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Get Ready For Another Hike In Petrol Price —– FG

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As crude price hits almost $60/barrel, the Federal Government has asked Nigerians to prepare for another hike in petrol price because the international price has a direct bearing on the cost of refined products.

The Minister of State, Petroleum Resources, Mr Timipre Sylva, gave the hint at the launch of the Nigerian Upstream Cost Optimisation Programme (NUCOP).

According to him, “the higher the price of the crude oil at the international market, the higher the price of refined products like petrol, diesel and the rest”.

He said that the increase would reflect market realities, assuring the citizenry that mechanisms were in place to insulate the consumers from predatory practices of oil marketers.

In four months, the pump prices of petrol have risen from N121.50 to N123.50 per litre in June; N140.80 to-N143.80 in July; N148 to N150 in August; N158 to N162 in September and N163 to N170 in November.

Sylva said there was no way the Nigerian National Petroleum Resources (NNPC) could shoulder any form of subsidy because it was never provided for in the 2021 budget since the Federal Government had ditched the subsidy regime since last year.

Since November 13, 2020, when the local pump prices of petrol were last increased, the price of the international oil benchmark, Brent crude, has increased from $41.51 per barrel to $59.34 per barrel last weekend.

In June 2020, the Federal Government leveraged on the COVID-19-induced slump of global crude oil prices to totally yank off subsidy, to enable it free funds for other areas of the economy.

In December 2020, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kolo Kyari, disclosed that from 2016 to 2019, the Federal Government had spent over N3 trillion subsidising the pump price of petroleum products, particularly petrol, insisting that the subsidy regime did not benefit the masses that the President is passionate about.

Oil marketers in December expected another upward adjustment of PMS prices to reflect the further rise in crude oil prices, which closed at $51.22 per barrel on December 31.

However, a N5 reduction in petrol price, effective December 14, was announced by the Federal Government. It did not go down well with them as they saw it as an interference in price-fixing.

While the crude oil price is a strong determinant of the final cost of petrol, Nigeria has continued to suffer low domestic refining capacity, forcing the government to import the products.

Some marketers are predicting that the pump price of petrol should be around N190/litre as against the current price of between N162-N165/litre. They have expressed their concerns over the non-implementation of the full deregulation of the downstream petroleum sector as the pump prices of petrol have remained unchanged for over two months, despite the recent increase in global oil prices.

Oil marketers are peeved over their inability to access foreign exchange at the official rates to import products.

Daily Sun findings reveal that some NNPC stations in Abuja, at the weekend, quietly adjusted their pumps to N162/litre from N158/litre.

The President of the National Association of Road Transport Owners (NARTO), Mr Yusuf Lawal Othman said the body was awaiting the Federal Government’s pronouncement on the new bridging cost (freight rate) of N9:11k per litre, as against the current rate of about N7.51/litre.

According to him, the new bridging cost was long overdue considering the unsavoury environment members of the association operate in.

Analysts note that once the new bridging cost comes to play, it will increase petrol cost to a new price, regardless of crude cost.

Meanwhile, Nigerians may face another round of horrendous petrol scarcity, as depot owners reportedly shut down their operations on Monday, claiming that they have run out of products.

Sources at the Independent Petroleum Marketers Association of Nigeria (IPMAN) also noted that the depot owners were temporarily winding down operations because of an anticipated increase in petrol price, which reverberates on their operations as well.

The confusion has been worsened by the silence of the Pipeline Products Marketing Company (PPMC), that is yet to unveil the new dealer price to oil marketers.

Daily Sun learnt that depot owners have raised their price by N7. In context, depots have increased their price from N148 to N155.

It was gathered that IPMAN was yet to direct its members to hike their pump price since it was not certain that the depots carried out a legitimate adjustment of their prices.

The cost of petroleum products is one of the components of the total landing cost of petrol in the pricing template of the Petroleum Products Pricing Regulatory Agency (PPPRA).

Freight cost is also one of the components of the total landing cost in the agency’s pricing template.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies pledge to continue to cut down on crude oil inventories and expected increase in global demand due to the roll-out of COVID-19 vaccine in some major economies.

BIG STORY

JUST IN: EFCC To Arraign Former CBN Governor Emefiele On Fresh Charge, Says He Printed N684.5m Notes With N18.9bn

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The Economic and Financial Crimes Commission (EFCC) has filed a new indictment at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

Emefiele was charged by the EFCC with authorising the printing of N684,590,000, or N18.96 billion.

The EFCC claimed in the charge sheets released on Tuesday that Emefiele violated the law while carrying out the former President Muhammadu Buhari’s naira swap programme with the intention of hurting the general public.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

The document dated April 2, 2024, and marked Suit No: CR/264/2024, was filed by EFCC’s top prosecutor, Rotimi Oyedepo, SAN revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu bordering on disobeying the law to punish Nigerians, iilegal printing of money, abuse of office, among others.

Counts one to four of the charge, read, “STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

“COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

Recall that Emefiele was on November 18, 2023, arraigned before the court on six counts of procurement fraud, in what is the most high-profile corruption case under President Bola Ahmed Tinubu.

He was also accused of abusing his office by approving a contract for the acquisition of 43 vehicles totalling N1.2 billion from 2018 to 2020.

On Monday, April 8, 2024, the EFCC arraigned the former banker alongside one Henry Omoile before Justice R.A. Oshodi of the Special Offences Court sitting in Ikeja, Lagos for an alleged $4.5bn and N2.8bn fraud.

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BIG STORY

UNN Suspends, Probes Lecturer For ‘Attempting To Sexually Assault’ Student

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A lecturer known as Mfonobong Udoudom has been suspended by the University of Nigeria (UNN) for what it called an “inappropriate affair” with a student.

Viral videos surfaced on Tuesday showing the senior lecturer of general studies pacing around his office in his pants, looking visibly alarmed.

Sources at the university said that the lecturer was “caught pants down attempting to have sex with a married female student of the school.”

According to the sources, Udoudom had a long-standing custom of “passing female students only after sleeping with them.”

He was accused of forcing a female student to understand that she would fail his course unless she agreed to have sex with him.

One of the sources, under anonymity, said the female student planned with her husband to entrap the lecturer while working with UNN security and other students.

The student source further said the security agents forcefully broke into his office and caught the lecturer “in action.”.

“It was planned out with her husband and security agents at the school. The female was made to approach the lecturer to offer him money in order to scale through his course. He refused and insisted he needed to have sexual intercourse with her in his office,” the source said.

“When the lady succumbed to his demands and asked him to undress, he was caught wearing only boxers.”

In the now-viral footage, a witness is heard saying, “We have been following this case from day one. We have all the chats, voice notes, video calls, and every conversation he had with the female student.”.

When contacted, UNN management told TheCable that Udoudom has now been suspended.

Okwun Omeaku, UNN’s acting media spokesperson, said the senior lecturer will be made to face the staff disciplinary panel.

“The indefinite suspension is with immediate effect pending the outcome of a disciplinary panel constituted by the university to investigate the incident,” he said.

“UNN has a zero tolerance for sexual misconduct involving our staff and students.

“We are committed to protecting our students from any form of abuse and exploitation. The university management will not hesitate to punish Mr. Mfonobong David Udoudom according to our rules if he is found guilty.”

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BIG STORY

Yahaya Bello Took $720k From State Treasury To Pay His Child’s School Fees — EFCC Chairman Olukoyede

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The Economic and Financial Crimes Commission (EFCC) chairman, Ola Olukoyede, claims that Yahaya Bello, the former governor of Kogi, took out $720,000 to cover his child’s upfront school fees.

Olukoyede made this known in Abuja on Tuesday during an interactive session with media executives.

The head of EFCC claimed that the former governor of Kogi transferred funds to a bureau de change operator and utilised them to pay his child’s school fees ahead of time.

Olukoyede added that Bello made the payment in anticipation that his tenure was gradually coming to an end.

“A sitting governor, because he knew he was leaving office, moved money directly from the government to bureau de change and used it to pay his child’s school fee in advance,” the EFCC boss said.

“Over $720,000 in anticipation that he was going to leave the government house. In a poor state like Kogi, you want me to close my eyes under the guise of ‘I’m being used’. Used by who? At this stage of my life.”

Olukoyede said he inherited the case file of the former Kogi governor, noting that he did not initiate the investigation against Bello.

On April 17, EFCC operatives laid siege on Bello’s residence in Abuja to arrest him over alleged N80 billion fraud.

While the EFCC operatives were at Bello’s residence, Usman Ododo, governor of Kogi, came to visit his predecessor.

Shortly after Ododo departed from the residence, the EFCC operatives also left the house.

Bello was reportedly rescued by Ododo when he departed his residence located in the Wuse Zone 4 district of Abuja.

Subsequently, the anti-graft agency declared the former governor wanted.

The Nigeria Immigration Service (NIS) has also placed Bello on a watchlist.

The anti-graft agency alleged that Bello, alongside Alli Bello, chief of staff to Ododo; and one Daudu Suleiman, diverted about N80.2 billion belonging to the Kogi government.

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