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Nigeria’s Petrol Price Lowest Compared To West African Neighbours’, Encourages Smuggling —- NNPC GMD

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Despite the complaint by Nigerians of the rising cost of petrol, the government says Nigerians still pay the lowest amount for the product in West Africa and that is encouraging large smuggling to countries in the sub-region.

The low pump price of petrol in Nigeria compared to what obtains in other countries in West Africa encourages unrestrained smuggling of the commodity from Nigeria, a senior official said Friday.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, who said this on Friday in Abuja, said about 80 per cent of the total volume of petroleum products currently being consumed in the region are smuggled illegally from Nigeria.

“The reality around us (Nigeria) today is that between 70 and 80 per cent of the petroleum products consumption in West Africa are from Nigeria. So, all the other 13 or so countries in the region account for just between 20 and 30 per cent.

“Many of these countries are unable to import petroleum products because they do not have the foreign exchange required to support it. Therefore, about 80 per cent of the petroleum products being consumed in West Africa originate from Nigeria,” he said.

Despite the government’s knowledge that the bulk of these products in the region are smuggled illegally from Nigeria, he said there was little or nothing the government can do to stop it.

“We have over 3,000 kilometres of border with neighbouring countries. We know the population of the security agencies in Nigeria and the resources available to them. I don’t see how it is practically possible to stop cross border distortions (that allow smuggling of petroleum products to neighbouring countries). It is very difficult,” he said.

Normalization Policy

Mr Kyari said the government was working to “normalize” the situation by turning it into a legal trading business that could benefit the country.

Critics say the normalization arrangement may be the government’s subtle way of telling Nigerians that the price of petrol will continue to rise till it becomes at par with what obtains in the other countries in the sub-region.

The NNPC GMD said, for a start, the security agencies are working with their counterparts in the Niger Republic to minimize the impact of the cross-border activities by converting them into a formal trading business between the two countries.

Also, he said the retail and trading arms of the NNPC were also liaising with their sister agencies in the Niger Republic to take advantage of the petroleum products market to bring benefits to the country.

He blamed the huge fuel price disparity between Nigeria and the other countries in the region to certain elements in the fuel pricing template in those countries.

Apart from the element of taxation on petroleum products, which does not exist in Nigeria, he said other factors affecting the high prices obtained in those countries include the distance from the location of the source of fuel supply and deliberate arbitrage in the petroleum distribution system.

Citing the example of neighbouring Niger Republic, Mr Kyari said a litre of petrol in a Total filling station in Niamey, the capital, where he visited recently, sold for about N464.

Compared with Nigeria, where petrol is currently being sold for between N160 and N170 per litre, he said the average disparity between prices in Nigeria and Niger Republic was about N300 per litre.

Global petrol prices as of November 16, 2020, showed a litre of petrol sold for N269.59 in Sierra Leone; Togo N295.64; Ghana N318.66; Liberia N321.43; Benin N351.29; Guinea N354.18; Chad N360.34; Ivory Coast N417.37; Gabon N420.86; Burkina Faso N424.33; Cameroun N438.25; Mali N466.76 and Senegal N539.10.

No Going Back On Removal Of Fuel Subsidy

Mr Kyari said despite the rising cost of fuel prices since fuel subsidy was removed in March this year, there was no going back on the policy.

“There is no provision for petroleum subsidy of any kind in the 2020 Appropriation Act and the proposed 2021 Appropriation Bill. As a country, we cannot afford fuel subsidy today. We don’t have the money to do this. The subsidy does not benefit the ordinary man. It is elitist,” Mr Kyari said.

With a subsidy regime that encouraged the maintenance of a government-approved ceiling price of N145 per litre since 2016, Nigeria had the least fuel pricing template in the whole of the West African sub-region.

Last March, the deregulation of the downstream sector of the petroleum industry was introduced to allow market forces of demand and supply to determine the retail prices of petroleum products.

Since then, the retail price of petrol has been adjusted for about six times, from about N145 per litre in April, to N125 per litre, before further reduction to between N121.50 and N123.50 per litre in May.

In July, the price was increased to between N140.80 and N143.80 per litre, before being increased to N151.56 per litre in September and N161 per litre in October. The latest price range is between N164 and N170 per litre.

BIG STORY

How I Survived Suicidal Thoughts, 14 Heartbreaks, 15 Abortions, Divorce And Alcoholism — DearCoachLara [VIDEO]

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Renowned Author, Cognitive Behavioural Therapist and Family Life Coach Lara Kudayisi Don- Momoh popularly known as DearCoachLara shares insight into how she overcame life challenges such as Suicidal thoughts, several heartbreaks, alcoholism etc.

DearCoachLara who’s life story went viral because she healed from having a child at 19, underwent 14 heartbreaks, experienced 15 abortions and a divorce, has since overcoming life challenges dedicated her life to helping others heal, finding peace and starting over again.

“If you know the story of my life, you will know that I have come a long way.

I was a walking pain.

Pain was my middle name.

I escaped into Alcohol. I became an Alcoholic for a bit as I couldn’t sleep except I downed vodka.

I even tried to end it all at some point because I was tired of doing all of these, but that day, I remembered my 15-year-old daughter at the time and my 3-year-old son even though I wanted to end the pain, I didn’t want to die.

So, I went on a journey of Healing. A journey of Rehabilitation. A Journey of Creating a New Beginning and today, we are here.

I see you.

I see your pain and anguish and I want to help you” she said.

Book a session with DearCoachLara today so she can help you heal, find joy, and create a new beginning.

Send her a DM on Instagram @dearcoachlara, visit www.larakudayisiinternational.com, or Call 08039927467 now.

 

  • About DearCoachLara

Lara Kudayisi Don- Momoh is a Certified Cognitive Behavioural Therapist and Family Life Coach popularly known as DearCoachLara, She specializes in Healing, Family Life and Mind Reprogramming.

Lara Kudayisi Don- Momoh is a practitioner of Neuro-Linguistic Programming (NLP), an Eriksonian Hypnosis expert, a Neurological Repatterning coach, Performance Consultant, Family Life Coach, Emotional Intelligence coach, Anger Management advisor, Fear Mastery Coach and a Cognitive Behavioral Therapist.

She helps people heal from Childhood Dysfunctions and Emotional Traumas through her program; THE HEALING SCHOOL and her private Therapy Sessions.

She is also the Chief Executive Officer of LARA KUDAYISI INTERNATIONAL; an organization that specializes in Therapy, Coaching, Couple’s Therapy, Finding Love After Trauma, Life After Divorce and Coaching Certification.

She is the Author of 4 books namely;

1. DEAR LARA WHAT DO I DO?

2. WHAT IS WRONG WITH MY TASTE IN MEN(for Single Ladies)

3. HOW THE MATCHMAKER’S MARRIAGE FAILED; a memoir and a proper documentation of her life story of Childhood Dysfunction, Call to Purpose, Marriage and Divorce and )

4. And her most recent work; The 31 Days Healing Plan.

She owns and present her own show called HOW THEY HEALED on Africa Magic Family which features the healing journey of numerous celebrities from their trauma and emotional pain.

She has also produced a TV series called DEAR COACH LARA that can be watched on her YouTube Channel.

Her story has been featured in so many media outlasts like The Nation Newspaper, This Day, The Guardian, BBC, TVC, Wazobia TV, Channels TV, Pop Central, Ebony Life TV, R2TV, Spice TV, Nigerian Info, City fm and so on and so forth.

She is active online as @Dearcoachlara on Instagram and YouTube, @LaraKudayisi on Twitter, LinkedIn and LaraKudayisiPage on Facebook.

She is happily married with two children and counting.

 

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BIG STORY

JUST IN: Police Arrest Yahaya Bello’s ADC, Security Details

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The Nigeria Police Force has detained a female police officer who was the aide-de-camp to embattled former Kogi State Governor, Yahaya Bello, Saturday PUNCH is reporting.

The ADC was arrested alongside other police officers attached to 48-year-old Bello and is being detained at the State Criminal Investigation Department, Federal Capital Territory, Abuja.

Their arrests and detention followed a Thursday night order by the Inspector General of Police, Olukayode Egbetokun, directing their immediate withdrawal from the former governor.

Senior police sources, who spoke to our correspondent on the condition of anonymity because they did not have authorization to comment publicly on the matter, noted that the officers were arrested on the suspicion that they aided and abetted Bello’s escape from operatives of the Economic and Financial Crimes Commission, who had gone to effect his arrest at his Abuja home on Wednesday.

“The ADC and the other police details attached to Yahaya Bello have been arrested and detained.

“They were arrested on the order of the IG, on the suspicion that they aided and abetted the former governor’s escape from the EFCC on Wednesday,” one of the sources told our correspondent in a telephone conversation on Friday.

Another source said, “Yahaya Bello’s female ADC and other police officers attached to him were brought to the command this morning, and they’ve been detained for aiding and abetting (the governor’s escape).”

Egbetokun had, on Thursday night, ordered the withdrawal of all police officers attached to Bello.

The order for the withdrawal was contained in a police wireless message sighted by our correspondent on Friday morning.

The document read, “CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 X ORDER AND DIRECTIVES X FOLLOWING MESSAGE RECEIVED FROM NIGPOL.

“DOPS ABUJA X BEGINS X CB:4001/DOPS/FHQ/ABJ/VOL.21/462 DTO:180955/04/2024 X ORDER AND DIRECTIVES X REF MYLET NO CB:3412/DOPS/FHQ/ABJ/VOL.1/36 DATED 15/04/2024 X AND MY EARLIER LET NO CB:3412/DOPS/FHQ/ABJ/VOL.1/30 DATED 24/01/2024 X Nigeria police have ordered the withdrawal of all men.

“Police attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello, should acknowledge compliance and treat with utmost importance. Please above for your information and strict compliance.”

Also, the Federal Government had on Thursday night placed Bello on a watch list.

In a document exclusively obtained by our correspondent on Thursday night, the Comptroller General of the Nigeria Immigration Service, revealed that Bello was placed on a watchlist for conspiracy, breach of trust, and money laundering.

The Assistant Comptroller General signed the document and copied the Nigeria Customs Service, the Inspector General of Police, the Director General of the Department of State Services, and the Director of the National Internet Agency.

The document read, “I am directed to inform you that the above-named person has been placed on a watch list. Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for Conspiracy, Breach of Trust and Money Laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/TE/V 1/279 dated April 18, 2024.

“If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation, or contact 08036226329/07039617304 for further action.

“Please, accept as always the Comptroller-General’s warmest regards and esteem.”

The Economic and Financial Crimes Commission had earlier declared Bello wanted for laundering the sum of N80,246,470,088.88.

The development was contained in a notice posted on the commission’s official Facebook page on Thursday, with a snapshot of the embattled ex-governor attached.

The notice read, “The public is hereby notified that Yahaya Adoza Bello (former Governor of Kogi State), whose photograph appears above is wanted by the Economic and Financial Crimes Commission in connection with an alleged case of Money Laundering to the tune of N80,246,470,089.88 (Eighty Billion, Two Hundred and Forty Six Million, Four Hundred and Seventy Thousand and Eighty Nine Naira, Eighty Eight Kobo).

“Bello, a 48-year-old Ebira man, is a native of Okenne Local Government of Kogi State. His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja. Anybody with useful information as to his whereabouts should please contact the Commission.”

Bello had, on Thursday, failed to appear before Justice Emeka Nwite of the Federal High Court sitting in Abuja following his arraignment by the EFCC.

The embattled former governor was arraigned in absentia before Justice Emeka Nwite alongside three other suspects, Ali Bello, Dauda Suleiman and Abdulsalam Hudu on 19-count charges bordering on money laundering.

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BIG STORY

Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede’s Return As Chairman

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  • Re-elect Olusegun Ogbonnewo, Ojinika Olaghere as a Non-Executive Directors

 

The shareholders of Access Holdings Plc (“Access Holdings” or “the Group”) at the 2nd Annual General Meeting (AGM) held on Friday, April 19, 2024, unanimously backed the Group’s plan to establish a capital raising programme of up to US$1.5 billion as well as the subset initiative to raise up to N365 billion, specifically, through a Rights Issue of ordinary shares to its shareholders.

The proceeds of the Rights Issue would be used to support on-going working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.

The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors.

The appointment of Aig-Imoukhuede as the Chairman of Access Holdings was praised by the shareholders, who pointed to his rich history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside Herbert Wigwe. Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Prof. Charles Soludo.

“We are thrilled with Aigboje Aig-Imoukhuede’s return to the role of Chairman. His proven track record, experience, and strategic insights position him as the ideal leader to steer Access Holdings towards meeting its lofty targets. During his tenure as CEO, particularly during the recapitalisation directive by the CBN, he steered Access Bank to raise an impressive $2 billion in capital, and this demonstrates his capacity to, once again, lead Access Holdings towards successfully achieving the objectives of our planned Capital Raise and Rights Issue targets,” said Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN).

In line with the Group’s strong financial performance, the payment of a final dividend of N1.80 kobo per every N0.50 Kobo ordinary share for the 2023 financial year was approved, marking a 28 per cent improvement from the corresponding period in 2022.

The Group’s full-year results for the period ending December 31, 2023, showcased an impressive 335 per cent increase in pre-tax profit to N729 billion from N167.68 billion in 2022. The Group also experienced an 87 per cent surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022 and reported a remarkable 306 per cent growth in profit after tax to N619.32 billion, from N152.20 billion in 2022.

Commencing in the second half of 2024, Access Holdings’ global expansion strategy will enter the consolidation and efficiency phase, aligning with its five-year plan to accelerate the attainment of its 2027 strategic objectives. The Group remains focused on driving sustainable growth, and delivering value to its shareholders even as it continues to build a globally connected community and ecosystem, inspired by Africa, for the world.

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