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Petrol Landing Cost Now N278, As Crude Reaches $80/Barrel

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The Major Oil Marketers Association has said that the landing cost of petrol has risen to N278 just as the price of crude oil in the international market reached $80 shortly on Tuesday, with experts worrying that subsidy payments would increase.

The international crude oil benchmark traded at $80.02 per barrel, its highest since October 2018, as of 12:09pm Nigerian time on Tuesday according to Oilprice.com. Brent had fallen to $78.89 per barrel as of 7:14pm on Tuesday, while the United States West Texas Intermediate traded 0.45 per cent lower at $75.11 per barrel.

The executive secretary and chief executive officer of MOMAN, on a phone call with our correspondent, said, “The last time we checked in September, the spot price if we assume an exchange rate of N410 per $, you have a landing cost price of N278 per litre.

“The truth is for as long as we continue to subsidise the price of fuel, we are borrowing money to consume. This means we are selling short the future generations. We need to adopt mass transportation to cut the per capita consumption of fuel and also reduce our dependence on importation to reduce the stress on the naira.”

It was earlier stated that subsidy payments on petrol had amounted to N905.27bn in eight months from the Nigerian National Petroleum Corporation’s data. Nigeria fell short of its August quota set by the Organisation of Petroleum Exporting Countries and its allies.

This has raised concerns about double stress on the country’s finances from the angle of increased subsidy payments without a corresponding increase in crude oil earnings.

The Group Managing Director, Geoplex Drillteq Limited, Mr Wole Ogunsanya, told our correspondent that the country failed to meet its quota due to lack of investments and poor management of assets.

He said, “The OPEC quota issue is very simple; we are not doing enough work. Oil on the ground is like a swimming pool; if you take water from it every day without replenishing it, it will keep reducing till it empties.

“We are not meeting OPEC+ quota because we are either not producing, or when the price crashes, we stopped drilling new wells, repairing old ones.

“Unless we sustain investment in the upstream oil and gas sub-sector, the amount that we produce will not be sufficient. Subsidy payment now is going to increase because as the price is fixed at N165 per litre, rising crude prices would mean we pay more per litre of fuel imported into the country.”

Ogunsanya said that until Nigeria produces and refines locally, fixes its refineries and build more, subsidy payments would continue and it would be subject to the price of crude oil in the international market.

Oil and gas industry analyst, Mr Bala Zakka, said that Nigeria needed to fix its economic model as regards petroleum.

He said most OPEC+ countries had refineries and stood to benefit from rising crude prices but Nigeria might not, due to the current circumstances.

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BIG STORY

Prevail On Nigeria, Benin Republic To Release Sunday Igboho – Afenifere To International Community

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Afenifere, a Pan Yoruba socio-cultural organization, has urged the international community to press the Nigerian and Benin Republic governments to free Sunday Adeyemo, also known as Sunday Igboho.

The group also urged the Federal Government to pay Adeyemo the damages awarded to him by the court as a result of the attack on his person and property, according to a communique issued at the end of its first annual general meeting held at the residence of its acting national leader, Chief Ayo Adebanjo, in Isanya-Ogbo, Odogbolu Local Government Area of Ogun State, on Tuesday.

The meeting had in attendance the former governor of Kwara State, Chief Cornelius Adebayo, former deputy governor of Lagos State, Senator Kofo Bucknor-Akerele, Senator Femi Okunrounmu, and Chief Supo Shonibare.

Others were Chief Sola Ebiseni, the Secretary General, Dr. Gbola Adetunji, Chief Korede Duyile, Abagun Kole Omololu, Hon. Leke Mabinuori, Chief Kofoworola Doherty, Dr. Ebun Sonaiya, Chief Tunde Onakoya, Senator Femi Lanlehin, Jumoke Ajasin-Anifowose, Chief Segun Olawoyin, Deacon Owolabi Oladejo, Chief Olu Pesu, and Reverend Goke Omigbodun.

Afenifere also called on the Federal Government to release Nnamdi Kanu on political consideration as it was done in the case of Asari Dokubo under the administration of former President Olusegun Obasanjo.

The group noted that the country had been under the siege of security challenges which it described as unprecedented in the history of the country, just as it stressed the need for the Federal Government to consider the establishment of state Police in order to address insecurity.

It said: “In recent times, we have consistently expressed concern on the situation of insecurity in Nigeria today. We have also always recommended what we consider the ways out of the unprecedented security challenges facing us. In this respect, we strongly call on the present administration under President Muhammadu Buhari to ensure the introduction of state Police equipped with requisite means to enhance security in the states and that of the federation ultimately.

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3 Out Of 20 FCT Women Experience Office Rape – Survey

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Fifty-one percent of women working in the Federal Capital Territory (FCT) say they have experienced some type of sexually related violence at work.

Three out of twenty women acknowledged being raped in their offices, according to the submission, which is based on HEIR Women Development’s research findings.

The study, which aimed to bring the reality of gender-based violence in the workplace to light, found that 55 percent of women do not understand what constituted sexual harassment.

Dr. Obianuju O. Nnadozie, an economist from the University of Benin (UNIBEN), who lead the research team that sampled responses from 1000 women online and 60 women off-line said, 77% of the women complained about bullying in the workplace while 70% of women lamented what they described as inflexible work hours that formed advancement barriers to them.

Dr. Obianuju shared the research findings at an HEIR Women validation meeting of research findings at a zoom meeting.

She said the findings called for an Empowerment of young women against sexual harassment, and support organizational coordination to ensure compliance with sexual harassment policies at workplaces in the Federal Capital Territory.

According to her: “Findings from the online survey and in-depth interviews suggest that sex is prevalent at the workplace in the FCT. Specifically, the online survey shows that:

“1 in 2 women (51%) reported that they have been sexually harassed at the workplace.

“More than 3 in 4 women (78%) have experienced verbal sexual harassment in the workplace.

“About 3 in 4 women (74%) reported that they have experienced cyber sexual harassment.

According to the research Sexual harassment is prevalent at workplaces in the FCT, Abuja and it can/should be addressed.

It continued that “there is little or no organizational measures/mechanisms and, where present, a lack of trust in the existing organizational measures that should address sexual harassment at workplaces in the FCT.”

It also noted that there exists a very limited understanding of the context of a safe working environment, gender-based standards, and its importance.

In the light of the above, appropriate actions should be taken to enlighten young women against sexual harassment as well as encourage organizations existing measures and adopt, where necessary, best practices to harassment/career barriers at the workplace, the survey stated.

More findings on the report showed that 71% of women have experienced online stalking which the researcher pointed out was an emerging threat that must be looked into.

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I Didn’t Abuse Juliana Playoff’s Sister Sexually, I’ve Apologized For What I’m Guilty Of — Pastor Timi Adigun

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The feud between Nollywood actress Olayode Juliana and her former pastor, Timi Adigun, has escalated, with the actress accusing him of sexually abusing her sister.

On Tuesday, Olayode accused her spiritual father and manager, Adigun, of seizing control of her Facebook and other social media accounts.

The actress alleged on Wednesday that the preacher abused her sister during their social media debate.

She wrote, “Did you listen to yourself at all? I don’t think you did. You manipulated and sexually abused my sister and you thought I would be calm. You expect me not to be furious. How are you processing the things you did and the things you said? How? I don’t get you.

“You talk about apology and forgiveness. Forgiving you is a process for me. I forgave you then, for my sanity, just when I am trying to move on. You do something else that triggers me and I get mad at you again and I beg God to help me forgive you again.

“The hurt is really deep, the pain, the trauma, the disappointment, the sleepless nights, the tears that drenched my pillow, the shock, the entire experience is indescribable.”

ALSO READ: Gospel Singer Sammie Okposo Apologizes Publicly, Suspends Self From Ministry Over Infidelity

In response, Adigun said on his Instagram story, “For those concerned for me and asking me to stop responding, if I was brought before a court, I would have to talk or my lawyer would talk.

“I have been brought before a social media jury. I have to speak the truth but it is still up to individuals to choose what to believe.

“That said, I want to make it public here that I am ready to stand before any court or panel and I am ready to be investigated.

“When you know you have told the truth, there is no more fear. I NEVER sexually abused anyone! I have facts, figures, and dates. What I was guilty of, I owned up to and apologized for. The next I want to see is a subpoena.

“I will continue on social media and continue building my businesses and ministry. This is a distraction I have no time for. I will not be posting on this again.”

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