; we can’t forget the fact that income to government is still very tight, so you need to see how you balance that.

“But what is important is the objective. The objective is still to fully deregulate and we have started that process. It is a continuing process and we will continue to finetune it until we get to where we should be.”

Stakeholders at the forum, however, called for full deregulation of the sector.

It would be recalled that the Chief Operating Officer of the company, Mr Olakunle Alake, had said Dangote Industries Limited 17 billion-dollar refinery project will create over 300,000 direct and indirect jobs by the first quarter of 2019.

BIG STORY

US To Stop Issuing Visas To Nigerians From Jan 1, 2026

Published

on

The United States will partially suspend the issuance of certain visas to Nigerian nationals from January 1, 2026, following a new presidential proclamation on border and national security.

The US Mission in Nigeria said the restriction will take effect at 12:01 a.m. Eastern Standard Time (EST) under Presidential Proclamation 10998, titled “Restricting and Limiting the Entry of Foreign Nationals to Protect the Security of the United States.”

Nigeria is among 19 countries affected, including Angola, Benin, Cuba, Senegal, Tanzania, Togo, Venezuela, and Zimbabwe.

The suspension covers nonimmigrant visas such as B-1/B-2 visitor visas, F, M, and J student and exchange visas, as well as immigrant visas, with limited exceptions.

Exemptions include:

Immigrant visas for ethnic and religious minorities facing persecution in Iran

Dual nationals using a passport from an unaffected country

Special Immigrant Visas for eligible US government employees

Lawful permanent residents of the US

Participants in certain major international sporting events

The US Mission stressed that the suspension only affects foreign nationals outside the US on the effective date who do not already hold a valid visa.

“Foreign nationals holding valid visas as of January 1, 2026, will not be affected. No visas issued before that date will be revoked,” the statement added.

Visa applicants from affected countries may still submit applications and attend interviews, but they may be denied visa issuance or admission under the new rules.

The move follows a series of US measures targeting Nigeria, including its recent inclusion on a revised travel ban list and a designation for violating religious freedom.

 

Continue Reading

BIG STORY

FG Officially Declares Kidnappers, Bandits As Terrorists

Published

on

The Federal Government has officially designated kidnappers and violent armed groups as terrorists, marking a major escalation in Nigeria’s response to abductions, attacks on farmers, and community violence.

The announcement was made on Monday by Information Minister Mohammed Idris during the end-of-year press briefing in Abuja.

This move signals a shift from treating mass kidnappings and rural attacks as ordinary crimes to confronting them under full counterterrorism measures.

“Henceforth, any armed group or individual that kidnaps our children, attacks our farmers, and terrorises our communities is officially classified and will be dealt with as a terrorist,” Idris said.

“Now, the era of ambiguous nomenclature is over. If you terrorize our people, whether you are a group or you are an individual, you are a terrorist and will be classified as such. There is no name hiding under this again,” the minister said.

He added that the policy would strengthen intelligence sharing and operational coordination across security agencies, allowing for faster and more decisive action.

The minister highlighted that improved inter-agency collaboration has already produced results, noting that in 2025, two of the most internationally wanted criminals were captured through coordinated operations.

In a bid to secure vulnerable rural areas, Idris also announced the deployment of trained and equipped forest guards, saying that these personnel will combine surveillance, local intelligence, and rapid-response capabilities to secure forests and remote locations often used as hideouts by criminal groups.

By classifying kidnappers as terrorists, the government is signaling zero tolerance for abductions and rural violence, while expanding the powers of security forces.

The forest guard initiative is expected to disrupt criminal supply routes, dismantle camps, and provide reassurance to farming communities affected by insecurity.

He noted the arrest of the ISWAP head residing in Nigeria, described as one of the most wanted terrorists on the African continent, who had a substantial bounty placed on him by the United States.

“The most internationally wanted criminals, the ISWAP head residing in Nigeria, has been captured through the coordination of all the security agencies and those also in the intelligence community.

“Don’t forget that Abu Barra was captured a few months ago, and he was also presented to the public by the National Security Advisor and other security chiefs.

“This is one of the most wanted terrorists on the African continent, and he was captured through the coordination of our security forces.

“Remember also, this was someone who had a large sum of money put on his head by even the Americans to capture him and bring him to justice.

“As we speak today, this gentleman, together with his chief of staff, are undergoing and having their day in court, and he is going to get justice that befits them,” he said.

Continue Reading

BIG STORY

Nigerian, Four Pakistanis Charged In US For ‘$41m Insider Trading, Market Fraud Scheme’

Published

on

Six individuals, including a Nigerian, have been charged by the United States Federal Bureau of Investigation (FBI) for alleged involvement in “insider trading and market manipulation on a massive scale”.

The individuals were identified as Izunna Okonkwo, a Nigerian, and four Pakistanis — Muhammad Saad Shoukat, Muhammad Arham Shoukat, Muhammad Shahwaiz Shoukat, and Daniyal Khan.

Gyunho Justin Kim was charged in a separate complaint.

In a statement published on the website of the US Department of Justice, the FBI said the suspects participated in “a years-long scheme to trade securities based on material non-public information (MNPI)”.

The FBI said the suspects were charged to court in a case that stemmed from “three overlapping securities fraud schemes that occurred at various points from June 2020 through February 2024”.

The FBI said Kim worked at an investment bank that was involved in multiple mergers and acquisitions of publicly traded healthcare and biopharmaceutical companies, adding that he allegedly obtained MNPI about many pending deals.

Kim was said to have illegally shared the MNPI with Muhammad Saad Shoukat, who traded with the information, and shared same with others.

“Saad Shoukat also tipped off others — including Arham Shoukat, Shahwaiz Shoukat, Khan, and Okonkwo — who similarly traded and profited from the MNPI,” the FBI said.

“Overall, Saad Shoukat and his co-conspirators received illicit profits from the insider trading scheme totalling at least $41 million.

“Saad Shoukat, Arham Shoukat, and others actively manipulated the stock price of Olema, a publicly traded company. Olema focused on developing breast cancer treatment through a drug called OP-1250.

“From the spring of 2021, Saad Shoukat and Arham Shoukat began investing in Olema stock and encouraged others to invest in it.

“After buying substantial stock in Olema, Saad Shoukat, Arham Shoukat, and others accessed confidential information showing that OP-1250 was less effective than Saad Shoukat and Arham Shoukat had hoped.

“Saad Shoukat, Arham Shoukat, and others then falsified the OP-1250 data the co-conspirators had illegally accessed, and publicly disseminated it in a manner that made it look like the data was real and came from Olema.

“The release of the false data — which inflated the drug’s efficacy — temporarily caused Olema’s stock price to increase, during which Saad Shoukat, Arham Shoukat, and others profited and avoided losses by selling large numbers of shares in Olema stock.

“Saad Shoukat, his brothers, and others also manipulated the stock price of Opiant, another publicly traded company. Opiant was developing an opioid overdose treatment.

“Kim provided MNPI to Saad Shoukat about a company seeking to acquire Opiant. Based on that MNPI, Saad Shoukat and others bought Opiant stock. But that potential acquisition stalled, and Saad Shoukat and others were stuck with their stock purchases.

“In response, in or around April 2022, Saad Shoukat, his brothers, and others — using a fake Opiant website and fake Opiant email addresses that appeared legitimate — caused the publication of a fake press release announcing a purported merger and acquisition involving Opiant and another company.

“The fake press release drove up Opiant’s stock approximately 29%. Saad Shoukat, his brothers, and others profited by selling off shares during that spike, causing substantial losses to victim investors.”

If convicted, the suspects risk more than 20 years’ imprisonment.

Continue Reading

Most Popular


Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117

Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117

Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117