THE 16th BRICS summit was the first since the group transmuted from BRIC to BRIC+ following its expansion at the 15th Summit held in South Africa in August 2023. The Summit which was held from October 22 to 24,  2024, in the Tatarstan city of Kazan, Russia was themed: “Strengthening Multilateralism for Fair Global Development and Security”. The Summit formally welcomed into their fold five new members – Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, UAE.  

During the Summit, leaders and representatives from over 20 countries came together in what must have been an embarrassment to the West which has sought to turn Russia into a pariah state following its invasion of Ukraine in February 2022. Apart from the optics that the Russo-Ukraine war has not affected normal life in Russia, the Summit also passed a coded message that Russia still has powerful friends, especially in what is often called the Global South, despite the West’s attempts to isolate it over the annexation of Crimea in 2014 and the invasion of Ukraine in February 2022.

In line with its avowed objective of creating an alternative to the current Western dominated global and financial governance systems, the BRICS Kazan Declaration at the end of the Summit endorsed the reform of the United Nations Security Council and the full participation of the State of Palestine in the United Nations – contingent upon an agreement on the two-state solution.

The Declaration also agreed to explore the feasibility of creating an autonomous cross-border settlement and depository system, (away from the current Western-driven SWIFT system) as well as the possible utilisation of national currencies, payment tools, and platforms. There were also proposals for the invigoration of the group’s New Development Bank, NDB, which was established in 2014, with the aim of providing member countries with greater financial autonomy and resilience against external shocks.

For many Nigerians, the exciting news from the Summit was the announcement that Nigeria, along with 12 others –  were named partner countries to the BRICS+.  The other 12 were: Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.

But what does it really mean to be a partner country to BRICS+?  While it is not clear what it means to be designated as a “partner country”, especially as the group does not have criteria to be met to qualify countries for membership –  as some supranational entities like the European Union do –   we can surmise that they are countries that have either applied to become members or are being considered for membership.  In the last expansion at the 15th Summit, geopolitical and strategic considerations seemed to be a key determinant of which countries were invited. For instance, the admission of Ethiopia, one of the fastest growing economies in Africa and the permanent seat of the African Union, was symbolic.

It was the same for Egypt, which connects Africa to the Arab world. Saudi Arabia joining BRICS means that the world’s largest crude oil exporter now finds itself in the same economic bloc as the world’s biggest oil importer, China. Also, both Russia and Saudi Arabia are members of OPEC+, a group of major oil producers. Similarly, the invitation to Iran, home to around a quarter of the Middle East’s oil reserves and which shares the burden of Western sanction with Russia, seems, again, to be carefully thought through, not just in terms of oil politics but also for its influence in the Middle East. It is not yet clear the strategic thinking behind the invitation of the 13 countries as partners besides the idea that the group wants to increase in size to be an effective counter weight to other groupings like the G20, which in September 2023, admitted the African Union as its 21st member.

In international politics, being located in a number of powerful supranational organisations, if well leveraged, is indicative of power. But can Nigeria leverage on this to regain the initiative it has since lost to countries like South Africa and Egypt? 

Nigeria has had a number of promises that were aborted. A clear example was in late 2013, when Jim O’Neil, the same Goldman Sachs analyst who created the BRIC acronym, popularised another one: MINT. MINT was a neologism referring to the economies of Mexico, Indonesia, Nigeria and Turkey. What was instructive about the four countries listed in the MINT club was that they were all members of the Next Eleven (also known as the N-11). The N-11 were eleven countries – Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, Turkey, South Korea, and Vietnam – identified by the same Jim O’Neill in a research paper on December 12, 2005, as having the high potential of becoming, along with BRICS, the world’s largest economies in the 21st century. MINT simply meant that Nigeria was given South Korea’s spot in MIKT. To add to the wave of Nigeria-optimism at that time, Filipino billionaire, Enrique Razon, was quoted as declaring during the closing activities at the World Economic Forum in Davos, Switzerland in 2014, that Nigeria was the best place to invest in that year. 

Essentially from 2005 (the Obasanjo years) until Buhari took over in 2015, the international optimism that Nigeria would be a breakout economy persisted. But in just eight years of the Buhari government, the optimism about Nigeria evaporated and the country became infamous for being pronounced the poverty capital of the World. Under the Tinubu government, the situation has grown worse. So including Nigeria as a partner country, for whatever it is worth, is another opportunity for the country to redeem itself.

To be able to leverage on this new designation, Nigeria needs to know clearly what it wants from the grouping. The sense of entitlement it exudes by calling itself the ultimate investment destination in Africa and literally cajoling potential investors to jump in or miss the train, is crude hubris. The fact that the President of the country globe trots in the name of seeking foreign investment contradicts that arrogant postulation because capital, by its nature, smells opportunity for accumulation and reproduction from a long distance, and therefore does not need to be cajoled or persuaded to come to invest.

Similarly, your population is no indication of your power or even the size of your market, especially a population where the overwhelming majority of the citizens suffer from multidimensional poverty. In the same vein, grandstanding about our oil lose sight of the fact that virtually every other African country is now an oil producer. Nigerians are hugely talented, resourceful and resilient. The world knows that, and what is needed are right policies that will help to unlock the creative energies of our people.  It is wrong when our leaders go outside the shores of the country, with a begging bowl on one hand, and hubris of being the next investment destination on the other.

So what should be Nigeria’s strategy as it seeks to become a full member of both BRICS+ and G21? We can take a cue from India. For instance, while India and China are powerful members of BRICS+, India is at the same time a member of the Quad, a strategic partnership with the United States, Japan, and Australia, whose primary, though unstated purpose, is to prevent Chinese hegemony in the Indo-Pacific.

India and China, each with 1.4 billion inhabitants, are engaged in fierce geopolitical rivalry in Asia—and, increasingly, globally, over which of the two is better positioned to serve as a natural leader of the Global South. They use the often overlapping organisations they are members of to promote their own agenda. But they command respect in whichever organisation they belong to primarily because of what they have been able to accomplish technologically.  

The Federal Government has said that the four toll gates along the 260km Abuja-Keffi-Makurdi expressway is in conformity with the requirements of the Infrastructure Concession Regulatory Commission (ICRC).

The Minister of Works, David Umahi, while responding to questions on the tolls in Abuja, explained that the law establishing ICRC prescribes the minimum and maximum requirements for tolling of roads on concession.

The News Agency of Nigeria (NAN) reports Umahi was reacting to a question on concerns raised by some commuters on the number of tolls on the newly delivered expressway.

Although the toll gates are yet to be operational, the commuters along the route have raised concerns that four points for payment of tolls on a 260km stress of road will be burdensome.

They, however, commended the federal government for the timely delivery of the project.

“The total length of that road is 260 kilometres, and it is dualised, which means you are talking about 520 kilometres, and I don’t think that we have more than four toll gates on that road.

“There is a law establishing infrastructure concession regulatory commission, and they have the minimum requirements and maximum requirements for tolling.

“We have followed that law and we have also set up a committee because we are doing a cashless collection on the road.

“The committee members are meeting with us next week, and they will tell us how to go about that, because, there are a lot of people who do not know how to read and write, when it comes to ICT.

“It may be difficult for them to understand what we are talking, in terms of electronics payment of tolls.

“So, we are trying to ensure that we carry such people along,” the minister explained.

NAN recalled that the minister on Oct. 17, inaugurated the committee on the implementation of cashless tolling system on the road.

According to Umahi, cashless tolling system is a strategic programme under the Highway Development and Management Initiative aimed at promoting strong and sustainable transportation ecosystem.

The committee’s tasks included, designing the cashless system, establishing relief stations with essential services such as supermarkets, clinics, and security outposts, and ensuring improved security along the highway.

Umahi had stressed: “Within 10 minutes of any incident along the route, security people will be able to respond.”

NAN reports that the Abuja-Keffi-Markurdi road project was procured under the Engineering, Procurement, and Construction–Finance (EPC+F) model.

The road, executed by the China Harbour Engineering Company Ltd (CHEC) was funded up to 85 per cent by China Exim Bank, with the 15 per cent counterpart funding from the federal government.

The project cost 542 million Dollar, and with CHEC handling it, China Exim Bank provided 85 per cent (460.8 million dollar) of the funding in the form of Preferential Export Buyer’s Credit.

A section of the agreement states that the company will toll the road and then recoup the money for the government to pay back the loan segment of the project.

[Vanguard]

President Bola Tinubu says the oil sector will experience stability with the implementation of naira-for-crude transactions.

Tinubu spoke during a review meeting at the State House in Abuja on Tuesday. 

On October 5, the federal government officially announced the commencement of the sale of crude oil and refined petroleum products in naira.

Three weeks later, Dangote Petroleum Refinery received four cargoes of crude oil from the Nigerian National Petroleum Company (NNPC) Limited under the naira-for-crude sale agreement.

The president said using the naira was conceived to remove the exchange rate hurdle.

“Whatever solution we proffer in crude oil and refined products sales in naira should not take us back to our experience in the last 40 years,” Tinubu said.

“There can be cost and revenue adjustment in the oil sector, but the issue is that the government will not have to go back to the old way of doing things.”

Tinubu also commended the implementation committee on the crude oil and refined products sale in naira and asked the members to resolve any teething problems.

He urged the various players in the oil sector, including the NNPC and the Dangote refinery, to collaborate to improve the economy and livelihood of Nigerians.

The president urged stakeholders to look inward and consider supplying enough petrol and petroleum products for local consumption to stop the persistent reliance on importation.

Tinubu said it would enable the channelling of foreign exchange into the development of the real sector.

‘USE AFREXIMBANK TO RESOLVE NAIRA PRICING’

Tinubu also advised stakeholders to use the African Export-Import Bank (Afreximbank), being the financial adviser on the deal, as a settlement bank to resolve the naira pricing for crude and refined products.

“The market must determine what we are doing. Once you allow the market to determine the profit and loss, independent marketers and the government side can meet on the worksheet,” he said.

“I want the issues resolved without future waste of time.

“We can have energy security, and the motivation for Alhaji Aliko Dangote will not be defeated. It will be more predictable on a medium and long-term basis.”

At the meeting, Wale Edun, minister of finance and coordinating minister of the economy, said the administration’s groundbreaking steps to sell crude in naira would not be reversed.

He said the government would not be involved in determining the rate of exchange for the oil sector.

Aliko Dangote, president and chairman of Dangote Group, told Tinubu that Dangote refinery had more than 500 million litres of petrol in reserve.

Dangote said the refinery could collaborate with the other refineries managed by NNPC to meet an estimated 32 million litres of local petrol needs.

Those who created the T-Pain label for President Bola Ahmed Tinubu must be grinning from ear-to-ear for the phenomenal success they have recorded! Not that they said anything new or that Nigerians were not familiar with the phenomenon they graphically painted but because the Tinubu government allowed it to get under its skin. When you respond to certain attacks, you give it traction. There are occasions when silence is golden!

Besides, grandma taught me that if you begin to remove the twigs and leaves on your head and clothes before you finally exit a bush, you have one more clean-up to do when eventually you hit the road. Failure is an orphan but success has many fathers. President Tinubu's administration is at the moment marooned at the dreary juncture of failure. Except the situation improves, and quickly too, nothing he says will interest anyone. Is there pain in the land? Of course, there is!

Have things been this bad before? Of course, not! Has anyone seen the light at the end of the tunnel that Tinubu and his men console and comfort us with? Not really! So, until he succeeds, no one will believe him. What he needs to do right now is put his head down and work his arse out to achieve the success he envisions. Otherwise...! He has to learn from the late sage, Chief Obafemi Awolowo, who said he stoically took all insults and wore them like badges of honour. Apostle Paul on his own said he counted all adversity as gain. May Tinubu not fail!

There was a point in my life when I was at that juncture. I left secondary school with one of the four best results in my class; for lack of mentoring, I rejected a scholarship offer to study in the then Soviet Union by my school principal, the inimitable Pa Michael Adekunle Ajasin, who later became governor of old Ondo State and NADECO leader. From my wide reading even as a secondary school student, I had become aware of the Black Rights Movement in the United States of America and of notable Black American activists and the school that produced many of them - Howard University (founded on 2 March, 1867); so, it was Howard or nothing! Dad was financially capable but wouldn't allow his only son leave (two had died in quick succession) but he wouldn't say so clearly. He kept posting me, as they say, using unfavourable financial climate as a smokescreen.

Up to a point I believed him because he had recently lost a hefty sum to robbery that everyone suspected was an insider's job. But as time wore out, I made my own plans. I joined up with a friend who owned a pools betting house and, for years, I "permed two from four", "permed three from five", "napped three, four or five" and even played "treble chance" hoping after hope to hit the jackpot and win enough money to send myself to Howard University, USA. I pored over pools forecast books - Willy Akinlude, Ehi Obiyan and many others! I had a notebook that contained up to a hundred "formulas" that were meant to produce "banker draws". As if by providence or bad luck, formulas that worked before I knew them failed once I knew the secret!

So did I waste years - and the pocket money Mama gave to sustain me. Everything I had went into pools staking such that I literally became destitute. At a point, I had only a pair of trousers and two shirts. My only sandals were torn all over and I had to drag them on the floor when I walked. When Yakubu Gowon wasted Nigeria's oil money on the extravaganza called Udoji award in 1974 and my mates reaped thrice the usual salary for auxiliary teachers, I spent day and night at Sammy Pools House opposite Oja Ojomo (Ojomo's market) in Owo. One day my uncle advised my Mom to bundle me into a vehicle and deposit me at Aro (mental hospital, Abeokuta), reckoning that I must have run mad. My mother wept and wept!

Many thanks to my elder sister who pressured me to change location from Owo, first to Ede (to reside with her and her husband) and later to Osogbo after my in-law had helped me secure a teaching job at Osogbo Grammar school as an auxiliary teacher. From there, I proceeded to llesa Grammar School for my Higher School Certificate. It was while there that I wrote the first JAMB and got admitted to the then University of Ife in 1978. When I went home to relay the good news with my letter of admission and ID card as incontrovertible evidence, my uncle was the first to eat the humble pie. He called me and said: "Ojo, I did not know you knew what you were doing!"

To God be the glory! I am also grateful to my elder sister and her husband. Listen to wise counsel! If I hadn't listened, my story would have been different today - possibly for the worse. Few people believe in you when you are yet to arrive at the port of success. Trying to convince anyone with mere words is like pouring water on a rock. Try as they may, there are very few people Tinubu and his spokespersons will convince today that he is not as they have labeled him because, truth be told, there is pain in the land like never before. Only those who spend government or company money may not know this for a fact.

A wise counsel which Tinubu needs is that himself, his family members, close aides and top government functionaries must feel the pain of the people - not just in words but also in action for, as they say, action speaks louder than words. Those of them in government cannot live large while preaching to hapless citizenry to "f'okan ba'le". They will not!

It irks me these days when people who know the truth pretend otherwise just to score cheap political points. All they seem interested in is calling a dog a bad name to hang it - the dog may not be totally blameless, though! I also feel offended when the people who are the grandmasters of the turmoil we go through have the temerity to come to the open to justify their ruinous rule and even try to shift blame! Such audacity!

Did you hear the World Bank say all the gains of 18 years spanning three presidents (Olusegun Obasanjo, Umaru Yar'Adua and Goodluck Jonathan) were wiped off by Muhammadu Buhari's eight-year ruinous rule? That was where the rains began to beat us heavily. The eight years of Buhari were years of the locusts. You expect such a person, if he will not be brought to book, to at least leave us alone; not that he, together with his second-in-command, Professor Yemi Osinbajo, will start to run their mouths in public. That is tantamount to rubbing salt on our injury!

But if anyone thinks this country can survive where there is no consequence for bad behaviour, such a person lives in a fool’s paradise.
Must we always leap before we look?
I hope the concern expressed by top military chiefs at a recent security summit will be treated as patriotism and not as high treason or insubordination. This is how a news medium reported it:
"Service chiefs have expressed concern over security challenges linked to the construction of the Lagos-Calabar Coastal Highway at a recent dialogue. A new dimension was added to the controversy trailing the construction of the Lagos-Calabar Coastal Highway... when service chiefs raised concern that Nigeria might be open to new security challenges when the road is completed and (becomes) operational".

What were the concerns raised? One: "That there is no consideration for security architecture to protect this 700-kilometre stretch of road. But what we see is that when this project goes live, there will be attendant security challenges that would not have been catered for throughout the whole project. I think that as a nation we need to address this. When projects that have significant bearing on national security are being conceptualized, it is important to bring security agencies on board from the beginning... This road (coastal highway)... will also provide access to miscreants and other people that we do not intend to have access into our country" Two: That "both in its conceptualization and ongoing implementation, the military were not involved"! They did not say, 'don't have the road'; they only said, 'make it safe' - which makes sense!

Excluding military experts must have been an oversight. So, quickly involve them. As they say, better late than never! Let the "security experts bring in their own input so that we will have that road and it wil be secure for business". I agree! Why spend so much money on a road only to end up creating additional security problems for ourselves? Our plate is more than full already!

Says 174 cases in NAF alone, unacceptable

…Blocks arrest of petitioner by NAF officers

The Senate, on Tuesday, berated the Military over the delay in payment of insurance benefits to dead and retired personnel.

The Senate Committee on Code of Conduct, Ethics and Public Petitions, while considering a petition before it on the matter, specifically declared that 174 families facing the brunt of such delays in the Nigerian Airforce (NAF) alone, was unacceptable.

This is even as it prevented NAF officers led by Wing Commander Mohammed Saleh, from arresting Master Warrant Rukayat Ajoke Ishola, who petitioned the Senate on non-payment of her husband’s insurance benefits and alleged maltreatment subjected to, by the Airforce authorities since the demise of her husband, Warrant Officer Daramola Taiwo in April 2016.

Senate expressed serious disappointment with the delay in payment of Insurance benefits by the military to its dead or retired personnel, following consideration of petition filed against NAF by Master Warrant Officer Rukayat Ishola.

Rukayat Ishola in the petition, alleged that payment of Insurance benefits of her late husband was deliberately delayed by NAF and that her Child was denied from enjoying payment of School fees by NAF like other children of late men and officers of the military.

She added that maltreatment allegedly meted to her by some officers after the demise of her husband in April 2016, made her abandon her duty post as a a way of saving her life.

She said: I was forced and traumatized to go on away without leave ( AWOL), because my late husband’s insurance benefits, were deliberately not paid, my child was denied school fees payment by NAF in line with military tradition and unwarranted persecutions from some officers and life-threatening posting”.

The attempt made by her to tender recorded telephone conversations she had with the alleged officers persecuting her, was rebuffed by the Committee as it called on an NAF representative to defend the allegations.

Defending the allegations on behalf of NAF, its Director of Legal Services, Wing Commander Mohammed Saleh said the insurance benefits of late Warrant Officer Daramola Taiwo were not deliberately delayed as there about 174 families in the Airforce experiencing such delays in payment.

“I want to Inform this committee that the petitioner lied in all the allegations laid as delay in payment of insurance benefits does not affect her late husband alone but about 174 different families.

“Her Child is not entitled to enjoy school fees payment by NAF since the husband of the petitioner did not die in active service, just as allegation made on alleged maltreatment or persecution, is unfounded”, he said.

But when asked by the Committee Chaired by Senator Neda Imasuen to define what he meant by active service, he said, those who died at the battlefront or field are categorised as dying in active service while those who died naturally are not considered as such prior to amendment of the regulation in 2021.

Irked by his submission, the Chairman and members of the Committee descended on the Air Officer by declaring that it was unacceptable for insurance benefits of dead personnel not paid for close to nine years.

Consequently, the Committee, told the Air officer that a strong letter would be forwarded to the Chief of Air Staff, Air Marshall Hassan Abubakar, “to without further delay, facilitate payment of insurance benefits of husband of the petitioner.

“Incorporate the child of the deceased as a beneficiary of School fees payment by NAF and open window for the honourable exit of the petitioner from NAF with attendant retirement benefits”.

[newtelegraphng]

In Nigeria, where power often speaks louder than the law, the phrase “Do you know who I am?” has become an all-too-familiar refrain. And this time, it has caught the public eye in an unsettling way. Hon. Alex Ikwechegh, a member of Nigeria’s House of Representatives representing Aba North and Aba South, is now at the center of controversy, facing allegations that underscore the potential pitfalls of unchecked political privilege.

The incident occurred on October 27, 2024, at Ikwechegh’s residence in the upscale Maitama district of Abuja. According to Stephen Abuwatseya, a Bolt driver who had arrived to deliver a package, what should have been a straightforward transaction rapidly escalated into a violent encounter. Abuwatseya claims that Ikwechegh not only physically assaulted him but also threatened him with disturbing words: he could “make the driver disappear” without any repercussions. This alleged abuse of power has stirred significant public outcry, with Nigerians turning to social media to demand accountability.

As the news of this incident spread across social platforms, it raised larger questions about the conduct of elected officials and the dangerous potential for abuse when power is unchecked. The phrase “Do you know who I am?” often serves as a weapon wielded by those who believe themselves untouchable, a way to remind others of their influence and control. But when such rhetoric allegedly escalates to threats of violence, it becomes not just a matter of arrogance, but a possible breach of both law and public trust.

The public reaction has been swift and intense. Nigerians are demanding that the House of Representatives take these allegations seriously and set an example. Social media posts highlight a rising frustration among citizens who feel they are increasingly at the mercy of those meant to represent them. Many are calling for immediate investigation and stern action to show that no one is above the law, regardless of their political position.

Hon. Ikwechegh has stated that he intends to provide a comprehensive response to these accusations, promising to clarify his actions and defend himself. He is expected to make his statement on Tuesday, a moment many see as critical in either mending or further damaging his reputation. The outcome of his response and any subsequent actions taken by the House of Representatives will be pivotal in either quelling public outrage or adding fuel to the fire.

Acknowledging the gravity of the situation, the House of Representatives has emphasized its commitment to upholding ethical standards. They have released a statement expressing their concern and are reportedly monitoring the case closely to ensure that the allegations are treated with due diligence. This is a critical step, as their response will not only impact Ikwechegh’s political career but also set a precedent for how similar cases are handled moving forward.

For a public deeply frustrated by the seeming immunity of its leaders, this incident has become a rallying point. Many Nigerians are calling for reforms that would hold lawmakers to higher standards, ensuring they carry out their duties with integrity. While elected officials should naturally benefit from the respect that comes with their office, this respect must not translate into carte blanche to disregard the rule of law or the rights of citizens.

Without resort to taking side, the allegations against Hon. Ikwechegh underscore the importance of transparency and accountability in government. Citizens want assurances that power will not shield leaders from consequences.

It is against the backdrop of the foregoing that Ikwechegh’s upcoming statement will be a decisive moment, potentially shaping the public’s view of his character and commitment to ethical standards.

In fact, the incident emphasizes the need for rigorous standards of conduct for lawmakers, reminding them that their duty is to serve, not intimidate, the public.

As we wait to hear Ikwechegh’s side of the story, the broader implications for Nigerian governance hang in the balance. Will this incident serve as a wake-up call, reminding elected officials that they are accountable to the people? Or will it reinforce the perception that in Nigeria, power too often means impunity?

In a society that values equality and justice, no individual should ever feel entitled to operate above the law. Yet in Nigeria, the culture of impunity among certain political elites has long threatened the principle that every citizen is bound by the same set of rules. “Do you know who I am?” is a common refrain that, more often than not, reveals a deeper disregard for public accountability and a desire to evade consequences based on status. Such attitudes undermine the nation’s legal framework, setting dangerous precedents and fueling mistrust between the public and those in power.

Political leaders, by virtue of their roles, represent the people’s interests and ideals. As such, they are held to a higher standard of conduct both domestically and on the global stage. Their actions are mirrors for the nation’s character and values, shaping how Nigeria is perceived around the world. Leaders who treat laws as optional and act disrespectfully in public project an image of a country where rules are merely suggestions, damaging the faith that citizens place in their government and institutions.

If Nigeria is to progress toward a future of true democratic accountability, every leader must lead by example. By honoring the laws they enact and serving with integrity, political figures can rebuild the public’s faith in governance. Ultimately, it is in the nation’s best interest for everyone, from the highest-ranking official to the ordinary citizen, to acknowledge that their position or influence grants no exemption from the law. Given the foregoing, when next anyone ask you, “Do you know who I am?”,  tell him, “Yes, You Are A Nigerian”.

Famous Nigerian musician, Tiwatope Omolara Savage, better known as Tiwa Savage, has stated that she is more talented musically than the ‘Big 3’ – Davido, Wizkid and Burna Boy.

Naija News reports that Wizkid, Davido, and Burna Boy are commonly acknowledged as the leading trio of Nigerian artists, collectively known as the “Big 3.”

However, there is ongoing discussion about the possibility of including a fourth artist in this esteemed group, with names such as Tiwa Savage, Rema, Asake, and others being considered.

Commenting on the discourse in the Nigerian music scene, Tiwa Savage, during a recent interview with The Beat 99.9 FM in Lagos, expressed her views on her potential inclusion in this elite category.

She confidently asserted that her talent surpasses that of Wizkid, Davido, and Burna Boy, who are predominantly recognized within this group.

The host asked, “Do you feel like you’ve to be part of the ‘Big 3’ or even ‘Big 4’ conversation? How do you feel about that?”

Responding, Tiwa Savage said: “Don’t get me started. If we are to go talent for talent, mic for mic, I am the big 1. If you take off the numbers [streams], and whatever you want to judge the big whatever with, you can’t see me on the mic. But again, it [the ranking] is not based on that [musical talent].”

[NaijaNews]

Chairman of Dangote Group, Aliko Dangote, has disclosed that his refinery has more than enough fuel in reserve to meet Nigeria’s demand and that marketers should collect the available supply to alleviate the current scarcity.

He disclosed this to State House correspondents after President Bola Tinubu met with crude oil and refined product sales members in the local currency implementation committee.
The committee was led by the minister of finance and coordinating minister of the economy, Mr Wale Edun.

“We are more than ready to supply the market with 30 million litres daily,” Dangote assured, adding that his refinery holds 500 million litres of fuel in reserve.

“This is enough to sustain the country for over 12 days without new imports or production,” he added.
Dangote emphasised that his role is strictly that of a producer and bulk supplier, not a retail distributor, and urged marketers to take responsibility for distribution to filling stations.

“We are not in the retail business. I have a refinery, not filling stations,” he clarified. “If marketers come forward to collect, there will be no queues.”

Dangote also expressed his commitment to the government’s fuel supply goals, stating, “I’m putting my name on the line by assuring Mr President that we will supply a minimum of 30 million litres per day, ramping up as needed to stabilise the market.”

He also highlighted the financial impact of holding such a massive fuel reserve, explaining that it incurs daily costs, particularly with high interest rates.

“Every day, it costs me to maintain 500 million litres in our tanks. If I could recoup this investment, I could be charging 32% interest,” he noted, underscoring the urgency for marketers to act.
Dangote urged fuel marketers to prioritise local collection over imports.

“If marketers have been managing 55 million litres daily through imports, I see no reason they shouldn’t come and collect our supply and distribute it locally.”

He reaffirmed his refinery’s readiness to keep a steady supply. “We have what they need. As they collect, I will continue pumping. Our tanks are full, and we are ready to keep Nigeria’s fuel supply flowing smoothly if the marketers do their part.”

He also underscored the significance of Afreximbank’s role as a settlement bank between Dangote and the NNPCL, the aim of which is to streamline transactions within the crude oil market.

Pump Price Adjustment Reaction To Market Dynamics – Marketers

Petroleum products marketers have described the fresh pump adjustment of Premium Motor Spirit (PMS) at some retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) as a reaction to market dynamics.

The new price was observed on Tuesday at NNPC filling stations in some parts of the country.
About three weeks ago, NNPC also hiked fuel prices to about N1,030 per litre in Abuja and N998 in Lagos.

The adjustment may see motorists paying about N1060 in Abuja and N1025 in Lagos.

The president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr Billy Gills-Harry, told LEADERSHIP that Nigerians should always expect to see prices going up and down.
He said this is expected in a deregulated market and should not be seen as NNPCL arbitrarily raising the pump price.

According to him, prices can change depending on import parity, which is essentially expected in a free market operation.

Our Correspondent reports that earlier this month, the federal government explained the recent increase in petrol prices by the NNPCL, attributing it to global energy market conditions.

The minister of information and national orientation, Mohammed Idris, clarified that the NNPCL’s decision was influenced by market forces, not government directives, in line with the Petroleum Industry Act (PIA).
Meanwhile, the Finance Minister Wale Edun also shared insights from the meeting with President Tinubu on a new initiative enabling local refiners to purchase crude oil in Naira, a project fully backed by the Federal Executive Council.

Edun credited the Dangote Group’s substantial investment in its 650,000-barrel-per-day refinery as a crucial project enabler and emphasised collaboration with regulatory bodies like the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigeria National Petroleum Company Ltd (NNPCL).

“What we have achieved is the establishment of market pricing for petroleum products,” he explained.

“This, coupled with market pricing for foreign exchange, sets our economy on a path toward industrialisation.”

He further highlighted the initiative’s broad economic impact, noting it would provide essential raw materials for various industries, from agriculture to chemicals and textiles.

“This is part of Mr President’s strategy to create favourable conditions for private sector investment, job creation, and economic growth,” Edun said.

Edun also stated that the new pricing structure is expected to strengthen NNPC’s financial position, enabling it to better support federal, state, and local governments.

“This will allow them to meet their obligations, including salary payments and infrastructure development,” he added.

While acknowledging the remaining challenges, Edun expressed optimism about Nigeria’s industrial development trajectory.

“Although it’s early days and much work remains, we now see a clear path toward modernising our economy,” he remarked, assuring stakeholders of the government’s commitment to overcoming initial hurdles linked to local crude sales in Naira.

“There is determination from the top downwards for this initiative to succeed,” he affirmed.
The meeting was attended by top officials, including the group chief executive officer of NNPCL, Mele Kyari; chairman of the Federal Inland Revenue Service, Zacch Adedeji; governor of the Central Bank of Nigeria, Yemi Cardoso; chief executive of NMDPRA, Farouk Ahmed, and the chief executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe.

It is recalled that President Tinubu had , on July 29, directed NNPCL to commence crude sales to the Dangote Refinery and other local refiners, with Afreximbank appointed as the pilot settlement bank to oversee transactions.

Ghana Eyes Fuel Imports From Dangote Refinery

Ghana could buy petroleum products from Nigeria’s Dangote Petroleum Refinery once the facility is operating at total capacity, cutting more expensive European exports, the head of the country’s oil regulator said on Monday.

According to a Reuters report, the chairman of the National Petroleum Authority, Ghana Mustapha Abdul-Hamid, said this could end monthly fuel imports of $400m from Europe.

He spoke at the OTL Africa Downstream oil conference in Lagos.

The $20bn Lekki-based Dangote refinery began releasing Premium Motor Spirit, popularly called petrol, into the Nigerian market on September 15, 2024.

However, despite this, marketers of the product in Nigeria have since commenced importing PMS in hundreds of millions of litres following the federal government’s total deregulation of the downstream oil sector in Nigeria.

However, at the function in Lagos on Monday, the Ghanaian petroleum authority official stated that his country might start importing fuel from the Nigerian refinery.

“If the refinery reaches 650,000 bpd a day capacity, all that volume cannot be consumed by Nigeria alone; so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria, and I believe that will bring down our prices,” Hamid said.

The Dangote refinery, built by billionaire Aliko Dangote, is expected to operate near total capacity by the end of the year, and analysts believe it could be fully operational in the first quarter of 2025.

Allow Market To Determine Profit, Loss In Oil Sector- Tinubu

…Urges oil stakeholders to end reliance on import

President Bola Tinubu, speaking Tuesday in Abuja, commended the Implementation Committee on selling Naira-based crude oil and refined products and asked the members to resolve any teething problems.

In a review meeting at the State House, the President, in a statement by his spokesman, Bayo Onanuga, said that using the Naira was conceived to remove the exchange rate hurdle.

“Whatever solution we proffer in crude oil and refined products sales in Naira should not take us back to our experience in the last 40 years.

“There can be cost and revenue adjustment in the oil sector, but the issue is that the government will not have to go back to the old way of doing things,’’ the president stated.

President Tinubu said the various players in the oil sector, including the Nigerian National Petroleum Corporation Ltd and the Dangote Refinery, should work to improve the economy and the livelihood of Nigerians.

The President urged stakeholders to look inward, consider supplying enough petrol and petroleum products for local consumption, and stop the persistent reliance on importation.

He said this would enable the channelling of foreign exchange into the development of the real sector.

The President advised stakeholders to use Afreximbank as a settlement bank to resolve the Naira pricing for crude and refined products. Afreximbank is already on board as the financial adviser.

“The market must determine what we are doing. Once you allow the market to determine the profit and loss, independent marketers and the government side can meet on the worksheet. I want the issues resolved without future waste of time,’’ he added.

“We can have energy security, and the motivation for Alhaji Aliko Dangote will not be defeated. It will be more predictable on a medium and long-term basis,’’ the President said.

Minister of finance and coordinating minister of the economy, Wale Edun, said the administration’s groundbreaking steps to sell crude in Naira would not be reversed, and the government would not be involved in determining the rate of exchange for the oil sector.

The President and Chief Executive of Dangote Group told the President that the refinery had more than 500 million litres of fuel in reserve after supplying 400 million to the economy.

He said the refinery could collaborate with the other refineries managed by NNPC Ltd to meet an estimated 32 million litres of local petrol needs.

At the meeting, the Federal Inland Revenue Service chairman, Zach Adedeji, who chairs the technical committee, said importing refined products should end once Nigeria can produce enough to meet domestic needs.

“The vision of Mr President is to turn Nigeria into a hub for refined products to export to the world.”Other stakeholders at the meeting included Prof. Benedict Oramah, the president and chairman of the Board of Afrexim Bank, and Sen. Abubakar Atiku Bagudu, the minister of budget and national planning and group managing director of NNPC Limited, Mele Kyari.

The president’s special adviser on energy, Olu Verheijen, and the CEOs of NIMASA and Nigerian Ports Authority also attended, along with Engineer Gbenga Komolafe, head of Upstream Regulator, and Farouk Ahmed, head of Midstream and Downstream Regulator, NMDPRA.

Marketers Say Pump Price Adjustment At NNPCL Stations, Reaction To Market Dynamics

Petroleum products marketers have described the fresh pump adjustment of Premium Motor Spirit (PMS) at some retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) as a reaction to market dynamics.

The new price was observed on Tuesday at NNPC filling stations in some parts of the country.

About three weeks ago, NNPC also hiked fuel prices to about N1,030 per litre in Abuja and N998 in Lagos.

The adjustment may see motorists paying about N1060 in Abuja and N1025 in Lagos.

The president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr Billy Gills-Harry, told LEADERSHIP that Nigerians should always expect to see prices going up and down.

He said this is expected in a deregulated market and should not be seen as NNPCL arbitrarily raising the pump price.

According to him, prices can change depending on import parity, which is essentially expected in a free market operation.

Our Correspondent reports that earlier this month, the federal government explained the recent increase in petrol prices by the NNPCL, attributing it to global energy market conditions.

The minister of information and national orientation, Mohammed Idris, clarified that the NNPCL’s decision was influenced by market forces, not government directives, in line with the Petroleum Industry Act (PIA).

[Leadership]

Governor of Nasarawa State, Abdullahi Sule, has said that the 19 governors under the Northern Governors Forum (NGF) are against the VAT bill because it will be unfair to the region. 

The governor stated this during an interview on Channels TV’s Politics Today.

Arising from a meeting on Sunday, the NGF chaired by Governor Inuwa Yahaya of Gombe State, had rejected the derivation-based model for Value Added Tax (VAT) distribution in the new tax bill currently in the National Assembly for deliberation.

Sule said that the governors were not against President Bola Ahmed Tinubu, saying they brought him into power.

He said. “We can’t bring in President Tinubu and then oppose him. If you look at the composition of the meeting you will see that there are people from the APC and the PDP. Some don’t even have a political party. We sat down and took the decision together.

“Some are traditional rulers. If you look at the law, it will be unfair to the north. By the time you say you are going to take something out of the sharing of the FAC and then say you are going to share something similar to something like that because that is the understanding we have based on the proposal. It’s going to be another 13% derivation.

“So, the states that have almost no VAT at the moment will end up actually with the shorter area of the stick. And you know, the 19 states of the north are generating very little when it comes to VAT at the moment.

“It’s very clear. I worked for some of these multi-national. I know how VAT is paid. When we were importing raw material at Dangote at Apapa port. We paid VAT first and then the finished product had VAT added to it,” he added.

[Dailytrust]