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The Ministers of Agriculture and Food Security, Abubakar Kyari, his Science, Technology, and Innovation counterpart, Uche Nnaji, and Budget and Economic Planning, Atiku Bagudu, are some of the high-profile government functionaries expected to appear before the House of Representatives Committee on Renewable Energy on Wednesday.
The Committee, chaired by the member representing Ogbaru Federal Constituency, Anambra State, Afam Ogene is investigating the utilisation of over $2bn investment and grants for the development of renewable energy sources in Nigeria from 2015 till date.
The committee argued last week that despite the huge grants and investment in the sector, the power supply in the country has continued to worsen.
Scheduled for Tuesday and Wednesday, 5 and 6 November 2024, the investigative hearing follows the mandate given to the Committee on June 6, 2024, to investigate Ministries, Departments, and Agencies involved in investments, procurement, and receipt of grants for renewable energy sector development.
At the commencement of the investigative hearing on Tuesday, none of the ministers showed up, preferring to send representatives, most of whom were asked to return to their various offices.
Expressing his disappointment at the turnout, Ogene urged the concerned ministers and other government officials to appear before the Committee unfailingly on Wednesday.
The Labour Party lawmaker reminded representatives of invited government officials that the power to summon public officers for investigation is vested in both chambers of the National Assembly.
He said, “Let me state this again: Section 81 (1) of the Constitution of the Federal Republic of Nigeria (As amended) provides that ‘Each House of the National Assembly shall have power by resolution published in its journal or in the official Gazette of the Government of the Federation to direct an investigation into any matter or thing with respect to which it has the power to make laws.”
He added that this power includes probing into “the conduct of affairs of any person, authority, Ministry or government department charged, or intended to be charged, with the duty of or responsibility for executing or administering monies appropriated or to be appropriated by the National Assembly.”
At the commencement of the hearing, Ogene called on the Budget and Economic Planning to appear before the committee to make his presentation. However, a director in the ministry, Felix Okonkwo, appeared on behalf of the minister.
Asked if he had the mandate of the minister to speak, Okonkwo said, “I can take some responsibilities but not all.”
Not pleased with the remark, Ogene urged him to go back and inform his principal to physically appear on Wednesday.
“Tell your minister to appear before this committee on Wednesday. It is not meant to witch-hunt anybody. A situation where invitations are sent about three times to heads of MDAs and they would still not appear to make their presentations is not acceptable,” he said.
The story was no different when Deputy Director of the Ministry of Science and Technology, Suleiman Abubakar, stood in for the minister.
Asked if he was delegated to speak for the minister, Suleiman said his directorate mandated him to attend the investigative hearing.
Ruling on the development, Ogene said, “You have no locus to stand in for the Minister. He should appear in person on Wednesday. We wrote to the Minister, not a directorate.”
Also expected at the investigative hearing on Wednesday are the Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, Office of the Accountant General of the Federation, Union Bank of Nigeria, Niger Delta Power Holding Company and Union Bank of Nigeria Plc.
[Punch]
Protesters storm National Assembly over hardship, demand removal of Mele Kyari over failure to fix refineries
AFOLABI
A large crowd of activists flooded Abuja’s Three Arms Zone, yesterday, demanding sweeping reforms in the oil sector.
Organised by the APC Solidarity and Development Forum and comprising youth and civil society organisations, the protesters expressed frustration over soaring fuel prices, persistent fuel scarcity, and the intensifying economic hardship affecting Nigerians.
Speaking to journalists during the protest held near the National Assembly Complex, group leaders Kabir Matazu and Danielsi Momoh described the ongoing fuel crisis as a reflection of systemic failures within the industry.
In a letter addressed to Senate President, Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas, they argued that despite repeated assurances from authorities, shortages and high prices continue to persist, impacting citizens and eroding public trust in the government’s management of oil resources.
The protesters highlighted the lack of operational local refineries, despite a $4 billion government investment, as a significant oversight and management failure.
They contended that the government’s inaction not only undermines the administration’s ‘renewed hope’ agenda but also underscores the need for a leadership change focused on accountability.
Additionally, they pointed out the absence of a clear plan to revitalise and operate local refineries as a major concern.
Concerns over unresolved corruption within the sector were also raised, with calls on the National Assembly to implement stringent measures to prevent the importation of substandard petroleum products, which threaten public health and safety.
The protesters demanded the establishment of an investigative committee to address alleged misconduct, with any official implicated prosecuted the through anti-corruption agencies.
They further called on the National Assembly to act decisively to reform the industry, ensuring it operates efficiently and supports the nation’s economic welfare.
The protest leaders stated, “We demand a clear roadmap for the revitalization and operationalisation of our local refineries to ensure self-sufficiency in petroleum products and reduce reliance on imports.
“The National Assembly must enact and enforce strict regulations to prevent the importation of substandard petroleum products, protecting the health and safety of Nigerians.
“We urge the President to appoint a qualified individual who possesses the integrity and expertise necessary to navigate the complexities of the oil sector and restore public confidence.
“We call for the immediate establishment of a committee to investigate the ongoing allegations of sleaze and fraud within the oil sector.”
Furthermore, we demand that those responsible be held accountable and handed over to the Economic and Financial Crimes Commission, EFCC, for prosecution.”
Donald Trump is now 24 electoral college votes away from winning the United States presidential election.
The Republican Party candidate has now amassed 246 electoral college votes, with Vice President Kamala Harris of the Democratic Party polling 210 electoral college votes at the time of reporting.
There are 538 votes in the electoral college and it takes 270 — a majority — to win the presidency.
Trump is now projected to win the battleground state of North Carolina and the swing state of Georgia, leaving Harris with a mountain to climb. There is currently no realistic pathway to a Harris victory.
A “hush” has descended on the Harris campaign headquarters, with various outlets reporting that the campaign would no longer be talking to the press until it is done and dusted.
The US presidential election has been a keenly contested one and was considered “neck-and-neck” and “too close to call” even before the first mail-in ballots were cast.
Immigration, border security and inflation were Trump’s strongest campaign points, while Harris campaigned on reproductive rights for women and building “an opportunity economy”.
Harris entered the race in July after US President Joe Biden’s shaky debate performance in June.
Barack Obama, a former US president, and a slew of celebrities had acted as Harris surrogates on the campaign trail.
Trump has promised to “tighten the border” and “root out illegal immigrants” if re-elected. The Republican Party candidate has repeatedly described the Democratic Party as “weak”.
The Republican Party has also taken control of the senate.
The Federal High Court in Abuja has terminated the treason charges brought against the #EndBadGovernance protesters by the Inspector General of Police.
Justice Obiora Egwuatu threw out the charges on Tuesday upon its withdrawal by the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi SAN on behalf of the Federal Government.
Fagbemi SAN represented by the Director of Public Prosecution of the Federation DPPF M.D Abubakar had at the proceedings announced his exercise of section 174 of the 1999 Constitution to take over the case from the Inspector General of Police.
Upon the grant of the request by Justice Egwuatu, the AGF proceeded to request for invocation of the same section of the Constitution to discontinue the trial of the 150 accused persons.
Following no objections to the request from various lawyers representing the accused persons, Justice Egwuatu granted the request and struck out the charges.
Although, the accused persons were not in court, the Judge ordered their immediate release from prison remand.
President Bola Tinubu had on Monday directed the AGF to terminate the charges against the accused persons, most of who are said to be minors and prohibited by law from facing such trial.
Voting in Dixville Notch, New Hampshire have resulted in a tie after Vice President Kamala Harris and former President Donald Trump both secured three votes in the ongoing United States (US) presidential election.
Harris and Trump are tied with three votes each in the first result produced on election day.
Dixville Notch, where there are just six voters, has a tradition dating back to 1960 for being the first town in the country to complete in-person voting.
An accordion version of the US national anthem rang out before voters cast their ballots at midnight.
The count was completed 15 minutes later.
Details later….
Governor Lucky Aiyedatiwa of Ondo State has signed the 2024 supplementary budget of N96.7 billion appropriation bill into law, capturing the N73.000 minimum wage and salaries of newly recruited workers.
The Governor also signed into law the law expanding the board of the State Oil Producing Area Development Commission (OSOPADEC).
The signing of the law brought the total budget for 2024 to a total of Four hundred and ninety-two billion, forty-five million, one hundred thousand naira.
This is made up of recurrent expenditure of N246, 727, 852, 786 and capital expenditure of N245, 317, 247, 214.
The supplementary budget captured the payment of the new minimum wage of N73,000 recently approved for workers by the Governor, as well as the salaries of newly recruited workers across various sectors.
Governor Aiyedatiwa said the supplementary budget reflected the determination of his administration to cater for the welfare of workers and the overall development of the state.
The Governor also signed into law the bill providing for the expansion of the board of the OSOPADEC, saying the new law will ensure inclusivity and better equitable representation from the mandate areas.
Governor Aiyedatiwa also signed the Amendment of the Ondo State House of Assembly Service Commission Law, thanking the leadership and members of the House of Assembly for their diligent efforts on the bills.
Speaking at the event, the Speaker of the House of Assembly, Rt Hon Olamide Oladiji, commended the leadership style of the Governor and the various milestones he has achieved since he assumed office.
Oladiji said: “These giant strides have not only transformed the State in all facets but have demonstrated your vision, capacity, intellectual ability, zeal, passion, direction, and a clear understanding of the enormous job ahead.
“I want to, on behalf of my colleagues, assure Mr. Governor of our continuous support and cooperation to ensure the success of this administration. It is therefore hoped that the implementation of these Laws will impact meaningfully on the lives of the good people of the State.”
President Bola Tinubu on Monday announced that Nigeria’s debt service-to-revenue ratio has decreased from approximately 97 per cent when he assumed office 17 months ago to 65 per cent currently.
Tinubu stated that his administration has managed to keep the country afloat despite inheriting an economy on the brink of bankruptcy.
The President stated while swearing in seven new ministers at the Council Chamber of the State House, Abuja.
He said, “For us, it was a challenge when the nation was servicing its debt with 97 per cent of its revenue. It was nothing but the edge of the cliff.
“But today, I can report to you that we have brought that down to 65 per cent, and we have never defaulted in meeting all obligations, both foreign and domestic.
“We have our head above water. All other countries around us and across the world are also facing challenges.”
His comments follow Afreximbank’s recent prediction that Nigeria’s debt service-to-revenue ratio could reach 110.4 per cent in 2024.
“The debt service-to-revenue ratio has increased significantly, from 33.8% in 2017 to a projected 110.4% in 2024, signalling potential difficulties in meeting debt servicing obligations relative to revenue generation,” Afreximbank said in its ‘Nigeria Country Brief 2024’ report in July.
This brief analysed Nigeria’s economic performance, trade dynamics, fiscal policies, and financial sector developments.
It showed that Nigeria’s debt servicing bill consumed 66.9 per cent (₦5.79tn) of the total revenue of ₦8.65tn in the first nine months of 2023, compared to 99.3 per cent (₦4.23tn) in the same period of 2022.
However, Afreximbank suggested that the ratio could drop to 62.6 per cent by 2025 with continued structural reforms and fiscal management by the government.
Tinubu expressed optimism about economic recovery, stating that the country is on a “good path” despite the cost-of-living crisis sparked by months of strict economic reforms.
The President said, “We have taken the bull by the horns. We have stopped the scavengers. We will fully put an end to the profiteers and smugglers of our resources across the country.
“We are not shirking our responsibility; we are confronting it head-on.
“Economic recovery is on the horizon. We are on a good path to realise our dreams, not just for us, but for our children and grandchildren.”
He added, “Despite the challenges, we must undertake the job of re-engineering and retooling this country’s economic path.
“Yes, the cost of living has risen. I acknowledge that. We have fulfilled our obligation of paying a new minimum wage across the board…we are navigating through this and working diligently.”
The new cabinet members took their oaths in two batches—first in groups of four and then of three—after their citations were read by the State House Director of Information, Mr Abiodun Oladunjoye.
The first group included Idi Maiha (Minister of Livestock Development), Yusuf Ata (State, Housing and Urban Development), Dr Suwaiba Ahmad (State, Education), and Bianca Odumegwu-Ojukwu (State, Foreign Affairs).
Afterward, Dr Jumoke Oduwole (Industry, Trade and Investment), Dr Nentawe Yilwatda (Humanitarian Affairs and Poverty Reduction), and Muhammadu Dingyadi (Minister of Labour & Employment) took their oaths before the President.
In a significant cabinet reshuffle on October 23, Tinubu re-assigned 10 ministers to new portfolios, discharged five others, and nominated seven new ministers for confirmation by the Senate.
The Governor of Akwa Ibom State, Umo Eno has once again addressed those criticising him for delegating the duties of the First Lady to his daughter Helen Obareki following the death of her mother, Patience Umo Eno.
Obareki was appointed by governor Eno following the sudden death of his wife who was the coordinator of Golden Initiative For All (GIFA), a pet project which was used as a platform to touch many lives.
While some people say the appointment should have been silent about the office of the First Lady and perhaps concentrated on the coordination of GIFA activities, others say by appointing his daughter as the First Lady and GIFA coordinator, the governor has given recognition to an office which has not been provided for in the country’s constitition.
However, responding to the criticism, Eno explained that the coordination of activities and engagements of women in the state rest solely on the shoulders of the Commissioner for Women Affairs and Social Welfare.
He stated this at the national combined service of the All Nations Christian Ministry International in Eket LGA.
The Governor said that the responsibilities of the Ministry of Women Affairs were well spelt-out in relation to the management of women affairs, stressing that there shouldn’t be any form of conflict, ambiguity or confusion between its role and that of the Office of the First Lady and its pet project, the Golden Initiative For All, GIFA.
He said all the aides to the Governor on women mobilisation were expected to work with the Commissioner for Women Affairs to ensure seamless coordination of all women related matters in the State.
The Governor who reiterated that Obareki is the Coordinator of the Office of First Lady, and the Golden Initiative for All, added that GIFA, besides being a pet- project of the late First Lady, the programme would outlive the office, and remains a foundation in her memory, for the purpose of continuously touching lives.
He explained that the choice of Obareki as Coordinator of the Office of the First Lady was basically on the grounds of competence having worked closely with her mother, the First Lady, as Personal Assistant, a position that gave her vantage opportunity to understudy her.
He said that besides being his first daughter, Obareki’s experiences over the years distinguished her as the most competent person to coordinate the activities of the office.
The Court of Appeal sitting in Abuja, on Monday, discharged and acquitted a former Chief Justice of Nigeria, CJN, Justice Walter Onnoghen, of the charge that led to his removal from office in 2019.
It will be recalled that former President Muhammadu Buhari had on January 25, 2019, about 29 days before the presidential election, suspended Onnoghen from office as the CJN and swore in the next most senior jurist of the Supreme Court, Justice Tanko Muhammad, to take over the leadership of the judiciary.
Onnoghen’s suspension came barely eight hours after he announced his decision to inaugurate judges who would preside over election petition tribunals.
Ex-President Buhari’s action elicited varied reactions from both within and outside the judicial circles, with the Nigerian Bar Association, NBA, describing it as a coup against the judiciary.
Onnoghen was later convicted by the Code of Conduct Tribunal, CCT, on a six-count corruption charge that was preferred against him by the Federal Government.
It was alleged that he made a false declaration to the Code of Conduct Bureau.
Meantime, about six years after he was convicted, a three-man panel of the Court of Appeal, led by Justice Mohammed Bello, acquitted the ex-CJN following a settlement agreement the federal government entered with him.
President Bola Tinubu had, through the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, persuaded the appellate court to halt further hearing of three separate appeals the former CJN filed to challenge his removal, conviction, and seizure of his assets.
In line with the terms of the settlement dated October 24, the appellate court ordered FG to, forthwith, unfreeze Onnoghen’s account with Standard Chartered Bank Nigeria Limited.
More details soon...
[Vanguard]
[PRESS STATEMENT] Dangote Refinery Debunks Misinformation, Reaffirms Commitment to Affordable, High-Quality Petroleum Products
Admin![[PRESS STATEMENT] Dangote Refinery Debunks Misinformation, Reaffirms Commitment to Affordable, High-Quality Petroleum Products](/media/k2/items/cache/faee205a838d35fc4101d76e46439608_S.jpg?t=20241104_103245)
We had lately refrained from engaging in media fights but we are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN, and other associations.
Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. We benchmark our prices against international prices and we believe our prices are competitive relative to the price of imports.
If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles.
Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country. Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks.
This set the benchmark for our pricing and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.
In good faith, and in the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased.
At the same time, an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery's higher quality production.
This is detrimental to the growth of domestic refining in Nigeria. We should point out that it is not unusual for countries to protect their domestic industries in order to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips in order to protect their domestic industries.
While we continue with our determination to provide affordable, good quality, domestically refined petroleum product in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty.
Anthony Chiejina
Group Chief Branding and Communications Officer
3rd November, 2024
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![[OPEN LETTER] Beyond The Condemnation Of Trial Of Minors For Treason - Femi Falana, SAN](/media/k2/items/cache/f311870fa5e6efc38fee41b39f0279f1_XS.jpg)
Mazi Afam Osigwe SAN,
The President,
Nigerian Bar Association,
National Secretariat (NBA House),
Plot 1101, Mohammadu Buhari Way,
Abuja, FCT.
Dear Mazi Osigwe SAN,
Beyond The Condemnation Of Trial Of Minors For Treason
I commend the Nigerian Bar Association, under your able leadership, for condemning the arraignment of malnourished children for treason and allied offences at the Abuja Judicial Division of the Federal High Court on the 1st day of November, 2024.
The arraignment of three groups of 130 #endbadgovernance protesters by the Nigeria Police Force constitutes a gross abuse of prosecutorial powers. It is hoped that the Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi SAN, who has since taken over the cases, will terminate them without any further delay.
Having fought and won the legal battle that culminated in the judicial recognition of the fundamental rights of Nigerian citizens to protest against unpopular policies of governments, we have decided to lead the legal defence of the 130 #endbadgovernance protesters. Even though we are convinced that the frivolous charges will be withdrawn by the Federal Government or dismissed by the trial court, it is pertinent to review the massive infringement of the fundamental rights of citizens for protesting against the implementation of the neoliberal economic policies of the Bola Tinubu administration.
However, it is common knowledge that the fundamental rights of children and other citizens to dignity, liberty and fair hearing are regularly violated by security agencies in all the states of the federation and the Federal Capital Territory. To that extent, the Nigerian Bar Association should go beyond the condemnation of the arraignment of the #EndBadGovernance protesters including malnourished children.
It is high time that the Nigerian Bar Association took advantage of the provisions of the Constitution, the Administration of Criminal Justice Act and relevant international human rights instruments to put an end to the reckless violations of the fundamental rights of poor and vulnerable citizens in the country.
As you are no doubt aware, section 34 of the Administration of Criminal Justice Act, 2015 and section 70 of the Police Establishment Act, 2020 have imposed a duty on every Chief Magistrate to visit all police stations in their jurisdiction at least once a month.
During the visit, the Chief Magistrate is empowered to grant bail to detainees or order that they be arraigned in a competent court. Any officer found to have violated the rights of suspects and other detainees shall be reported to the appropriate authorities for necessary disciplinary action. In the same vein, High Court Judges are empowered to conduct visits to all other detention facilities in their jurisdiction with a view to protecting the rights of detainees therein.
But due to the failure of Chief Magistrates and Judges to perform the duty of visiting police stations and other detention facilities in the country, the illegal arrest, detention and extortion of poor and vulnerable citizens have been on the ascendancy throughout the country. We are therefore compelled to urge you to prevail on the members of the Human Rights Committees of the 128 branches of the Nigerian Bar Association to accompany Chief Magistrates and Judges to visit police stations and other detention facilities in the country.
In addition, the Nigerian Bar Association should, as a matter of urgency, prevail on the Police Service Commission to employ and assign a legal practitioner to monitor the observance of human rights in each of the 5,000 police stations in Nigeria in accordance with section 66 of the Police Establishment Act, 2020.
Furthermore, by virtue of section 21 of the Correctional Services Act of 2019, official visitors of custodial centres in Nigeria include the Heads of Courts and the President and other executive members of the Nigerian Bar Association. The official visitors are required to visit and inspect the wards, cells, yards and other apartments or divisions of the Custodial Centre; receive the complaint, if any, of the inmates; and call the attention of the Superintendent to any irregularity in the administration of the Custodial Centre or structural defects which may require urgent attention.
Since the law was enacted in 2019, the President and other members of the National Executive Committee of the Nigerian Bar Association have never visited any correctional centre in the country. Therefore, you are requested to mobilize the members of the National Executive Committee of the Nigerian Bar Association and other prison visitors to protect the rights of convicts and other inmates in all correctional centres in Nigeria in accordance with the Correctional Services Act.
In view of the foregoing, the Nigerian Bar Association under your leadership should make a difference by ensuring that the statutory duties of Judges, Chief Magistrates and lawyers are carried out in line with the provisions of the Administration of Criminal Justice Act, Police Establishment Act and Nigerian Correctional Services Act.
While awaiting your response to our requests contained in this letter, please accept the assurances of our highest esteem.
Yours sincerely,
FEMI FALANA, SAN
Nigeria’s major oil marketers have significantly benefited from the Federal Government’s recent policy to eliminate subsidies on petroleum products. This change has allowed marketers to operate in a more market-driven environment, leading to substantial financial gains.
In the first nine months of 2024, four prominent oil marketers reported significant revenue gain, earning a total sum of N1.3tn from the sales of petroleum products to Nigerians.
Despite the considerable costs involved in fuel imports, the oil firms spent N833.86bn on the importation of petroleum products within the period, making their gross profit on petrol sales hit N465.92bn.
This is according to the nine months’ financial statements of the companies as listed on the Nigerian Exchange.
The oil companies include Total Energies Marketing Nigeria, MRS Oil Nigeria, Eterna Plc, and Conoil Plc.
The firms also navigated rising operational expenses, achieving more than 100 per cent year-on-year growth in their nine months’ net profits, thanks to subsidy removal.
In May 2023, the current administration announced the removal of subsidies, jacking up petrol prices and resulting in more revenues and profits for major oil marketers. The petrol price has hovered from N200 per litre since late May 2023 to over N1,060 per litre in November 2024.
The statement showed that the four companies posted a cumulative profit after tax of N45.3bn, representing a significant 146 per cent year-on-year growth from the N18.5bn posted in the corresponding period of 2023.
A breakdown of the results showed that the companies spent a total sum of N833.86bn to import fuel between January and September 2024, representing an increase of 99.4 per cent or N415.76bn from N418.1bn within the same period of 2023.
While revenue from petrol sales increased by 98.4 per cent or N644.57bn from N655.2bn recorded in 2023 to N1.29tn in 2024.
TotalEnergies Marketing Nigeria, posted the highest amount on fuel import, spending a total sum of N234.68bn on fuel import in the first nine months of 2024. This represents an increase of 84.95 per cent from N126.88bn spent to bring in the products in 2023. It also made a revenue of N634.1bn from N326.38bn in 2023.
This means the company made a gross profit of N399.4bn in 2024, an increase of 100.21 per cent from the N199.49bn gross earnings in 2023.
Similarly, Conoil Plc spent N220.53bn on bringing in fuel products in the first nine months of 2024. The oil firm spent N117.13bn to bring in the same product in 2023.
However, its revenue from these sales increased by 82.96 per cent to N244.53bn in 2024 from N133.65bn revenue in 2023. This indicates a gross profit increase of 45.27 per cent.
Eterna Plc spent N179.51bn on fuel imports but made a revenue of N203.18bn in 2024. In 2023, it spent N98.49bn on fuel imports and made revenue of N109bn. This indicates a gross profit increase of 125.21 per cent.
MRS Oil Company spent N199.14bn on fuel imports but made revenue of N217.98bn in 2024. In 2023, it spent N75.58bn on fuel imports and made revenue of N86.17bn. This indicates a gross profit increase of 77.9 per cent.
The oil company in its statement explained that its average monthly revenue value has increased by about 200 per cent when compared with revenue performances before the deregulation.
It added that sales volume improved in the last quarter of the year, and the business achieved performance above budget expectations for the year.
It noted however that the policy significantly affected the working capital requirements of the company by more than 180% and consequently increased our finance cost on bank credit lines for product purchase
“The implementation of deregulation policy on Petroleum Motor Spirit immediately after the inauguration of the new government in Nigeria had a significant impact on our industry. This product line alone contributes about 94 per cent of the total revenue of the company in the year. The policy significantly affected the working capital requirements of the company by more than 180 per cent and consequently increased our finance cost on bank credit lines for product purchases.
“Subsequently, in the first three months immediately after the policy took effect, our sales volume decreased by about 40 per cent compared to the average monthly sales volume of the months before the policy. Also, due to the increase in the pump price resulting from the subsidy removal, our average monthly revenue value in the last three months of the year increased by about 200 per cent comparatively with revenue performances before deregulation. Sales volume also improved in the last quarter of the year,” the statement partly read.
This remarkable performance underscores the financial impact of the subsidy removal and the potential for increased profitability in the oil sector.
The shift in policy has not only transformed the landscape for oil marketers but has also raised questions about the implications for consumers and the overall economy. As these marketers continue to navigate the new market dynamics, industry analysts and policymakers will closely monitor their performance.
While the oil firms had benefitted significantly from the subsidy removal policy, several manufacturers had to count their losses due to soaring energy costs.
Four large-scale manufacturers including Dangote Cement, BUA Foods, BUA Cement, and Dangote Sugar spent N550.36bn on fuel purchase in nine months. The amount represents an increase of N282.92bn from N267.44bn spent in the same period of 2023.
Meanwhile, the four marketers have stated that the Federal Government through the Nigeria Midstream and Downstream Petroleum Regulatory Authority currently owes the firms a total of N36.56bn in bridging claims.
Bridging claims relate to reimbursable from Nigeria Midstream and Downstream Petroleum Regulatory Authority for the costs incurred on transportation of Petroleum Motor Spirit from supply points to the retail stations.
The firms said TotalEnergies is owed N22.68bn, Conoil (N4.58bn), Eterna (N1.93bn), and Mrs Oil (N7.38bn).
The Non-Academic Staff Union of Educational and Associated Institutions (NASU) and the Senior Staff Association of Nigerian Universities (SSANU) have announced the suspension of their nationwide indefinite strike over withheld salaries.
The unions disclosed that the suspension will take effect on Tuesday, November 5, 2024.
In a joint statement signed by NASU General Secretary, Prince Peters Adeyemi, and SSANU National President, Comrade Mohammed Ibrahim, the unions stated that their decision follows a period of industrial action that began on October 28, 2024.
The unions had embarked on the strike in response to what they described as the “government’s insensitivity” to their demands regarding unpaid salaries.
The unions expressed that the strike was a necessary step to draw attention to their plight, emphasizing their commitment to ensuring fair treatment and timely payment for their members across institutions nationwide.
The statement reads, “The National leadership of the Joint Action Committee (JAC) of NASU and SSANU acknowledges and commends our members in the Universities and Inter-University Centres for their unwavering resolve, unrelenting determination and steadfast support for the ongoing strike action.
“You will recall that the ongoing strike action foisted on us commenced on the Monday, 28th October, 2024 as a result of Government’s insensitivity to the plights of our members in respect of our legitimate demands
“During this industrial struggle, we have had several extensive and exhaustive deliberations with the officials of the Federal Government of Nigeria including the new Minister of Education, the Minister of Finance, the outgoing Minister of State for Education, the Permanent Secretary, Federal Ministry of Education, the Accountant-General of the Federation and the leadership of the Department of State Services
“These high-level engagements culminated into extracting an irrevocable commitment from the Federal Government that the 2 months of the 4 months withheld salaries would be paid in staggered form. One month by the end of October, 2024 (which has largely been done), then the second month to be paid by the end of November, 2024.
“Arising from the above and in view of the level of commitment exhibited by the new minister and the leadership of the Department of State Services, the leadership of JAC, after several contacts and other patriotic considerations, hereby directs that the ongoing indefinite strike be suspended for one- month effective Tuesday, 5th November, 2024.
“Branch leaders of both NASU and SSANU are hereby directed to convene a joint Congress in their respective campuses on Monday, 4th November, 2024 and intimate members of these development and urge them to resume work on Tuesday, 5th November, 2024.
“We wish to also reiterate that discussions on the remaining 2 months, the N50 billion Earned Allowances, Arrears of 25/35 per cent and the Wage Award have been revisited and are undergoing deliberations.
“Thank you for your usual understanding and cooperation in this regard; we appreciate your total commitment and resoluteness during this struggle.”
Socio-Economic Rights and Accountability Project (SERAP) has sent out a message to President Bola Tinubu about the minors being detained by for being alleged traitors.
SERAP urged Tinubu to use his “leadership position and good offices to direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN to take urgent steps to ensure the immediate and unconditional release of all the #EndBadGovernance protesters including the 32 hungry and malnourished children.”
SERAP said “these children and other protesters are detained solely for the peaceful exercise of their human rights.”
SERAP urged him “to direct Mr Fagbemi and appropriate law enforcement agencies to promptly investigate the circumstances surrounding the grave violations of the human rights of the children and other protesters in detention, and to identify and bring to justice those responsible, and ensure justice and remedies for the victims.”
SERAP also urged him “to direct Mr Fagbemi and appropriate agencies to ensure the immediate access to medical treatment for all the protesters including the 32 hungry malnourished children for their apparently deteriorating health.”
In the open letter dated 2 November 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “Bringing charges against children and detaining them simply for the peaceful exercise of their human rights is clearly not acting in the ‘best interests of the child’.”
SERAP said, “The detention of the 32 hungry and malnourished children also infringes their right to education. These children ought to be in school, and not languishing in detention.”
According to SERAP, “The apparent ill-treatment of the protesters including the 32 hungry and malnourished children have shined a light on the appalling conditions in Nigeria’s prisons which continue to put lives at risk.”
The letter, copied to Dr. Matthew Gillett, the Chair-Rapporteur of the UN Working Group on Arbitrary Detention, read in part: “The continuing arbitrary detention of the protesters creates a climate of fear, discouraging other citizens from freely exercising their human rights, leading to a broader chilling effect.”
“We would be grateful if the recommended measures are taken within 48 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.”
“SERAP is concerned that Nigerian authorities are weaponizing the criminal justice system to curtail the rights of the children and other protesters to liberty, freedom of expression and peaceful assembly.”
“We are concerned that the rights of the protesters to life, health, and safety are being violated in detention. Bringing charges against the protesters and detaining them is neither necessary nor proportionate.”
“The conditions in which these children and other protesters are being detained are utterly inadequate and substantially below international standards.”
“Children have the right to express their views freely in matters affecting them. Children’s ability to engage in political and public affairs depends largely on the extent to which their rights are respected, protected and fulfilled.”
“Your government has the obligations to ensure and uphold the rights of Nigerian children including to life, liberty, education and development, as well as to be treated in a manner consistent with the promotion of the child’s sense of dignity and worth.”
“Your government also has the obligation to provide a safe, enabling and empowering environment for young people to promote human rights.”
“Your government has the obligations to promptly, thoroughly, impartially, independently, transparently and effectively investigate and appropriately punish those responsible for grave human rights abuses against the protesters in custody and to provide the victims with access to justice and effective remedies.”
“Any decision concerning a child must take full account of the child’s best interests including by protecting the children from torture and cruel, inhuman or degrading treatment or punishment, and ensuring that the detention of a child is used only as a measure of last resort and for the shortest appropriate period of time.”
“The Convention on the Rights of the Child to which Nigeria is a state party recognizes that children are entitled to a heightened duty of care because of their special status as children, which requires specific measures that take into account their level of development and evolving capacities.”
“The Convention and the Child Rights Act impose binding legal obligations on your government to take specific measures for the development of children taking account of their evolving capacities, best interests and without discrimination.”
“Articles 37 (b) and 40 (2) (b) (ii) of the Convention on the Rights of the Child also provide that every child arrested and deprived of his or her liberty should be brought before a competent authority within 24 hours to examine the legality of the deprivation of liberty.”
“SERAP notes that rules 1, 24, 27 and 118 of the United Nations Standard Minimum Rules for the Treatment of Prisoners (the Nelson Mandela Rules) provide that all persons deprived of their liberty must be treated with humanity and with respect for the inherent dignity of the human person, including by receiving appropriate medical care.”
“Rule 22 of the Nelson Mandela Rules guarantees the right of all detained persons to receive food of wholesome quantity and drinking water.”
“According to reports, 76 #EndBadGovernance protesters including 32 children, were recently arraigned in court for allegedly participating in the nationwide protests in August. The protesters, who have been in detention for three months, were reportedly arrested in the Federal Capital Territory (Abuja); as well as Kaduna, Gombe, Jos, Katsina, and Kano states.”
“Four children/young persons collapsed on the courtroom floor, writhing in pain before being removed to get medical help.”
“The protester were arraigned on 10 counts bordering on ‘treason, intent to destabilise Nigeria and inciting to mutiny’. However, the protest was against economic hardship and poor governance, as protesters called for reduced governance costs, the reinstatement of petrol subsidy, and food security.”