Connect with us

BIG STORY

Petrol Price In Nigeria One Of The Cheapest In Africa —- FG

Published

on

The Federal Government on Monday said despite the recent increase in the price of Premium Motor Spirit to N162 per litre, the price of the commodity in Nigeria remained among the cheapest in Africa.

The Minister of Information and Culture, Lai Mohammed, said this at a press conference in Abuja.

Mohammed was joined at the briefing by the Minister of Power, Sale Mamman; and the Minister of State for Petroleum Resources, Timipre Sylva.

The minister said, “In spite of the recent increase in the price of fuel to N162 per litre, petrol prices in Nigeria remain the lowest in the West/Central African sub-regions.

“Below is a comparative analysis of petrol prices in the sub-regions (naira equivalent per litre): Nigeria -N162 per litre; Ghana -N332 per litre; Benin -N359 per litre; Togo – N300 per litre; Niger – N346 per litre; Chad -N366 per litre; Cameroon -N449 per litre; Burkina Faso -N433 per litre; Mali -N476 per litre; Liberia – N257 per litre; Sierra Leone -N281 per litre; Guinea -N363 per litre; and Senegal – N549 per litre.

“Outside the sub-region, petrol sells for N211 per litre in Egypt and N168 per litre in Saudi Arabia.

“You can now see that even with the removal of subsidy, fuel price in Nigeria remains among the cheapest in Africa.”

Mohammed added that with the 60 per cent reduction in the nation’s revenue, the present regime can no longer afford to subsidise petrol prices.

He noted that fuel subsidy alone gulped N10.413trn between 2006 and 2019.

Continuing, he said, “Government can no longer afford to subsidise petrol prices because of its many negative consequences. These include a return to the costly subsidy regime.

“With 60% less revenues today, we cannot afford the cost. The second danger is the potential return of fuel queues – which has, thankfully, become a thing of the past under this administration.

“The days in which Nigerians queue for hours and days just to buy petrol, often at very high prices, are gone for good. Of course, there is also no provision for fuel subsidy in the revised 2020 budget, because we just cannot afford it.

“The cost of fuel subsidy is too high and unsustainable. From 2006 to 2019, fuel subsidy gulped 10.413trn. That is an average of N743.8bn per annum.

“According to figures provided by the NNPC, the breakdown of the 14-year subsidy is as follows: in 2006, subsidy was N257bn; in 2007, it was N272bn; 2008 -N631bn; 2009 -N469bn; 2010 -N667bn; 2011 -N2.105trn; 2012 -N1.355tn; 2013 -N1.316tn; 2014 -N1.217tn; 2015 -N654bn; 2016 -figure not available; 2017 -N144.3bn; 2018 -N730.86bn; and 2019 -N595bn.”

BIG STORY

Yahaya Bello: EFCC Confirms Refund Of $760,000 From American International School Abuja

Published

on

The American International School in Abuja has reimbursed the Economic and Financial Crimes Commission (EFCC) for the amount of $760,910 that it was previously paid by former Kogi State Governor Yahaya Bello for his children’s advanced school fees.

Dele Oyewale, the EFCC spokesperson, verified this on Saturday.

The school requested the anti-graft agency’s “authentic banking details” in a letter dated October 24, 2022, in order to pay the reimbursement “as part of investigation into the alleged money laundering activities by the Bello family.”

The sum of $845,852 was said to be paid to the school between September 2021 and October 2022. The school said it deducted the educational services rendered between the period, with the remaining amount being $760,910.

The EFCC is prosecuting Bello on 19 counts bordering on alleged money laundering, breach of trust, and misappropriation of funds to the tune of N80.2 billion. The matter is before Justice Emeka Nwite of the Federal High Court in Abuja.

EFCC chief Ola Olukoyede, who vowed to prosecute Bello or resign, alleged that the embattled ex-governor withdrew $720,000 from the state’s accounts to pay his child’s school fees in advance just before he left office on January 27, 2024.

The anti-graft commission had declared Bello wanted after his successor, Governor Usman Ododo allegedly whisked him away on April 17, 2024, preventing EFCC operatives to arrest him (Bello) when they laid siege to his Abuja residence.

Meanwhile, a Kogi State High Court sitting in Lokoja has ordered EFCC chairman to appear in court on May 13, 2024, to show cause why an order of committal should not be made against him for allegedly disobeying court order.

The EFCC boss is facing a contempt charge for carrying out “some acts upon which they (the EFCC) have been restrained” by the Court on February 9, 2024, pending the determination of the substantive Originating Motion.

Continue Reading

BIG STORY

Yahaya Bello: Kogi Court Summons EFCC Chairman Olukoyede Over Alleged Contempt

Published

on

Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), has been directed by a Kogi State High Court in Lokoja to appear in court on May 13, 2024, to provide justification for not having an order of committal placed against him for allegedly defying a court order.

A contempt charge has been brought against the EFCC chairman for executing “some acts upon which they (the EFCC) have been restrained” by the Court on February 9, 2024, while the Originating Motion’s merits are being determined.

Justice I. A. Jamil, delivering a ruling in Suit No: HCL/68M/2024 and Motion No: HCL/190M/2024, ordered that “the said act was carried out by the Respondent (EFCC) in violation of the order, which was valid and subsisting when they carried out the act. That same act of the Respondent amounts to Contempt.

EFCC operatives had laid siege on the residence of the immediate past Governor of Kogi State, Alhaji Yahaya Bello, as early as 8 am on April 17, 2024, with a bid to arrest him, despite a court order restraining them from taking such action, pending the determination of the Originating Motion.

Justice Jamil’s order was based on a motion ex-parte filed by Yahaya Bello through his lawyer, M.S. Yusuf, where he prayed to the court for an order to issue and serve the Respondent (EFCC Chairman) with Form 49 Notice to show cause why Order of committal should not be made on Olukoyede.

Having listened to the arguments of the Applicant’s counsel, the submission and the exhibits attached in the Written Address, Justice Jamil granted Yahaya Bello’s prayers and ordered Olukoyede to be summoned to appear before the court to answer the contempt charge.

Delivering his order on the motion on April 25, 2024, Justice Jamil said, “The applicant’s application before me is to the effect that the Respondent has carried out some acts upon which they have been restrained by this Court on the 9th of February, 2024, pending the determination of the substantive motion on Notice before this Court.

“That the said act was carried out by the Respondent in violation of the order which was valid and subsisting when they carried out those acts. That same acts of the Respondent amount to acts of contempt.

“That the Respondent should be summoned to appear before this Court to answer to the contempt charge.

“It’s against the above facts that this Court hereby grants the prayers sought in line with the principle of “Audi Ultra Patem”. To wit:

“An order of this Honourable Court for the issuance of Form 49 Notice to show cause why an order of committal should not be made against the Executive Chairman of the Respondent – Economic and Financial Crimes Commission (EFCC).

“An order for service of Form 49-Notice to show why an order of committal should not be made on the Executive Chairman of the Respondent – Economic and Financial Crimes Commission (EFCC) at EFCC Corporate Headquarters, Plot 301/302, Research and Institution District, Abuja.

“This matter is adjourned to the 13th of May, 2024 for the Respondent’s Chairman to appear before this Court in answer to form 49 ordered to be served on him.”

 

Continue Reading

BIG STORY

Naira Depreciates Because I Was Out Of The Country — Odumeje

Published

on

The Mountain of Holy Ghost Intervention and Deliverance Ministry’s Prophet Chukwuemeka Ohanemere, popularly known as Odumeje, declared that he had returned to Nigeria in an effort to halt the dollar’s appreciation relative to the Nigerian Naira.

Odumeje, in a video recorded at the airport while returning from London, boasted: “This is Indaboski Bahose. The war and the battle. A man full of power and activities. The only man who tells you, “I will bring down a dollar,” and he gets it done. When I left the country, dollar began to rise; now, I am back, I will continue where I stopped.”

In a video recording of one of his church programmes a few weeks ago, the self-acclaimed prophet had claimed that the exchange rate of dollar to naira came down because of one of his powers, which he dubbed ‘Abidoshaker.’

His claims came on the heels of the Nigerian currency’s significant gains after exchanging at N1,920 per dollar.

Continue Reading

Most Popular