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Professor of Human Rights and Gender Law, Yinka Olomojobi was shot dead last week Friday by suspected kidnappers at Iperu Remo, Ogun state. Unaware that he would lose his life in the hands of kidnappers, the Babcock University lecturer in this interview, raised concerns on the dire security situation in the country and adviced that government must be firm and resolute in punishing kidnappers and terrorists to serve as deterrent to others. He also spoke on other issues.
Excerpt:
Your new book, “Armed Conflict, The convergence between International human rights law and international humanitarian law,” was launched in January. What was the inspiration behind the book?
I am a scholar and human rights lawyer. In my field, we have a number of books and scholarly articles on human rights but what has been missing are books on international and humanitarian laws. In the context of human rights, the international and humanitarian laws are always left out because it’s still in a growing process. I teach it as a component of human rights but it is limited in its application to fighting wars, and using the elements from distinction proportionality, humanity and those other various elements.
So I decided to put it into a broader picture to let people understand that there is a distinction and convergence between international human rights laws and international humanitarian laws. There is usually a great confusion in the two areas. The confusion is that scholars and lawyers look at them as separate. They believe that International laws can apply in times of war only and international humanitarian rights laws apply only in the absence of war at every other time.
But my argument is that although they are distinct, they are not divergent. So the arguments is that once there is an infringement on the laws of war or how law should be conducted, then there is a violation of human rights.
Do you think Nigeria is adhering to international laws in its fight against insurgency?
When you look at the fight against Boko Haram, it is what we call non International conflict. The reason is that Boko Haram has a command structure and in that regards, the laws of war must be strictly adhered to between Boko Haram fighters and the military. The military must observe the rules and conducts of war as well as Boko Haram terrorist fighters. But usually there is complexity because how does the army identify who Boko Haram fighters are? How do they know those who are combatants? It may be easy to identify soldiers as combatants but the issue is that Boko Haram terrorists are always targeting none combatants. Obviously, they are not obeying the laws of war. In the case of the military, I would also posit that if non-combatant are target in the effort to fight back, then that would clearly be against international laws.
What do think of the FG’s consideration of amnesty for insurgents and terrorists?
On the issue of amnesty, it is very complex because there has been an infringement International humanitarian law and infringement of human rights laws. Once you have infringed on human rights law and the right to life has been taken away, I don’t think they should be allowed to go. There should be some punitive measure, otherwise, this may open the door for other insurgents to carry up arms at the end of the day knowing that there is a gateway to some amnesty.
So what should happen is that everything should be in accordance with the law. They should be tried for breach of international humanitarian laws and for violation of human rights. They should go hand in hand. Same should also apply to other crimes such as kidnapping and corruption which is also becoming a major problem in the country. When people are properly punished for crimes they committed, I believe it will serve as serious deterrent to others.
Do you think Nigeria is winning the war against terrorism and kidnapping?
Once there is a strong division between the privileged and the less-privileged in any country, it’s a pacesetter for terrorism and kidnapping to exist. Go to Somalia and Niger, they are one of the poorest countries in the world. There are Muslims in Ghana, yet they don’t have serious issues of kidnapping and terrorism because what they have is divided. Even in Malawi, the resources are evenly divided. Terrorism and kidnapping is thriving because there is a strong division between ‘haves’ and ‘have nots’. So irrespective of what the government is doing, until there is equal opportunity and level playing ground for everyone, the problem will remain. What happens is that once you give everyone equal economic opportunities, terrorist and kidnapping ideologies will wither away.
The UN humanitarian assembly recently urged the FG to implement #EndSARS report. What are the real implications of not implementing such critical reports?
There are serious implications because if the report comes out and it does indict the leadership of the country, then there will be problem. Recall what happened in Kenya in 2007. It shows that human rights does exist at all times, it does not belong to a state. It is part and parcel of international law. Since 1945, United Nations is there to ensure that all states observe human rights. When human rights are not observed in any state, it is violence against humanity. So my advice is that it is in interest of the country to ensure that recommendations made by the various EndSARS reports are fully implemented.
How can your book help to resolve some of the burning crises in the country?
The major things that make conflict exist is due to poor economy,. I won’t blame it on issues of colonization because we have countries like Malaysia, India and even China that were colonised by the British. The question is, now that we have our own independence, what has African leaders done for Africa? When you have a system of corruption, there will be an endemic system of failure. That is why today in Nigeria, we have the third weakest currency in Africa. The reality is that there is no honest person out there trying to deal with the issues at the federal level. There is no honesty at the top level. In reality, we don’t operate the federal system of government. I will suggest in strong terms that we go back to regionalism. Regionalism is the only way forward. The federal government dishes out allocation and the local government is there doing nothing. With that kind of approach, the system will always failure. It’s not about policies because the system just won’t work.
[Vanguard]
Siminalayi Fubara, governor of Rivers, has redeployed two commissioners in his cabinet in a major shake-up since he took the mantle of leadership of the state.
Tammy Danagogo, secretary to the state government (SSG), announced the development in a statement issued on Tuesday.
Fubara redeployed Zacchaeus Adangor, attorney-general and commissioner for justice, to the ministry of special duties.
The governor also deployed Isaac Kamalu, commissioner for finance, to the ministry of employment generation and economic empowerment.
Danagogo said the commissioners are to hand over to the permanent secretaries in their outgoing ministries, adding that deployment is with immediate effect.
Both commissioners are loyalists of Nyesom Wike, the immediate former governor of Rivers and incumbent minister of the federal capital territory (FCT).
Last year, the commissioners resigned from their positions following the political feud between Wike and Fubara.
They were later reinstated after Wike and Fubara signed a peace accord facilitated by President Bola Tinubu.
Wike and Fubara are locked in a struggle for control of Rivers’ political structure.
The political crisis led to the defection of 27 state house of assembly members, who are loyal to Wike, from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).
The lawmakers have been threatening the govenor with impeachment.
The lawmakers have vetoed the governor in at least three bills after he refused his assent.
Osun State Governor, Ademola Adeleke, revealed that Nigeria’s First Lady, Senator Oluremi Tinubu, once rescued him from media blackmail during his time in the Senate.
The Governor expressed his gratitude to the First Lady during a reception held in her honour, which was attended by other State Governors’ wives at Government House, Oke-Fia, Osogbo.
The reception was held ahead of the Sod Turning of The Alternative High School for Girls.
Adeleke recounted how the First Lady, who was then a Senator in the 8th Senate, came to his aid after the media caught him sleeping during a plenary session. He referred to her as his saving grace.
According to Adeleke, “I want to welcome you to Osun State. You are a detribalised First Lady. I remember that she was my senior colleague at the 8th assembly; there was a time when the media caught me sleeping in the Senate, so they wanted to blackmail me. I told them how tedious our job is in making bills and having several sleepless nights over Nigeria.
“We don’t sleep till 4 a.m. most times. They (the media) were not listening to me, I almost fell for their blackmail. So I ran to Mama (First Lady) when she was going to Lagos, I told her that I wanted to ask her something. I said I was sleeping, and the media came to me that they saw me sleeping, and it seemed they wanted to collect something from me.
“She told me, ‘Ma da won lohun’ (don’t answer them), let them go and write whatever thing they want to write, tell them that you are a human being because they have done that to her before. I made use of what she told me. That helped me out of paying a lot of money. So anytime we have issues, we always go to her because of her wealth of experience.”
[NaijaNews]
Troops of the Nigerian Army have eliminated two terrorists and rescued five kidnap victims in Zamfara and Katsina states.
The Nigerian Army announced this on its official X handle (formerly Twitter), saying troops deployed in Zurmi Local Government Area of Zamfara State responded to a distress call on the attack of some farmers by terrorists along Gidan Shaho Road.
The terrorists on sighting troops, fled and abandoned the kidnap victims who were subsequently rescued, the statement said.
Nigerian Army further disclosed that the victims who had been inflicted with gunshot wounds were also promptly evacuated them to the General Hospital for medical attention.
In another development, troops responded to a kidnap incident along Road Fangaltama-Mayanchi in Talata Mafara Local Government Area of Zamfara State, trailing and engaged the fleeing criminals in a firefight where two of the kidnappers were killed.
Five commuters were similarly rescued and two AK-47 rifles, 8 rounds of 7.62 mm (Special) ammunition and two mobile phones were recovered from the terrorists.
In another joint clearance operation with the Kastina State Civilian Joint Task Force, troops successfully cleared suspected terrorists’ hideouts at Shawu, Dugun Fakwu, and Tafki Villages in Faskari Local Government Area of Katsina State.
One fabricated gun and other dangerous weapons were recovered by the troops during the operation.
[Leadership]
In a Historic Move, FG Transfers Regulatory Oversight of Enugu Electricity Market to State Govt
AdminFollowing the Enugu State Electricity Law signed by Governor Peter Mbah and the recent constitution of the Enugu State Electricity Regulatory Commission, ESERC, by the Mbah Administration, the Nigerian Electricity Regulatory Commission (NERC) has, in a historic move, formerly transferred the regulatory oversight of the Enugu State electricity market to the state agency effective May 1, 2024.
This is a landmark development in the nation’s power sector, being the first time NERC would be ceding such regulatory authority to any state electricity regulatory agency.
The transfer was made known by NERC on Monday in an April 22, 2024 Order No. NERC/2024/039 signed by the Commission’s Chairman, Sanusi Garba, and the Commissioner for Legal, Licensing and Compliance, Dafe Akpeneye.
The transfer is sequel to the amendments of the Paragraph 14 (b) of the Second Schedule to the 1999 Constitution by the 9th National Assembly in 2023 as well as the Electricity Act 2023, both of which effectively devolved power generation, transmission, and distribution from the Exclusive List to the Concurrent List and also empowered the states to manage and regulate their electricity markets within their jurisdictions.
It is recalled that the Mbah Administration initiated the Enugu State Electricity Bill 2023, which the governor signed into Law in September the same year and also set the pace in March 2024 by constituting the Enugu State Electricity Regulatory Commission (ESERC) led by Chijioke Okonkwo as the Chairman/CEO.
The Electricity Act 2023 provides that within 45 days of receiving formal notification of the enactment of the law under subsection (1), the commission (NERC) shall draw and deliver to the state regulator a draft order setting out a plan and timeline for the transition of regulatory responsibilities from the commission to the state regulator, which transition shall be completed not later than 6 months from the date on which the formal notification in subsection (1) was delivered to the commission.
Explaining further, NERC says the ESERC now holds the exclusive power to set and adopt end-user electricity tariffs within Enugu State, tailoring charges to local conditions and requirements.
Also, while ESERC manages local tariff methodologies, any electricity sourced from grid-connected plants and the related tariffs for generation and transmission services must still receive approval from the Nigerian Electricity Regulatory Commission (NERC), ensuring alignment with national energy policies.
Furthermore, the final tariffs approved by ESERC for consumers in Enugu State will be definitive for the state, with the Enugu State Government responsible for supporting and implementing tariff-related policies, ensuring that electricity pricing is both fair and attuned to the specific needs of the state’s residents.
Consequently, NERC ordered that: “Enugu Electricity Distribution Company PLC, EEDC, is hereby directed to incorporate a subsidiary EEDC SubCo under the Companies and Allied Matters Act for the assumption of responsibilities for intrastate supply and distribution of electricity in Enugu State from EEDC.
“EEDC shall complete the incorporation of EEDC SubCo within 60 days from the effective date of this Order and, EEDC SubCo shall apply for and obtain a licence for the intrastate supply and distribution of electricity from EERC.
“EEDC shall identify the actual geographic boundaries of Enugu State and carve out its network in Enugu State as a standalone network with the installation of boundary meters at all border points where the network crosses from Enugu State into another state.
“EEDC shall create an Asset Register of all its power infrastructure located within Enugu State.
“Evaluate and apportion contractual obligations and liabilities attributable to EEDC’s operations of its subsidiary in Enugu State.
“Identify all the applicable trading points for energy offtake for the operations of EEDC SubCo in Enugu State
“Confirm the number of employees that are required to provide service to Enugu State as a standalone public utility; and transfer the identified assets for operations in Enugu State, contractual obligations, liabilities and employees to EEDC Subco.”
[ThisDay]
Chairman of the Economic and Financial Crimes Commission (EFCC), has narrated an encounter he had with the immediate past governor of Kogi State, Yahaya Bello, over a probe by the agency.
Speaking with select Editors in Abuja on Tuesday, the anti-graft czar said he decided to speak personally with Bello to honour him as a former governor.
He said Bello initially gave the excuse that one of his political opponents had sent pressmen to the commission’s head office so as to embarrass him when he arrived there.
According to Olukoyede, when he gave Bello the option of using an entrance that is exclusively meant for him as chairman, the narrative changed.
“I didn’t initiate the case against Yahaya Bello; when I assumed office, I inherited the case file and I said there are issues here. Do you know that on my own, on my honour, I put a call across to him, which I am not supposed to ordinarily do. Just to honour him a serving governor. I said, ‘Sir, there are issues. I have seen this case file, Can you just come to clarify these issues?’ And he said, I thank you my brother, but you see I can’t come. There’s one lady, a senator, who has surrounded EFCC with over 100 journalists to embarrass him.
“I said ok if that’s the case, I would pass you through my gate and you will be interrogated on my floor. I will invite the interrogators to my office to interview with you. What could be more honourable than that? ‘But do you know what he said?’ He said, can’t then come to my village? Imagine that’s what he told me.”
Narrating what happened on the day EFCC officials laid siege to Bello’s house in Wuse, Zone 4, Abuja, the anti-graft Czar said, “As early as 7 am, my men were there. Over 50 of them. They mounted surveillance. We met over 30 armed policemen there. We would have exchanged fire and there would have been casualties. My men were about to move in when the governor of Kogi drove in and they later changed the narrative.”
['DailyTrust]
The Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, on Tuesday, said the Commission has discovered another worse scheme other than crypto trading platform, Binance and its system.
Olukoyede said EFCC has frozen about 300 accounts to ensure the safety of the foreign exchange market.
The scheme popularly called the “P to P” peer- peer financial trading scheme has operated outside the official banking and financial corridors and there was a looming disaster that could further crashed the Naira value that has continued to gain.
“There are people in this country doing worse than Binance,” he said.
He added that over $15bn passed through one of the platforms in the last one year, outside the financial regulations.
[DailyPost]
The Federal Government has launched a new platform aimed at strengthening the efficiency and transparency of its import duty exemption programme.
The Incentive Monitoring and Evaluation Platform (IMEP) will be integrated into the existing Import Duty Exemption Certificate (IDEC) programme, according to Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The IDEC programme offers strategic import duty reductions for priority sectors critical to national development, such as manufacturing, agriculture, and healthcare.
The introduction of IMEP signifies the government’s commitment to ensuring these exemptions are used effectively to stimulate economic growth.
“The newly launched IMEP ensures that only eligible entities benefit from the IDEC program,” Edun explained in Abuja on Tuesday.
“This rigorous enforcement will optimise tax expenditures by reducing waste, blocking leakages, and ultimately fostering a more equitable economic environment,” he added.
The IMEP offers a suite of features designed to enhance transparency and accountability within the IDEC program. These features include: automated claw-back mechanism which ensures that any entity found to be misusing exemptions will be required to repay the import duties they avoided.
Others include real-time e-reporting where stakeholders will benefit from immediate access to electronic reports, streamlining the verification process and a centralized database with a comprehensive database designed to improve efficiency and provide a clear picture of how exemptions are being utilized.
The government sees the IMEP as a critical tool for ensuring tax breaks are strategically allocated to maximise their economic impact. “IMEP’s precise monitoring capabilities will allow for a more strategic allocation of exemptions,” Edun noted. “This will ultimately support the government’s objective of reducing tax expenditures overall.”
To acquaint stakeholders with the upgraded IDEC framework, the Ministry of Finance will be hosting a webinar on Thursday, April 25th, 2024, at noon WAT.
This session will provide key industry participants, including manufacturers, importers, representatives from relevant government ministries, and NGOs, with an opportunity to learn more about the IMEP’s features and the benefits it offers.
Those interested in attending the webinar can find registration details on the Ministry of Finance’s website and the IDEC YouTube channel.
The launch of the IMEP signifies the government’s ongoing efforts to promote a more efficient and equitable business environment in Nigeria.
By ensuring that import duty exemptions are used strategically and effectively, the government aims to bolster economic growth while minimizing wasteful spending.
[TheNation]
A businessman, known as AIS_Savita on an X post on Tuesday, lodged a complaint against Moniepoint Microfinance Bank, alleging the restriction of his account holding a credit balance of N700m.
He called on the Central Bank of Nigeria and the Economic and Financial Crimes Commission to intervene promptly.
In a video shared on Tuesday, AIS_Savita highlighted that he had conducted transactions totalling nearly N700m with Moniepoint MFB within four months before his account was inexplicably restricted.
He stated that several attempts to ascertain the reason for the restriction were unsuccessful.
Presenting evidence from his transaction history, AIS_Savita emphasised the absence of any irregular transaction as claimed by Moniepoint MFB.
He expressed concerns that such actions by the bank could adversely affect his business operations and demanded transparency and accountability.
AIS_Savita urged the CBN and EFCC to investigate the matter thoroughly, asserting that Moniepoint MFB’s actions could constitute financial fraud.
He cautioned other account holders to remain vigilant and called for greater scrutiny of the bank’s practices to prevent similar incidents.
“I have transacted almost N700m in less than four months with Moniepoint Nigeria, but my account was suddenly restricted without any reason given.
“I believe this is a case of massive financial fraud and I demand that the Central Bank of Nigeria and the Economic and Financial Crimes Commission investigate. MoneyPoint Nigeria has been rolling down business accounts, restricting them without any justifiable reason, and I am not alone in this experience”, he tweeted.
- _Savita (@smartakukoma) / X (twitter.com), showed the transaction history and other financial details between him and Moniepoint Nigeria while claiming that his business account was just restricted to fail his customers. “So, why will you wake up early morning and decide to restrict an account, a business account?”
Speaking in the video evidence seen and monitored by PUNCH Online, he said, “Dear CBN, dear EFCC, it’s time you look at Moniepoint and what they have been doing with businesses. They have been running down businesses and restricting business accounts.
“I woke up on Sunday, suddenly around 1:57 a.m. on the 14th of April when Moniepoint restricted my account and sent me a message that my account was restricted.
“It was on a Sunday morning and I waited till Monday. I called them. Why did you restrict my account? They couldn’t give me any reason for restricting my account. I reached out to them again many times they could not give me a reason. They only told me that I should wait until the investigation was going on. I waited for so long. I have to write them on X right here.
“Here is the Moniepoint chat trend. They said that “an erroneous transaction of 965,000 445 occurred in my account on the 9th of April”. I said all right. Is there any information you need me to provide for you to unrestrict my account so that I can continue my business? They did not give me any feedback. They only said that I should wait. I said Okay. I have to check my account statements.”
Efforts by our correspondent to get the reactions of the CBN remained unsuccessful as both calls and messages sent to the Acting Director of Corporate Communications, CBN, Hakama Sidi-Ali; and the Assistant Director, Lekan Ajayi, were not successful.
Punch Online checks on @moneypoint Nigeria showed that the lender responded to AIS_Savita, apologising, ”for the inconvenience caused.”
“Hello there, we are sorry about the experience with your account and for the inconvenience caused.
“As discussed via DM, your account was flagged for a transaction. The lien will be reviewed after the reconciliation and feedback provided. Thank you for your patience”, Moniepoint wrote on his X handle at @Moniepoint Nigeria.
[Punch]
President Bola Tinubu has approved the appointment of 12 consuls-general and five chargés d’affaires to represent Nigeria in 14 countries.
The minister of Foreign Affairs, Yusuf Tuggar disclosed this announcement in a statement on Tuesday.
Tuggar, in a statement by his Special Assistant on Media and Communications Strategy, Alkasim Abdulkadir, charged the newly appointed Chargé D’affaires and Consuls General to be good ambassadors of Nigeria.
The minister said the new appointees are pivotal to the economic drive of President Bola Tinubu.
He further stressed that as seasoned career diplomats, they should shun the act of politicking and recommit themselves to their calling of diplomacy for Nigeria’s collective interest and development.
Reacting on behalf of the new appointees, the just appointed Consul General for the Consulate in New York, Ambassador Abubakar Jidda, reiterated his colleagues’ commitment to uphold the profession’s ethos and pledged to bring the much-needed investments to the country.
He thanked President Bola Ahmed Tinubu and the Ministry of Foreign Affairs for the confidence reposed in them.
Names of Chargé D’affaires and missions posted include Amb. Saidu Dodo Damascus, Syria); Amb. Patrick Imoudu Imologhome (Pyongyang, Democratic People’s Republic of Korea); Amb. Francisca Omayuli (Singapore, Singapore); Amb. Babagana Ahmadu (Bangui, Central African Republic); and Amb. Mohammed Mohammed (Tripoli, Libya).
Also, the newly appointed Consul General and their consulates, including Amb. Auwalu Namadina (Atlanta, USA); Amb. Nnamdi Nze (Bata, Equatorial Guinea); Amb. Francis Enya (Douala, Cameroon); Amb. Gbadebo Afolabi (Shanghai, China); Amb. Oludare Folowosele (Hong Kong, China); Amb. Abubakar Jidda, (New York, USA); Amb. Yakubu Dadu (Frankfurt, Germany); Amb. Taofik Coker (Buea, Cameroon); Amb. George Onwuekwe (Guangzhou, China); Amb. Umar Bashir (Johannesburg, South Africa); Amb. Zayyan Ibrahim (Dubai, UAE); and Amb. Muazam Nayaya (Jeddah, Saudi Arabia).
[Vanguard]
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Ola Olukoyede, chair of the Economic and Financial Crimes Commission (EFCC), says he will tender his resignation if he does not prosecute Yahaya Bello, former governor of Kogi state, to a logical conclusion.
Olukoyede spoke in Abuja on Tuesday during an interactive session with media executives.
“If I do not personally oversee the completion of the investigation regarding Yahaya Bello, I will tender my resignation as the EFCC chair,” he said.
The EFCC boss also vowed that everyone involved in obstructing Bello’s arrest from his Abuja residence will face the full wrath of the law.
He also said he invited Bello to his office for a more respectful and dignified interrogation, but that the ex-governor wanted EFCC operatives to grill him in his village instead.
“I called Yahaya Bello, as a serving governor, to come to my office to clear himself. I shouldn’t have done that,” he said.
“But he said because a certain senator has planted over 100 journalists in my office, he would not come.
“I told him that he would be allowed to use my private gate to give him a cover, but he said my men should come to his village to interrogate him.”
Olukoyede said the EFCC did not violate any law while trying to arrest the former governor from his residence.
“Rather, we have obeyed the law. I inherited the case and I didn’t create it. Why has he not submitted himself to the law?” he asked.
“I have arraigned two past governors who have been granted bail now — Willie Obiano and Abdulfatah Ahmed.
“We would have gone after Bello since January but we waited for the court order.
“As early as 7 am, my gallant men were there. Over 50 of them. They mounted surveillance.
“We met over 30 armed policemen there. We would have exchanged fire and there would have been casualties.
“My men were about to move in when the governor of Kogi drove in and they later changed the narrative.”
He vowed that all those who have dipped their hands into the public till would be investigated and prosecuted.
“If I can do Obiano, Abdulfatah Ahmed and Chief Olu Agunloye, my kinsman, why not Yahaya Bello?” Olukoyede said.
The EFCC is prosecuting Bello on 19 counts bordering on alleged money laundering and misappropriation of public funds to the tune of N80.2 billion.
[TheCable]
Ihedioha resigns from PDP: Former Imo State governor, Emeka Ihedioha, has tendered his resignation to the Peoples Democratic Party (PDP), citing a misalignment between his personal beliefs and the current trajectory of the party.
In a resignation letter addressed to the chairman of his constituency, Mbutu Ward, Aboh Mbaise Local Government Area of Imo State, Ihedioha expressed his dedication to the advancement of democracy and good governance in Nigeria despite his decision to step away from the party.
Having been a member of the PDP since its inception in 1998, Ihedioha highlighted his contributions to the growth and evolution of the party, noting its historical commitment to internal reforms and providing credible leadership both in and out of power.
However, Ihedioha lamented recent developments within the party, stating that it has deviated from its core principles. He voiced concerns over the party’s inability to enact internal reforms, uphold its own regulations, and effectively oppose the ruling All Progressives Congress (APC).
The letter reads, “Since 1998, I have contributed my quota to the development and transformation of the Peoples Democratic Party (PDP) as one of the founding members. All these years, I have taken pride in the fact that the PDP is a party that will always look inward for internal reforms and provide credible leadership for the people, whether in power or outside power. I have had the benefit of serving and benefiting from the party at various levels.
“Regrettably, in recent times, the party has taken on a path that is at variance with my personal beliefs. Despite my attempt to offer counsel, the party is, sadly, no longer able to carry out internal reforms, enforce its own rules or offer credible opposition to the ruling All Progressives Congress.’
“It is in the light of the foregoing, that I am compelled to offer my resignation from the People’s Democratic Party effective immediately. While the decision was difficult to take, I, however, believe that it is the right one. Despite this resignation, I will always be available to offer my services towards the deepening of democracy and good governance in Nigeria.”
Dangote Petroleum Refinery has again announced a further reduction in the prices of both diesel and aviation fuel to N940, N980 per litre respectively.
This is coming at the wake of its widely celebrated price reduction to N1,000 barely two weeks ago.
The price change of N940 is applicable to customers buying five million litres and above from the refinery, while the price of N970 is for customers buying one million litres and above.
Speaking on the new development, the Head of Communication, Mr Anthony Chiejina, explained that the new price is in consonance with the company’s commitment to cushion the effect of economic hardship in Nigeria.
Chiejina said, “I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable price, in all their stations be it Lagos or Maiduguri. You can buy as low as 1 litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates.”
He further stated that the partnership will be extended to other major oil marketers.
“The essence of this is to ensure that retail buyers do not buy at exorbitant prices. The Dangote Group is committed to ensuring that Nigerians have a better welfare and as such, we are happy to announce these new prices and hope that it would go a long way to cushion the effect of economic challenges in the country,” he added.
It would be recalled that the management of Dangote Petroleum Refinery announced a further reduction of the price of diesel from N1200 to N1,000 per litre barely two weeks ago.
This marks the third major reduction in diesel price in less than three weeks when the product sold at N1,700 to N1,200 and also a further reduction to N1,000 and now N940 for diesel and N980 for aviation fuel per litre.
Nigerian President Bola Tinubu had also commended Mr Dangote for the initial price reduction, describing it as an “enterprising feat.”
Reacting to the latest development, the Director General of the Manufacturers Association of Nigeria (MAN), Mr Ajayi Kadiri, said that, “The decision of Dangote Refinery to first crash the price from about N1,750/litre to N1,200/litre, N1,000/litre and now N940 is an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.”
He added that, “The trickle down effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, in the midst of inadequate and rising cost of electricity.
“The reduction will have far-reaching effects in critical sectors like industrial operations, transportation, logistics, and agriculture, contributing to easing the high inflation rate in the country; a lot of companies will be back in operation.”
The Central Bank of Nigeria (CBN) has notified Bureau De Change (BDC) operators of the sale of $10,000 at the rate of ₦1,021/$1.
The notification of discounted sales was contained in a fresh statement by the apex bank to the BDC operators.
This move marks the second of such sale this month and the fourth in the current year which is aimed at addressing the retail-end market, particularly for transactions such as travel allowances, tuition fees, and medical payments.
This policy allows the CBN to sell a total of $10,000 to each eligible BDC, who in turn sell to end users with a maximum markup of 1.5% over the buying price in order to prevent price gouging and ensure that the benefits of the discounted rate are transferred to consumers needing foreign exchange for various personal transactions.
The CBN circular on the fresh sale reads: “We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price.
“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today, Monday April 22, 2024, and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.”
Naija News recalls the CBN, in February 2024, announced the sale of $20,000 to each BDCS at the rate of N1,301/$. By the second attempt, the bank reduced the allocation by 50% and sold FX at a rate of N1,251/$1. Earlier this month, the apex bank had a sale of $10,000 to each BDC at a rate of N1,101/$1.