Latest News
The Senate has urged President Bola Tinubu to urgently address the food insecurity across the nation.
This prayer followed a motion moved by Sunday Karimi (APC, Kogi West) and co-sponsored by Ali Ndume ( APC, Borno South) at the Tuesday plenary.
The motion titled, “Urgent Need to Address Food Insecurity and Market Exploitation of Consumables In Nigeria,” noted that in the last few months, the price of goods and household consumables have been on an abysmal rise in the country, leading to a high rate of inflation, weakened buying power, and general worsening of living conditions of the vast majority of Nigerians.
Karimi further noted that the latest data by the National Bureau of Statistics shows that “food inflation in the country skyrocketed to 40.66 per cent on a year-on-year basis, a significant increase from the 24.82 per cent recorded in May 2023.
“The current market price of food items such as beans, maize, rice paddy, yam, tomatoes, and onions which initially rose by about 40% after the removal of petroleum Subsidy has now increased to over 100% to 300% without any attributable reason for the increase in prices.”
He added, “Although insecurity in food-producing regions, bad roads, increase in the cost of transportation attributable to the removal of fuel subsidy and depreciation of the value of naira, are possible factors that have contributed to the increase in price of food items, household commodities, and consumables; the percentage of increase in cost of transportation and some under factors listed above, is significantly less than the percentage increase in the current prices of goods all ever the country.”
Karimi lamented that “there is a general attitude of ‘Get Rich Quickly’ or ‘Get Rich By All Means’ leading many Nigerians to jettison “being their brother’s keeper” and exploiting one another to make abnormal profits: This attitude has been justified on the basis that many political Class Technocrats, and Corporate Elites and Corporate Elites have helped themselves with Public Funds without any repercussions in law, Nigerian traders have thus resorted to Price Gouging to maximize profits.”
Karimi further stated that there are reports that farming communities in the border regions with other vountries, “prefer to sell their food items abroad (to these neighboring countries), rather than domestically(to the hinterland), thereby increasing local food insecurity.
“All efforts made by the current Federal Executive to arrest the consistent increase in food inflation have not yielded the desired results, there is a need to be more pragmatic about addressing food insecurity, curbing herder farmer crises, kidnapping for ransom, and Terrorism, and ensure the development of a viable National Commodity Board to regulate the price of grains and ensure the elimination of artificial contributions to food and commodity inflation in Nigeria.”
In his contribution, Ndume lamented that this was the first time Nigeria was listed as one of the countries battling food insecurity.
He said, “In their many publications, they say Nigeria is likely to experience the highest session of food insecurity globally.
“Currently, there are four countries including Sudan and some others that are facing very serious insecurity. Nigeria is added to this list this year by the International Rescue Committee as one of the spots for food insecurity action against hunger. World Food Program also indicated that over 32 million people are expected to face a critical hunger crisis and emerging levels between June and August.
“I don’t know about some other colleagues, but there in the North, we have started seeing it visibly. This is the first time we are experiencing this level of hunger. It’s the first time Nigeria is being listed as one of the countries with food insecurity.”
In his comment, the Senate President, GodsWill Akpabio, noted that the food insecurity followed the insecurity that had ravaged the country.
The Senate, thereafter, urged the Federal Government to address the food crises across the country.
PRESIDENT Bola Tinubu on Tuesday announced the creation of the Federal Ministry of Livestock Development.
The President announced while inaugurating the Renewed Hope Livestock Reform Implementation Committee, at the Presidential Villa, Abuja.
But President Tinubu did not mention the name of the Minister for the new ministry as it is expected that he has to forward the name to the Senate for screening and confirmation if it’s a new nominee.
Present at the Inauguration were the Vice President, Kashim Shettima, the Secretary to the Government of the Federation, SGF, Senator George Akume, the Chief of Staff to the President, Femi Gbajabiamila amongst cabinet members.
Recall that President Tinubu on 15th September 2023, approved the establishment of the Presidential Committee dedicated to the reform of the livestock industry and the provision of long-term solutions to recurring clashes between herders and farmers in the country.
The setting up of the committee was a sequel to the submission of a report from the National Conference on Livestock Reforms and Mitigation of Associated Conflicts in Nigeria.
The Foreign Minister of Mali, Abdoulaye Diop, has reaffirmed his nation’s decision to permanently withdraw from the Economic Community of West African States (ECOWAS).
Naija News reports that leaders from Niger, Mali, and Burkina Faso have decided to depart from ECOWAS earlier this year, establishing their own confederation on Saturday.
A day after the leaders of ECOWAS gathered in Abuja, they selected the presidents of Senegal and Togo to facilitate discussions with the three countries in the Sahel region.
However, amid attempts at reconciliation by the organization, Diop expressed opposition to the idea of requiring visas for citizens of the three nations to travel within ECOWAS.
It is worth noting that the decision of the three nations to leave ECOWAS was partly motivated by their belief that France was interfering with ECOWAS’ operations and not offering sufficient assistance in the fight against jihadist groups.
Diop, however, mentioned Mali’s willingness to continue working with ECOWAS during a late Monday interview on the state-run ORTM.
“Our heads of state were very clear in Niamey when they said the withdrawal of the three countries from ECOWAS is irrevocable and was done without delay, and from now on we must stop looking in the rear-view mirror”, Diop said on Monday.
He added that Mali remains “open to working with our neighbours and other organisations with which we share this space.
“We will have to maintain discussions with others in order to move forward, but I believe that the path we have embarked upon is not reversible.”
Diop stressed that the creation of a confederation was only one stage of the process, adding that “the vision is to work towards a federation of the three states”.
ECOWAS has indicated that the three nations are required to adhere to a one-year deadline for their departure, yet the juntas assert that their exit is imminent and will occur without any postponements.
This move has sparked worries about the impact on the region’s ability to freely trade and travel.
“If visas are re-introduced, we will be proven right in the sense that some ECOWAS officials have not abandoned the old methods of frightening and blackmailing people”, said Diop.
“In an integration process, there are gains and losses for everyone, but we must work to minimise the impact on our populations”, he added.
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have called on President Bola Tinubu to launch a high-level investigation into allegations that International Oil Companies (IOCs) are attempting to undermine and destabilize the Dangote Refinery and Petrochemicals.
In a letter dated July 1, 2024, addressed to the President via his Chief of Staff, Femi Gbajabiamila, the unions demanded that the findings of such an investigation be made public to ensure transparency and maintain public trust.
Signed by NUPENG General Secretary, Afolabi Olawale and PENGASSAN General Secretary, Lumumba Okugbawa, the letter stated, “The leadership and members of our unions deeply appreciate your commitment to restoring economic growth and prosperity in our nation. We are fully mobilized and committed to supporting all your initiatives toward these goals.
“However, we are deeply concerned and shocked by allegations from the Dangote Refinery and Petrochemicals Company about a deliberate plot by some IOCs to frustrate their business efforts and continued existence.
“These alleged sabotaging actions include denying the refinery crude oil supply and artificially inflating crude oil market prices, forcing Dangote Refinery to source crude oil from other countries, including the United States, resulting in high operating costs and logistics.
“The Dangote Refinery is a critical national asset and a beacon of hope for our energy security, economic growth, and employment opportunities. The economic benefits of a local refinery with such capacity cannot be overstated.
“For decades, NUPENG and PENGASSAN have campaigned for Nigeria to require companies benefiting from Joint Venture (JVC) arrangements to establish refineries or petrochemical companies in Nigeria. Unfortunately, successive governments have lacked the political and patriotic courage to adopt this pragmatic policy.
“The survival of companies that have invested heavily in refining crude oil in Nigeria, thus saving the nation from wasteful product imports that profit other countries and cost us foreign exchange, should be of great national interest due to the enormous economic benefits involved.”
The unions outlined their demands as follows:
1. Immediate Investigation: The Federal Government should establish an independent panel to investigate the claims of sabotage by some IOCs. This investigation should be comprehensive and transparent, ensuring that all parties involved are held accountable.
2. Public Disclosure: The findings of this investigation must be made public to ensure transparency and maintain public trust. Nigerians deserve to know the truth about the actions of these IOCs and their impact on national interests.
3. Legal Action: Should the allegations be substantiated, the government should take decisive legal action against the entities involved, including sanctions, penalties, and other measures to deter future economic sabotage.
4. Support for Dangote Refinery: The government should provide all necessary support to ensure the uninterrupted commencement and operation of the Dangote Refinery, including security and stability around its operations.
“Your Excellency, we trust in your courage and unwavering commitment to the Nigerian project and believe that the Presidency will take decisive action to safeguard the Dangote Refinery and ensure its successful operation for the nation’s benefit. Protecting our national assets is our collective responsibility. Thank you for your attention to this matter,” the letter concluded.
Justice Kehinde Ogundare of the Federal High Court in Lagos has ordered the final forfeiture of $16.5 million and ₦127 million, which were illicitly diverted from the Nigerian Maritime Administration and Safety Agency (NIMASA) to the federal government.
This order was granted following an application by the Economic and Financial Crimes Commission (EFCC) lawyer, Sulaiman I. Sulaiman. The EFCC stated that the funds were proceeds of unlawful activities.
Previously, on May 23, 2024, Justice Ogundare had issued an interim forfeiture order for the funds. This decision was made upon an Exparte motion under the Advance Fee Fraud and other Fraud Related Offences Act and the Nigerian Constitution. The court directed the EFCC to publicize the interim order, which was done on June 6, 2024.
During the final forfeiture hearing, EFCC counsel Suleiman confirmed compliance with the court’s directive to publicize the interim order. The EFCC’s submission included the interim court order and the publication in The Punch newspaper.
Justice Ogundare, after reviewing the submissions, granted the final forfeiture as requested by the EFCC.
The EFCC’s investigation revealed that the funds were initially requested by NIMASA in 2013 for security projects. However, a significant portion of the funds was fraudulently diverted by individuals using various companies. These funds were converted to dollars and used for personal purposes without rendering any service to NIMASA.
The investigation led to the recovery of $16,500 in cash and the agreement by Uche Obilor, one of the key figures involved, to return ₦118 million through drafts made to the EFCC.
Despite the court’s directive for interested parties to come forward, no one contested the forfeiture. Consequently, the court proceeded with the final forfeiture, deeming it in the interest of justice.
The EFCC emphasized that the funds are reasonably suspected to be proceeds of unlawful activities and affirmed the court’s authority to order their forfeiture.
[POMR PRESS RELEASE] Obi in Kogi state, says 'My Investment in Health, Education for the Good of Society'
Admin![[POMR PRESS RELEASE] Obi in Kogi state, says 'My Investment in Health, Education for the Good of Society'](/media/k2/items/cache/f7fd0b4d8f79775941e7733f714a0c2c_M.jpg)
. . . Donates N10 million to Nursing College in Kogi
The Presidential Candidate of the Labour Party, Mr Peter Obi, has explained that his unwavering commitment to building a better nation through investing in the critical areas of human and national development; health and education, is ultimately for the good of the nation and the future of society.
Obi made the remarks yesterday, when he paid a visit to Grimard College of Nursing Sciences, Anyigba, Kogi State, where he donated N10 million to the College for the training of nurses, who he said, are at the centre of primary healthcare delivery in the nation.
He stated that Nigeria is today undeveloped because the nation has not aggressively invested in the critical areas of development, which he said are; health, education and pulling people out of poverty. He maintained that the nation is, today, facing serious challenges of insecurity and other socio-economic challenges due to lack of investment in these critical areas.
"I have not only remained consistent in urging governments, at all levels, to invest more in health and education, but I have also continued to call on donor agencies to do the same. Our investment in the future of our children is for the good of society and the progress of our nation," Obi said.
Addressing the nursing students, Obi reminded them that they are in a noble profession which cares for humanity.
"I am particularly concerned about the training of more nurses who play very vital roles in caring for the health of society. As experts continue to warn of a severe shortage of nurses, we must remain proactive by investing in their training, through that, we can have enough for our domestic health sector, and export more to the global community," he added
Obi thanked the Proprietor of the College, Bishop Anthony Ademu Adaji; the Management and the Staff of the College for their commitment to training compassionate and competent healthcare professionals.
"Our commitment remains to build a New Nigeria which offers Nigerians access to good healthcare and educational opportunities. It is Possible," Obi concluded.
Signed
Yunusa Tanko
POMR PRESS RELEASE
The Nigeria Labour Congress (NLC) has called on the National Assembly to collaborate with the tripartite committee on the new minimum wage to establish a system for regular and systematic wage reviews.
This initiative aims to align wages with the prevailing inflation rates and cost of living in Nigeria.
During a national retreat organized by the National Institute for Legislative and Democratic Studies (NILDS) in Abuja, NLC President, Joe Ajaero highlighted the necessity for legislative interventions to ensure that wage adjustments are timely and reflective of economic realities.
The event, themed “Labour Reforms and the Quest for a Living Wage in Nigeria: A Focus on Legislative Interventions,” served as a platform for Ajaero to voice the concerns of workers.
In his goodwill message, Ajaero pressed lawmakers to consider updating the country’s labour laws to safeguard workers effectively.
He emphasized that the current economic challenges faced by workers due to inflation and rising costs of living necessitate robust legislative frameworks.
Ajaero urged the lawmakers to “review and update our labour laws to reflect the realities of today’s economy and protect our people.
“This includes ensuring fair wages, safe working conditions, and protection against unfair labour practices. We call on the National Assembly to join us in calling on the executive to transmit to the Assembly the bill on the reviewed labour administration laws which had gone through the tripartite process some years back but seemed to have been impounded by the executive.
“NASS should work with the tripartite to establish mechanisms for regular and systematic review of wage levels to ensure they keep pace with inflation and the cost of living.
“Workers are not beggars neither are they slaves. We create wealth and we deserve a healthy portion of it. The present angst in the country can only be assuaged by reasonable income to Nigerian people and workers.
“Our lawmakers should lay more focus on strengthening social security systems to provide a safety net for workers during times of economic hardship, unemployment, or health emergencies.
“Seek ways to make laws for effective social dialogue which will foster an inclusive dialogue between the government, employers, and labour unions to ensure policies are balanced, fair, and effectively address the needs of all stakeholders.
“The legislature should make laws that encourage continuous investment in education and vocational training to equip our workforce with the skills needed to thrive in a dynamic and evolving job market.”
[NaijaNews]
Renowned Islamic scholar and leader of Tijjaniyyah adherents, Sheikh Dahiru Usman Bauchi, has reached the milestone age of 100 years according to the Islamic calendar. Born on the 2nd of Almuharram 1346 A.H. (equivalent to 100 years yesterday , Sheikh Bauchi’s contributions to Islamic scholarship and education have been widely celebrated.
Born in Nafada, initially part of Bauchi State but now under Gombe State, Sheikh Bauchi currently resides in Kofar Gombe.
He began his Islamic education under the tutelage of his father, Alhaji Usman, becoming a Hafizul Qur-ān (memoriser of the Glorious Qur-ān) before the age of 20. He furthered his studies under numerous esteemed Islamic scholars both within and outside Nigeria, with Sheikh Ibrāhīm Inyass being his most influential teacher. His profound knowledge led to his recognition as a Professor of Qur-ānic memorisation and education, and he has been honoured as one of the world’s greatest Mufassirun (translators of the Glorious Qur-ān).
Sheikh Bauchi commenced his Tafsīr (Qur-ānic exegesis) in Bauchi State in 1948, dedicating 76 years to translating the Holy Qur-ān. His Tafsīr broadcasts began on Bauchi Radio Corporation in 1976, and later on Radio Nigeria Kaduna in 1980. Today, numerous radio stations across northern Nigeria air his teachings, especially during Ramadan.
With a large family comprising 100 children, 406 grandchildren, and 100 great-grandchildren, Sheikh Bauchi’s legacy of Qur-ān memorisation continues. Remarkably, 78 of his children, over 199 grandchildren, and 12 great-grandchildren are also Hafizul Qur-ān, balancing both Islamic and Western education.
Sheikh Bauchi has performed Hajj 55 times and Umrah (lesser Hajj) 205 times. He has also provided 1,000 houses in Bauchi and Kaduna states, among other northern states, for his children and students to live in free. He has established numerous Islamic schools and farmlands.
Sheikh Bauchi is recognised for his wisdom in preaching, which has led countless individuals to embrace Islam, particularly during Ramadan. He advocates for worshiping only Allāh, seeking forgiveness, and expressing gratitude for divine blessings while sending salutations to Prophet Muhammad (Sallallahu Alaihi Wasallam). As Deputy Chairman of the Fatwa Committee of the Supreme Council of Islamic Affairs, his influence is profound.
While there was no formal celebration for his centenary, disciples and clerics offered special prayers in mosques, expressing gratitude for his life and achievements. They praised his unblemished record of service to Islam and humanity, highlighting his role as a selfless and steadfast leader.
Mallam Ahmad Tijjani Saeed noted, “Maulana Sheikh, as he clocks the century age in good health, leaves a rich legacy of a life lived in the service of Allah, his nation, and humanity.”
Others, including Mallam Ahmad Tijjani Kolo, Sanusi Ahmad, and Muhammad Sogiji, commended Sheikh Bauchi’s courage in speaking against tyranny, corruption, and social ills like immorality, cultism, and drug abuse.
[DailyTrust]
As petrol scarcity bites harder across Nigeria, motorists in Kaduna, Kano and Katsina States are paying through their noses to get the now scarce commodity.
Checks by Correspondents of the News Agency of Nigeria (NAN) in the three states revealed harrowing experiences of the innocent citizens.
NAN also gathered that most of the major and independent marketers had since closed their filling stations.
Also, the few ones that were operating had jerked off the price of the commodity to between N 800 to N1000 , aggravating the already precarious situation.
Similarly, it was observed that petrol black marketers, especially the roadside fuel hawkers were having a field day, with a 4-litre gallon selling for between N 5000 to N6000 .
A cross section of the motorists interviewed told NAN,”We are very dismayed as the obnoxious situation has negatively affected our activities.”
A civil servant, Salisu Baso, lamented that he had to pay double of the transport fare he was hitherto paying to reach his office at the Federal Secretariat, Kawo-Kaduna.
Baso said, ”We don’t even know who is right now. Is it the government or the marketers? It is very unfortunate that they are just passing the buck.
”But, in whatever case, an urgent action should be taken to redress the ugly situation that is jeopardising socio-economic activities in the country.”
For Mrs Franscisca Idika, a trader at the Chechnya market in Kaduna, the lingering petrol scarcity and the soaring prices have badly affected their businesses.
She said,”I have to pay more now to reach the market and we just have to increase the prices of our wares to break even.”
Reports from Kano and Katsina States also revealed a similar disheartening situation of higher prices and endless queues in the few filling stations operating.
Mr Alao Jaremi, an IT expert in Katsina called on the authorities concerned to take urgent measures to ensure the availability of petrol across the country.
”We need the government to swing into action and do the needful to alleviate the suffering of the hapless Nigerians,” Malam Ibrahim Dan-Musa told NAN in Kano.
As the scarcity persists, NNPCL and the oil marketers have been shifting blame on the real causes of the paucity of the commodity.
NNPCL was insisting that the long queues across Nigeria were as a result of disruption of the ship to ship loading of petrol between Mother Vessels and Daughter Vessels, adding, ”this resulted from a recent thunderstorm.”
The national oil company said that adverse weather conditions had also affected berthing at jetties and truck load-outs transportation of products to filling stations, causing a disruption in station supply logistics.
The marketers, however, maintained that they were unable to access the NNPCCL portal to place orders for the commodity.
[DailyPost]
The Federal Road Safety Corps (FRSC) FCT Command has arrested no fewer than 100 traffic offenders in the last one week during the ongoing “Operation Green Light Enforcement” in the city centre.
FCT Sector Commander, Muta’a Chorrie, disclosed this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.
Chorrie lamented that most motorists, especially commercial drivers, have made it a habit to disregard traffic lights.
He warned that the Corps would continue to sanction traffic offenders, regardless of their status, to ensure sanity on the roads.
He also addressed the issue of indiscriminate parking by commercial drivers, saying that the Corps had increased the mobility of patrol personnel to check the excesses of road users.
“The FCT Command has been engaging with Transport Union Leaders in regular meetings to address the menace in the six area councils of the territory.
“We arrested 100 traffic offenders within seven days in FCT. We will not relent until sanity is restored on our highways,” he said.
Chorrie however, appealed to motorists to avoid overloading, as the Corps would not tolerate those who dent the country’s image.
The FRSC boss also advised Nigerians to avoid boarding overloaded vehicles, as they were difficult to maneuver during emergencies.
“With the rainy season setting in, we urge road users to drive within approved speed limits and park at convenient places when the rain is heavy,”he said.
(NAN)
More...
U.S. President, Joe Biden’s personal physician on Tuesday stated that the president had not seen a neurologist outside of his annual physical examination.
This was as a result of the U.S. media reports about a Parkinson’s specialist visiting the White House multiple times.
Biden’s personal physician, Kevin O’Connor, said in a letter published on Monday that neurological specialist Dr Cannard examined President Biden for each of his annual physicals.
“Biden has not seen a neurologist outside of his annual physical,” he said.
O’Connor said Cannard had been visiting patients at the White House for a dozen years and was not chosen because he was a movement disorder specialist.
The statement by Biden’s personal physician comes after a heated debate had broken out at a press conference between journalists and White House press secretary Karine Jean-Pierre.
The New York Times, citing official visitor logs, reported that Cannard had visited the White House eight times since last summer.
Jean-Pierre refused to respond to questions about why Cannard had been visiting the White House regularly over the past few months.
According to O’Connor, the results of the neurological examination by Cannard were made public each time, most recently at the end of February.
The published health report stated that there were no indications of possible strokes or Parkinson’s disease, and that the president showed “no tremor, either at rest or with activity,” the letter said.
Biden, 81, has increasingly faced questions about his mental fitness since his TV debate with Republican challenger Donald Trump.
A debate was sparked in the U.S. over whether Biden is the right Democratic presidential candidate for the November election due to his age.
Biden has rejected any doubts and refuses to take a cognitive health test to assess his mental abilities.
The White House’s recent action is uncommon and indicates the increasing pressure.
The release of the letter likely aims to dispel any rumours suggesting the possibility of Parkinson’s disease.
Jean-Pierre told the press briefing that he was not being treated for the disease.
(dpa/NAN)
Dangote Refinery capable of solving Nigeria’s forex problems; catalysing economic devt, says S&P Global
Admin
S&P Global tours Dangote Refinery, says it can solve Nigeria’s forex problems; catalyse economic devt
… As Dangote reassures on the commencement of petrol production this July
International financial analytics corporation, S&P Global, has described the 650,000 barrels per day (bpd) Dangote Oil Refinery and Petrochemicals company as capable of resolving Nigeria’s foreign exchange (forex) issue and its huge pressure on the local Naira currency, while also catalysing the country’s economic development.
S&P Global, headquartered in Manhattan, New York City, disclosed this during an onsite visit to the Dangote Refinery at Ibeju-Lekki, Lagos as part of its sovereign credit ratings assessment of Nigeria. The team from the international rating agency were accompanied by officials from the Federal Ministry of Finance.
S&P noted that the largest single-train refinery complex in the world would bolster Nigeria's oil sector and, more importantly, also have a positive impact on its growing economy.
Director and Lead Analyst, Sovereign and International Public Finance Ratings, S&P Global Ratings, Ravi Bhatia, who led the delegation to Lagos, said Dangote refinery would transform Nigeria into a net exporter of petroleum products. He added that this transformation is expected to boost revenue generation and alleviate the current pressure on the country’s foreign exchange reserves.
“It is a very impressive facility, able to process 650,000 barrels a day, when in full capacity. It is the largest single-train refinery complex in the world. It came out quite quickly. Nigeria is a big exporter of crude but has issues with importing refined fuels. So, there is a gap in the market where crude can be refined in Nigeria, save money that way, and potentially save some foreign exchange. This will be positive for the economy in the medium term. It looks positive from our assessment,” Bhatia said after an over four-hour tour of the facility.
Also, in a chat with the media, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, who led the team during the tour of the facility, reiterated that by harnessing Africa’s abundant crude oil resources to produce refined products locally, the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity. He also revealed that, as earlier promised, the company will start the production of premium motor spirit (PMS), this month (July).
Noting that products from the $20 billion facility are of high quality and meet international standards, Edwin said it can meet 100 per cent of Nigeria's demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.
The S&P team commended the President of Dangote Industries Limited, Aliko Dangote, for integrating advanced technologies and quality control measures, including a state-of-the-art Central Control Unit ensuring smooth automation of operations.
Other members of the team of the international rating agency include the Associate Director, Sovereign Ratings, Maxmillian McGraw; Director, Corporate Ratings, Omegu Collocott; Senior Analyst, Bank Ratings, Charlotte Masvongo, and Director, Financial Services, Samira Mensah.
Currently operating at 350,000 barrels per day capacity, Edwin said the refinery is slated to scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulphur diesel.
He noted that the refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Oil, conforms to Euro V specifications. In addition, it is designed to comply with US EPA, European Union (EU) emission norms, the Department of Petroleum Resources (DPR) emission/effluent norms, and the African Refiners and Distribution Association (ARDA) standards.
While noting that most refineries were built by foreign companies, he said it is a thing of pride that a Nigerian company designed and built the world’s largest single-train refinery complex while acting directly as its own Engineering, Procurement, and Construction (EPC) contractor. The refinery also incorporates a self-sufficient marine facility capable of handling the world's largest vessels.
“The refinery can produce the best quality products in the world, Euro V grade. It is one of the energy-efficient refineries and it is highly environmentally friendly. It is sophisticated with a high level of automation. The largest single train refinery in the world is 100 per cent designed, engineered, and constructed by a Nigerian company as EPC contractor,” he said.
Nigeria, one of the world’s leading oil-producing countries, exports all its crude oil for refining and subsequently imports refined products due to a lack of operational refineries. It is estimated that Nigeria imports at least 50 million litres of petrol per day to meet domestic demand.
According to data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2023, Nigeria spent approximately N12 trillion on the importation of petroleum products in 2023, including premium motor spirit (PMS), commonly known as petrol. This figure marks an 18.68% increase compared to the N10 trillion spent on fuel imports in 2022.
Associate Director, Sovereign Ratings, S&P Global Rating, Maxmillian McGraw; Senior Analyst, Bank Ratings, Charlotte Masvongo, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin; Director and Lead Analyst, Sovereign and International Public Finance Ratings, Ravi Bhatia, and Director, Corporate Ratings, Omegu Collocott during S&P Global Ratings' site visit to the Dangote Refinery as part of its sovereign credit ratings assessment of Nigeria at the weekend
Associate Director, Sovereign Ratings, S&P Global Rating, Maxmillian McGraw; Senior Analyst, Bank Ratings, Charlotte Masvongo, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin; Director and Lead Analyst, Sovereign and International Public Finance Ratings, Ravi Bhatia, and Director, Corporate Ratings, Omegu Collocott during S&P Global Ratings' site visit to the Dangote Refinery as part of its sovereign credit ratings assessment of Nigeria at the weekend
Members of S&P Global Rating delegation at one of the laboratories during S&P Global Ratings' site visit to the Dangote Refinery as part of its sovereign credit ratings assessment of Nigeria at the weekend
2nd from right: Director, Corporate Ratings, S&P Global Ratings, Omegu Collocott; Associate Director, Sovereign Ratings, Maxmillian McGraw; Senior Analyst, Bank Ratings, Charlotte Masvongo; Director and Lead Analyst, Sovereign and International Public Finance Ratings, Ravi Bhatia, and Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin in a group photograph with staff of the laboratories of Dangote Refinery during S&P Global Ratings' site visit to the Dangote Refinery as part of its sovereign credit ratings assessment of Nigeria at the weekend
[STATE HOUSE PRESS RELEASE] President Tinubu Condoles With Minister of Industry, Trade and Investment, Doris Uzoka-Anite, Over Mother's Passing
Admin![[STATE HOUSE PRESS RELEASE] President Tinubu Condoles With Minister of Industry, Trade and Investment, Doris Uzoka-Anite, Over Mother's Passing](/media/k2/items/cache/14379d1ca0e856692182c2f92863ebae_XS.jpg)
President Bola Tinubu condoles with the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, over the passing of her beloved mother, Mrs. Victoria Immaculata Uzoka.
President Tinubu also commiserates with the entire family of the deceased, and extends his prayers and support to them at this difficult time.
While praying for the repose of the soul of the departed, the President urges the Minister and the Uzoka family to find strength in the peace, charity, and good deeds that the late matriarch's life was defined by.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
The federal government has categorised all electricity companies, including the Generation and Distribution Companies (GenCos and DisCos), as those exempted from the payment of Withholding Tax in the country.
This was contained in the new Withholding Tax regulation document signed by the Minister of Finance, Wale Edun, a copy of which was seen by our reporter.
The new Withholding Tax regulation was proposed by the Tax and Fiscal Policy Committee led by Taiwo Oyedele and took effect from July 1, 2024.
According to the document, the electricity and gas companies are categorised as “manufacturing” and “production” and therefore exempted from Withholding Tax.
According to the Federal Inland Revenue Service (FIRS), Withholding Tax (WHT) serves as a prepayment of Income Tax deducted at rates between 5 and 10 per cent depending on transaction.
Withholding Tax was introduced into Nigeria’s tax system in 1977 as an advance payment of Income Tax on specified transactions.
However, Oyedele said the tax system provided the government with a steady revenue stream and helped curb tax evasion, but that the regime had expanded over time, becoming increasingly complex and burdensome.
He said the complexity led to ambiguities regarding compliance, eligible transactions, applicable rates and the timing of remittance.
He further said the newly approved regime aimed to address the challenges and introduce several key changes.
[DailyTrust]