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The Federal Government of Nigeria, through the Debt Management Office (DMO), has opened offers for subscription to Federal Government of Nigeria (FGN) savings bonds for September 2024.
According to a statement by the DMO, the subscription period will last for five days, starting from September 2nd.
The statement indicates that the two-year savings bonds, maturing on September 11, 2026, are offered at an interest rate of 17.202%, while the three-year savings bonds are available at 18.202%.
Each unit of the bond is priced at N1,000, with a minimum subscription requirement of N5,000 and subsequent multiples of N1,000. The maximum allowable subscription is N50,000,000. Interest payments on FGN bonds are made quarterly (four times a year).
The subscription period for these bonds commenced on September 2, 2024, and will remain open until September 6, 2024, according to an announcement by the DMO.
Settlement is planned for September 11, 2024, with quarterly coupon payments scheduled for December 11, March 11, June 11, and September 11.
Increased interest rate
The interest rate of 18.202% on FGN savings bonds stands as one of the highest in recent times and reflects the prevalent high-interest rate environment in the country. In the same month of last year, the interest rate on FGN savings bonds for September 2023 was offered at an interest rate of 12.031% representing an increase of 6.17 percentage points in one year.
The increase in interest rate for FGN bonds is due to the actions of the Central Bank of Nigeria (CBN) since February when it began its rising interest rate to stem inflation and stabilize the forex market by attracting Foreign Capital Investments (FPIs).
The apex bank over four Monetary Policy Committee (MPC) meetings has raised interest rates by 800 basis points to control inflation. This has resulted in significant interest in the FGN savings bonds offer.
Result of FGN bond auction for August
- In August, the Federal Government of Nigeria raised N374.751 billion through its FGN bond auction, demonstrating continued strong investor interest in longer-term securities.
- The auction featured three distinct bonds with tenors of 5 years, 7 years, and 9 years, marking a crucial step in Nigeria’s efforts to secure funding for ongoing national projects.
- The 9-year bond stood out as the favourite among investors, with an impressive subscription of N375.083 billion, far exceeding the offered amount of N50 billion. The bond was allotted N314.213 billion at a marginal rate of 21.50%, indicating a substantial oversubscription of 650.17%.
[Nairametrics]
Several demonstrators hit the streets of Abuja to demand the immediate dismissal of the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Limited, Mele Kyari, over the lingering fuel scarcity.
The protest came out on the heels of the Nigerian National Petroleum Corporation Limited’s confession that its substantial debt to suppliers was endangering the sustainable fuel supply.
Among other things, the corporation highlighted the financial strain was placing significant pressure on its operations and threatening the stability of fuel supplies.
Chanting solidarity songs, they displayed several banners such as: ‘We are tired of fuel scarcity and stories on why refineries are not working, ‘No direction under Kyari’ and ‘We want accountability in the affairs of NNPCL’.
Addressing reporters on Monday at Unity Fountain after the rally in Abuja, Convener of the Coalition of Concerned Civil Society Organizations, Aminu Abbas wondered why a nation blessed with oil like Nigeria should continue to suffer acute petrol scarcity.
He said: “To President Ahmed Bola Tinubu and all those in positions of power, we say the time to act is now. Show us that you stand with the people, not those who profit from our misery. Mr Kyari must be shown the way out, and the NNPCL must be reformed to serve the interests of all Nigerians. We will not be silenced.
“The fuel scarcity we endure today is not just a mere inconvenience; it is a calculated perpetuation of suffering. Under Mr Kyari’s leadership, the situation has gone from bad to worse, with no end in sight. What has he done to alleviate this crisis? It is clear he seems intent on maintaining a status quo that benefits only a select few while the masses suffer.
“Why do we, the people, have to endure endless queues, inflated prices, and the daily uncertainty of whether we can fuel our vehicles or power our homes? The answer lies in the gross incompetence and mismanagement that have become the hallmarks of Mr. Kyari’s leadership.”
[TheNation]
A British national wanted by the police, Andrew Wynne, also known as Drew Povey, has said the government was unsettled by the EndBadgovernance protest held across the country.
Wynne expressed regret that the government has been suppressing the protesters instead of responding to the citizens’ demands.
This is as he called on the Nigeria Labour Congress to protect the general public as it did to its President, Joe Ajaero when the police invited him.
Wynne stated this in a statement on Monday titled “Protests, not treason.”
It read, “The mass protests over #EndBadGovernance and #EndHunger frightened the government. However, the government turned to repression rather than addressing the people’s demands. Perhaps 40 people were murdered by the police and other security forces, thousands were arrested, and many remain in captivity.
“In Abuja, the authorities have attacked the so-called leaders and organisers of the protests. Ten people face ridiculous charges including treason, mutiny and levying war against the state.”
Wynne noted that the first person arrested by the police, Eleojo Opaluwa, was a former colleague of the Nigeria Labour Congress President, Joe Ajaero and the Vice Chairman of the Union in Kogi State.
He said, “The first person to be arrested in this case was Eleojo Opaluwa. He is a former colleague of Joe Ajaero, who works for NUEE, the electricians’ union, as an organiser in Abuja.
“He is also the Vice Chair of the NLC in Kogi State. He has now been detained for over four weeks with no tangible evidence. His family was told that he had received a WhatsApp message from one of the other alleged leaders. This was after Eleojo had been detained.”
Wynne stated that the ten individuals arraigned for organising the protests hardly knew one another.
He said, “The ten detainees have been accused of conspiracy to commit a range of serious crimes. However, they barely know each other. Five of them may have been members of a WhatsApp group set up to organise the protests in Abuja.
“But the other five are unknown to these comrades. They may be a few of the flag-waving protesters from Kano who were added to extend the range of the organizers to cover the main protests from Sokoto to Maiduguri. “
Wynne said the police investigating the suspects and the government are not on the same page on the matter.
He said, “There appears to be a conflict between the government and the police investigating this case. The head of the Intelligence Response Team told the detainees’ lawyers that he would have released them but that he had orders from above not to set them free. So the police have developed what appears to be a ridiculous case involving the owner of Iva Valley Books.”
Wynne noted that the claim that he had left the country was not true.
“They are claiming that I travelled under the name of Andrew Povich, a Russian-sounding name and that I have now left Nigeria for Russia. Neither of these claims are true. Yomi, who works for Iva Valley Books, has, like the other detainees, been treated in a terribly
inhumane manner.
“He was arrested in front of his wife and three-year-old daughter. The police confiscated all their phones. This was despite appeals from his wife that they needed a phone to get money for food. He was then imprisoned illegally and held in chains, beaten and
tortured for three days. His only involvement was to design flyers for the protests.”
He, however, called on the NLC to protect the general public as it has done to its president.
Wynne said, “The NLC has shown that it has the power to protect its President. It now needs to extend this action to protect its other officers, its members and the general public.”
The NLC had promised a general strike to protect Ajaero from arrest and detention in relation to similar charges.
Despite the flimsy nature of the evidence against the detainees, they face long years in prison unless the trade union movement is prepared to protect them.
On August 7, the NLC said it “condemns in the strongest terms the human rights violations perpetrated by security forces against peaceful protesters.”
[Punch]
A Caribbean, Freda Paulino Sideroff, who was conferred with the chieftaincy title of Nneora Abagana (Mother of All) in Anambra State has described her visit to Nigeria as homecoming, saying that her DNA shows that she is a true Igbo person.
Her visit to Nigeria was facilitated by the traditional prime minister of Abagana, Dr. Nwachukwu Anakwenze who is an American- based surgeon and former President of Anambra State Association in USA ( ASA-USA).
Freda, who is a descendant of the survivors from the genocide that was the largest in the Caribbean, was born in the country of Belize, the only English – speaking country in Latin America.
Speaking after the colourful ceremony performed by the traditional ruler of Abagana, Igwe Patrick Mbamalu Okeke, Freda said the culture of the people of Belize, her country, is the same as that of the Igbo.
“In my place, we eat cassava, yam, okro. Don’t I look like you? I will like to come and build a house here because this is my root”, she said.
She said her tribe, Garifuna, is a marriage of cultures of West Africans who intermarried with Amerindians, specifically the Arawak and Carib Indians of the Amazon basin in South America. She added that they are also known in history books as the Black Caribs.
The Royal Father, who spoke through the Secretary of Abagana Royal Cabinet, Clems Ofoedu said: “Historically, culturally, and traditionally, Abagana has by this chieftaincy title, cemented cordial relationship with Nneora Queen Mother Freda Paulino Sideroff.
“The Abagana Royal Council is grateful to Onowu Abagana, Chief Dr Nwachukwu Anakwenze, the Traditional Prime Minister, for his dogged efforts in championing the course of Igbo nation globally.
“Nneora is now a bona fide citizen of Abagana. Abagana will continue to tap from your wealth of experience in cultures and traditions of Igbos scattered around the globe. More cooperation will be explored between Abagana and Garifuna in future.
“It is important to note that Freda’s Paulin ancestors did not experience slavery due to their resistance. Freda’s ancestors about 5000 people were banished/exiled to the desolate Island of Baliceaux abandoned and were left to die.
“Approximately 2500 resilient ancestors survived and were once again exiled, this perilous journey being abandoned on the coast of Roatan in Honduras.
“The mother of Freda’s grandfather, Henrietta Enriquez is Igbo, the father of her mother Rosenda Castillo is Felipa Castillo, while the mother of Freda’s mother Rosenda is Tikar. Freda’s father, Guadalupe Paulino is Akan.”
“Historically, culturally, and traditionally Abagana has cemented cordial relationship with Nneora Queen Mother Freda Paulino Sideroff. The Abagana Royal Council is grateful to Onowu Abagana, Chief Dr Nwachukwu Anakwenze, the Traditional Prime Minister, for his dogged efforts in championing the course of Igbo nation globally.
“Nneora is now a bona fide citizen of Abagana. Abagana will continue to tap from your wealth of experience in cultures and traditions of Igbos scattered around the globe. More cooperation will be explored between Abagana and Garifuna in future.
[Vanguard]
Tems, the Nigerian singer, has revealed she is open to the idea of marriage.
In a recent chat on the ‘Shopping The Sneakers’ show, the host asked if marriage was in her future.
After a brief pause, the music star responded, “Yeah. We will see”.
Tems, born Temilade Openiyi, is not known to be in any public romantic relationship.
Previously, rumours circulated that she was pregnant with a child for Future, the American rapper, which she quickly debunked.
Recently, the 29-year-old said many men enter relationships with no other agenda than sex.
“A lot of guys, they are very obvious. There is no agenda but to penetrate,” she said.
She also spoke about the qualities she looks out for in a man, listing intelligence and humor as her favorite attributes.
Tems gained popularity in 2020, courtesy of her collaboration with Wizkid, the Afrobeats singer, on the song ‘Essence’.
In the same year, she released her debut extended play (EP) titled ‘For Broken Ears’.
She released ‘Born In The Wild’, her debut album, on June 7.
She has received several awards and recognitions for her talent.
Last year, the songstress won her first-ever Grammy award for her role in ‘Wait for U’, the 2022 hit song by Future featuring Drake.
Her song ‘Love Me Jeje’ recently made the summer playlist of Barack Obama, the former US president.
[TheCable]
A Kaduna-based Islamic cleric, Ahmad Gumi, has accused the Nigerian authorities of turning bandits operating in North-west and North-central Nigeria into religious fighters like Boko Haram insurgents operating in the country’s North-east.
Mr said a recent video of a jubilant terrorism kingpin, Bello Turji, and his armed bandits celebrating “victory” over the Nigerian military and claiming they are fighting for God was an indication that the group has adopted the ideology of Boko Haram.
PREMIUM TIMES reported how the bandits on Thursday burnt down two Nigerian military Mines Resistant Armour Personnel (MRAP) vehicles stuck in the mud in the country’s northwest Zamfara State.
Mr Gumi, in a Facebook post, said the video uploaded by Mr Turji’s group had identified the bandits as Boko Haram members rather than people fighting against ethnic marginalisation.
Mr Gumi said he had advised Nigerian authorities to be careful in fighting the bandits so as not to push them to become guerrilla fighters and terrorists.
He said in the video showed that the groups had abandoned their initial fight against marginalisation and adopted the Boko Haram doctrine of fighting and killing in the name of God.
He wrote: “Radicalisation of Bandits: I warned against the danger”.
“Initially Bandits were fighting an ethnic war that could easily be resolved. I warned if the kinetic approach is intensified, they will turn into ideologically motivated guerilla warfare. Nobody listened.
“The difference between the former and the latter is that ideological war is mostly intractable, BH (Boko Haram) as an example. They commit the same crime, but this time, they think they are serving God. The picture is gloomy,” the cleric said.
This newspaper reported seeing a video of a jubilant terrorism kingpin, Mr Turji, and his armed bandits celebrating “victory” over the Nigerian military after burning down two Mines Resistant Armour Personnel (MRAP) vehicles stuck in the mud.
Soldiers abandoned the vehicles during an operation in the troubled Zamfara State in the country’s northwest region.
In the video, Mr Turji and his lieutenants are celebrating with victory slogans.
“Bello Turji has seized two trucks. Nigerian Army Bello Turji is coming for you, Insha Allah, if you don’t allow peace to reign. We are telling you and your clerics that we are with Allah”, Mr Turji says as he moves towards the stuck vehicles.
The hundreds of mostly youth bandits are dressed in combat regalia Bello Turji and are chanting “Allahu Akbar” and proclaiming “victory” over the army.
On Thursday, soldiers from the Nigerian Army 1 Brigade in Gusau, stationed at Zurmi, carried out an offensive against terrorists in a forest in the Kwashabawa area of the Zurmi Local Government Area of Zamfara.
The soldiers abandoned the vehicles and retreated from the scene because they could not move ahead in the dangerous areas with their plan to attack terrorist leaders in a meeting.
A former Director-General of the Labour Party Presidential Campaign Organisation during the 2023 elections, Doyin Okupe, has revealed reasons why he and the Labour Party candidate in the election, Peter Obi, defected from the Peoples Democratic Party (PDP).
According to Okupe, he and Obi left the PDP because they both agreed and believed that the next President of Nigeria must be a Southerner, preferably an Igbo man from the South-East, but the party was not working in that direction.
Speaking on Monday in a chat with journalists in Lagos, Okupe said his political agreement with Obi, however, ended after President Bola Tinubu won the election and was further affirmed by the courts up to the Supreme Court.
The former presidential media aide said these in reaction to online attacks from supporters of Obi, popularly known as Obidients, who were criticising him on X for dumping their principal and backing the policies of the present administration.
“Obi and I left the PDP because we both agreed and believed that the next President must be a Southerner, preferably an Igbo man from the South-East. Unfortunately, we lost that election. Another Southerner, Bola Tinubu, won the election. This is God’s will. He gives power to whom He wishes. My political commitment and agreement with Obi ended and expired there. I am too experienced in this game of politics for my subsequent political disposition and destiny to be tied to Obi’s ambition. Impossible.
“For me, that cooperation ended with the Supreme Court judgment, right or wrong. There must be order in a society.” Okupe said.
Speaking further on why he opted to support Obi for the 2023 presidential election, Okupe said it was time for the presidency to go to the South and that he aligned with the Igbo candidacy since they had not had the opportunity to produce the country’s president before.
The former presidential aide said he didn’t support Obi because he believed the LP candidate was politically superior to him or because of friendship but purely out of principle.
“I was convinced in my heart that if the presidency was going to the South, then it must be an Igbo man from the South-East because I believe in equity and justice. You can also verify this with Papa Adebanjo. He is still alive. I did not support Obi because he was politically superior to me or because he was a friend or an associate.
“My unalloyed support and commitment to Obi was based on principle. Throughout my period as a DG campaign, I used my own car and never received one naira from Obi as a salary. It was a mutual friend who funded me personally throughout. This can be verified. In difficult times, I borrowed a substantial amount of money to ensure our zonal campaign in the South-West was a grand success. I was refunded by Peter Obi months later.
“You (Obidients) all hailed, praised, and honoured me because, in your understanding, you believed I was just a foolish politician who left his comfort zone to come and help you fulfil your own agenda. You were all wrong,” he added.
A French pensioner went on trial Monday for allowing scores of strangers to rape his wife after he drugged her, in a case that has horrified the country.
Fifty men, recruited online, are also being tried in the southern city of Avignon alongside the main suspect, a 71-year-old former employee at France’s state-owned power utility company EDF.
Police counted a total of 92 rapes committed by 72 men, 51 of whom were identified.
The men, aged between 26 and 74, are accused of raping the 72-year-old woman who, her lawyers say, was so heavily sedated she was not aware of the abuse that went on for a decade.
Presiding judge Roger Arata announced that all hearings would be public, granting the woman her wish for “complete publicity until the end” of the court case, according to one of her lawyers, Stephane Babonneau.
The trial will nonetheless be “a horrible ordeal” for her, said another of her lawyers, Antoine Camus.
“For the first time, she will have to live through the rapes that she endured over 10 years,” he told AFP, adding that his client had “no recollection” of the abuse that she discovered only in 2020.
The woman, who arrived at the court supported by her three children, did not want a trial behind closed doors because “that’s what her attackers would have wanted”, Camus said.
– Some came back six times –
Police began to investigate the defendant, Dominique P., in September 2020 when he was caught by a security guard secretly filming under the skirts of three women in a shopping center.
Police said they found hundreds of pictures and videos of his wife on his computer, visibly unconscious and mostly in the foetal position.
The images are alleged to show dozens of rapes in the couple’s home in Mazan, a village of 6,000 people around 33 kilometers (21 miles) from Avignon in Provence.
Investigators also found chats on a site called coco.fr, since shut down by police, in which he recruited strangers to come to their home and have intercourse with his wife.
Dominique P. admitted to investigators that he gave his wife powerful tranquilizers, especially Temesta, an anxiety-reducing drug.
The abuse started in 2011, when the couple was living near Paris, and continued after they moved to Mazan two years later.
The husband took part in the rapes, filmed them and encouraged the other men using degrading language, according to prosecutors.
No money changed hands.
The accused rapists include a forklift driver, a fire brigade officer, a company boss and a journalist.
Some were single, others married or divorced, and some were family men. Most participated just once, but some took part up to six times.
– Murder probe –
Many have said they thought they were simply helping a libertine couple live out its fantasies, but Dominique P. told investigators that all were aware that his wife had been drugged without her knowledge.
An expert said her state “was closer to a coma than to sleep”.
Her husband told prosecutors that only three men left the house quickly after arriving, while all others proceeded to have intercourse with his wife.
Dominique P., who said he was raped by a male nurse when he was nine, is ready to face “his family and his wife”, his lawyer Beatrice Zavarro told AFP.
This trial may not be his last.
He has also been charged with a 1991 murder and rape, which he denies, and an attempted rape in 1999, to which he admitted after DNA testing.
Experts said the man does not appear to be mentally ill, but in documents seen by AFP, they said he had a need to feel “all-powerful” over the female body.
The trial is to last until December 20.
The Briton accused of inciting insurrection against President Bola Tinubu’s government, Drew Povey has urged the Nigerian government not to treat protests as treason.
Mr Povey, whom the Nigerian government said also bears the name Andrew Wynne, said this in a statement in reaction to the government’s allegation of building “a network of sleeper cells to topple” the Bola Tinubu administration “and plunge the nation into chaos.”
Povey’s bookshop located at the Abuja headquarters of the Nigeria Labour Congress (NLC) had earlier been raided and sealed.
Part of the charges against him was enabling some #EndBadGovernance protesters “with intent to destabilize Nigeria.”
The statement on the letterhead of his bookshop reads: “PROTEST IS NOT TREASON – release all the detainees! The mass protests over #EndBadGovernance and #EndHunger frightened the government. But rather than addressing the peoples’ demands, the government turned to repression.
“Perhaps 40 people were murdered by the police and other security forces, thousands were arrested and many still remain in captivity. In Abuja, the authorities have attacked the so-called leaders and organisers of the protests. Ten people face ridiculous charges including treason, mutiny and levying war against the state.
“The NLC promised a general strike to protect its President, Joe Ajaero, from arrest and detention in relation to similar charges. Despite the flimsy nature of the evidence against the detainees, they face long years in prison unless the trade union movement is prepared to protect them. On 7th August the NLC said it, “condemns in the strongest terms the human rights violations perpetrated by security forces against peaceful protesters.”
“The first person to be arrested in this case was Eleojo Opaluwa. He is a former colleague of Joe Ajaero, working for NUEE, the electricians union, as an organiser in Abuja. He is also the Vice Chair of the NLC in Kogi State. He has now been detained for over 4 weeks with no tangible evidence. His family was told that he had received a WhatsApp message from one of the other alleged leaders. This was after Eleojo had actually been detained.
“The ten detainees have been accused of conspiracy to commit a range of serious crimes. However, they barely know each other. Five of them may have been members of a WhatsApp group set up to organise the protests in Abuja. But the other five are unknown to these comrades. They may be a few of the flag waving protesters from Kano who were added to extend the range of the organizers to cover the main protests from Sokoto to Maiduguri
“There appears to be a conflict between the government and the police investigating this case. The head of the Intelligence Response Team (IRT) told the detainees’ lawyers that he would have released them, but that he had orders from above not to set them free. So the police have developed what appears to be a ridiculous case involving the owner of Iva Valley Books. They are claiming that he goes under the name of Andrew Povich, a Russian-sounding name, and that he has now left Nigeria for Russia.
“Neither of these claims are true. Yomi, who works for Iva Valley Books, has, like the other detainees, been treated in a terribly inhumane manner. He was arrested in front of his wife and three-year old daughter. All their phones were confiscated by the police. This was despite appeals from his wife that they needed a phone to get money for food.
“He was then imprisoned illegally and held in chains, beaten and tortured for three days. His only involvement was to design flyers for the protests on the instructions of his boss. The NLC has shown that it has the power to protect its President. It now needs to extend this action to protect its other officers, its members and the general public.”
A former Director-General of the Presidential Campaign Organisation of the Labour Party, Dr Doyin Okupe, has stated that his relationship with the party’s candidate in the 2023 general election, Peter Obi, ended immediately after President Bola Tinubu emerged.
Okupe also mentioned that he had agreed with Obi never to accept any political appointment from him upon his emergence.
The former presidential spokesperson made these remarks to journalists in Lagos on Monday to ward off insults from Obi supporters, popularly known as Obidients, who were criticising him on X for backing the policies of the present administration.
According to him, those abusing and insulting him for supporting Tinubu’s economic recovery plan are ignorant, stressing that Nigeria’s project is bigger than that of any individual or political party.
He said, “I supported Peter Obi out of a commitment to patriotism and nationalistic fervour, not because I don’t know who I am in national politics or where I come from. I told Peter Obi, and we both agreed, that I would not hold any position in his government if he won. Obi is alive, kindly verify. If it is not true, let Obi publicly say that I am lying.
“Obi and I left the PDP because we both agreed and believed that the next President must be a Southerner, preferably an Igbo man from the South-East. Unfortunately, we lost that election. Another Southerner, Bola Tinubu, won the election. This is God’s will. He gives power to whom He wishes. My political commitment and agreement with Obi ended and expired there. I am too experienced in this game of politics for my subsequent political disposition and destiny to be tied to Obi’s ambition. Impossible.
“For me, that cooperation ended with the Supreme Court judgment, right or wrong. There must be order in a society.
To me, the allegations of rigging do not hold water. All elections in Nigeria from the 1st Republic to date have been rigged in one way or another, except perhaps Abiola’s election. In America today, the majority of Republicans believe the election that brought Biden in as POTUS was rigged. However, the Americans did not bring down their country because of that. They patiently waited for the next election and are making efforts to correct the imperfections.”
Providing insights into his reasons for supporting Obi from the beginning, the LP’s former campaign DG maintained that he was convinced that the presidency was going to the South and that he aligned with the Igbo candidacy since they had not had the opportunity before in the country’s history.
“I was convinced in my heart that if the presidency was going to the South, then it must be an Igbo man from the South-East because I believe in equity and justice. You can also verify this with Papa Adebanjo. He is still alive. I did not support Obi because he was politically superior to me or because he was a friend or an associate.
“My unalloyed support and commitment to Obi was based on principle. Throughout my period as a DG campaign, I used my own car and never received one naira from Obi as a salary. It was a mutual friend who funded me personally throughout. This can be verified. In difficult times, I borrowed a substantial amount of money to ensure our zonal campaign in the South-West was a grand success. I was refunded by Peter Obi months later.
“You (Obidients) all hailed, praised, and honoured me because, in your understanding, you believed I was just a foolish politician who left his comfort zone to come and help you fulfil your own agenda. You were all wrong,” he added.
Okupe further stated that he was not narrow-minded when he was a critic and that Obidients should adopt a similar approach in the future.
More...
The announcement of the Nigerian National Petroleum Corporation Limited (NNPCL) on being unable to sustain fuel supply is a game plan, according to experts.
On Sunday, Chief Corporate Communications Officer of the NNPCL, Olufemi Soneye, admitted that the national oil company is owing suppliers, but did not specify the exact amount.
“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,” Soneye said in a statement.
Experts have, however, suggested that the announcement is part of a game plan from the government, which may lead to 950/1,000 per litre price for petrol.
They alleged that government officials had been pushing this narrative in the last two weeks.
The Minister of State for Petroleum, Heineken Lokpobiri, had, on Monday, asked the NNPCL to halt the sale of fuel below landing costs, arguing that this would help curb smuggling to neighbouring countries.
The Major Energy Marketers Association of Nigeria (MEMAN) recently disclosed that the landing cost of petrol as of July, 2024, was N1,117 per litre.
It also revealed the landing costs of AGO (Diesel) at N1,157 for a 20KT vessel and ATK at N1,217 for a 15KT vessel landing in Apapa, Lagos.
An independent oil marketer, who preferred anonymity, said: “It was almost inevitable for the pump price to not rise, as this is one of the outcomes of a fully deregulated market.
“The NNPCL remains the main importer, with private importation remaining limited. This situation is worsened by Nigeria’s declining crude oil output, which impacts the country’s capacity to import refined products. The Organisation of Petroleum Exporting Countries (OPEC) has noted the dwindling output of many nations, including Nigeria”, the marketer said.
A former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Ejigbo Depot in Lagos, Mr Akin Akinade recently said: “Our members have no direct supply from NNPC. We buy from Third Party. We buy at DAPMAN Depot in Abule Ado.
“They sell to us N840, N850, and by the time you add transportation to that, there is no way our members would sell less than they are selling. If they bring down their price, we are also going to bring down our price. We are in business to make money”, he said.
In a chat with Daily Trust, Chief Executive Officer, 11 Plc (formerly Mobil Nigeria), Tunji Oyebanji said: “Selling below the cost, whether from import or local refineries, is not sustainable. If they sell at economic price, perhaps others can import, supply will improve, and the financial strain will not be on them alone. It’s either that or these supply disruptions will continue indefinitely. I am baffled why they have not been upfront about this since instead of denials.”
An aluminium worker identified as Lawrence Uzor, attacked his wife and gouged out her eyes allegedly for ritual purposes in Abia State.
The incident happened at Adiele Estate in Umueze Ibeku in Umuahia North Local Government Area of the state on Saturday night, August 24, 2024
The suspect, who hails from Umuchieze in Bende LGA of the state, used a knife to remove the victim's eyes while she was asleep.
Lawrence also attacked his landlady, Madam Lovejane Nwaiwu, as he knocked off some of her teeth and cut off her upper lip.
Madam Nwaiwu, who was also admitted at the Federal Medical Centre, Umuahia, said she heard a noise in the couple's apartment and went to find out what was happening.
“At about 10 pm on Saturday, I heard the man shouting ‘Odogwu, Odogwu (mighty, mighty)’. I was worried as I had not heard the man and his wife, Amarachi Lawrence praying like that,” she explained.
“I started praying for them. After that, I couldn’t sleep up to about 12 am and was restless. At about 1 am, the wife, who is a teacher with one of the foremost private schools in Umuahia and aged 38 years started shouting, ‘Mummy, I have been killed’. I opened my door, came out peeped through their bedroom window and saw the man pressed down on the wife with a knife in his hands
"I started pushing on people’s gates and calling out to Umueze people, but nobody came out or responded. After all, my attempts to call neighbours to come and nobody answered me, I went to their parlour door and started knocking on the door and suddenly, he opened the door while holding the knife and tried giving me cuts on the head but I defended my head with my hand and he cut me at the hand and further slashed the knife at my face that incidentally cut me at the mouth and many of my upper teeth came out.
“I ran into my house and locked the door, while he ran outside, locked our gate and went to a neighbour’s house to tell them that he had killed his wife and his landlord’s wife. While inside my room, I called my mother and my daughter, who then called a church neighbour and the community vigilance team who rushed to the neighbour’s house and apprehended him.”
First Lady of Abia State, Mrs Priscilla Otti, said she was deeply saddened by the case just a few days after signing the compact agreement with the UNFPA on gender-based violence.
Mrs Otti, who spoke at the Federal Medical Centre, FMC Umuahia where the victims are being treated, said she would take immediate action to ensure the victim is well and protected.
“This is a terrible case of violence, attempted murder,” she stated.
Mrs Otti further assured that the state government would tackle such cases, stating that she would ensure further GBV responses front desk and team would take proper actions.
She commended the Umueze Ibeku community over their response and support to the issue, assuring the state GBV will be partnering with communities.
The First Lady also donated cash for the treatment and upkeep of the victims.
Earlier in his response, the Medical Director of FMC, Umuahia, Prof. Azubuike Onyebuchi, who was represented by his Director. Medical Services, Mrs Aisha Onyemaobi explained to Otti that reports indicated that the main victim, 38-year-old Lawrence, was deeply asleep when the husband woke her up and started cutting her.
Onyemaobi further disclosed that good progress in her recovery is expected, saying the suspect is in custody.
Also speaking, the Umueze Ibeku community chairman and General Manager, Abia State Environmental Protection Agency, Umuahia Zone, Tutus Jonah, confirmed the incident.
“It was just like a film that fateful morning”, he said, adding that before that day, the victim and her husband had been living very well as husband and wife.
He however mentioned that it was gathered that a young man in the village took Lawrence to a prayer house, after which he came back following a visit to a local stream with kolanut, egg and other items
Jonah said that the owner of the prayer house was arrested and later released.
Meanwhile, the victim’s sister, Ijeoma Okpokiri and her cousin, Chioma Okpokiri, both from Emede Ibeku pleaded with the Inspector General of Police and Government at all levels, particularly the Abia State Governor, Alex Otti to look into the matter and to also help their sister to recover.
Police in Edo have detained a 19-year-old native doctor, Timothy Dauda, for allegedly shooting his client, Alex Ezekiel, to death during an “anti-bullet” charm trial.
The Command’s Public Relations Officer, SP Moses Yamu, confirmed the incident to the News Agency of Nigeria (NAN) on Monday.
Yamu said that the incident happened on August 20 in Onumu Community, near Igara, Akoko Edo Local Government Area of the state.
He said that the suspect was arrested by operatives from Igarra Divisional Police Station in Akoko-Edo.
NAN learnt that the suspect allegedly claimed to specialise in preparing charms against gunshots and machete cuts.
A source further told NAN that the deceased had visited the native doctor’s home to obtain the charm.
It said that “in a shocking turn of events”, Dauda attempted to test the efficacy of the charm by shooting the client with a gun.
The charm was said to have failed as he sustained fatal injuries.
“When he was rushed to a hospital in Igarra, he was pronounced dead by a medical doctor,” the source further said.
Meanwhile, the police spokesman said that the suspect would face prosecution as soon as investigations were concluded
A senior police officer, now retired, has said that the real-time tracking technological platform that once helped the Intelligence Response Team, IRT, to crack many criminal cases ended up being used by politicians to monitor “enemies and mistresses”.
The officer said this while responding to Vanguard’s question on what went wrong with the system put in place to monitor the locations of kidnappers and interception of calls for prompt arrest and rescue of abducted victims.
The Police launched intelligence-led policing in 2015 with the installation of a tracking device that was installed by the then-Inspector-General of Police office, Solomon Arase.
There was also the operation unit code-named Intelligence Response Team, IRT, (still in operation). The team monitored the kidnappers’ movements in real-time, with the information from the device, thereby helping them stay one step ahead.
This device also helped investigators analyze the locations and patterns of calls made by the kidnappers, the routes, and potential safe houses.
In addition, the device provided valuable evidence, such as call records, location data and communication patterns, to build a strong case against the kidnappers.
One such case was the arrest of five kidnappers of former Secretary to the Government of the Federation, Chief Olu Falae. He was taken captive by the herdsmen on September 21, 2015, during his 77th birthday.
In this case, five of the kidnappers came to pick up the N5 million ransom in Suleja, Niger State.
An officer’s eyewitness account
One of the senior police officers who effected the breakthrough told Vanguard “Immediately the kidnappers removed the SIM card used to negotiate, we knew where they were and intercepted them at the last bridge to Minna.
“The ransom money they collected was still in the boot and the SIM card. Five of them were arrested. The motorcycle they used to convey Chief Olu Falae was retrieved.
“The N5 million ransom was marked by the bank. They removed only N100,000 from it. The kidnappers were sentenced to life imprisonment.”
Asked what went wrong with the system put in place to monitor the locations of kidnappers and interception of calls for prompt arrest and rescue of abducted victims, the retired senior officer attributed it to the priority of successive Inspectors General of Police.
His words: “The priority of successive IGPs was quite different. Solomon Arase set up the platform when he was the IGP. It was a technical platform to track calls.
“It was mounted in the IGP’s office then and only one officer, who is now an AIG, had access to the technical platform.
“The Intelligence Response Team, IRT was supposed to be the operational wing that would work with the technical platform. When the technical team got information, it would pass it to IRT to go to the location and make an arrest. Drones and vehicles were bought for the operation.
“But successive IGPs who were analogues didn’t know what to do. They merged the technical platform and IRT. Instead of the platform being used for crime prevention, it became political.
“People in the National Assembly and Villa got hold of the platform and used it to track their enemies and mistresses.
“For such a platform, you don’t give both the technical and the operational units to just one person who would be compromised by politicians. That was the beginning of the collapse of the platform. It requires someone with power and intelligence; someone of a strategic level who is keen on that line.
“This platform was supposed to be renewed and hooked up with the service provider. But that was never the priority of successive IGPs.
“They had money to pay for the accumulated subscription but they refused to pay. When you leave such a system for more than one year, it requires recalibration. This technology keeps evolving.
“You can’t say something you set up today will be used the same way for 10 years without being upgraded. Before long, the system broke down, and the functionality of the Police tracking equipment began to diminish and subsequently went comatose.
The tracker, particularly, became non-functional due to non-subscription as well as failure to engage the relevant company to carry out required system upgrades.
“Due to the failure to pay subscription fees for about three years, and after a grace period had expired, the company overseeing its maintenance and upgrade decided to withdraw its services. This made it difficult to track bandits, kidnappers, and other forms of violent crimes.”
However, Saturday Vanguard gathered that the present IGP, Kayode Egbetokun, reactivated the tracking device.
However, despite its reactivation, in addition to the tracking devices of the DSS and Office of the National Security Adviser, ONSA, kidnappers are still having their way without being tracked in many parts of the country.