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Indications of federal government increasing the price of premium motor spirit (PMS) to address the problem of scarcity which has lasted for over three months have emerged. The hint was given yesterday by Bauchi State governor, Mohammed Abubakar, while briefing State House reporters after the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo at the presidential villa, Abuja.

He said the decision was taken following a briefing of the Council on the reason why fuel scarcity persists by the group managing director of the Nigeria National Petroleum Corporation (NNPC), Maikanti Baru. According to him, NEC has set up a committee headed by the Gombe State governor, Ibrahim Dakwambo, which will interact with NNPC with a view to determining the correct price for PMS, considering the price of the product in countries bordering Nigeria.

Continuing, the Bauchi governor said, “The second issue that was discussed was the issue of the scarcity of petroleum products. The problem was addressed by the group managing director of the NNPC.“The issue is of course caused by an inter-play of the exchange rate of the Naira and the Dollar and the price of crude oil at the international market which affects the landing cost of refined products in Nigeria.“And in the process, makes the operation of the current price regime almost impossible without some measure of return for whoever is in the process.

“As at today, most, if not all independent marketers have stopped importing refined products into Nigeria; it is only the NNPC that has been doing it. And the NNPC has been suffering a lot of setbacks – the highest amount of under-recovery.“Under-recovery means the inter-play between the landing cost of a litre of the PMS in Nigeria and the pump price of that product. If the product lands at N170, for example, and you sell at N145, immediately you know that you have an under recovery of about N25 for each litre of fuel.

“So he submitted his report and the National Economic Council has a committee that has been interfacing with all revenue generating agencies of the federal government under the chairmanship of the governor of Gombe State.”“That committee has been charged with the responsibility of interfacing with NNPC with a view to determining the correct price for PMS considering the price of the product, especially in countries that are bordering Nigeria because that is one of the reasons that encourage smuggling of the products to these areas,” he added.

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Osun Monarch, Pastor Plead Guilty To COVID-19 Fraud In US

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Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State, and Edward Oluwasanmi, a Nigerian pastor, have admitted guilt to charges related to COVID-19 relief fraud in the United States.

The two individuals could potentially face imprisonment.

It was gathered that Oba Oloyede, who works as an accountant and information system expert in the US, became the Apetu in July 2019.

The monarch and Oluwasanmi were apprehended in early 2024 for their involvement in a scheme to fraudulently acquire $4.2 million in COVID-19 relief funds.

They were charged with 13 counts, including conspiracy to commit wire fraud, wire fraud, conspiracy to defraud, money laundering, and engaging in financial transactions involving illegally obtained property.

They were brought before Justice Christopher Boyko of the US District Court of Ohio.

Court documents indicate that Oba Oloyede and Oluwasanmi, among others, fraudulently obtained $3.76 million from the US Paycheck Protection Programme and Economic Injury Disaster Loans scheme.

After approximately a year of legal proceedings, the two pleaded guilty to some of the charges and may be sentenced to prison.

On April 10, Oluwasanmi, through his lawyer Henry Hilow, pleaded guilty to counts one, 11, and 12 of the indictment.

These counts accused Oluwasanmi of using fraud proceeds to buy a commercial property at 422 South Green Road, South Euclid, Ohio, via wire transfer, and of transferring money into the Dayspring transportation brokerage account.

“Guilty plea entered to counts 1, 11 and 12 of the indictment. Plea agreement executed. Sentencing set for July 2, 2025, at 10am in Courtroom 9A. Defendant’s bond to continue with same conditions as previously ordered,” the court document stated.

On Monday, April 21, Oba Oloyede entered his guilty plea with the court.

The court scheduled Thursday, April 24, for the hearing of his pleas.

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BREAKING: EFCC Arrests Famous Nigerian Musician Terry Apala For Naira Mutilation

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Justice Akintayo Aluko of the Federal High Court sitting in Ikoyi, Lagos, on Friday, April 25, 2025, remanded a musician, Terry Alexander Ejeh, otherwise known as Terry Apala, in a Correctional Centre for alleged “mutilation of the Naira notes.”

He was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Friday, April 25, 2025, on a one-count charge of “mutilating the Naira notes.”

The charge reads: “That you, TERRY ALEXANDER EJEH, on the 5th day of January, 2025, at La Madison Place, Oniru, within the jurisdiction of this Honourable Court, whilst dancing during a social event, tampered with Naira notes issued by the Central Bank of Nigeria by marching on the same and you thereby committed an offence contrary to and punishable under Section 21(1) of the Central Bank of Nigeria Act, 2007.”

He pleaded not guilty to the offence when it was read to him. In view of his plea, the prosecution counsel, S.I. Suleiman, prayed for a trial date and also urged the court to remand him in a Correctional Centre.

The defence counsel, Felix Nwabuda, informed the court of a bail application dated April 23, 2025 and prayed the court for a short date for the hearing of the application.

“Whilst praying the court for a short date for the hearing of the bail application, I will be craving the indulgence of the court to release the defendant to the defence. “We undertake to produce him in court. He will not evade hearing. He came in from the United Kingdom on April 23, 2025; and on the invitation of the EFCC, he came on his own.”

The prosecution counsel, however, opposed the application, saying, “ the application is alien and unheard of.”

“I urge the court to afford us the opportunity to look at the application and respond properly so that the court can make a well -informed ruling,” he said.

In a short ruling, Justice Aluko refused the application of the defence. Justice Aluko adjourned till May 5, 2025 and ordered the remand of the defendant in the Ikoyi Correctional Centre pending the determination of the bail application.

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Akpabio To Lead Nigerian Delegation To Pope Francis’ Burial

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President Bola Tinubu has dispatched a delegation to Vatican City for the funeral of Pope Francis, who passed away on Monday at the age of 88.

A statement released on Friday by Bayo Onanuga, special adviser to the president on information and strategy, announced that Godswill Akpabio, the senate president, is leading the five-member delegation to the funeral.

The other members of the delegation include Bianca Odumegwu Ojukwu, “minister of state for foreign affairs”; Lucius Iwejuru Ugorji, “president of the Catholic Bishops Conference of Nigeria”; Matthew Hassan Kukah, “archbishop of the Sokoto diocese”; and Ignatius Ayua Kaigama, “archbishop of the Abuja diocese.”

“The funeral service of the revered head of the Roman Catholic Church is scheduled to take place on Saturday at the Vatican.”

“The Nigerian delegation will formally deliver a letter to the acting head of the Vatican conveying Tinubu’s condolences.”

On Monday, Tinubu joined the global Christian community in mourning the late pope.

“Pope Francis was a humble servant of God, a tireless champion of the poor, and a guiding light for millions,” Tinubu said.

The president described the pope’s death, which occurred just after Easter Sunday, as “a sacred return to his Maker at a time of renewed hope for Christians”.

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