The Dangote Petroleum Refinery is set to roll out the sale of Premium Motor Spirit, otherwise known as petrol, The PUNCH can report authoritatively.

This is coming a few days after the 650,000-capacity refinery engaged in a test-run of the product.

Industry sources confirmed to our correspondent that the product would hit the market soon.

The sources, who pleaded anonymity, told our correspondent that the government and the Dangote Group were working out modalities for the circulation of the product.

A government source hinted that the sale and distribution of the PMS is being sorted out with the Federal Government.

The source added that only the Nigerian National Petroleum Company Limited would be authorised to sell the Dangote fuel at the moment.

Recall that petrol from the Dangote refinery was supposed to have been out since June, but the refinery battled crude shortage and entered into a brawl with the Nigerian Midstream and Downstream Regulatory Authority, which accused the refinery of producing substandard diesel.

The intervention of the Federal Government that crude oil should be supplied to the refinery in the local currency seems to be yielding the desired result.

The PUNCH also recalls that Dangote and other local refineries have repeatedly accused international oil companies of not selling crude to the local refiners.

Recently, the Federal Government announced that the crude oil supply deal would commence in October

The management of Dangote Group also alleged that the IOCs insisted on selling crude oil to its refinery through their foreign agents, saying the local price of crude would continue to increase because the trading arms offered cargoes at $2 to $4 per barrel, above NUPRC official price.

South Africa's billionaire, Johann Rupert, overtakes Dangote as Africa's richest man
The group also alleged that the foreign oil producers seem to be prioritising Asian countries in selling the crude they produce in Nigeria.

The PUNCH also reported last month that the Dangote refinery engaged in an exchange of words with the Nigerian Upstream Petroleum Regulatory Commission over the alleged supply of 29 million barrels of crude oil to the refinery.

The Dangote Group had accused the NUPRC of failing to effectively enforce the Domestic Crude Supply Obligations regulations, saying the refinery had yet to get enough crude locally.

Reacting, the NUPRC debunked the claim, stating that it facilitated the supply of over 29 million barrels of crude oil to Dangote from January to June 2024.

The NUPRC argued that it had facilitated the domestic supply of crude oil to Dangote refinery and other refineries using the monthly production curtailment platform.

But in a swift response, the Dangote Group also denied receiving 29 million barrels of crude from any source.

Spokesperson of the Dangote Group, Anthony Chiejina, said, “We received NUPRC’s statement that they have facilitated the allocation of 29 million barrels of crude oil to the Dangote Petroleum Refinery and Petrochemicals, we would like to thank them for this allocation but at the same time, we wish to let them know that we are yet to receive these cargoes.

“Aside from the term supply we bilaterally negotiated with NNPCL, so far NUPRC has only facilitated the purchase of one crude cargo from a domestic producer. The rest of the cargoes we have processed were purchased from international traders.”

Chiejina added that all the refinery was asking for was for refineries in Nigeria to buy crude directly from the companies that produce it in Nigeria rather than from international middlemen.

Nigerians are hopeful that Dangote will crash the pump price of PMS.

Former Nigerian Vice President, Atiku Abubakar, has called on the administration of President Bola Tinubu to promptly list the Nigerian National Petroleum Corporation Limited (NNPCL) on the stock exchange, as stipulated by the Petroleum Industry Act (PIA).

The Peoples Democratic Party (PDP) Presidential candidate in the 2023 election emphasized that such a move would enhance the company’s profitability, transparency, and corporate governance.

Naija News reports that Atiku’s remarks came in response to NNPCL’s recent decision to transfer the management and operation of the Warri and Kaduna refineries to private operators.

He criticized the NNPCL’s current structure, labeling it a facade, as it still functions as a financial tool for the federal government.

In a statement by his Media Adviser, Paul Ibe, Atiku questioned the consistency of the Tinubu administration’s policies, especially concerning fuel subsidies, and stressed the need for greater transparency in contract awards.

He also pointed out that past concessions had failed due to a lack of transparency and investor interest.

Atiku further suggested that credible bodies like the Bureau of Public Enterprises (BPE) and Standard and Poor’s should be involved in such transactions to ensure their success.

He warned against repeating past mistakes and underscored the importance of clear and transparent processes in privatizing the refineries.

Atiku said, “The NNPCL is supposed to have been listed on the stock exchange in line with the Petroleum Industry Act. This would make the company more profitable and enhance transparency and corporate governance.

“Currently, the NNPCL claims to be private, but this is only a ruse to fool the feeble-minded because it remains the ATM of the Federal Government. Anything short of listing the NNPCL on the stock exchange is nothing but a cosmetic development.

“Former President Olusegun Obasanjo revealed recently that even Shell, one of the world’s wealthiest oil companies, rejected the offer to operate Nigeria’s refineries. This is because the NNPCL has, for years, been a cesspool of endemic corruption.

“This is why over $20bn that has been spent on the refineries in the last 20 years has led to nowhere. It is also curious that a government that is still paying petrol subsidy is trying to make its refineries profitable. Which businessman will invest in a refinery that has been programmed to operate at a loss?

“The manage and operate approach has not always worked. The Manitoba Hydro International, which was handed the Transmission Company of Nigeria led to nowhere. Similarly, Global Steel Limited, which was handed the Ajaokuta Steel Company, was not able to make the facility profitable.

“The contract was questionably revoked by the Umaru Musa Yar’Adua administration, and Nigeria ended up paying Global Steel a compensation of nearly $500m while Ajaokuta remains comatose 17 years later.

“In 2022, Nueoil, an unknown and newly registered company, acquired OVH and Oando filling stations. Barely four months later, NNPCL Retail bought Nueoil and took control of all its assets, including the Oando filling stations.

“Barely eight months later, OVH turned around to take over NNPCL Retail. This convoluted transaction was done in order to hide the corruption involved.

“If this is the approach that the NNPCL wants to use in handing over its refineries to private hands, then Nigerians should not expect any positive development whatsoever.”

The Joint Admissions and Matriculation Board noted that 21 candidates with fake IJMB results were recommended for 2023 admissions by various institutions.

JAMB, in a policy document obtained by our correspondent in Abuja, noted that 12 out of the 21 candidates were recommended by the Ahmadu Bello University, Zaria.

“JAMB discovered that 21 candidates who paraded fake IJMB results were recommended during the 2023 admission. They were not approved.

“Twelve of the recommendations were by ABU, Zaria – what an audacious attitude. Recommendations were possible because certificate screening was done after

Registration, Five institutions were involved in the recommendations; JAMB insists that all certificates must have the signature of the Head of the institution (VC/Provost/Rector).”

Sunday PUNCH reports that JAMB in 2021 unveiled the Nigerian Post-Secondary Education Data System verification platform for the verification of IJMB and JUPEB results.

The unveiling followed professional operation undertaken by the Independent Corrupt Practices and Other Related Offences Commission in conjunction with the Federal Ministry of Education on irregularities and faking of results as contained in a recent statement by the ICPC about the irregularities in JUPEB Board IJMB examination results, said such must be nipped in the bud.

JAMB, in a bulletin, said it had become necessary for the Joint Admissions and Matriculation Board as a moderator of the two examinations, to take appropriate action and put a stop to the unacceptable happenings.

“These proactive measures as well as others that are in the pipeline, are to ensure that the gains recorded in the education sector, especially the examination sub-sector over the years, are not eroded by unscrupulous individuals who do not mean well for Nigeria,” JAMB stated

Napoli manager Antonio Conte has reiterated that Nigerian international Victor Osimhen is no longer part of the club’s plans and will not be reintegrated into the first team, PUNCH Sports Extra reports.

Osimhen was expected to leave the Partenopei during the transfer window after the striker requested to leave.

The Lagos-born emerged as one of the most sought-after strikers in Europe, having been linked with moves to Chelsea, Arsenal, Paris Saint-Germain, Manchester United, and Liverpool, among others, following impressive seasons with Napoli.

Despite his desire to leave the club, the Nigerian striker’s anticipated move to Stamford Bridge fell through, leaving him in a limbo as the transfer window closed on Friday.

While Chelsea were the most likely destination for Osimhen, Saudi Arabian club Al-Ahli also emerged as a potential destination. They even reportedly agreed on terms with Napoli for the transfer, but the deal fell apart when the Italian side asked for a further €5m in addition to the agreed €80m transfer fee.

As the 2024/25 season unfolds, Conte remains adamant that neither Osimhen nor other players would be reintegrated in the team despite their inability to strengthen the squad as envisaged.

“Some issues blocked it; perhaps if we had unlocked that [Osimhen] situation, we would have completed the team differently and earlier,” Conte said at a post-match press conference on Saturday.

“The club made an effort, and I must be happy with it.”

“I’m sorry about what happened. I’m sorry for Osimhen. I’m sorry for the club that didn’t monetize. I am sorry for myself because we didn’t complete the team as we wanted, but the club proved to be consistent in this situation,” continued Conte.

“Coherence is the starting point when it comes to respecting the rules. The club proved consistent, so I praise them for this attitude.”

Conte insists that the club were consistent in dealing with Osimhen and other players not in the team.

“No, this is the team. This is the group,” he added.

“We made decisions. I mentioned coherence before. Those who are not consistent don’t respect the rules. I repeat, respect to the club. The president proved consistent despite losing important money—credit where credit is due. The club were consistent, knowing that if the situation had been unlocked earlier, we would all have been advantaged. As I said, we’ve started rebuilding. Good players arrived. They were on the table. It took us time to understand and think about it, but we signed them, and I am happy. We didn’t do everything, and it’s okay, but I think the club did well.”

With no immediate transfer on the horizon and Napoli’s firm stance on Osimhen’s exclusion from the squad, the Super Eagles striker finds himself in a challenging position.

The 25-year-old striker, who had been one of the most sought-after talents in European football, now faces an uncertain future at least until January, when the transfer window reopens.

However, the Saudi Arabian transfer window remains open until September 2 (today), while the Turkish Super Lig window is open until September 13, which means that the Nigerian could still save himself from getting stuck at Naples until January.

A high-level tripartite committee of the three major regulators of the financial services sector has been formed to scrutinise new funds being raised by banks under the ongoing recapitalisation in the banking sector.

Members of the committee are drawn from Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and Nigeria Deposit Insurance Corporation (NDIC).

Three banks – Fidelity Bank Plc, Guaranty Trust Holding Company (GTCO) Plc and Access Holdings Plc – have already concluded their offer periods.

They are expected to submit the key details of funds raised and subscribers to the committee for verification.

 Under the guidelines for the recapitalisation exercise, capital verification is a major requirement before the clearance of the allotment proposal and release of the funds to the bank for onward completion of the offer process and addition of the new capital to its capital base.

Multiple sources yesterday confirmed that the three banks that had concluded their offer periods might have raised more than N1 trillion in new capital from existing shareholders and new investors, the first cluster of funds that will go through the tripartite committee’s capital verification.

Investment banking sources said the banking sector’s recapitalisation got off to a good start as investors showed strong appetite for banking shares.

Fidelity Bank started its hybrid offer with a N127.1 billion rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share and a public offer of 10 billion ordinary shares of 50 kobo each at N9.75 per share. It subsequently secured approvals to issue additional 8.2 billion ordinary shares to absorb potential oversubscription.

The rights issue size was doubled with additional 3.2 billion shares while 5.0 billion shares were added to the public offer, bringing the bank’s offer size to N205.45 billion.

GTCO floated a N400.5 billion public offer of 9.0 billion ordinary shares of 50 kobo each at N44.50 per share.

Access Holdings sought to raise N351 billion through a rights issue of 17.773 billion ordinary shares of 50 kobo each to existing shareholders at N19.75 per share.

Sources said the three-party committee would be scrutinising the newly raised funds on five key parameters of basic Know-Your-Customer (KYC) requirements, anti-money laundering and illicit financial flows protocols, anti-terrorism rules, fit-and-proper assessment of a major investor in bank and general compliance with extant rules, including fairness and spread of allotment and inclusivity among others.

 Under the KYC requirements, the committee will seek to pinpoint sources of funds by matching names and other personal details such as bank account details, telephone number and address to valid national identity, Bank Verification Number (BVN) and other databank, including the Nigerian Interbank Settlement Systems Limited (NIBSS) BVN validation portal. Corporate applicants are also expected to provide relevant details of incorporation, signatories and funding source.

The committee is expected to “lift the veils” on the sources of funds, by both individual and corporate subscribers, to forestall money laundering, illicit financial flows and proceeds of criminal activities such as kidnapping and banditry.

The funds will be screened against the provisions of the Capital Market Operators Anti-Money Laundering, Combating Terrorism Financing and Proliferation Financing Regulations, 2022, and the Money Laundering-Prevention and Prohibition Act 2022.

A source said the government was determined to ensure that criminal groups and individuals do not use the channel of banking recapitalisation to legitimize proceeds of their criminal activities.

In January 2022 officially declared bandit groups operating in any parts of the country as terrorists with the release of the Federal Government’s Gazette proscribing their existence and restraining any person or group of persons from participating in activities of any of the groups.

The directive also ordered verification of accounts, funds and other assets and confiscation of anything traceable to bandits and terrorists.

The CBN specifically conducts a fit-and-proper assessment for any major investor in the banking industry, in addition to proper notification required by extant capital market rules. CBN’s Rule 4.1 of the Guidelines for Licensing and Regulation of Financial Holding Companies in Nigeria stipulates that where shares amounting to five per cent of a holding company are acquired, there must be a disclosure and specific request for approval of such an investment.

 The Nigerian capital market rules set a threshold of five per cent for “material” or significant shareholding, which must be disclosed to the regulatory authorities and the board of the affected company.

The committee will seek to ensure that investors do not bypass “material shareholding” disclosure by splitting their subscriptions or using insiders and related parties, whose shareholdings ultimately belong to the same portfolio of influence.

The Director-General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, assured that the apex capital market regulator has undertaken necessary initiatives to ensure shorter time-to-market, which enables offers to be completed without delay.

Time-to-market refers to the length of time it takes for a company to complete the capital raising process and list its shares on a stock exchange.

In an interview at the weekend, Agama noted that SEC had in June 2024 issued a framework on banking sector recapitalisation programme, which outlines the guidelines and procedures banks are required to follow to raise capital during the recapitalisation period.

He said the guidelines provide a framework for a smooth, transparent, and efficient capital raising process.

According to him, the framework serves as a comprehensive guide for banks and holding companies and market participants on the requirements for capital raising and mergers and acquisitions, while assisting participants to navigate the recapitalisation programme effectively to ensure proper and timely review and approval of the transactions.

 “The major highlight of the framework is the requirement for an e-offering platform to be provided by a securities exchange for the capital raising plan, which allows for end-to-end offering, subscription and payment process.

“This is based on our resolution to enhance time-to-market, efficiency, transparency and integrity of the recapitalisation programme. The use of e-offering platform eliminates multiple identities and reduce potential for unclaimed dividends among other benefits.”

Agama outlined that SEC has implemented various initiatives to reduce time to market with the aim of improving the efficiency and attractiveness of the Nigerian capital market, promote economic growth and development.

He said the initiatives include streamlined registration processes, introduction of an electronic filing system and enhanced regulatory frameworks among others.

He noted that shorter time to market can benefit capital market development in several ways like increased liquidity which will lead to faster listing allowing companies to access capital more quickly, increased liquidity in the market and enable companies to allocate resources more efficiently, thereby driving economic growth.

 “Shorter time to market will also improve investor confidence because when the listing processes are Efficient, it can enhance investor trust and confidence in the market.

A shorter time to market can make a jurisdiction more attractive to companies and investors, promoting competition and growth,” Agama said.

He pointed out that SEC had in 2019 issued a new rule on electronic public offering (e-PO) system which streamlines the process of issuing new securities.

This he said, allows for faster processing of applications by automating various steps, reducing manual paperwork, and facilitating broader participation adding that the implementation of e-PO is part of a broader effort to make the market more efficient and reduce time to market.

“The Commission has been actively digitizing its operations, including the submission and processing of applications for securities registration, to reduce delays caused by manual processes. This involved the use of electronic platforms for document submissions and approvals, which not only speeds up the process but also improves transparency.

 “We have undertaken regulatory reforms aimed at simplifying and streamlining the approval processes. These reforms include updating rules and regulations to reflect current market realities and adopting international best practices that enhance efficiency. For instance, the commission introduced checklist review for registration of fixed income securities, thereby shortening the review and approval timelines.”

The United Arab Emirates (UAE) has introduced a two-month visa amnesty initiative starting from September 1, 2024.

This program is designed to assist visitors who have overstayed their visas by allowing them to regularize their residency status or return to their home countries without facing penalties.

The initiative aims to help those who have exceeded their visa limits by providing a legal pathway to resolve their status.

This includes residents whose visas have expired, visitors who overstayed their visit visas, and children born in the UAE whose parents failed to apply for residency on their behalf.

The amnesty also extends to those who have absconded from their sponsors, though it excludes individuals who entered the country illegally.

The Head of the Federal Authority for Identity, Citizenship, Customs and Ports Security, Maj Gen Suhail Saeed Al Khaili, emphasized that this initiative is an opportunity for violators to correct their status in the country.

He stated, “It is a chance for all violators to change their status in the country. The initiative will enhance the country’s position in the human rights sector.

“We want to support the people who are staying in the country by changing their status to enable them to get their rights and have a safe exit from the country or work and live decently in the UAE.”

The amnesty is accessible at various locations across the Emirates, providing overstayers with the opportunity to resolve their issues without fear of fines or imprisonment.

Kaduna-based Islamic cleric, Sheikh Ahmad Abubakar Gumi, has reiterated his concerns about the growing radicalization of bandits in Nigeria.

On Saturday, the influential cleric took to his Facebook page to share a disturbing video that showcases bandits celebrating and chanting in Arabic, underlining the dangers he has consistently warned about.

In the video, the bandits appear jubilant, chanting religious slogans that Sheikh Gumi suggests could indicate their increasing radicalization.

The cleric, who has previously advocated for dialogue and negotiation with the bandits as a means to address the security crisis in the North, emphasized the urgent need for the government to intervene before the situation escalates further.

Sheikh Gumi has long been a controversial figure in the discussions around Nigeria’s security challenges, particularly regarding his stance on engaging with bandits.

Sheikh Gumi wrote, “Initially, bandits were fighting an ethnic war that could be resolved. I warned if the kinetic [approach] is intensified, they will turn into ideologically motivated guerilla warfare. Nobody listened.”

He noted the shift in the nature of the conflict, emphasising the complexities of ideological warfare.

“The difference between the former and the latter is that ideological war is almost intractable; Boko Haram (BH) is an example. They commit the same crime, but this time, they think they are serving God. The picture is gloomy,” he added.

This statement comes amid ongoing concerns about the increasing radicalisation of bandits in Nigeria.

Oil giant Nigeria National Petroleum Company Limited (NNPCL) yesterday admitted that its financial strain may affect the sustainability of petrol supply.

Its admittance came on the heels of reports that it is indebted to suppliers to the tune of about $6 billion.

According to the reports, supply agents have been reluctant to make the product available. 

The development has forced the oil giant to resort to stock rationing and to prevail on major suppliers not to cut off supply.

No fewer than five vessels meant for Nigeria have refused to discharge fuel to NNPCL due to fear of non-payment, one of the major suppliers said at the weekend. 

It was learnt that the $300 million bailout by the Federal Government was not enough for the company to sustain petrol supply nationwide. 

Only a few filling stations had the product to dispense to end-users yesterday, forcing desperate motorists to queue for hours in Lagos, Abuja and other cities.

Independent marketers took advantage of the situation to sell a litre of petrol for as high as N950 in some parts of Lagos. It sold for more in other states.

There were indications that the Federal Government was weighing options. 

The NNPCL admitted the financial strain in a statement by its Chief Corporate Communications Officer, Olufemi Soneye.

“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 poses a threat to the sustainability of fuel supply. 

“In line with the Petroleum Industry Act (PIA), NNPC Ltd remains dedicated to its role as the supplier of last resort, ensuring national energy security.

“We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide,” Soneye said.

A source told The Nation that the government had shown concern. 

“The Federal Government is already weighing options because of the security implications of acute shortage of petrol in the country.”

On Saturday, Soneye said in the oil trading business, transactions often operate on credit with intermittent outstanding balances, saying there was nothing extraordinary in the outstanding financial liabilities.

He was reacting to reports by Reuters that the uncertainty over the payment of the $6 billion has made most suppliers “hesitant” in bringing in products.

The international news agency had indicated that Afreximbank disbursed $925 million to NNPCL as part of a syndicated $3.3 billion crude oil-backed prepayment facility.

The NNPCL, using supply agents, has been the sole importer of petrol.

The NNPCL is “struggling to supply dealers due to shortage of product at its tanks”, a source confirmed at the weekend.

The source said: “Bulk sales of ships and trucks to depot owners have slowed down in the last five days due to a shortage of supply.

“No bulk sales had happened since Tuesday, which heightened the scarcity in the downstream sector.”

An oil chief who is in the know of the goings-on in the industry linked the fuel queues being experienced in the last eight weeks “largely to the reduction in the supply of products by suppliers who were being owed.”

“I was aware that at some point in mid-August, the Federal Government had to come in by giving money to NNPC to defray some of the outstanding liabilities and boost the confidence of the suppliers to continue.

“However, what was paid was about $300 million which only helped in getting a reprieve for about a week before the queues fully returned,” he said.

Another source said: “Suppliers of petrol are hesitant about supplying new products to the Nigeria National Petroleum Company Limited (NNPCL) due to piling debts. 

“At present at least five vessels originally intended for supply to Nigeria have refused to discharge fuel to NNPCL due to fear of payment.

“The situation has increased pressure on the petroleum company which has now resorted to rationing the stock it has while appealing to its long-term suppliers not to halt supplies.”

Reuters said: “Nigeria’s debt to gasoline suppliers has surpassed $6billion – doubling since early April – as state oil firm NNPCL struggles to cover the gap between fixed pump prices and international fuel costs, under rising cost of living.” 

The agency said the company had still not paid for some January imports, and the late payments amount to $4 billion to $5 billion.

Under contract terms, NNPCL is meant to pay within 90 days of delivery.

“The only reason traders are putting up with it is the $250,000 a month (per cargo) for late payment compensation,” one industry source said. 

The news agency said: “At least two suppliers already stopped participating in recent tenders after hitting self-imposed debt exposure limits to Nigeria, the sources said, meaning they will not send more gasoline until they receive payments.

“Nigeria’s tenders to buy gasoline in June and July were smaller, traders said. NNPC will import via tender about 850,000 tonnes in July, two of the sources said, down from the typical one million tonnes in previous months.”

Price not sustainable

On August 19, the oil giant claimed the government has been moderating the average retail price of petrol, with a view to ensuring that Nigerians have access to it at a stable price.

The NNPCL said it has been making PMS available for retail distribution at about half of the landing cost under an agreement with the government to safeguard Nigerians from the global fluctuation in oil prices.

Its Chief Financial Officer Umar Ajiya explained that the company has been offsetting the shortfall in landing price and sale price through a reconciliation arrangement between the government and the company.

He said the company has not paid any money to any marketer in the name of petrol subsidy in the last eight to nine years.

While the official pump price of petrol is about N600 per litre, the average landing cost is about N1,200.

The Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, said the NNPC Limited needed to adjust its pricing strategy for imported fuel to curb smuggling.

He also admitted that NNPCL had financial constraints in maintaining and rebuilding Nigeria’s ageing pipelines.

Lokpobiri said the weak pipelines are susceptible to vandalism.

Lokpobiri, who spoke at the 2024 Energy and Labour Summit in Abuja, said selling imported fuel below the landing cost is a key factor fueling smuggling activities.

He said: “If NNPC imports PMS and sells to marketers at perhaps N600 or below, there’s no way that smuggling can stop.

“When smugglers are taking the products outside the country, even if you put all the policemen on the road, they are Nigerians; you and I know the answer.

“These pipelines, some dating back to the 1960s and 1970s, are highly susceptible to vandalism and crude oil theft, which significantly impacts the nation’s oil revenue.

“The old, corroded pipelines, some of which date back to the 1960s and 1970s, are easily vandalised,” Lokpobiri explained.

Atiku: List NNPCL shares on Stock Exchange now

Former Vice President Atiku Abubakar yesterday urged the Federal Government to ensure the immediate listing of NNPCL shares on the stock exchange in line with the Petroleum Industry Act.

He was reacting in a statement yesterday by his media office on the decision of the NNPCL to hand over the Warri and Kaduna refineries to private operators who are expected to manage and operate them.

Atiku emphasised that such previous efforts under government supervision never worked.

The statement reads: “The NNPCL is supposed to have been listed on the stock exchange in line with the Petroleum Industry Act.

“This would make the company more profitable and enhance transparency and corporate governance.”

The Socio-Economic Rights and Accountability Project (SERAP) has sued the leadership of the National Assembly members for fixing what it described as the running cost of lawmakers.

Joined in the suit were the Senate President, Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas.

The group claimed the duo failed to end “the unlawful practice by the National Assembly of fixing its allowances and running costs, and the failure to account for the monthly running costs paid to members.”

Disclosing this in a statement on Friday, SERAP’s Deputy Director, Kolawole Oluwadare, said the suit was filed last Friday at the Federal High Court, Abuja.

He said it followed a recent allegation by former President Olusegun Obasanjo that the lawmakers fix their salaries and allowances, contrary to the recommendation of the Revenue Mobilisation Fiscal Allocation Commission (RMAFC).

In the suit, the group seeks “an order of mandamus to direct and compel Mr Akpabio and Mr Abbas to end the unlawful practice of the National Assembly fixing its remuneration and allowances termed as ‘running cost’.”

It also wants “an order of mandamus to direct and compel Mr Akpabio and Mr Abbas to disclose the exact amount of the monthly running costs being paid to and received by the lawmakers, and the spending details of any such running costs.”

According to the statement, SERAP seeks “an order of mandamus to direct and compel Mr Akpabio and Mr Abbas to end the alleged practice of paying remuneration and allowances termed as ‘running costs’ into the personal accounts of lawmakers.”

“The provisions of paragraph N, section 32(d) of the Third Schedule to the Nigerian Constitution 1999 [as amended] clearly make it unlawful for the National Assembly to fix its salaries, allowances and running costs,” Oluwadare said.

“The alleged practice of paying running costs into the personal accounts of lawmakers is a fundamental breach of Rule 713 of the Federal Government Financial Regulations, which provides that ‘public money shall not be paid into a private bank account.’”

A wanted ex-beauty queen, Aderinoye Queen Christmas, has surrendered to the Lagos State Command of the National Drug Law Enforcement Agency after about eight months in hiding.

The Director of Media and Advocacy of the NDLEA, Femi Babafemi, announced this in a statement on Sunday.

He said the suspect, born as Oluwadamilola Aderinoye, was declared wanted by the agency in January after she escaped from her Lekki, Lagos State residence.

This followed a raid by NDLEA operatives of her apartment at Oral Estate on January 24, 2024, after credible intelligence revealed that she deals in illicit substances.

“The suspect was Miss Commonwealth Nigeria Culture 2015/2016 and the founder of Queen Christmas Foundation,” Babafemi stated.

“Recovered from her home during the search witnessed by the estate officials include 606 grams of Canadian Loud, a synthetic strain of cannabis, an electronic weighing scale, large quantities of drugs packing plastics, a black RAV 4 SUV marked Lagos KSF 872 GQ, and her picture frame among others.

“The suspect who claimed she has been hiding in Akure Ondo state since January when she escaped arrest in Lekki Lagos however surrendered to the Agency on Wednesday 28th August.”

The agency also intercepted hard drugs worth N17.9 billion in major operations in Lagos and Rivers States.

The hard drugs intercepted at the Onne and Tincan seaports were a total of 31,124,600 pills of tramadol 225mg and bottles of codeine-based syrup.