The House of Representatives joint Committee on Midstream and Downstream has announced a thorough investigation into the alleged domestic production of substandard petroleum products, the non-availability of crude oil to domestic refineries, and other related matters. The committee, led by Chairman Rep. Ikenga Imo Ugochinyere, aims to address critical issues affecting the petroleum industry in Nigeria. Speaking at the opening of the investigation on Monday, Rep. Ugochinyere recalled that the House had adopted a motion on July 9, 2024, to carry out a legislative forensic investigation into the challenges facing the downstream and midstream petroleum sectors. The motion was driven…
Author: Editor Francis
A Federal High Court in Abuja has dismissed a suit instituted against the federal government by the family of the late Head of State, General Sani Abacha, challenging the revocation of the property of the former military ruler located in the Maitama District of Abuja. Justice Peter Lifu dismissed the suit in a judgement on the case filed nine years ago in which the Abacha family members are demanding the return of their father’s mansions located at Osara Close in Maitama and N500M compensation. In the judgment, Justice Lifu predicated the dismissal on various grounds, among which are that the…
Alhaji Aliko Dangote, Africa’s richest man, has expressed his willingness to transfer ownership of the multibillion-dollar Dangote refinery to the Nigerian National Petroleum Company Limited (NNPCL) following escalating disputes with regulatory authorities in Nigeria’s oil and gas sector. Over the weekend, many Nigerians voiced concerns about the ongoing conflict between the Dangote Group and regulatory bodies, particularly over the operations of the Dangote refinery. Dangote has accused both local and foreign interests, which he described as a “mafia,” of attempting to hinder the completion of his refinery. In recent developments, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) claimed…
The Supreme Court’s recent ruling granting fiscal autonomy to Nigeria’s 774 local government areas has sparked widespread reactions, with various stakeholders proposing measures to ensure effective implementation of the verdict. Concerns have arisen over the ability of local government chairmen to manage this newfound autonomy, with some fearing that state governors might continue to exert control indirectly. Muazu Maifata, President of the Association of Local Governments of Nigeria (ALGON), expressed optimism about the ruling in an interview with the Daily Post, stating it would lead to significant development in rural areas. Maifata advocated for an increase in the monthly allocation…
President Joe Biden has announced his withdrawal from the 2024 U.S. presidential election race, endorsing Vice President Kamala Harris as his preferred candidate. On Sunday, Biden expressed his gratitude towards Harris, stating, “Vice President Kamala Harris has been an extraordinary partner.” Shortly after his announcement, Biden took to X (formerly Twitter) to rally support for Harris’s presidential bid. “My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term,” Biden’s post read. He emphasised his confidence in Harris, stating, “My very first decision…
President Joe Biden announced on Sunday that he will not seek reelection, withdrawing from the 2024 presidential race against Donald Trump. This decision significantly alters the landscape of the upcoming White House contest. “While it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and focus solely on fulfilling my duties as President for the remainder of my term,” Biden stated in a letter posted on X. The president’s withdrawal plunges the already turbulent 2024 race into uncharted territory, leaving the Democratic Party…
Osun State Governor, Ademola Adeleke, has advocated for the devolution of power as a solution to Nigeria’s pressing economic issues, including unemployment and hyperinflation. The governor made these remarks during the 10th undergraduate and 6th postgraduate convocation ceremony at Adeleke University on Sunday, July 21, 2024. Addressing the graduating class, Governor Adeleke acknowledged the difficult economic climate they are entering but encouraged them to view these challenges as opportunities to apply their entrepreneurial skills. “At the National Economic Council meetings, both federal and state governments regularly brainstorm on finding solutions to the economic hardship, unemployment, and hyperinflation facing the nation,”…
Aliko Dangote, President of the Dangote Group, has raised alarms over the importation of substandard petroleum products into Nigeria. During a visit from the House of Representatives leadership, including Speaker Tajudeen Abbas and Deputy Speaker Benjamin Kalu, to the Dangote Refinery on Saturday, Dangote called for an investigation into the quality of imported petroleum products being sold to Nigerians. Dangote suggested that the inferior quality of some imported petroleum products could be the result of sabotage within the oil sector or an attempt to undermine his business. He emphasised the need for independent testing at filling stations to verify the…
Speaker of the House of Representatives, Tajudeen Abbas, has reaffirmed lawmakers’ commitment to addressing issues affecting the ease of doing business in Nigeria. This statement comes in light of challenges faced by the Dangote Refinery as it gears up for full-scale operations. On Saturday, Abbas led the House leadership on a familiarization visit to the Dangote Refinery. The tour, conducted by Aliko Dangote, President of the Dangote Group, aimed to enhance lawmakers’ understanding and support for key industries in Nigeria. “The purpose of this visit is to provide the House Leadership and the relevant oil and gas committees with an…
The Central Bank of Nigeria (CBN) announced that it sold $106.5 million in foreign currency to authorized dealers and eligible Bureau De Change (BDC) operators on Thursday and Friday to enhance FX supply across various market segments. This disclosure was made in a statement released on Friday, signed by Omolara Duke. The apex bank stated that the on-the-spot FX sales to dealers over the last 48 hours were conducted at exchange rates ranging between N1,498.00 and N1,530.00 per dollar, amidst increased FX demand pressure. Additionally, CBN purchased $9.5 million from four authorized dealers within the same period at exchange rates…
The Ibeku ancient Kingdom has renewed its ban on open grazing of cattle on farmlands across its villages. This announcement was made by Jerry Onyemachi, President General of the Ibeku Egwu Asaa Development Association (IEADA), during a press briefing in Umuahia. Onyemachi reiterated that the prohibition on open grazing remains in effect, urging cattle owners, herders, and their associates to adhere strictly to the directive. He expressed concerns over the continued encroachment of cattle on farmlands, particularly in Ajata Amuzu Ibeku, and directed the immediate removal of cattle from these areas. “The activities of cattle on our farmlands are troubling,”…
The Federal Competition and Consumer Protection Commission (FCCPC) has levied a $220 million fine against Meta Platforms for violating data privacy laws. According to a statement made available , the FCCPC determined that Meta’s data-sharing practices on its Facebook and WhatsApp platforms breached local consumer and data protection regulations. The commission found that Meta had denied Nigerian users control over their data, shared data without consent, and abused its market dominance. Further details are expected to be released.