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Ahead of Saturday’s governorship election in Edo State, the first batch of the 35,000 police officers deployed to ensure law and order during election has arrived in the state, The PUNCH has learnt.
Also in the state are soldiers and officers of the Nigeria Security and Civil Defence Corps and the Economic and Financial Crimes Commission as moves intensify to ensure a hitch-free poll.
Seventeen political parties presented candidates for the poll but the All Progressives Congress candidate Senator Monday Okpebholo, Asue Ighodalo of the Peoples Democratic Party and Olumide Akpata of the Labour Party are the leading contenders ahead of the ballot.
The Defence Headquarters said the deployment of soldiers was meant to guarantee a safe environment for the electorate during the election.
Speaking in an interview with The PUNCH, the Director, Defence Media Operations, Maj. Gen. Edward Buba, said the military would take steps to ensure the election was devoid of violence.
He said, “During elections troops are required to provide security in order to encourage high voter turnout as well as ensure the safety of voters. The forthcoming election in Edo will not be an exception. The military is resolute on taking steps to ensure a hitch-free election in Edo State.”
Soldiers patrol Benin
On Tuesday, armed soldiers were visible on the streets of Benin City, the state capital. An army truck with soldiers patrolled the Government Reservation Road, Ring Road and Akpakpava Road axis, apparently to announce their presence in the state.
The military presence has raised concerns after a Federal High Court in Lagos ruled in 2015 that the Nigerian Armed Forces had no role in the conduct of elections in the country.
The court relied on a Court of Appeal ruling that barred the use of soldiers in the conduct of elections, stating that it was a violation of Section 217(2)(c) of the Constitution and Section 1 of the Armed Forces Act.
Security expert, Taofik Onigbanjo, said the presence of the military personnel would deter thugs and miscreants from planning to foment trouble on or before Election Day but cautioned against using the soldiers to intimidate the state residents.
“The military presence is good to discourage those who are may want to cause trouble on before the election. I have seen the soldiers in several areas in town and their presence will be good for the smooth conduct of the election,” Onigbanjo said.
“However, the election should not be too militarised so that it will not appear like voters, party leaders and others are being intimidated because this can put a question mark on the credibility of the election.”
In a similar move, the first batch of the 35,000 police officers deployed for the election by the Inspector-General of Police, Kayode Egbetokun, arrived in the Edo State capital on Tuesday. Spokesman of the Edo State Police Command, Moses Yamu, told The PUNCH that the Deputy Inspector-General that would supervise security for the election was being expected.
He said, “I can tell you that the officers that will join those in the Edo Police Command started arriving today (Tuesday). The DIG supervising the election will brief the media when he arrives in Benin soon.”
The NSCDC also deployed 6,433 personnel to ensure a peaceful and secure electoral process in the state.
The PUNCH learnt that the officers would arrive in Edo on Thursday.
The corps spokesperson, Afolabi Babawale, explaining the breakdown, stated, “The NSCDC will draw officers from neighbouring states, including 300 from Ondo, Delta (300), Kogi (300), Imo (300), Rivers (400), Bayelsa (350) and 250 officers from Enugu.
“Edo State will contribute 3,626 officers to the operation. Additionally, 607 special forces, including intelligence squads, anti-vandal units, and specialised security teams will be mobilised from the NSCDC national headquarters.”
He further stated that the Commandant-General of the NSCDC, Ahmed Audi, urged officers to remain neutral, professional, and disciplined throughout the election.
Babawale added that officers had been strategically deployed to flashpoints and potentially volatile areas to maintain law and order.
He added, “Security personnel will work in collaboration with other agencies to secure polling units, collation centres, and sensitive areas across the state.”
There’ve been fears that the economic hardship in the country could induce vote trading and buying in the poll.
The Transition Monitoring Group, a coalition of over 400 human rights organisation, which trained 100 observers for the election, last week called on the EFCC to deploy enough personnel to monitor vote buying and selling in polling units.
In June, EFCC chairman, Ola Olukoyede, during a Town Hall meeting on voter’s sensitisation in Ekpoma, Esan West Local Government Area and at the Famcoop Hall, University of Benin, warned against vote buying and selling in the forthcoming election.
The EFCC spokesman, Dele Oyewale, said the deployment had been made but didn’t disclose the figure.
He said, “We have deployed our officers to monitor the elections. The officers are in appreciable numbers.”
A Benin resident, Mallam Hassan Alabidun, said vote buying could only be reduced but not completely eradicated, adding that gifts or provision of refreshments on Election Day could sway votes and change the mind of voters.
He said, “Vote- buying is not all about giving money to the electorate. We see party agents buying refreshments for voters on Election Day and that is also a form of vote buying because that gesture can sway votes the way of the candidate the agents represent.
“We also see that after voting party agents give money to people who they can confirm voted for their candidates. These are not new and it is expected to happen in this election.”
Chairman of the Edo State chapter of the Conference of Registered Political Parties, Samson Isibor, admitted that it would be difficult to reject some of the offers but urged the electorate to collect the money and vote their conscience.
He said, “For me, this is an unwelcomed development, any political party that wants to buy votes does not mean well for the people and the state. What they are engaging in is transactional politics, where buying and selling of votes becomes the order of the day.
“We do not want politics to degenerate into this. Those who buy votes are not coming to serve the people. You don’t need to buy votes from people you want to serve. All you have to do is sell your manifesto to them.
“I will urge the people to be careful with these types of politicians who are bent on getting to power by hook or crook. They are very dangerous and cannot be trusted. My advice to the people is to collect the money, which is theirs in the first place, and vote their conscience.
“The people should please not mortgage their conscience and lives. There is economic problem in the country, which has resulted into lack of food, so don’t further put yourselves into trouble by selling your votes.”
2.2 million voters
Meanwhile, INEC on Tuesday announced that out of 2,629,025 registered voters in Edo State, 2,249,780 Permanent Voter’s Cards were collected ahead of the election.
The National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, disclosed this in a statement.
He noted that the collected PVCs represent 85.57 per cent of the total, with 379,245 PVCs, or 14.43 perc ent still uncollected as of the extended deadline on Sunday September 15, 2024.
The statement read, “Nigerians may recall that the commission recently announced that the total number of registered voters in Edo State is 2,629,025.
“Out of this figure, 2,249,780 (85.57 per cent) have collected their Permanent Voters’ Cards while 379,245 (14.43 per cent) of the PVCs are uncollected as at the end of the extended period for PVC collection on Sunday, 15th September 2024.
“Consequently, the commission is making available data on PVC collection on Polling Unit basis in Edo State ahead of the Governorship election holding this weekend.
“There are 4,519 Polling Units in the State. Voting will take place in each unit. The detailed breakdown of the number of PVCs collected, as well as the number uncollected in each unit, has been uploaded to our website for guidance of political parties, candidates and public information,” the statement read.
INEC commenced the collection of the PVCs by newly registered voters on August 22 to 26, 2024 at ward level, after which the collection moved to Local Government offices from August 28 to September 8, 2024.
The commission later extended the deadline for the collection of PVCs by three days following an appeal from stakeholders.
The extension ran from September 13 to September 15, 2024 at INEC offices across the state’s 18 Local Government Areas.
The electoral commission told The PUNCH that all the non-sensitive materials for the poll had been delivered and batched.
The Chief Press Secretary to the INEC chairman, Rotimi Oyekanmi, who disclosed this to The PUNCH on Tuesday, said the sensitive materials were at the Central Bank and would be distributed this week ahead of the election.
He said, “All the non-sensitive materials for the election have already been delivered and batched. All activities and movements connected to them are being monitored on our special platform. The INEC chairman was in Edo State last week on a Readiness Assessment Visit to inspect some of the materials and was given a progress report among other activities he undertook.
“The sensitive materials are at the Central Bank, Benin-City and will be distributed this week. Party agents, observers, the media and security agents will be invited to witness the process.”
Oyekanmi also said that INEC was working to get materials to riverine areas on time by signing a Memorandum of Understanding with the Maritime Workers Union of Nigeria, who will use motorised boats to get materials and the commission’s officials to the riverine areas.
“It was in recognition of the peculiar challenges of delivering electoral materials to some of the riverine areas in Edo State that the commission signed a Memorandum of Understanding with the Maritime Workers Union of Nigeria. We have the assurance that the adequate number of motorized boats that we requested for will be deployed for that purpose.”
Meanwhile, Governor Godwin Obaseki has warned civil servants in the state that they would become the first victims, should the opposition win Saturday’s governorship election.
“Those who want to take over power by all means are uneducated and have never worked in any better place. My message to you is that it’s a risk we can’t afford. It’s not about Obaseki but democracy and development,” Obaseki said during a meeting with the civil servants on Tuesday.
“The risk is allowing people without ideas of what to do to lead, people who can’t even articulate their ideas, people who can’t read a balance sheet. They can’t offer us anything but all they talk about is federal might and others.
“Edo will face a major risk if you miss it on Saturday. Any mistake you make will affect you first before others. You will be the first victim.”
PDP governorship candidate, Asue Ighodalo, said one of the worst things that could happen to a people was a leadership that they won’t be proud of.
“Edo State will never be like that. When we vote for the wrong person, we go into retrogression and the economy will crash. Edo will not be so,” he said.
Ighodalo’s wife, Ifeyinwa, embarked on a roadshow in Benin City to drum support for her husband.
The roadshow, which kicked off from the National Museum, had women in large numbers in attendance, especially from the Arewa community in the state and from Oredo, Ikpoba Okha and Egor LGAs respectively.
“I come to you to tell you that my husband will support all Edo People, including the market women. A vote for him is not a wasted one,” Ifeyinwa said.
Former Nigerian Military Head of State, General Abdulsalami Abubakar, has expressed concerns over the country’s economic hardship, stating that it is “getting out of control.”
Abubakar stated this while receiving the leadership of the Campaign for Democracy and Human Rights, led by Abdullahi Mohammed Jabi, who visited his uphill residence in Minna, Niger State, on Tuesday.
He noted that many Nigerians struggle to afford basic needs like food and transportation.
“Everybody is crying about this hardship and it seems to be getting out of control, people cannot afford three square meals.
“The issue of transportation, the hike in fuel, the hike in school fees for the children and the lack of funds in everybody’s pocket is making life difficult for everybody,” the elder statesman observed.
Gen. Abubakar disclosed that he belongs to a forum that had passed three recommendations to the federal government on the way out of the economic hardship, as giving out palliatives is not the solution to hikes in food and other commodities across the nation.
He suggested the government should provide affordable food options by buying and selling essential items at lower prices.
According to him: “There is a need for government to flood and saturate the communities with food, let them (government) buy food and sell it at lesser prices to the people so that people will try to buy some of these food items depending on their pockets and income.”
Abubakar also urged peaceful protests ahead of the planned #EndBadGovernance demonstration on October 1, recalling the violence and looting that marred previous protests.
He lamented: “During the last protest, we saw unnecessary, uncalled for carnage, theft and criminalities; instead of protesting, the people went about looting even private houses; private individuals suffered in the hands of the demonstrators.”
Earlier, the leader of the delegation, Abdullahi Jabi, told the elder statesman that they were in his residence to rejoice with him on the celebration of his birthday, and prayed for long life and good health for him.
He also urged Gen. Abubakar to help prevail on the federal government to solve the problem of hardship and hunger in the land while soliciting his assistance for the implementation of some of its programmes.
A former National Vice Chairman, North-West of the All Progressives Congress, APC, Dr Salihu Lukman has described petroleum pricing since the commencement of production of Dangote Refinery and the Nigeria National Petroleum Company Limited, NNPCL, as manipulative.
Lukman, in a statement issued Tuesday titled, “Nigerian Democracy in ICU”, said the pricing was more about manipulative control and imposition of a parasitic monopoly, which the NNPC represents.
Lukman noted that part of the disturbing reality was how citizens are being pushed to swallow bitter pills of higher prices of petroleum products in a manner that simply devalues local production.
According to him, ”the econometrics of petroleum pricing since the commencement of production of Dangote Refinery is more about manipulative control and imposition of a parasitic monopoly, which the NNPC represents.
“Unfortunately, for whatever reasons, that appears to be the preference of the government. As it is, the issue of the welfare of citizens is not the priority of President Asiwaju Tinubu.
“It is almost as if President Tinubu doesn’t give a damn about whether Nigerians are dying on account of the government’s heartless and mindless policies.
“Rather than push public policy in a direction that relieved the economic burden of harsh living conditions, the federal government is more bent on imposing more stringent measures that drain and devalues the resources of citizens.”
As reactions continue to trail the Dangote Refinery and the Nigerian National Petroleum Company Limited’s fuel price deal, the House of Representatives Minority Caucus has described the N980 per litre of pump price as outrageous and exploitative.
Chairman of the caucus, Kingsley Chinda, said the development was a burden added to the already struggling Nigerians.
In a statement that he signed and obtained by DAILY POST on Tuesday in Abuja, the lawmaker expressed his outrage over the pump price that varies from N950 to N980 and above N1000 per litre depending on the parts of the country.
The statement said: “We find this pricing regime to be not only burdensome but utterly unacceptable, particularly in light of the fact that this fuel is refined locally.”
The lawmaker emphasised that locally refined fuel should be priced significantly lower than imported fuel, as it avoids costs such as landing charges and import duties, insisting that the pricing model was wrong for all intents and purposes.
“It appears Nigerians are unfairly exploited, especially at a time when many are facing severe economic challenges,” he said, urging NNPCL and Dangote Refinery to reconsider their stand in the interest of the poor masses.
The statement warned that allowing the current pricing arrangement to continue would only deepen the economic hardships of millions and erode trust in local refineries’ ability to deliver affordable fuel. The caucus called on regulatory bodies and the government to urgently review the pricing framework to ensure Nigerians are not subjected to unsustainable fuel prices.
The caucus affirmed its commitment to protecting the welfare of the Nigerian people and pledged to engage relevant stakeholders to ensure fair and just fuel pricing.
The outgoing Governor of Edo State, Godwin Obaseki has warned that the civil servants would be the first victim if his candidate, Asue Ighodalo does not win the next Saturday Governorship election in the State.
DAILY POST reports that Governor Obaseki gave the warning at a thank-you meeting with the public servants at the Sir Victor Uwaifo Creative Hub in Benin City.
Obaseki, however, opined that the only thank-you the civil servants could give him was to come out en masse on Saturday and vote for Asue Ighodalo as the governor of the state.
According to him, I came to appreciate and thank you from the bottom of my heart. I wouldn’t have achieved what we achieved without you.
“Those who want to take over power by all means are uneducated and have never worked in any better place. My message to you is that, that is a risk we can’t afford. It is not about Obaseki but democracy and development.
“The risk is about allowing people without ideas of what to do to lead. People who can’t even articulate their ideas, people who can’t read a balance sheet. They can’t offer us anything but all they talk about is federal might and others.
“Edo will face a major risk if you miss it on Saturday. Any mistake you make will affect you first before others. You will be the first victim.
“What I have started is a long journey. How do we build a society that we are yearning for and stop travelling to other countries? How to build a state where people will be proud to come to. The purpose of governance is to create the avenue to achieve set purposes.
“It’s a journey. I am finishing the first part but the journey must not stop. It must continue, the engine of development must continue to run. The rate at which we need to run will be very high when we make the right decision. We can’t afford any mistakes come Saturday”, he said.
The governor, however, said he would be thanking Asue Ighodalo for agreeing to take over from him, noting that it was a great thing.
While noting that the good news is that Edo State is blessed with high-calibre human and natural resources, he added that there was still a lot of work to be done in the state.
He posited that when he came to office, he told himself that he was going to be the last governor to use paper.
Obaseki, who acknowledged that it wasn’t easy, pointed out that today, the level of technology-driven operation among Edo public servants has no rival in Nigeria.
In his speech, the candidate of the Peoples Democratic Party, PDP, Asue Ighodalo, said Governor Obaseki has done tremendously well and that the transformation in the civil service is second to none.
“Edo State public and civil service is number one in Nigeria. Obaseki has done well and I will continue from where Obaseki was working.
“You all here will be my priority, work together, function together and continue to make Edo state a progressive state and this shall be our focus.
“We won’t be a lazy government but build more on every foundation already laid down by the Obaseki administration. I promise you all that I will continue what Obaseki has done and build more on it.
“One of the worst things that can happen to a group of people is to get leadership that you cannot be proud of. But Edo State will never be like that.
“When we vote for the wrong person, we go into retrogression and the economy will crash. Edo will not be so,” he added.
Ighodalo, however, charged the people to come out en masse to vote and defend their votes.
President Bola Tinubu on Monday said the Federal Government would create a disaster relief fund to assist Nigerian citizens impacted by floods and other disasters.
The President made the announcement when he visited Borno to sympathise with the government and people over the flooding in some parts of the state occasioned by Alau Dam.
He said the fund was expedient as the climate had become more unpredictable and many places in the country were vulnerable to its vagaries.
He said the Federal Government would collaborate with the private sector to establish the fund.
President of the Senate, Godswill Akpabio, who accompanied the President on the visit, said the National Assembly would collaborate with the Executive to establish the Fund.
The Independent National Electoral Commission (INEC) has announced that it no longer recognizes Julius Abure as the National Chairman of the Labour Party (LP), labeling his continued claim to the position as “illegal and unconstitutional.”
This position was made clear in a counter-affidavit submitted by Ayuba Mohammed, an Executive Officer in INEC’s Litigation and Prosecution Department, in response to a legal suit filed by the Labour Party (Suit NO. FHC/ABJ/CS/1271/2024).
The party had challenged its exclusion from INEC’s training for uploading party agents ahead of the Edo and Ondo governorship elections.
The conflict stems from the expiration of Abure’s tenure on June 9, 2024, as confirmed by the Labour Party’s Board of Trustees Secretary, Salisu Mohammad.
INEC contended that it did not monitor or acknowledge the Labour Party’s National Convention held in Anambra on March 27, 2024, where Abure claimed to have been re-elected as chairman.
According to INEC, Abure’s leadership and the convention itself violated the Nigerian Constitution and the Electoral Act. The commission asserted that it only engages with political parties that have lawful leadership in place.
INEC’s legal team, led by Tanko Inuwa, SAN, further argued that the Labour Party had failed to meet legal requirements for holding its national convention, rendering its leadership invalid.
INEC urged the court to dismiss the Labour Party’s lawsuit, stating that the party was not entitled to the reliefs it sought.
The Senior Special Adviser on Information and Strategy to the President, Bayo Onanuga, said the accusation that President Tinubu refused to sign the Peace Accord was false.
The Catholic Bishop of Sokoto Dioceses and the Co-Chairman of the National Peace Committee, Bishop Matthew Kukah, while speaking at the Edo Election Security Townhall on Sunday, in Benin, stated that political parties and candidates cannot be forced to sign the Peace Accord.
“The National Peace Committee, what we do is not in the Electoral Act, it’s not law; it’s moral. You can’t compel people to fall in love or love their neighbour.
“If you go back to the 2019 election, Alhaji Atiku Abubakar, the presidential candidate for the PDP, was not there to sign the Peace Accord. And of course, the opposition went to town, which is what it ought to be, and the next day, he (Atiku) turned up to sign.
“What is also very interesting is that the current president, when he was a presidential candidate, did not sign; it wasn’t our fault that the political opposition didn’t take advantage of it.
“It’s a pity but we are not going to take anybody to court for not signing the Peace Accord. The only thing it does to you as a candidate is that it sends a wrong signal which can be very easily exploited by the opposition,” Naija News reported.
However, Onanuga, in a statement, on Tuesday, explained that the President was represented by the Vice President, Kashim Shettima.
“Contrary to the claims by Bishop Kukah, President Tinubu signed the two peace accords preceding his election in 2023. The first accord, committing the candidates to a free and credible election in the country, was signed on September 29, 2022. Vice President Kashim Shettima represented Tinubu.
“The second agreement, signed on February 23, 2023, was for the candidates to accept the election outcome. Tinubu signed,” Onanuga wrote on his X handle.
President Bola Tinubu has assented to the Bill establishing the National Center for the Control of small arms and light weapons (NCCSALW) to curb proliferation of small arms and light weapons in the country.
National Security Adviser, Mallam Nuhu Ribadu disclosed this on Tuesday at the workshop on gender mainstreaming in preventing the proliferation of small arms and light weapons in Nigeria and West Africa.
The NSA who was represented by the Director External Affairs, Office of the NSA, Am. Ibrahim Babani said the workshop aims to address an issue of immense importance to Nigeria’s national security.
The NSA said that the President’s assent to the bill was a major milestone in the government’s commitment to curbing the proliferation of illegal arms.
According to him, this legislative backing strengthens the centre’s mandate and paves the way for more coordinated and decisive action.
Ribadu also emphasised the need for gender mainstreaming in preventing the proliferation of small arms and light weapons in the country.
He commended the National Coordinator and the entire team at the National Centre for the Control of Small Arms and Light Weapons for their dedication in organising the very important workshop, adding that their tireless efforts towards addressing the proliferation of small arms and light weapons in Nigeria were “invaluable”
He stressed that the workshop was anchored on key international frameworks, including United Nations Security Council Resolution 1325.
According to him, the resolution emphasised the critical need to protect women from the impacts of conflict while also ensuring their full participation in peacebuilding and security initiatives.
“Moreover, the ECOWAS Convention on Small Arms and Light Weapons underscores the collective responsibility of our region in cutting the spread of these dangerous weapons, which disproportionately affect women and children in conflict zones.
“The importance of gender mainstreaming in preventing the proliferation of SALW cannot be overstated as it strengthens our strategies, and ensures that our approach to security is inclusive and sustainable,” he said.
Ribadu commended the centre for their efforts towards addressing the proliferation of small arms and light weapons in Nigeria.
The National Coordinator of NCCSALW, DIG Johnson Kokumo (Rtd), said the centre has in recent times, made some significant achievements in the fight against illegal proliferation of small arms and light weapons.
Kokumo said the centre had on July 1, retrieved a substantial cache of illegal arms through the Nigeria Customs Service and subsequent arrest of 10 suspects involved in the illicit importation.
He said the suspects were currently being prosecuted by the NCCSALW for illegal importation into Nigeria, prohibited 544 Firearms and 112,500 rounds of cartridges contrary to Section 3 (6) of Miscellaneous Offences Act Cap M17 Laws of the Federation of Nigeria 2004 among other offences.
This, according to him, underscores the centre’s commitment to not only intercepting arms but also ensuring that those responsible for these acts face the full weight of the law.
“In addition to the above, the National Centre has retrieved a total of quantity 3,383 decommissioned, unserviceable, obsolete and illicit small arms and light weapons and 26,749 various calibres of ammunition from the arms bearing agencies of government.
“Later in this quarter, NCCSALW would be conducting an Arms Destruction Exercise which is a critical step in ensuring that recovered arms are permanently removed from circulation,” he said.
Kokumo said the control of small arms and light weapons proliferation was not only a national concern but also a matter of international importance.
He said that the illegal flow of small arms and light weapons had devastating consequences, fuelling violence, instability and insecurity in various parts of the world.
He added that gender mainstreaming in SALW control was not only a moral imperative but also a strategic move, considering the grave impact of armed conflict on women and children.
This, he said, highlighted the need for a gender-sensitive approach to disarmament and security policies.
The Central Bank of Nigeria (CBN) has announced it will maintain the Ways and Means Advances to the federal government at a 5% limit for the fiscal years 2024-2025, despite a recent bill from the National Assembly increasing the limit to 10%.
This decision was outlined in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the 2024-2025 fiscal period, released on Tuesday.
These guidelines emphasize the importance of macroeconomic stability and align with the Medium-Term Fiscal Framework (MTFF), aiming to manage expectations, respond to economic shocks, and sustain the ongoing economic recovery.
The document stated, “Ways and Means Advances shall continue to be available to the Federal Government to finance deficits in its budgetary operations to a maximum of 5.0 per cent of the previous year’s actual collected revenue. Such advances shall be liquidated as soon as possible and shall in any event be repayable at the end of the year in which it was granted.”
Additionally, the advances will now be calculated after accounting for the sub-accounts of various Ministries, Departments, and Agencies (MDAs), which are connected to the Consolidated Revenue Fund to determine the Federal Government’s overall cash position.
Ways and Means Advances are short-term loans from the CBN designed to help the government address temporary budget shortfalls.
Section 38 of the CBN Act of 2007 limits these advances to a percentage of the previous year’s revenue and mandates repayment within the fiscal year.
In recent years, the CBN’s handling of Ways and Means Advances has sparked controversy, particularly in 2023 when former CBN Governor Godwin Emefiele was accused of printing ₦22.7 trillion for the federal government without National Assembly approval.
Critics argue that excessive borrowing through this facility has fueled inflation and increased money supply in the economy.
In February 2024, current CBN Governor Olayemi Cardoso informed the Senate Committee that the CBN would halt further advances to the federal government until outstanding loans were repaid.
This move is part of broader efforts by the bank to address the economic challenges facing the country.
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Says purchasing product with dollar illegal
Human Rights Activist and Senior Advocate of Nigeria, Femi Falana has stated that it is ‘illegal” for the National Nigerian Petroleum Corporation (NNPCL) to determine prices of Premium Motor Spirit also known as petrol after deregulation.
Falana in a statement on Tuesday said the action of the NNPC violates Section 205 of the Petroleum Industry Act (PIA).
He said, “On September 5, 2024, the Nigerian National Petroleum Corporation Limited (NNPCL) stated that foreign exchange (forex) illiquidity had been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS) governed by unrestrained market forces, as provided for in the Petroleum Industry Act (PIA).
“The NNPCL was explaining the pump price of PMS imported into the country at the material time. Specifically, the Executive Vice President of Downstream NNPC Ltd Mr. Adedapo Segun, explained that Section 205 of the PIA, which established NNPC Ltd, stipulated that petroleum prices were determined by free market forces. According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”
“But contrary to the well-publicised statement, the NNPCL has fixed the price of PMS produced by the Dangote Refinery and Petrochemical Company Limited. The action of the NNPCL is a violent contravention of Section 205 of the PIA, which stipulates that the prices of petroleum products shall be determined by market forces.
“Furthermore, since the petrol sold by Dangote is not imported into the country but produced at the Lekki Economic Free Trade Zone, the NNPCL cannot justify the sale of petrol at N950 per liter without freight cost, lightering cost, jetty depot fees, storage fees, foreign exchange costs, NPA charges: NIMASA charges, Customs duties, etc.
“In fact, by selling the petrol produced by Dangote Refinery at a higher price, the NNPCL has confirmed its resolve to continue to sabotage the national economy through the reckless importation of cheaper petrol from foreign countries at a cost that the nation cannot afford.
“The NNPCL has justified the hike by saying that petrol is sold in dollars by the Dangote Refinery. Why should the NNPCL buy petrol in dollars since the Federal Executive Council (FEC) has directed that crude oil be sold to Dangote Refinery in Naira?
“Are the management staff of NNPCL and Dangote Refinery not aware that it is a criminal offence under Section 20 of the Central Bank Act to refuse to accept the naira as a means of payment for any transaction in the country?
“Furthermore, the exclusive purchase of petrol from Dangote Refinery by the NNPCL is completely at variance with the letter and spirit of section 205 of the PIA. Therefore, other marketers should be at liberty to purchase petrol directly from Dangote Refinery and distribute to outlets in all the states of the Federation.
“Henceforth, the Federal Competition and Consumer Protection Commission should stop the NNPCL from exercising monopolistic control of the petrol produced by Dangote Refinery.”
Falana’s outburst came after the commencement of PMS lifting by the NNPCL from the Dangote Refinery on Sunday.
However, as soon as lifting commenced, NNPCL announced that the product would sell for ₦950 per liter in Lagos State and its environs, and above ₦1,000 per liter in states such as Borno.
Reacting to the development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) on Monday, criticised NNPCL, saying it was not right to sell petrol lifted from the Dangote Refinery higher than imported ones.
IPMAN National Welfare Officer, John Kekeocha, stated this on Channels Television, saying, “If NNPC can sell Dangote products higher than the imported products, then, it doesn’t make sense. What is the celebration we are having all these while then?” he queried.
Operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have apprehended Shizzer Joy Nasara Bada, the former Commissioner of Finance and Accountant General under Nasir el-Rufai’s administration in Kaduna State.
Bada was reportedly arrested on Sunday at the Murtala Muhammed Airport in Lagos while attempting to travel abroad.
The arrest comes amid growing suspicions that Bada might be fleeing the country due to ongoing corruption investigations linked to both herself and former Governor el-Rufai.
ICPC officials had reportedly been tracking her movements after receiving intelligence that she might attempt to evade questioning.
This move is part of a broader investigation targeting several high-ranking officials from el-Rufai’s administration.
According to Saharareporters, sources suggest the scrutiny is centered on alleged financial mismanagement during their time in office, with multiple individuals under investigation for their roles.
The Kaduna State House of Assembly recently indicted el-Rufai for allegedly embezzling ₦423 billion from the state treasury.
Though the exact charges against Bada have not yet been disclosed, insiders believe they involve significant financial irregularities and misappropriation of public funds.
Bada’s arrest has sparked widespread speculation, with many questioning whether this marks the start of a larger investigation into the former governor’s administration.
The ICPC is expected to release further details as the investigation progresses, potentially revealing the extent of corruption within the previous leadership.
Former Governor el-Rufai, meanwhile, has launched a legal challenge against the Kaduna State House of Assembly after it accused his administration of mismanaging ₦432 billion during his eight-year tenure.
His attorney, Abdulhakeem Mustapha, filed a fundamental rights lawsuit in June, seeking to contest the claims made against him.
The Central Bank of Nigeria, CBN, has said that fuel subsidy removal, lower import bills, and increased external debt servicing obligations could pose downside risks for the growth of external reserves by 2024/2025.
CBN disclosed this in its Monetary, Credit, Foreign Trade and Exchange Policy guidelines for fiscal years 2024/2025.
However, the apex bank in its outlook projected a positive economic output growth in Nigeria by 2024/2025 based on continued policy support in the agriculture and oil sectors, reforms in the foreign exchange market, and the effective implementation of the Finance Act 2023 and the 2022-2025 Medium-Term National Development Plan (MTNDP).
CBN said, “The outlook for Nigeria’s external sector in 2024/2025 is optimistic, on the expectation of favorable terms of trade, occasioned by sustained rally in crude oil prices and an improvement in domestic crude oil production.
“The positive outlook is supported by the sustenance of crude oil price, propelled by the decision to cut
production, and gains from capital flows and remittances.
“However, lower crude oil earnings, fuel subsidy removal, rising import bills, and increased external debt servicing obligations could pose downside risks for the accretion to external reserves.
“In addition, the sustained monetary policy tightening by central banks across advanced economies increases the risk of capital outflow.”
On Nigeria’s output growth, CBN said: “Nigeria’s output growth is expected to maintain a positive trajectory in 2024/2025.
“The growth prospects are dependent on continued policy support in the agriculture and oil sectors, reforms in the foreign exchange market, and the effective implementation of the Finance Act 2023 and the 2022-2025 MTNDP.
“The risk to the outlook is still tilted to the downside, characterized by significant headwinds such as rising energy prices emanating from lingering effects of the Russia-Ukraine war, and the persisting security and infrastructural challenges, which could undermine the growth outlook in the short
to medium term.
“Domestic prices are expected to remain elevated through 2024/2025,on the back of spillovers from global supply constraints, and exchange rate pass-through.
“More so, the persisting security and infrastructural challenges could exacerbate inflationary pressures.
“The performance of the fiscal sector is expected to remain on a positive recovery trajectory in 2024/2025. “This outlook is contingent on the effective implementation of the Finance Act 2023 and restructuring of key revenue-generating MDAs to boost non-oil revenue.
“However, low domestic crude oil production, growing public debt, lingering insecurity, global economic slowdown, and the Russia-Ukraine war, could pose significant downside risks to fiscal operations in the short-to-medium-term.
“The financial sector is expected to remain resilient in 2024/2025. “The outlook mirrors the efforts of the CBN in continuously monitoring emerging vulnerabilities and risks in the system, including periodic stress tests, examination exercises, and the provision of risk mitigants.”
Former U.S. President Donald Trump, alongside his sons and key entrepreneurs, unveiled a new cryptocurrency platform late Monday, marking his venture into the digital finance space.
While the two-hour online presentation provided limited specifics, it introduced a system that allows users to purchase digital “tokens” granting voting rights in decision-making on the platform.
Naija News reports that despite an alleged assassination attempt on Trump at his West Palm Beach golf club just days earlier, the launch went ahead as scheduled.
The new platform, dubbed World Liberty Financial, aims to capitalize on decentralized finance (DeFi) technology, which allows transactions to occur without the need for traditional financial intermediaries like banks.
DeFi, powered by blockchain technology, ensures that transaction records are transparent and secure from tampering.
World Liberty Financial’s core service will allow users to lend and borrow cryptocurrencies directly from each other, a service similar to that offered by platforms like Aave, a prominent name in the crypto space.
During the event, Donald Trump Jr. hailed the initiative as “the start of a financial revolution,” during a session streamed on X.com.
Key figures in the project, cryptocurrency entrepreneurs Zachary Folkman and Chase Herro, revealed that the platform would rely heavily on stablecoins—digital currencies backed by traditional fiat, most commonly the U.S. dollar.
This move is intended to shield users from the extreme volatility often associated with cryptocurrencies not tied to real-world assets.
World Liberty Financial aims to make cryptocurrency more accessible to the general public, Folkman stated, focusing on creating an intuitive platform for those unfamiliar with digital finance.
The project’s governance will be partly decentralized, with 63% of the tokens to be made available to the public. These tokens will give holders a voice in platform decisions. The remaining tokens will be allocated to the founding team (20%) and to users as rewards (17%).
While a detailed timeline for the platform’s rollout was not provided, the announcement marks a significant shift in Trump’s stance on cryptocurrencies.
Once a vocal critic, calling them a “scam” during his presidency, Trump has since repositioned himself as a “pro-bitcoin president” in his ongoing 2024 presidential campaign.
This puts him in stark contrast to the Biden administration, which has expressed support for regulating the cryptocurrency sector.
As Trump steps into the digital finance world, his venture is poised to attract attention from supporters and critics alike, given the mix of politics and cryptocurrency involved.