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I Won’t Feel Bad Buying Petrol At N300 A Litre, Other Countries Pay More — Minister Of State For Petroleum, Sylva

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The minister of state for petroleum resources, Timipre Sylva says he would not mind buying petrol at N300 a litre.

Sylva said this on Monday at the government’s accountability series titled ‘PMB administration scorecard 2015-2023’.

The event is designed to showcase the achievements of Buhari’s administration since he came into power in 2015.

Sylva, during his presentation, said other countries sell their products at higher prices than in Nigeria, hence, N300 per litre is not too high.

“Frankly, if you ask me I will say I won’t feel bad (buying fuel for N300) knowing the actual situation. And if you compare Nigeria to other countries, then you will also understand. Then you convert the N300 to other currencies, you will probably understand,” he said.

“A lot of you travel to the United Kingdom and the United States. How much do you buy petroleum products? Even in Saudi Arabia and in the Arab countries that produce crude oil, convert to naira, you will find out that we are not doing too badly.”

Likewise, Sylva said if the cost of petroleum products were market-driven, investors would not continue to shy away from investing in the downstream oil sector.

He added that investors will not come to the country under the subsidy regime, but said they would be willing to put their money into the sector when the market is free.

“Under a subsidized regime, who is going to invest? If you build a refinery, how is your refinery going to make profit under a subsidized regime? But if you have a market-driven situation, you’ll see that a lot of investors will come,” he said.

“And the more refineries we have, this problem of access to petroleum products will be a thing of the past.”

Sylva further reiterated that petrol subsidy was not sustainable and also not profitable.

“The management of the supply situation under this subsidy regime is not easy. We must all agree [that] so much money is being burnt on our cars. But somehow we have to seek funds in order to keep the country wet,” he said.

“Sometimes, if you really think deeply, you begin to wonder what magic they are doing to even be able to keep this country wet, considering that you buy something, let’s say for N10 and you are to sell it at a loss.

“And then you are expected to go back and buy the same thing and come back and sell at a loss, so that at every point in time you are looking for more money to continue to buy it because you are mandated to sell it at a loss. If you are a businessman, look at it from that perspective, that you are in a business where you are mandated to sell at a loss to the population.”

Sylva further noted that the federal government should be applauded for improving security in the Niger Delta, which has contributed to increased oil production.

The minister said the federal government has strengthened real-time tracking of supply and distribution, thereby, improving security in the operating environment.

On the achievement of the ministry, Sylva said it was able to pass landmark legislation such as the deep sea and inland basin act and the petroleum industry act (PIA), adding that it was also promoting indigenous participation by facilitating crude access and ease of license approval.

The projected 5 percent reduction in crude oil production costs was also achieved and exceeded during the period, he said.

In addition, the minister said kerosene was no longer within the direct purview of the federal government since the price has now been deregulated, admitting however, that it remains the fuel of the less-privileged.

Sylva also listed the gas flare commercialization program, which he said was at the final stage of awarding the flare points to potential winners, as one of the achievements of the present administration.

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1 Comment

1 Comment

  1. Prince

    January 10, 2023 at 7:53 pm

    Nigerian politicians have no shame.
    The counties you have mentioned, would you compare their standard of living with that of Nigeria. What is the minimum wage in those countries. You increase the price of petroleum products over and over again without looking into the salaries of your workers. Nigerians can only have themselves to blame if they refuse to vote wisely and allow religion and ethnic sentiment to overtake their sense of judgement. These shenanigans , corruption-laden politicians do not Care if Nigeria is burning or not, very soon you will see them with their families enjoying in other countries built and developed by conscientious government.

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BIG STORY

Appeal Court Nullifies Rape Conviction Of Lagos Doctor Femi Olaleye

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The Lagos appeal court has overturned the “rape” conviction of Femi Olaleye, managing director of Optimal Cancer Care Foundation. On Friday, the appellate court ruled that the lower court “erred” in its judgment.

Olaleye was arraigned in November 2022 on a two-count charge of “defilement of a child” and “sexual assault by penetration.”

He was convicted in October 2023 and sentenced to life imprisonment for “rape.”

However, the appeal court held that the lower court relied on “tainted” and “unreliable” evidence.

THE VERDICT

The three-member panel of the appeal court are Jimi Olukayode Bada, Mohammad Sirajo, and Folasade Ojo.

Bada read the lead judgment which was adopted by the two other justices.

The appeal court held that the lower court erred based on the “tainted” and “unreliable” evidence of Oluremi, the defendant’s wife, and the alleged survivor.

The appeal court stated that Oluremi’s conduct showed that she was motivated by greed and the desire to take over the appellant’s assets upon his incarceration.

The appellate court described Olaleye’s wife as a “tainted witness”.

The court also ruled that the lower court relied on the “hearsay evidence” of the other witnesses on the age of the alleged survivor.

The appellate court held that since none of the witnesses witnessed the birth of the alleged survivor, it was wrong for the lower court to rely on their testimonies.

The court ruled that the prosecution’s case that the alleged survivor was a 16-year-old child was bereft of evidence.

The court described the testimonies of the child forensic specialist, that of a medical doctor from the Mirabel Centre, and the investigating officer’s, as “worthless”.

The appellate court said the trial judge “interfered” in the proceedings by bridging the “yawning gaps” in the prosecution’s case.

The court held that the prosecution failed to present material witnesses such as two family members who witnessed Olaleye’s alleged confession.

The court said a trial within trial ought to have been conducted to ascertain the voluntariness of the appellant’s confessional statements while in police custody.

The court of appeal resolved all five issues in favour of the appellant.

The appeal court thereafter discharged and acquitted Olaleye.

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BIG STORY

US-Based Nigerian May Get 20-Year Jail Term Over Money Laundry

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A United States-based Nigerian, Samson Omoniyi, who was arrested alongside eight others for alleged money laundering and fraud, may be sentenced to 20 years in prison if found guilty by US authorities.

This was contained in a press statement signed by the Office of Public Affairs of the US Department of Justice late Wednesday.

The statement noted that Omoniyi, alongside his accomplices, was indicted on Tuesday on allegations of conspiracy to engage in money laundering following their arrest across three jurisdictions in the US.

It further indicated that the defendants, who remain innocent until proven guilty by the court, operated a money laundering organisation to launder proceeds from fraud amounting to millions of US dollars, allegedly obtained from defrauding multiple citizens.

The statement read, “An indictment was unsealed yesterday (Tuesday) in Nashville, Tennessee. It charges nine members of a multi-state money laundering organisation with laundering millions of dollars derived from internet fraud, including business email compromise schemes. The nine defendants were arrested in a coordinated takedown across three jurisdictions.

“According to court documents, Samson A. Omoniyi, 43, of Houston; Misha L. Cooper, 50, of Murfreesboro, Tennessee; Robert A. Cooper, 66, of Murfreesboro; Carlesha L. Perry, 36, of Houston; Whitney D. Bardley, 30, of Florissant, Missouri; Lauren O. Guidry, 32, of Houston; Caira Y. Osby, 44, of Houston; Dazai S. Harris, 34, of Murfreesboro; and Edward D. Peebles, 35, of Murfreesboro, were charged with conspiracy to engage in money laundering.

“As alleged in the indictment, the defendants were members of a long-running money laundering organisation operating since approximately November 2016 in and around Tennessee, Texas, and across the country.”

The statement further stressed that the defendants used the structured organisation as a guise to launder the proceeds of their fraud and to enrich members of the syndicate.

“The conspirators allegedly structured the organisation so that recruiters or ‘herders’ recruited and directed participants or ‘money mules’ to launder money obtained from Internet frauds that targeted businesses and individuals in the United States and abroad.

“The defendants allegedly used sham and front companies to conceal the fraud proceeds and enrich the conspiracy members. The conspiracy allegedly agreed to launder more than $20 million in fraud proceeds,” it stated.

According to the statement, each of the defendants could be sentenced to 20 years in prison under the US Sentencing Guidelines as the maximum penalty for their offence.

“The defendants each face a maximum penalty of 20 years in prison if convicted. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

“An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law,” the statement concluded.

Earlier reports had it that two Nigerians, Anthony Ibekie and Samuel Aniukwu, were sentenced by a US federal jury to 30 years combined jail time for defrauding some US citizens of $3,500,000.

According to the US Justice Department, the duo had deceived their victims by telling them that they had received substantial inheritances that required some money to claim.

The duo was said to have requested their victims send money with a promise to refund them once the inheritances were claimed.

It was also noted that the duo carried out romance scams by establishing romantic relationships with their victims and demanding that they send money after building trust with them.

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BIG STORY

Australia Bans Social Media Use For Children Under-16

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Australia’s parliament on Thursday passed a world-first law banning social media for children under 16, putting tech companies on notice to tighten security before a cut-off date that’s yet to be set.

The ban came following the passage of a groundbreaking law in parliament.

The new law was drafted in response to what the Labor Prime Minister, Anthony Albanese, described as a “clear, causal link between the rise of social media and the harm [to] the mental health of young Australians.”

“We want our kids to have a childhood and parents to know we have their backs,” Albanese told reporters afterwards.

The new law, passed by the Senate with 34 votes to 19, prohibits platforms like TikTok, Snapchat, Instagram, Facebook, X, and Reddit from allowing users under 16.

Companies found in violation could face fines of up to AU$50 million (US$32 million). YouTube has been excluded from the ban due to its educational content.

While the law has been hailed by some as a bold move to protect children, it has drawn criticism from academics, advocacy groups, and tech experts.

Concerns have been raised that the legislation could drive teenagers to unsafe spaces like the dark web or lead to increased isolation.

Questions about enforcement have also surfaced, with critics warning that rushed implementation could create privacy risks if companies require extensive personal data for age verification.

Amnesty International has recommended that the bill be reconsidered, arguing “ban that isolates young people will not meet the government’s objective of improving young people’s lives.”

The bill received over 15,000 public submissions in a single day, many opposing the measure, after tech billionaire Elon Musk drew attention to the proposal on X.

The law will take effect in 12 months, allowing time for the government to trial age-verification technologies.

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