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Petrol Landing Cost Drops Amid Naira Appreciation

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The landing cost of petrol has decreased from N981/litre on September 25, 2024, to N945.63/litre as of September 27, 2024.

According to data released by the Major Energies Marketers Association of Nigeria on Monday, this reduction is attributed to the appreciation of the naira against the United States dollar.

In the MEMAN report, the exchange rate was N1,586.26 to a dollar on September 27, compared to N1,667.22 on September 25.

Additionally, Brent crude, the global benchmark, fell from $73.67/barrel in the previous MEMAN report to $72.45/barrel in the latest update. This likely contributed to the decrease in the landing cost of imported petrol.

The average ex-depot price of PMS also saw a slight drop in Lagos, Calabar, and Port Harcourt.

The report indicated that the landing cost of diesel, previously N1,089/litre, had decreased to N1,068.04/litre. Similarly, aviation fuel saw a reduction from N1,117.34/litre to N1,079.79/litre.

It was noted that the difference between imported petrol and that sourced from Dangote might be less than N46 when calculated using the N898/litre figure cited by the Nigerian National Petroleum Company for Dangote’s petrol.

It should be remembered that the NNPC increased the pump prices of petrol on the same day the Dangote refinery introduced its locally-produced petrol. The NNPC also stated that it would sell Dangote petrol at over N1,000/litre in northern regions.

The NNPC spokesperson, Olufemi Soneye, mentioned that prices could reach as high as N1,019/litre in places like Borno State, and N999.22 in Abuja, Sokoto, Kano, and similar locations.

In southern states such as Oyo and Rivers, prices are expected to be N960/litre, with Lagos and its surroundings seeing the lowest price at N950/litre, according to an NNPC infographic.

However, despite petrol prices reaching up to N1,200 or more in some parts of the country, some major marketers in Lagos continued to sell a litre for N870.

During a media discussion with senior journalists, Dapo Segun, the Executive Vice President, Downstream at NNPC, explained that even though an agreement had been reached with Dangote refinery management, pricing remains “market-driven.”

Segun also shared insights into the negotiations with Dangote:

“Dangote said to us, ‘This is how much I want for it (PMS)’. And we say, ‘Hey, Dangote, if we go out there, we can get it for this much, so we won’t pay you this much for it‘. And we went into the negotiation. And that negotiation took us over a week to complete. They (Dangote officials) will come with their position, we’ll come with a counter; they’ll come with a revised position, and we’ll counter it.

“At the end of the day, we were able to reach an agreement on what to be the price to pay for it,” Segun said, highlighting Soneye’s statement that the NNPC would only lift Dangote’s PMS if it was cheaper than imported petrol.

Meanwhile, the sale of petrol from the Dangote refinery to NNPC continues, with Nigerians hoping that the price will decrease when the naira crude sale begins today (October 1, 2024).

BIG STORY

Dogara Asks Northerners To Stop Condemning President Tinubu Over Tax Reform Bills, Says “He’s Not Anti-North”

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Yakubu Dogara, the former speaker of the house of representatives, has urged northerners not to condemn President Bola Tinubu over the proposed tax reform bills.

Speaking on Monday during Channels Television’s town hall on tax reform bills, Dogara emphasized that Tinubu has made a significant contribution with the proposed bills, stressing that he is not anti-north.

“I want to talk to my brothers in the north; I don’t think this is the time for us to begin to condemn the president and to begin to say that on account of these bills, he is anti-north,” he said.

“I want to remind us that the president has done something that is significant and if he can pursue this to the end, it will be that there is no northern leader of my lifetime that has done what the president has done for the north.”

  • ‘NORTH CAN SURVIVE ON ITS OWN WITHOUT VAT’

Dogara advised viewing the reforms as an opportunity rather than a disadvantage, particularly highlighting the creation of the ministry of livestock development.

He underscored the ministry’s potential to unlock vast economic opportunities for the region, asserting that the north can survive independently without value-added tax (VAT).

“The creation of the livestock ministry is the global business around that; the global market size of dairies, of beef. In the next three years, we will rise to about $2.5 trillion,” Dogara said.

“So if in the north, we are able to organise ourselves in such a way that we can honour just 5 percent of this global market size of dairies and beef, I tell you, that gives us $250 billion.”

“We don’t need VAT from any state in Nigeria to survive. The North can survive on its own. We are the most endowed part of Nigeria and don’t joke about it.”

“If you are in doubt, find out from Australia how much they are raking from just mining minerals. There’s gold everywhere in the north. We have all the resources. We can survive.”

On October 3, Tinubu asked the national assembly to consider and pass four tax reform bills.

The proposed laws include the Nigeria tax bill, tax administration bill, and the joint revenue board establishment bill.

The president is also seeking to repeal the law establishing the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service.

Reacting to the development, the Northern States Governors Forum (NSGF), representing 19 northern states, collectively opposed the proposed bills, following a joint meeting with the northern traditional rulers council at the Kaduna government house on October 28.

The governors asked the national assembly to reject any legislation that might harm the region’s interests, calling for equitable and fair implementation of national policies and programmes to prevent the marginalization of any geopolitical zone.

On October 31, the presidency assured the northern governors that the proposed laws were not recommended by Tinubu to disadvantage any part of the country, as they were designed to improve the lives of Nigerians and optimize existing tax frameworks.

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BIG STORY

Owa Obokun: Adeboye Backs Another RCCG Pastor To Become Monarch

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The General Overseer of the Redeemed Christian Church of God Worldwide, Pastor Enoch Adejare Adeboye, has endorsed Pastor Bayo Adeyokunnu, a Deputy Continental Overseer in the United States, to succeed as the Owa Obokun of Ijesaland. This endorsement comes after the throne became vacant due to the death of Oba Adekunle Aromolaran.

Church Times reports that Adeboye publicly supported Adeyokunnu for the position during the pastor’s 70th birthday celebration in the US. Pastor Adeboye had previously backed another US-based church leader, Ghandi Afọlabi Ọlaoye, for the position of Soun of Ogbomosoland.

Notably, Pastor Adeyokunnu is the younger brother of Pastor Folu Adeboye, the wife of Pastor Adeboye.

At the birthday celebration, Pastor Adeboye said apart from being his in-law, he had known Pastor Adeyokunnu even before he met his wife.

He said: “I have known him before I got married to his sister and that is for about 60 years now.

“He is the first friend I would have in the Adeyokunnu family apart from my wife.

“He was not a big man like this.

“He was like then the little Bayo.

“But we bonded together speedily.

“He also got born again under my ministry.

“I can still remember the sermon I preached that day, titled: ‘Come and Drink,’ and he is still drinking till today.

“Every opportunity he had, he would want to get a little more.

“He is a warrior.

“He can pray anything out of you.”

Just when Pastor Adeboye was about to conclude his speech and pray for him at the event, he hinted that he may be the next king of Ijeshaland.

He prayed in Yoruba for him while telling participants at the event: “For your information, you don’t speak English in the presence of a monarch in our land because I am also from Ijeshaland.

“So I will not pray in English for him because he is a prince and he may be the next king.”

According to Church Times, apart from being a pastor, Adeyokunnu is a successful businessman with diverse interests in real estate, publishing, aviation, and journalism.

He is of the Bilaro ruling house in Ijeshaland.

His great, great grandfather was Kabiyesi Ofokutu I.

“He is said to have successfully led organisations, handled other men’s burdens, built enterprises, and contributed to community development.

According to a piece by Adunbi Adejuyigbe, which was made available to Church Times, Prince Adeyokunnu began his education at Methodist Primary School and proceeded to Methodist High School, Ilesha.

He later attended the University of Ife (Obafemi Awolowo University), where he bagged a degree in English Studies.

“An erudite scholar who has taught Church History, Philosophy, Christology and Eschatology, and in recognition of these contributions, he was awarded two honorary doctorate degrees in the United States of America,” the author stated

Adejuyigbe said further in the piece that Adeyokunnu’s commitment to community development is evident in his philanthropic endeavours.

He added: “He single-handedly spent N7 million of personal fortune to build a security fence around his alma mater, Methodist High School, Ilesha.

“And he has on countless occasions committed funds to the sponsorship of many indigent students of ljesa.

“He built a borehole also in Ira-Ikeji Ijesa.

“These selfless acts earned him accolades from the community and demonstrated his dedication to giving back to society.”

Adeyokunnu is believed to have a clear understanding of the challenges and opportunities facing Ijeshas.

Adejuyigbe added: “He has a 20-Year Development Plan: a well-articulated vision for the development and growth of the town, and he is committed to working tirelessly to achieve this vision.

“Prince Bayo’s leadership style is characterised by inclusivity, transparency, and accountability.

“He is a listener, a team player, and a leader who empowers others to achieve their full potential.”

 

Credit: Church Times.

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BIG STORY

UPDATE: Simon Ekpa’s Offence Not Bailable — Finnish Police

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The Finnish police have stated that Simon Ekpa, the self-acclaimed leader of the proscribed Indigenous People of Biafra (IPOB), will remain in custody until his trial.

The police further explained that the Finnish legal system does not allow for bail due to the nature of the offence he is being held for.

On November 21, law enforcement in the northern European nation arrested the pro-Biafra agitator.

He was subsequently sent to prison by the district court of Päijät-Häme for “spreading terrorist propaganda on social media”.

Ekpa is alleged to have committed the crime in 2021 in Lahti municipality.

He faces accusations of instigating violence and inciting terror in the south-east of Nigeria through his social media platforms.

The federal government has been seeking Ekpa’s extradition, as he holds dual citizenship in Finland and Nigeria, for prosecution.

Additionally, Ekpa is scheduled to face charges in May 2025.

When asked whether Ekpa’s charges were bailable, Mikko Laaksonen, a senior detective superintendent at Finland’s National Bureau of Investigation, replied in an email to PUNCH on Saturday: “Finnish criminal procedure/coercive measures do not recognise bail procedure.”

“Our procedure is based on, depending on the case, remand or travel ban as coercive measures for limiting the freedom of movement for persons suspected of offences to which such measures are applicable,” he added.

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