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Fuel Crisis: NNPCL Owing Us ‘Almost ₦15bn’ — IPMAN

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that the Nigerian National Petroleum Company Limited (NNPCL) is owing it “almost N15 billion.”

“Roughly now, they are owing us almost getting to N15bn,” said IPMAN’s National President, Abubakar Garima, during Thursday’s edition of Channels Television’s Sunrise Daily.

“Our money has been with the NNPCL for almost three months now. Either they sell for us at the same rate they are getting the product from Dangote Refinery or refund us so we can buy directly from Dangote Refinery,” Garima added.

He explained, “We (IPMAN) have not loaded a single truck since the NNPCL increased its pump price.

“Our money is already with the NNPCL. It has refused to give us the product we paid for and is asking us to complete the difference,” IPMAN lamented.

These comments came after the NNPCL adjusted fuel prices at its retail outlets in Lagos and Abuja.

In Lagos, NNPCL outlets raised the price of a litre of petrol to ₦998, an increase of ₦150 from the previous ₦855.

Meanwhile, in Abuja, the price per litre rose to ₦1,030 from ₦897. Some stations in Lagos reportedly sold the product for as much as ₦1,050.

According to IPMAN, this is a result of the full deregulation of the sector.

“Well, we know now that we cannot call it an increase but rather we can call the removal of subsidy deregulation. Now, deregulation has started taking place fully,” Garima said.

Despite President Bola Tinubu’s declaration of the end of the fuel subsidy regime, fuel queues remain a common sight in Nigeria.

Garima mentioned that the price adjustment would lead to better product availability.

“The change that Nigerians are going to expect now: one, we are expecting availability since there is no subsidy,” he said.

“The NNPC is not the sole importer. Other marketers too will participate. It is the same thing in buying the product. Other marketers will buy products directly from Dangote [Refinery]. It is not only NNPC.”

BIG STORY

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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BIG STORY

34 Terrorists Killed In Failed Ambush On Troops In Borno — Defence HQ

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The Defence Headquarters (DHQ) reported that 34 terrorists were killed in a firefight with troops deployed to Sabon Gari village in the Damboa LGA of Borno state.

In a statement on Wednesday, Edward Buba, the director of defence media operations, revealed that the incident took place on January 4 when the terrorists, riding motorcycles, attacked the troops.

Buba explained that the terrorists had aimed to surprise the troops in retaliation for the recent killing of their commander and combatants.

“The terrorists were taken by surprise when troops on a fighting patrol returning to base foiled their planned attack as soon as it commenced,” the statement reads.

“Additionally, a reinforcement team comprising elements of the Civilian Joint Task Force, vigilantes, and hybrid forces arrived at the scene in time to overpower the terrorists.”

He mentioned that the reinforcement team encountered an improvised explosive device (IED), which injured the vigilante commander.

The DHQ spokesperson added that the air component of operation Hadin Kai conducted an air interdiction on the fleeing terrorists.

“Battle damage assessment revealed several terrorists were killed, and weapons were recovered,” he said.

“On the whole, 34 terrorists were killed, and 23 AK-47 rifles were recovered. Troops also recovered over 200 rounds of 7.62mm special ammunition. Sadly, six personnel were killed in action.”

Buba stated that the names of the personnel killed during the attack were being withheld to allow for administrative procedures in notifying their next of kin.

“Overall, the Armed Forces of Nigeria remain profoundly conscious of their role and responsibility in ending insurgency and terrorism in the nation. Accordingly, troops remain committed to defeating the terrorists,” he added.

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BIG STORY

Telecoms Tariff Will Be Increased, But NOT By 100 Percent — Communications Minister Bosun Tijani

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Bosun Tijani, the minister of communications, innovation, and digital economy, has stated that telecoms tariffs will be increased but not by 100 percent.

Speaking at a stakeholders’ meeting on Wednesday in Abuja, Tijani emphasized the need for the telecommunications sector to establish proper regulations to ensure its growth.

Telecoms operators have recently been pressuring regulators to raise tariffs to address the declining investments in the sector.

On December 30, 2024, the Association of Licensed Telecommunications Operators of Nigeria (ALTON) warned of service shedding if tariffs remain unadjusted.

Similarly, the Association of Telecommunications Companies of Nigeria (ATCON) urged the Nigerian Communications Commission (NCC) to review call tariffs upwards by the first quarter of 2025.

At the stakeholders’ meeting, Tijani assured that the Nigerian Communications Commission (NCC) would approve and announce the new tariff following ongoing consultations and engagements.

“You have seen over the past weeks that there has been agitation from some of these companies to increase tariffs,” Tijani said.

“They are requesting for 100 per cent tariff increase.

“But it will not be by 100 per cent; the NCC will soon come up with a clear directive on how we will go about it.

“We want to strike the balance as a government, to protect our people, but also protect and ensure that these companies can continue to invest significantly.”

  • FG To Take Telecoms Investment Beyond Private Sector

The minister also revealed that the federal government will no longer rely solely on private companies for infrastructure investments in the sector.

“As a country, over time, we have left these investments in the hands of the private sector. They typically invest where they can see returns in the short to medium term,” he said.

“We will not want this conversation to just be about tariff increase. What the world is talking about today is meaningful connectivity, people want to have access to quality service.

“A part of it that the consumers may not be aware of is the investment that needs to go into the infrastructure that is used to deliver these services.”

Aminu Maida, the executive vice-chairman of the NCC, stated that the meeting focused on the sustainability of the industry.

He reiterated that a 100 percent tariff increase is unlikely.

“I know that Nigerians are agitated to hear the exact percentage approved. There is still some stakeholder engagements that we are going through, but you will hear from us within a week or two,” Maida said.

The executive vice-chairman also mentioned that the NCC has introduced tools to ensure compliance with service quality.

Maida asked mobile network operators (MNOs) to use simple templates to show Nigerians charges for voice calls, SMS, and data.

“We are moving away from the regime where you will have a main rate, then you will now have a bonus which is at a different rate,” Maida said.

“It makes it often complicated and difficult for Nigerians to actually understand what they are being charged for. There is this agitation that the MNOs are stealing our data.”

Dinesh Balsingh, the chief executive officer (CEO) of Airtel Nigeria, represented by Femi Adeniran, Airtel’s media spokesperson, explained that rising operational and capital costs made the tariff adjustments necessary.

Balsingh added that the increase is intended to ensure the sector’s long-term sustainability while offering significant benefits to Nigerian consumers.

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