Independent Petroleum Marketers Association of Nigeria, IPMAN, has opened up to Nigerians on alleged fuel increase.

Speaking on Thursday during a Channels Television interview monitored by DAILY POST, National Vice President Hammed Fashola said there is no fuel pump increase.

According to him, the claim made in some sections of the media that IPMAN hinted at a fuel increase to N1,200 per litre was not from the Association.


IPMAN backed the National Nigerian Petroleum Company Limited’s appeal for Nigerians not to panic buy fuel Nationwide as the product is available.

“As far as IPMAN is concerned, there is no plan to increase fuel pump price increase. There is no basis for that for now; equally, there is no signal from NNPCL on fuel price increment. I want to use this opportunity to stop panic buying because there is nothing like a fuel price increase; it is just a rumour.

“The information on fuel increase to N1,200 per litre is not from IPMAN”, he stated.

He explained that NNPCL is the major importer of fuel into the country.

“IPMAN gets the product from NNPCL. As long as we get the product at the old price from NNPCL, the price will remain unchanged”.

Speaking on the Portharcourt and Dangote refinery, which is projected to come up in the first quarter of 2024, Fashola said it will bring about competition in the industry and push down prices in the long run.

“There will be a drastic price reduction when the two refineries come on board”, he said.

However, he appealed to increase the fuel allocation to IPMAN.

“However, we plead with NNPCL to increase the fuel allocation to independent marketers. The distribution matter of fuel products by NNPCL is faulty. What is going on is that most marketers are closing their businesses because they are not making profits. We appeal to the NNPCL to increase our allocation, probably if they give us two or three private depots to load from; it will be better if we can get the product directly from NNPCL. We are not getting fuel directly from NNPCL”, he noted.

Earlier, NNPCL refuted the claim of fuel price increase.

The company’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed this in a statement on Wednesday through X handle.

“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.

“Motorists nationwide are advised against panic buying, as there is ample availability of PMS across the country”, the statement reads.

DAILY POST gathered that fuel supply was available and sold between N600 and 630 per litre across filling stations in the Federal Capital Territory.

In June last year, the federal government announced the removal of fuel subsidies. Consequently, the pump price of fuel jumped to over N600 per litre from N198.

The Police Command in Rivers said it would begin screening of applicants who had indicated interest to join the force on Jan. 8.

SP Grace Iringe-Koko, the spokesperson of the command, announced the commencement of the screening exercise in a statement in Port Harcourt on Thursday.

She said the programme would be held at the Alfred Diete-Spiff Civic Centre at Moscow Road in Port Harcourt from Jan. 8 to Jan. 29.

“This is to inform the general public, especially all indigenes of Rivers, who applied for ongoing recruitment into the Nigeria Police Force (NPF) that screening will be held from Jan. 8 to Jan. 29.

“Applicants are expected to come with the required documents for the physical/credential screening exercise at the Alfred Diete-Spiff Civic Centre, Moscow Road.

“The required documents are evidence of physical/mental fitness from a government-recognised medical hospital and evidence of good character from each village/district head of applicants,” she stated.

Iringe-Koko said candidates should also come forward with original and duplicate copies of their certificate of origin, duly signed by the chairman or secretary of their local government areas.

“Other documents include original and duplicate copies of national identity card/slip and original and duplicate copies of birth certificate or declaration of age.

 

“Applicants are also expected to come along with the printout of their application form; duly completed guarantor’s form and their invitation slip.

“Candidates should also present recent passport photographs and two white flat files as well as expected to wear clean white T-shirts and shorts for the exercise,” she added.

The police image maker advised candidates to arrive at the venue of the screening exercise no later than 8am daily during the recruitment.

She said the Commissioner of Police, CP Olatunji Disu, had assured that all statutory entry requirements as clearly stated in the Police Acts and Regulations would be followed accordingly.

“CP Disu has also urged the shortlisted applicants to conduct themselves in an orderly manner to avoid acts capable of undermining the exercise.

“The screening is totally free,” Iringe-Koko stated. (NAN)

Former Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar-Farouq, has cited health challenges as the reason she could not honour an invitation by the Economic and Financial Crimes Commission (EFCC).

The former minister was said to have officially written to the EFCC seeking an extension of the deadline regarding interrogations over an ongoing probe into the N37,170,855,753.44 allegedly laundered during her tenure in office, through a contractor, James Okwete.


The spokesperson for the EFCC, Dele Oyewale told The Punch that Umar had sent a legal representative and written to the commission seeking to be given more time to honour the invitation while citing health challenges.

Oyewale said, “The former Humanitarian Minister didn’t appear before the commission yesterday, but she sent in a letter pleading for more time and also explaining that she has some health challenges and that was why she couldn’t honour the invitation. She also sent in her lawyer to meet with interrogators.

“However, the commission has mandated her to submit herself to the commission without further delay. We are still tracing all the transactions, hence we cannot put a figure to everything now as the investigation is still ongoing.”

It was reported that Umar-Farouq kept interrogators waiting for over eight hours on Wednesday without an official communication to the commission as to why she didn’t honour the invitation.

 

The former minister was asked to appear before investigators at the EFCC Headquarters, Jabbi, Abuja on Wednesday, at about 10:00 am, to give an account of the alleged fraud that took place under her watch.

However, the former minister did not show up at the anti-graft agency’s office for interrogation on Wednesday.

Tahir Mamman, Minister of Education, has said that security operatives will go after holders of certificates from degree mills.

The minister was commenting on the Federal Government’s recent directive on degrees from Benin Republic and Togo during an interview on Channels TV’s Politics Today.

Following an investigative report by Daily Nigerian indicting a university in Benin Republic where a first degree was obtained within weeks, the Federal Government through the Federal Ministry of Education on Tuesday suspended accreditation of degree certificates from Benin Republic and Togo.

But when asked during the interview about his position on holders of such certificates who have been in the system, the minister said, “If along the line, we are able to trace people who are in the system they would be punished. For instance if a particular institution or an operator has been operating in the last 10 years we can check.

“If we can get records of Nigerians who attended those institutions and once we do that they are criminals. There is no time frame for criminality. We will trace them and if we are able to lay our hands on them, certainly security operatives will go after them.”

Mamman added that the minister is widening its investigation on degree mills to other institutions in some African countries.

Osun State government has allocated N702million to meals and entertainment for Office of the Governor and Secretary to the State Government in the 2024 budget of the state.


The Commissioner for Budget, Professor Ademola Adeleke who confirmed this during budget analysis in Osogbo debunked the insinuation that N11billion was allocated to meals and entertainment.

Adeleke said about 8 billion naira was allocated for total recurrent in the Office of the Governor comprises of the governor, deputy and Chief of Staff office, Bureau of General Services, Bureau of Government House and Protocol, Bureau of Parastatal and Bureau of Social Services.

He said only N600 million out of the N8billion was allocated for meals and entertainment. He said about N3billion was allocated to the Office of the Secretary to the State Government out of which, N102 million was allocated to meals and entertainment.

The commissioner said there is an improvement in recurrent to capital ratio from 68:32 in 2023 to 60:40 in 2024.

According to him, “We have 60 per cent of our budget being estimated for recurrent while 40 per cent for infrastructure. Osun State has surpassed the 30 per cent for infrastructure benchmark of the federal government,” he added.


“The 2024 approved estimate does not base on net financing (i.e. Loan). The 2024 approved estimate has taken care of the debt commitment of the previous administration in terms of debt services as well as pension and gratuity,” he said.

The Nigerian currency, Naira, experienced a significant drop, reaching N1035.12 against the US dollar at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window on Wednesday.

This decline represents a 4.72 percent decrease from the N988.46/$ rate recorded on Tuesday, the first trading day of 2024.


The FMDQ Securities Exchange reported fluctuations in the official FX trading, ranging from a low of N700 to a high of N1,224 per dollar.

The market opened at N932.67 and closed at N1035.12, with a total daily FX market turnover of $85.68 million at the NAFEM window.

In the parallel market, the Naira fell by N15 or 1.23 percent, reaching N1,230 on Wednesday, compared to N1,215 on December 30, 2023.

Despite predictions of the Naira’s recovery in 2024 by financial experts like Bismarck Rewane and Central Bank of Nigeria Governor Olayemi Cardoso, the currency continues to face downward pressure.

The National Universities Commission (NUC) has released a list of universities operating illegally in Nigeria.

 

The list was contained in a notice signed by the acting secretary of the NUC, Chris Maiyaki, which said the affected universities have been closed down by the government and are under investigation.

 

According to the note attached to the list, the identified universities have not been licenced by the federal government.

It added that anyone who patronizes or obtains degrees from the illegal universities does so at his/her own risk.

The statement also warned that certificates obtained from the institutions will not be recognized for the purpose of NYSC, employment and further studies.

See the list.

According to Channels TV, Maiyaki confirmed on Wednesday that some arrests have been made with regard to the activities of the illegal universities.

Maiyaki said the Department of State Services (DSS) was involved in the clampdown on illegal institutions.

Naija News reports the clarification comes on the heels of an investigative report by a journalist, Umar Audu, who exposed a fake certificate syndicate from Bening Republic and Togo, which some Nigerians patronize.

 

Meanwhile, the Minister of Education, Professor Tahir Mamman, on Wednesday said the sanction and clampdown of the federal government against fake results would not be limited to Benin and Togo alone but would be extended to other countries such as Uganda, Kenya and Niger Republic.

Last modified on Thursday, 04 January 2024 09:59

The Minister of Education, Tahir Mamman, has blamed technology for the double deployment of an undercover journalist, Umar Audu for the National Youth Service Corps (NYSC) scheme.

The Minister said the failure of technology was responsible for the mix-up but plans have been set in motion to avoid a future occurrence.


Mamman made the submission on Wednesday while speaking about the investigative report by Audu in which the journalist was able to obtain a University degree from Benin Republic in under two months and used the same to participate in the NYSC scheme.

“I presume that’s a failure of technology. Sometimes, it happens. So, it’s for the technical people to answer that,” Mamman said.

Audu, who had previously served in the NYSC scheme, was again deployed for the scheme and posted to Cross River State with the fake certificate obtained from Benin Republic.

Speaking on the development, Mamman added that he had already discussed with the Minister of Interior, Olubunmi Tunji-Ojo, “so that we simply have one identification system in our country and don’t carry different identification everywhere we go.”

Minister Lists Results From Other Countries That Will Be Banned
The Minister of Education in Nigeria, Tahir Mamman, has listed some other countries that will be affected by the decision of the federal government to suspend accreditation and evaluation of results from such countries.

Speaking on Wednesday during an appearance on Channels Television, Mamman said the hammer of the federal government won’t be limited to results from Benin Republic and Togo alone.

According to him, the sanction of the federal government will be extended to results from countries like Uganda, Kenya and Niger Republic.

Investors in the Nigerian Exchange Limited (NGX), experienced a significant boost in the stock market as they gained a total of N1.5 trillion in just two days.

This positive sentiment continued yesterday, with the market capitalization reaching N42.429 trillion on Wednesday, compared to the N40.917 trillion it opened with on Tuesday.


The gains were primarily driven by Tier-1 banks such as Zenith Bank which rose by 4.23%, Guaranty Trust Bank (GTCO) by 3.49% , and STANBIC IBTC recorded a rise of 3.1% to offset losses in other sectors.

The benchmark index also recorded a 2.04% gain, settling at 77,537.57 points, resulting in a year-to-date return of 3.70%.

Market turnover was also higher, with a total of 927.56 million shares valued at N10.69 billion exchanged in 11,629 deals.

The market breadth closed positive, with advancing issues outnumbering declining ones at a ratio of 9.57-to-1. Dangote Sugar emerged as the top gainer, while LEARN AFRCA led the laggards’ table.

Tingo Group Founder Charged With Massive Securities Fraud In New York
Meanwhile, in a major development in the financial world, Odogwu Banye Mmobuosi, also known as Dozy Mmobuosi, founder of the Tingo Group, faces serious charges of securities fraud and false filings with the Securities and Exchange Commission (SEC), as announced by Damian Williams, the United States Attorney for the Southern District of New York, and James Smith, the Assistant Director in Charge of the New York Field Office of the FBI.

Naija News reports that the indictment, unsealed in Manhattan federal court, accuses Mmobuosi of orchestrating a deceptive scheme to inflate the financial statements of his companies – Tingo Mobile and Tingo Foods.

These allegations suggest that Mmobuosi falsely represented these Nigerian companies as operational and profitable, generating substantial revenues, and then sold them to U.S.-listed companies, including Tingo Group (Nasdaq: TIO) and Agri-Fintech Holdings (OTC Markets: TMNA).

This fraudulent activity reportedly led to the issuance of misleading financial statements, portraying Tingo Mobile and Tingo Foods as profitable and cash-rich entities. Mmobuosi allegedly profited millions from this scheme through well-timed share sales at inflated prices.

Damian Williams, U.S. Attorney, commented on the gravity of Mmobuosi’s alleged actions, stating, “With this Indictment, Mmobuosi’s alleged deceitful scheme comes to an end.”

Similarly, FBI Assistant Director James Smith emphasized the seriousness of such securities schemes, highlighting their devastating impact on investors and the commitment of the FBI to bring perpetrators to justice.

Mmobuosi, 45 and originally from Nigeria, faces charges including conspiracy, securities fraud, and making false filings with the SEC. The maximum sentences for these charges range from five to twenty years in prison, though actual sentencing will be determined by a judge.

The indictment also highlights Mmobuosi’s lavish lifestyle, allegedly funded by the profits from this fraudulent scheme. Accusations include the use of illicit profits for luxury cars and private jet travel.

This indictment follows a lawsuit filed by the SEC against Mmobuosi and Tingo Group in December, describing the fraud as of “staggering” scope. Notably, Tingo’s reported cash balance of $461.7 million in March was starkly contrasted with legitimate bank records showing less than $50.

These charges are merely accusations at this stage, and Mmobuosi is presumed innocent unless proven guilty. This case is being handled by the Office’s Securities and Commodities Fraud Task Force, with Assistant U.S. Attorneys Peter Davis and Kiersten A. Fletcher leading the prosecution.

In a major development in the financial world, Odogwu Banye Mmobuosi, also known as Dozy Mmobuosi, founder of the Tingo Group, faces serious charges of securities fraud and false filings with the Securities and Exchange Commission (SEC), as announced by Damian Williams, the United States Attorney for the Southern District of New York, and James Smith, the Assistant Director in Charge of the New York Field Office of the FBI.

The indictment, unsealed in Manhattan federal court, accuses Mmobuosi of orchestrating a deceptive scheme to inflate the financial statements of his companies – Tingo Mobile and Tingo Foods. These allegations suggest that Mmobuosi falsely represented these Nigerian companies as operational and profitable, generating substantial revenues, and then sold them to U.S.-listed companies, including Tingo Group (Nasdaq: TIO) and Agri-Fintech Holdings (OTC Markets: TMNA).


This fraudulent activity reportedly led to the issuance of misleading financial statements, portraying Tingo Mobile and Tingo Foods as profitable and cash-rich entities. Mmobuosi allegedly profited millions from this scheme through well-timed share sales at inflated prices.

Damian Williams, U.S. Attorney, commented on the gravity of Mmobuosi’s alleged actions, stating, “With this Indictment, Mmobuosi’s alleged deceitful scheme comes to an end.” Similarly, FBI Assistant Director James Smith emphasized the seriousness of such securities schemes, highlighting their devastating impact on investors and the commitment of the FBI to bring perpetrators to justice.

Mmobuosi, 45 and originally from Nigeria, faces charges including conspiracy, securities fraud, and making false filings with the SEC. The maximum sentences for these charges range from five to twenty years in prison, though actual sentencing will be determined by a judge.

The indictment also highlights Mmobuosi’s lavish lifestyle, allegedly funded by the profits from this fraudulent scheme. Accusations include the use of illicit profits for luxury cars and private jet travels. This indictment follows a lawsuit filed by the SEC against Mmobuosi and Tingo Group in December, describing the fraud as of “staggering” scope. Notably, Tingo’s reported cash balance of $461.7 million in March was starkly contrasted with legitimate bank records showing less than $50.

These charges are merely accusations at this stage, and Mmobuosi is presumed innocent unless proven guilty. This case is being handled by the Office’s Securities and Commodities Fraud Task Force, with Assistant U.S. Attorneys Peter Davis and Kiersten A. Fletcher leading the prosecution.