The World Bank has warned that a further increase in the prices of Premium Motor Spirit also known as petrol may reverse the already dwindling effects of subsidy removal in Nigeria.

The warning is contained in the October edition of its Africa’s Pulse report.

President Bola Tinubu as of May 2023, officially pronounced an end to petrol subsidies in Nigeria, jerking PMS prices from N175 per litre to over N1000 across the country.

The report said; “While the inflationary effects of a weakened naira in the first months of this year and the removal of the gasoline subsidy in the second half of 2023 appeared to be gradually subsiding, a further increase in gasoline prices by 40-45 per cent in September may reverse the disinflationary trend.”

It said economic growth in Nigeria is projected at 3.3 per cent in 2024 and 3.6 per cent in 2025–26 as macroeconomic and fiscal reforms gradually start yielding results.

“Inflation peaked in June 2024 (at 34.2 per cent year-on-year) and decelerated to 33.4 per cent in July and further to 32.2 per cent in August,” it said, adding that the consolidation of macroeconomic reforms should support higher growth in the country in 2025.

The report also said the naira has been listed among the worst-performing currencies in Sub-Saharan Africa in 2024.

As of the end of August 2024, the naira had depreciated by approximately 43 per cent year-to-date, making it one of the region’s weakest currencies alongside the Ethiopian birr and South Sudanese pound.

The depreciation of the naira is attributed to several factors, including surging demand for United States dollars in the parallel market, limited dollar inflows, and delays in foreign exchange disbursements by Nigeria’s central bank.

The World Bank’s report further highlighted that demand for dollars, driven by financial institutions, non-financial end-users, and money managers, has exacerbated the pressure on the naira.

It noted, “By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region. The Nigerian naira continued losing value, with a year-to-date depreciation of about 43 per cent as of end-August.

“Surges in demand for US dollars in the parallel market, driven by financial institutions, money managers, and non-financial end-users, combined with limited dollar inflows and slow foreign exchange disbursements to currency exchange bureaus by the central bank explain the weakening of the naira.”

Nollywood actor, Ayobami Olabiyi, popularly known as Bobo B, has reportedly passed away in Ibadan, Oyo State.

His death was announced on Wednesday by Bose Akinola, the governor of the Theatre Arts and Motion Pictures Association of Nigeria (TAMPAN) in Oyo state.

Olabiyi, who was the former governor of the TAMPAN in Oyo state and its current national secretary, died after a brief illness.

According to The Nation, Olabiyi, who was supposed to be on a movie set in Oyo last month, could not make it due to his deteriorating health.

He was admitted to the University College Hospital (UCH) in Ibadan, Oyo State, where he passed on.

Akintola statement reads: “I have a directive of the Oyo state TAMPAN governor, Her Excellency Yeye Bose Akinola to announce the death of our TAMPAN national general secretary, Chief Alhaji Musadshir Ayobami Olabiyi ‘Bobo B. May God give his family and the entire TAMPAN members globally the fortitude to bear the loss. Insha Allah, Amen.”

Another colleague, Abidemi Temitayo while paying tribute said: “I remembered what happened vividly the night I took that second slide with you after shooting…we were both on the set of the shoot when the director was giving us a line, Say Y was the director then and asked us to do CR, I said there is no need for it, the director was like will you? Bobo B then replied Bidemi is sure of herself, ki se Omode actor now, we all laughed and we shot the movie, no tape 2 or more, we then took a picture with my person, three of us, and then took the crew too before leaving but today that same jovial man is no more hearing about your de*th is so shocking

“Alhaji Mudashir Ayobami Olabiyi. This is so sad. Rest well Bobo B…. The industry will surely miss you, even the world at large.”

There are strong indications that the nation’s university system may be crippled any moment from now as members of the Non- Academic Staff Union of Educational and other Associated Institutions, NASU, have threatened to resume their suspended strike over four-month withheld salaries by the Federal Government.

General Secretary of NASU, Prince Peters Adeyemi, gave this hint on the sideline of the ongoing National Executive Council, NEC, of the Union taking place in Abuja.

Though he declined to give the exact date of the commencement of the strike, it is expected that the NEC members will take the decision in the course of their meeting.

Details soon.

The House of Representatives has called on the Federal Government to reverse the recently increased prices of premium motor spirit (PMS), otherwise known as petrol and cooking gas.

The News Agency of Nigeria (NAN) reports that the call was a sequel to a resolution to a motion by the Minority Leader, Rep. Kingsley Chinda (PDP-Rivers) at plenary in Abuja on Wednesday.

Chinda, while moving the motion, stressed the need for interventions targeted at price relief, tax reductions, or subsidies on cooking gas, also called liquefied petroleum gas (LPG) for low-income households.

He noted that Nigeria, as an oil-producing nation, had historically relied on petroleum products and cooking gas (LPG) as essential sources of energy for both domestic and industrial purposes.

The lawmaker stated that in recent months, the prices of petrol and cooking gas had skyrocketed and continued to do so, thus creating an unsustainable financial burden on ordinary Nigerians and exacerbating the cost of living.

According to him, the removal of fuel subsidies, coupled with global oil price volatility and the depreciation of the naira, had contributed significantly to the rising cost of petrol and cooking gas for households.

“Nigerians are worried that the escalating fuel and gas prices are impacting on the transportation, food, essential goods and healthcare as well as increasing inflation.

“Further push on the prices of these two items had exposed many families to deeper financial hardship.

“Businesses, particularly small and medium enterprises (SMEs), are struggling to manage their operational costs due to increased fuel prices, threatening economic stability and job security.

“The Federal Government has the refining capacity to address some of these issues but has yet to deliver significant results in this regard.

“The rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians and unchecked inflationary pressure caused by the increased prices can lead to social unrest, increased poverty rates, and negative long-term economic effects,” he said.

Chinda said that unless urgent and pragmatic steps were taken to control the rising cost of petrol and cooking gas, the nation would go into economic crisis, leading to negative outcomes like increased crime and mortality rates.

Consequently, the house called on Nigerian National Petroleum Corporation Limited (NNPCL), Ministry of Petroleum Resources and other relevant agencies to expedite the repair/maintenance of domestic refineries.

According to the lawmakers, an increase in local refining capacity will serve as a stop-gap measure to reduce the dependence on imported refined petroleum products.

The Green Chambers also urged the Central Bank of Nigeria (CBN) to implement monetary policies that would mitigate the adverse effects of petrol price hikes on inflation, particularly with regard to essential goods and services.

The house urged the federal government to explore alternative energy sources and diversify the country’s energy mix to reduce reliance on petrol and gas by promoting renewable energy solutions that were more sustainable and affordable.

The lawmakers urged state governments to adopt policies that could alleviate the financial burden on the citizens, such as waiving taxes or levies on transportation and goods affected by high petrol costs.

In his ruling, Speaker Tajudeen Abbas mandated the Committees on Petroleum Downstream and Legislative Compliance to ensure compliance and report back to the house within two weeks for further legislative actions.

Africa-focused e-commerce retailer Jumia Technologies will shut down its South African online fashion retailer Zando and its Tunisian operations by the end of the year.

CEO Francis Dufay revealed that the move is part of a strategic refocus on more profitable markets such as Nigeria.

To achieve profitability, Jumia is implementing aggressive cost-cutting measures, which include reducing its workforce, exiting the everyday grocery and food delivery sectors, and scaling back delivery services unrelated to its core e-commerce business.

“The trajectory of the countries did not align with the strategy of the group,” Dufay explained, citing complex macroeconomic conditions, a competitive landscape, and limited medium-term growth potential in these regions. He added, “We believe it’s the right decision,” emphasizing that the move will allow the company to concentrate its resources on the other nine markets where growth prospects are more promising.

Jumia’s remaining markets include Egypt, Kenya, Morocco, and Nigeria. Dufay expressed confidence that success in these regions could help recover volumes lost from the closures in South Africa and Tunisia. He noted that Zando and the Tunisian operations contributed only 2.7% of total orders and 3% of Gross Merchandise Value during the first half of the year.

Zando.co.za, founded in 2012, has established itself as a prominent online fashion platform in South Africa. Meanwhile, Jumia’s Tunisian operations have been running under the Jumia brand for a decade, offering general merchandise.

Dufay confirmed that there are no plans to sell either operation, which will hold clearance sales before their shutdown. The closures will result in approximately 110 job losses, although some employees may be relocated within the company’s other divisions.

This decision comes shortly after South Africa’s largest online retail group, Takealot, announced the sale of its fashion subsidiary, Superbalist, amid rising competition from fast-fashion e-commerce giants like Shein and Temu. Dufay acknowledged that the growth potential in South Africa is increasingly challenging due to the highly competitive environment.

Human rights activist and lawyer, Femi Falana, and his son, Folarin, popularly known as Falz, have demanded a public apology and retraction of defamatory statements made by the popular crossdresser Idris Okuneye, also known as Bobrisky, in audio recordings circulating online.

In one of the audios shared by controversial media critic Martin Otse, also known as VeryDarkMan, Bobrisky claimed that he had spoken with Falz, requesting his assistance in persuading his father (Falana) to help secure a presidential pardon, which allegedly cost N10 million.

The crossdresser also alleged that he asked Falz for N3 million to secure special treatment at Kirikiri Correctional Centre.

In another audio shared by VeryDarkMan, Bobrisky claimed to have paid N5 million upfront to a Senior Advocate of Nigeria in an attempt to secure a Federal Government pardon over charges filed against him by the Economic and Financial Crimes Commission.

However, in a letter dated 14 October 2024, issued by Falana’s legal representatives, Olorunfemi Akinyemi and Taiwo E. Olawanle, and seen by our correspondent on Wednesday, Bobrisky was accused of making false and defamatory statements about Falana and his son’s involvement in the alleged bribery and pardon.

The legal team described Bobrisky’s claims as entirely unfounded and damaging to Falana’s reputation. They demanded a full retraction and apology, to be published on all platforms where the statements were shared.

The letter read, “We are Counsel to Mr. Femi Falana SAN and Mr. Folarin Falana aka Falz (hereinafter referred to as ‘our clients’), on whose behalf we write this letter regarding your slanderous statements against them.

“We have confirmed that you took advantage of your recent imprisonment to extort money from a group of artists and other members of the public.

You will recall that on 4 May 2024, you called Mr. Folarin Falana, popularly known as Falz, and requested N3,000,000 (Three Million Naira) to secure special treatment at Kirikiri Correctional Centre.

“Although Falz refused your request, you falsely claimed in a video that he told you his father, our client, had agreed to write a letter of pardon for you. You also stated that our client had spoken with you and that N10,000,000 (Ten Million Naira) was required to bribe officials to process your pardon.”

The letter continued, “In another video, you claimed to have paid N5,000,000 (Five Million Naira) upfront to a Senior Advocate of Nigeria to secure a Federal Government pardon over charges filed against you by the EFCC. You further alleged that the Senior Advocate initially requested N10,000,000 (Ten Million Naira) for his legal services but, due to your frozen account, you could not raise the full amount.”

Falana’s legal team clarified that no such conversation had ever taken place and that Bobrisky’s allegations were aimed at extorting money from the public while tarnishing Falana’s professional reputation.

“In fact, you have published a list of individuals who believed your fabricated story and contributed millions of naira, supposedly to pay our client to write a letter of pardon and bribe public officers on your behalf.
“Your decision to involve our client in your criminal activities was purely a figment of your imagination.

“Contrary to your baseless claims, you never instructed our client to write a letter of pardon for you,” the letter further stated.

Additionally, the legal team emphasised that Bobrisky had never spoken with Falana nor instructed him to write a letter of pardon. The claim of a N5 million payment was also dismissed as groundless.

“It is clear that you made these defamatory statements recklessly, knowing full well that you did not call our client to request a letter of pardon. Our client has NEVER spoken to you regarding your pardon or any other matter,” the lawyers asserted.

“Given that our client has secured pardons for over 300 Nigerians convicted by military and civilian courts in Nigeria, Libya, Thailand, and The Gambia on a pro bono basis, your defamatory statements have severely damaged his reputation, both locally and internationally.

“We, therefore, demand an immediate retraction of your defamatory and derogatory statements, along with a prominently aired or published apology on all platforms where your false statements have been shared.

“If we do not receive your formal retraction and apology within 12 (twelve) hours of your receipt of this letter, we will proceed with our client’s instructions to pursue legal remedies, including seeking monetary damages, for your malicious defamatory statements.

“We hope you will urgently address the issues raised herein in your own best interest,” the legal team concluded.

The PUNCH reports that the Lagos State High Court has ordered VeryDarkMan to remove defamatory comments and videos concerning Falana and his son, Folarin, from his social media platforms.

Justice M.O. Dawodu issued the ruling in suit no: ID/8584/GCM/2024 on Monday.

He ruled that the publications made by VeryDarkMan on his social media platforms on 24 September 2024, linking Bobrisky to Falz and his father, were defamatory and harmful to their public image.

he death toll in the tanker explosion in Jigawa State has risen to 105.

The number of the injured has also risen to 70.

DAILY POST earlier reported that no fewer than 94 persons died while 50 others sustained various degrees of injuries in a tanker explosion at Taura LGA of Jigawa State on Wednesday.

A statement by the spokesman of the Jigawa State Command, DSP. Lawan Shiisu Adam, said findings revealed that the explosion was caused by petrol that leaked from the tanker into a gutter.

“Unfortunately, villagers attempted to scoop petrol from the drainage, resulting in a flame that engulfed the area and many people were reportedly perished.”

He noted that 105 corpses have been evacuated, while 70 injured persons were rushed to Ringim and Hadejia General Hospitals for medical attention.

The fire was successfully extinguished through the combined efforts of police officers, firefighters and members of the public.

A founding member of the Peoples Democratic Party (PDP), Bode George, has called on the Minister of the Federal Capital Territory (FCT), Nyesom Wike, and the party’s 2023 presidential candidate, Atiku Abubakar, to exercise restraint as tensions continue to escalate within the party.

Speaking during an appearance on Arise TV’s Morning Show on Wednesday, George emphasized the need for PDP elders to play a significant role in resolving the internal conflicts that have persisted since the build-up to the last presidential election.

He urged both Atiku and Wike to “calm down” and allow for a more collaborative approach to the party’s challenges.

According to George, “I want to appeal to the leaders of the various groups in the party that it is time to shield your personal ambition and let us rebuild the party.

“Let the Iroko tree get back because the tap roots are still there and our people outside the country are asking what is happening with the party.

“There is no organization in the world without crisis but it’s our ability to rebuild the crisis. This crisis didn’t stand now; it started from the Presidential convention and nobody was able to manage it.

“We were the founders of the PDP and I will never serve under Ikimi’s committee, it’s not about disrespect.

“Atiku and Wike should calm down and let us go to the elders meeting where we would start this discussion to trace this crisis back to that convention because that was where everything started going in the wrong direction.”

The Sokoto State Governor, Ahmed Aliyu, on Wednesday, launched the sale of subsidised food items, including a 50-kilogram bag of rice priced at ₦38,700.

Speaking at the launch, held at the Kware Local Government premises in Kware town, Aliyu stated that the initiative aims to ease the burden on the people, particularly those at the grassroots level. To achieve this, the state government approved a substantial 55% discount on each commodity.

The governor stressed that the sale should be open to all, without any conditions such as political affiliation or social status.

He explained, “A 50kg bag of rice will be sold for ₦38,700, while the 25kg bag will cost ₦19,350, and the 10kg bag will be available for ₦7,740.

“We have also instructed the committee overseeing the sales to accommodate those who cannot afford these larger quantities by allowing them to purchase smaller portions.”

Aliyu further noted that the government is not seeking to collect the proceeds from the sales. Instead, a special account will be opened to deposit the funds, which will be used to purchase more foodstuffs and continue the project. The state government has spent ₦14.488 billion on the initiative, procuring 280 trailers of rice, with each ward in the state entitled to one truck, equivalent to 600 bags of rice.

The governor commended the leader of the state’s ruling party and former governor, Aliyu Wamakko, for his guidance and support, which he said has been crucial to the success of his administration. 

He assured the public that adequate measures are in place to ensure the initiative achieves its intended purpose.

Earlier, the chairman of the committee, Chiso Dattijo, reassured the governor that due process would be followed in distributing the rice. He added that, with the launch, the rice is now available for purchase at designated locations across the 242 wards in the state.

Also speaking, the coordinator of the project in Kware Local Government, Professor Malami Maishanu of Usman Danfodiyo University, urged residents to take advantage of the opportunity provided by the state government. He praised the government for implementing a policy aimed at benefiting those at the grassroots.

Star Nollywood actress Bimbo Akintola is speaking about the heavily talked about topic of celebrity earnings vs the lifestyles they portray on social media. This is a discourse that has been happening for years now, and during a new interview, Bimbo Akintola also raised her own questions about the lifestyle after exposing the realities of what major names like IrokoTV and Africa Magic pay for their movies. Here's everything Bimbo Akintola said.

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Speaking about how the lifestyle that actresses portray on social media don't match up with the realistic realities of being an actress in Nollywood, Bimbo Akintola said:

BIMBO AKINTOLA: For a lot of actresses, people can't understand where the money is coming from. Cuz we all know what the industry is about. We all know what people earn. We all know what you can earn. Except you have money from home, maybe you're from a rich family, then some of the lifestyle we see especially on social media can be real. And if it's real, where is it from?

Being truthful, people come up to me and they say "look at actresses, they're very rich" and I say I don't know about that because me, I'm not rich. I say "when you see them, ask them what they do." I say it all the time. I say "ask them what they do." Because we all know how much them dey sell film na. Iroko, has Iroko passed 4 million? Is it not 4 million naira, or 5 max? That's how much a whole film is na. No be so? We all know how much e dey sell for Africa Magic, Africa Magic just went back to N4 million. They went down to 1.2, a whole film! All of us inside plus crew plus everybody, we know how much it is. And then yes, there is also Netflix and Netflix is international so obviously, the money is also bigger. But we also know what people earn for cinema films. We started with cinema before Netflix and that boosted people, but we also know how much we make for those films.

So, for a lot of actresses that I see, I don't know if the money is from home, maybe they're from very rich homes. Or there's other businesses that they're doing. Because there has to be with the amount of wealth that some of our colleagues show.

And then of course we've also heard stories of actresses being wanted by politicians, actresses dating politicians, actresses doing stuff with politicians and getting paid for it. So we've all heard that, and we all know that things like that do happen. But it's not just actresses that do that, women in Nigeria do that, because the poverty level is pretty high, isn't it? So a lot of women are on the level of whatever I can do to sustain myself and my family, I'm gonna do it.