The Oyo State Government has approved the sum of 500,000 Naira as bursary allowance for indigenes of the state studying at Nigerian Law School campuses across the country in 2023.

According to an announcement by the Chairman of the Oyo State Scholarship Board, the bursary is part of the yearly package instituted by Governor Seyi Makinde since he assumed office in 2019.

The scholarship board has scheduled verification screening exercises for the law students to ascertain their eligibility. Students from the Lagos and Abuja campuses are expected on Wednesday January 24th while those in Kano, Enugu and Yenagoa will be screened on January 25th. Screening for Yola and Port Harcourt students comes up on January 26th.

The screenings will start by 10:00am daily at the Board’s conference room at the Ministry of Education headquarters in Ibadan.

The government advised members of the public, especially parents and guardians of the benefiting law school students, to take note of the screening dates.

About 500 students are expected to benefit from the 500,000 Naira bursary allowance this year.

The Nigerian National Petroleum Company Limited (NNPCL) has justified its involvement in the controversial $3.3 billion crude oil pre-payment loan it signed with the African Export-Import Bank (Afrexim-bank) last year.

In an interview with journalists, the Chief Corporate Communications Officer (CCCO) of NNPCL, Mr. Femi Soneye, explained that the deal christened ‘Project Gazelle’ – the forward sale of oil, which is the first of its kind to be facilitated by any government institution in Nigeria, was to ultimately provide dollar financing to the federal government.

Earlier in August, NNPCL had announced that it secured a $3 billion emergency loan from Afrexim-bank to stabilise the country’s volatile foreign exchange market.

The deal came over a year after the national oil company had similarly secured a $5 billion corporate finance commitment from the same Afreximbank to fund major investments in Nigeria’s upstream sector.

In late December last year, the federal government had announced receipt of $2.25 billion out of the $3.3 billion facility from the multilateral financial institution.

Afreximbank is the lead arranger of the loan, while some other sub-lenders included VITOL; Guvnor, one of the world’s largest energy trading houses by turnover; Sahara Energy Group; Oando and the United Bank for Africa (UBA), which chipped in $100 million.

However, while the loan attracted mixed reactions from Nigerians, especially over concerns about the implication of the facility for Nigeria’s oil production, the NNPCL Spokesman argued that the loan was needed as a short to mid-term solution to the foreign exchange shortage challenge currently being faced by the country.

Soneye added that Nigeria needed to urgently improve its foreign exchange position, pointing out that as of June 2023, the Central Bank of Nigeria (CBN) had over $6 billion of unmet obligations – forward contracts with third-party institutions that were past their expiry dates.

He explained, “NNPC Ltd entered into this arrangement to ultimately provide dollar financing to the federal government. It is a short to mid-term solution to the foreign exchange shortage challenge currently being faced by the country.

“Nigeria needs to urgently improve its foreign exchange position. As of June 2023, the Central Bank had over S$6 billion of unmet obligations – forward contracts with third-party institutions that were past their expiry dates.

“These unmet obligations have pressured the nation’s external reserves and resulted in a significant devaluation of the naira. The pre-financing arrangement allows the federal government to receive foreign exchange, in advance, to enable it to resolve its unmet FX obligations. These inflows of foreign exchange will ensure exchange rate stability and is an immediate quick-win available to the country.”

He further explained that forward sale contracts help resource-producing companies such as the NNPCL to deliver significant upfront funding for new projects before eventual production and export.

The NNPCL spokesman maintained that the funding available is used as investments in existing and prospective resources, adding that this could result in more oil and gas production in the country as new projects come onstream, and higher oil and gas exports, bringing in more dollars and foreign currencies.

He further argued that international banks have a track record of providing forward-sale financings, which brings new Foreign (FDIs) into the country.

With Nigeria having over 35 billion barrels of proven reserves that need to be exploited and produced, Soneye said a fraction of these prospective reserves could be used to raise the required funding.

With a forward sale financing, he noted that the country could securitise these proven oil reserves today, saying this improves foreign currency inflows immediately rather than having to wait for years.

“Also, by supporting more exports and bringing in overseas financing, forward-sale financing can significantly boost the availability of foreign currency for an oil/gas-dependent country. This improves the country’s ability to pay for imports and manage its overall economy.

“When exports finally start, the forward-sale investments are repaid using the money earned from those same exports. This improves the country’s balance of payments.

“The financing gives the government more stable and predictable oil earnings. This helps in planning budgets and managing foreign exchange reserves,” he noted.

On repayment of the Project Gazelle, he said up to 90,000 barrels had been earmarked for the purpose.

According to him, “the quantity of crude earmarked is sized to ensure that there is sufficient cash available for the repayment of the facility as and when due and ensure that the Borrower can also meet the other cashflow obligations, taking into consideration the expected future price of crude oil globally.”

Ivory Coast legend, Didier Drogba, says the Super Eagles of Nigeria can progress as far as winning the African Cup of Nations AFCON 2023 currently holding in his native country Ivory Coast.

The former Chelsea striker’s comments comes days after Nigeria humbled the hosts 1-0 thanks to William Troost-Ekong’s penalty in a match few gave Jose Peseiro’s men any chance.

Drogba has, however, admitted that the Nigerian national team can aim for the finals of the tournament despite not being among the favourites to win the competition in an interview monitored by Official54fx.

“They can go far,” Drogba started. “But we [Ivory Coast] have to sill finish in front of them,” the former Olympic Marseille player quipped.

“Of course, I want Ivory Coast to win but the best team has to win, and if it is Nigeria- whichever team- fair to them and well done to them.

“But we are going to fight till the end because we play at home and we want to show that not only can we host the competition [but can also win it].”

Nigeria is currently second ingroup A with four points from two matches, two points behind surprise leaders Equatorial Guinea who have qualified for the knockout stage.

Ivory Coast are in third place with three points and must not lose to Equatorial Guinea to have a chance of qualification to the next round.

Former Minister of Works and Housing, Babatunde Fashola, has disclosed that the only financial benefit he receives from the government is N577,000 monthly pension as a former governor of Lagos State.

He also said that he is not receiving billions of naira from the federal government as speculated by some Nigerians, after serving eight years as the minister.

Fashola said this on Saturday while appearing as a guest on Arise TV programme, ”Perspectives.’

When asked if there were financial benefits accrued to him as a former public servant, he said, “The benefit I get I think is N577,000 monthly pension from Lagos State. That’s all I get.

“So, in spite of all the stories that we got several billions of money (after leaving office), I’ve come out to deny that repeatedly. Well I don’t know how long it lasts, but all I know is that I get N577,000 per month consistently.”

When asked if there were other benefits from the federal government, he said “no.”

Responding to a question on if he could advise current public office holders, the former Lagos governor said he was not in the position to issue advice but admonished that they “should remain true and authentic” in their duties.

In September 2023, Fashola said he did not need to hold office for serving in President Bola Tinubu’s administration.

“I do not need a title to serve: the president can only appoint at least one minister, for example, from each state in which he has done that,” Fashola had said.

The All Progressives Congress (APC) said it has reviewed the Supreme Court judgement on the Kano State governorship election.

The party said it is taking steps to create a strong avenue that will unite its members and welcome new members into the party.

DAILY POST recalls that on Friday, the Supreme Court affirmed the election victory of Kano State Governor Abba Yusuf.

His earlier victory in the March 2023 poll, which had been overturned by the two lower courts, was unanimously reinstated by a panel of Justices led by Inyang Okoro.

The Supreme Court set aside the concurrent decisions of the two lower courts that had initially removed the governor from office based on allegations of irregularities during the disputed March 2023 election.

In a communiqué signed by the APC National Chairman’s Chief of Staff, Mallam Muhammad Garba, the party appreciated President Bola Ahmed Tinubu for his support and dedication to Kano State and the APC family.

The party acknowledged his commitment to the progress and development of the party in the state and the country as a whole.

Mallam Muhammad Garba, speaking on behalf of the party, stated that the stakeholders’ meeting had resolved to keep the doors of the APC in Kano open for hundreds of new members willing to join.

He added that the party is actively seeking to attract new members, both at the group and individual levels, owing to the good governance and promises of the party.

Garba noted that the meeting also resolved to convene an extensive stakeholders’ meeting in Kano to strategize on how to further unite the party for enhanced development.

“The meeting also appreciated members of the party for their maturity, support, and patience during the period of the legal battle and called on them to remain calm and await the outcome of the expanded stakeholders meeting scheduled for Thursday, January 25, 2024,” he said.

Participants in the meeting included selected Kano APC stakeholders, presided over by the party’s National Chairman, Abdullahi Umar Ganduje.

Super Eagles star, Alex Iwobi has issued warning to his side’s opponents after Nigeria’s 2023 Africa Cup of Nations, AFCON, win over Ivory Coast on Thursday.

Iwobi said the Super Eagles are afraid of no team currently participating at the ongoing AFCON.

Recall that William Troost-Ekong’s penalty gave Jose Peseiro’s men the victory against the host at the Stade Olympique Alassane Ouattara in Abidjan.

Speaking to reporters in the mixed zone after the game, Iwobi said: “The formation was different.

“We defended as a team, from Victor to the goalkeeper, everyone defended well so I feel like that formation change helped us.

“We have to concentrate on the next game, we take it game by game but we have the belief that we can do so, we have to wait and see.

“We are afraid of no one but we treat every team with respect.”

Nigeria will face Guinea-Bissau in their final Group A tie on Monday.

Super Eagles star, Ola Aina, has revealed how Jose Peseiro’s side will approach their 2023 Africa Cup of Nations, AFCON, final Group A tie against Guinea-Bissau on Monday.

The Super Eagles won 1-0 against Ivory Coast in their last AFCON tie on Thursday.

The outcome of the Ivory Coast game moved Nigeria to second place in Group A with four points, having drawn 1-1 against Equatorial Guinea in their first game.

Speaking to reporters after Nigeria’s victory against the host nation, Aina said, “I’m just happy the team got the win. It was a tough game, I am still feeling a little bit tired but everything is worth it when you win.”

The former Chelsea star added: “We are going there [against Guinea-Bissau] with the same mentality that we had [against Ivory Coast].

“We need to get the job done and hopefully we can get another big result there.”

Super Eagles captain, Ahmed Musa has assured Nigerian fans that the team will do their very best to make it to the final of the 2023 African Cup Of Nations(AFCON) in Abidjan, Côte d’Ivoire.

Musa made this known while speaking with newsmen at the team’s hotel after their victory against the host, Ivory Coast, on Thursday evening.

He also thanked the fans and supporters for their enormous support with prayers both in Nigeria, Ivory Coast, and Abroad.

Despite being the most capped Super Eagles player to date with 109 appearances, Musa was an unused substitute in the first two matches against Equatorial Guinea and Ivory Coast and is yet to make his debut in the ongoing 2023 AFCON.

Speaking on their victory, he said, “Thank you very much! Like I said earlier, we don’t have much to say. We are going to do the talking on the pitch, as you can see yesterday we did one of the talking on the pitch insha’Allah, and we’ll continue doing that till the final on February 11 so that we go back to Nigeria very happy.

“We’ll keep on doing our best to make Nigeria proud and once again, we are sending all our support to Nigeria, the way they supported us for their prayers.”

He, however, said he will be hoping to make his first appearance of the tournament when the Super Eagles play their final match of Group A at the Stade Félix Houphouët-Boigny stadium against a Guinea-Bissau side who has recorded two lost against Equatorial Guinea and Ivory Coast.

Football star, Cristiano Ronaldo has opened up about his likely retirement from football when asked about his future plans.

The Al-Nassr forward was asked about when he planned to hang up his boots in Dubai, where he is attending the Globe Soccer Awards and the 38-year-old delivered a funny response.

Ronaldo initially claimed he will retire ‘soon’ before he suggested he can remain at the top of the game for a while yet.

'The moment I finish, I don't know to be honest,' Ronaldo said.

'Of course, it will be soon, soon I mean 10 years more.

'No I am joking, I don't know, let's see.'

Ronaldo, who turns 39 next month, currently plays for Saudi Pro League side Al-Nassr.

The Portugal star joined the club in a deal worth a reported £175million-a-year last January, following the cancellation of his contract at Man United.

He is the top scorer in the Saudi Pro League this season with 20 goals, three ahead of nearest rival Aleksandar Mitrovic.