The Federal Government, through the National Centre for the Control of Small Arms and Light Weapons, will today (Monday) arraign 10 suspects for terrorism over their alleged connection with the N4bn illegal firearms and ammunition imported into the country in June.

The PUNCH learnt on Sunday that the arms centre had concluded its investigation into the large cache of arms and ammunition intercepted by the Nigerian Customs Service in Port Harcourt in June.

The Nigerian Customs had, during one of its operations in June, intercepted a 40-foot container loaded with 844 rifles and 112,500 live ammunition at the Onne Port in Port Harcourt.

The arms and ammunition were said to have been skillfully concealed within items such as doors, furniture, plumbing fittings and leather bags.

The intercepted container was also reported to have originated from Turkey and its duty-paid value was put at N4bn.

A top source at the centre told our correspondent that 10 suspects arrested in Abuja in connection with the importation of arms and ammunition would be charged in court today (Monday).

The source added that the matter had been assigned to  Justice Emeka Nwite of the Federal High Court in Abuja.

The source said, “Investigation has been concluded on the matter. Ten suspects were arrested while others are at large. The suspects will be taken to court on Monday. The case is before Justice Emeka Nwite in Abuja.’’

In the copy of the charge sheet sighted by a correspondent on Sunday, the defendants are Ali Ofoma; Okechukwu Charles; Kingsley Chinasa; Oroghodo Maxwell; Akinkuade Segun; Augustine Elechi; Osumini Kennedy; Ajala Ojo; Faboro Oluwatimilehin and Tolulope Ogundepo.

In the suit marked FHC/ABJ/CR /463/ 2024, four charges, bordering on acts of terrorism, illegal importation of prohibited firearms, and forgery, among others, were preferred against the defendants.

The defendants were accused of intentionally conspiring with others at large to illegally import prohibited 844 firearms and 112,500 rounds of cartridges concealed in plumbing materials and other items loaded inside a 1 x 40ft container with Registration Number MAEU- 9165396.

The offence is said to be contrary to Section 3(6) of the Miscellaneous Offences Act Cap M17 Laws of the Federation of Nigeria 2004.

The FG also accused the defendants of altering a bill of lading of the consignment from Ola Gold Maratine Services to read Dan Autos Limited and diverted the movement of the container from the West African Container Terminal to WAX Logistics Limited to cover up their illegal intention to import prohibited arms and ammunitions.

By doing this, the FG said the defendants committed “an act of uttering of the forged document with the intent that it may anyway be used or acted upon as genuine contrary to Section 1(2)(c) of the Miscellaneous Offences Act Cap M17 Laws of the Federation of Nigeria 2004.”

“That you  Ofoma, Charles and others at large on or about June 20, 2024, at Onne Port Terminal and your subsequent arrest in Abuja within the jurisdiction of this honourable court did, knowingly and intentionally with others now at large, commit an act of terrorism to wit: you transported prohibited weapons and other dangerous substance on board a Maersk Vigo Ship with a bill of lading number 238921355 conveying a container number MAEU-9165396 into the country thereby committing an act prejudicial to national security and in violation of ECOWAS Convention on Small Arms and Light Weapons and you thereby committed-an offence punishable under Section 39(1) (a) (i) of the Terrorism (Prevention and Prohibition) Act 2022,” the charge sheet added.

Ofoma, Charles and others at large were accused of importing the arms and ammunition into the country without the required license or authority, contrary to Section 18 of the Firearms Act Cap F28 Laws of Federation of Nigeria 2004 and punishable under section 27 (a) (iii) of the same Act.

Nigerians in the Federal Capital Territory are struggling to locate the sales points for the N40,000 subsidised rice that was officially launched by the Federal Government last week.

The launch, which took place on September 5, 2024, saw the Minister of Agriculture and Food Security, Senator Abubakar Kyari, flagging off the sale of 30,000 metric tonnes of milled rice at a subsidised rate of N40,000 per 50kg bag.

Speaking at the launch in Abuja, Kyari revealed that the initiative was driven by the commitment of President Bola Tinubu to ensuring that “Nigerians do not go to bed hungry.”

He acknowledged the various challenges that contributed to the current high cost of food in the country, including the aftermath of the COVID-19 pandemic, the ongoing Russia-Ukraine war, climate change, and local economic factors.

“We are all aware that in the recent past, especially after the mass of COVID-19, and due to the Russian-Ukraine war, climate change and other localised factors, challenges food prices, have made it difficult for Nigerians,” Kyari said.

He assured the public that the government has put in place mechanisms to ensure transparency and the smooth sale of the subsidised rice.

He urged citizens to cooperate with government agencies to make the initiative successful, stating, “I, therefore, urge our dear citizens to cooperate with the relevant agencies of government who will try to serve you to achieve this great initiative of the government.

“Let us work together to ensure that the dream of the present administration to uphold the fundamental right to food for all Nigerians is achieved.”

Kyari also stated that to ensure fair distribution, the rice sales would follow a “one person, one bag” policy.

But despite the fanfare around the launch, FCT residents have expressed frustration over their inability to locate designated collection or payment points for the rice. Many say they have not seen any distribution points set up in their local areas.

A resident of Kuje Area Council, Mrs Yunusa Eleojo, shared her disappointment. She recounted buying a bag of rice from a wholesale vendor for N84,000, more than double the price promised by the government.

“I only heard the government is selling rice at N40,000 per bag, I don’t know where the stores are located, not to talk of how to buy,” she said.

“I had to buy a bag of rice for N84,000 on Friday from a wholesaler who even claimed it was a wholesale price,” she added.

Another resident from Bwari Area Council, identified as Mama Twins voiced similar concerns.

“We saw them showing rice on the television saying the government is selling rice for N40,000 but up till now, we are not aware of anywhere to buy the rice here,” she said.

She also raised concerns that middlemen might take advantage of the distribution chain, further complicating access to the subsidised rice.

Another FCT resident, Salami Taiwo expressed skepticism about the entire initiative.

“The day I heard about the N40,000 per bag of rice I knew it would not be realistic because of the way the government has been treating us,” he said.

Efforts to get a response from the Federal Ministry of Agriculture and Food Security regarding the matter were not successful as of press time.

Officials at the Public Affairs Department of the ministry did not respond to enquiries on the matter.

As the public awaits further clarification from the government on where and how to access the subsidised rice, the frustration among residents continues to grow.

Many hope the distribution issues will be resolved soon so that the subsidised rice can reach those who need it most.

The Dangote refinery may resort to exporting its Premium Motor Spirit (petrol) following the refusal of the Nigerian National Petroleum Company Limited to be the sole buyer of its product.

The NNPC, in a statement by its spokesman, Olufemi Soneye, said on Saturday that it would not buy Dangote fuel unless it was cheaper than that of the international market.

This is contrary to claims by the President of the Dangote Group, Aliko Dangote, that the refinery was waiting for the NNPC to roll out its product.

On Saturday, the NNPC stated that it would only fully offtake petrol from the refinery if the market prices of PMS were higher than the pump prices in Nigeria. 

The NNPC also declared that Dangote and other domestic refineries were free to sell directly to any marketer on a willing buyer, willing seller basis, adding that it had no desire or intention to become the distributor for any entity in a free market environment.

The company was reacting to a press release by the Muslim Rights Concern, which claimed that the Dangote refinery was being undermined by the NNPC.

MURIC stated that recent changes to the pump price of petrol by the NNPC would prevent the refinery from offering lower prices, and that the corporation had become the sole offtaker of all products from the refinery. 

Responding, the NNPC said, “The pricing of petroleum products from any refinery, including Dangote Refinery Limited, is determined by global market forces.

“The recent changes in PMS prices have no impact on DRL or any other domestic refinery’s access to the Nigerian market. In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market.

“Furthermore, we emphasise that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products. NNPC Ltd has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole off-taker does not arise.”

Soneye added that the NNPC could not undermine a business in which it held a billion-dollar investment.

Dangote’s wait

While unveiling the 650,000-capacity refinery on Tuesday, Dangote had stated that the facility would roll out petrol whenever the NNPC was ready.

Dangote disclosed that petrol would get to the filling stations in the next 48 hours (from Tuesday) after all arrangements with the NNPC were concluded, adding that the queues would soon be over. 

“Our PMS can be in filling stations within the next 48 hours, depending on NNPCL,” he said.

He spoke further, “We are ready. I pray that within the next few days, you won’t see any petroleum queues as soon as we finalise with NNPC. We are ready, we are waiting for them (NNPC) and I hope they will be ready like yesterday.”

Dangote told newsmen that he could not disclose the price of the petrol because the NNPC was in a position to control it.

“On the pricing, I can’t say anything because we don’t control the pricing. At the moment, it is controlled by NNPC, not Dangote. We will wait for them. But, our own for now is to make sure that the product is available and round-tripping is stopped,” he noted.

The businessman emphasised that the NNPC was the company that would sell and distribute the product under the current naira crude sale arrangement.

“Once the NNPC is ready, we roll. We are even ready to load a ship this week,” he added.

Product export 

But it seems the talk between the two companies have collapsed, which may result in the company selling its petrol abroad.

The NNPC has issued several statements denying that it will fix the price for Dangote or be its sole off-taker, even as the refinery has yet to roll out its product.

Nigerians have wondered why the NNPC decided to hike the pump price of petrol the same day Dangote refinery unveiled its petrol, after several months of implicit subsidy payment.

The masses, who were hopeful that the Dangote fuel would crash the price of petrol, may be losing hope.

Speaking on the Brekete Family live show on Monday, the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, said Dangote petrol would be exported if the NNPC and other petroleum dealers in the country refused to patronise it.

Asked if the petrol would be sold locally, Edwin replied, “There has been a kind of a blockade from lifting our products within the country. The traders have been trying to blockade, and so now, we have been exporting our petroleum products. We are ready to pump in PMS as much as possible to the country.

“But if the traders or NNPC are not buying the product, obviously we will end up exporting the PMS as we are doing with the aviation jet and diesel,” he declared. 

Edwin expressed surprise that the company started facing challenges it never expected when the refinery was set to commence operations.

He recalled that the philosophy initially was to add value to the raw materials available in the country, regretting that Nigeria was still exporting crude and importing refined petroleum products after over three decades.

Despite having a gantry that can load 2,900 tankers per day, Edwin disclosed that the refinery had not loaded up to five per cent of the gantry’s capacity owing to low local patronage.

In an interview with our correspondent, a professor of Economics at the University of Ibadan and President of the Nigerian Economics Society, Adeola Adenikinju, advised that the government and the NNPC should buy PMS from the Dangote refinery instead of importing from another country.

“Dangote refinery is a private business; he will export to where he can make money. He cannot be subsidising our economy. It is still going to be cheaper for the NNPC to buy from Dangote than to import from Europe. Dangote has to run the business and pay his debts, he can’t subsidise us,” Adenikinju noted.

IPMAN ready to buy fuel

The Independent Petroleum Marketers Association of Nigeria on Saturday said it would buy PMS from Dangote at any price, even if the NNPC refused to buy.

The National President of the association, Abubakar Maigandi, told our correspondent that the independent marketers were ready to patronise Dangote.

“Whatever the case, if Dangote starts selling his product, we are going to patronise him; if at all he wants to do business with us.

“We are ready to buy at any price because the NNPC is saying that they don’t want to involve themselves in fixing prices. So, at any price that he wants to sell, we are ready to buy and discharge and sell at a good price,” Maigandi stated.

Members of IPMAN own about 80 per cent of the filling stations in Nigeria, especially in rural communities.

On Thursday, the NNPC also said it was waiting for a September 15 timeline given to it by the refinery.

However, the latest comments from the NNPC indicate all is not well with the negotiations between the two companies.

The spokesman for the Dangote Group, Anthony Chiejina, did not answer calls or reply messages sent to him by our correspondent on Saturday.

Black marketers sell fuel N1,400 in Benue

Meanwhile, black marketers are making brisk business as most filling stations in Makurdi, the Benue State capital, closed for business.

Since the hike in the price of the petroleum product, many filling stations have been shut down while the black market has resurfaced.

Our correspondent, who monitored the situation in Makurdi on Saturday, observed that several filling stations were not operating while black marketers were using their frontage to sell the product to motorists.

The product was sold between N1,300 and N1,400 per litre.

This development resulted in few vehicles plying the roads, while transport fares skyrocketed and  people resorted to trekking.

Motorists crowd NNPC stations for fuel 

Despite the promise made by the Minister of State for Petroleum Resources, Heineken Lokpobiri, that fuel would be available in filling stations by the weekend, the situation in Ondo State has not improved.

A visit to some filling stations in Akure, the state capital, showed that many petrol stations were still under lock and key following unavailability of the product, while NNPC stations with the product had long queues.

Also, some stations of the independent marketers were selling for between N950 and N1,100 per litre.

In Ekiti State, many petrol stations dispensed petrol to customers, while a few did not have the product.

But the price was between N950 and N1,200 per litre at the stations dispensing petrol.

Long queues of vehicles were at the few stations selling the product at between N950 and N960 per litre.

A self-employed man, Mr Abel Olode, who said he bought some litres of petrol for N960 per litre on Friday, said, “I parked the car at home and boarded a motorcycle to my place of work today. Using it daily will drain my finances.” 

Filling stations belonging to major marketers in Ogun State sold fuel for between N868 and N890 per litre, while independent marketers sold for between N950 and N1,200 per litre.

The NNPC outlets, however, sold at N865 per litre.

A motorist, Adeolu Bashir, said, “Nothing has changed with the fuel situation. The independent marketers are selling the fuel for N1,200; meanwhile, not many of the filling stations are selling the product.”

As of September 7, 2024, independent marketers in Ibadan, the Oyo State capital, were dispensing fuel at N1,100 and N1,200 per litre. There were no long queues in most of the filling stations in the city

Long queues still persisted in most of the filling stations in Zamfara State, despite the hike in fuel price.

Most of the filling stations, controlled by IPMAN in Gusau town and other parts of the state, were selling a litre of fuel between N1,100 and N1,150.

There was no fuel in all the mega stations visited by Sunday PUNCH as of the time of filing this report.

Despite the scarcity of PMS in some states, the product seemed to be available in most filling stations across the 13 LGAs of Nasarawa State.

When our correspondent visited some of the stations in Lafia, the state capital, on Saturday, it was observed that there were no queues.

The prices of PMS in Obi, Awe, Keana, Doma, Toto and Nassarawa Eggon LGAs had skyrocketed to N1,100 per litre.

Filling stations such as Sandaji, Hayattu, Alh Dauda Muhammadu, Nagoda, Rainoil among others, all sold at N990 per litre.

Meanwhile, the product is currently being sold between N1,200 and 1,400 by the black market dealers in several locations across the state.

In an interview with our correspondent, one of the black marketers, Musa Inusa, said getting the product had become “extremely difficult” for him because of the strict restrictions and increase in price.

Workers in the nation’s telecommunications industry under the aegis of the Private Telecommunications and Communications Senior Staff Association, PTECSSAN, will Monday begin an indefinite nationwide strike over sack, and poor working conditions among others.

Among the employees going on strike include field maintenance engineers, transmission engineers, customer service engineers, fibre engineers, and other critical staff.

There are fears that strike could disrupt telecommunications services nationwide if not resolved quickly.

Vanguard gathered that PTECSSAN, has pending issues with no fewer than 39 telecoms servicing companies including the sack of three of its members by Specific Tools & Technology Limited.

The 39 companies provide critical support services to the telecommunications operators in the country.

Vanguard was informed that the union had earlier given a seven day strike notice to the affected companies to address its demands or risk indefinite strike.

Among PTECSSAN’s demands include immediate recognition of the fundamental right of the employees to freely associate with the Union, immediate recognition of the Union as negotiating body for the employees on workers welfare and

immediate remittance of membership dues into the Union’s account as earlier provided.

The demands equally are immediate recognition of the years of service of these workers, immediate commencement of appropriate pensions deduction and remittance of same as required by the Pension Act, immediate approval of the National Health Insurance Scheme that covers the employees, their spouses and four of their dependents, immediate enrolment of Union members in the Group Life Insurance as stipulated in the Pension Reform Act 2004, Section 9(3).

The Union is also demanding immediate implementation of leave and leave allowance in accordance with the international best practices, immediate negotiation on review of salaries of the workers to meet the economic reality in the country today, and immediate provision Operational Vehicles or in the alternative immediate negotiation on review of the Self Drive/Self Rental to meet the economic reality in the country today.

Also in the Union’s demands are immediate stoppage of 24-hour job and introduction of work hours in accordance to the international best practices, immediate stoppage of work overload (combining passive tasks to theirs) on the workers, and immediate adherence to occupational health and safety for the workers in line with international best practices.

Announcing the commencement of strike, General Secretary of PTECSSAN Abdullahi Okonu said “We have made every effort to engage with employers, but our legitimate demands have been disregarded.

“This strike is a last resort to protect our members’ rights and well-being. We urge the public to understand our position and support our struggle for fair treatment.”

While pleading with Nigerians to bear with the Union throughout the period of the strike, PTECSSAN “assures that it will engage with employers and the government to resolve the issues, but the strike will continue until their demands are met.”

The Socio-Economic Rights and Accountability Project (SERAP) has asked President Bola Tinubu to use his "leadership position and good offices to direct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the apparently illegal and unconstitutional increase in the pump price of premium motor spirit (PMS), also known as petrol, across its retail outlets".

SERAP urged him to "direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies "to probe the allegations of corruption and mismanagement in the NNPC, including the spending of the reported $300 million 'bailout funds' collected from the Federal Government in August 2024, and the $6 billion debt it owes suppliers, despite allegedly failing to remit oil revenues to the treasury."

SERAP said, "Suspected perpetrators of alleged corruption and mismanagement in the NNPC should face prosecution as appropriate, if there is sufficient admissible evidence, and any proceeds of corruption should be fully recovered."

In an open letter dated 7 September 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: "The increase in petrol price constitutes a fundamental breach of constitutional guarantees and the country's international human rights obligations.

"Nigerians have for far too long been denied justice and the opportunity to get to the bottom of why they continue to pay the price for corruption in the oil sector."

The letter further reads: "Rather than pursuing public policies to address the growing poverty and inequality in the country, and holding the NNPC to account for the alleged corruption and mismanagement in the oil sector, your government seems to be punishing the poor.

"The increase in petrol price has rendered already impoverished citizens incapable of satisfying their minimum needs for survival.

"The increase is not inevitable, as it stems from the persistent failure of successive governments to address allegations of corruption and mismanagement in the oil sector and the impunity of suspected perpetrators.

"Corruption in the oil sector and the lack of transparency and accountability in the use of public funds to support the operations of the NNPC have resulted in persistent and unlawful hike in petrol prices.

"Holding the NNPC to account for alleged corruption and mismanagement in the oil sector would serve legitimate public interests.

"The increase is causing immense hardship to those less well-off. We are concerned that as the economic situation in Nigeria deteriorates, the increase in petrol price is pushing people further into poverty.

"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 noted that the “government has a legal obligation to mobilize the maximum of the country's available resources to ensure people's socio-economic rights and to protect the most vulnerable and disadvantaged Nigerians".

"Your government also has the legal obligations to probe and prosecute allegations of corruption and mismanagement in the NNPC, and to ensure access to justice and effective remedies for victims of corruption," it said.

"Investigating and prosecuting allegations of corruption and mismanagement in the oil sector would be entirely consistent with the Nigerian Constitution, and the country's international anti-corruption obligations."

The Nigerian National Petroleum Company (NNPC) Limited recently increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets.

SERAP said, "The price of the product increased to N855 per litre, from about N600, and in some instances above N900 per litre. The apparently unlawful increase in petrol price followed a scarcity caused by the reported refusal by suppliers to import petroleum products for the NNPCL over a $6 billion debt.

"The NNPC reportedly failed to remit USD$2.04 billion and N164 billion of oil revenues into the public treasury, as documented in the recently published 2020 annual report by the Auditor-General of the Federation."

President Bola Tinubu is on the verge of a significant cabinet reshuffle this week, a move aimed at revitalizing his administration with new perspectives and energies.

A high-ranking source close to the presidency disclosed to the Sunday Tribune that this decision is intended to address the stagnant performance issues that have marred the current cabinet’s tenure.

The president, fresh from his trip to China, is reportedly planning to finalize the dissolution before he departs for the upcoming United Nations General Assembly (UNGA) in New York.

This timing suggests a strategic clearing of the deck, enabling him to engage on the international stage unencumbered by domestic political uncertainties.

Criticism of several ministers’ performances has not gone unnoticed by the presidency.

“President Tinubu is not satisfied with the performances of a number of his ministers and is determined to show them the exit door,” the source revealed, indicating that a new list of candidates is already prepared to take over the soon-to-be-vacant posts.

Speculations about whether the recent resignation of the presidential spokesperson, Ajuri Ngelale, was linked to the impending cabinet overhaul were dismissed by insiders.

The source clarified that Ngelale’s departure was unrelated to the broader administrative changes.

Intriguingly, the reshuffle may see the return of familiar faces, as a former minister from the Buhari administration is rumored to be among those considered for a ministerial role.

The interim coach of the Super Eagles, Augustine Eguavoen, said his team can beat any team with the quality of players in the team.

Eguavoen stated this after his team spanked the Cheetahs of Benin Republic 4-0 in the 2025 African Cup Of Nations, AFCON at the Godswill Akpabio stadium, Uyo, Akwa Ibom on Saturday.

“We have quality players to beat any team but we respect team anyway. Any coach can come in and do the same job with the Super Eagles.

“It is a mindset, we have the potential and how you perceived your opponent, given the information about them and then go out and do the job,“he said.

Equavoen attributed the victory to the formation adopted by the technical crew, adding that any formation could be used to ensure that the team was successful.

“We can decide to use any system. It is something we discussed and I slept over it. I know with the caliber of players that we have, we can decide to play any formation.

“Football is about you win, lose and draw, I don’t believe we have a poor result,” he said.

He, however, said that the former Super Eagles coach didn’t do a good job but it has to do with believe, what is at stake and what you want to achieve.

“Psychologically as a group, we are agreed, where we are and where we are going to be. We will definitely achieve it,” Equavoen said.

He commended the performance of the defence , describing it as superb, adding that the team had been training together for one week.

The coach said that asking six players to warm up for the second half was to buy time, adding that there was no need to rush to change.

He said the Cheetahs of Benin Republic were a good team, adding that they came with a good game plan.

The News Agency of Nigeria reports that Eguavoen was appointed interim coach after the deal between the Nigeria Football Federation, NFF and coach Bruno Labbadia failed.

NFF explained in a statement that it failed due to the stringent regulations of German tax authorities.

NAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has promised to patronize Dangote Refinery when the organization starts selling petrol to members of the public.
The National President of IPMAN, Abubakar Maigandi, who made this known on Saturday, added that the marketers are ready to buy from Dangote irrespective of the price the refinery fixes for its product as long as the organization is ready to do business with its members.

“Whatever the case, if Dangote starts selling his product, we are going to patronise him; if at all he wants to do business with us.

“We are ready to buy at any price because the NNPC is saying that they don’t want to involve themselves in fixing prices. So, at any price that he wants to sell, we are ready to buy and discharge and sell at a good price,” he told Punch.

Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) has clarified its stance regarding the recent accusations by the Muslim Rights Concern (MURIC), which suggested that NNPC’s actions were undermining the operations of Dangote Refinery Limited (DRL).

According to a statement issued on Saturday by Olufemi Soneye, the Chief Corporate Communications Officer of NNPC, the company refuted claims that changes in the pump price of Premium Motor Spirit (PMS) would prevent the Dangote Refinery from offering competitive prices.

NNPC emphasized that it is not the sole buyer of petroleum products in Nigeria and that the market remains open for competitive pricing from any local refinery, including DRL.

They reiterated that the pricing of products from any refinery, including DRL, is determined by global market forces, and current high prices present an opportunity for local refineries to sell at lower rates.

The company also dismissed the claim that it is the sole offtaker of products from DRL, stating that domestic refineries are free to sell directly to any marketer on a “willing buyer, willing seller” basis.

The NNPC assured the public that they hold no exclusive rights to distribute Dangote Refinery’s products and that their role in the market remains transparent and competitive.

Fintech companies, including OPay, Moniepoint and others, have started notifying their customers of plans to begin deduction of N50 Electronic Money Transfer Levy (EMTL) from every inflow of N10,000 and above received by their customers with effect from tomorrow, September 9.
According to the fintech companies, this deduction followed a directive by the Federal Inland Revenue Service (FIRS).
This mandatory deduction brings to an end the era of free banking services that some of the fintechs provide, though the charges are remitted to the federal government.

The free banking services had made these fintech companies attractive to the members of the public, especially small and medium-scale business owners, students, and the downtrodden.
The regulations provide for a one-off levy of N50 on the recipient of any electronic receipts or transfers of N10,000 or above. For equivalent receipts or transfers carried out in other currencies, the levy will be charged at the exchange rates determined by the Central Bank of Nigeria (CBN).

In December 2023, the FIRS directed deposit money banks to deduct and remit Electronic Money Transfer Levy (EMTL) on foreign currency (FCY) transactions going forward. Within the first five months of this year, a total of N78.95bn was accrued to the government from the N50 levy imposed on electronic bank transfers.
In recent times, the Electronic Money Transfer Levy has become an integral part of Nigeria’s tax system. This levy is, among others, primarily designed to generate revenue for the government. The Finance Act, 2019 amended various subsets of the existing tax and fiscal legislation at the time, including the Stamp Duty Act (SDA).

The Finance Act, of 2023 stipulates that revenue accruing by the operation of EMTL shall be distributed to the three tiers of government based on derivation with the federal government receiving 15 per cent; state governments receiving 50 per cent and the local governments receiving 35 per cent of the EMTL realised.
The regulations mandate the receiving bank to collect and remit the levy to the FIRS by the next working day after the transaction date or on such other date as prescribed by the FIRS.  
In addition, the receiving bank is required to deduct the levy from the amount payable if the receiver is a walk-in customer who does not have an account with the bank.