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NNPC Terminating Crude Oil Swap Contracts — Mele Kyari

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The Nigerian National Petroleum Company (NNPC) Limited says it has commenced the termination of crude oil swap contracts and will pay cash for petrol imports, Reuters is reporting.

Mele Kyari, NNPC’s group chief executive officer (GCEO), said private companies could begin importing petrol in June.

He said the national oil company will now pay for its purchases in cash by terminating the crude swap contracts, adding that less petrol will be imported by NNPC while private companies will import the bulk.

“In the last four months, we practically terminated all direct sale direct purchase (DSDP) contracts. And we now have an arm’s-length process where we can pay cash for the imports,” Kyari told Reuters on Saturday.

The DSDP is an agreement that allows sales of crude oil to refiners, who will in turn supply NNPC with an equivalent worth of petroleum products.

On Thursday, the house of representatives asked the federal government to suspend all DSDP contracts sequel to the removal of the petrol subsidy by President Bola Ahmed Tinubu’s administration.

In the Reuters report, Kyari said this is the first time NNPC has said it is terminating crude swap contracts, emphasising that by importing less petrol as private companies import the bulk, NNPC would be able to pay for its purchases in cash.

Speaking on the country’s production capacity, the NNPC boss said Nigeria’s total crude oil output was 1.56 million barrels per day (bpd) as of Friday.

Due to illegal refining and oil theft, the country has struggled to meet its Organisation of Petroleum Exporting Countries (OPEC) quota of 1.742 million bpd.

Nigeria’s oil production fell below the one million mark in April 2023, as output tumbled to 998,602 bpd.

The figure was a 21.26 percent decline compared to March, when output was 1,268,202 bpd.

It was also the lowest volume of production in the last seven months.

On Friday, the Nigeria Labour Congress (NLC) issued a five-day ultimatum to the federal government to revert to the old prices of petrol or face a nationwide protest.

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BON 2024: Madam Saje, Kanayo O Kanayo Set To Bag Lifetime Achievement Awards

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With the Kwara State government set to host the prestigious Best of Nollywood (BON) Awards on November 24, esteemed actors, Fausat Balogun, popular as Madam Saje, and Kanayo O Kanayo are poised to recieve the Best of Nollywood Lifetime Achievement Awards for 2024.

The announcement was made by Seun Oloketuyi, founder, BON Awards, earlier in the week.

With the announcement the duo are set to join other Nollywood greats in the league of Lifetime Achievement Award winners. On this list are people like Adebayo Salami, Toyin Adegbola, Madam Kofo, and others.

While speaking about the duo, Oloketuyi explained that there was a need to start celebrating film heroes in their lifetime, when they can enjoy the accolades.

He said , “Why must we wait till our film heroes are dead to give them awards? Posthumous awards are good, but its better the recipient is alive to recieve awards.”

Also weighing in, Feranmi Olaoye, the Executive Producer BON Awards revealed that the choice of Kanayo and Madam Saje were not made lightly.

“These two are people we grew up watching. They inspired the generation we watch now, and they still maintained their stand in the industry. They deserve to be celebrated, and that’s why we have chosen them as this year’s Lifetime Achievement Award winners.

The 2024 edition of the BON Awards is billed to hold at the Sugar Factory Film Studios in Ilorin, the state’s latest hub for filmmakers.

Oloketuyi had earlier expressed excitement about Kwara’s role as host, promising a fulfilling experience for the expected 500 Nollywood stars attending.

Governor AbdulRahman AbdulRazaq had also highlighted the studio’s potential to elevate Nigerian cinematography and promote local talent. The event underscores Kwara’s commitment to becoming a leading destination in the creative industry, fostering growth and investment in the sector.

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JUST IN: Prison Officers Involved In Bobrisky Bribery Allegations Will Face Prosecution — Interior Minister Tunji-Ojo

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The Federal Government on Friday assured that all individuals implicated in the alleged bribery case involving crossdresser “Idris Okuneye, also known as Bobrisky,” will be prosecuted.

This announcement was made by the Minister of Interior, “Dr. Olubunmi Tunji-Ojo,” during a press conference in Abuja on Friday, commemorating his first year in office.

Earlier, the minister had launched a comprehensive investigation into accusations of bribery and corruption within the “Nigerian Correctional Service (NCoS).”

This came after reports emerged that “Bobrisky,” who had been sentenced to prison earlier in the year, had not served his sentence within the correctional facility.

As the investigation progressed, the Nigerian Government, through the “Civil Defence, Correctional, Fire and Immigration Services Board,” suspended several senior prison service officers on Thursday, “September 26, 2024.”

The officers suspended include “Michael Anugwa,” Deputy Controller of Corrections (DCC) responsible for the Medium Security Custodial Centre (MSCC) in Kiri-kiri, Lagos State; “Sikiru Adekunle,” Deputy Controller of Corrections (DCC) overseeing the Maximum-Security Custodial Centre (MSCC) in Kiri-kiri, Lagos State; and “ASC II Ogbule Samuel Obinna,” stationed at the MSCC in Afikpo, Ebonyi State, who was accused of escorting a convicted inmate outside the facility.

Another officer, “Iloafonsi Kevin Ikechukwu,” Deputy Controller of Corrections (DCC) managing the MSCC in Kuje, Abuja, was suspended for allegedly accepting payments on behalf of an inmate.

In addressing the unfolding bribery and corruption scandal, “Dr. Tunji-Ojo” called on Nigerians to remain patient during the investigation, assuring the public that all involved would be held accountable.

“We will not spare anyone, regardless of their status. The investigation is ongoing, but rest assured that no one will be shielded or protected,” the minister asserted.

He further clarified that the investigation went beyond the allegations linked to “Bobrisky,” noting that of the four suspended officers, only two were connected to the “Bobrisky” case. “This process will continue; it doesn’t end here,” he added.

“Dr. Tunji-Ojo” expressed his trust in the integrity of the committee members leading the investigation, encouraging the public to have confidence in their work.

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UPDATE: US Company Costco Denies Selling Baby Oil To Diddy

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American wholesale corporation, Costco, has denied selling “baby oil” to disgraced rapper and music executive, Sean Combs, aka Diddy.

The federal officers seized supplies that they say were intended for use in orgies known as “freak offs,” including drugs and more than 1,000 bottles of “baby oil” during the raiding of Diddy’s Beverly Hills mansion in March.

In a new TMZ Studios documentary, ‘The Downfall of Diddy: The Indictment’, the rapper’s lawyer, Marc Agnifilo suggested he had 1,000 bottles of “baby oil” because he buys them in bulk from Costco.

Reacting to Diddy’s lawyer’s claim, Costco said they don’t sell “baby oil.”

“None of the company’s US locations carry ‘baby oil,'” Costco told TMZ.

Diddy was recently arrested by Homeland Security on suspicion of sex trafficking, racketeering conspiracy and interstate transportation for prostitution.

Diddy has denied all the charges, entering a not-guilty plea on Tuesday, 17 September.

However, the Bad Boy Records’ boss’ bail request was rejected twice.

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