Domestic crude oil refiners and officials at the Dangote Petroleum Refinery have kicked against the commencement of the importation of Premium Motor Spirit, popularly called petrol, by major oil marketers in Nigeria.

Oil refiners alleged that some imported fuels were of low quality when compared with the ones produced by the Dangote refinery, a position that was reiterated by officials of the $20bn Lekki-based plant.

The PUNCH exclusively reported on Wednesday that three major oil marketers were expecting vessels of imported petrol this week barring any unforeseen circumstances.

Dealers said about 141 million litres of PMS are being conveyed to Nigeria by oil vessels following the full deregulation of the downstream oil sector by the Federal Government.

They also noted that the recent hike in the pump prices of petrol produced by the Dangote refinery and released by the Nigerian National Petroleum Company Limited on Monday had allowed room for PMS imports.

Reacting to this on Thursday, officials at the Dangote refinery and the Crude Oil Refiners Association of Nigeria tackled the marketers, stressing that aside from the fact that the situation would increase the demand for United States dollars, the imported fuels were of low quality.

“These people (marketers) are importing dirty fuels that are toxic,” an impeccable source at the Dangote refinery who spoke to one of our correspondents in confidence, declared.

The source added. “They are importing substandard fuels and if allowed they will not stop importing such. We have more than enough, but these guys don’t want it. They want the game to continue, but the game will not continue.”

Another official at the plant stated that Nigerians should be concerned about the importation of substandard petroleum products into the country.

“You have to be concerned about the quality of the products they import. These are toxic fuels when you consider their blending process. All this is just to maximise profit,” the official stated.

Their positions were corroborated by the Publicity Secretary of CORAN, Eche Idoko, who alleged that some of the substandard fuels were blended in Malta or Togo.

He called for backward integration, saying some were afraid that Dangote would become a monopoly.

“The fear marketers are having is that Dangote will become a monopoly, but that has been taken care of by Dangote subscribing to our association. With the Petroleum Industry Act in place and all the agencies in play, there is no way that Dangote can become a monopoly.

“But for people who are used to a particular way, the fear of what the unknown holds keeps them back. I think that’s where a lot of marketers are now. They don’t know what to expect in this new regime and they are trying to struggle.

“So I would assure you this regime will pay them way better than the regime of importing petroleum products, where they sell to us, substandard products blended in Malta or Togo and imported into our country,” Idoko stated.

The domestic refiners’ association spokesperson condemned the continuous importation of fuel by marketers despite the coming on board of the Dangote refinery.

He said the focus at this time should be on how to export refined products instead of bringing substandard fuel into the country.

Idoko, however, recalled that some marketers who tried to import petroleum products could not do so after the removal of subsidies due to the foreign exchange crisis.

“For some people who are doing this import, at the end of the day, you import, and then you go back to CBN to give you ‘Form M’ to be able to access dollars. So, by importing, you are still not solving the problem because you still have to rely on dollars within Nigeria or use your naira to buy dollars from anywhere. And it will reduce the value of the naira. So you have not solved the problem.

“What enables the power of the currency is the level of its demand by other corresponding currencies. So, if you have dollars, francs, cefa, and other currencies chasing the naira because you want to buy a refined product of Nigeria, invariably, the value of the naira will appreciate,“ he explained.

Responding to concerns about the quality of imported fuels, the Nigerian Midstream and Downstream Petroleum Regulatory Authority declared that all imported PMS would be subjected to at least three major tests by the agency before being allowed for sale across the country.

Its spokesperson, George Ene-Ita, earlier said marketers with approved import licenses were free to import PMS, but stressed that the products must be subjected to three major tests by the agency.

“The products must be subjected to our testing protocols at the ports. The products must conform to stipulated standards before we authorise them to move the fuels to their terminals.

“Also, before the smaller vessels bring it further inland to Nigeria our people will fly to the place to see the product and carry out some tests to ensure the right specification is upheld.

“Tests are also done at the products’ origins. And when the products come in, before they are released to the market, further tests would be conducted to ensure that they meet the specifications,” he stated.

…Insists Tinubu betrayed Labour

The Nigeria Labour Congress, NLC, said Thursday it would meet with the federal government on how workers could survive the recent hike in the pump price of petrol.

According to the labour movement, the current price of petrol has eroded the gains of the yet-to-be implemented N70,000 new national minimum wage. President of NLC, Joe Ajaero, who disclosed this at the opening ceremony of a two day workshop on “Minimum Wage Implementation Workshop, Southern Zone, with the theme ‘Strategies for Effective Implementation of the 2024 National Minimum Wage Act, in Lagos,” insisted that organised labour was deceived by President Bola Tinubu into accepting the N70,000 minimum wage to forestall petrol price increase .

He advised the government to address the excruciating hunger, poverty and frustration of Nigerians before things go out of hand, lamenting that Nigerians were really suffering.

While giving insight into the conversations with President Tinubu before the N70,000 minimum wage was agreed, the NLC president lamented that Nigerians appeared to have started adjusting to the situation on ground because the government had been distracting organized labour.

“There is a tactic to distract our attention, to call us names, level allegations against us over cybercrime, financing terrorism, sponsoring terrorism and the rest.

”Those things have paid off because while we are facing those allegations, this issue of pump price has remained.

 “I repeat, we were betrayed by Mr President, That statement we issued over our being betrayed is being denied by officials of the government. I am repeating it that we were betrayed. Some of you here were at the meeting when Mr President said, Ajaero you are the problem.

 ”Since we said subsidy is gone. You don’t want to allow us to increase again. If you allow me to increase we will pay you that N250, 000. Immediately I came out that day I was on Arise Television I repeated what Mr President told us.

  ”The president said I am giving you one hour to decide on this and get back to me. He said he was goig back to his office and we should decide over this (between N250, 000 minimum wage and petrol pump price hike). 

 “We said no sir, Mr President; we can’t be holding our meeting here in your office. Let us take one week break and come back and report back to you. He said okay, I am traveling but I will cancel my trip for one week. That was how we adjourned for one week. 

”If you followed the trend of those negotiations, we adjourned for one week. And when we came back after consultations, we said to Mr President, no, we can’t allow you to increase to any length because that will affect all Nigerians and we will be seen to be selfish.  ”Even the N250,000 will not be useful to us. If we continue to increase salary, it will make a mess of our economy and then you continue to increase pump price. In fact, that N250,000 may not be enough to even buy fuel.

 “Mr President equally offered to fund our trip to tour some West African countries, where the least price of petrol is selling at N1,700. He even said in Cameroon, they are selling N2000 and that none of them has a refinery but they are getting their products from Nigeria.  

”We responded by telling him to check the borders because that is why they are smuggling those products to those countries.  ”We equally said no because Nigerians will say they have given us money; they won’t say it’s money for us to visit those West African states.

 “On the adjourned date, we went there and told Mr President, we are not here for increase in pump price or negotiation. So let’s concentrate on the minimum wage. Some of these things informed the acceptance of N70,000 minimum wage which some of us here were saying was not enough. But some people are still saying they cannot pay that N70, 000.  ”This is the dilemma all of us are facing. In fact, the private sector employers in our meeting gave us tough time. They refused to shift and they wanted to vote with state government, federal government and the private sector on one side, all against labour on the other side. These were some of the things that necessitated all those walkouts you saw.”

•FG to fund 360,000 farmers by 2025 

•Nigeria to attain 2nd largest economy by 2026 , at $400bn – Rewane

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday said that the economic reforms embarked upon by the present administration are yielding positive results as the country recorded a net inflow of $16.45 billion into its foreign reserve in the first seven months of the year.

The Minister disclosed this at the 2024 edition of the Access Bank Annual Corporate Forum themed: “Nigeria’s Economic Rebirth: Hopes and Implications”, in Lagos, saying that the federal government plans to fund 360,000 farmers as part of efforts to curtail the ravaging food inflation while giving the economy a rebirth.

Edun, among other things, stated: “Seventeen months or so, we rethink the reforms from the evidence, from the data, from the details that we have in our hands , the reforms are yielding fruits.

“The economy is beginning to turn a corner and I think we all are witnesses to the improved macroeconomic stability, stable exchange rates, increasing government revenue, positive and increasing trade balances, current account balances and the total reconfiguration and the revamping of government revenues as well as the greater emphasis on expenditure.

“We have relative currency stability, and of course, the all important margin of the rates. We’ve seen a gradual elimination of multiple exchange rates.

“We also have foreign exchange liquidity. The gross reserves are up. There has been a net inflow in the first seven months of this year of about $2.35 billion every month.

“On the fiscal side as well, government revenues are growing. And the key to government revenue is not so much that the government has revenue to compete with the private sector. It is the fundamentals, the social and the key infrastructure spending, the social safety net spending.

“And, historically, our figures are low. Our tax to GDP ratio is as low as 10 percent. Our revenue to GDP is also around 15 percent.”

Highlighting the various steps the government is taking to rebirth the country’s economy, he said that the government is working to ramp up crude oil production as a buffer for the fiscal revenues, adding that the country is on track to produce the targeted 2 million crude oil barrels per day (bpd) before the end of 2024.

On food security, Edun noted that the FG plans to fund 360,000 farmers with resources to cultivate on 360,000 hectares of land by January 2025.

“Apart from quickly ramping up oil production, one of the key areas is that in the agricultural sector, not just for raw output, but for putting us on the path to industrialisation, just as the way as put in as a step taken to have local refining of petroleum products what’s come back after so many decades is an important step in the road to industrialization in agriculture.

“The plan and the key target is for this dry season after a very successful dry season harvest earlier this year, there was disappointment in the wet season harvest and that’s the reason we have not completed and the result is a continued elevated level of food prices.

“So the plan this time around, and we must be determined in its succeeding, 360,000 farmers will be funded, assisted, mobilized and resourced to farm 360,000 hectares and from that we are estimating 1.4 million metric tons by next January, February when the harvest comes of maize, wheat, cassava and tubers.

“And that is a key success factor, a key indicator that we must hit as a target. And everybody has a role to play in producing food.”

On his part, Chief Executive Officer, Financial Derivative Company, Bismack Rewane, projected among other things, the country to move from the third position to the second largest economy in Sub-saharan Africa by 2026 at $400 billion from its present $368 billion.

He added: “Electricity tariff in our government will remain above $200 billion in bands A and B. Telecom tariffs will increase significantly to maintain that investment.

“There will be an efficient forex option system by 2026 and air-combact reserves will be at $20 billion.

“Inflation will continue to decline to anywhere between 19 percent and 22 percent and MPR, I think, will decline to 20 percent rather. I’m talking about June 2026.

“The Naira will appreciate from its current levels to anywhere between $1,450 and $1,500 at that time.

“‘Exchange rate will be aligned on the proper Forex system that is functioning in place due to one, integration funds, direct foreign investments and exchange rate adjustments. The trade balance will go up from $8 billion to $9 billion.

“The price of petrol will be stippled and this is at N900 per liter, the quality will be higher”.

Also speaking, Uche uwaleke, Professor of Finance and Capital Market at Nasarawa State University, said that deepening the capital requires raising the right mix of instruments.

He averred that the federal government has not been deploying the right instrument in its borrowings from the domestic capital market, saying more infrastructure bonds should be issued .

He also made a case for crypto assets adoption, arguing that youths who comprise over 70 percent of the population would find crypto assets more attractive and acceptable and hence would propel their participation in the capital market.

In his welcome remarks, Mr Roosevelt Ogbonna, Managing Director/CEO, Access Bank, said: “This is the   kind of forum that we have been having since this current administration came into service in May 2023. I think in many respects it signifies the challenges that we are having as a nation and the need for us to combat the rising economic headwinds that we are facing. At   least Nigeria is not isolated in this term. Many emerging markets and local markets are facing significant challenges”.

The Independent National Electoral Commission (INEC) has directed all political parties in Edo State to halt their campaign activities ahead of the upcoming governorship election on Saturday.

According to a statement from Sam Olumekun, INEC’s National Commissioner and Chairman of Information and Voter Education Committee, all campaigns must cease by midnight on Thursday, September 19, 2024.

INEC emphasized that any form of rally, procession, or media campaign after this deadline would be illegal.

The commission also reminded candidates, parties, and their supporters that they must not wear campaign outfits or carry promotional materials to the polling stations on election day.

The statement referenced Section 94(1) of the Electoral Act 2022 and item 12 of the Timetable and Schedule of Activities for the Edo State governorship election, warning of penalties for any violations as stipulated in Section 96 of the Electoral Act.

INEC noted, “It is illegal for any political party in Edo State to engage in rallies, processions or media campaigns from midnight.

“The Commission wishes to remind political parties that in line with Section 94(1) of the Electoral Act 2022, and item 12 of the Timetable and Schedule of Activities for the 2024 Edo State Governorship election, all campaigns by political parties end at midnight today, Thursday 19th September 2024.

“It is therefore illegal for any political party in Edo State to engage in rallies, processions or media campaigns from midnight today. These prohibitions, including sanctions, are provided for in Section 96 of the Electoral Act 2022.

“Similarly, on Election Day, Saturday 21st September 2024, parties, candidates and their supporters should not appear at the polling units in their campaign attires or carry any campaign materials with them.”

PZ Cussons Plc, the parent company of PZ Cussons Nigeria, says the company is planning to sell its African subsidiaries.

In its ‘Results for the year ended 31 May 2024,’ published on Wednesday, PZ Cussons said the company is looking at partial or full sale.

PZ Cussons said the sale will reduce the company’s exposure to naira fluctuations.

According to the consumer goods manufacturer, the board has received multiple interests in the sale of its African business.

 

“The Group is currently engaged in a process to sell its St Tropez brand and is exploring potential transactions that could lead to a partial or full sale of its Africa business, having received a number of expressions of interest,” PZ Cussons said.

“A partial or full sale of the Group’s Africa business could materially reduce the Group’s exposure to fluctuations in the Naira exchange rate.

“The Board has committed to using any proceeds from these transactions to first reduce gross borrowings, and consequently the level of the Group’s net interest cost.”

‘NIGERIANS ARE FACING UNPRECEDENTED ECONOMIC DIFFICULTIES’

Jonathan Myers, PZ Cussons’ chief executive officer (CEO), said Nigerians are facing unprecedented inflation and economic difficulties.

Myers said the naira devaluation has also significantly impacted the company’s financials.

“The period was marked by a 70% devaluation of the Nigerian Naira, which has had significant implications on our reported financials,” he said.

“We have worked hard to mitigate the impact of this on the Group, while continuing to serve Nigerian consumers who are facing unprecedented inflation and economic difficulties.”

Commenting on the impact of the naira devaluation, PZ Cussons said a foreign exchange loss of £107.5 million “primarily arose from the translation and settlement of USD denominated liabilities in our Nigerian subsidiaries and is wholly the result of the devaluation of the Naira, which fell by 70% from 31 May 2023 to 31 May 2024”.

In April, Myers said the company was reviewing its brands and geographies over macroeconomic challenges and complexities in Nigeria.

He spoke a month after the Securities and Exchange Commission (SEC) rejected PZ Cussons’ request to acquire the shares of minority shareholders in PZ Cussons Nigeria Limited, its Nigerian subsidiary.

In September 2023, PZ Cussons had shown interest in buying the remaining 26.73 percent minority shares in its Nigerian subsidiary, at a price of N21 per unit.

As of May 31, PZ Cussons holds a 73.27 percent stake in the Nigerian subsidiary, which represents 2.90 billion shares, worth N45.53 billion as of September 18.

Super Eagles of Nigeria have failed to move in the latest FIFA global ranking released by the world football body earlier today, September 19, 2024.

The Super Eagles of Nigeria who recorded one win and one draw during the 2025 Africa Cup of Nations (AFCON) qualifiers earlier this month, maintained their 39th position on the ranking.

Recall that the Super Eagles secured a 3-0 victory at home against the Cheetahs of Benin Republic and played to a 0-0 draw away against the Amavubi of Rwanda in the said AFCON qualifiers.

Despite their recent performances, the three-time African champions are currently ranked sixth in Africa. The top five teams on the continent based on the latest ranking are Morocco, Senegal, Egypt, Cote d’Ivoire, and Tunisia.

Reigning FIFA World Cup champions, Argentina remain the best rated national team in the world according to the football body. Other countries in the top five globally are France, Spain, England, and Brazil.

Below are the top 40 ranked teams in the September 2024 FIFA ranking

1. Argentina

2. France

3. Spain

4. England

5. Brazil

6. Belgium

7. Netherlands

8. Portugal

9. Colombia

10. Italy

11. Uruguay

12. Croatia

13. Germany

14. Morocco

15. Switzerland

16. Japan

17. Mexico

18. USA

19. Iran

20. Denmark

21. Senegal

22. Austria

23. Korea Republic

24. Ukraine

25. Australia

26. Türkiye

27. Ecuador

28. Sweden

29. Wales

30. Poland

31. Egypt

32. Hungary

33. Côte d’Ivoire

34. Russia

35. Serbia

36. Tunisia

37. Panama

38. Canada

39. Nigeria

40. Venezuela

The governorship candidate of the Peoples Democratic Party (PDP) in Edo State, Asue Ighodalo, has officially declared his campaign activities closed in line with the electoral laws.

The Team Asue Media Organisation (TAMO), in a statement signed by Erhabor Emokpae, said that all campaign activities had ceased as of Sept. 19.

The statement reads, “We would like to inform the general public that the current campaign has been officially concluded Ighodalo and consequently directed that no activity in this regard should exceed midnight, Sept. 19.

“After this time, any publications, advertisements, jingles, or any other promotional materials made in respect of the subject matter have not the blessing, endorsement or authorisation of Ighodalo or all that is associated with him in respect of same.

“Please be advised, therefore, Ighodalo will not be liable or held responsible for any consequences arising from any further campaign or promotional activities or communications conducted after the campaign’s official closing time and date.

“Ighodalo expressed profound gratitude to the good people of Edo for their overwhelming support and participation throughout the campaign.”

He urged all voters to turn out in large numbers, exercise their civic duty and remain vigilant to protect and defend their votes on election day.

Ighodalo added, “As we close this chapter, we thank every supporter for embracing the message of ‘the pathway to prosperity for all.

“Together, let us ensure that our collective will is respected at the polls.”

Former Arsenal striker, Jay Emmanuel-Thomas, 33, has been charged with drug smuggling after UK authorities uncovered cannabis worth £600,000 at Stansted Airport.

Emmanuel-Thomas, who currently plays for Greenock Morton after signing with the club earlier this year, was arrested on Wednesday morning at 8 am following the discovery by UK Border Force officials.

The drugs, weighing approximately 60 kilograms, were found in two suitcases that had arrived on a flight from Bangkok on September 2.

Drugs

According to the National Crime Agency (NCA), Emmanuel-Thomas was promptly arrested and charged with importing class B drugs.

The footballer, once praised by Arsène Wenger for his potential, is now in custody and is set to appear at Carlisle Magistrates Court on Thursday to answer the charges.

In addition to Emmanuel-Thomas, two women, aged 28 and 32, were also arrested at Stansted Airport in connection with the incident.

Both women face similar drug importation charges and were granted bail after their initial court appearance at Chelmsford Magistrates Court. They are due to appear at Chelmsford Crown Court on October 1.

Senior Investigating Officer at the NCA, David Phillips, emphasized the agency’s commitment to tackling drug smuggling operations, noting that they work closely with Border Force to target both couriers and those organizing such crimes.

Phillips said: “The NCA continues to work with partners like Border Force to target those involved in drug smuggling – that includes both the couriers and the organizers.

“We would appeal to anyone who is approached to engage in any kind of smuggling to think very carefully about the likely consequences of their actions, and the potentially life-changing risks they will be taking.”

Emmanuel-Thomas, who began his football career at Arsenal’s youth academy at just eight years old, made his Premier League debut in 2010 in a 2-0 defeat against Chelsea.

However, after struggling to secure a place in the first team, he left Arsenal in 2011, signing with Ipswich Town for £1.1 million.

Ahead of the Saturday gubernatorial election, the Edo State governor, Godwin Obaseki has disclosed that his party, the Peoples Democratic Party, PDP, will accept the outcome of a properly conducted election.

The governor stated this on Thursday in a post on his official X handle while sharing updates on his meeting with the Chief of Defence Staff, CDS, General Christopher Gwabin Musa.

Obaseki added that his major demand was for the Edo people to be allowed to freely go to the polls to elect the candidates of their choice.

“We are not asking for any favour but are stating that Edo citizens should be free to go to the polls to elect the candidates of their choice. We will accept the outcome of a properly conducted election.

“For eight years, the security forces in the state have been highly cooperative in helping us address security concerns. Together, we have established Forward Operating Bases and designed a digitised security architecture that has made Edo one of the safest states in the nation,” he posted.

Substandard products, including counterfeit pharmaceuticals and medical devices, with a total value of ₦43 billion, were recently set ablaze by the National Agency for Food and Drug Administration and Control (NAFDAC).

Naija News reports that NAFDAC destroyed the said items on Thursday at the Moniya dump site located in the Akinyele Local Government Area in Ibadan, the capital of Oyo State.

Representatives from various security agencies and the Oyo State Government monitored the exercise.

During the proceedings, NAFDAC’s Director-General, Professor Christiana Mojisola Adeyeye, who was represented by Pharm Shabba Mohammed, the Director of Investigation and Enforcement, indicated that the products were voluntarily surrendered to the agency by compliant companies, non-governmental organizations (NGOs), and trade unions.

Professor Adeyeye elaborated on the extensive measures that facilitated the confiscation of numerous registered and unregistered pharmaceutical products, highlighting a series of raids conducted in various locations.

The confiscated items encompassed aphrodisiacs, sex enhancement medications, over-the-counter drugs, and prescription-only pharmaceuticals.

“Over thirty different products were seized in total,” Adeyeye noted, highlighting that the confiscated items included banned substances such as codeine and narcotics, with a total value exceeding ₦48 million.

“The agency has been actively gathering intelligence on illegal warehousing, sale, and distribution of narcotics by pharmaceutical vendors in Lagos and other states.

“Recent raids conducted by the Investigation and Enforcement Directorate resulted in the confiscation of products worth over ₦700 million.

“In addition to counterfeit pharmaceuticals, the operation also targeted contraband items such as unregistered soaps, tomato paste, and counterfeit beverages,” the NAFDAC DG noted.

Adeyeye underscored the critical role of public participation in the fight against counterfeit medications and substandard food items.

She encouraged individuals to report illegal activities to the closest NAFDAC office for prompt investigation.

“Through these measures, NAFDAC seeks to safeguard public health and safety while fostering adherence to regulations within the pharmaceutical sector,” she remarked.