The Federal High Court in Abuja has authorized the Defence Intelligence Agency (DIA) to hold Alhaji Bello Bodejo, the President of the Miyetti Allah Kautal Hore, along with six other individuals for a period of 60 days.

This decision is intended to facilitate investigations into allegations of banditry and illegal possession of firearms.

Justice Emeka Nwite granted this detention following an ex-parte application submitted by DIA counsel I.O. Odom.

The case, designated as FHC/ABJ/CS/1875/V/2024, sought a two-month extension to ensure a comprehensive investigation.

The individuals apprehended in Nasarawa State on December 11 include Bodejo, Suleiman Abba, Umar Jibrin, Umar Bello, Muhammed Ayuba, Jibrin Baba, and Saidu Wakili.

After their arrest by Nigerian Armed Forces personnel, the suspects were placed in the custody of the DIA.

An affidavit presented by DIA investigator Bonny Ozegbe indicated that the suspects were implicated in an assault on a military installation in Nasarawa State. This attack, reportedly led by Bodejo, resulted in injuries to both soldiers and civilians, the theft of military weapons, and considerable damage.

Among the items recovered from the suspects were AK-47 rifles and ammunition. The affidavit also highlighted ongoing efforts to apprehend additional accomplices.

“Releasing the suspects could jeopardise the investigation and pose a serious threat to national security,” Ozegbe stated.

Justice Nwite approved the request, allowing the Department of Internal Affairs to retain custody of the suspects until March 3, 2025, at which point the case will be addressed.

In a related matter, Justice Mohammed Zubairu of the FCT High Court mandated the release of Bodejo from the custody of the Department of State Services, ruling that his prior detention without charges was unlawful.

The Bauchi State Governor, Bala Mohammed, has countered the allegation from the presidency that he is stirring up anarchy against the government of President Bola Tinubu over the Tax Reform Bills.

Governor Mohammed, in a statement on Tuesday by his Special Adviser on Media and Publicity, Mukhtar Gidado, said he is only giving candid advice on the dangers of proceeding with bad decisions or policies.

 Recalls the Bauchi Governor had described the Tax Reform Bills introduced by President Bola Tinubu’s administration as anti-North and a threat to the unity of Nigeria.

The Governor argued that President Tinubu‘s reforms seemed designed to benefit specific regions of the country while leaving the North at a disadvantage.

In response, the Special Adviser to President Tinubu on Media and Public Communication, Sunday Dare, on Monday, said the statements coming from the Bauchi State Governor are unbecoming of his office and public status.

The presidential media aide urged Governor Mohammed to focus on resolving the developmental and poverty challenges in his state rather than issuing threats against President Bola Tinubu or making inflammatory statements against the government and President Tinubu and urged him to retract his words.

Reacting to the statement from the presidency, Governor Mohammed on Tuesday, said he was only giving advice based on his closeness to the people and an understanding of what the people want.

He said: “To start with, it is the height of mischief that Governor Bala Mohammed’s candid advice on the dangers of proceeding with bad decisions or policies that could worsen the plight of the masses, has been taken out of context, as a threat on the presidency. It would have been out of character for him to threaten the President or the presidency, an institution for which he has the greatest respect.”

“His remarks were essentially precautionary, given the deep-seated frustrations caused by the prevailing economic situation. and were aimed at ensuring that the proposed tax reforms are equitable, inclusive, and sensitive to the unique socio-economic challenges of the constituent parts of the country. His overall aim, as he has always done, was to foster dialogue and advocate for policies that protect the interests of ordinary Nigerians, particularly those in economically disadvantaged states.

“When Governor Bala Mohammed asserted that the Presidency’s attempt to shove the discredited tax reforms down the throat of Nigerians was a recipe for anarchy, he spoke from the position of someone who is closer to the populace and who carries the mandate of not only the over seven million people of Bauchi State but who also possesses an intimate knowledge of a very significant subregional group in the country. It is not by accident that his genuine reservation against the tax reforms coincides with those of some APC governors who have consistently warned against implementing the proposed reform in its present form. Therefore, it smacks of a disingenuous attempt at blackmail and a throwback to the insensitivity of the Government to single Bala Mohammed out for inquisition. Could it be because he is of the Peoples Democratic Party (PDP)?

“If the Presidency had genuinely desired an all-inclusive tax reform that would command the buy-in of various stakeholder and subnational groups in the country, it could have subjected a draft to discussion before railroading it to the National Assembly. It did not. Even when it was given a soft landing by the National Economic Council, NEC, a body headed by the Vice President of the country and which, by that token, was expected to command the respect of the President, its advice that the reform be taken back was blatantly disregarded. So, who is against dialogue?”

On the allegation of a high poverty rate in Bauchi, the Governor’s aide said the position of the presidency is both misleading and unfair.

He also highlighted the achievements recorded by his principal which have endeared him to the people.

“It is common knowledge that Bauchi State has faced systemic socio-economic challenges inherited over decades. Over time, these challenges have been compounded by our compatriots fleeing for their lives from the insecurity in other states as well as other existential challenges confronting them. Despite this, the Bala Mohammed administration has leveraged resources to deliver impactful development projects that have significantly improved the quality of life of the citizens. Contrary to the Presidency’s claims, Bauchi State under Governor Bala Mohammed has made remarkable progress in key sectors.

“Finally, the Bauchi State Government is satisfied that the people of Bauchi State stand firmly behind their governor, whose achievements speak volumes about his dedication to constitutionalism, progress and all-inclusive people-oriented service,” the statement concluded.

The Peoples Democratic Party (PDP), has urged President Bola Tinubu to prefer solutions to the challenges of hunger, insecurity, high fuel cost, and other challenges facing Nigerians.

The PDP said if the President has no clear-cut solution to the challenges, he shouldn’t bother with a 2025 New Year message for the citizens.

The major opposition party made the submission in a statement on Tuesday by its National Publicity Secretary, Debo Ologunagba, in which it held that the past addresses by President Tinubu have been full of hopeless rhetorics.

The party challenged President Tinubu to find solutions to the challenges of insecurity, resuscitate the economy, create jobs, ensure credible elections and guarantee better living standards for Nigerians.

It also accused the All Progressives Congress (APC) government of being insensitive to the pains of Nigerians.

The PDP accused the ruling party of feeding their luxurious lifestyles from public funds while Nigerians continue to bear the pains of a mismanaged economy.

The PDP, however, congratulated Nigerians on the dawning of the year 2025 and urged them not to lose hope in the expectation for a better Nigeria.

“The Peoples Democratic Party (PDP) congratulates Nigerians on the dawning of the year 2025 and charges President Bola Ahmed Tinubu not to taint the new year with an address that will not proffer immediate and concrete steps to reduce the price of fuel, address widespread hunger and provide clear-cut measures to guarantee security of lives and property in the country.

“This position by the PDP is predicated on the fact that previous addresses by Mr. President in the last 18 months dwelt only on hopeless rhetoric, unsubstantiated statistics, false promises, conjured performance claims and validation of flawed elections without concrete mechanisms to address insecurity, resuscitate the economy, create jobs, ensure credible elections and guarantee better living standard for Nigerians.

“The PDP maintains that President Tinubu must speak to the issues of unbridled corruption, deceit, budget padding, reckless and wasteful spending directed to fund luxury appetite of APC leaders, insensitivity to the pains of citizens and total disregard to the obligation of government which has made life unbearable for Nigerians under his watch.

“The Party also challenges President Tinubu to use the address to give account of the billions of Naira officially reported to have accrued from the removal of subsidy on petroleum products.

“Furthermore, Mr. President should come clean on his public commitment to fight corruption by ordering an investigation and recovery of the over N25 trillion reportedly stolen by APC leaders and officials in government who have turned government agencies to Automated Teller Machines (ATM) to siphon funds for their benefit while other Nigerians wallow in abject poverty, hunger and starvation.

“Equally worrisome is the failure of the APC government to revisit and address the reported cases of alleged State-backed killings in various parts of the country, particularly the 2020 EndSars killings and inhuman denial of the massacre of promising Nigerian youths in that sad and repulsive incident.

“The last 18 months have been the most excruciating period to Nigerians since the Civil War with citizens now resorting to suicide and slavery mission aboard due to the hopeless situation foisted by the anti-people policies of the suppressive, exploitative and insensitive APC government which continues to reject every appeal and suggestion for review of such policies.

“More disheartening is that while Nigerians die of hunger and insecurity, APC leaders and officials in government continue to flaunt their luxury appetite and lifestyle in utter disdain to the feelings of millions of impoverished citizens.

“The PDP cautions the APC not to carry over such attitude into 2025 as such would further exasperate the patience and sensibility of Nigerians.

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HAPPY NEW YEAR 2025

Congratulations all!

 

Social media commentator Martins Otse, also known as VeryDarkMan or VDM, has confessed that his recent claim of a ₦180 million theft from his NGO account was fabricated to “teach people a lesson.”

In a video posted on his Instagram page on Tuesday, VDM admitted that the story was a deliberate attempt to highlight the dangers of spreading unverified information.

According to VDM, the entire incident was staged to demonstrate the widespread lack of scrutiny over media reports.

He said, “This whole thing that happened with the N180 million, I deliberately did it to show that you people are stup*d. We are in a country where nobody bothers to check or investigate anything that is said in the media.

“All I did was tell my website guys to shut it down first. Make we use these people take catch cruise, make we teach these people sense because they are d*mb. It is very clear that most of you are stupid, very, very stup*d.”

“It’s time to start asking for proof of things. Did I show you the details of the account when I said my N180 million is missing?’ He questioned.

VDM also pointed out how the Nigerian entertainment industry and social media thrive on controversy, stating, “Now, for musicians to blow, they will have to look for controversy; for movies to blow, they will look for controversy. That is how bad the media is.”

He emphasised the importance of demanding proof and evidence before spreading narratives, saying, “The way you people are excited about bad news, you don’t even wait to analyse anything anymore. It’s a problem, and that is why the media has been corrupted.”

VeryDarkMan also addressed criticism of his actions, refuting claims that he presented a taxi driver as a police officer. 

Refuting this, he said, “I never said that guy was a police officer. Go back to my video and tell me where I said police. I said I’m travelling with Officer Sam. An officer can be Air Force, Navy, Civil Defence, or even Task Force.”

He went on to criticise another narrative about France establishing a military base in Nigeria, saying, “Tell me or give me proof where France is establishing a military base in Nigeria. Nobody will be able to prove it.”

VeryDarkMan reiterated his criticism of social media users, urging them to demand proof and evidence before spreading narratives. 

“Different narratives will fly because you people don’t use your brains to think. They can easily manipulate you through the media,” he said.

In a separate video, he revealed the bank statement of the NGO account, which he said had a closing balance of N240 million as of December 31 and showed that there was no transaction on the day he posted about the theft.

“Money no lost. The e-bank statement will be provided. The total money in this account is N240 million. Nobody is like me in Nigeria. I’m the only one that can do this,” he said.

PUNCH Online reported last Friday that VDM claimed that over ₦180 million was stolen from his NGO’s account following a hacking incident.

He later revealed on Sunday that ₦78 million of the ₦180 million allegedly stolen from his NGO’s account has been recovered.

The small Pacific island nation of Kiribati has once again taken center stage as the first country to usher in the New Year.

Kiritimati Island, also known as Christmas Island, celebrated the arrival of January 1, 2025, with jubilant festivities as the clock struck midnight earlier today.

Located in the central Pacific Ocean, Kiritimati operates 14 hours ahead of Greenwich Mean Time (GMT) and 8.5 hours ahead of India.

This significant moment marks the start of global New Year’s celebrations, with Kiribati leading the world into 2025.

The island’s residents welcomed the fresh dawn with lively fireworks displays, upbeat music, and communal gatherings that filled the air with joy and anticipation.

Meanwhile, New Zealand also joined in as one of the first major nations to ring in the New Year.

At 11:00 GMT, cities like Auckland and Wellington lit up the night sky with spectacular fireworks displays.

Auckland’s iconic Sky Tower became the focal point of the celebrations, dazzling onlookers as it erupted in a blaze of colorful pyrotechnics.

The festivities in New Zealand unfolded 13 hours before London’s Big Ben would toll to announce 2025 and 18 hours ahead of New York’s iconic Times Square ball drop.

Across New Zealand, crowds gathered to marvel at the displays, share champagne toasts, and revel in the celebratory atmosphere.

Nigerian actor and singer, Adams Kehinde, popularly known as Lege Miami, on Sunday, hosted a ‘Singles Hookup Matchmaking End-of-the-year Party’ at the Raddison Blu Hotel, in the GRA Ikeja area of Lagos State.

The free-entry event saw a large turnout of singles eager to mingle and potentially find a connection as the year came to a close.

The event quickly became a trending topic on social media, with attendees and followers expressing their surprise at the large turnout.

#abdullahayofel in a post on X.com on Monday said, “Lege Miami Single Matchmaking End of the Year Party 2024. See how the ladies are plenty.”

Meanwhile, #Alice_Blondelle tweeted about the event’s success, stating, “Lege Miami recently hosted an exclusive party catering specifically to single individuals, and it seems the event was a resounding success. The guest list was filled with eligible bachelors and bachelorettes, all looking to mingle and potentially find that special someone.”

Others, like #KingDiamondplus, shared their frustration at being unable to enter the venue due to the overwhelming crowd, stating, “Lege Miami show was so hilarious than painful yesterday. After preparing for days and not still yet unable to enter the premise because of crowd.”

#the_lateefah also commented saying, “Lege Miami doesn’t joke with this his matchmaking business. Man even threw an event. The turnup of people at the event wasn’t small too.”

Lege Miami, known for his commitment to matchmaking, expressed his gratitude on Monday for the support he received.

In a post shared on Instagram, he thanked his fans saying, “See crowd. 2024 singles hookup matchmaking end-of-the-year party. Thank you, lovers.”

“Thank you, Nigerians, I’m grateful. I want to thank all the people that supported me for this last event. I thank all the givers that brought out money to support me,” he added in another video post.

He also acknowledged the high turnout and promised improvements for future events.

He revealed that Radisson Blu could not accommodate everyone who came saying, “We got a massive crowd that Radisson hotel couldn’t contain everybody. Next year, I’ll get a bigger place in GRA Ikeja.”

He added in Yoruba, “I apologise to the singles who were present but couldn’t come in. We won’t host the event at Radisson next year, but it’ll be in GRA on the mainland.

In a previous interview with PUNCH, the actor confirmed the seriousness of his matchmaking business, stating that his services go beyond just the public, extending to well-known figures as well.

Watch videos here

Joe Igbokwe, a chieftain of the All Progressives Congress (APC) has stated that the immediate past President, Muhammadu Buhari was a successful leader.

Igbokwe asserted that Buhari created a good foundation for President Bola Tinubu to build upon.

Igbokwe said Nigerians should disregard assertions that Buhari was a failure since his imprints and achievements are obvious to all.

He made this known on his Facebook page: “Let nobody living or dead run away with the thinking that PMB is a failure. Perish the thought.

“He laid the solid foundation for PBAT to build on. We are seeing the footprints and the gains today.”

This comes after former presidential Special Adviser on Political Matters, Babafemi Ojudu, claimed Buhari was not a visionary.

Ojudu claimed that Buhari’s lack of vision led him to oppose former Vice President, Yemi Osinbajo’s presidential bid.

The Senate President, Godswill Akpabio, has again urged Nigerians to be patient with President Bola Tinubu as he grapples to fix the nation’s economy and touch the lives of Nigerians across the ethnic divide.

Akpabio said Nigeria was on life support before Tinubu was elected the president in 2023, adding that despite the ugly situation, the president was determined to fix the battered economy.

Akpabio revealed this at Ikot Ekpene, Akwa Ibom State during his Constituency Briefing/ Empowerment on Monday.

“President Tinubu met a very bad condition on the ground, nobody envied him, he said he was determined to change the situation, let us encourage him to change the situation. We believe that at the end of the day, we will move the country forward, he did it in Lagos before and he will do it again in Nigeria, just give him time he will take us to our El Dorado.

“I want us to know that Nigeria was on life support when the people voted Tinubu to become the president. One day I asked him, Mr President, after becoming the president and seeing the level of the economy that Emefiele left behind, are you excited? He said, well, I’m determined to change the situation,” Akpabio stated

The Senate president also noted that the president has touched many lives through continuous constituency projects across the country, adding that the regional commissions set up across the country aimed at the development of the regions and empowerment of the people.

He further noted that Tinubu has shown so much love to the South East by giving a key ministry- the Ministry of Works to them and signing the South East Development Commission into an act of parliament even as he explained that every other regional development Commissions would be signed in no distant time.

His words, “The president has shown the South East love, he has signed the South East Development Commission into an act of parliament, in addition, key ministries have been allocated, not on the basis of votes but on the NEEDS basis.

“The South East has a lot of ecological problems, the South East has very poor roads, just like the South South and Mr president decided to give us the Ministry of Works in addition to other key Ministries even the petroleum and gas Ministry.

“Akwa Ibom is sitting on gas, all the way from Utapete down to Ibeno. Above all, the president, allowed our State to produce the No. 3 Citizen, the Senate President, the last time we had such an opportunity was in 1979. President Tinubu deserves all our support.”

While distributing items such as bags of rice, fleets of cars, generating sets, deep freezers, tractors, Tricycle vans, Tricycles and Mini-buses, Motorcycles, sewing machines, Make-up kits, Two Hundred Thousand Naira cash transfers to 2000 undergraduates among others, Akpabio said the gesture was supported by the president to thank the people for their votes and supports.

He commended governor Umo Eno for his peaceful disposition saying he would reciprocate the kind gesture of the governor during Christmas when he sent 1000 bags of rice to APC in the state by sending 1,500 bags of rice to the PDP even as he directed that the PDP Chairman should get the rice immediately for his members

“I want to appreciate the governor of Akwa Ibom State, Pastor Umo Eno, without peace, there will not be development, the governor has decided to embrace all Akwa Ibom people irrespective of political lines even during Christmas, the governor sent 1000 bags of rice to APC in the state and because of that, I request that the PDP chairman should come forward and take 1500 bags of rice for his members.

“We are touching all local governments, they will receive Keke Napep, generating set, deep freezers to store their fish and other things, tricycles for those bringing palm produce from the villages, those in fashion we have sewing machines, makeup kits, etc For beneficiaries, use your items well,” he said.

Petrol has become unaffordable to ordinary Nigerians despite the availability of two facilities refining the nation’s crude oil. This has spiked inflation, making life difficult for the citizenry whose hope of cheaper fuels depended heavily on local refineries, DARE OLAWIN reports

Years ago, Nigerians were made to believe that the only road to affordable petroleum products was to have local refineries processing the country’s crude oil. It was argued that the price of premium motor spirits, otherwise known as petrol, would crash if the product were produced in the country, but that seems not to be the reality at this time.

When former President Goodluck Jonathan attempted to remove petrol subsidies in 2012, he faced strict resistance. There was a violent protest tagged ‘Occupy Nigeria.’ Then, the organised labour and members of the opposition rejected the decision, saying Nigerians could not pay N141 for a litre of petrol. One of the requests made by the protesters in 2012 was a revamp of the nation’s refineries and stop the importation of petrol, diesel, aviation fuel, and others. The anti-subsidy removal protesters, many of whom are in the current government, said the locally refined petroleum products would be cheaper than the imported ones, so subsidy removal would not impact the price as envisaged. Jonathan bowed to pressure over his inability to revamp the refineries immediately, but   reduced the price to N97 instead of taking it back to N65 per litre.

In 2015, Muhammadu Buhari took over with a promise to fix the refineries before removing fuel subsidies. Though the prices of PMS went up close to N200 per litre under his watch, Buhari was very reluctant to remove subsidies because of the hardship this could inflict on the masses. The former president secured a $1.5bn loan to revamp the Port Harcourt refinery, which was not ready before he left office. However, the ‘clever’ Buhari shifted the subsidy removal burden to his successor as he made no provision for the same in the budget from June 2023.

When the incumbent Bola Tinubu assumed office on May 29, 2023, he wasted no time declaring that “the fuel subsidy is gone.”

No sooner had Tinubu made the pronouncement than the country’s economic situation began a downward slide, changing for the worse. Filling stations, including the ones owned by the Nigerian National Petroleum Company Limited, raised the pump price of petrol above N500 per litre at the time. Some Nigerians, who had hoped that the new administration would turn around the situation positively, began to feel uneasy, though they were persuaded by the president, who stated that there would be gain after pain.

To the average Nigerian, petrol means more than what it is in other countries. The country’s economy depends almost solely on fuel. Both the rich and the poor need petrol for vehicles or to run engines for commercial activities.

In a country where over 85 million people have no access to electricity, petrol has always been the hope of the people, both the rich and the poor alike, to avoid darkness. Nigeria is also one of the largest markets for power generators in the world. With the current high cost of petrol, access to electricity has been reduced, especially in rural communities. According to the Minister of Power, Adebayo Adelabu, with the high cost of petrol, an individual would need about N750 to generate 1 kilowatt-hour of electricity.

Similarly, those who don’t have reasons to buy petrol feel the impact of the price hike whenever they intend to use public transport because commercial drivers have repeatedly jerked up  transport fares, provoking a rise in the prices of items in the markets.

The masses’ worry was compounded about two weeks after Tinubu’s inauguration when he also floated the naira as the cost of petrol rose again upon the devaluation of the exchange rate. However, the NNPC quickly introduced subsidy payment through the back door. While the landing cost of petrol was around N1,200, the NNPC sold it at half the price, based on the promise of the Federal Government to pay the shortfall. For close to a year, the NNPC sold the product at about N600/litre, denying claims that it was paying subsidies.

Recently, however, the energy firm admitted to selling below the cost price. The national oil company admitted that it owed its suppliers. It stated this when there seemed to be no way out of the lingering fuel queues at filling stations in the third quarter of 2024.

“NNPC Ltd has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the company, and it poses a threat to the sustainability of fuel supply,” Soneye said in a statement in September.

Soon after Soneye’s statement in the ninth month of the year, the NNPC raised the PMS pump price from N600 to N855/litre or more, depending on the location. This significant hike coincided with the unveiling of the Dangote refinery’s PMS, fuelling concerns about what the future held for Nigerians who had hoped that the private refinery would crash the price of the product. The price later rose to N1,100/litre, a development that has forced many vehicles off the road, deepening the country’s economic crisis.

Earlier, crude oil refiners had told The PUNCH that local refineries in Nigeria would crash the price of petroleum products.

The Publicity Secretary of the Crude Oil Refinery Owners Association of Nigeria, Eche Idoko, explained in June that what happened to the cost of diesel after Dangote started producing it would happen to petrol prices once it is being produced massively in Nigeria. Idoko had opined that PMS would sell at the rate of N300 per litre when the Dangote refinery came on board.

“If we begin to produce PMS today in large volumes, provided there is adequate crude oil supply, I can assure you that we should be able to buy PMS at N300/litre as the pump price.

“Why make Nigerians buy it at almost N700/litre when you know that if you allow refineries to work, the price will come down? Is it because you want to satisfy the global refiners abroad that are making so much from us?” Idoko said.

According to him, the sale of crude to Dangote would crash the prices of diesel and PMS.

“There is every tendency that before December, diesel prices will drop further. The only reason why diesel is not below N1,000/litre is because of our exchange rate. If the exchange rate drops, diesel will drop below the N1,000/litre price. Now the exchange rate concern is because Dangote imports crude. If he is not importing, the exchange rate may not have so much effect, though he is still buying crude in dollars (in Nigeria) anyway.”

When the Dangote refinery began production, it faced serious crude challenges. The President of the Dangote Group, Aliko Dangote; his vice, Davakumar Edwin; and other officials of the company repeatedly accused international oil companies of refusing to sell crude to the refinery, thereby impacting its ability to produce cheaper fuels for Nigerians.

The company also accused the Nigerian Upstream Petroleum Regulatory Commission of failing to effectively enforce the domestic crude supply obligation, saying it was allowing the IOCs to sell crude through their foreign agents at a premium. Officials of the 650,000-capacity refinery told our correspondent in June that crude shortage was the main reason why the refinery kept postponing petrol production.

Dangote also slammed the Nigerian Midstream and Downstream Petroleum Regulatory Authority for allegedly granting licenses for the importation of dirty fuel. In an attempt to defend the NMDPRA, the Chief Executive, Farouk Ahmed, irked Nigerians by saying the fuels produced by Dangote refinery and other local refineries were substandard compared to imported ones. Nigerians took to the media to bash the regulator. To the ordinary man on the street, some saboteurs would not allow them to enjoy cheaper PMS from Dangote. The support they gave to Dangote was because they thought the refinery would be a source of succour for them, but the reverse was the case.

To douse tension, President Tinubu waded in, approving the sale of crude oil to Dangote in naira. The President’s aide, Bayo Onanuga, who made the announcement in July, disclosed that the Federal Executive Council approved that the 450,000 barrels meant for domestic consumption be offered in naira to Nigerian refineries, using the Dangote refinery as a pilot.

Onanuga also revealed that the exchange rate would be fixed for the duration of the transaction. Again, Nigerians became optimistic that the pump price of petrol would go down, especially if the Federal Government directed the NNPC to fix the exchange rate for the naira-for-crude deal. Our correspondent gathered that the government did not fix the exchange rate as earlier promised, making Dangote buy Nigeria’s expensive sweet and light crude at the international rate, though in naira.

After much delay, the Dangote refinery started PMS production in September, and the naira-for-crude deal commenced in October. Similarly, the NNPC announced that the Port Harcourt refinery had begun crude processing in November. However, all these have not crashed the price of PMS to N300 or N600 per litre.

PMS expensive in Nigeria—Report

Data released by GlobalPetrolPrices.com recently showed that after the total stoppage of petroleum subsidies, Nigeria now has one of the highest petrol prices on the continent among key oil producers.

 GlobalPetrolPrices.com publishes wide-ranging and up-to-date information on retail energy prices around the world. The new information showed that among the top oil-producing countries in Africa, Gabon’s price came highest at $0.952, while Nigeria sold the product for $0.768 as of December.

Libya reportedly has the cheapest petrol price per litre of $0.031 in Africa and second globally. Angola also has cheaper fuel at $0.329. Egypt sells at $0.335 per litre; Algeria was selling for $0.343 per litre, while Sudan’s was $0.700, followed by Ethiopia at $0.718.

The report added that the average price of petrol around the world as of December was $1.24 per litre but with substantial differences in the prices among countries due to different taxes and levies.

“As a general rule, richer countries have higher prices, while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the United States, which is an economically advanced country but has low gas prices.

“The differences in prices across countries are due to the various taxes and subsidies for gasoline (petrol). All countries have access to the same petroleum prices of international markets but then decide to impose different taxes; hence the retail price of gasoline is different,” it added.

Globally, the report showed that Iran has the cheapest petrol price at $0.029, closely followed by other oil-producing countries like Libya, Venezuela, Angola, Egypt, Kuwait, Algeria, and Turkmenistan, among others, but Nigeria has a higher rate when it comes to petrol pricing.

Meanwhile, countries with the most expensive petrol prices per litre worldwide are Hong Kong at $3.31; Monaco at $2.24; Iceland at $2.20; Denmark at $2.05; Israel at $2.05; and the Netherlands at $2.05.

Dangote, NNPC ‘price war’

Lately, the Dangote Refinery and the NNPC appeared to have engaged in what some stakeholders described as a price war, slashing the ex-depot price of petrol below N1,000 per litre. As of the time of this report, most filling stations sell the product at N1,000, while a few sell above N900. However, this so-called price war did not push the cost to what Nigerians could afford in an oil-producing nation. At the moment, most Nigerians still believe they should not buy petrol above N500/litre.

A senior official of the Nigeria Labour Congress, Chris Onyeka, said the Federal Government and the Nigerian National Petroleum Company Limited did not deserve any applause over the recent reduction in the pump price of petrol. Onyeka argued that the current pricing mechanism did not reflect the true cost of the commodity.

“Do you want us to clap for them? How can we be okay with a price of N935/litre of PMS? This is not the right price for PMS. You cannot base the price on imported products when we have refining capacity in Nigeria,” he said.

It could be recalled that some marketers once threatened to import PMS and sell it at a price far below what was being offered by the Dangote refinery and the NNPC. In early November, marketers under the aegis of the Petroleum Retail Outlet Owners Association of Nigeria said the association had struck deals with some international fuel suppliers to import PMS at a good price, adding that the product would arrive in Nigeria at a price around N800/litre.

Speaking further on the recent price drop, Onyeka argued that the costs embedded in the current pricing framework—including foreign labour, freight charges, insurance, logistics, and profits accrued abroad—unfairly burden Nigerians.

“Products are refined in Nigeria, yet the price you give Nigerians is based on imported products. Why should we applaud that? It is akin to someone stealing your money and returning only part of it, then expecting you to clap. We cannot applaud this,” he stated.

 Chairman, Centre for Accountability and Open Leadership, Debo Adeniran, said the reduced price of N935/litre was still expensive and unsatisfactory, noting that the government and private businesses could still give out free petrol to citizens.

“We believe that if NNPC and the private sector actually give out PMS for free, they will still not run their business at a loss, because the other derivatives of petroleum products can still serve them and can still make them break even. So, even at that N900 and something, it’s still expensive.

“We expected that PMS prices would drop below N200 when Dangote was to come on stream. So, it’s unfortunate that we are still talking about over N900, and they want us to jump up and rejoice for that. That is not satisfactory. They should just let us see the breakdown of their production cost and why it’s still there. I mean, there are countries like Libya under Gaddafi that gave out PMS for free, and they didn’t run anything at any loss. So, I believe that it can still go further down,” he said.

However, CORAN Publicity Secretary Idoko maintained that the price reductions were a testimony that the refineries were on the right path to bring down fuel prices.

Idoko insisted that the price reduction would continue provided the international price of crude remains stable as well as the exchange rate.

“As a matter of fact, we have started seeing the effect of local refining, at least from the refineries with both Dangote and the NNPC announcing a price reduction recently,” Idoko said, adding that “under the economy of scale, this price reduction would likely continue if the international price for crude remains stable and the naira continues to improve against the dollar.”

Asked if the masses should expect a reduction to N500/litre, Idoko retorted, “Well, we cannot tell yet. If the other variables that also affect the pricing of petroleum products reduce significantly, we would see a significant drop in price.”

Aside from the international price for crude oil and the foreign exchange rate, Idoko mentioned another variable as the continuation of the naira-for-crude arrangement, stating that ensuring crude is made available to local refineries will play a significant role in price rebates.

A professor of energy at the University of Lagos, Dayo Ayoade, expressed optimism that more competition is needed to drive the price down. He maintained that the Dangote refinery is more or less the only one producing optimally at the moment, saying the Port Harcourt refinery is yet to be fully on stream.

The don called for patience, saying the price would take time to experience any significant reduction. He maintained that two refineries are not enough to drive the prices down, asking what has happened to the Warri and Kaduna refineries. Ayoade stressed that investors would come to the downstream sector if the sector promised returns on investments.

“To drive the price down, you need competition, and when the local refineries start coming on stream, prices naturally will be low because it is about demand and supply. That’s the general economics of it. We have Dangote and Port Harcourt. The Port Harcourt refinery is not actually really online. Dangote is the one that is really producing, and the price is still high. It will take time for the price to come down; let’s not be in a hurry. In the long term, deregulation is in the interest of Nigerians to avoid the fraud that has been taking place in the downstream sector and to avoid policy flip-flops that have been destroying investments.

“When the sector is stable, we will attract foreign investments. People will invest in the downstream like in the upstream if they are assured of profit-making. So, there will be good news. BUA refinery will be online maybe next year or the year after. People should not worry; they should let other new refineries come on board. The more the refineries, the better for us. Now we can say we have a duopoly—two refineries. That’s not sufficient to drive prices down. What happens to Warri and Kaduna refineries?” the professor queried.

Meanwhile, as Nigerians lament Tinubu’s decision to suddenly remove subsidies, the president has said he had no regrets taking that decision immediately after he was sworn into office. Today, the president believes that the adoption of compressed natural gas would lessen the burden and give Nigerians cheaper and cleaner fuel, but the cost of converting a vehicle to CNG-compliant and the lack of refuelling stations have been a major hindrance. It appears Nigerians would still continue to buy pricey petroleum products except there is a miracle coming soon.

In their advice to the government, local refiners charged the federal government to peg the dollar at N1,000 for transactions done locally in the oil and gas sector, especially for the naira crude sale arrangement. This they said would enhance energy security and affordability.