Edo State chapter of the Peoples Democratic Party, PDP, has accused the Governor Monday Okpebholo-led government of squandering over N30 billion left in the state’s coffer by the immediate past government of Godwin Obaseki, two weeks after he was sworn-in as governor.

DAILY POST reports that the caretaker committee chairman of the party in the State Dr Anthony Aziegbemi made the allegation at a press conference titled, “State of the Nation Address”.

Aziegbemi alleged that the money was spent by the governor to compensate “godfathers” who worked for him during the September 21, 2024, governorship election

The PDP caretaker committee chairman, who accused the APC-led government of not paying the state’s civil and public workers the November monthly salary, noted that the development was contrary to the record set by the former PDP-led government under the Governor Godwin Obaseki where the state’s workers received monthly salary on or before 26th of every month.

He also alleged that the APC-led government in the state had within two weeks in office procured over N5 billion worth of vehicles without a proper procurement process.

Aziegbemi, who further alleged that Governor Monday Okpebholo’s government was desperately looking for ways to pass entries for over N2 billion as inauguration costs, opined that the Edo State Procurement Act was at risk.

According to him, “for 8 years the PDP-led administration paid salaries on or before the 25th of every month, and as of today, they have not been able to pay November salaries even though the Obaseki-led PDP administration left over N30bn in the state coffers.

“What have they done with that money? They have filtered the money away and shared it with their godfathers for the roles they played in circumventing the will of the people

“We are aware that as we speak, nobody in the state has received any credit alert for the payment of November 2024 salary. The government of Godwin Obaseki paid salary 26th of every month

“Governor Okpebholo has procured over N5bn worth of vehicles without proper procurement process which has created a crisis to the extent that the Permanent Secretary Governor’s office is threatening civil servants in Central administration for refusing to accept vehicles due to improper documentation, while desperately looking for ways to pass entries for over N2bn of inauguration costs.”

Responding to the allegations, the Edo State Government said Governor Monday Okpebholo would expose PDP’s eight-year rot in the state.

A statement by Fred Itua, the Chief Press Secretary to the Governor, noted that no amount of blackmail would stop the Okpebholo-led administration from recovering the commonwealth of the people from a few dubious men.

Itua posited that the 14-day government of Monday Okpebholo was in a hurry to develop Edo State and had remained undaunted in living up to the people’s expectations.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over the pricing of Premium Motor Spirit (PMS) produced by the recently reopened Port Harcourt Refinery.

PETROAN revealed that the Port Harcourt Refinery sells its petrol ₦75 per litre higher than the price offered by the Dangote Refinery.

Dr. Joseph Obele, the association’s Public Relations Officer, highlighted this during the refinery’s reopening ceremony on Tuesday.

The Port Harcourt Refinery, now operating at 60,000 barrels per day, marks a significant step in revitalising Nigeria’s local petroleum production.

Dr. Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Depot, commended the federal government for the refinery’s restoration but noted a critical pricing issue.

He explained that while Dangote Refinery supplies petrol at ₦970 per litre, the Nigerian National Petroleum Company Limited (NNPCL) sets its price at ₦1,045 per litre, creating a ₦75 disparity.

According to Obele, this price difference poses a significant challenge for petroleum marketers, as profitability in the sector relies heavily on competitive pricing.

Despite this concern, he acknowledged that the refinery’s restoration is a crucial milestone in reducing Nigeria’s dependence on imported fuel.

Obele also disclosed that NNPCL’s Group Chief Executive Officer, Mele Kyari, has assured stakeholders of plans to harmonise prices to minimise the impact on marketers and consumers.

The reopening of the Port Harcourt Refinery is expected to boost local refining capacity and reduce import reliance.

However, the pricing disparity highlights the need for further reforms to stabilise the downstream petroleum sector and ensure a level playing field for industry stakeholders.

In line with his five-point agenda to address the high cost of living faced by residents, the Edo State Government has approved free bus services for the people of the state through the State-owned Edo City Transport Service (ECTS).

The State Governor, Monday Okpebholo approved the free bus services at a function on Monday in Benin City.

A statement by Fred Itua, the Chief Press Secretary to the Governor and made available to newsmen in Benin City, said the initiative was part of Governor Okpebholo’s administration’s drive to entrench his policy direction.

Governor Okpebholo said the free bus service which covers Benin metropolis and the three Senatorial districts of Edo State (Intra and Inter-city routes), was part of his administration’s commitment to enhance the welfare of all Edo people.

According to him, “the bus services will ease transportation stress. Our people who plan to move around within the Benin metropolis and out will be able to do that without any extra financial burdens.

“Edo Central like Ekpoma, Iruekpen, Irrua, Uromi, and other places are also part of the routes the free transportation services will cover.”

“Edo North is fully captured. Agbede, Auchi, Okpella, Fugar, and other parts of Edo North are covered in the free transportation scheme of this administration”, he said.

The former presidential candidate of the Labour Party (LP) in the 2023 election, Peter Obi, has called on the federal government to provide clarity and accountability regarding the management of the nation’s vital oil resources.

The former Anambra State governor said this while reacting to the commencement of oil production at the Port Harcourt Refinery.

In a statement on his X handle on Wednesday, Peter Obi commended the Nigerian National Petroleum Corporation (NNPC) for revamping the old refinery.

He, however, noted that Nigerians now await the corresponding impact and benefits on pump prices and the overall economy.

Peter Obi wrote: “I wish to congratulate the Nigerian National Petroleum Corporation (NNPC) for fulfilling the long-standing promise of revamping the old Port Harcourt refinery.

“The refinery, which comes on stream today boasts an installed production capacity of 60,000 barrels of crude oil per day. Approximately 200 trucks are expected to load products daily from the refinery.

“Nigerians now await the corresponding impact and benefits on pump prices and the overall economy.

“Additionally, news of the Kaduna refinery’s revival is promising, as it is expected to boost productivity, improve transportation, and alleviate economic burdens across the country.

“While we acknowledge these achievements as a step in the right direction, it is crucial to emphasize the importance of transparency in the operations of the NNPC.

“Nigerians deserve clarity and accountability regarding the management of the nation’s vital oil resources, ensuring that the benefits of increased refining capacity reach every Nigerian and that the gains are used to support long-term development.”

The Board and Management of the Nigerian National Petroleum Company Limited (NNPCL) have confirmed the resumption of operations at the Port Harcourt Refinery, marking a key milestone in Nigeria’s bid for self-sufficiency in petroleum refining.

In a statement released on Tuesday, NNPCL expressed gratitude to Nigerians for their support, describing the successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery as a “significant milestone.”

However, speaking on the development in a chat with Daily Trust, the Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, revealed that only NNPCL trucks are currently loading products from the refinery.

He said, “We are excited about the development but we have not been invited as of this time. We are currently getting products from the Dangote refinery.

“We currently have no information about pricing, but we will get a clearer indication as we monitor the prices at the NNPCL retail stations.”

Meanwhile, marketers have speculated that the resumption of operations at the refinery will bring about competition which may lead to a reduction in the price of petrol.

The National Public Relations Officer of IPMAN, Olanrewaju Okanlawon, said while the price of PMS had not changed, the development would eventually bring about price reduction.

He said, “They (NNPCL) have not come up with any price but that is the beauty of deregulation and that means competition is already here.

“The implication of it is that the major issue about the economy is demand and supply and when there is surplus of supply, it will reduce the price. When there is excess supply, it will definitely crash the price. The NNPCL is producing, Dangote is producing, the price will come down and it would be to the benefit of Nigeria.”

The General Overseer of the Citadel Global Community Church, Pastor Tunde Bakare, claims that Nigeria has failed to prosper because some countries consider her a threat.

He stated that the countries are afraid of Nigeria’s prosperity.

Bakare made the claim on Tuesday while ministering to his spiritual sons and daughters living in London.

He noted that the nation has failed to  experience progress because the elite benefit from corruption and would eliminate anyone trying to disrupt this status quo.

His message was titled: “Celebrating God’s Legacy- Honouring the Past and Celebrating the Future.”

Though he said he was not averse to Nigeria’s relationship with the World Bank, and the International Monetary Fund, Bakare argued that Nigeria’s leaders have failed to discover the root causes of its problems while they focus on building legacies.

Holding back from mentioning those countries who would not want Nigeria to be on par with other developed countries, he said the leadership of the nation should not go to bed with world giants with its two eyes closed.

He said, “Don’t you think there are nations who don’t want Nigeria to prosper? We are a threat. But before accusing others, what about giants cornering the wealth of the nation? The leadership of the nation cannot go to bed with two eyes closed when dealing with these giants. The elites are benefiting from the corruption and if you are not part of them, they eliminate you by any means.

“The elites continue to hold down the country. I am not against the World Bank, or International Monetary Fund but David, in the Bible inquired. We seem to leave the root issues in our nation.

“Our founding fathers, irrespective of their political affiliations, were not in politics for what they would get. Do we pay attention to honour the past while making fruitless efforts to embrace the future? Rather than building a legacy, let us begin to look at the root cause of our problems.” 

Nigerian Grammy-nominated singer, David Adeleke, better known as Davido, has said he is unbothered by the threat to cancel his upcoming show due to his controversial interview.

Recalls that Davido had received criticism from some Nigerians after saying the Nigerian economy was in shambles and discouraged Nigerians in the diaspora from returning to the West African country.

In a post via his X handle, Davido claimed there are threats to cancel his show in Lagos state billed for December 24 over his recent US interview.

The singer added that he does not have to perform in Nigeria.

He wrote: “LAGOS DEC 24TH! Dem say dem go cancel my show cus of my interview … loooool I don’t to have perform in NIGERIA”

Best Doctors In America Are Nigerians

Meanwhile, Davido has claimed that the best doctors in the United States are from Nigeria.

He argued that Nigerians are among the brightest minds in the global music industry, adding that even Western filmmakers now look up to Africans for inspiration and movie ideas.

Davido made this statement during an appearance on the Afric TV program, where he highlighted the intellectual and creative excellence of Africans.

According to him, “The best doctors in America are Nigerians. You can search it. Even in my record label [Sony Music], Africans bring the best ideas. That shows that our imagination is off the grid.”

Lucky Aiyedatiwa, the Ondo state governor-elect, and Olayide Adelami, his deputy, have presented their certificates of return to President Bola Tinubu.

Speaking to State House correspondents in Abuja on Tuesday shortly after the presentation, Aiyedatiwa thanked the president for his support during the election.

“Yes, coming here today to meet with the president is to express my gratitude to him as the leader of the country and of our party for providing a level playing ground and also, as leader of our party, to present my certificate of return to him,” the governor-elect said.

“So, both of us, myself and my deputy, are full of joy and gratitude to the good people of Ondo state, the leadership of our party, my brother, governors, and the media as well for reporting.

“Today marks the conclusion of the electoral process that started months ago. I cannot but express my gratitude to the people of Ondo state who came out en masse on November 16 to cast their votes for our party.”

He appealed to the opposition parties to collaborate with his administration and present their ideas for the development of the state.

Aiyedatiwa reiterated his commitment to delivering good governance that benefits all sectors of society in the state.

 

He urged the people of Ondo to be patient, noting that the current economic situation in the country is temporary.

“Good governance is what I have to give to the people; I am not just coming in as a fresher; I have been serving the state for the past 10 months,” he said.

“If the opposition parties desire to govern, they should join hands with us. Their offerings can still be communicated through our government for the benefit of all citizens.

“The people of Ondo state are economically aware of national challenges; we need to educate our people that what we are experiencing now is temporary. We must find ways to earn more and meet the rising cost of living.”

The event was attended by notable APC leaders, including Biodun Oyebanji, Ekiti state governor, and Abdullahi Ganduje, national chairman of the All Progressives Congress (APC).

The Central Bank of Nigeria has issued fresh guidelines for interbank foreign exchange trading via the Electronic Foreign Exchange Matching System, mandating a minimum trade value of $100,000.

The directive, dated 25 November 2024 and signed by Dr Omolara Duke, CBN’s Director of the Financial Markets Department, is part of efforts to ensure transparency, efficiency, and compliance within Nigeria’s FX market.

According to a new set of guidelines released by the CBN on Tuesday, the EFEMS is designed to streamline interbank FX trading, reduce counterparty risks, and ensure adherence to CBN regulations.

The apex bank has designated Bloomberg’s BMatch as the official order-matching platform for interbank transactions, with trading hours set between 9:00 am and 4:00 pm West Africa Time on business days.

One notable provision in the guidelines is the enforcement of a $100,000 minimum tradable amount, with incremental clip sizes of $50,000.

The EFEMS is also limited to spot FX transactions involving the Nigerian naira and the United States dollar.

The CBN, however, retains the discretion to introduce other currency pairs when deemed necessary.

The guidelines document read, “All trades consummated on EFEMS are binding unless canceled by mutual agreement of both parties with written approval from the CBN.

“The minimum tradable amount is US$100,000.00, with incremental clip sizes of US$50,000.00.

“Participants must set credit and settlement limits for other counterparties in the system. Transactions exceeding these limits will not be executed.

“Participants must have adequate credit and settlement limits set for the CBN as its counterparty bank.

“Participants are required to comply with the Nigerian Foreign Exchange Code and other CBN regulations.”

Participation in the EFEMS is limited to authorised dealer banks licensed by the CBN, while other institutions wishing to join the platform must first obtain prior approval.

Participants are also required to execute agreements with the CBN-approved platform provider, maintain accurate profiles, and operate within prescribed credit and settlement limits.

Withdrawal from the platform must be preceded by a 30-day notice, along with the resolution of any outstanding obligations.

Also, trades conducted via the platform will remain anonymous until matched. Counterparty details will only be revealed once transactions are concluded, in line with settlement protocols.

Transactions exceeding set limits or conducted outside EFEMS parameters must be reported promptly and logged onto the FX blotter within 10 minutes.

The CBN emphasised that it will closely monitor all transactions on EFEMS to ensure market integrity and transparency.

Participants are required to submit daily reports detailing trade volumes, settlement statuses, and counterparties.

The central bank also reserves the right to publish aggregated or disaggregated trade data for market analysis, subject to confidentiality agreements.

Any violations of the EFEMS guidelines or related regulations will attract strict penalties, including the suspension or revocation of access rights.

The CBN further stated that it will periodically review the platform’s operations to ensure efficiency and compliance with its directives.

In a separate document on Tuesday, the CBN announced that the Bloomberg BMatch system will officially go live as the EFEMS for foreign exchange trading on December 2, 2024.

The CBN outlined that all authorised dealers and banks in the interbank FX market are required to deploy the Bloomberg BMatch system for their trading activities.

The system aims to ensure uniformity and seamless trading among market participants while enabling the CBN to effectively monitor market performance and data management.

The central bank urged banks to liaise with Bloomberg representatives to expedite the onboarding process and address any technical or operational issues promptly.

The Board and Management of the Nigerian National Petroleum Company Limited (NNPC Ltd) have expressed their heartfelt appreciation to Nigerians for their unwavering support following the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery.

In a statement released on Tuesday, NNPC described the refinery’s restart as a significant milestone in Nigeria’s journey toward achieving self-sufficiency in petroleum refining.

The statement released by the Chief Corporate Communications Officer, Olufemi Soneye, reads, “We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products.

“For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%. The refinery is producing the following daily outputs:

“Straight-Run Gasoline (Naphtha): Blended into 1.4 million litres of Premium Motor Spirit (PMS or petrol)

“Kerosene: 900,000 litres

“Automotive Gas Oil (AGO or Diesel): 1.5 million litres

“Low Pour Fuel Oil (LPFO): 2.1 million litres

“Liquefied Petroleum Gas (LPG): Additional volumes

“It is worth noting that the refinery incorporates crack C5, a blending component from our sister company, Indorama Petrochemicals (formerly Eleme Petrochemicals), to produce gasoline that meets required specifications. Blending is a standard practice in refineries globally, as no single unit can produce gasoline that fully complies with any country’s standards without such processes.

“Additionally, we have made substantial progress on the new Port Harcourt Refinery, which will begin operations soon without prior announcements.

“We urge Nigerians to focus on the remarkable achievements being realized under the able and progressive leadership of President Bola Tinubu and to support efforts aimed at delivering more dividends to the nation. Malicious attacks on clear progress only undermine the significant strides made by NNPC Ltd and the country.

“Let us move forward together in building a stronger and more self-sufficient energy sector.”