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FG Reaches Agreement With Oil Producers On Supply Of Crude Oil To Local Refineries

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The federal government, through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), has struck a deal with oil producers to sell crude oil to local refiners at market prices, resolving a longstanding supply dispute that had strained relationships with international oil companies.

NUPRC CEO Gbenga Komolafe stressed that pricing issues should no longer hinder domestic refining, paving the way for a more harmonious and market-driven approach to crude oil sales.

“We will never allow price strangulation to disincentivise our domestic refining capacity optimisation,” said  Komolafe.

Komolafe highlighted the commission’s commitment to preventing “crude supply profiteering” while ensuring that oil production remains profitable.

To ensure transparency, the NUPRC has requested monthly cargo price quotes on crude oil supply and delivery from both producers and refiners.

The NUPRC aims to balance upstream development with a sustainable domestic energy supply chain, reinforcing its role in fostering a fair and profitable oil production environment.

Recall that earlier in the year, the NUPRC directed local and international oil companies to prioritise the supply of crude oil to local refineries. The regulator further set a target of 483,000 barrels to local refineries with the Dangote refinery expected to receive 325,000 barrels daily.

Additional refineries expected to benefit from the crude oil supply include the Warri and Port Harcourt refineries, which are slated to receive 75,000 and 54,000 barrels of crude oil per day, respectively. Meanwhile, smaller refineries such as Waltersmith, OPAC, and Niger Delta Petroleum Refinery, among others, are set to receive 10,000 barrels per day or less.

Later in April, the NUPRC mandated all oil companies in Nigeria to supply crude oil to domestic refineries that are unable to source it locally. Only after meeting these domestic supply obligations are producers allowed to export crude oil. The Petroleum Industry Act (PIA) mandates that international oil companies must first meet local demand by supplying crude oil to domestic refineries before exporting any surplus.

However, last month, Devakumar Edwin, the Vice President of Oil and Gas at Dangote Industries Limited (DIL), accused International Oil Companies (IOCs) in Nigeria of deliberately attempting to undermine the Dangote Oil Refinery and Petrochemicals.

Edwin asserted that the IOCs are intentionally obstructing the refinery’s efforts to purchase local crude by inflating premium prices above market rates. This forces the refinery to import crude from distant countries such as the United States, resulting in significantly higher costs.

Nigerians expected the 650,000 barrels Dangote refinery to significantly or end the country’s petrol import dependence in the era of post-subsidy removal.

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JUST IN: Court Remands Lagos Teacher For Assaulting 3-Yr-Old Boy

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A 45-year-old teacher from Christ-Mitots International School, Stella Nwadigbo, has been remanded by a Magistrate Court in Ogba for allegedly assaulting a three-year-old child in the Ikorodu Local Government Area of Lagos State.

Nwadigbo, who was suspended by the school management in response to public outcry, was remanded by the court at Kirikiri Correctional Facility, awaiting the next hearing on February 18, 2025.

The teacher was remanded on Thursday after the Police arraigned her for beating a pupil, “Micheal Abayomi,” who was unable to write the numbers 16 and 61 during school hours.

 

More to come…

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Japa, Agbero, Eba, 17 Other Nigerian Words Added To Oxford Dictionary

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The Oxford English Dictionary has broadened its vocabulary with 20 Nigerian words and expressions in its most recent update.

The newly included entries feature well-known terms such as “japa,” “agbero,” “eba,” “419,” and “abi,” among others.

These words, deeply embedded in the daily lives of Nigerians, underscore the influence of Pidgin English, street slang, and cultural expressions that are progressively gaining international recognition.

Notably, some of these words, like “japa” and “jand,” are listed as both nouns and verbs in the dictionary.

Pronunciation guides have been included to help non-Nigerians pronounce the words accurately.

Kingsley Ugwuanyi, a Nigerian English consultant for the Oxford English Dictionary, shared the update on LinkedIn on Tuesday.

He expressed enthusiasm about his involvement in drafting the words and recording their pronunciations.

Ugwuanyi wrote, “I’m thrilled to announce that the Oxford English Dictionary (OED) Oxford Languages | OUP has officially published its latest updates, featuring an amazing collection of Nigerian English words that beautifully reflect Nigeria’s culture, creativity, and the unique ways we express ourselves as Nigerians.

“This time, I not only drafted most of the words but also had the incredible opportunity to provide their hashtag#pronunciations! So, when you explore the OED online and click on the pronunciations, you’ll hear my hashtag#voice bringing these words to life.”

Among the entries, “japa” is defined as “the emigration of Nigerians to other countries (especially those in Europe or North America) in search of further education, employment, or economic opportunity.”

“Agbero” is described as “a person (usually a boy or young man) who works as a tout, typically at car parks and bus stops, collecting money from passengers and drivers, and ushering passengers onto vehicles.”

The term “419,” widely recognized in Nigeria, is defined as “Fraud (now usually perpetrated on the internet) involving requests for advance payment in return for a substantial share of a large amount of money, which ultimately is never given. Frequently as a modifier, as in 419 email, 419 scam, etc. Cf. yahoo n.2.”

Other words added include abi, adire (batik), area boy (lout), cross-carpet, cross-carpeting, eba, Edo, gele (headgear), jand (noun, verb), janded (adjective), Kanuri, Kobo, Naija, suya, Yahoo, Yahoo boy, and Yarn Dust.

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Alleged Fraud: Emefiele Loses Bid To Stop $4.5bn, N2.8bn Case

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The Lagos State Special Offences Court, on Wednesday, dismissed an application filed by former governor of the Central Bank of Nigeria, Godwin Emefiele, challenging the court’s jurisdiction to entertain the $4.5 billion and N2.8 billion fraud charges brought against him by the Economic and Financial Crimes Commission.

Justice Rahman Oshodi, in his ruling, held that the court had the jurisdiction to try Emefiele and his co-defendant, Henry Omoile.

The judge, however, struck out four of the 26 counts filed by the EFCC against the defendants for lack of jurisdiction.

“The objection challenging the court’s territorial jurisdiction over counts eight to 26 fails and is hereby dismissed.

“The prosecution has established sufficient territorial nexus in this case,” the court held.

To this end, the judge subsequently adjourned the case for trial continuation on February 24, 2025.

The EFCC had arraigned Emefiele on 26 charges, bordering on abuse of office and illegal allocation of $4.5 billion and N2.8 billion.

At the last adjourned date on December 12, 2024, Emefiele’s counsel, Mr. Olalekan Ojo (SAN), argued that the court lacked jurisdiction to hear the case in Lagos.

The embattled Emefiele was suspended as CBN governor on June 14, 2023, by President Bola Ahmed Tinubu’s government.

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