NNPC slashes price by 12%

Dangote hails Tinubu for crude for Naira deal

P/H Refinery fully operational – NNPCL

The competition among stakeholders in the downstream sector has caused a reduction in the price of Premium Motor Spirit, PMS, better known as petrol, Sunday Vanguard has learnt.

Petrol, which sold at N1,020 per litre, dropped to N899 per litre after the Dangote Refinery in Lagos slashed the product’s price to N899.50k for marketers, last week.

Before now, petrol prices had consistently increased, causing customers to worry that the price hike might be sustained during the festive season.

Between September 16 and October 10, the Nigerian National Petroleum Company Limited, NNPCL, had raised fuel prices from N950 in Lagos and N1,019 in the North-East to N998 naira per litre, while in Abuja N1,030, making customers’ fears genuine.

But in a surprising development, the NNPCL has slashed petrol price by 12 per cent, making the product fairly affordable for customers.

This comes as the NNPCL debunked claims that the Port Harcourt Refinery had stopped operations.

Transportation costs

confirming the PMS price reduction, the National President of Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Dr Billy Gillis-Harry, said N899 per litre was for Lagos, just as Warri, Oghara, Port Harcourt and Calabar would have N970 as their ex-pot price.

Gillis-Harry said: “The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians. We commend NNPCL for responding to our call for affordable PMS prices.

“The benefits of the price reduction are many including reduced transportation costs. With lower PMS prices, motorists will spend less on fuel, leading to increased disposable income.

“Lower fuel prices will stimulate economic growth by reducing production costs and increasing demand for goods and services. The price reduction will lead to a decrease in the cost of living, enabling Nigerians to afford basic necessities and enjoy a better quality of life.”

Competitive pricing

Gillis-Harry also commended Dangote Refinery for its earlier price reduction, saying it helped to stimulate competition in the downstream sector.

According to him, a report submitted by PETROAN’s technical pricing team highlighted the pros and cons of competitive pricing.

He said: “The report noted that competitive pricing allows companies to maintain an advantage by strategically setting prices. This approach helps businesses understand their market position, attract new customers, and boost sales.

“The report also warns that competitive pricing can lead to compromised product quality. Therefore, PETROAN is calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to ensure compliance with quality assurance standards.

“The Zonal leaderships of PETROAN and state Executive Councils across the 36 states of the federation have expressed optimism that the recent price reduction by NNPC will bring relief and put smiles on the faces of Nigerians at various retail outlets nationwide.

“This optimism stems from the fact that the price reduction will have a ripple effect on the economy, leading to reduced transportation costs, increased economic activity, and an improved standard of living for Nigerians.”

Monitor situation

Also speaking, Zonal chairman of PETROAN’s Eastern zone, Chief Sunny Nkpe, said as the price reduction takes effect, the orgainsation’s zonal and state executive councils would continue to monitor the situation.

According to Nkpe, this was to ensure that the benefits of the price reduction were passed on to the end-users.

On his part, National Public Relations Officer of PETROAN, Dr Joseph Obele, expressed optimism that PMS price would drop further before the end of January 2025, given the global decline in crude oil prices and the Naira’s recent gain against the dollar.

Crude-for-Naira deal

Meanwhile, President of the Dangote Industries Limited, Aliko Dangote, commended President Bola Tinubu for the positive impact of the Naira-for-crude swap deal, noting that it has led to reduction in the price of petrol.

Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, stated: “To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre. This price has already commenced in Lagos, and it will be offered nationwide starting Monday.

“The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high-quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high-quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.”

Operational

In a similar development, Chief Corporate Communications Officer of the NNPCL, Mr Olufemi Soneye, in a statement yesterday, insisted that Port Harcourt Refinery was not just operational but loading was in progress.

Soneye stated: “The attention of the NNPCL has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down. We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC. Preparation for the day’s loading is currently ongoing.”

Group blames worsening hunger

Tinubu cancels Lagos outings

IGP orders investigation

Three days after no fewer than 36 persons died in a stampede in Ibadan, Oyo State, many, including children, have died in similar incidents in Abuja and Anambra State while struggling for Christmas palliatives.

The twin incidents, which happened, yesterday, left the nation shocked given that they came on the heels of the Oyo incident.

More than 10 people lost their lives and several others were injured during the distribution of food items by Holy Trinity Catholic Church, Maitama, Abuja.

Sunday Vanguard learned the incident occurred as thousands of residents scrambled to receive palliatives distributed by the church.

A non-governmental organization (NGO), Civil Society Legislation Advocacy Center (CISLAC), blamed the deaths on worsening hunger in the country.

The event, organised to provide relief to struggling residents, attracted over 3,000 people, mostly from Mpape, Gishiri and other nearby settlements.

National Director of Social Communications at the Catholic Secretariat of Nigeria, Rev Fr Mike Umoh, confirmed the tragic development.

He said the exercise had been suspended following the event.

“Yes it’s true but with sketchy details,” the priest said.

An eyewitness described the scene as chaotic and tragic, saying that at least seven of the deceased were children.

Palliatives

Many attendees arrived as early as 4:00 am, hoping to secure their share of the palliatives.
The stampede occurred between 7:00 am and 8:00 am when the crowd surged forward.

“10 people have been reported dead, including children. We just received a call that they have passed on.
“Over 3,000 people came out to receive the palliative. It’s unfortunate. Some of them arrived as early as 4:00 am. Most of those present were residents of Mpape, Gishiri Village, and other nearby settlements.

The stampede occurred between 7:00 am and 8:00 am. The distribution of palliatives has been suspended indefinitely, and people are dispersing. May God receive the souls of the departed and protect us from harm,” the eyewitness, a mother of five, said.

However, a combined team of police, military and Department of State Services,DSS, officers were deployed to restore order and disperse the crowd.

The church premises, initially filled with anxious beneficiaries, gradually cleared as security personnel enforced the suspension.

Similarly, the Anambra stampede, which happened in Okija, Ihiala Local Government Area, saw many people losing their lives while struggling for Christmas rice.

Sunday Vanguard gathered the incident happened when an indigene of the community popularly known as Obijason was distributing his annual Christmas rice.

Bodies

One of the witnesses who recorded the video, who spoke in Igbo language, showed dead bodies of some victims at Our Lady’s Hospital, Okija.

In the viral video, the male voice said: “This thing happened in Okija now. People who went to share Obijason rice, look at people who died. We are in Our Lady’s now.

“They went to share Obijason rice and they were stampeded to death. See all of them, including women. These are people stampeded to death. See people’s dead bodies. They are all dead. They went to share Obijason rice.

“There are a lot of dead bodies. They are still bringing in dead bodies. This happened this morning. Even pregnant women were among them. It is happening now, 21 December. Abomination has happened.

“More dead bodies are still coming. This is Okija. We are in Our Lady’s. These are not those who are unconscious. They are still bringing more. They said what is here is more than 100 dead bodies. Tragedy happened.”

According to another eyewitness, the victims, mostly women and youths, had stationed themselves at the facility as early as 5 a.m. on Saturday, waiting for the distribution to begin at dawn.

Uncontrollable

He said the crowd became uncontrollable when the distribution began, leading to the stampede.
The dead bodies, and those who sustained injuries, were taken to Our Lady of Lourdes Hospital, Ihiala.
In a viral video, dead bodies, including pregnant women, littered the vicinity of the hospital’s mortuary.

Meanwhile, President Bola Tinubu has cancelled all his official events in Lagos in honour of the victims.

A statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said one of Tinubu’s outings included the 2024 Lagos Boat Regatta.

According to the statement, dignitaries, including top officials of Lagos State government and white cap chiefs were already seated when the President cancelled his appearance following briefings on the tragedies.

The President commiserated with victims of the incidents and urged states and relevant authorities to immediately enforce strict crowd control measures.

Tinubu noted that it was very disturbing, saying the events bore a “distressing” resemblance to the recent incident in Ibadan, Oyo State.

“In a season of joy and celebration, we grieve with fellow citizens mourning the painful losses of their loved ones. Our prayers of divine comfort and healing are with them,” Tinubu was quoted as saying.

He reiterated that these mishaps are avoidable if event planners adhere to necessary safeguards and protocols to ensure pre and post-event safety.

Tragedies

Also sympathising with the victims, the presidential candidate of Labour Party, LP, in 2023, Mr. Peter Obi, said the tragedies reflected the systemic failures in Nigeria.

He said:”This morning, reports emerged of at least 10 people losing their lives in Abuja while scrambling for palliatives, with many others injured.

“Now, I just heard that about 19 more lives were lost in another stampede in Okija, Anambra State, as people struggled to receive food items.

“While I will not cast blame, but instead appreciate the organizers of these respective events for their kind gestures in providing palliatives and support to society, especially the poor, these tragedies reflect the systemic failures that plague our society.

“The desperate quest for survival in these harsh economic times has driven our people to extremes in their search for food, often at the cost of their lives.’’

In a related development, Lagos State governor, Mr. Babajide Sanwo-Olu, sympathized with his Oyo State counterpart, Seyi Makinde, and the people of the state over the stampede that occurred during a children’s carnival at Islamic High School, Bashorun, Ibadan, which claimed 35 lives.

Governor Sanwo-Olu, in a letter, titled: “Letter of Condolence – Christmas Stampede Tragedy,” also extended his condolences to the families of the dead.

He described the incident as devastating, saying the event had cast a shadow of grief not only over Oyo State but across Nigeria.

IGP

Also, Inspector-General of Police, IGP, Kayode Egbetokun, has ordered an investigation into the incidents in Oyo, Anambra and Abuja.

In a statement, the IGP ordered commissioners of police in affected states to “carry out thorough investigations into these ugly incidents for further legal actions”.

”The IGP has hereby warned groups and organizers of similar events to ensure the involvement of security agencies as negligence on their part is criminal and would not be overlooked, as provided for in Sec. 196 of the Penal Code and Sec. 344 of the Criminal Code, Laws of the Federal Republic of Nigeria,’’ the statement stated.

Also reacting to the incidents, Civil Society Legislative Advocacy Centre, CISLAC, blamed worsening hunger for the deaths in different parts of the nation.

Execuitive Director of CISLAC, Comrade Auwal Rafsanjani, said this in a statement made available to Sunday Vanguard.

He said: Unfortunately, government appears detached from the realities on the ground and has failed to take necessary steps to address the situation.’

Former Labour Party (LP) chieftain, Kenneth Okonkwo, has called for the resignation of the current crop of leaders in Nigeria to make way for a new generation of leaders.

This is as he blamed the hardship and hunger caused by the reforms introduced by the government of President Bola Tinubu for the recent stampedes which occurred in Ibadan, Maitama, and Okija communities of Oyo, Abuja, and Anambra States in quick succession.

Okonkwo, in a statement released on Saturday via his X account, said the Tinubu government has reduced the worth of Nigerian lives to ₦5,000 and grains of rice.

According to him, the struggle of the people to get rice to satisfy their hunger follows the hardship they’ve been subjected to by the harsh policies of the Tinubu government, which has destroyed their human dignity.

While praying for the souls of the dead victims to rest in peace and for quick recovery for those injured, Okonkwo said the patience of Nigerians is running out, saying Nigeria needs a new crop of leaders.

“The deaths of innocent children and Nigerians in Ibadan, Maitama, and Okija communities of Oyo, Abuja, and Anambra States respectively from stampede resulting from struggles for N5,000.00 and rice is a manifestation that hunger and hardship in Nigeria under Tinubu are becoming unbearable.

“The reforms are excruciating and destructive to the dignity of the human person in Nigeria. Nothing is working. It’s obvious that in Nigeria today, the worth of a Nigerian life is reduced to N5k and grains of rice.

“If these incompetent and corrupt leaders have any sense of shame, they will collectively resign and make way for a new generation of leaders that have a conscience to pilot the affairs of Nigeria.

“The patience of Nigerians is wearing out, and this regime should sit up before the people compel it to sit up. God will not forsake Nigeria. The day of reckoning will come one day.

“May the souls of the departed rest in peace, and may God punish and torture the souls of our demented leaders,” he submitted.

Nine victims of the stampede at the Holy Trinity Catholic Church in Maitama, Abuja, have been discharged from Maitama District Hospital following Saturday’s tragic incident, News360 Nigeria reports.

The Federal Capital Territory (FCT) Minister, Ezenwo Nyesom Wike, ordered free medical treatment for all those injured during the church’s annual food outreach program. The stampede resulted in 10 fatalities, including four children, and left 10 others injured.

A statement by Lere Olayinka, the Minister’s Senior Special Assistant on Public Communications and New Media, disclosed thatgovernment hospitals have been instructed to provide free treatment to the victims. Wike also directed that police approval must be obtained for future public palliative distributions to prevent similar tragedies.

Expressing condolences, Wike prayed for the repose of the souls lost and pledged that the government would ensure proper care for the injured. He praised the swift response of security agencies, which he said helped manage the situation effectively.

Meanwhile, the Acting Director General of the FCT Emergency Management Department (FEMD), Engr. Abdulrahman Mohammed, also extended his condolences to the church and the victims’ families. He confirmed that nine of the injured had been discharged, while urging organizations conducting similar activities to involve security agencies and use organized distribution methods, such as coupons and group divisions, to avoid overcrowding.

Engr. Mohammed further encouraged residents to utilize the 112 toll-free emergency line for prompt assistance in case of disasters.

The chairman of BUA Group, Abdulsamad Rabiu, has commended the economic reforms of President Bola Tinubu, saying, it’s a difficult step taken in the right direction. Mr Rabiu made this point on Friday when he visited the president in Lagos.

Nigeria is witnessing its worst cost-of-living crisis in a generation, caused by the removal of petrol subsidies and the devaluation of the naira.
Mr Tinubu, who came to power about 18 months ago, removed a decades-old petrol subsidy and devalued the currency, sending inflation soaring to 34.60 per cent in November.
Mr Rabiu acknowledged that the reforms are painful but said they were necessary.

“Although we all know that some of the reforms undertaken by His Excellency are still biting, and these reforms, as far as the business community is concerned, were necessary.
“It’s true that some of them are quite painful, but we needed these reforms, especially the foreign exchange unification.”

Aside from the subsidy removal, the Central Bank of Nigeria (CBN) implemented the unification of all segments of the forex exchange (FX) market as part of efforts to engender transparency in the markets and boost investors’ confidence.
Although the policy has been widely applauded as well-intentioned and necessary, it has put additional pressure on the local currency and manufacturers, with ripple effects on prices.

Mr Rabiu also commended the unification of the forex exchange.

“You will remember that the exchange rate at N500 and then outside it was N800. That was not acceptable. So that has actually been unified and initially it was quite difficult, we saw the exchange rate at a point hit maybe almost N2000, now it’s finding its balance, we are at about N1,500 – N1,550 naira and I’m sure we’ll see the rate come down even further.”

“So I believe that some of these reforms… yes, initially, they were a bit of a challenge, but things are getting much better now, and I’m quite confident and optimistic that things will definitely get better in Nigeria. Mr President is doing a lot, the government is really doing so much to ensure that there is stability within the economy and other sectors of the economy,” Mr Rabiu said.

Like Mr Rabiu, recently, the International Monetary Fund welcomed reforms that are being implemented by Mr Tinubu’s government, and it forecast faster economic growth in the West African nation and other key economies on the continent.

Mr Rabiu also commended the infrastructural reforms undertaken by the Tinubu Administration.

“We can see what is going on as regards our infrastructure, a lot roads works are going on and I believe, given a bit of time, things will definitely get better. We need to be a bit patient, these reforms do take time.

“This government has only been in power for 18 months and they have another 24 months or so, I think we need to give them time and I’m sure things will definitely get better.”

Security agents have arrested popular Nigerian TikToker, Seaking, hours after hurling insults at President Bola Tinubu, Lagos State Governor, Babajide Sanwo-Olu and the Inspector General of Police, Kayode Egbetokun.

Seaking released a video on Saturday, December 20, abusing Tinubu, Sanwo-Olu, and Egbetokun.

The Tiktoker references a statement by the Police Public Relations Officer, Muyiwa Adejobi, that the security agency will begin arresting anyone who insults government officials.

Seaking expressed his anger at the news and wondered why the police would attempt to go after anyone who insults them and not after criminal minds.

In a video making the rounds on social media, the Tiktoker looked all sombre as some security agents were seen interrogating him.

Meanwhile, Human Rights lawyer, Effiong Inibehe, has said the Force Headquarters Public Relations Officer, Olumuyiwa Adejobi, misinformed citizens by stating that curse is cyberbullying.

Adejobi, on his X handle, on Thursday warned citizens to desist from cursing other citizens. He stated that curse as cyberbullying is a criminal offence.

“Raining direct curses on someone online is cyber bullying, not expression of freedom or criticism. And cyberbullying, which is even different from defamation, is a criminal offence and punishable. Be guided,” Adejobi said.

In reaction, Inibehe challenged the Nigeria Police spokesman to back his claim with a constitutional provision.

“This is ignorance of the law. The fact that this very ridiculous opinion is from the spokesperson of the primary law enforcement agency in Nigeria says a lot about the decadence of our institutions.

“To be clear, raining curses on someone is not a criminal offence, and I challenge the Force PRO to cite any law that supports his statement.

“By virtue of Section 36 (12) of the Nigerian Constitution, for an act or omission of be termed a crime, it must be expressly and specifically defined as such under a written law,” he stated.

While emphasizing civility, Inibehe called on Nigerians to ignore the misleading statement from Adejobi.

The Federal Government of Nigeria has earmarked a total of ₦6,364,181,224 billion for the refurbishment and rehabilitation of the residential accommodations for President Bola Ahmed Tinubu, Vice President Kashim Shettima, and several of their aides in the proposed 2025 budget.

The proposed funding was highlighted in the 2025 Appropriation Bill submitted to the National Assembly, which indicates that the annual upkeep of the Presidential Villa is projected to cost ₦5.49 billion.

The proposed budget allocates ₦765 million for renovating the Vice President’s residence and guest house.

The refurbishment of the President’s quarters at the State House is estimated to cost ₦6.39 million, while the renovation of security quarters, the auditorium, the gymnasium, and quarters for presidential aides will amount to N49 million.

Additionally, the renovation of Prescott Barracks, the officers’ mess building, and the signal office in Asokoro, Abuja, is projected to cost ₦51 million.

Further examination of the budget indicates that President Tinubu and Vice President Shettima are anticipated to receive ₦87 million for honorarium and sitting allowances, while ₦127 million has been allocated for the acquisition of SUVs.

Moreover, ₦3.66 billion has been budgeted for the procurement of operational vehicles for the State House, and ₦1.09 billion will be allocated for the replacement of SUV vehicles at the State House.

The budget for the State House Lagos Liaison Office includes an allocation of ₦14.72 million designated for the routine maintenance of various facilities, including Dodan Barracks and the Vice President’s guest houses located in Ikoyi, among others.

Additionally, a sum of ₦140.10 million has been earmarked for the completion of renovations and furnishing of the State House annexe at Dodan Barracks in Lagos.

In a related development, the Federal Government intends to invest ₦1.83 billion in converting properties forfeited to the Economic and Financial Crimes Commission (EFCC) into quarters for the State House.

This initiative coincides with the EFCC’s announcement regarding the recovery of a substantial estate in the Lokogoma District of Abuja, which spans 150,500 square meters and comprises 753 duplexes and other residential units.

The commission characterized this recovery as its “largest asset recovery” since its establishment in 2003.

The estate is situated on Plot 109, Cadastral Zone C09 of the district, and was forfeited on December 2, 2024, following a ruling by Justice Jude Onwuegbuzie.

Oleksandr Usyk reaffirmed his position as one of the greatest heavyweight champions in history early Sunday after securing a unanimous decision victory over Tyson Fury in Riyadh, Saudi Arabia.

In a remarkable exhibition of skill and stamina, the Ukrainian champion successfully defended his WBA (Super), WBO, and WBC heavyweight titles, enhancing his flawless professional record to an impressive 23-0.

The match, which marked their second encounter, was filled with tension over 12 captivating rounds as both fighters showcased their strengths.

Usyk’s strategic acumen and tenacity ultimately allowed him to counter Fury’s offensive tactics, resulting in a unanimous decision from the judges, who scored the bout 116-112 in his favour.

Speaking after the fight, the ever-humble Usyk said, “I win, it’s good,” before reflecting on his remarkable ability to surge in the latter stages of his bouts.

“I don’t know, maybe I am training,” he joked, acknowledging the support of his family.

“My wife helps me, my children. My two sons have won judo belts. My son said, ‘Papa, you next,” he added.

Usyk commended Fury as a significant opponent, referring to him as “a great fighter” and emphasizing that their two encounters constituted “unbelievable 24 rounds” in his career.

In a heartfelt gesture, he dedicated his victory to his deceased mother and “all mothers of Ukraine.”

When questioned about his future intentions, Usyk suggested that there is more to anticipate. “I can do more. I am prepared. I will return home to rest,” he stated, leaving fans excited about what the future holds for the heavyweight champion

Three Nigerians—Adebayo Ogunlesi ($1.7 billion), Tope Awotona ($1.4 billion), and Wemimo Abbey ($1 billion) stand tall among the honorees of the 2024 Forbes BLK 50 list.

Wemimo Abbey

From the bustling streets of Lagos to the financial hubs of New York, Wemimo Abbey’s journey is a masterclass in redefining possibility. As the co-founder and co-CEO of Esusu, a fintech powerhouse, Abbey has revolutionized the concept of credit access for millions. Esusu’s groundbreaking model reports rent payments to credit bureaus, helping tenants improve their credit histories—an innovation that now spans over 20,000 residences and impacts 1.8 million Americans.

Tope Awotona

Tope Awotona’s rise to prominence is a tale of grit, persistence, and an unyielding desire to simplify the complexities of modern life. Born in Lagos and uprooted to Atlanta at the age of fifteen, Awotona’s path was far from conventional. A tech enthusiast who studied computer technology at the University of Georgia before pivoting to business and management information, his journey was marked by failures before triumph.

After a series of unsuccessful startups, Awotona found himself frustrated by the inefficiency of scheduling meetings—a simple yet universal pain point. In 2013, he took a bold leap, cashing in his 401(k) to launch Calendly, a scheduling software that would disrupt the industry. What began as a personal frustration became a global phenomenon. By 2021, private investors valued Calendly at an astounding $3 billion, and Awotona raised $350 million to expand the business further.

Adebayo Ogunlesi

If leadership could be personified, it would wear the name Adebayo Ogunlesi. A scholar, strategist, and business titan, Ogunlesi’s ascent to global prominence is a testament to brilliance honed by experience. Born in Nigeria and armed with degrees from Oxford (Bachelor of Arts), Harvard Law School (Juris Doctor), and Harvard Business School (MBA), Ogunlesi’s academic pedigree set the stage for a storied career.

His professional journey began in the chambers of Supreme Court Justice Thurgood Marshall, where he clerked in the early 1980s. From there, Ogunlesi transitioned to Cravath, Swaine & Moore as an attorney before spending over two decades at Credit Suisse, mastering the art of investment banking.

But his defining legacy would come in 2006 when he co-founded Global Infrastructure Partners (GIP), a private equity firm specializing in infrastructure investments.