Two weeks ago, this column in a piece entitled “Neither at War Nor in Peace” lamented that Nigeria has entered a new normal. We are neither a nation at peace or in a declared war. Instead, we are perennially in a state of psychological and physical siege. Even in that state, our government continues to live in perennial denial, behaving as if they are presiding over a normal democratic state. That hybrid status puts us in a unique category among troubled nations of the world.

Side by side with a count of Nigerians who have recently been killed, abducted, kidnapped or just missing, we have entered a new category of a nation with more hostages than those at war.  When Hamas militants and hotheads attacked Israel on  October 7, 2023, they took a little less than 250 hostages. That led Israel to the ongoing Israel-Hama war whose end we do not yet know. Today in Nigeria, kidnappers and bandits are holding any number of Nigerians as hostages as we speak. No one, not even the police, knows exactly Nigeria’s total hostage population, where exactly they are being held, who is holding them and for what reasons beyond ransom. We have hostages of bandits and terrorists dating back to the president Jonathan days and stretching to the present. When Buhari handed over to Presdient Tinubu, I am not so sure he handed over the precise number of hostages held by different criminal groups allover the country!

Those Nigerians kidnapped or abducted are hostages of an adversary without a face and without a name. Worse still, those that are killed by these criminals are victims of a nameless evil. An enemy without a clear identity has entered the fray of Nigerian’s insecurity. They invade, fiercely assault, collect hostages, execute innocent people in cold blood and disappear into thin air. They then make contact with the families of their hostages to demand huge sums as ransom. The negotiations are mostly between the affected families and the bandits, hoodlums and terrorists all wearing interchangeable badges. The final onus is on government to take over from there. But the government seems to be in quandary. It does not know exactly the identity and character of whom to negotiate with in these many instances of serial and viral kidnapping. With each new instance of kidnapping or abduction, the faceless enemy shows a different colour. Government is comfortable in the thinking that it is dealing with crime control. I am not so sure.

One question that has not been addressed is whether we are dealing with random bands of criminals and killers or a concerted force with a larger political purpose. The instances of kidnapping and abductions are many and widespread. They seem to wear differential regional badges. The ones in the North East tend to be inspired by ISWAP, Boko Haram and retail versions of Sahelian jihadism. In the North-west, they tend to be sundry opportunistic criminals originally bred by residues of geo -ethnic  and religious animosities but now fired by poverty and economic desperation. Further south, in the mid section of the nation, the crisis of killings and kidnappings takes on a more sectarian and occupational character. Angry migrant herders, mostly Moslem,  against equally angry impoverished settlers farmers who are presumably Christian.

In the South-east, what began as separatist anger has blossomed into an enterprise of criminality powered and controlled by political and business moguls. In the cities of the South-eest and Lagos, urban criminal gangs and cults carry out opportunistic attacks to kidnap for quick cash or in quest for victims for the more gruesome harvest of body parts to fuel a thriving trade in rituals for money.

This national canvas of internal warfare has been with us for the better part of the last eight years. We have just entered a new phase in both the magnitude and geographical location of kidnapping and abductions. In the past one month, many incidents have occurred in and around the Abuja area. Families have been thrown into tragic mourning and anxiety as bandits have routinely abducted many members of families and executed some without even waiting for the requested ransom. In the Abuja kidnappings, the quantum of ransom sought has tended to be so huge as to befit the reputation of the capital city as the home of huge free cash.

In one celebrated instance, a friend of an affected family said to be a minister in the immediate past Buhari government disclosed that he had to come up with a princely N50 million to free remaining members of a family even after the innocent girl, Nabeeha, was executed by her captors.  As families and concerned citizens try to grapple with existing cases, the criminals are at work with new exploits, new abductions and more dastardly killings especially in the Abuja area.

While the ring of kidnappings closes more on Abuja, the time has come to ask whether there is a larger political purpose to the latest onslaught of bandits and criminals on Abuja. Yes, Abuja is attractive to all manner of criminal enterprises. Some see it as the centre of a criminal tradition of government in which there is a disproportionate relationship between work and reward. Politicians and their hangers on enter Abuja literally as destitutes only to emerge a few months down the road as mega billionaires. Some who came to Abuja by night bus have been known to fly home a few months later in their personal private jets. Such gold rush reputation can attract mega criminals who convert vulnerable innocent people into merchandise and hostages of greed in order to get a share of the city of gold. Beyond the economic ecosystem of Abuja, there remains a perennial political question mark about the city in the geo ethnic and sectarian calculus of those interested in Nigeria’s future. To this extent, I want to insist that the latest spate of kidnappings, abductions and killings in and around Abuja constitute a clear and urgent to Nigerian politicians.

At the highpoint of the fundamentalist assault on Nigeria, Abuja was the scene of some of the most severe terrorist attacks. The United Nations offices, the Police Headquarters, churches in neighbouring areas, the facilities of THISDAY Newspapers and sundry other places were hit by a gale of terrorist bombings. The terrorists took direct responsibility for the attacks. Therefore, the interest of forces seeking to destabilize Nigeria through attacks on Abuja has never been hidden.

In the later parts of the Buhari administration, criminals and armed zealots became intensely interested in Abuja.  Followers of then imprisoned Shiite leader, El Zakzakky, carried their war for his freedom into Abuja city center. They engaged security forces in days of sporadic episodes of gunfire right in the centre of Abuja. Further down the line, a horde of ISWAP and Boko Haram foot soldiers invaded the precincts of an Abuja maximum security correctional facility and freed nearly every inmate including numerous dangerous terrorists. Still further the road of tragedy, fanatic terrorists mounted an assault against the centre of power, engaging soldiers of the presidential Guards Brigade in a fire fight that led to the death of a number of officers. At some point, schools and major institutions in the outskirts of the city had to be shut or evacuated for fear of terrorist invasion. So, Abuja has been a place of interest to a competing avalanche of criminals and armed factions with diverse interests and motives.

But for the rest of us, the city is our national capital. It is the seat of the federal government. It is home to all major diplomatic missions in the country.  In response to the repeated instances of security threats on Abuja, nearly every major diplomatic mission in Abuja has issued frightening travel advisories  warning their citizens against unnecessary travels to nearly all parts of the country. In the latest one in later 2023, the United Nations warmed all its staff in Nigeria to avoid nearly every state in Nigeria for fear of being kidnapped or abducted. The Nigerian government itself has repeatedly tacitly admitted the state of universal siege around the country by agreeing that combined military and police security operations are ongoing in all of our 36 states.

Ironically, until the last one week, the new Tinubu government had feigned indifference to the threat of massive insecurity in and around Abuja. Understandably, it is hard to pay attention to personal security when you are surrounded by armed goons of state security and elite wings of the armed forces. So, both the presidency and the FCT administration had feigned indifference until a week ago. While the spate of kidnappings, abductions and killings raged, Mr. Nyesom Wike, Federal Minister of the FCT, was to be found more in Port Harcourt, capital of his home state of Rivers where he is waging an endless war of political attrition against the state governor, Mr. Fubara, his now rebel surrogate. At last, both Mr. Wike and his boss the President have finally thought it necessary to summon meetings with security chiefs on the bad situation in Abuja. If tough talking and grand standing could end insecurity, we probably would not have any more kidnappers and bandits left in Nigeria by now.

There is now an urgent need to interrogate the existing approach and machinery of internal security in the country. The existing system has not worked. Nothing indicates that Mr. Tinubu’s approach to the problem is in any way different from that of his predecessor. The popular myth was that Mr. Buhari as a former soldier with combat experience would end insecurity as he himself publicly undertook to do. But instead, after his eight years in office, the insecurity around Nigeria has graduated into a nightmare emergency situation. There is therefore little hope that Mr. Tinubu who literally does not know the difference between a rifle and a pistol will fare any better.

He has appointed new service chiefs and decorated them with new ranks and many shiny medals. He has appointed a familiar ex -police man as NSA.  But the problem is not that of appointments and fancy titles. It is one of resources and strategy. The old strategy of throwing money and armed men in Hilux vans allover the place has not quite worked.

The government has recently bought a few helicopters from Turkey and the United States in addition to a consignment of Super Tucano jets from the United States. Many experts argue however that you do not wage a low intensity internal security war among your own citizens with the instruments of an all out war as if you were out to conquer an external adversary.  Unintended collateral casualties and human rights violations are bound to result, thereby deepening the internal bitterness among the populace and making resolution harder. We already have had quite a few of these, regrettably.

Budgetting for an increase in defence and security spending in a season of galloping inflation is futile. It leaves less money for actual security spending. In addition, much has been said about leakages  and corruption in the administration of Nigeria’s security business. Our insecurity has been around for so long that it has bred an industry of its own corruption enterprise in a country where government is seen as a criminal enterprise.

More importantly, in all the instances of kidnapping, abductions, terrorist attacks and other security breaches around the country,  the staging theatres have been the ungoverned spaces. Our vast forests, bushes, savannahs and farmlands have been the favourite hiding places for bandits and criminals. The criminals strike the governed and inhabited areas and take their hostage into the ungoverned spaces from where they demand and negotiate ransom. Admittedly, the manpower available to the armed and security forces is inadequate to man these ungoverned spaces.

That creates the imperative of employing available technologies to ensure effective coverage of the entire national space. This calls for increased investment in areas like satellite surveillance and coverage of the entire Nigerian space including night vision scoping. The use of drones needs to be guided by proven know how to avoid the kind of ‘accident’ that led to avoidable loss of innocent lives in Kaduna State recently.

In all of this, we cannot diminish the overwhelming place of social factors associated with poverty in the epidemic of new crime from that we are witnessing. The ultimate long term situation is for government to ameliorate the prevailing poverty while taking effective active security measures  to make crime and criminality  unattractive for citizens.

The Trade Union Congress of Nigeria (TUC) has issued a stern warning about potential industrial action due to delays in establishing a committee to discuss the new minimum wage for public sector workers.

The Federal Government’s inertia in naming its representatives to the committee has been a primary cause for concern, particularly as labour unions have declared their readiness to commence negotiations.

This development comes amidst growing frustrations among workers grappling with the surging cost of living.

Since the removal of the fuel subsidy by the Federal Government, there has been a significant increase in the prices of goods and services, leading to rampant inflation.

The impact has been profound, with workers finding their current wages insufficient to cover basic needs.

In June 2023, a group of workers and labour leaders called for a substantial increase in the minimum wage, from N30,000 to N250,000, citing the dire economic situation.

This figure was later adjusted to N200,000.

The Assistant General Secretary of the Nigeria Labour Congress, Chris Onyeka, highlighted the plight of many workers who are struggling to pay rent and school fees for their children.

He also noted the dramatic 300% increase in transportation costs, forcing many civil servants to walk to work.

President, Asiwaju Bola Tinubu, had earlier pledged to prioritize the improvement of living conditions for Nigerians, with a focus on people-centric economic policies.

He assured that the national minimum wage would be reviewed to reflect the current economic realities.

Despite these promises, the hardship for Nigerian workers continues, exacerbated by soaring inflation.

The last minimum wage revision was on April 18, 2019, from N18,000 to N30,000. However, implementation has been uneven across the 36 states, with several yet to comply with the new minimum wage.

The then-Minister of Labour and Employment, Chris Ngige, emphasized the necessity for all employers in the country to adhere to this national law.

He mentioned that a committee was being formed to propose new wage adjustments for those earning above N30,000.

The TUC expressing its impatience with the government’s slow response, has threatened to launch a strike if the issue is not addressed with urgency.

The Deputy President of the TUC, Tommy Etuk, expressed dissatisfaction in an interview with Punch, stressing the overdue need for a new minimum wage, which was expected by April 2024.

The TUC and other labour organizations have already appointed representatives for the National Minimum Wage Review Committee, which is legally tasked with overseeing negotiations and advising the government on suitable wage rates in line with economic changes.

He said, “If there is no agreement on the minimum wage review, there’s nothing anyone can do. I assure you that it is a recipe for industrial disharmony. The government should inaugurate the committee and let it start work on time to see some grey areas where we can agree or disagree, and work in tandem with the principle of collective bargaining so that we can arrive at a collective agreement.

“We believe it’s the best option rather than waiting for the 11th hour to decide what to give to the organised labour. It will not work that way.”

Etuk added that the right thing for the Federal Government to do was to set up the National Minimum Wage Committee to oversee the modalities across the board.

He said, “The National Minimum Wage Committee should have been inaugurated because the task ahead is a difficult one. It’s not about getting the committee in place and there is a lot to be done. It is about the government to inaugurate the committee and appoint a chairman so that they can start work in earnest.

“April is around the corner, and if things are not done this January, things might get out of hand. This isn’t going to be a fire brigade matter like they always do.

“But I can assure you that the organised labour will not leave any stone unturned to ensure that the needful is done. Whether it is a delay strategy on the part of the government, or not, we have got to follow due process, because it is a matter of law.

“This is because it will go to the National Assembly and the President before it becomes a law.

“The government is conscious of this, and on our part, we’ve done what we should’ve done. It’s just for them to inaugurate the committee and the committee will start working.”

Etuk added that Tinubu seemed like a man who would not play with the welfare of workers since he had been talking about living wage before he became President.

Speaking on the living wage, Etuk said a lot of things must be considered such as transportation, housing, health and education.

He said, “These are critical components that will form the negotiation for minimum wage. With what’s going on now, it’s not even enough. In a month, a worker will spend not less than N70,000 on transportation. We’ve not even spoken of rent where a one-bedroom apartment goes for about N400,000.

“When you consider all these and look at the negotiation of the N200,000 minimum wage that was then. It’s no longer realistic to look at the inflation rate, which is 28.9 per cent as of today.

“Whatever is being given as minimum wage is to be consumed by inflation. Even the N200,000 being clamoured by organised labour, I don’t think that is the right thing to do. This wage doesn’t cover the National Health Scheme and you don’t expect a worker to die because of cancer or another life-threatening disease.

“These are the components that will form the discussion and engagement with the government on a minimum wage that will be measured.”

Etuk added that negotiations had successfully started across the 36 states for a living wage as a result of the removal of fuel subsidy.

He stated, “When it comes to the issue of palliative, it is to ensure that there is industrial peace and harmony, and also to stop the socio-economic challenges facing the workers. We believe that it is incumbent on the NLC and the TUC in the states to develop a strategy to engage the government to do the needful.

“Most of the state governors have been saying they’ve given palliatives in terms of an additional N10,000 every month, some said they’ve paid 13th month salary and also distributed grains.

“It is incumbent on every organised labour in the states to develop a strategy to engage the government to do the necessary things. We are also begging the Federal Government to live up to the memorandum of understanding they consciously signed on the payment of the N35,000 wage award. I can also assure you that the Minister of Labour recently acclaimed that they’re working on it and they know the implications.”

May I congratulate Alhaji Aliko Dangote for finally giving birth to a “bouncing” refinery after being in the labour room for a decade. It is heartwarming to learn that father and baby are doing well. Of all the adventures Dangote has embarked upon in his life — starting from his primary school days when, according to him, he was buying sweets with his lunch money and giving them to the maiguard to resell for him — the refinery project is surely the roughest and the toughest. For someone who took a multibillion dollar loan at N160/$ and has had to repay at the prevailing exchange rate per time, the refinery venture is enough to ruin his empire and turn him to a forgotten man. But he survived.

I am also thankful that I am alive to witness history. Since the early 2000s, I have been a fierce advocate of building of refineries in Nigeria, although my agitation was that the government should do it since the private sector was reluctant because of thorny issues around deregulation and subsidy. When Dangote announced in 2013 that he was going to build a refinery, I was over the moon. I celebrated it with an article, ‘The Refinery We’ve Been Praying for’ (THISDAY, September 22, 2013). As at then, he was thinking of 400,000 barrels per day and working with a budget of $9 billion, covering two other petrochemical projects in Edo and Ogun states which were initially in his plans.

I asked him why he would build a refinery despite the failure of the Nigerian government to deregulate the downstream sector. Most private sector investors had said they would not build refineries without deregulation. Dangote replied: “With or without deregulation, there is nothing stopping anyone from building a refinery. I am not a marketer. All I will do is buy crude oil at the market price, refine and sell to marketers at the market price. It is marketers that deal with subsidy. If government continues to subsidise, marketers can buy products from us and then collect the subsidy from government. If not, they can sell to motorists at the market price. It’s not complicated.”

Now that the refinery has taken off, the notion that it will bring down the pump prices of petrol and diesel, etc, needs to be toned down. This notion has been promoted by unionists and activists for decades: that local refining would eliminate subsidy. No, it won’t. Dangote Petroleum Refinery Ltd buys crude oil at the going rates in the international market. It will price its refined products accordingly. You can’t buy raw materials at higher prices and sell the finished products at lower prices. Marketers will buy the products from the refinery and sell to motorists. It is now left for the Nigerian government to decide whether or not to subsidise at the point of purchase by Nigerians. 

Dangote reminded me then that when marketers imported petrol from foreign refineries, they bought at market prices over there before claiming subsidy payments from government. He went a step further by saying Nigeria should start focusing on exporting petroleum products. “The way forward is for us to start exporting refined products rather than crude. We will get far much better value that way. In the next five to seven years, we should stop exporting crude altogether. Apart from South Africa, the refining capacity in Sub-Saharan Africa is grossly insufficient. Angola has a refinery that can only handle 30,000 barrels per day, whereas they consume 120,000 barrels,” he said.

While promising that his own refinery could be completed by 2016, he projected that other African countries would be coming “to buy products from our refinery… that is our strategic plan”. A lot of things changed along the line. Costs ballooned and deadlines were shifted various times. I must confess herein that at a stage, I was doubting if the refinery would ever be. This was worsened by unending negative media reports about the hiccups and setbacks. But on January 13, 2024, the refinery finally came alive. Mr Femi Otedola, his billionaire friend, calls it the “eighth wonder of the world”. For those of us who had followed the trajectory for so long, this was indeed momentous.

The stats, as made public by Dangote Refinery, are very impressive: sitting on about 2,635 hectares in the Ibeju-Lekki export-processing zone, the $19 billion facility is the world’s largest single-train 650,000 barrels per day refinery with a polypropylene plant that will produce materials for plastic packaging, plastic parts for machinery as well as fibres and textiles. For comparison, the combined installed capacity of Nigeria’s four sick refineries is 445,000 bpd and it has been so since 1989, when President Ibrahim Babangida inaugurated Port Harcourt II. Both Port Harcourt refineries were built to be able to refine 210,000 bpd; Warri, 125,000 bpd; and Kaduna 110,000 bpd also. All on paper.

Several stats have been published by Dangote Refinery, but the one that easily pops at me is that when producing at full capacity, it can meet all our petrol, diesel and aviation fuel needs. In other words, we would not have to import refined products again. I find this satisfying: my dream has always been that we would stop importing products. We pride ourselves as an oil-producing giant but we are not even enjoying most of the benefits in the industry chain because of poor thinking. I used to campaign vigorously that government should take the bull by the horn by investing in a mega refinery to meet our local needs. It could then lease out management and sell it off in the future.

I received a long lecture from the CEO of a downstream company at the time who told me emphatically that building refinery was a waste, that it was not a profitable business. He said no new refineries were being built globally. He also said, ominously, that there would be little or no difference between local refining and importation of petroleum products, concluding that the business case for a refinery was bad. “The difference between refining in Nigeria and importing from Europe is shipping cost,” he said and I paraphrase. “If you may know, shipping is the cheapest form of transportation in international trade. There is no advantage with having a refinery in Nigeria.”

I did not agree with him, even though he sounded convincing. I was thinking of the local jobs and the value chain, but I was not ready to argue my case. He was enjoying so much patronage in the fuel importation business under the President Obasanjo administration that I did not expect him to agree with my proposal. And he had a strong voice in the policy direction of the government in the oil sector. Government officials consistently said privatisation was the way to go and that Obasanjo was not going to build a new refinery. Since then, we have been spending billions of dollars on treating our sick refineries without success. (Well, the jury is out on the latest Port Harcourt rehabilitation).

Now that Dangote Refinery has seen the light of the day, I am thinking of what might have been. If we were a thoughtful nation, we should be having regrets. Maybe someone would do the math one day and unearth the amount of forex we have been burning on fuel imports since 1999. There are many reasons for the sorry state of the naira today and fuel importation cannot be considered as a trivial factor. Fine, we are earning billions of dollars from oil export, but so also are we concurrently burning our forex income on fuel imports. The resources that should go into building our reserves are depleted on importing fuels. Let us now hope that forex demand for fuel importation will end.

The second regret is the way we have been trading away value through crude swap deals in the last 10 or more years. We created an arrangement under which we would basically barter crude oil for fuel imports. Using traders, we would exchange a barrel of crude valued at $70 for litres of petrol worth $70. I have always been wondering: what happens to the other products and byproducts in the same barrel? For all you care, those ones could be worth another $70 (just guessing). What a waste! But that is what happens when you have more oil than sense — or, to put it less dramatically, when the buccaneers, who know where all the value is, collude with those in authority to skin us.

Now that Dangote Refinery is onstream, we should expect an end to this. There will be byproducts both for export and local utilisation. Fertilisers aside, there is the carbon black which is raw material for paints, inks, rubber products, car tires and food colorants. The refinery plans to produce bitumen, which Nigeria currently imports. These are some of the benefits we threw away for decades, swapping crude oil for petrol and arguing that shipping cost is the only difference between local refining and fuel importation. Take a moment to imagine the lost forex revenue and the jobs that we bartered away while complaining that unemployment, poverty and crime were on the rise.

All said and done, we cannot undo the past. We took a lot of missteps in the past two decades. Some were genuine mistakes. Hindsight is usually a perfect 20/20 and we can all become wise after the event. But some missteps were self-serving. Remember that the fuel import and subsidy regimes created a generation of rent-made billionaires who were nothing but devourers and cankerworms. The past can remain in the past while we make the best of a possible new order. I know many people are suspicious of Dangote because of his business practices, but that is down to regulatory failure. I want to sincerely hope that the success of this project will attract more investors to the sector.

If the Port Harcourt Refinery really works as promised by the Nigerian National Petroleum Company (NNPC), that means we could start exporting refined products sooner than later, having achieved self-sufficiency in Nigeria. That would be a dream come true for me. I have always hoped that Nigeria would be among the world’s biggest exporters of refined products. The forex income is the first thing that jumps at you today given the parlous state of the national currency, but there are several other benefits. What about the tens of thousands of jobs? What about the potentially huge new economy around the petrochemical industry? Dangote took a big risk. Let us start enjoying the benefits.

AND FOUR OTHER THINGS…

FCT KIDNAPPERS

The Federal Capital Territory (FCT), Nigeria’s seat of power, has come under unwanted attention recently with the upsurge in kidnappings. It has never been crime-free — we should remember how Boko Haram used to bomb FCT with ease — but hopes that it has become a safe haven in recent years are fast disappearing. The brutal nature of the kidnappings — a young student was killed while ransom money was still being mobilised — might suggest a touch of terrorism. Kidnappers hardly kill their victims who are co-operating with them, but terrorists are usually desperate and murderous as they seek to raise funds for their operations. This is for the security agencies to consider. Terrifying.

IBADAN ARMAGEDDON

Wednesday night brought trauma to Ibadan, Oyo state, with the explosion that rattled the city, grinding houses to dust and sending five people to early graves. Those who survived need attention. Some will develop hearing problems, mental health issues and PTSD. Treating physical injuries and discharging patients from the hospital should be complemented with therapy. I can see we are trying to blame foreigners for the disaster, but maybe we need to look inwards too. What sort of system allows a private residence to stockpile explosives? This is a national security issue. The trucks must have passed various security checkpoints after paying the dirty tolls on its way to that house. Porous.

TWO PLANETS

The company at the centre of the social register verification contract saga is New Planet Projects Ltd, founded in 2009 by Mr Olubunmi Tunji-Ojo, now minister of interior, and not Planet Projects Ltd, as I mistakenly wrote last week. Planet Projects Ltd, the transport infrastructure company, was founded by Mr Biodun Otunola and is best known for building the Oshodi bus terminal. It was registered in 2007. Although I am not making any excuses, the Corporate Affairs Commission (CAC) surely created a room for the mistaken identity. By just adding “new” to an existing name, you can get the CAC to register your company with the help of insiders, even when it could amount to “passing off”. Chaos.

NO COMMENTS

On Thursday, Mr Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), said something we knew all along but had been silent upon for years: that the anti-graft body stinks. The elephant in the room. “The craze and quest for gratification, bribes and other compromises by some of our investigators are becoming too embarrassing and this must not continue,” he lamented. We should pray for him as he prepares to take on the monsters within. Olukoyede may also want to find out why Nigerians pay N60,000 under the table to get the SCUML certificate. Restoring public faith and confidence in the commission will definitely take a while, but it is worth a try. Uphill.

The Kaduna state government has confirmed that one person was killed while 10 others were killed in an explosion that rocked Kidandan community in Giwa Local Government Area of the state on Saturday afternoon.

Samuel Aruwan, Overseeing Commissioner, Ministry of Internal Security and Home Affairs, said in a statement on Saturday night, said one person had been confirmed dead while about 10 injured victims were receiving medical attention at the Ahmadu Bello University Teaching Hospital (ABUTH), Shika – Zaria.

Aruwan said “preliminary reports from the traditional institution and security agencies, one of the pupils learning under a local cleric picked up an object from the bush, which later exploded amidst his fellow pupils.”

He added that, “As of the time of this update, one pupil, Zaidu Usman, has been confirmed dead, while about ten injured victims are receiving medical attention at the Ahmadu Bello University Teaching Hospital, Shika.”

The statement said, “Governor Uba Sani, received the report with shock and sadness, and sent commiserations to the victims and their families, praying for the repose of the soul of the deceased, and a quick recovery for the wounded.

“The governor also appealed to parents and community leaders to increase their vigilance on the activities of their children and wards, given their susceptibility to various dangers.”

Aruwan said, ” The governor has directed the Ministry of Internal Security and Home Affairs to liaise with security agencies for an urgent investigation into the cause of the explosion to ensure the safety of residents, mobilize emergency support and ensure prompt medical attention to victims.

“Further updates will be duly communicated by the Kaduna State Government.”

The Asset Management Corporation of Nigeria (AMCON) has reignited its legal fight against the Mobil Workers Multipurpose Co-operative Society, Eket, Akwa Ibom State in a bid to reclaim a debt totaling N14,733,502,334.06.

In an amended statement of claim presented before a Federal High Court in Lagos by a Lagos Attorney on behalf of AMCON, the corporation revealed that it acquired the non-performing loan of the Defendant from the United Bank of Africa (UBA) Plc in 2012, exercising its powers under the Asset Management Corporation of Nigeria Act 2019.

AMCON alleges that prior to taking over the loan, the bank had granted a N7 billion Term Loan facility to the defendant for the personal needs of its members. The terms included the irrevocable domiciliation of monthly contributions and deductions by Mobil Producing Nigeria Unlimited, the parent company of the defendant.

The defendant, according to AMCON, accepted the facilities through its board resolutions in September 2007 and March 2008, making a complete drawdown of the N7 billion.

AMCON claims that the defendant failed to carry out the agreed instructions, leading to multiple defaults in monthly interest and half-yearly principal repayment.

The corporation is seeking a judgment of N14,733,502,334.06 against the Defendant and additional interest until the complete liquidation of the judgment debt.

The case is scheduled for hearing on February 19, 2024.

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.