Category: News

Crude oil price accounts for a large chunk of the final cost of petroleum products, and the further increase in oil prices means that the landing cost of imported fuel will rise.

Oil prices have extended their rally in recent days. The international oil benchmark, Brent crude, rose on to as high as $83.47 per barrel on Wednesday, its highest since October 2018, but fell to $80.95 per barrel as of 5:30pm Nigerian time.

“We are not able to get the dollars we need from the banking system for fuel imports; so, it is because diesel pricing is free that is why we are still importing it. But because the pricing of petrol is pegged, we cannot import it,” said the immediate past chairman of Major Oil Marketers Association of Nigeria.

The President, Association of Small Business Owners of Nigeria, Mr Femi Egbesola, said the latest surge in diesel price would increase the average cost of manufacturing in the country.

He said, “All Nigerians depend on diesel. The reason is that manufacturers produce with diesel-powered generators; so, whatever they spend on diesel is added to the prices of their products. As far as Nigerians are buying those products, they are also paying part of the diesel price.

“It is unfortunate that the price of the product keeps increasing and nothing is being done about it. The high inflation rate in the country means that people have less money to buy things, and when prices are going up and the masses have less money to buy those products, we are going to have a lot of joblessness in the country.”

Egbesola said quite a number of small business owners had closed shop in the country while many were struggling to survive.

“Even if diesel price is deregulated, there should be some level of monitoring by the government to actually see if the marketers are still doing the right thing or they are over-profiting from this venture,” he added.

IPOB said the sit-at-home would be a show of support for Kanu, who is currently in the custody of the Department of State Services (DSS).

In a statement issued on Sunday by Emma Powerful, IPOB spokesperson, the group also asked Igbo businessmen and women outside the south-east to shut down their businesses in support of Kanu.

“Following our earlier declaration of one month lockdown of Biafra land should the Nigeria Government fail to bring our Leader Mazi Nnamdi Kanu to the court on October 21,” the statement reads.

“We, the global family of the Indigenous People of Biafra (IPOB), request our brothers and sisters in Oduduwa Republic and Middle Belt including Igbo and Biafra businessmen and women, traders, who is doing business outside Biafra land to shut down his or her business for us to demonstrate our resolve for the emergence of our new nation Biafra and support for our leader Mazi Nnamdi KANU and others who are facing similar fate with us to join us in sympathy protest.

“All lovers of Biafra including Christian communities in the north and other parts of Nigeria, who receive unnecessary humiliation, intimidation and killings from Fulani terrorists, bandits and murderous herdsmen should understand that time has come for all victims of Fulani impunity and atrocities to unite together for resistance.

“We advise all oppressed people in Nigeria to be prepared for the one month sit-at-home if the federal government of Nigeria and the Department of State Services, DSS fail to produce Nnamdi Kanu in court on the next court adjourned date.

Bandits can be won over by showing them respect and understanding, says controversial Islamic cleric Ahmad Gumi.

Mr Gumi, a self-appointed mediator for the brigands that have been wreaking havoc in many northern states, says his interaction with the bandits have been easy because he always “goes through the door.”

“I go through the door, not the window. If you go through the door, you will go in and come back safely,” Mr Gumi said while fielding questions from students at a lecture in Ahmadu Bello University, Zaria on Wednesday.

The Islamic cleric said if the bandits are given a listening ear, their resolve would be softened and would become more amenable to abandoning their violent ways.

A student had asked why the bandits have not kidnapped him despite his numerous visits to their den.

Mr Gumi explained thus: “When we meet them we don’t speak, we give them the microphone to speak even for one hour.

“When we first approached them we saw that they were holding their warrant ready to fire. By the time we finish our meeting, they will hand in their weapons and we will be taking pictures.”

“So this is the power of human interaction which is what we are here to study as social scientists. That is the approach,” he added.

A yet-to-be identified gunmen have brutally attacked Anambra Federal House of Reps Member, Hon Chris Azubogu’s Convoy at Nnobi.

The unknown gunmen also killed one of his drivers.

Catholic Pontiff, Pope Francis, has asked President Muhammadu Buhari to find ways to stop the killing of Nigerians across the country.

Lamenting what he described as the senseless killings of Nigerians by suspected jihadists, the Pope called on the Federal Government to guarantee the safety of all citizens.

The Holy Father expressed his sentiments of prayerful solidarity with Nigerians over last weekend’s killing of over 40 people by armed religious militia in Southern Kaduna during his usual Wednesday General Audience at the Vatican City.

He said it was not only in Southern Kaduna that people were being massacred, stressing that everywhere in the country, Nigerians are being killed.

“I learnt with pain the news of the armed attacks that took place last Sunday against the villages of Madamai Abun, in northern Nigeria.

“I pray for those who have died, for those who have been injured and for the entire Nigerian population. I hope that the safety of all citizens in the country will always be guaranteed,” the Pope added.

Unknown assailants have killed Chike Akunyili, the husband to late ex-DG of NAFDAC, Dora Akunyili in Abuja.

Reports have it that Chike Akunyili was killed in the early hours of Wednesday in Abuja.

But a source close to the family, who preferred anonymity, has confirmed the killing but declined further comment

Sule Lamido, former governor of Jigawa state, says the country lacks the needed leadership to tackle its challenges.

While appearing on Sunday Politics, a Channels Television programme, on Sunday, Lamido said the government must be accountable to the people.

“Government must be held accountable and I don’t want to sound too political but it is a fact of life. When you want to attain political power the process must be credible,” he said.

“Let us put politics aside. What do we do as leaders? We have no leadership in Nigeria, that is the problem and the world is looking at us.

“Above everything else, it is about leadership. Leadership is very important. On the issue of Zamfara, why is the state becoming the hub of terrorism in Nigeria. Why?”

Lamido said the ruling party did not have a plan to effect change but just wanted power in 2015.

“They knew they were telling lies. But for then, it was about getting the power. If they get the power, then they begin to ask, ‘what do we do?’ So, the process and the platform must be very honest; it must be very credible,” he said.

“It is this character of telling lies to the young generation.

“When you raise their hopes in trying to get government help, and you are in government, by the time you fail to fulfil their needs, of course, there will be problems.”

Former beauty queen and estranged wife of former Minister of Aviation, Femi Fani-Kayode, Precious Chikwendu, has filed a suit at a Federal High Court in Abuja, seeking the enforcement of her fundamental human rights.

According to the court papers filed by her lawyer, Abdul-Aziz Jimoh, Precious listed Fani-Kayode, Inspector-General of Police, his officers and means defendants and is demanding the sum of N800m as damages. Other respondents listed in the suit include the Deputy Inspector-General of Police, Force CID, Commissioner of Police, FCT, CSP James Idachaba (OC Legal CID), FCT Command.

Precious in the suit said she was demanding the said amount because of the roles the respondents have played in “intimidating and harassing” her during the pendency of her custody suit.

The mum of four asked the court to restrain the IGP, his officers and men from intimidating and harassing her in any form, pending the hearing and determination of her suit seeking the custody of the four children she had with Fani-Kayode.

As part of her demands in the court papers, Precious asked the court to grant an order enforcing her fundamental human rights as she was apprehensive of an imminent violation of such rights in the actualization of alleged threats to her life by Fani-Kayode and in the face of the nonchalant and refusal of the first, second and third respondents (IGP, DIG Force CID and CP FCT) to investigate her genuine petitions of threat to life against the fifth respondent (Fani-Kayode).

She sought for a declaration that she was not bound to honor the invitation of the first to fourth respondents in relation to a purported conspiracy and forgery of court records during the pendency of suit no CV/372/2021 between her and the fifth respondent.

In an affidavit in support of her court application, Precious stated that

“I was in a most tempestuous and violent relationship with the fifth respondent (Fani-Kayode), a qualified legal practitioner, a politician and a former minister of the Federal Republic of Nigeria. The fifth respondent and I have four children together and I am forcefully separated from our children, who are all minors.

Consequent upon the unbridled violence perpetrated against me by the fifth respondent and the forceful separation from our children, I filed a suit in the High Court of the Federal Capital Territory, Abuja, with Suit No CV/372/2021.

Rather than allow the contending matters placed before the FCT High Court to be determined by the honorable court, the fifth respondent has persisted in using the Police officers under the control of the first respondent (IGP) and supervised by the second respondent (Commissioner of Police FCT) incessantly to intimidate and harass me with a view to interfering in the adjudicatory powers of a competent court of justice.”

Chikwendu said she had also petitioned the Commissioner of Police, FCT, the third respondent, alleging threats to her life by the fifth respondent and that the Police Commissioner had refused to act on her petition, thus prompting her to go to court to enforce her fundamental human rights.

As of the time of filing this report, no date has been fixed for mentioning of the matter.

The Chinese Ambassador to Nigeria, Cui Jianchin, has disclosed that his country is working towards the establishment of Chinese-owned bank operations in Nigeria.

Mr Jianchin this known in Abuja while addressing journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week on Tuesday.

Jianchin who said he was in talks with Chinese-owned banks, noted that among the world’s 10 biggest banks, six were in China.

“Before my departure from Beijing to Abuja, I talked to several banks in China. When you list the world’s 10 big banks, six are in China. The banking sector is very important because, without money, we cannot build our industries.

“What I am thinking here is best to talk to the governor of the central bank, and how we can allow the Chinese banks to run office here and now, they are doing the feasibility studies on that.”

He explained that it would boost Nigeria’s economy and expand trade relations between the two nations.

The Central Bank of Nigeria, on Friday, vowed to arrest the owner Olumide Oniwinde and shut down popular forex publishing platform, AbokiFX.

AbokiFX is a platform known for publishing the exchange rate of Naira against other currencies. It began operations in 2015.

The CBN governor, Godwin Emefiele who spoke after the Monetary Policy Committee’s two-day meeting in Abuja described the platform as illegal, accusing it of putting the Nigerian economy at risk.

Mr Emefiele accused Mr Oniwinde of manipulating the exchange rate.

“I have given instructions to our experts to go after his website and let it be clear that we will go after him because we can’t allow this to continue,” he said.

Mr Emefiele also challenged Mr Oniwinde to make himself available at the CBN headquarters in Abuja.

“That is the story of AbokiFX and I hear he’s making news on social media. I’m not on social media, but let him come and meet me in the central bank, let him come and show his face. Those who feel they want to support him to fight me, come out, let’s fight,” he said.

This comes barely 24 hours after a report that the CBN was making efforts to shut down the platform. This was contained in a letter it sent to commercial banks requesting transaction records of the website over an alleged breach of the National Intelligence Committee Act of 2004.