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BIG STORY

Petrol Price May Rise To N700/Litre In Northern Nigeria — Oil Marketers

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The pump price of petrol could rise above N700 per litre in Northern Nigeria starting from July. This is according to a projection by oil marketers.

The National Controller Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, told The Punch on Wednesday that prices could rise to above N700 in the north once independent marketers start importing products from July.

He said while those living in the northern states could pay as much as N700 and above for one litre of petrol, those outside Lagos should expect to pay around N610, as residents in Lagos would pay about N600 per litre.

“What I am seeing is around N600 and above, depending on the exchange rate, the current crude price at the international market and the landing cost. Those in Lagos will pay around N600, those outside Lagos around N600 plus, while those in the north would be paying anything from N700 and above,” he said.

The downstream sector currently awaits fresh petroleum products as the Nigerian Midstream and Downstream Petroleum Regulatory Authority continues to licence operators willing to get involved in the importation business.

According to The Punch, the Executive Secretary, Depot and Petroleum Products Marketers Association of Nigeria, Olufemi Adewole, on Tuesday said that the NMDPRA was currently licensing more importers.

He said arrangements were on full speed for fresh products from July, adding that prices of products would depend on market fundamentals.

“Where do countries like Ghana, Benin, and Cameroun get their products from? Is it not from Nigeria?,” he asked, making reference to products being smuggled from Nigeria to neighbouring countries.

“Prices of products will depend on market fundamentals, and as we speak, the Nigeria Customs Service is delaying some AGO (diesel) vessels because of the 7.5 per cent VAT.

“And don’t forget, any cost incurred by marketers would be added to landing cost, and then to the pump price. The marketer would also have to add profit because they must make profit,” he said.

A former chairman of the Major Oil Marketers Association of Nigeria, and Chief Executive Officer/Chairman of 11 Plc, Tunji Oyebanji, during a chat on Monday, said consumers should expect new pump prices close to that of diesel, and those of neigbouring African countries that also import petrol.

As of June 19, the price of one litre of petrol in Ghana, Cameroun, Benin was already above N800 per litre.

Petrol currently sells for around N495 and above in Nigeria, with diesel price approaching N800 per litre.

“The truth now is that if you look at the prices of other West African countries that also import petrol, then, you will have an idea of what the price will likely be once companies start importing. So, if the price we have now is not anywhere close to theirs, then, we are not yet there. Another indicator should be the current price of diesel,” he said.

Oyebanji, however, added that the price could also be reduced depending on the exchange rate.

“The bottom line is that there will be an adjustment in price. Yes, it may go up now, it could also drop depending on the exchange rate. But the good thing is that products would be everywhere, and if you see that yours is more expensive than those of the filling stations around you, you will be forced to bring down prices so customers can come and buy. There would be healthy competition which is good for the market,” he said.

Earlier in a chat with The PUNCH, Osatuyi had described the current price of petrol as a “transitional price”, adding that marketers were expecting a roadmap from the Federal Government following subsidy removal.

“We are expecting the roadmap from the Federal Government following the meeting with labour. Labour has said they are giving the government two months to come up with the roadmap. We are also expecting the roadmap on how to deepen the use of Compressed Natural Gas.

“Already, three marketers have been confirmed to start bringing in products starting from July. That’s when we would know the real price of products because it would definitely increase. This current price is just a transitional price,” he said.

Following the Federal Government’s official statement on deregulation of the downstream market since May 29, prices of petrol have since shot up above N490/litre at stations belonging to the Major Oil Marketers Association of Nigeria, and above N500 at IPMAN stations across the country.

Chairman, IPMAN Satellite Depot, told The PUNCH that marketers were still loading products at the government-regulated price of N496 per litre.

“There are currently products in the country and we are loading at a government price of N496.50 per litre. But because of the new forex policy of the central bank, the naira has shot up to around N765/$1. Until new products start coming in, we won’t know the exact extent to which the new policy would affect our business,” he said.

Oyebanji also hinted that depot owners are now resorting to both local and foreign loans to finance importation.

“It’s not like we are just getting importation licenses. We have been licensed but we stopped importing because it was no longer profitable.

“Now, everybody is trying to see what we can do. Some people will raise money and borrow from abroad, while others will borrow from local banks. It’s not just three companies that would be importing; many companies are currently running around to start bringing in products. But we won’t be shouting about it on the pages of newspapers,” he said.

The development comes on the heels of a report by Reuters that since Nigeria scrapped fuel subsidy, black market fuel vendors and commercial drivers in Cameroon, Benin and Togo had seen their businesses collapse due to low supplies and high prices.

“In Cotonou, the commercial capital of Benin which is about 60km from Nigeria, queues have been building up at official petrol stations and some have been unable to meet the sudden surge in demand, especially from ‘zemidjan’, the local word for motorcycle-taxis.

“Before, we were selling about 2,000 litres per day, but now we’re selling up to 7,000 litres per day,” said a worker at the JNP fuel station who gave his first name, Janvier. He had just turned away four customers because supplies had run out.

“The zemidjan-men are even fighting to get served,” said Janvier.

In Benin and Togo, small nations to the west of Nigeria, contraband fuel vendors have lost both supplies and customers, while formerly sleepy official petrol stations are suddenly busy, Reuters reported.

At Hilacondji, a border crossing between Togo and Benin, some black market fuel stalls were shut, while at others vendors waited among rows of empty plastic jerricans for potential deliveries.

The report stated that one Ayi Hilla, who had been making a living from selling contraband fuel for 10 years, said many black marketers had gone into fishing or other small businesses.

Energy expert, Bala Zaka, criticised the Federal Government for deregulating the downstream sector.

“When I was explaining what deregulation means right before May 29, many people didn’t understand. Nigeria’s economy is too weak for deregulation. Where is the Dangote refinery? Has it started refining since it was commissioned?

“’Just look at what has happened to the naira. It has been devalued and approaching N900 at the black market. Very soon, we won’t be able to afford the basic things of life because even before you drive from your house to Kara on the Ibadan/Oshodi Expressway, your tank would have drained to half already.

“Now, if you try to challenge oil marketers, they can sue you. The likes of IPMAN, MOMAN are after profit maximisation and not after the wellbeing of the masses. But if people like us talk it would look like we are kicking against the government. The minimum wage can’t even buy a bag of rice. I have never been in support of full deregulation,” he said.

A professor of Economics at the Olabisi Onabanjo University, Tella Sheriffdeen, advised the government to activate local refining.

“Actually, since the exchange rate is now determined by market forces, depreciation of naira will make oil prices go up. Government has to be hard on oil importers to make sure they are not colluding with economic parasites who will want to jack up prices to force the government to bring back subsidies.

“Secondly, the government must insist on domestic productivity by the refineries and Dangote. It’s just that the government should have plan B to make fuel available by all means,” he said.

BIG STORY

Hon. Abimboye Celebrates Governor Adeleke’s 2nd Anniversary With Food And Cash Gifts In Ode Omu

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In a heartfelt celebration of Governor Ademola Adeleke’s second anniversary in office, Hon. Babatunde Michael Abimboye, a stalwart of the People’s Democratic Party (PDP), extended goodwill to members of the party in Ode Omu, Ayedaade Local Government Area of Osun State. The event, held on Friday, November 29, 2024, brought together party loyalists to commemorate the Governor’s remarkable achievements over the past two years.

The atmosphere in Ode Omu was vibrant, as PDP members gathered to receive food items and cash gifts distributed by Hon. Abimboye. The initiative, which underscored the importance of grassroots engagement, was described as both a celebration of democracy and a recognition of the efforts of party members in supporting the state’s leadership.

Speaking at the event, Hon. Abimboye highlighted the importance of the gesture, framing it as an appreciation for the loyalty and dedication of PDP members in the area. “This celebration goes beyond distributing food and cash gifts; it is a reflection of the Governor’s impact in transforming Osun State and ensuring that no community is left behind. As PDP members, we are proud to stand by him and share the dividends of democracy with our people,” he stated.

He added that Governor Ademola Adeleke’s two years in office have been marked by a focus on transformative governance, with initiatives aimed at improving infrastructure, education, healthcare, and economic opportunities across Osun State. These efforts have not only earned him the admiration of residents but also solidified his reputation as a leader committed to inclusivity and development.

Hon. Abimboye’s event served as a platform to reflect on these accomplishments, with attendees lauding Governor Adeleke’s approach to leadership. Many described the past two years as a period of renewed hope and tangible progress, particularly in rural communities like Ode Omu.

In Ode Omu, Abimboye listed the Governor’s impact has been particularly evident through targeted projects aimed at improving the lives of residents. These include the rehabilitation of two Primary Health Centres in the town as well as the total reconstruction of the Oke-Eso Road which has facilitated easier movement of goods and people within the community.

Hon. Abimboye’s outreach in Ode Omu is reflective of the Governor’s broader commitment to grassroots engagement. By directly connecting with party members, the event reinforced the importance of unity within the PDP and underscored the administration’s dedication to inclusive governance.

Party members expressed their gratitude for the initiative, describing it as a reaffirmation of the bond between the leadership and the grassroots. One attendee remarked, “This is not just about food or cash; it is about recognizing our contributions and making us feel valued in the governance process.”

As Osun State celebrates Governor Adeleke’s second anniversary in office, events like the one in Ode Omu serve as a reminder of the administration’s achievements and the work that lies ahead. Hon. Abimboye’s gesture highlights the importance of fostering a strong connection between leadership and the people, ensuring that the dividends of democracy are felt across every community.

With ongoing projects and a vision for a brighter future, Governor Adeleke’s administration continues to set a standard for transformational governance in Osun State. As celebrations extend across the state, the focus remains on building a more prosperous, inclusive, and equitable society for all.

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BIG STORY

Appeal Court Nullifies Rape Conviction Of Lagos Doctor Femi Olaleye

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The Lagos appeal court has overturned the “rape” conviction of Femi Olaleye, managing director of Optimal Cancer Care Foundation. On Friday, the appellate court ruled that the lower court “erred” in its judgment.

Olaleye was arraigned in November 2022 on a two-count charge of “defilement of a child” and “sexual assault by penetration.”

He was convicted in October 2023 and sentenced to life imprisonment for “rape.”

However, the appeal court held that the lower court relied on “tainted” and “unreliable” evidence.

THE VERDICT

The three-member panel of the appeal court are Jimi Olukayode Bada, Mohammad Sirajo, and Folasade Ojo.

Bada read the lead judgment which was adopted by the two other justices.

The appeal court held that the lower court erred based on the “tainted” and “unreliable” evidence of Oluremi, the defendant’s wife, and the alleged survivor.

The appeal court stated that Oluremi’s conduct showed that she was motivated by greed and the desire to take over the appellant’s assets upon his incarceration.

The appellate court described Olaleye’s wife as a “tainted witness”.

The court also ruled that the lower court relied on the “hearsay evidence” of the other witnesses on the age of the alleged survivor.

The appellate court held that since none of the witnesses witnessed the birth of the alleged survivor, it was wrong for the lower court to rely on their testimonies.

The court ruled that the prosecution’s case that the alleged survivor was a 16-year-old child was bereft of evidence.

The court described the testimonies of the child forensic specialist, that of a medical doctor from the Mirabel Centre, and the investigating officer’s, as “worthless”.

The appellate court said the trial judge “interfered” in the proceedings by bridging the “yawning gaps” in the prosecution’s case.

The court held that the prosecution failed to present material witnesses such as two family members who witnessed Olaleye’s alleged confession.

The court said a trial within trial ought to have been conducted to ascertain the voluntariness of the appellant’s confessional statements while in police custody.

The court of appeal resolved all five issues in favour of the appellant.

The appeal court thereafter discharged and acquitted Olaleye.

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BIG STORY

US-Based Nigerian May Get 20-Year Jail Term Over Money Laundry

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A United States-based Nigerian, Samson Omoniyi, who was arrested alongside eight others for alleged money laundering and fraud, may be sentenced to 20 years in prison if found guilty by US authorities.

This was contained in a press statement signed by the Office of Public Affairs of the US Department of Justice late Wednesday.

The statement noted that Omoniyi, alongside his accomplices, was indicted on Tuesday on allegations of conspiracy to engage in money laundering following their arrest across three jurisdictions in the US.

It further indicated that the defendants, who remain innocent until proven guilty by the court, operated a money laundering organisation to launder proceeds from fraud amounting to millions of US dollars, allegedly obtained from defrauding multiple citizens.

The statement read, “An indictment was unsealed yesterday (Tuesday) in Nashville, Tennessee. It charges nine members of a multi-state money laundering organisation with laundering millions of dollars derived from internet fraud, including business email compromise schemes. The nine defendants were arrested in a coordinated takedown across three jurisdictions.

“According to court documents, Samson A. Omoniyi, 43, of Houston; Misha L. Cooper, 50, of Murfreesboro, Tennessee; Robert A. Cooper, 66, of Murfreesboro; Carlesha L. Perry, 36, of Houston; Whitney D. Bardley, 30, of Florissant, Missouri; Lauren O. Guidry, 32, of Houston; Caira Y. Osby, 44, of Houston; Dazai S. Harris, 34, of Murfreesboro; and Edward D. Peebles, 35, of Murfreesboro, were charged with conspiracy to engage in money laundering.

“As alleged in the indictment, the defendants were members of a long-running money laundering organisation operating since approximately November 2016 in and around Tennessee, Texas, and across the country.”

The statement further stressed that the defendants used the structured organisation as a guise to launder the proceeds of their fraud and to enrich members of the syndicate.

“The conspirators allegedly structured the organisation so that recruiters or ‘herders’ recruited and directed participants or ‘money mules’ to launder money obtained from Internet frauds that targeted businesses and individuals in the United States and abroad.

“The defendants allegedly used sham and front companies to conceal the fraud proceeds and enrich the conspiracy members. The conspiracy allegedly agreed to launder more than $20 million in fraud proceeds,” it stated.

According to the statement, each of the defendants could be sentenced to 20 years in prison under the US Sentencing Guidelines as the maximum penalty for their offence.

“The defendants each face a maximum penalty of 20 years in prison if convicted. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

“An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law,” the statement concluded.

Earlier reports had it that two Nigerians, Anthony Ibekie and Samuel Aniukwu, were sentenced by a US federal jury to 30 years combined jail time for defrauding some US citizens of $3,500,000.

According to the US Justice Department, the duo had deceived their victims by telling them that they had received substantial inheritances that required some money to claim.

The duo was said to have requested their victims send money with a promise to refund them once the inheritances were claimed.

It was also noted that the duo carried out romance scams by establishing romantic relationships with their victims and demanding that they send money after building trust with them.

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