The Yoruba have a unique culture that singles them out as a methodical race. The place of lfa divinity as one of the pivots on which their culture rotates is undeniable. Little wonder the lfa divination was added by United Nations Educational, Scientific and Cultural Organisation (UNESCO) to its list of ‘masterpieces of oral and intangible heritage of humanity’ in 2005.

Ifa holds such a significant place in the lives of the Yoruba that they feel duty bound to consult it when they need to take important decisions about their lives, including the choice of an Oba.

From time immemorial the lfa oracle is consulted before an individual is chosen among the plethora of candidates to become the traditional ruler of a community. Today, however, the beat has changed and so also the dance step. State governors have usurped the place of lfa priests as they now appoint Obas by fiat except in few communities like Ibadan, Oyo State where there is an entrenched succession plan.

The consequence is the crisis that is usually foisted on communities upon the death of an Oba. So much so that there are many communities in Yorubaland today with two traditional rulers reigning at the same time.

Origin of lfa divination in Yoruba land

Ifa, according to history, was a transferred religion or belief that came into the famous Oyo Empire during the reign of Alaafin Onigbogi. Rev. Samuel Johnson, in his book “The History of the Yorubas”, identified five Alaafins he labelled “historical kings”. They include Oganju; Kori; Oluaso the one known as Osarewa s’akin (the handsome but valiant king); Onigbogi and Ofinran.

Johnson explained that Ifa came from an Ota woman named Arugba-Ifa, who was Alaafin Oluaso’s Queen and mother of Alaafin Onigbogi. Arugba-Ifa, a very superstitious woman, was said to have left Oyo for her hometown, Ota. But on hearing that her son had succeeded his father, she returned to Oyo and introduced Ifa as a religion.

The account stated that Oyo people initially rejected the ‘strange’ religion, but one Oba from a vassal town called Ado accepted her and her religion. When the Nupe people attacked Oyo and made a mess of the city, the people had to look for Arugba-Ifa and Ifa was established as a religion in Oyo, with Alado, the Oba of Ado, as the first priest.

Thus Ifa became the religion of Oyo people and by extension the entire Yoruba race. Such that before any major decision is taken in the land, the Ẹlẹri-ipin (the one who witnessed destiny) is consulted, and its pronouncements adhered to. In the days of yore, no Oba was crowned except he was picked by Ifa.

Oluwo’s confirmation

The change in trend was recently confirmed by the Oluwo of Iwo land, Oba Abdulrasheed Akanbi, whose dressing, utterances and general comportment have raised concerns within and outside his kingdom as to whether Ifa was consulted before his choice. 

Oba Akanbi confirmed in a recent interview that lfa was not consulted before he was made Oba. Rather, he assumed the throne through his romance with the powers that be in the state.

Oba Akanbi said: “Tell me one king that Ifa picked in Yoruba land. The person picked by the governor is the one God has ordained to be the king. There is no Oba in Yoruba land that would say Ifa picked him.

“It is after the governor picks you that you become a king. Ifa does not have any power over the governor.”

The Oluwo insisted that the days of Ifa’s intervention in the choice of Obas were long gone and even challenged his interlocutors to name an Oba who is a product of Ifa divination.

Essentially, Oba Akanbi declared that governors have taken the place of Ifa in the appointment of Obas in Yorubaland because their word in the matter is law, and not even Ifa can object the moment a governor approves a candidate as Oba.

Hear him: “You may be a prince and have the money, if you have the approval of Ifa and refuse to appease the governors, you have lost.

“In the time past, Ifa priests wielded the kind of power that governors wield today. They had the power of life and death. They enthroned kings and dethroned kings.

“Where an Oba combines the power of the king and the knowledge of Babalawo (herbalist), they become dictators. That is why Babalawos are not made kings in Yorubaland till date.”

Governors as lfa priests

In the last days of his tenure as the governor of Osun State, former Governor Gboyega Oyetola chose the Akirun of Ikirun against protests from the people. Reports said the kingmakers were lured to the government house where they were hoodwinked into ratifying government’s choice, Prince Yinusa Akadiri of the Oba-Ara ruling house, as the Akirun. What followed was a massive protest that set the community on fire.

The same Oyetola administration in the state installed Prince Gboyega Famodun as the Owa of Igbajo only for Governor Ademola Adeleke to come in and send Famodun packing and installed Prince Ademola Makinde as the new of Owa; , a situation that created tension in the ancient town.

In the same vein, the Aare of lre, Oba Ademola Ponle, who was installed as the king many years after the stool remained vacant, was also sent packing by Governor Adeleke who eventually installed Prince Muritala Oyelakin from the Oyekun ruling house as the new Oba of lre town.

Needless to say that bickering, animosity and chaos became the order for days. Although the government had its way, it is obvious that the peace that exists in the aforementioned communities is that of the graveyard.

Similar situations prevail in Oyo State where the governor, Seyi Makinde, had to engineer an amendment to the chieftaincy law which gave him the power to decide who mounts any traditional stool in the state.

Lately, there has been a cold war between the governor and the Oyomesi in Oyo town. According to sources, the governor has refused to assent to the candidate presented by the Oyomesi, the traditional kingmakers of the town, on the excuse that the processes were marred by corruption.

The foregoing prompted the Oyomesi to file a case against the governor. The suit HOY/38/2023 was filed by five kingmakers who asked the Oyo State High Court in Oyo to restrain the governor and his agents “from aborting the process for the selection/appointment of the candidate for filling the vacant stool of Alaafin of Oyo duly conducted by the kingmakers of Alaafin of Oyo Chieftaincy.”

The claimants in the suit are the Bashorun of Oyo, High Chief Yusuf Layinka; Lagunna of Oyo, High Chief Wakeel Oyedepo; Akinniku of Oyo, High Chief Amusa Yusuf; Areago Bashorun, Chief Wahab Oyetunji; and the Alapo of Oyo, Chief Gbadebo Mufutau. They also listed the Oyo State Attorney-General and the state’s Ministry of Local Government and Chieftaincy Affairs as defendants in the suit.

The kingmakers said they had at a meeting on September 30 unanimously selected a prince, Lukuman Gbadegesin, to fill the stool of Alaafin of Oyo, which had become vacant since April last year when the 45th Alaafin, Oba Lamidi Adeyemi, died.

They are praying the court to restrain Governor Makinde and his agents from nullifying the choice of Mr. Gbadegesin and “approving or recognising any other candidate” as the next Alaafin “after a duly conducted process for the filling of the vacant stool of Alaafin of Oyo in accordance with the native law, custom and Chieftaincy Declaration of Alaafin of Oyo Chieftaincy.”

The kingmakers also want the court to restrain the governor and the other defendants from removing them as Oyo kingmakers or “dissolving the Oyomesi in Council or appointing or selecting warrant chiefs to conduct or start a fresh process for the filling of the vacant stool of Alaafin of Oyo.”

They want the court to restrain the defendants from “harassing, disturbing, preventing or stopping the claimants from carrying on their traditional functions and responsibilities as kingmakers of Alaafin of Oyo Chieftaincy.”

The Economic and Financial Crimes Commission (EFCC) had grilled some of the Oyo kingmakers on October 18 over allegations of bribery in relation to the selection of the next Alaafin.

A petitioner had alleged that the kingmakers collected bribes running into millions of naira to facilitate the selection of Prince Gbadegesin.

This was also the case in Ogbomoso, as there has been a series of litigations going on since the selection of Oba Afolabi Ghandi Olaoye as the new Soun of Ogbomoso.

The stool of the Soun became vacant with the death of long-reigning Oba Jimoh Oyewumi on 12 December, 2021 at the age of 95 years. Prince Oyewunmi was on the throne for 48 years.

But the appointment of Mr. Olaoye, a former pastor at the Redeemed Christian Church of God, by Governor Seyi Makinde has triggered a legal tussle. One of the contestants for the Soun throne, Muhammed Kabir Olaoye, a prince, was dissatisfied with the selection process that led to Mr Olaoye’s eventual ascendancy to the stool.

The chairman of the Screening Committee for the Laoye ruling house in Ogbomoso, Abdulwahab Laoye, had earlier disowned Mr Olaoye, saying the family had not selected anybody to fill the vacant stool.

However, the Oyo State Commissioner for Local Government and Chieftaincy Matters, Olusegun Olayiwola, insisted that Mr Olaoye’s appointment followed the statutory processes.

The Oyo State High Court at Ogbomoso had on 25 October set aside Governor Makinde’s appointment of Mr Olaoye as the new Soun of Ogbomoso. A stay of execution of the judgment was later granted by the judge, K.A. Adedokun, paving the way for Mr Olaoye’s inauguration as Soun of Ogbomoso by Governor Makinde on 20th December last year.

The appellants are S.O. Otolorin, chairperson, kingmakers of Soun Chieftaincy; Salawu Ajadi, Jagun of Ogbomosoland; Tijani Abioye, Bara of Ogbomosoland; David Adeniran Ojo, Kolaba of Ogbomosoland; Yusuf Kasali Oladipupo, Abese of Ogbomoso kingmaker; and Mr Olaoye, the new Soun.

The appellants listed Muhammed Kabir Olaoye, Governor Makinde, Oyo State Attorney-General, Oyo State Commissioner for Local Government and Chieftaincy Matters, Ogbomoso North Local Government, the Traditional Council of Ogbomoso North, and Amos Olawole Olaoye, as respondents in the appeal.

In the notice of appeal dated 30 November and filed at the Court of Appeal in Ibadan, the Oyo State capital, the appellants faulted the decision of the State High Court voiding Mr Olaoye’s appointment as the new Sọun of Ogbomoso.

Accuracy of lfa predictions

It is obvious and significant that where lfa is consulted before the choice of an Ọba but the powers that be decide to do their own bidden, the consequences are always unpalatable.

Before he became the Olọwọ of Ọwọ in Ondo State in 1941, Ifa had predicted that Ọba Ọlateru Ọlagbegi ll, would become the king and there would be crisis that would lead to his banishment, but he would return as the Ọba of the town and all his enemies would be put to shame. After 25 years on the throne, Ọba Ọlagbegi in was deposed and banished from Ọwọ in 1966 and another Olọwọ, in the person of Ọba  Adekola Ogunoye ll became the king.

Twenty-five years later, Ọba Ọlateru Ọlagbegi II was reinstated as the Ọlọwọ and reigned for another five years before he joined his ancestors in October 1998. While in exile, the revered monarch maintained his dignity and those responsible for his dethronement were at the forefront of the agitation for his reinstatement 25 years later, as predicted by Ifa.

In the same vein, in August 1967, a crisis erupted in the ancient town of Arigidi Akoko in Ondo State and Ọba Muhamadu Ọlanipekun, the Sarki of Arigidi, was forced to go into exile. At the peak of the crisis, Ọlanipekun wanted to confront his enemies but his wife reminded him of what lfa predicted when he was going to be installed as king that okiki ọdẹ a fi fila perin kii ju ọjọ mẹta lọ (all the tribulations will soon become history). He therefore opted for peace and went into exile.

As it later turned out, all the efforts made by his detractors to install a new Sarki outside Olanipekun’s lineage failed until 41 years later in 2008 when an Olanipekun prince, Oba Yisa Olanipekun, was installed as Sarki of Arigidi Akoko, thus confirming the accuracy and sanctity of Ifa.

Political influence versus lfa’s sanctity

There is no gainsaying the fact that political influence has overridden Ifa in the choice of Obas in Yoruba land these days; a situation many see as eroding the race’s cultural value.

Speaking to The Nation on the issue, the Araba of Osogbo land and renowned Ifa priest, Chief Yẹmi Elẹbuibon, noted that the abandonment of the value and traditional norms regarding the choice of an Oba through Ifa divination by the kingmakers has turned them into objects of ridicule.

Elebuibọn pointed out that the position of an Oba is so critical to Yoruba culture and values that they were referred to as the eye of the gods and were thus accorded the utmost respect. He, however, lamented that the way some of Obas are fraternising with politicians has robbed them of their respect to the extent that the governor now chooses whoever he wants as the Oba of a town.

He recalled with regrets that Obas’ fraternity with the political class once warranted a former head of state to command traditional rulers to stand up and greet him at a public function; a situation he described as an insult to the traditional institution and erosion of the dignity and sanctity of royal fathers.

The lfa priest advised those who want to be kings to get ready to uphold tradition and our cultural values if they want to be king, not looking for politicians to give them what they don’t deserve.

On his part, Chief Niyi Akintọla, SAN put the blame at the feet of traditional rulers who fraternise with politicians and encourage governors to mess up with them.

He said: “If an Oba respects himself, nobody will erode him. When Alaafin Lamidi Adeyemi was alive, could any governor look at his face? Could any governor cross his path? Those who did it in the past paid for it.

“Can anybody cross the Awujale’s path? An Oba should be a man of impeccable character with aura and dignity. He respects himself and you don’t just see him everywhere.”

Akintola added: “When an Oba reduces himself to ‘Mr Available’ and turns himself into a beggar, going to governor’s office, how do you think he will command respect?

“Obas have turned themselves into puns in the hands of governors. If they respect themselves, nobody will dare mess them up.”

He argued that a situation where dollars are flying here and there because somebody wants to be a king, he will get the type of insults that are being heaped on traditional stools.

“We should allow tradition to take its course. Every town has its own tradition that is peculiar to it; we should allow it to work. But when we are tampering with the tradition, that is when we run into trouble.” he said.

Speaking to The Nation in the same vein, a renowned lawyer, Chief Ọlalekan Ojo (SAN) noted that there is nothing bad in using lfa to choose an Oba as long as it conforms with the people’s tradition.

He explained that “every system is subject to abuse, but l still prefer the traditional way through Ifa. Picking an Oba via political ladder is not too good. If a governor chooses a king because of politics, when another one comes he may look for a way of installing his own too. That is very unfortunate and not good for the system at all.”

If culture is very sacrosanct, journalist and lawyer, Chief Fassy Yusuf said, it should be adhered to, especially if the people come together and say this is what they want.

He explained that the issue of lfa may not apply to all cultures, noting that if there is manipulation of lfa, “then you can fall back to democratic norms or the constitutional law.

“Don’t forget that the lbadan system is a peculiar one. The chieftaincy law of any state is supreme.

“Take for instance Ijebu. There are four ruling houses with a rotational system. The kingmaker will pick if it is their turn. Whether their choice is subjective or otherwise, it will be put forward as the king.

“There is a procedure to be followed, and if a governor says otherwise his decision will be challenged in the court. There must be due process.”

Speaking on the kinship crisis in lkirun, the son of the soil and celebrated author of popular textbooks on O’ level Economics and Government, Dr. O. A Lawal, argued that politics has replaced traditional way of succession in the ancient city.

Lawal argued that politicians have destroyed the system to the extent that tradition has been relegated to the background.

“The people of lkirun town know how to install their king. Some politicians cannot just come from nowhere to impose a king on us. It will never work,” he said.

[TheNation]

The Federal Government has traced fleeing Binance executive, Nadeem Anjarwalla, to Kenya, following his escape from custody in Nigeria.

Following the development, the Economic and Financial Crimes Commission, the International Criminal Police, the Nigeria Police Force and the Kenyan Police Service have deepened talks to quicken Anjarwalla’s extradition.

Sources in the Presidency who are on top of the case told Saturday PUNCH that Anjarwalla, whose cover has now been blown, went into hiding immediately after he landed in Kenya.

The source revealed, “We have found him. We know where he is. He is in Kenya, and we’re working with the authorities to bring him back to Nigeria.”

Another source also close to the matter, corroborated the first source’s statement.

The source noted, “All hands are on the deck. The government and all the security agencies are working hard in conjunction with the Kenyan authorities and INTERPOL, to ensure his return to Nigeria to face the charges brought against him.”

Meanwhile, the EFCC Chairman, Ola Olukoyede, had in the March edition of the agency’s bulletin titled, “EFCC Alert,” which was released last week, confirmed that the commission was working in conjunction with the International Criminal Police Organisation, the United States Federal Bureau of Investigation, the governments of the United Kingdom, Northern Ireland, and Kenya to extradite Anjarwalla.

Olukoyede noted, “The takeover of the prosecution of Binance chiefs by the commission is no less a strong message in the direction of EFCC’s resolve to hedge in distortions and disruptions in the country’s forex market.

“Tax evasion, currency speculation and money laundering to the tune of $35.4m  are at the foundation of the commission’s five-count charges against Binance Holdings Limited, Tigran Gambaryan and Nadeem Anjarwalla, the company’s chief executives.

“While Gambaryan is currently in the commission’s net, the process of extraditing the fleeing Anjarwalla is revving in full swing.

“Involved in partnership with the EFCC to nick Anjarwalla in flight are the International Criminal Police Organisation, the United States’ Federal Bureau of Investigation, the governments of the United Kingdom, Northern Ireland, and Kenya as the clock winds down to his arraignment in absentia alongside the company and Gambaryan.”

Saturday PUNCH had earlier reported that the Federal Government had commenced the extradition process of Anjarwalla back to Nigeria, over alleged $35,400,000 money laundering.

“Mr Anjarwalla’s extradition process has begun. The FG is working as did with INTERPOL to extradite the fugitive to Nigeria. He’s a fugitive that escaped from lawful custody, and his other partner is still in custody and would be arraigned on Thursday alongside their company, Binance,” a source had noted.

Another source revealed, “It is true that the FG has commenced the process of extraditing Binance’ Anjarwalla to bring him back to Nigeria to answer to his money laundering case in court, among others. The arraignment of Binance and Gambaryan in court on Thursday would also aid Anjarwalla’s extradition.”

Meanwhile, a top security source, working on the matter, confirmed to our correspondent that the soldiers detailed to monitor Anjarwalla were being grilled by special investigators drawn from the military, Department of State Services, Police, EFCC, and the National Intelligence Agency.

“The soldiers detailed to monitor Anjarwalla have been detained as you know, and they’re still being grilled by special investigators drawn from various security and intelligence agencies and services- the military, DSS, NIA, and the police, all hands are on deck, as it is a matter of national security,” the source stated.

 The EFCC had on Thursday, April 4, arraigned Binance Holdings Limited and two of its senior executives, Gambaryan and Anjarwalla (now at large) on money laundering allegations.

The EFCC, which has now fully taken over the case from the Office of the National Security Adviser, has also detained Mr Gambaryan and has obtained a court warrant to arrest and extradite Mr Anjarwalla.

Confirming the development to our correspondent on Friday, impeccable sources noted that Mr Anjarwalla would be arraigned in absentia alongside Binance and Mr Gambaryan who’s now in EFCC custody.

“The detained Binance executive, Gambaryan is now in custody of the EFCC. The NSA has handed over the matter to the EFCC for investigation and prosecution. The commission has charged Binance, Gambaryan and Anjarwalla to court for $35,400,000 money laundering, and they’ll be arraigned in court on Thursday, April 4, 2024.” a source noted.

Another source revealed, “The EFCC is now partnering with the International Criminal Police Organisation, the United States’ Federal Bureau of Investigation, the government of the United Kingdom of Great Britain and Northern Ireland, and the Kenyan government, to effect the arrest and extradition of Mr Anjarwalla, the fugitive who fled from lawful custody in Nigeria.”

The court documents exclusively obtained by Saturday PUNCH revealed that the charges were filed on Thursday, March 28, 2024, before the Federal High Court of Nigeria, Abuja division.

The charges read, “That you, Binance Holdings Limited (aka Binance) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January 2023 and January 2024 in Abuja within the jurisdiction of this Honourable Court carried on specialised business of other financial institution without valid licence and thereby committed an offence contrary to section 57 (1) and (2) of the Banks and Other Financial, Institutions Act, 2020 and punishable under section 57(5) of the same Act.

“Count two, that you, Binance Holdings Limited (aka Binance) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January 2022 and January 2024 in Abuja within the jurisdiction of this Honourable Court engaged in business of other financial institution (other than insurance, stock broking and pension fund management) without valid licence and thereby committed an offence contrary to and punishable under section 58(5) of the Banks and Other Financial Institutions Act, 2020.

“Count three, that you, Binance Holdings Limited (aka Binance) between January 2022 and January 2024 in Abuja within the jurisdiction of this Honourable Court not being an authorized dealer in Nigeria’s Autonomous Foreign Exchange Market used your virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria and you thereby committed an offence contrary to and punishable under section 29(1) (c) of the Foreign Exchange (Monitoring And Miscellaneous Provisions) Act.

“Count four, that you, Binance Holdings Limited (aka Binance), Tigran Gambaryan, Nadeem Anjarwalla (now at large), and other persons at large between January 2023 and January 2024 in Abuja within the jurisdiction of this Honourable Court conspired amongst yourselves to conceal the origin of the proceeds of your unlawful activities and thereby committed an offence contrary to section 21 (a) and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

“Count five, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla between January 2023 and December 2023 in Abuja within the jurisdiction of this Honourable Court concealed the origin of a cumulative sum of $35,400,000 generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity and you thereby committed an offence contrary to and punishable under section 18 (3) of the Money Laundering (Prevention and prohibition) Act, 2022.”

Also on March 22, the Nigerian government approached the Federal High Court in Abuja and slammed another four-count charge on Binance Holdings Limited, Anjarwalla, and Gambaryan, accusing them of offering services to subscribers on their platform while failing to register with the Federal Inland Revenue Service to pay all relevant taxes administered by the service.

And in so doing, they committed an offence, contrary to and punishable under Section 8 of the Value Added Tax Act of 1993 (as Amended).

The defendants were also accused of offering taxable services to subscribers on their trading platform while failing to issue invoices to those subscribers to determine and pay their value-added taxes and, in so doing, committed an offence contrary to and punishable under S.29 of the Value Added Tax Act of 1993 (as amended).

Count three of the charges accused the three defendants of offering services to subscribers on their Binance trading platform for the buying and selling of cryptocurrencies and the remittance and transfer of those assets while failing to deduct the necessary Value Added Taxes arising from their operations and thereby committing an offence contrary to and punishable under Section 40 of the Federal Inland Revenue Service Establishment Act 2007 (as amended).

 The last count of the charges wants the defendants punished for allegedly aiding and abetting subscribers on their Binance trading platform to unlawfully refuse to pay taxes or neglect to pay those taxes and, in so doing, committing an offence contrary to and punishable under the provisions of S.94 of the Companies Income Tax Act (as amended).

FG crackdown

The Nigerian government had, in the past three months, been cracking down on suspected money launderers and terrorism financiers, some of whom it alleged were using the Binance platform for criminal activities

The Nigerian government said over $21.6bn was traded by Nigerians whose identities were concealed by Binance.

The government also claimed its investigations revealed that unscrupulous elements were using Binance for money laundering, terrorist financing, currency speculation, and market manipulation, distorting the Nigerian economy and weakening the naira against other currencies.

The detention of Binance officials in Nigeria began months after the crypto exchange platform pleaded guilty and agreed to pay $4.3bn to settle criminal money laundering charges levied by the United States Department of Justice.

Binance Founder and Chief Executive Officer, Changpeng Zhao, also known as CZ, pleaded guilty and agreed to resign.

His criminal trial has been postponed to April 30, 2024, by a United States court.

[Punch]

Following the announcement of the planned release of a new National Identification Number in the country by the Federal Government last week, the National Identity Management Çommission, NIMC has provided further clarifications on the proposed ID.

In a statement released and signed by Head of Corporate Communications, Kayode Adegoke on Friday, the Commission said the new National ID Card is coming as a single, convenient, and General multipurpose card (GMPC), eliminating the need for multiple cards.

The single card with GMPC is said to have multiple use cases. as: Payments/Financial, Government intervention/services, travel, etc.

The card, according to the National Identity Management Commission is working with the Central Bank of Nigeria and the Nigerian Interbank Settlement System to deliver the payment and financial use cases.

“The card will be powered by the AFRIGO card scheme, an indigenous scheme powered by NIBSS.

Applicants for the card will have to request with their NIN through the self-service online portal, NIMC offices, or their respective banks

” The card will be issued through the applicants’ respective banks in line with existing protocols with the issuance of the Debit/Credit cards.

“The card can be picked up by holders at the designated centre or delivered to the applicants at the requested location at an extra cost to be borne by the applicants'” the statement said.

[Vanguard]

Nigeria is struggling to find buyers for its crude oil due to a shortfall in demand from Europe, Bloomberg is reporting.

According to a report on Friday, strikes in the French refining sector and seasonal maintenance at plants in other parts of Europe reduced the country’s sales.

About 20 to 25 shipments of Nigerian crude for April loading are still seeking buyers, according to four traders specialising in the West African market.

The traders said it is a considerably weaker position than normal for this time of the month — when trade should be moving on to May’s barrels — and the prices the shipments can fetch are plummeting.

Each cargo is said to be about a million barrels of crude.

According to the report, France, one of Nigeria’s biggest buyers, purchased an average of 110,000 barrels a day from the African country over the past year.

However, the publication said a nationwide dispute in France, over pension reforms, according to Wood MacKenzie, has plunged crude imports — thereby shrinking the European country’s demand for Nigerian oil this month.

Also, over 80 percent of France’s 1.1 million barrels-a-day processing capacity has been suspended or is in the process of being shut down due to the industrial action, data compiled by the publication showed. 

In addition to the strike’s impact, traders said other plants in Europe are also purchasing less crude because of seasonal maintenance.

“Capacity is offline at some typical destinations for Nigerian crude such as Spain’s San Roque refinery and Italy’s Sarroch plant. Facilities that have halted capacity for work also include Shell Plc’s Pernis refinery near Rotterdam, Europe’s biggest plant,” Bloomberg said.

Also, the report said Mediterranean refiners can choose to skip Nigerian supply in favour of “cheap North African barrels that ship more quickly to the region, or they can process some of the large volumes of US West Texas Intermediate crude that have been arriving in Europe in recent months”.

“Long-haul buyers like Indian Oil Corp. and Indonesia’s Pertamina have been taking more discounted Russian volumes this year, easing their need for Nigerian supply,” the report said.

The publication said another reason for the unsold glut has been Nigeria’s resumption of crude production — which was halted in recent months by theft and technical issues — such as the Bonny Light stream.

[TheCable]

It would be good if we all realise the truth that nobody is going to build our country for us. As of now, the country needs to be built, brick and mortar, little by little. It is a good sign that President Bola Ahmed Tinubu has set up an Economic Team that looks quite formidable. No longer would the crucial business of the economy, the most important aspect of building our country, be left only in the hands of politicians. Looking at the team makes one to have the confidence that the government is serious about its self-imposed assignment of making tomorrow better than yesterday. The new team includes such giant private-sector players like Aliko Dangote, Tony Elumelu, Amina Maina, Funke Okpeke, Segun Agbaje and Rasheed Sarumi.

The effect has started showing. In Nigeria, whatever goes up does not come down, except you-know-what. But the naira exchange rate to the dollar and other international currencies is going down. We also hope that the price of petroleum and allied products would also stabilise. That is the opportunity and promise that Dangote Refineries, Lagos, has offered our country. In the months ahead, we would be able to grasp the full implication of Nigeria having the largest and most modern petroleum complex in the world.

The Dangote Refinery is sitting on 180 acres of land at the Lekki Free Trade Zone in Lagos State. It is going to be producing diesel, aviation fuel, petrol and other petroleum products. It has the capacity to process about 650,000 barrels of oil per day. When fully operational, it is expected to provide direct and indirect employment to 135,000 people in Lagos State. The refinery has cost almost 20 billion American dollars.

Already, even before the refineries start firing in all cylinders, its competitors in Europe and other theatres are jittery. Several refineries in Europe, which for some decades have been exporting petroleum products to Nigeria, are going to face a hard time. First, the Nigerian market would no longer be available for them. Second, Dangote petroleum products may also be ready to give them a good fight in the European market. This would be the first time an African company would directly threaten European companies in the theatre of Europe. There is no doubt that the months ahead would be very interesting.

However, it is not yet time for chest-beating for Nigeria. The old establishment is quite influential in the power loop of Nigeria and may pull one or two stings to make things happen here. The Dangote Group is already feeling the heat where it hurts most. For many weeks it could not buy crude oil to refine. Without crude oil, the refinery is not more than a tourist attraction. To start its operation, the Dangote refinery had been on queue with other competitors to get crude from the Nigerian National Petroleum Company plc. The NNPC has the monopoly to sell Nigeria’s crude. To get a share of the market, you have to be in the good book of the power-that-be. That is a delicate dance which the Dangote Group is learning in a hurry.
Of course, economic independence, which is more difficult and protracted than political independence, is not going to come on a platter of gold. In a recent newspaper interview, Professor Ehiedu Iweriebor of the Department of Africana and Puerto Rican/Latino Studies, Hunter College of The City University of New York, defines Dangote Refinery and its related projects as the “Freedom Projects,” because of its expected impact on the Nigerian economy. “The plant would reduce Nigeria’s import dependency, its vulnerability to external pressure and also empower the country to begin to generate its own prosperity through the production and export of value-added goods rather than raw materials export,” says Iweriebor. “It means that Dangote refinery can supply refined oil to Nigeria and to parts of Africa. It will detach these regions from the dependency on Western suppliers for expensive and critical fuel supply.”

What should we expect from those whose refineries are going to shut down while the Dangote Refinery is revving into life? It would be naïve for us to expect them to do nothing. Oil is the life of the industrial societies of Europe and the Americas. In the aftermath of the 1973 Arab-Israeli War, the Arab oil producing countries started the oil embargo against the West which gave birth to the Organisation of Petroleum Exporting Countries. The United States and its allies threatened to take military action if the stalemate was not resolve. In the end, many Arab countries had to back down. Today, the United States has a very large military base in Saudi Arabia, the home of Islam, and many other countries in the Middle-East. In the wake of the Israeli-Hamas conflict, there are thousands of American troops and sailors sent to the Middle-East.

Economic consideration has been a proper pretence for war. Saddam Hussein, the dictator of Iraq believed that the tiny kingdom of Kuwait was sabotaging his country’s interest by refusing to cooperate with Iraq at OPEC meetings on the issue of oil production quota. He also accused Kuwait of slant drilling that allowed Kuwaiti oil drilling to have access to Iraqi oil. Then he decided to invade Kuwait and the job was accomplished within 72 hours. The Western world could not imagine Saddam to be in charge of the oil fields of Iraq and Kuwait at the same time. The result was the ultimatum issued to Saddam: withdraw or face war. In 1990, Saddam faced war instead and the consequences are still with us till today. By the time of the second Iraq War in 2003, Saddam was driven out of his luxurious presidential palace and was made to have a date with the hangman.

Nigeria had faced the same kind of crisis with international oil politics. On the eve of the Nigerian Civil War, the Western World was in a dilemma about which side to support. Most of the active oil fields were in the newly proclaimed Republic of Biafra under the leadership of Colonel Chukwuemeka Odumegwu-Ojukwu. The Federal Government, under the leadership of General Yakubu Gowon, was in charge of a larger territory, mostly without oil. Gowon realised that crucial to the war efforts was the control of the oil fields. One night, Colonel Benjamin Adekunle led a flotilla of naval ships that took his troops to the rebel held island of Bonny. Thy arrived there around 5 a.m. and took the Biafran troops by surprise. After a firefight of more than one hour, Adekunle landed on Bonny, captured the oil fields and changed the tide of the war. The victorious troops formed the core of the new Third Marine Commando Division and its leader took the sobriquet, the Black Scorpion.
This time around in 2024, firefight would not solve the problem. The challenge of a Nigerian company sending European firms out of the market in Africa and Europe is not going to be taken with folded arms. The Tinubu Economic Team needs to draw up contingency plans for this eventuality. We have seen what is happening on the international air routes with the new muscles of Air Peace, the largest and most capable Nigerian Air Carrier. Suddenly, the foreign airlines who have resulted into a price-war, struggling to disrupt the emerging leadership of Air peace on the international routes. The dogfight in the sky promises to be interesting and messy.

The lesson is that we are capable of building our country. It is wrong for us to expect others to help us do the job even when we wrongly believe we can pay. The Soviet Union under Josef Stalin, helped Mao Zedong to power in the Chinese Civil War which ended with the victory of the communists on October 1, 1949. However, when the relationship between China and the USSR deteriorated, Soviet engineers removed the rail-tracks they had already laid across China in order to disrupt the Chinese economic programme. China responded with the campaign for self-reliance and built its own rail system, its cars, its air-craft and its aircraft carrier. Chinese built China. Let us build ours.

Nigeria's naira is poised to extend its gains, having already established itself as the top performer globally this month, according to a Goldman Sachs Group Inc. economist, contingent on continuing effective policy management.

In April alone, the naira surged 12% against the dollar, adding to a 1% increase in March. This rally is supported by capital inflows and consecutive interest rate hikes, helping to recover from significant losses following two devaluations since last June, triggered by the government easing currency controls.

Goldman Sachs economists, who previously forecasted in February that the naira would strengthen to 1,200 per dollar in 2024, now anticipate it could surpass this level due to aggressive measures by the central bank, including a total of 600 basis points in interest rate increases during policy meetings in February and March.

These initiatives have alleviated the local dollar shortage, reducing volatility and the reliance on parallel markets.

Andrew Matheny of Goldman Sachs notes, "This trend likely has further to run; we could see it reach 1,000 or even dip below," highlighting the promising six weeks since their initial prediction, which has seen sustained policy efforts.

President Tinubu's bold leadership and decisive reforms have birthed this economic resurgence. Since taking office in May, Tinub and his ACE team of Adedeji, Cardoso and Edun have implemented significant changes, including eliminating fuel subsidies, to revitalise Nigeria's economic landscape. These reforms have laid a strong foundation for sustainable growth and stability, showcasing President Tinubu's commitment to addressing long-standing economic challenges and steering Nigeria towards a prosperous future.

Peter Obi, the Presidential Candidate of the Labour Party, expressed deep sadness at the news of the passing of Dr. Ogbonnaya Onu, former Minister of Science and Technology. He described Onu's death as a significant loss to the nation.

Dr. Onu, who also served as the first civilian governor of Abia State, passed away Thursday morning after battling an undisclosed illness.

In a condolence message issued to the press, Obi hailed Late Onu as a patriotic and inclusive Nigerian leader who served the nation diligently in various capacities. He highlighted Onu's notable contributions to Nigeria's educational advancement, both as a lecturer and an author.

"Dr. Onu epitomized leadership characterized by a commitment to peace, progress, and justice," Obi's message read. "He courageously championed equity and good governance, leaving a lasting impact on our nation."

Obi further emphasized Onu's efforts to promote local production for national development during his tenure as Minister. He extended his prayers to Onu's grieving family and the entire nation mourning his loss.

"The passing of Dr. Onu is an immense loss to our nation. May God comfort his family and all of us as we mourn his departure, granting us the strength to bear this irreplaceable loss. May he rest in eternal peace," Obi concluded.

Arsenal legend, Paul Merson has made some unexpected predictions concerning games that will go down in the 2023-2024 Premier League matchday 33.

Paul Merson who has been consistent in predicting Premier League games all season long, believes Tottenham Hotspur would stand no chance against Newcastle United at St. James Park.

Merson spoke the mind of most football enthusiasts across the world as he believes that relegation-threatened Luton Town will stand no chance against the league’s reigning champions, Manchester City.

He believes that inconsistent Chelsea will be able to demolish Everton when they come visiting at Stamford Bridge in the Premier League matchday 33.

Premier League table-toppers, Arsenal are expected to continue with their fine form against Aston Villa who are not also pushovers so far this season.

Bottom-placed Sheffield United seems to be doomed to be relegated as Paul Merson believes that Brentford will be better than them this weekend.

Merson doesn’t see Manchester United claiming the entire three points when they visit inconsistent Bournemouth.

Below are the full predictions of Paul Merson for the Premier League matchday 33:

Newcastle 2-1 Tottenham
Brentford 2-1 Sheffield United
Man City 3-0 Luton
Nottingham Forest 2-2 Wolves
Burnley 2-2 Brighton
Bournemouth 2-2 Manchester United
Liverpool 3-1 Crystal Palace
West Ham 2-1 Fulham
Arsenal 2-0 Aston Villa
Chelsea 2-0 Everton

[NaijaNews]

The Senate has commenced probe into the financial records of 774 federal agencies based on the queries raised against them in the 2019 report of the Auditor General for the Federation.

The Chairman, Senate Public Accounts Committee (SPAC), Senator Aliyu Wadada, who represents Nasarawa West on the platform of the Social Democratic Party (SDP), disclosed this in Keffi, Nasarawa State, while speaking with newsmen., on Fridayng Khe Pass, White Stone Slope, Hoa Binh, Flycam - Nếm TV

He said his committee was not out to witch-hunt any one but pledged that members of the panel would discharge their responsibilities diligently in the best interest of the country.

Wadada also disclosed that the 10th National Assembly with the support of President Bola Tinubu and critical stakeholders in the nation’s economy would soon embark on the amendment to the 2007 Procurement Act so as to curb financial infractions before they take place.

The Senator appealed to leaders at all tiers and heads of government institutions at the federal, state and local government levels to embrace self-discipline and fear of God in the discharge of their responsibilities.

Wadada said, “We have since started work on the 2019 Auditor General’s report before us. Under my chairmanship of this sensitive and strategic committee, I have repeatedly said it that we are not out to witch-hunt or pull down anybody.

“Our ultimate objective vis-a-vis the primary focus of the committee is to ensure transparency and accountability in the management of public funds.”

[DailyTrust]

Manchester City manager, Pep Guardiola, has admitted his team cannot afford to drop more points in the Premier League title race.

The champions are looking to win the trophy for an unprecedented fourth consecutive season.

However, they are currently in third place, behind rivals Arsenal and Liverpool on the table.

City will play Luton Town first, before Liverpool host Crystal Palace and Aston Villa travel to Arsenal on Sunday.

“The Premier League is so important. I expect a game similar to the Premier League when we won 2-1 at the end of the FA Cup. We have to be ready.

“We’re fighting for the title, we cannot drop points,” Guardiola told reporters today.

[DailyPost]