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BIG STORY

#EdoDecides: Obaseki Is Now Politically Dead — Oshiomhole

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Adams Oshiomhole, senator representing Edo North, claims Godwin Obaseki, the current governor of Edo, will lose his political influence after the September 21 governorship election.

This statement comes after INEC declared Monday Okpebholo of the All Progressives Congress (APC) the winner with 291,667 votes, surpassing Asue Ighodalo of the Peoples Democratic Party (PDP), Obaseki’s preferred candidate, who garnered 247,274 votes.

Speaking on Monday on ‘Politics Today’, a programme on Channels Television, Oshiomhole said Ighodalo’s loss should sound the death knell on Obaseki’s political career.

The former governor of Edo also faulted Obaseki for visiting the INEC office in Benin City in the wee hours of Sunday, as the commission prepared to commence collation of results.

“I was a governor. Once I finish voting, if I like I’d wait at the polling booth for a bit, chat with people and then I go home. If I find that my appearance is attracting more attention, I just quietly head home,” Oshiomhole said.

“How can a sitting governor go to a collation centre? To intimidate or possibly influence the results or to change the results? What was he doing there? How can a governor go to a collation centre when collation is going on?”

Obaseki had said his mission to the INEC office was to find out why the electoral umpire had not commenced collation.

Oshiomhole also criticised the outgoing governor for labelling the election a “do-or-die affair” days before the polls.

“Obaseki said the election was a do-or-die affair. He told you that here. He insisted. Now, the people have done it, he’s dead,” the senator said.

“Now the people have done it, I guess he’s politically dead. I know so. The verdict is out.”

Oshiomhole said Okpebholo should not be judged on the basis of his inability to communicate in fluent English.

The governor-elect shunned a handful of television invitations before the election, with many often referencing his smattering English on the campaign trail.

“So, if you can speak good grammar because you sit on a board, nobody knew how you became a board chairman… Edo people have spoken,” he added.

“When a man goes to a village and speaks his dialect, he has more impact on those communities than when you speak high profile English that when you finish, people will ask ‘what did he say’?

“Monday communicated with the Edo electorate and it worked.

“The mistake you TV hosts make, many of you, is to assume that anyone who doesn’t appear before you… you exaggerate the importance of television viewers.”

Oshiomhole also described the governorship poll as “free and fair”.

BIG STORY

US Court Renews Arrest Warrant For Air Peace CEO Allen Onyema

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A United States court has reissued an arrest order for Allen Onyema, the founder and CEO of Air Peace Limited, in connection with a $20 million bank fraud case that has been pending against him for five years.

The federal district court for Northern Georgia, Atlanta, renewed the arrest warrant on October 9, following the addition of new charges against Mr. Onyema and his co-defendant, Ejiroghene Eghagha, the airline’s Chief of Administration and Finance.

US authorities filed the superseding indictment on October 8, adding new counts of obstruction of justice and conspiracy to obstruct justice to the existing charges.

The two new counts bring the total number of charges to 38, including 36 counts of conspiracy, money laundering, bank fraud, credit application fraud, and identity theft.

On the same day the superseding indictment was filed, Assistant US Attorney Christopher Huber requested a new arrest warrant after the initial one issued in 2019.

On October 9, a deputy clerk of the court signed and delivered the new arrest warrant to the US Marshals, the agency responsible for apprehending fugitives.

  • Previous Arrest Warrants

It is important to recall that, prior to the filing of charges in 2019, Russell Vineyard, a magistrate at the United States District Court for the Northern District of Georgia, had issued an arrest warrant for Messrs. Onyema and Eghagha in Canada.

American prosecutors had sought the warrant to enable Canadian law enforcement authorities to detain the suspects if they were found in their jurisdiction.

In another warrant issued on November 19, 2019, Justin Anand, an American magistrate of the same court, ordered the US Marshals Service to take them into custody.

  • Allegations

The charges pending since 2019 accuse Mr. Onyema of transferring suspicious funds from Nigeria to American bank accounts between 2017 and 2018, disguised as money intended for aircraft purchases.

Mr. Onyema and Mr. Eghagha allegedly organized the fraud by applying for export letters of credit to move funds from a Nigerian bank account to the bank account of Mr. Onyema’s Atlanta-based company, Springfield Aviation LLC, between 2016 and 2017.

Prosecutors claim the funds were supposedly for purchasing aircraft from Springfield Aviation for Air Peace, both of which are owned by Mr. Onyema.

However, the aircraft referenced in each export letter of credit were never owned or sold by Springfield Aviation.

Prosecutors allege that the defendants made false statements and misrepresented the value of property to influence the actions of the American banks involved.

Mr. Eghagha is said to have submitted false documents, including fabricated purchase agreements, bills of sale, and valuation reports, to Ebony Mayfield, who signed and submitted them to the banks in support of the letters of credit.

Ms. Mayfield, who had worked as a bartender, restaurant waitress, and nightclub dancer, was hired in 2016 as a manager for Springfield Aviation and authorized to enter into contracts on the firm’s behalf.

Prosecutors assert that Ms. Mayfield “had no connection to the aviation business outside of her role with Springfield Aviation and had no education, training, or licensing in the review and valuation of aircraft, including aircraft components.”

In October 2022, the US District Court sentenced Ms. Mayfield to three years’ probation for her role in the alleged fraud.

Prosecutors continue to assert that Mr. Onyema established and used Springfield Aviation “to facilitate large transfers of funds from his Nigerian bank accounts to the United States.”

In 2017, Mr. Onyema allegedly moved approximately $15 million from Springfield Aviation’s account at Wells Fargo Bank in Atlanta to his personal savings account with the same bank, through 27 transactions. Each transaction is considered a separate charge of money laundering.

In May 2019, after learning that he was under investigation for bank fraud in the Northern District of Georgia, Mr. Onyema and Mr. Eghagha allegedly instructed Ms. Mayfield to sign a key business contract but were told specifically not to date it.

In October 2019, Onyema allegedly instructed his attorneys to present the same contract, now falsely dated May 5, 2016 (before the bank fraud began), to government authorities in an effort to halt the investigation and unfreeze his bank accounts.

This submission of false documents forms the basis for the new charges of obstruction of justice and conspiracy to obstruct justice in the superseding indictment.

  • Superseding Charges

The US government added two new counts to the charges in the superseding indictment filed last month.

Announcing the superseding indictment, the US Attorney’s Office for the Northern District of Georgia accused Mr. Onyema and Mr. Eghagha of “obstruction of justice for submitting false documents to the government in an effort to end an investigation of him that resulted in earlier charges of bank fraud and money laundering.”

Prosecutors claim Mr. Onyema submitted false documents to US authorities in 2019, attempting to stop the investigation and unfreeze his bank accounts regarding the alleged $20 million fraud.

Mr. Eghagha, who is accused of participating in both the alleged obstruction scheme and the earlier bank fraud, is Mr. Onyema’s co-defendant in the case.

“After allegedly using his airline company as a cover to commit fraud on the United States’ banking system, Onyema, along with his co-defendant, allegedly committed additional crimes of fraud in a failed attempt to derail the government’s investigation of his conduct,” the statement quoted US Attorney Ryan K. Buchanan.

Additionally, Assistant Special Agent in Charge Lisa Fontanette, from the Internal Revenue Service – Criminal Investigation Atlanta Field Office, stated, “Allegedly, Onyema and his accomplices fraudulently used the U.S. banking system in an effort to hide the source of their ill-gotten money.”

  • Denial

Air Peace and Mr. Onyema’s legal team have consistently denied the charges.

In response to the filing of the superseding indictment last month, Air Peace issued a statement asserting that “both Mr. Onyema and Eghagha remain innocent and these are mere allegations, and the case is still in court.”

The airline further added: “Our legal team is fully engaged with the matter and is working tirelessly to ensure that justice prevails. We remain confident that, through due process, the truth will be revealed, and our CEO and co-defendant will be exonerated.”

The airline emphasized that Mr. Onyema and his legal team have consistently cooperated with authorities throughout the legal process, and that Air Peace continues to operate without disruption, maintaining its commitment to delivering high-quality services to its customers.

“We want to reassure the public that these legal proceedings will not impact the safety, reliability, or day-to-day operations of Air Peace. The dedication and focus of our staff remain steadfast as we continue to provide you with the best aviation experience in Nigeria and beyond,” the statement concluded.

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BIG STORY

NNPCL Ends N24tn Fuel Import, Buys From Dangote Refinery

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The Nigerian National Petroleum Company Limited has ceased importing refined petroleum products and is now sourcing fuel from the Dangote Petroleum Refinery and other local refineries.

NNPC’s Group Chief Executive Officer, Mele Kyari, made this announcement on Monday at the ongoing conference of the Nigerian Association of Petroleum Explorationists in Lagos, themed ‘Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth and Affordability.’

This development comes amid claims by some petroleum marketers that they would continue to import petroleum products but sell them at a price lower than that of the $20bn Dangote refinery.

In August, President Bola Tinubu stated that the country spent an average of N2tn monthly on fuel imports.

According to Tinubu, the introduction of compressed natural gas (CNG) into the country would save “over N2tn a month used to import PMS and AGO and free up our resources for more investment in healthcare and gas education.”

The President’s statement implies that the country spends approximately N24tn annually on importing petrol and diesel, excluding aviation fuel, kerosene, and gas.

Despite being an oil-producing nation, Nigeria has relied on imported fuels for years due to insufficient local refining capacity.

Speaking at the NAPE Conference, Kyari revealed that the NNPC is no longer importing fuel and is now sourcing only from domestic refineries.

“Today, NNPC does not import any product, we are taking only from domestic refineries,” he stated.

It’s important to recall that NNPC was initially the sole off-taker of Dangote PMS until the Federal Government allowed other marketers to source directly from the refinery.

Kyari dismissed claims that NNPC was sabotaging the Dangote refinery.

Addressing concerns about domestic refining, he said there had been several media reports suggesting that NNPC was hindering local refineries by not supporting them sufficiently.

“The point is very far from it, and I’m going to speak to it straight. We are very proud part-owners of Dangote refinery, no doubt about it. We saw an opportunity that there is a clear market for at least 300,000 barrels of our production; we know that as time moves on, people will start struggling to find markets for their production.

“It will happen, it’s already happening. Oil is found, as you know, in many unexpected locations across the world and people have choices. Therefore, we saw an opportunity to log supply to the domestic refinery, not just Dangote but any other refinery that operates in the country, so it was a very informed business decision.

“Therefore, from day one, we knew that it is to our benefit to supply crude oil to the domestic refinery, so we don’t need to be persuaded; we don’t need anyone to talk to us, there is no need for any pressure from the streets for us to do this. We are already doing this,” he clarified.

On the topic of Nigeria needing to domesticate its oil, Kyari noted that Nigerian crude is “Lamborghini crude,” meaning the products derived from it would be expensive.

He argued that the issue of high-quality fuel is relative, as many refineries avoid Nigerian crude due to its price.

Kyari shared that some global traders buy Nigerian crude and blend it with lower-quality fuels to reduce costs.

“We should never forget that Nigerian crude is ‘Lamborghini crude.’ If we choose that every product that we have in this country must come from domestic production, then we must deal with pricing. Otherwise, out there in the global market, everybody buys Nigerian crude and blends it with dirtier crude to process. A lot of you will confirm this. So, no one takes Nigerian crude except one or two refineries that I know. Straight processing of Nigerian crude, nobody does this because you do have a gap in value if you do this.

“Therefore, as a country, and I believe this strongly also, that we must process all the crude that we produce in the country to the optimum. You can do intermediate products and sell to the market, you are still adding value. You don’t have to sell gasoline that is coming from Nigerian production.

“You can do something different so you can process it domestically, but it’s going to be high quality. As we all know and it’s very clear in the media that we are selling high-quality products, that’s very true but you need not do this. You are driving a Keke-Napep and you want Lamborghini fuel, you do not need it. So, the quality issue is a relative thing, it’s by geography, by location, and we will do everything possible to make sure that we domesticate this.

“Today, NNPC does not import any product, we are taking only from domestic refineries. But I also know that we are working jointly with the government to make sure that we manage the issue around prices if we have to source all our supply from the domestic market. It will be an issue and we are already resolving it. I can confirm that substantial work has been done and this will no longer be an issue.”

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BIG STORY

Petrol Pump Price May Drop As Dangote, Oil Marketers Sign Deal

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has secured an agreement with Dangote Petroleum Refinery to lift products directly.

This, according to the association, will ensure the availability of petroleum to Nigerians at a cheaper rate.

IPMAN’s National President, Abubakar Garima, made this announcement at a press briefing on Monday in Abuja, following a meeting of the National Working Committee of the association.

He explained that the Dangote refinery had agreed to allow IPMAN to lift PMS, AGO, and DPK directly for onward supply to IPMAN depots and retail outlets. This new arrangement with the Dangote refinery will ensure a steady and ceaseless supply of PMS products across Nigeria at an affordable rate.

He said, “Following our recent meeting with Alhaji Aliko Dangote and members of his top management staff in Lagos, we are happy to state the following; Dangote Refinery has obliged IPMAN to lift PMS, AGO, and DPK directly for onward supply to IPMAN depots and retail outlets. That this new arrangement with the Dangote refinery will ensure a steady and ceaseless supply of PMS products all over Nigeria, at an affordable rate for Nigerians also.”

On October 29, the founder of Dangote Industries Limited, Aliko Dangote, stated that the refinery held over 500 million litres of petrol, but added that oil marketers were not purchasing his product.

In response, IPMAN said its members had been unable to load petrol from the Dangote refinery for days. Garima noted that the association had paid N40bn to the Nigerian National Petroleum Company Limited but still could not source the product. However, the refinery said it had not received any payment from IPMAN for refined petroleum products.

Speaking further at the briefing, Garima urged IPMAN members to support Dangote Refinery, highlighting the backward integration benefits and the positive impacts on Nigeria’s foreign exchange market.

Regarding pricing, Garima expressed confidence that negotiations with Dangote would result in lower rates.

“All IPMAN members should fully support the Dangote refinery, as it’s the ideal thing to do considering the monumental benefits of backward integration and the medium to long-term impact it will have on the foreign exchange markets in Nigeria.

“IPMAN members nationwide should rely on the Dangote refinery and Nigerian refineries for their white products, as this will translate into ensuring more job opportunities in Nigeria, as well as signify total support for President Bola Tinubu’s Renewed Hope Agenda,” he added.

Energy expert Kelvin Emmanuel commented that the new agreement would eliminate financing and margin costs incurred by the NNPCL.

He said, “What is cheery about this news is that NNPC’s letter of credit as financing cost ($28 per metric tonne) that is passed to IPMAN — controlling 30,000 retail stations and their margin ($26.48 per metric tonne) will be removed.”

The IPMAN president also mentioned that the association is preparing for a smooth transition to nationwide CNG refill stations, as it is currently in negotiations with the presidential CNG initiative.

“On CNG, I would also like to call on all our members at IPMAN to begin to put all types of machinery in place for a successful transition of the Federal Government’s plans to initiate CNG refill stations in all our outlets. Truly, there is no doubt that CNG has the potential to rejuvenate our economy for a better life for Nigerians, and IPMAN is ready to give her all to support the CNG initiative.

“IPMAN is also calling for a partnership with the Federal Government of Nigeria to hasten the quick success of the CNG initiative for Nigeria. We believe that for the CNG initiative to succeed, there must be a credible partnership between IPMAN and the PCNGI, without which Nigerians would not have ready and near access to CNG outlets.”

This partnership between Dangote and IPMAN is expected to increase efficiency, affordability, and economic growth for Nigeria’s petroleum industry. This move is expected to eliminate middlemen, reduce costs, and ensure a steady supply.

Earlier this year, the Dangote Refinery announced that it would supply fuel to about 150,000 retail outlets operated by oil marketers.

In his remarks, the chairman of the Board of Trustees of the association, Aminu Abdukadir, stated that IPMAN must remain committed to providing the retail stations and funds necessary to ensure that products are delivered to consumers.

“The business of making money without doing anything is over with the deregulation of the sector. For IPMAN to survive, it must provide the filling stations, the money, and the trucks, to provide this commodity to motorists,” he said.

Meanwhile, the Executive Secretary of the Major Energy Marketers Association of Nigeria, Clement Isong, explained that the final landing price is determined by several key factors, including the exchange rate, logistics efficiency, and cost negotiating power based on volume purchased.

Isong said, “If you read our bulletin, there is not one landing price for the whole country. What we are saying is to give an idea of the landing price—if you land 38,000 metric tonnes into ASBM in Apapa, this is the landing price. That’s what we are saying. If you land 100,000 MT or 80,000 MT into Pinnacle, the landing price will be lower. But there are only two places where the landing price will be lower due to economies of scale. If you land in the majority of the country, the depots and facilities take less. So, if you land it into another place in Lagos, the landing price will be higher. It won’t be N971 per litre. It can be as close to N1,000.

“So, the landing price is a function of how much you got your exchange rate, logistics, and your negotiating power based on the volume bought. Some marketers are landing below N917. But the vast majority of people who don’t enjoy the benefits of economies of scale will land at significantly above that. What this teaches is that it is a free and open market. It’s how you buy that you sell. There is no one price. It is a function of the draft of the vessels that you land the product. It’s a function of how much product was bought. It’s a function of what rate of exchange was used to buy products. The exchange rate that we have used is the central bank rate. So, if you have the central bank rate, then you will not land at that price, but if you go to the black market, the price will be higher.

“The law says that we can only keep 30 days of stock in our depots. So, the fact that the spot market has gone up means nothing because you are selling based on the price of the average cost in your tank. The fact that the price has gone down to N971, it doesn’t matter because we are selling based on the average cost in your tank. How much did you buy and the average cost of everything in the tank? It’s a market price. And the market price is a range. It moves, depending on how efficient you are. And I think for us, the most important thing is the exchange rate.”

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