Aliko Dangote, chairman of Dangote Industries Limited, says the Nigerian National Petroleum Company (NNPC) Limited’s $1 billion investment in the refinery is a drop in the ocean.

On December 16, NNPC said its $1 billion crude-backed loan was instrumental in supporting the refinery during liquidity challenges.

Responding, Dangote refinery denied experiencing liquidity challenges when the national oil company invested $1 billion to support the plant’s construction.

In an Arise TV documentary video on Monday, the billionaire said the contribution was a fragment of investments in the refinery.

“In 2021, when we signed the agreement, even if you give us $1 billion, $1 billion is a drop in the ocean in a $20 billion refinery,” Dangote said.

“When NNPC said ‘give us one more year, we want to change the agreement, we would rather pay you cash,’ because people don’t really understand this issue about $2 deduction on the crude.

“Can we make sure that there’s clarity around it? So what do you want? So they said they would pay us cash, and we should give them one more year.

“We gave them one more year. So from June last year to June this year. So on June 4th or 5th, I called NNPC and they gave us a week.”

Dangote said sometime later, the NNPC decided to back out of the transaction abruptly when the payment was due.

“I said, okay, fine. We just walked away and we just continued. But we still went ahead, we finished our refinery. Our refinery is operating,” he said.

Speaking further, Dangote said it is very “cheeky and nasty for the person who ever came up with that nonsense, saying that NNPC gave us $1 billion to assist us in our liquidity crisis”.

He added that “it’s totally not true; these are just a bunch of lies”.

In September 2021, NNPC acquired a 20 percent interest in Dangote refinery for $2.76 billion.

NNPC paid $1 billion upfront in cash, with a balance of $1.76 billion expected to be paid for in crude supplies.

However, on July 14, Dangote said the national oil company now owns 7.2 percent stake in the refinery.

On August 13, NNPC confirmed it reduced the stake to invest in compressed natural gas (CNG).

‘WHY DANGOTE REFINERY REDUCED EX-DEPOT PETROL PRICE TO N899.50’ 

Speaking on why the Dangote refinery reduced the ex-depot petrol price to N899.50, Dangote said it was a response to market realities.

“It is a refinery where we invested over $20 billion and I think we have to try and protect our interests and also our investments,” the business tycoon said.

On December 19, the Dangote refinery reduced the ex-depot price of its petrol to N899.50 per litre.

Similarly, the refinery partnered with MRS Oil Nigeria Plc filling stations to sell petrol at N935 per litre.

‘WHY I ADVOCATE FOR DOMESTIC PRODUCTION’

Dangote said when the country imports petroleum products, there is more pressure on foreign exchange (FX).

“40 percent of our demand on foreign exchange is through people dealing in petroleum products and the more we allow imports to come in — not because I do not want imports — the more we keep using most of our foreign exchange out of the country,” he said.

“Majority of those letters of credit open for petroleum products, the goods are not coming into Nigeria.

“There is nothing you would do that you won’t get criticism for. But I think we cannot also control people from saying their minds.”

Dangote reiterated that he was open to criticism, adding that in the history of Nigeria, in the last 100 years, “nobody has put in $20 billion in any project”.

The Legal Practitioners Disciplinary Committee (LPDC) has rejected a request by Emmanuel Chambers, Afe Babalola’s law firm, to disbar Dele Farotimi, a human rights advocate, for alleged unethical conduct.

The firm had written a 90-page petition dated December 6, 2024, and signed by Ola Faro, a partner in the firm, to the LPDC.

In the petition, the firm accused Farotimi of engaging in “conduct that is unbecoming of a legal practitioner, by making false accusations against the supreme court and the legal profession”.

Faro said Farotimi’s book, ‘Nigeria and its Criminal Justice System,’ discredited the nation’s judiciary and judges.

In its report, (B8B/LPDC/1571/2024), the LPDC, represented by Isaq Bello, its chairman, said the alleged offenses occurred in Farotimi’s capacity as an author, not during his practice as a legal professional.

The LPDC said it lacked jurisdiction to address complaints about publications and advised the aggrieved parties to seek redress in regular courts.

“The publication is an intellectual property and not a conduct or action committed while practicing as a legal practitioner. All aggrieved parties who find the publication ‘defamatory’ should ventilate their grievances through the regular courts,” the report reads.

Meanwhile, Farotimi was released from the correctional centre in Ekiti state on Tuesday morning after perfecting his bail conditions.

On December 9, the federal high court in Ekiti granted Farotimi N50 million bail with one surety, following a 12-count charge bordering on cybercrime filed by the inspector-general of police.

As Nigerians celebrate Christmas, traders across various markets in Nigeria are lamenting poor patronage amid skyrocketing food prices, a sharp contrast to the festive sales experienced in previous years.

In Lagos, Abuja, Osun, Rivers, Edo, Kano, Kaduna, and Sokoto, among other states, traders decried the high cost of food items and ever-increasing food inflation on the jump in the petrol pump prices nationwide.

This came as consumers of food commodities called on the Federal Government to work hard to address the spike in Nigeria’s inflation, as they lamented their inability to buy food items to celebrate Christmas.

At the Bwari market in the Federal Capital Territory, a tomato seller, Ramatu Ali, shared her plight with The PUNCH on Tuesday.

Despite a slight drop in the price of a basket of big Derica fresh tomatoes—from N58,000 on Monday to N45,000 on Tuesday due to a glut in the market—customers remain scarce.

“By December last year, a basket of tomatoes cost N30,000, and sales were much better. Now, the prices are relatively high, and customers are not coming like before,” Ali lamented.

Similarly, another trader, Mallam Musa, expressed concern about the perishability of his goods.

“We hope to dispose of our stock before tomorrow because these tomatoes are perishable. You can see how I packed the old ones I sold for N58,000 yesterday to sell this new stock, but buyers are pricing for less. This is not a favourable season for us at all,” he said.

A survey conducted by The PUNCH revealed significant price disparities across markets. A bag of local rice sells for N76,800 in Bwari Market but is priced higher at N86,400 in Suleja Market.

The poultry section is no exception, with broilers selling at a minimum of N25,000 for an average-sized bird, up from N15,000 to N20,000 last year.

Mama Ibeji, a chicken seller, attributed the increase to rising transportation and feed costs.

“The price we sell chicken now has increased by about N10,000 to N15,000 because of the high cost of feed, poultry drugs, and transportation. I believe Nigerians will still manage to buy this season, but it’s not like last year. I also need money to take care of my family this Christmas,” she explained.

The frustration is equally felt by buyers. A shopper, Igono, expressed shock at the price of onions.

“A small basket that sold for N5,000 last year now costs N15,000. Four pieces of onion bulbs for N1,000? This is too much,” he lamented.

“I couldn’t buy as much as I needed. We will manage whatever I can afford,” he added.

According to the World Bank, the rising poverty levels in Nigeria, which now affect 104 million people compared to 79 million five years ago, have exacerbated the situation.

With an inflation rate of 34.6 per cent in November—the highest in 28 years—economic instability and the removal of fuel subsidies have caused food and festive item prices to increase.

A 50-kg bag of beans in Bwari market now costs N170,000, up from N40,000 in December 2023.

Other food items have followed a similar trend. A kilogram of goat meat costs N4,000, while frozen foods have doubled in price.

High petrol prices

A visit to Ile Epo Market in Lagos by our correspondent on Tuesday revealed an alarming hike in prices compared to the previous year, with traders attributing the increase to rising transportation costs fueled by high fuel prices and overall inflation.

A trader simply identified as Iya Mustafa, stated that a 25-litre container of groundnut oil, which sold for N41,000 last year, now goes for N95,000, nearly doubling in price. Similarly, the cost of a bag of sweet potatoes has risen from N25,000 to N80,000.

“We are not happy about the situation because customers are complaining bitterly, but we have no choice but to sell at these prices since we also buy at higher rates,” she said.

Another trader identified as Moshood told our correspondent that the poultry section has also witnessed a steep increase in prices.

He added that a carton of chicken laps, which was N29,000 last year, now costs N50,000, while a carton of turkey has jumped from N35,000 to N60,000.

Additionally, rice, a staple in most Nigerian homes during festive periods, now costs N90,000 for a bag, compared to N41,000 last year.

Moshood noted that the situation is no different for tubers of yam, which now sell for between N5,000 and N6,000, depending on the size, up from N1,500 and N1,700 last year adding that the price of a basket of tomatoes, a key ingredient in Nigerian cuisine, has soared to between N60,000 and N70,000, from N20,000 to N22,000 last year. Similarly, a basket of pepper that sold for N13,000 last year now costs between N50,000 and N60,000.

Abimbola, another trader, explained, “Transportation has become very expensive due to the high cost of fuel. This is why food prices keep going up. Customers are frowning, but we are also struggling to keep up.”

Traders at Ile Epo Market have called for government intervention to address the rising cost of transportation and essential goods, as the current situation threatens to overshadow the joy of the festive season.

Lagos markets filled

Nigerians were observed in their numbers at popular markets in Lagos as they made last-minute purchases ahead of the Christmas celebration on Wednesday.

Visits to these markets showed that the prices of foodstuffs and other items had increased compared to last year and even last week, Nigerians were still buying what they could.

At the Ijora frozen foods market, the price of a carton of turkey jumped from N44,000 last Thursday to N57,000 on Monday.

A carton of chicken was retailing at about N84,000, and a sack of croaker fish was sold for N120,000.

There were lots of customers buying clothes and such at the popular Tejuosho market although some of the surrounding bookshops had closed for the Yuletide.

It was at the Tejuosho market that The PUNCH correspondent discovered that some Point-of-Sale operators had devised means to avoid paying the N50 electronic transfer levy on transactions above N10,000.

Withdrawing N9,999 instead of N10,000, a POS operator, Miracle Daniel, explained that was her way of avoiding the levy.

“This way, I won’t have to pay that N50. They want to kill us. The machine will collect its charges, but they will still charge me the electronic transfer levy. See ehn, N1 will not kill me,” she argued.

Point-of-sale operators raised their charges in early December in line with the implementation of the Electronic Money Transfer Levy of N50 by the Federal Inland Revenue Services charged on any electronic transactions of N10,000 and above.

At the Tradefair market along the Lagos-Badagry Expressway, there were a lot of business activities as customers bought cosmetics, hair, makeup, perfumes, and foodstuffs.

The prices of onions ranged from N10,00 to N30,00 for small to medium-sized pieces.

Big yellow bell peppers were N2000 a piece same with the red ones. A ball of cabbage was priced from N1000 upwards. A paint bucket of tomatoes was N6000 inside Tradefair, and half of it was N3500.

Some live broilers sold for N20,000 and N18,000 each and a pair of layers sold for N17,000.

A customer, Nneka described the two layers at N17,000 as a better deal compared to the other one.

“This time last year, I would be using that N20,000 to buy two of the boilers but here we are,” she added.

Live turkey at the Iyana-Iba market went for N31,000.

A survey visit by one of our correspondents at the Karimo market showed that a 50kg bag of rice sold at N85,000, indicating an increase of N33,000 or 66.46 per cent from the N52,000 it sold in December 2023.

Further enquiries showed a bag of beans sold for N110,000, Groundnut oil costs N3,500 per litre, N1,000 for one Spaghetti, and a basket of Onions cost N12,000 from N6,500 last year December.

Similarly, the cost of a live Chicken has increased by 75 per cent to N35,000 compared to what it was around this time last year.

Traders who spoke to The PUNCH stated that the dire economic situation has further impacted the cost of basic food items from what was obtainable last year.

At the Garki International Market, Abuja, a mudu of rice, which previously cost between N2,000 and N2,500, now costs as much as N3,200, while a mudu of beans increased from N3,000 to N3,500. A live chicken is also sold for between N25,000 and N35,000, depending on its size.

Speaking with our correspondent, one of the traders, Halliru Yusuf, explained that the increase in prices was both due to the high demand and the rising inflation across the country.

Another trader, Mallam Hussein, who sells tomatoes, expressed pleasure at the quick sale he had recorded so far, noting that the high demand ensured he made a lot of sales in this period.

Our correspondent observed that many last-minute customers thronged the Kubwa Village market, causing traffic that made driving into or out of the market from its three entrances difficult.

However, upon entry, prices were notably not very different from the prices at the Garki International market. Prices for a live chicken seemed to be steady at between N25,000 and N30,000, while tubers of yam sold for between N12,000 and N16,000.

Speaking with our correspondent, some customers expressed frustration at the prices of commodities in the market, noting however that they had no choice, as they had to maintain the Christmas tradition.

“Honestly, the prices of things are quite high, but there is also no choice. Because apart from the whole Christmas tradition, people have to eat. I had to price tomatoes until I got a basket for N11,000. Chicken is a no-go area basically. It’s not funny”, Rhoda Bamako stated.

“I have been wandering the market for more than an hour, trying to get the best affordable price from any stall that sells what I want to buy. It is almost like there is nothing less than N10,000 anymore. It’s both annoying and frustrating”, another customer, Chidinma Ezekiel told our correspondent.

River traders lament

Traders in popular markets in Port Harcourt, the Rivers State capital are lamenting low patronage during the festive season despite the usual surge, a survey by one of our correspondents revealed.

 At the popular Mile 3 Ultra-Modern Market and Mile 1 Market in the Mile Diobu axis of Port Harcourt traders are struggling to make sales due to the high prices of foodstuffs and other commodities.

The prices however varied depending on the foodstuff and the brand.

 At the Mile 1 market, traders shared the same concern and called for government intervention.

A trader who sells fresh tomatoes and other perishable goods said, “Since we got into the season, we are now buying fresh tomatoes at the rate of 35,000, the minimum is N30,000.

“We sell half custard N2,500- N3,000, full custard is N6,000, N5500 or N5000, the ones in the plate, minimum N800. Half a bottle of red oil is 1800, full bottle is N3200. The market is not moving as we expected, people are crying there’s no money due to the economic situation. So we are facing a lot of financial challenges here in the market.”

Kano traders react

Traders in Kano lamented the poor patronage from customers due to the economic situation in the country.

Some traders, especially foodstuff sellers at the Sabon Gari and Yankaba markets expressed concern over the lack of buyers.

Bala Musa, who deals in assorted foodstuff, said he had yet to record a significant number of buyers when one of our correspondents spoke with him.

“This is the first time I am recording poor sales during such a period. We are however grateful to Allah for the fact that one is healthy, but the situation is really bad,” Musa said.

Residents of Kaduna State are also grappling with the harsh reality of skyrocketing food prices.

A survey conducted by The PUNCH at the Television Market in Chikun LGA revealed that the prices of essential food items have hit an all-time high, leaving many residents struggling to afford basic necessities.

The prices of onions, a staple ingredient in many Nigerian dishes, have more than tripled, with a single bulb now costing between N200 and above. According to Sani Aliyu, an onion seller, “there are no more N50 onions,” and even selling at N200 feels like giving it away for free.

The situation is equally dire at the Sabon Market, where a resident, Gladys Akpo, lamented the exorbitant prices of food items. “The prices of foods are just too high,” she exclaimed, urging the government to intervene and provide relief to ordinary Nigerians.

The prices of other essential food items are equally staggering. A mudu (local measure) of garri costs between N1,400 and N1,500, while a 50kg bag of rice sells for N110,000. A kilogram of meat costs between N7,000 and N8,000, and chicken prices range from N17,000 to N25,000. Even the smallest bottles of palm oil and vegetable oil are sold for N1,800 and N3,000, respectively.

The prices of other staples, such as tomatoes and peppers, are equally prohibitive, with the smallest paint rubber selling for N3,500 and onions for N8,500. The 5kg palm oil costs N10,000.

As the Christmas and New Year celebrations approach, many residents of Kaduna State are forced to make difficult choices between feeding their families and other essential expenses. The government’s inaction in addressing the soaring food prices has left many feeling abandoned and frustrated.

Super Eagles striker Victor Osimhen on Monday joined Nigeria’s elite at billionaire Tony Elumelu glamorous all-white party in Lagos, embracing the holiday festivities during a visit to his home country.

The Galatasaray forward, who has been in prolific form, was seen mingling with top celebrities at the event hosted by Tony Elumelu, Chairman of the UBA Group, with an estimated net worth of $700 million according to Forbes.

The star-studded affair featured electrifying performances by some of Nigeria’s biggest music icons, including Wizkid, Davido, Burna Boy, and Flavour.

Prominent political figures also graced the occasion, with Lagos State Governor Jide Sanwo-Olu and Ogun State Governor Dapo Abiodun among the notable attendees.

The Special Adviser to the President Bola Tinubu on Economic Matters, Tope Fasua, has said a weaker currency for the country was one of the best policies of the government.

Tope Fasua said the country’s currency’s low performance in comparison to other currencies has focused the attention of businesses on sourcing local raw materials.

In an interview with Arise TV on Monday night, Fasua noted that the current exchange rate has also stopped Nigerians from leaving the country for other countries.

Fasua argued that Nigeria has more students in the United States and the United Kingdom than most developed countries, not because the country’s education was totally bad but because of wrong choices. He said the weak Naira was also addressing it.

“I’m giving the advantage of making that currency weaker. Because now we’re focusing more on Naira and what Naira can do. We’re focusing more on what we can do ourselves. We’re focusing more on Nigerian raw materials. Many manufacturing companies have now started sourcing local raw materials rather than importing them.

“A lot of people aren’t traveling as many times as they would before. That’s one of the things, especially the middle class. And our middle class were special people. I mean, we assumed that we could travel five, six times on business class every year.

“How come Nigeria is the third or fourth country with the highest number of university students in the U.K. and the U.S. of all the countries in the world, we are rubbing shoulders with China with 1.4 or 1.5 billion people, we’re only 200 million people.  That means that we’re putting so much money.  It is not necessarily a failure of our education. It’s just aspiration. It’s aspiration,” he said.

The President’s Economic Adviser stressed that it was wrong for critics to assume the country would grow to be like Western nations that have been developing for years.

He emphasized that many Nigerians complaining of no work have decided not to work. According to him, the country has work for the citizens.

“The fact that we are rubbing shoulders and expecting that our economy and society will be at par with even the people that gave us colonization, who have had maybe 2,000 years of documented history. That means we have been preposterous. We’ve been preposterous, you know, because we can’t, your child cannot try and be you today. He has to learn and grow. And it’s also a matter of time.

“It’s good that the Naira has become weaker, but it has made us focus more. However, what we’re saying is that for those who are enterprising, for people who have work, who want to work, indeed, there’s work in this country. For those who want to work,” Fasua added.

In a case that has sent shockwaves through the community, a gay couple in Georgia has been sentenced to life in prison without parole for the horrific sexual abuse of their adopted sons.

According to The Economic Times, William and Zachary Zulock, aged 34 and 36, were found guilty of subjecting their two young adopted sons – aged 12 and 10 – to unimaginable cruelty.

The court proceedings revealed a chilling picture of abuse, with the Zulocks forcing the children into sexual acts and even creating and sharing child pornography.

The extent of their depravity was laid bare when Zachary sent a disturbing Snapchat message to an associate, stating, “I’m going to f–k my son tonight. Stand by,” accompanied by explicit images.

This horrific case came to light when authorities apprehended a member of a local pedophile ring while downloading child pornography.

The investigation led them to the Zulocks, uncovering a disturbing pattern of abuse within their home.

Both William and Zachary pleaded guilty to the heinous charges of aggravated child molestation, aggravated sodomy, and sexual exploitation of children.

District Attorney Randy McGinley described the Zulocks’ actions as creating a “house of horrors,” emphasizing the gravity of their crimes.

He said, “These two Defendants truly created a house of horrors and put their extremely dark desires above everything and everyone else.”

McGinley commended the victims for their incredible strength throughout the ordeal, stating, “However, the depth of the Defendants’ depravity, which is as deep as it gets, is not greater than the resolve of those that fought for justice and the strength of the victims in this case.

“The resolve I have seen from these two young victims over the last two years is truly inspiring.”

A chieftain of the All Progressives Congress (APC), Jesutega Onokpasa, has said the stampedes recorded across the country in centers where Christmas palliative rice was shared should be blamed on the government.

Onokpasa regretted that President Bola Tinubu’s administration has failed to meet up with his promise of making food available to all citizens.

In an interview with Channels TV on Tuesday, a strong supporter of President Tinubu, Onokpasa stated that there was need for the government to take action against hunger in the country.

While describing the stampedes recorded in Okija, Ibadan and Maitama as unfortunate, the APC chieftain called on the President to work towards reducing high cost of food items in the country.

“The stampede is most unfortunate. The lives that were lost may they rest in peace. I think the real problem is that we have just failed woefully in producing food for our citizens. When we were campaigning for this administration, the people were calling us Agbadorians. Because our president was always talking about producing food. Unfortunately, we don’t seem to be able to produce the food.

“We just have to accept that’s our fault. The good thing about agriculture is that you can plant a crop today and harvest in three months, in six months, in one year. We try to convince our president to concentrate on food production.

“Even if we cannot reduce the price of petrol or whatever else, let our people have food to eat. Let our citizens have food to eat.  It’s a shame that we have allowed prices to skyrocket, especially of food. Let people just have food to eat. That’s my take on it,” Onokpasa said.

A Chief Magistrate in Ibadan, Olabisi Ogunkanmi, has ordered the remand of Prophetess Naomi Silekunola, the former wife of the Ooni of Ife; Oriyomi Hamzat, the owner of Agidigbo FM; and Fasasi Abdulahi, the principal of Bashorun Islamic High School.

According to The Nation, the remand will last pending advice from the Director of Public Prosecutions (DPP) of the Oyo State Ministry of Justice.

The ruling, issued on Tuesday, followed their arrest in connection with the recent stampede at Bashorun Islamic High School.

All three individuals were arraigned at Chief Magistrate Court 1, Iyaganku, Ibadan, under a heavy security presence.

Naija News understands that they face a four-count charge, including conspiracy, acceleration of death, negligent acts causing harm, and failing to provide adequate security and medical facilities during the event.

Tensions were high at the court premises as supporters of Oriyomi Hamzat gathered, though the presence of law enforcement maintained order.

A brief moment of unrest was reported when the police vans transporting the suspects began to leave the premises.

President Bola Tinubu has said there is no need to probe Nigeria’s Security Chiefs on the prevalent insecurity in Nigeria.

Tinubu made this known in a chat with journalists on Monday night, where he discussed his administration and governance of Nigeria.

When asked if he would be probing security chiefs, Tinubu said he has confidence in what they are doing and will not disrespect the institution with the threat of a probe.

He said, “I’m not probing any service chief. You cannot disrespect the institution because of threat of probe, and you cannot fight this war without investment in technology, in weaponry.

“They are living and operating in a very serious condition. We have huge country, a very huge one, and lots of forests, unoccupied spaces. Give them credit for what they are doing, I am proud of what they are doing today. No need to probe.”

Meanwhile, Tinubu has declared that corruption in all its ramifications, is bad for the people.

Tinubu made the declaration while answering a question during his first presidential media chat about the intention of his administration to fight corruption.

The Nigerian leader said increasing the minimum wage of workers in the country to ₦70,000 is part of the measures adopted to fight corruption in the country.

He stressed the need to identify the root causes of corruption and deal with such causes.