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Fuel Subsidy Rises To N500bn, NNPC Rules Out Price Hike In May

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With the Federal Government leaving the pump price of Premium Motor Spirit (petrol) unchanged in the first five months of this year despite the increase in global oil prices, subsidy on the product is estimated to gulp N500bn in the period.

It was reported on January 11 that the sustained increase in global crude oil prices had pushed up the landing cost of imported petrol closer to the current pump prices of the product in Nigeria, and appeared to have triggered a return to the petrol subsidy era.

Going by the petrol pricing template of the Petroleum Products Pricing Regulatory Agency, the landing cost of petrol rose from an average of N143.60 in December to N158.53 per litre on January 7, with the expected open market price (retail price) being N181.53 per litre.

On February 5, when oil price neared $60 per barrel, it was reported that the expected open market price of petrol rose to over N200 per litre, based on the petrol pricing template of the PPPRA.

The pump price of petrol has remained at between N160 and N165 per litre at many filling stations in Lagos since December.

The Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, said on March 25 that the Federal Government was subsidising petrol with about N100bn to N120bn monthly.

He said while the actual cost of importation and handling charges amounts to N234 per litre, the government had been selling at N162 per litre, therefore, bearing the difference.

“Today, NNPC is the sole importer of PMS. We are importing at market price and we are selling at N162 per litre today. Looking at the current market situation today, the actual price could have been anywhere between N211 and around N234 per litre,” Kyari said at the time.

Petrol subsidy would gulp N480bn from February to May, based on the monthly figure given by the NNPC boss, while the corporation is estimated to have spent at least N20bn subsidising the product in January.

The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said it had become clear that petrol subsidy had reemerged.

“They are no more deceiving us; they have told us the truth that there is a subsidy. So, we will continue to carry the burden until when the infrastructure to cushion the effects of high petrol price is put in place by the government,” he added.

Asked if marketers were comfortable with the return of subsidy, he said, “We have no choice because it is the government that is importing petrol. They have the knife and the yam. So, they are to tell us where to go, and we have no choice but to comply.”

The Chairman, Major Oil Marketers Association of Nigeria, Mr Adetunji Oyebanji, said the announcement by the NNPC that the ex-depot price of petrol would not change in May meant that subsidy would continue. “It means status quo remains; everything continues as it is,” he added.

For more than three years, NNPC has been the sole importer of petrol into Nigeria, and depot owners, major and independent oil marketers rely on it for the supply of the product.

Meanwhile, the NNPC GMD, Kyari, on Monday announced that there would be no increase in the ex-depot price of PMS in May.

The national oil company has maintained an ex-depot price of N148/litre since February despite the hike in the actual cost of the commodity, hence incurring a subsidy of over N120bn monthly.

Ex-depot price is the cost of petrol at depots, from where filling stations purchase the commodity before dispensing to final consumers.

Kyari also announced on Monday that Petroleum Tanker Drivers had suspended their proposed strike after the intervention of NNPC in the impasse between the PTD and the National Association of Road Transport Owners.

The NNPC tweeted these via its official Twitter handle on Monday.

It said, “Following GMD #NNPC Mallam @MKKyari’s intervention in the National Association of Road Transport Owners/Petroleum Tanker Drivers impasse, PTD has just announced the suspension of its planned strike until the closure of discussion between both parties.

“Also, the GMD announced that there would be no increase in the ex-depot price of Premium Motor Spirit in the month of May 2021.”

In March, the NNPC said it would maintain its ex-depot price for petrol until the conclusion of ongoing engagement with the organised labour and other stakeholders.

It was gathered that the engagement with labour on petrol price had yet to be resolved, hence the continued maintenance of the current ex-depot price despite fluctuations in global oil prices.

BIG STORY

#MakeWeHalla Movement Shows It’s Time To Change Culture Of Silence Around Domestic Violence In Nigeria — Charles Inojie [PHOTOS]

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Nollywood actor and director Charles Inojie has opened up what inspired he and actor Ali Nuhu to create the #MakeWeHalla movement against domestic violence.

In a recent interview with Wazobia FM, Inojie noted that he wanted to use his platform to change the culture of silence around domestic violence, and he realized that the way to do it was to make noise.

“When we all keep quiet, the abuser, perpetrator of this act of abuse seems confident to do more. But when we speak up and against the abuse without being violent, it sends a signal to the perpetrator that he should desist.”

Inojie continued, “This evokes what prompted myself and Ali to decide to join our voices for this matter. We thought about it and arrived at the fact that we all are guilty if we continue to keep quiet, and watch domestic abuse happen around us. “Make We Halla” is actually a call to action to everybody around to say “if you see something that is bad, speak out and do not keep quiet.”

Ali Nuhu and Inojie recently teamed up in a viral video, “Make We Halla”, that has continued to make waves on social media. In the video, the two friends start banging on their plates in a restaurant in an attempt to call out the domestic violence they witness. Other patrons join in on the halla in a moving display of solidarity, and the violence stops.

The two film stars have gone a step further to start the #MakeWeHalla challenge that has seen celebrities like Wumi Toriola, Kiki Bakare, and Tosin Olaniyan, and many other fans jump on the #MakeWeHalla train and lend their voice.

Explaining the challenge during his interview, Inojie said, “We’ve been overwhelmed by how much support we’ve seen in this movement. It just shows how much we need this conversation. People have spoken up, shared their stories, and most importantly, committed to “Halla” whenever they see domestic violence.”

He continued, “The #MakeWeHalla challenge for everyone is very easy. Just go Tiktok or Instagram. Almost everybody is now on Tiktok, almost everybody is on Instagram. Take your phone. It’s easy. No rules, just halla your way. Anyhow, you deem fit to add your voice in raising awareness against domestic violence is welcome. Halla, talk am. Or if you feel like “I am someone that is shy’, you can go to the videos already uploaded -whether my own oo, or Ali’s own – you can duet. Just post with the hashtag #MakeWeHalla. And the beautiful thing is that joining in the challenge to create more awareness even gets you a reward. The best Halla video will collect brand new iphone 12..”

Going further, he said, “The hashtag is very important so that we can see the video. The hashtag is #MakeWeHalla. If you like, tag Ali or tag myself and for the prize we have, the middle of May will be the finale.”

When asked about his motivations for “Make We Halla”, Inojie also revealed how an incident he witnessed as a young man further changed his mindset about the need to always speak up when domestic violence is witnessed.

“By myself, as a little boy, I have seen one who, till today, lost one eye to domestic violence. That time, many of us could have done something in that same compound but we felt like we were concerned about it, because they are a couple and they will sort themselves out. So, all of those things are what we refer to as silent bystanders, passive. People just say “Wetin concern me?” or ignore and move on with their lives and in little time, major damage would have been caused. This has led to several innocent children losing their mothers and some becoming orphans. Hence, we say no to domestic violence, it shouldn’t thrive in our midst or our society. Let’s see a way, a movement to call people to action saying don’t keep quiet when you see domestic violence, no matter where it happens, no matter who it happens to, speak out but not in a violent way. Let’s Make We Halla!”, Inojie encouraged.

Links to #MakeWeHalla Challenge entries:

https://www.instagram.com/reel/C5bzgAhqf5w/?igsh=MXZ6Y2d0dmdjcHpwdg%3D%3D

@jire_ogunleye

#duet with @Joseph A. Momodu #MakeWeHalla #challenge Please join me as l join Uncle Charles to Halla against Domestic. I am also Halla-ing! Domestic violence is not good.

♬ original sound – Jire🖤

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BIG STORY

Canada Fines Binance $4.38m For Breach Of Money Laundering Laws

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Popular cryptocurrency platform Binance was fined “$6 million for violating the country’s money laundering and terrorist financing laws” by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

International media reports indicate that the fine is denominated in Canadian dollars, which, when converted, brings the total sum to USD4.38 million.

FINTRAC claimed in a recent post on its website that Binance had neglected to register with the organisation as a foreign money services provider.

The cryptocurrency company allegedly neglected to disclose significant virtual currency transactions totaling $10,000 or more, according to the anti-money laundering agency.

“FINTRAC announced today [Thursday] that it has imposed an administrative monetary penalty on Binance Holdings Limited, also operating as Binance Holdings (IE) Ltd., Binance.com, Binance Global and Binance,” the statement reads.

“This foreign money services business was imposed an administrative monetary penalty of $6,002,000 on May 7, 2024 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

“Binance Holdings Limited was found to have committed the following administrative violations: Failure to register with FINTRAC as a foreign money services business; and failure to report large virtual currency transactions of $10,000 or more in the course of a single transaction, together with the prescribed information.”

Commenting on the matter, Sarah Paquet, director and chief executive officer of FINTRAC, said the country’s anti-money laundering and anti-terrorist financing regime is in place to protect the safety of Canadians and the security of the nation’s economy.

“FINTRAC will continue to work with businesses to help them understand and comply with their obligations under the Act. We will also be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Adjudged to be the largest cryptocurrency exchange by trading volume, Binance has been the subject of regulatory sanctions in some parts of the world.

On April 30, Changpeng Zhao, the founder of Binance, was sentenced to four months in prison for money laundering, unlicensed money transmitting and violations in Seattle, United States (US).

According to US officials, Zhao intentionally turned a blind eye to transactions that financed terrorism, the illegal drug trade, and child sex abuse.

Earlier in February, a federal judge in the US approved a plea deal by Binance, requiring the cryptocurrency exchange to pay over $4.3 billion in fines and reparations.

Binance is also under investigation for illicit operations and foreign exchange (FX) rate manipulation in Nigeria.

The firm, and two of its top officials, Nadeem Anjarwalla, Binance’s regional manager for Africa, and Tigran Gambaryan, the company’s head of financial crime compliance, were charged with tax evasion and money laundering by the federal government.

The duo were arrested and detained on February 28, but Anjarwalla escaped from custody in March.

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BIG STORY

Kitigbe O: Honouring Six Years of Oba Adeyemi Obalanlege’s Reign As Olota Of Otta-Awori Kingdom By Victor Ojelabi

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As the sun sets over the vibrant town of Otta, the air is filled with a sense of celebration and reverence. It marks the six-year anniversary of the coronation of His Majesty, Oba Professor Adeyemi Obalanlege, the esteemed Olota of Otta-Awori Kingdom.

Stepping into his reign, Oba Obalanlege brought with him not only the weight of tradition but also a distinguished background in academia and a fervent dedication to community service.

Born into the esteemed lineage of Prince Taiwo Hassan Obalanlege and Mrs. Mutiat Afolake Obalanlege (Nee Anjorin), Oba Adeyemi entered the world on August 28, 1966, in Mushin, Lagos State.

His educational journey began in AUD Primary School, Iganmode and led him to Ansar-ud-Deen College, Isolo, before culminating at Iganmode Grammar School in Otta. This foundation laid the groundwork for his illustrious academic career.

With a Higher National Diploma in Mass Communication from Ogun State Polytechnic and a Bachelor of Arts (Hons.) in Journalism from independent Colleges, UK, Oba Adeyemi’s thirst for knowledge propelled him further. He pursued postgraduate studies in Food Safety and Quality Management at Greenwich University, London, and attained a Master’s degree in Mass Communication from the University of Leicester. His quest for scholarly excellence reached its pinnacle with a Ph.D. in Communication Studies from the University of Antwerp in Belgium.

Oba Adeyemi’s academic prowess extended beyond the confines of the classroom, earning him recognition as a world-class scholar. His contributions to the field of Mass Communication, including publications in esteemed academic journals and presentations at conferences across Africa, Europe, and North America, solidified his reputation as a cerebral intellectual.

However, his journey was not confined to academia alone.

Oba Adeyemi’s foray into journalism began humbly as a reporter for The Mail newspaper, where he honed his skills under the mentorship of Prof Idowu Sobowale. His career trajectory led him to prominent roles, including Public Relations Officer at the Lagos State Polytechnic and positions at Thisday Newspaper, where he earned acclaim for his coverage of tourism and hospitality.

Even as his academic and professional pursuits flourished, Oba Adeyemi remained deeply rooted in community service.

His commitment to uplifting others led to his election as the Chairman of the Awori Obas Forum, Ogun State, and his involvement in Rotary Clubs, where he earned recognition as a Paul Harris Fellow.

In 2018, Oba Professor Adeyemi Abdulkabir Obalanlege was crowned the Olota of Otta, emerging as the preferred candidate after rigorous selection by the Ijemo Isoloshi Ruling House. Since then, he has led with wisdom and compassion, fostering unity and progress within the Awori Kingdom.

As the Royal Symbol of Awori Nation celebrates six years on the throne alongside his beloved wife, Olori Oloruntoyin Obalanlege, and their two accomplished sons, Mustapha and Tobi, the good people of Otta-Awori are satisfied about his legacy of scholarship, leadership, and service.

This is a testament to his unwavering commitment to the betterment of the kingdom and the preservation of Yoruba heritage.

May the reign of Lanlege Ekun II, Arole Iganmode Olofin continue to bring peace and tranquility to the entire Otta-Awori kingdom.

Kitigbe o! Omo Iganmode a f’ele ja, a f’ikoti y’oju egba, a fi ponpondo y’oju Ketu.

Happy 6th coronation anniversary, baba mi!

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