The pump price of Premium Motor Spirit, popularly called petrol, should drop to about N300/litre upon the commencement of massive production by the Dangote Petroleum Refinery and other indigenous producers, operators of modular refineries stated on Sunday.

However, they pointed out that this would be achieve when the government ensures the provision of adequate crude oil to local refiners, stressing that refineries abroad were ripping off Nigeria.

Speaking under the aegis of the Crude Oil Refinery Owners Association of Nigeria, they explained that what happened to the cost of diesel after Dangote started producing it, would happen to petrol price once it is being produced massively in Nigeria.

CORAN is a registered association of modular and conventional refinery companies in Nigeria.

“A lot of companies today benefit from the importation of petroleum products at the expense of Nigerians,” the Publicity Secretary, CORAN, Eche Idoko, stated.

He told our correspondent that “if we begin to produce PMS today in large volumes, provided there is adequate crude oil supply, I can assure that we should be able to buy PMS at N300/litre as the pump price.

“Why make Nigerians buy it at almost N700/litre when you know that if you allow refineries work the price will come down? Is it because you want to satisfy the global refiners abroad that are making so much from us?”

When told that there are arguments that it is not possible to have such a drop in price because crude oil, the raw material for PMS, is price in dollars, the CORAN official insisted that petrol price would crash once it is being produced massively by indigenous refiners.

He said, “We were selling diesel for N1,700 to N1,800/litre, but as soon as Dangote refinery started production he brought down the price to N1,200/litre. What other proofs do you need?

As I speak to you now there is every tendency that before December diesel price will drop further. The only reason reason why diesel is not doing below N1,000/litre is because of our exchange rate.

“If the exchange rate drops, diesel will drop below the N1,000/litre price. Now the exchange rate concern is because Dangote imports crude. If he is not importing, the exchange rate may not have so much effect, though he is still buying crude in dollars (in Nigeria) anyway.”

On May 18, 2024, The PUNCH reported that Africa’s richest man, Aliko Dangote, stated that following the laid-down plans of the Dangote refinery, Nigeria would no longer need to import petrol starting June this year.

Dangote had also stated that his refinery could meet West Africa’s petrol and diesel needs, as well as the continent’s aviation fuel demand. He spoke at the Africa CEO Forum Annual Summit in Kigali, expressing optimism about transforming Africa’s energy landscape.

“Right now, Nigeria has no cause to import anything apart from gasoline (petrol) and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre,” the billionaire had declared.

Also, Dangote had earlier in the year crashed the pump price of diesel to N1,200/litre when the commodity was selling at between N1,700 and N1,800/litre at the time.

He further dropped the price to below N1,000/litre, but could not sustain this price due to the rise in exchange rate. The refinery eventually returned the price to the initial rate of N1,200/litre.

Speaking on Sunday, the CORAN spokesperson stated that this was why the modular refiners had been calling for the sale of crude oil at the naira equivalent of the dollar rate.

“We have told them (government) that even the dollars that you are asking us to use and buy this product, it is detrimental to the country. Strengthen the naira. We will buy at the international market rate, but at a naira equivalent.

“These are the issues and they know these things but we can’t explain why they really can’t take decisions to change these concerns.

“Get crude to local refineries, allow crude purchase in naira equivalent, make the environment business-friendly and watch locally produced petroleum product prices crash,” Idoko stated.

Nigeria currently has 25 licensed modular refineries. Five of them are operating and producing diesel, kerosene, black oil and naphtha. About 10 are under various stages of completion, while the others have received licences to establish.

Operators of modular refineries earlier stated that aside from the five that are in operation currently, the remaining plants are embattled due to the major challenge of crude oil unavailability, a development that has stalled funding from financiers.

“Only about five of our members have completed their refineries. The others are having a major challenge.

“This challenge is that the people who are supposed to finance them have not disbursed financing for construction because they want some level of guarantee.

“A guarantee that if they finish the refinery, they are going to get feedstock, which, of course, is crude oil,” Idoko had explained.

Oil marketers also believe that the cost of petrol should be lower than its current price once its production begins in Nigeria.

They welcomed the comment of Dangote that his refinery should start pumping out petrol this month, and expressed hope that the cost would be less than the price which the Nigerian National Petroleum Company Limited currently sells.

“We expect a reduced price for locally produced PMS, as I’ve earlier told you,” the National President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, stated.

Maigandi, while speaking from Saudi Arabia with our correspondent on Sunday, also stated no date has been communicated to marketers on when Dangote would release petrol to the market. Officials of Dangote refinery have remained mute on this.

“It is a welcome development if the refinery can start releasing PMS this month because as marketers we are currently set to start buying the product from the plant,” Maigandi stated.

The IPMAN president earlier stated that marketers were discussing with the managers of the plant, but not specifically on petrol pricing.

“We have been discussing, but not about the price of petrol yet, rather on other matters such as the registration of members for the purchase of petrol and diesel from the refinery.

“It is true that we have started buying diesel from them, but you have to register with the company first. So a general registration is ongoing,” he explained.

Maigandi, however, stated that though marketers had yet to receive the projected price for petrol from the plant, dealers would want to see a PMS price of about N500/litre from the Dangote refinery.

“We are looking at having it (PMS) at any price below the NNPC rate. The price which NNPC sells petrol is N565.50/litre, so we are expecting something below that price, maybe around N500/litre,” Maigandi stated.

The oil dealers also joined in the call for the provision of crude oil to local refiners, stressing that this would impact positively on the prices of refined petroleum products.

“Of course, it is important for crude to be made available to local refineries because this will surely affect petroleum products’ prices positively,” the IPMAN president stated.

Regulators speak

The spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, George Ene-Ita, said he was sure that the government has guidelines for the provision of feedstock (crude) to indigenous refiners.

Ene-Ita promised to provide additional information on the matter, as he stated that he could not give further details at the time he was contacted by our correspondent.

Recall that the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, had earlier promised that the government would ensure that crude oil was supplied to domestic refiners.

He stated that in compliance with the provisions of Section 109(2) of the Petroleum Industry Act 2021, the NUPRC in a landmark move, had developed a template guiding the activities for Domestic Crude Oil Supply Obligation.

“The commission in conjunction with relevant stakeholders from NNPC Upstream Investment Management Services, representatives of Crude Oil/Condensate Producers, Crude Oil Refinery-Owners Association of Nigeria, and Dangote Petroleum Refinery came up with the template for the buy-in of all.

“This is in a bid to foster a seamless implementation of the DCSO and ensure consistent supply of crude oil to domestic refineries,” Komolafe had stated.

The federal government has unveiled a lineup of activities to celebrate the 25th anniversary of Democracy Day, marking twenty-five years of continuous democratic governance in Nigeria.

The announcement was made in a notice issued by Abdulhakeem Adeoye, acting on behalf of the Director of Information and Public Relations in the Office of the Secretary to the Government of the Federation (OSGF).

The notice outlines that the celebration will start on Tuesday, June 11, with a symposium held at the State House Conference Centre, Presidential Villa, Abuja, commencing at 9:00 am.

Following the symposium, a youth conference is scheduled to take place at Ladi Kwali Hall, Abuja Continental Hotel, Abuja, starting at 6:00 pm.

The agenda for Wednesday, June 12, includes a grand parade at Eagle Square, Abuja, at 8:00 AM, followed by a dinner at the State House Banquet Hall, Presidential Villa, Abuja, at 6:00 PM.

“The programmes lined up for the celebration include a symposium on Tuesday, June 11, at 9:00 AM at the State House Conference Centre, Presidential Villa, Abuja.

“Later that day, a youth conference will hold at Ladi Kwali Hall, Abuja Continental Hotel, Abuja, at 6:00 PM.

“A grand parade will take place on Wednesday, June 12, at 8:00 AM at Eagle Square, Abuja,” followed by “a dinner at the State House Banquet Hall, Presidential Villa, Abuja, at 6:00 PM,” the noice read.

Furthermore, the notice assured to provide additional updates as the celebration comes closer.

Osun State Governor, Ademola Adeleke, has urged his daughter, Nike Adeleke, to find a partner and get married.

Adeleke gave the urge during a Q&A session on Nike’s Instagram page on Saturday.

Nike, who is approaching her 29th birthday, asked her father how he felt about her not being married yet.

“I am now 28 and I am about to be 29. How do you feel about me not being married yet?” she inquired.

In response, Governor Adeleke expressed his expectation for her to settle down soon, emphasizing that she is not getting any younger.

He then gave her a one-year ultimatum to get married.

“Better start getting ready to get married. That is the next thing. You think you are young? I am expecting all those your toasters, better bring one so you can come and tell me, ‘Dad, this is the one I am going to marry,'” he said.

He further highlighted that he had married and had Nike’s brother, Adesina, by the age of 28.

“Do you know that at the age of 27, 28 I got married and I had your brother Adesina? You are now 28, I am giving you one more year.”

The Nigerian U-17 women’s national football team, the Flamingos, secured a comfortable 4-1 victory against Liberia in the first leg of the final qualifying round for the 2024 FIFA U-17 Women’s World Cup. 

The match took place on Sunday evening at the Samuel Kanyon Doe Stadium. 

The Flamingos, under the leadership of coach Bankole Olowookere, dominated the game from the outset.

Abidemi Moshood opened the scoring in the 19th minute, setting the tone for a deluge of goals. 

Just ten minutes later, Peace Effiong extended the lead with a well-placed shot.

Harmony Chidi added to Liberia’s woes, netting Nigeria’s third goal nine minutes before halftime.

Substitute Blessing Ifitezue sealed the victory with a fourth goal 16 minutes from full time.

Liberia managed to score a consolation goal from the penalty spot in the 87th minute, but it was too little, too late to challenge Nigeria’s dominance.

The reverse fixture is scheduled for next weekend at the Moshood Abiola Stadium in Abuja.

Premier League giants Arsenal have reportedly dropped their interest in Napoli striker, Victor Osimhen, due to his €130m price tag amid player swap rumours, PUNCH Sports Extra reports.

After four successful seasons at Napoli, Osimhen is expected to call time on his career with the 2022/23 Serie A champions this summer, as confirmed by club president Aurelio de Laurentiis.

The Partenopei have fought hard to keep hold of the Nigeria international and agreed a new contract with their star striker last December, but his terms only run until the summer of 2026.

With Osimhen’s contract also including a release clause worth around €130m (£110.6m), De Laurentiis has resigned himself to losing the former Lille man to one of Europe’s financial powerhouses ahead of the 2024/25 season.

Arsenal have been one of a handful of clubs tipped to move for Osimhen, alongside Chelsea, Paris Saint-Germain and Real Madrid, although the latter will not make an approach due to the recent capture of Kylian Mbappe.

It has also been reported that new Chelsea boss Enzo Maresca is against the signing of the 25-year-old as well, as he does not believe that Osimhen is a striker who can link play and drop deep, which is one of his principal requirements.

As a result, a two-way fight could have materialised between PSG and Arsenal, the latter of whom were apparently informed that a part-exchange deal involving Emile Smith Rowe and Takehiro Tomiyasu could have been their ticket to an agreement. 

However, according to Sky Italia, Arsenal have informed Napoli that they are not bowing to their £110.6m demands, especially after breaking their own transfer record with the £105m capture of Declan Rice last year.

Arsenal still rate the striker highly but cannot justify forking out a nine-figure fee, which is also the case with most of Osimhen’s other suitors, so De Laurentiis may be forced to relent on demanding that the Nigerian’s release clause is paid in full.

The Napoli president is now under added pressure to accept a lower fee for the Nigerian due to the arrival of Antonio Conte, who wants to reunite with Chelsea’s Romelu Lukaku in one of his first acts as head coach.

PSG are now considered the favourites for Osimhen’s signature, as the ex-Lille man is not keen on moving to Saudi Arabia, and the French champions will save €200m (£170.1m) in yearly wages now that Mbappe has departed.

Osimhen topped the Serie A scoring charts in the 2022/23 season with 26 strikes and netted 15 times in 2023/24 missing a large part of the season due to injuries and the 2023 Africa Cup of Nations.

About 30 travellers, including some students of the Federal Polytechnic, Nasarawa were reportedly abducted by suspected kidnappers along the Abuja-Nasarawa Highway on Friday.

PUNCH Metro gathered from a source who pleaded anonymity due to the nature of the incident on Sunday that the kidnappers laid siege to the vehicles conveying the travellers and abducted them into a nearby bush in the Uke area of Nasarawa State.

The source stated further that a student of the Federal Polytechnic, Nasarawa was travelling to her family in Abuja.

Our correspondent further gathered that a driver of one of the buses who escaped the attack called the attention of the police in the area to the incident.

The source said, “Thirty persons were kidnapped between Nasarawa and Abuja on Friday. The passengers were abducted from two buses and taken into the bush around a place called Uke in Nasarawa State.

“One of the passengers abducted in the incidents is an HND student of the Federal Polytechnic, Nasarawa, in Nasarawa State, who was returning to Abuja to meet her family.

“One of the bus drivers escaped from the incident. When he returned to the vehicle, he picked up some items, including the phone of one of the kidnapped victims, and reported the incident to the police station in Uke.” 

When contacted by PUNCH Metro for a reaction on Sunday, the Nasarawa Police Public Relations Officer, Rahman Nansel, confirmed the incident in a telephone conversation with our correspondent, stressing that three victims had been rescued while a search and rescue operation was ongoing.

He, however, said the abducted persons were not up to 30 as claimed but did not confirm the number of the victims.

“The number (30) was exaggerated. An 18-seater bus was recovered at the scene and three people were rescued. A search and rescue operation is still ongoing,” Nansel told our correspondent.

PUNCH Metro reported in October 2023 that there was an invasion of a community in the Keffi Local Government Area by gunmen where four students of the state’s university were kidnapped and taken to an unknown destination.

Confirming the incident, Nansel explained that the abduction of the students occurred in the early hours at Angwan Ka’are area of the LGA.

The Kwara State Muslim Pilgrims Board has disclosed the tragic death of two pilgrims from the state during the ongoing Hajj in Madina, Saudi Arabia.

One of the deaths has been confirmed as a suicide, following investigations by Saudi authorities.

In a press release signed by the Executive Secretary of the board, Abdulsalam Abdulkabir, it was revealed that one of the deceased, Hajia Hawawu, died after falling from the rooftop of her apartment in what was determined to be a suicide.

The incident has cast a sombre shadow over the pilgrimage for the Kwara contingent.

The board’s release also mentioned the death of another pilgrim, Saliu Mohammed, who passed away in an intensive care unit of a public hospital in Madina after he suddenly fell ill. The specific details of his illness were not disclosed in the statement.

Expressing deep regret over these unfortunate incidents, the board described the events as “sad” and stated that it submits entirely to the decree and ultimate knowledge of Allah in all affairs.

The board extended its profound condolences to the bereaved families and prayed for Allah’s comfort and forgiveness for the deceased.

The statement reads, “Kwara State Muslim Pilgrims Board sends heartfelt commiserations to the families of two of our pilgrims who returned to their Lord in Madina, Saudi Arabia.

“Saliu Mohammed, who arrived with Batch 3 of the state contingent, died in an intensive care unit of a public hospital in Madina after suddenly falling ill; while Hajia Hawawu Mohammed (Batch 9) also died following what Saudi authorities have investigated and found to be an unfortunate suicidal episode from the rooftop of her apartment in Madina.

“The pilgrims’ board deeply regrets these sad events but submits totally to the decree and ultimate knowledge of Allaah in all affairs.

“The board sends profound condolences to their families and asks Allaah to grant them comfort and forgive the deceased.”

The match between Rangers and Enyimba in Week 35 of the Nigeria Premier Football League (NPFL) was called off after a late penalty was awarded to the Flying Antelopes.

The crucial Oriental Derby on Sunday was a title decider, with Rangers at the top of the league with 60 points and Enyimba just two points behind.

The stadium was packed with fans for the intense match, which was going well until the referee awarded Rangers a penalty in the 101st minute with the score at 0-0.

The decision sparked protests from Enyimba players, and despite efforts to resume play, the game was disrupted by fans invading the pitch.

Opinions are split on the fairness of the penalty, as the Enyimba defender seemed to pull back the Rangers striker who was attempting a shot on goal inside the box.

A win tonight would have allowed Rangers to establish a five-point lead over Enyimba with only two matches remaining in the season.

“Rangers 0-0 Enyimba #RANENY #NPFL24 #TheFinalStretch.

“Match interrupted after penalty awarded to Rangers in added time,” the NPFL wrote on its X platform.

The league body has not yet commented on the match or the next steps.

See video below:

Mr. Quadri I Adeyinka, a staff of the Nigeria Immigration Service has bagged a 7-year jail term over fraud pertaining to a travelling passport fraud.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) made the revelation on Sunday evening through its spokesman, Demola Bakare.

The immigration officer’s journey began after he was arraigned by ICPC before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court, Apo, Abuja.

According to the ICPC spokesman, Adeyinka was arraigned on a four-counts charge bordering on gratification, conferment of corrupt advantage and cheating contrary to extant provisions of the Corrupt Practices and Other Related Offences Act, 2000 and the Penal Code Act.

Meanwhile, the ICPC Counsel Dr. Osuobeni E. Akponimisingha told the court how Adeyinka defrauded one Mr. Ovie Justice Ojeffia under the pretence of regularising his international passport.

According to him, Adeyinka received the sum of N100k from Ojeffia to regularise the said passport “but reneged.

“The victim thereafter petitioned ICPC, which led to the investigation and arraignment of the convict before the court.

“In his judgement, Justice Onwuegbuzie found Mr. Adeyinka guilty on all four (4) counts charge and sentenced him to seven (7) years each for counts 1 and 2, five (5) years for count 4 and two (2) years for count 3. The sentences are to run concurrently,” Bakare said.

Over the course of nine months since assuming office, twenty-two states have collectively disbursed ₦251.79 billion to service debts accumulated by preceding administrations.

According to Sunday PUNCH, the states obtained fresh loans of ₦310.99 billion between July 2023 and March 2024, despite increased monetary allocations from the Federation account.

The data was sourced from the budget implementation reports of individual states, accessed through Open Nigerian States, a budgIT-supported platform that acts as a repository for government budget information, with budgIT being a Nigerian civic organization advocating for transparency.

The performance report is compiled quarterly and released within four weeks following the conclusion of each quarter.

The report contains the original approved budget and revised/final budget appropriations for the year 2023 for each organizational unit, categorizing expenditures into core economic classifications including personnel, overheads, capital, and others.

Additionally, it incorporates the actual expenditures for quarter Q3, attributed to each organizational unit, along with the cumulative expenditures for the year to date, and balances against each of the revenue and expenditure appropriations.

An analysis conducted by Saturday PUNCH revealed that the states listed include Abia, Akwa Ibom, Anambra, Benue, Cross River, Delta, Ebonyi, Ekiti, Jigawa, Kaduna, Kano, Katsina, Kebbi, Kogi, Niger, Ondo, Osun, Plateau, Rivers, Sokoto, Taraba, and Zamfara.

Further examination of the report revealed that the states encountered a challenging endeavor to revitalize their respective economies, having inherited a minimum of ₦2.1 trillion in domestic debts and $1.9 billion in external debts from their predecessors.

Investigations also revealed that the states grappled with numerous months of unpaid workers’ salaries and increasing pension liabilities, amid calls for the implementation of the nationally agreed minimum wage.

Additionally, they faced challenges posed by rising inflation, soaring prices of goods and services, and declining purchasing power.

In Abia State, Dr. Alex Otti, the sole governor under the Labour Party platform, inherited a total domestic debt of ₦104,573,334,025.73 and an external debt of $95,632,239.04.

Meanwhile, Benue State Governor, Hyacinth Alia, assumed office with ₦143,368,150,982.89 in domestic debt and $30,472,977.14 in foreign debt.

Governor Bassey Otu of Cross River State was burdened with ₦175,198,799,155.96 in domestic debt and $215,754,975.33 in foreign debt.

Similarly, Akwa Ibom State Governor, Umo Eno, was faced with a domestic debt of ₦219,617,660,991.63 and $46,569,647.22 in external debt, among other challenges.

Recall that after the removal of fuel subsidy and the unification of the foreign exchange markets, there was a significant rise in states’ earnings from the Federation Account Allocation Committee, totaling N3.34 trillion in the post-fuel subsidy era.

With the improved earnings, states had the autonomy to settle outstanding loans acquired by the previous administration, particularly during the third and fourth quarters of 2023.

This financial enhancement afforded the states the opportunity to address fiscal obligations and alleviate financial burdens inherited from previous administrations.