The former presidential candidate of the Labour Party (LP) in the 2023 election, Peter Obi, has called on the federal government to provide clarity and accountability regarding the management of the nation’s vital oil resources.

The former Anambra State governor said this while reacting to the commencement of oil production at the Port Harcourt Refinery.

In a statement on his X handle on Wednesday, Peter Obi commended the Nigerian National Petroleum Corporation (NNPC) for revamping the old refinery.

He, however, noted that Nigerians now await the corresponding impact and benefits on pump prices and the overall economy.

Peter Obi wrote: “I wish to congratulate the Nigerian National Petroleum Corporation (NNPC) for fulfilling the long-standing promise of revamping the old Port Harcourt refinery.

“The refinery, which comes on stream today boasts an installed production capacity of 60,000 barrels of crude oil per day. Approximately 200 trucks are expected to load products daily from the refinery.

“Nigerians now await the corresponding impact and benefits on pump prices and the overall economy.

“Additionally, news of the Kaduna refinery’s revival is promising, as it is expected to boost productivity, improve transportation, and alleviate economic burdens across the country.

“While we acknowledge these achievements as a step in the right direction, it is crucial to emphasize the importance of transparency in the operations of the NNPC.

“Nigerians deserve clarity and accountability regarding the management of the nation’s vital oil resources, ensuring that the benefits of increased refining capacity reach every Nigerian and that the gains are used to support long-term development.”

The Board and Management of the Nigerian National Petroleum Company Limited (NNPCL) have confirmed the resumption of operations at the Port Harcourt Refinery, marking a key milestone in Nigeria’s bid for self-sufficiency in petroleum refining.

In a statement released on Tuesday, NNPCL expressed gratitude to Nigerians for their support, describing the successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery as a “significant milestone.”

However, speaking on the development in a chat with Daily Trust, the Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, revealed that only NNPCL trucks are currently loading products from the refinery.

He said, “We are excited about the development but we have not been invited as of this time. We are currently getting products from the Dangote refinery.

“We currently have no information about pricing, but we will get a clearer indication as we monitor the prices at the NNPCL retail stations.”

Meanwhile, marketers have speculated that the resumption of operations at the refinery will bring about competition which may lead to a reduction in the price of petrol.

The National Public Relations Officer of IPMAN, Olanrewaju Okanlawon, said while the price of PMS had not changed, the development would eventually bring about price reduction.

He said, “They (NNPCL) have not come up with any price but that is the beauty of deregulation and that means competition is already here.

“The implication of it is that the major issue about the economy is demand and supply and when there is surplus of supply, it will reduce the price. When there is excess supply, it will definitely crash the price. The NNPCL is producing, Dangote is producing, the price will come down and it would be to the benefit of Nigeria.”

The General Overseer of the Citadel Global Community Church, Pastor Tunde Bakare, claims that Nigeria has failed to prosper because some countries consider her a threat.

He stated that the countries are afraid of Nigeria’s prosperity.

Bakare made the claim on Tuesday while ministering to his spiritual sons and daughters living in London.

He noted that the nation has failed to  experience progress because the elite benefit from corruption and would eliminate anyone trying to disrupt this status quo.

His message was titled: “Celebrating God’s Legacy- Honouring the Past and Celebrating the Future.”

Though he said he was not averse to Nigeria’s relationship with the World Bank, and the International Monetary Fund, Bakare argued that Nigeria’s leaders have failed to discover the root causes of its problems while they focus on building legacies.

Holding back from mentioning those countries who would not want Nigeria to be on par with other developed countries, he said the leadership of the nation should not go to bed with world giants with its two eyes closed.

He said, “Don’t you think there are nations who don’t want Nigeria to prosper? We are a threat. But before accusing others, what about giants cornering the wealth of the nation? The leadership of the nation cannot go to bed with two eyes closed when dealing with these giants. The elites are benefiting from the corruption and if you are not part of them, they eliminate you by any means.

“The elites continue to hold down the country. I am not against the World Bank, or International Monetary Fund but David, in the Bible inquired. We seem to leave the root issues in our nation.

“Our founding fathers, irrespective of their political affiliations, were not in politics for what they would get. Do we pay attention to honour the past while making fruitless efforts to embrace the future? Rather than building a legacy, let us begin to look at the root cause of our problems.” 

Nigerian Grammy-nominated singer, David Adeleke, better known as Davido, has said he is unbothered by the threat to cancel his upcoming show due to his controversial interview.

Recalls that Davido had received criticism from some Nigerians after saying the Nigerian economy was in shambles and discouraged Nigerians in the diaspora from returning to the West African country.

In a post via his X handle, Davido claimed there are threats to cancel his show in Lagos state billed for December 24 over his recent US interview.

The singer added that he does not have to perform in Nigeria.

He wrote: “LAGOS DEC 24TH! Dem say dem go cancel my show cus of my interview … loooool I don’t to have perform in NIGERIA”

Best Doctors In America Are Nigerians

Meanwhile, Davido has claimed that the best doctors in the United States are from Nigeria.

He argued that Nigerians are among the brightest minds in the global music industry, adding that even Western filmmakers now look up to Africans for inspiration and movie ideas.

Davido made this statement during an appearance on the Afric TV program, where he highlighted the intellectual and creative excellence of Africans.

According to him, “The best doctors in America are Nigerians. You can search it. Even in my record label [Sony Music], Africans bring the best ideas. That shows that our imagination is off the grid.”

Lucky Aiyedatiwa, the Ondo state governor-elect, and Olayide Adelami, his deputy, have presented their certificates of return to President Bola Tinubu.

Speaking to State House correspondents in Abuja on Tuesday shortly after the presentation, Aiyedatiwa thanked the president for his support during the election.

“Yes, coming here today to meet with the president is to express my gratitude to him as the leader of the country and of our party for providing a level playing ground and also, as leader of our party, to present my certificate of return to him,” the governor-elect said.

“So, both of us, myself and my deputy, are full of joy and gratitude to the good people of Ondo state, the leadership of our party, my brother, governors, and the media as well for reporting.

“Today marks the conclusion of the electoral process that started months ago. I cannot but express my gratitude to the people of Ondo state who came out en masse on November 16 to cast their votes for our party.”

He appealed to the opposition parties to collaborate with his administration and present their ideas for the development of the state.

Aiyedatiwa reiterated his commitment to delivering good governance that benefits all sectors of society in the state.

 

He urged the people of Ondo to be patient, noting that the current economic situation in the country is temporary.

“Good governance is what I have to give to the people; I am not just coming in as a fresher; I have been serving the state for the past 10 months,” he said.

“If the opposition parties desire to govern, they should join hands with us. Their offerings can still be communicated through our government for the benefit of all citizens.

“The people of Ondo state are economically aware of national challenges; we need to educate our people that what we are experiencing now is temporary. We must find ways to earn more and meet the rising cost of living.”

The event was attended by notable APC leaders, including Biodun Oyebanji, Ekiti state governor, and Abdullahi Ganduje, national chairman of the All Progressives Congress (APC).

The Central Bank of Nigeria has issued fresh guidelines for interbank foreign exchange trading via the Electronic Foreign Exchange Matching System, mandating a minimum trade value of $100,000.

The directive, dated 25 November 2024 and signed by Dr Omolara Duke, CBN’s Director of the Financial Markets Department, is part of efforts to ensure transparency, efficiency, and compliance within Nigeria’s FX market.

According to a new set of guidelines released by the CBN on Tuesday, the EFEMS is designed to streamline interbank FX trading, reduce counterparty risks, and ensure adherence to CBN regulations.

The apex bank has designated Bloomberg’s BMatch as the official order-matching platform for interbank transactions, with trading hours set between 9:00 am and 4:00 pm West Africa Time on business days.

One notable provision in the guidelines is the enforcement of a $100,000 minimum tradable amount, with incremental clip sizes of $50,000.

The EFEMS is also limited to spot FX transactions involving the Nigerian naira and the United States dollar.

The CBN, however, retains the discretion to introduce other currency pairs when deemed necessary.

The guidelines document read, “All trades consummated on EFEMS are binding unless canceled by mutual agreement of both parties with written approval from the CBN.

“The minimum tradable amount is US$100,000.00, with incremental clip sizes of US$50,000.00.

“Participants must set credit and settlement limits for other counterparties in the system. Transactions exceeding these limits will not be executed.

“Participants must have adequate credit and settlement limits set for the CBN as its counterparty bank.

“Participants are required to comply with the Nigerian Foreign Exchange Code and other CBN regulations.”

Participation in the EFEMS is limited to authorised dealer banks licensed by the CBN, while other institutions wishing to join the platform must first obtain prior approval.

Participants are also required to execute agreements with the CBN-approved platform provider, maintain accurate profiles, and operate within prescribed credit and settlement limits.

Withdrawal from the platform must be preceded by a 30-day notice, along with the resolution of any outstanding obligations.

Also, trades conducted via the platform will remain anonymous until matched. Counterparty details will only be revealed once transactions are concluded, in line with settlement protocols.

Transactions exceeding set limits or conducted outside EFEMS parameters must be reported promptly and logged onto the FX blotter within 10 minutes.

The CBN emphasised that it will closely monitor all transactions on EFEMS to ensure market integrity and transparency.

Participants are required to submit daily reports detailing trade volumes, settlement statuses, and counterparties.

The central bank also reserves the right to publish aggregated or disaggregated trade data for market analysis, subject to confidentiality agreements.

Any violations of the EFEMS guidelines or related regulations will attract strict penalties, including the suspension or revocation of access rights.

The CBN further stated that it will periodically review the platform’s operations to ensure efficiency and compliance with its directives.

In a separate document on Tuesday, the CBN announced that the Bloomberg BMatch system will officially go live as the EFEMS for foreign exchange trading on December 2, 2024.

The CBN outlined that all authorised dealers and banks in the interbank FX market are required to deploy the Bloomberg BMatch system for their trading activities.

The system aims to ensure uniformity and seamless trading among market participants while enabling the CBN to effectively monitor market performance and data management.

The central bank urged banks to liaise with Bloomberg representatives to expedite the onboarding process and address any technical or operational issues promptly.

The Board and Management of the Nigerian National Petroleum Company Limited (NNPC Ltd) have expressed their heartfelt appreciation to Nigerians for their unwavering support following the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery.

In a statement released on Tuesday, NNPC described the refinery’s restart as a significant milestone in Nigeria’s journey toward achieving self-sufficiency in petroleum refining.

The statement released by the Chief Corporate Communications Officer, Olufemi Soneye, reads, “We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products.

“For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%. The refinery is producing the following daily outputs:

“Straight-Run Gasoline (Naphtha): Blended into 1.4 million litres of Premium Motor Spirit (PMS or petrol)

“Kerosene: 900,000 litres

“Automotive Gas Oil (AGO or Diesel): 1.5 million litres

“Low Pour Fuel Oil (LPFO): 2.1 million litres

“Liquefied Petroleum Gas (LPG): Additional volumes

“It is worth noting that the refinery incorporates crack C5, a blending component from our sister company, Indorama Petrochemicals (formerly Eleme Petrochemicals), to produce gasoline that meets required specifications. Blending is a standard practice in refineries globally, as no single unit can produce gasoline that fully complies with any country’s standards without such processes.

“Additionally, we have made substantial progress on the new Port Harcourt Refinery, which will begin operations soon without prior announcements.

“We urge Nigerians to focus on the remarkable achievements being realized under the able and progressive leadership of President Bola Tinubu and to support efforts aimed at delivering more dividends to the nation. Malicious attacks on clear progress only undermine the significant strides made by NNPC Ltd and the country.

“Let us move forward together in building a stronger and more self-sufficient energy sector.”

President Bola Tinubu has congratulated Atiku Abubakar on his 78th birthday anniversary.

In a statement issued by Sunday Dare, his special adviser on media and communications, the president said the former vice-president has been an “active player in Nigeria’s democratic process” since 1999.

“The President recalls many special moments shared with Wazirin Adamawa as founding members of the All Progressives Congress (APC), united in the mission to build a better future for Nigerians, as well as their engagement as political opponents in the last presidential election,” the statement reads.

“President Tinubu recognises Atiku’s commitment to public service and philanthropy, and prays Almighty Allah to continue to grant him health and happiness in the years ahead.”

Abubakar was vice-president between 1999 and 2007.

He was the standard-bearer of the Peoples Democratic Party (PDP) in the 2019 and 2023 presidential elections — losing out in both polls.

Dayo Amusa, the Nollywood actress, has addressed the public’s inquiry about the identity of her child’s father

The film star welcomed her first child in the United States on November 18, but the baby’s father’s identity remains unknown, setting many social media users’ tongues wagging.

Addressing these concerns via a TikTok live session, Amusa maintained that she will not disclose her child’s father’s identity.

The actress explained that she is concealing the father’s identity to “maintain my peace” and prevent anyone from ruining her happiness.

The movie star also expressed her excitement about being a mother and having “a new name”.

“I realised that some people are so interested in knowing who the father of my child is. Is your husband missing?” she said.

“Moreover, the child is not a fruit that just fell from heaven. He definitely has a father. It is not compulsory you congratulate me, do not bother.

“If it not convenient for you, don’t worry. I do not care. I am the one in the public eyes, not my husband.

“I would only let out what I want to let out. I want to maintain my peace that is why my personal life is undisclosed.”

Amusa started her acting career in 2002 and made her debut as a producer in 2006. Known for her versatility, she has starred in numerous Yoruba and English-language Nollywood films.

She has also received several accolades for her talent

Popular media personality, Toke Makinwa has stated that she spent her 20s focusing on a single relationship.

Makinwa said this while reflecting on her youthful devotion and lessons learned along the way.

Speaking on Cocktails and Takeaways, the media personality noted that she didn’t like her 20s.

“I don’t think I liked my twenties. I don’t think I knew what I was doing because I was in love with one man in my 20s. I spent my entire 20s following one man.

“If I could turn back the hand of time, I’m grateful that I’m where I am today because my experience has shaped me.

“But I tell young people that you have no business getting married in your early or mid-twenties. Figure yourself out. Know yourself first.”