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Oil marketers lifting Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Petroleum Refinery have reduced the price of the product by 11.8%, bringing it down from ₦1,060 to ₦939.50 per litre.
As of yesterday, petrol was still being sold at ₦1,060 per litre, as observed in Lagos and its surrounding areas.
However, fresh checks today by Vanguard revealed that major marketers, including MRS, have now revised their pump prices to reflect the change.
While Alhaji Sayyu Idris Dantata, Chairman of MRS, declined to comment on the matter, a visit to the company’s filling station in Ojota, Lagos, confirmed that MRS has begun selling petrol at ₦939.50 per litre.
In a related development, the Dangote Petroleum Refinery reduced the ex-pump price of its petrol from ₦970 to ₦899.50 per litre.
This move is aimed at easing the financial strain on Nigerians, especially as the holiday season approaches.
Commenting on the price reduction, Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, said, “To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at ₦899.50 per litre at our truck loading gantry or SPM.
‘‘Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”
[STATE HOUSE PRESS RELEASE] President Tinubu Expresses Deep Anguish Over Ibadan FunFair Tragedy And Demands Thorough Investigation
Admin![[STATE HOUSE PRESS RELEASE] President Tinubu Expresses Deep Anguish Over Ibadan FunFair Tragedy And Demands Thorough Investigation](/media/k2/items/cache/3152a41c8cb3e5ac42f7a48e831e2817_L.jpg)
President Bola Ahmed Tinubu has expressed profound sadness over the tragic incident at the Children's FunFair in Ibadan, which resulted in the loss of innocent lives and left many injured.
The President extends his heartfelt condolences to the Government and people of Oyo State, as well as to the grieving families who have lost their beloved children.
In this moment of mourning, President Tinubu stands in solidarity with the affected families and offers prayers that the Almighty God will grant peace to the souls of those who have departed in this unfortunate event.
President Tinubu has urgently directed the relevant authorities to investigate the circumstances of this tragedy thoroughly. He emphasises that it is imperative to determine whether negligence or deliberate actions contributed to this painful incident, ensuring a transparent and accountable process.
The President urges the Oyo State Government to take every necessary measure to prevent such a tragedy from reoccurring. Among the essential actions are a comprehensive review of all public events' safety measures, strict enforcement of safety regulations, and regular safety audits of event venues.
Furthermore, President Tinubu calls on event organisers to prioritise the safety of all attendees, especially children. He stresses the importance of integrating professional security, protocol, and logistics at events to ensure the utmost safety of all participants.
"Our children's safety and well-being remain paramount. No event should ever compromise their safety or take precedence over their lives," President Tinubu asserts.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
The Nigerian Army Council has approved the promotion of 108 senior officers to the Major-General and Brigadier-General ranks.
According to a statement on Friday by the Director of Army Public Relations, Maj-Gen. Onyema Nwachukwu, the list includes 35 Brigadier Generals elevated to Major-Generals and 73 Colonels promoted to Brigadier-Generals.
Among the newly promoted Major-Generals are officers holding critical command and staff positions.
Notable names include the acting General Officer Commanding 8 Division and Commander, Sector 2, North West Operation Fasan Yamma, Brig-Gen. Ibikunle Ajose; the Commander, Nigerian Army Space Command, Brig-Gen. U.G. Ogeleka; among others.
Officers promoted to the Major-General rank include the Deputy Chief of Military Affairs, Army Headquarters, Department of Civil-Military Affairs, Brig-Gen. B.P. Koughna; Brig-Gen. I. Otu from the Nigerian Army Heritage and Future Centre; Brig-Gen. A.O. Adegbite from the Headquarters, Nigerian Army Corps of Supply and Transport; and the Deputy Director, Tender Board, Department of Procurement, Brig-Gen. S.A. Jimoh.
For the rank of the Brigadier-General, notable promotions include the Commander, 43 Engineers Brigade, Col. S.M. Iliya; the Commander, 78 Supply and Transport, Col. O. Igwe; the Chief Medical Director, 44 Nigerian Army Reference Hospital, Col. N.S. Onuchukwu; among others.
The Chief of Army Staff, Lt-Gen. Olufemi Oluyede urged the newly promoted officers to redouble their efforts, justify their elevation and lead by example.
He encouraged them to develop innovative solutions to tackle the nation’s contemporary security challenges.
“Oluyede also reminded them of their oath of allegiance to defend the nation and their duty to maintain unalloyed loyalty to the constitution of the Federal Republic of Nigeria,” the statement added.
[Punch]
![[STATE HOUSE PRESS RELEASE] President Tinubu Rejoices With Prof. Olaopa As He Clocks 65](/media/k2/items/cache/53e24c81e2171e2afe535639acea3d9b_M.jpg)
President Bola Tinubu congratulates political scientist, public administrator and Federal Civil Service Commission Chairman Prof. Tunji Olaopa as he clocks the milestone 65 years today, Friday, December 20, 2024.
A reputable intellectual and advocate of public service reforms and institutional strengthening, Olaopa rose to the zenith of his civil service career. Before retiring, he served as Permanent Secretary in various ministries to establish the Ibadan School of Government and Public Policy. He later lectured at the National Institute for Policy and Strategic Studies in Kuru, near Jos.
President Tinubu commends Prof. Olaopa for his contributions to nation-building through his engagement in public service and interventions and his numerous books and writings, which have helped shape public policy.
The President charges Prof. Olaopa with instituting reforms that adequately position the service as the bedrock of purposeful administration and governance.
President Tinubu extends his warmest wishes to the esteemed professor, hoping for many years of good health and meritorious service to the country.
Bayo Onanuga,
Special Adviser to the President
(Information & Strategy)
The Federal Capital Territory High Court in Abuja on Thursday granted the immediate past Kogi State Governor, Yahaya Bello, bail in the sum of N500 million and three sureties.
The trial judge, Justice MaryAnne Anenih, made the pronouncement after listening to the fresh bail application brought before the court following the court’s refusal to grant Bello bail at the last sitting.
Bello, alongside two others, Umar Oricha and Abdulsalami Hudu, are facing trial on 16 counts preferred against them by the Economic and Financial Crimes Commission bordering on criminal breach of trust and money laundering to the tune of N110.4 billion.
The court, however, granted the second and third defendants, bail in the sum of N300m with two sureties alongside other conditions.
Further reading out the conditions for Bello’s bail, the judge held that the sureties must be responsible citizens who are landowners in any of the listed areas in Abuja – Maitama, Guzape, Apo, Wuse 2 or Asokoro.
She ordered that the sureties must deposit the documents of the property with the court’s registrar alongside two recent passport photographs.
Justice Anenih also ordered that Bello must deposit two copies of his recent passport photograph alongside a photocopy of a means of identification which could be either an International Passport or National Identity card after showing the original to the court’s registrar.
She held, “The first defendant must not travel without the permission of this court and he shall remain in the Kuje Correctional Facility until the bail conditions are met.”
Recall that on December 10, the court had rejected Bello’s bail request citing procedural irregularities in the filing of the application.
Justice Anenih, while delivering the ruling, stated that the application was premature and filed before Bello was present in court or custody.
The court noted that the bail application, dated November 22, 2024, was filed before Bello’s arraignment, which took place on November 27, 2024; days after he was taken into custody on November 26, 2024.
She said, “Having not been filed when the first defendant was either in custody or before the court, this instant application is incompetent.
“Consequently, the application, having been filed prematurely, is hereby refused.”
At the resumed sitting on Thursday, the defendant’s counsel, J.B Daudu, said, “My Lord, the matter is for hearing of bail application for the first defendant.”
Daudu, further told the court that he had been in discussions with the lead prosecution counsel and they had agreed to ensure a speedy trial.
While he urged the court to grant the first defendant’s bail application, he requested that the court graciously review the bail conditions for the 1st to 3rd defendants.
He urged the court to spread out the conditions for the sureties and not limit the property to only the Maitama area of the FCT. He said it is difficult for property owners in Maitama to volunteer their C of O’s being that the properties are mostly commercial for businesses.
He said, “We urge your lordship to grant the application. Now if my lordship is minded to grant bail we ask for the terms granted to be what the defendant can meet.
“I’m asking if the net can be spread out to other high-brow areas like Apo, Wuse 2, Asokoro, Garki and other areas within the FCT area.”
The prosecution counsel, Olukayode Enitan, confirmed that the defendant’s counsel had been in talks with the prosecution team, saying, “I confirm the evidence given by the distinguished member of the bar that is leading the defence, J.B. Daudu (SAN), that he has been in conversation with the leader of the prosecuting team.
“As with the legal tradition that we should cooperate with members of the bar when it does not affect the course of justice, we have decided not to make this contentious, bearing in mind that no matter how industrious the defence counsel might be in pushing forward the application for bail and no matter how vociferous the prosecution counsel can argue against the bail application, your lordship is bound by your discretion to grant or not to grant the application. We are, therefore, leaving this to your lordship’s discretion.”
After listening to both counsel, Justice Anenih stated that the offence brought against the former governor is a bailable one, saying, “The offence on which the first defendant is charged are ordinarily bailable. After due consideration, the bail application for the first defendant succeeds and the bail application is hereby granted in the sum of N500 million.”
She also proceeded to spread out the bail conditions for the second and third defendants, stating that the two sureties should be landowners in like sum in any of the following areas in Abuja: Wuse 2, Garki, Maitama, Asokoro, Gwarimpa or Guzape.
As fixed in the last proceeding, The adjourned date remains January 29 and 30, 2025, for hearing.
The 10th Senate led by Godswill Akpabio, on Thursday, passed the N49.7tn 2025 Budget for a second reading.
The budget was passed during plenary after various deliberations on the budget which was presented yesterday by President Bola Tinubu.
The budget was later referred to the Committee on Appropriations after being put to a voice vote by Akpabio, who presided over the session.
The Committee on Appropriations is chaired by Senator Solomon Adeola.
Tinubu, on Wednesday had presented the 2025 Budget of Restoration to a joint session of the National Assembly, targeting peace and prosperity with a revenue projection of ₦34.82tn to fund the aggregate expenditure of ₦47.9tn.
In the proposed budget, which has a deficit of ₦13.0tn, Tinubu earmarked ₦4.91tn for Defence and Security, ₦4.06tn for Infrastructure, ₦3.5tn for Education, and ₦2.48tn for Health.
The President, in his budget speech, also disclosed that ₦15.81tn is allocated for debt servicing, with salient parameters including 2.06 million barrels of oil production per day, an exchange rate of ₦1,500 to a US dollar, and an inflation rate of 15%, down from the current 34.6%.
He said, “The numbers for our 2025 budget proposal tell a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society.
“In 2025, we are targeting ₦34.82tn in revenue to fund the budget.
“Government expenditure in the same year is projected to be ₦47.90tn, including ₦15.81tn for debt servicing.
“A total of ₦13.08tn, or 3.89 per cent of GDP, will make up the budget deficit.
“This is an ambitious but necessary budget to secure our future.
“The Budget projects inflation will decline from the current rate of 34.6 per cent to 15 per cent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira and a base crude oil production assumption of 2.06 million barrels per day (mbpd).
“These projections are based on the following observations: (i) Reduced importation of petroleum products alongside increased export of finished petroleum products, (ii) Bumper harvests, driven by enhanced security, reducing reliance on food imports, (iii) Increased foreign exchange inflows through Foreign Portfolio Investments, and (iv) Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.”
Tinubu informed federal lawmakers that a series of economic reforms being carried out by his government are yielding positive results, saying, “Our economy grew by 3.46 per cent in the third quarter of 2024, up from 2.54 per cent in the third quarter of 2023.
“Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.”
The Police Service Commission (PSC) has recently announced the promotion of 8,053 senior police officers to various higher ranks within the force.
According to a statement issued on Wednesday by the PSC’s spokesperson, Ikechukwu Ani, the promotion involved 1,348 Superintendents of Police who were elevated to the rank of Chief Superintendent.
Additionally, 876 Deputy Superintendents of Police were promoted to the rank of Superintendent, while 5,829 Assistant Superintendents were moved up to Deputy Superintendents.
These promotions followed the recommendations of the PSC’s standing committee on police promotions, which is chaired by Deputy Inspector-General of Police, Taiwo Lakanu.
The statement reads, “The promoted Officers included: Anjuguri Manzah, DCO, Onne Port Division; Ihunwo Josephine, Zonal Public Relations Officer Zone 13 Ukpo; Matilda Umiah Ngbaronye former Public Information officer, African Union Mission in Somalia, former Deputy PPRO, Lagos state Command, former DPO Ilupeju and currently DPO Iponri; Opara Angela Precious, IGP Secretariat, Force Headquarters, Abuja; Ajaka Chinedu, Admin Officer, 44 PMF; Felix Ekpoudom, O/C Quick Intervention Unit, Akwa Ibom State and former DPO, Eket; Ehinola Temitope Layomi, 2 PMF, Lagos; Okebugwu Eggbath Chidozie DPO, Abakaliki Road, and Okereke Joy Onyedikachu, O/C Servicom, Enugu State Command.
“Others include:Aminu Mohammed Abdulkadir; Danladi Ameh Musa; Alhasan Yahaya, Adamu Muye Jesyca Gobum, Police Adviser to the United Nations; Mohammed Yusuf Adamu, 2/ic Base 3 SPU; Martin William, O/C Provost SPU; Ephraim Aneto, DLS , Zone 9 Umuahia; Isa Ibrahim Umuoru, Boarder Patrol; Ejiro Aganbi Daniel, Commander EOD, Rivers State; David Samuel, Commander CTU Lafia and Ogu Caleb Ikechukwu FCT Command.
“Omoarebun Iluobe, CSO, to Delta State Governor; Shaaba Gboyako Adamu, CSO to Imo state Governor; Ochogwu Sunday Okpe, DPO Otolo Nnewi; Iheme Chijioke Jerry, Nimo Division, Anambra state, Ani Gospel Obichi, Zonal Intelligence Dept Zone 7 Abuja; Harrison Owoh, Abia Command; Iheanetu Bruno Chukwudara, Zonal PRO, Zone 9; Kontongs Bello O/c Edo South special Operations; Lawal Opeyemi, National Cybercrime; Mgbamijolo Akpobeme Augustina, Special Anti Cultism, Enugu Ukwu; Gerald Udechukwu, IGP Task Force on Petroleum; Adamu Adamu Sulieman, 40 PMF;
“Eliagwu Austin, Commander FOB, Aguata; Oche George State marine Office, Anambra; Ikechukwu Henry Onyeanula, DPO Ideato, Imo state; Odemerho Festus Ichioma; Adeyemi Olufemi; Abubakar Ibrahim, PMF 50; Sirajo Abdullahi, Zamfara Command; A. Bature, Force Secretary Staff Officer; Nweke Ebele Adaob, Maritime; Jokpeyibo Andy Igho, DPO Neni Anambra state; Ibrahim Ezekiel FID, Garba Musa Mahuta, FCID, Abuja; Suleiman Idris Mohammed, Commander EOD, Base 37, Abia state; Aguade Samuel; Katie Bukola Yemisi, PSO 3 IGP;
“Christian Diala, Project Officer, Works Department, Abuja; Pharmacist Abubakar Abdul Qadir, Kano state command; Omorodion Newton, DCO, Ugbekun Division, Edo State; Ifa-Uwadiae Ebendvbe, DCO Oba Market, Division, Edo State; Salau, Agboola Lateef O/C Surveillance, Boarder Patrol Seme, Lagos and Haruna Usman Chiri of Interpol; Ofoegbu Uche Ralph, Deputy Contigent Commander, NFPU Peace Keeping Somalia were also some of the Superintendents promoted to Chief Superintendents of Police.”
In a bid to provide relief for Nigerians ahead of the holiday season, Dangote Petroleum Refinery has announced a price reduction for its Premium Motor Spirit (PMS) product, lowering it to ₦899.50k per litre.
The announcement was made in a statement released on Thursday morning, highlighting the company’s commitment to easing the financial burden on citizens during the festive period.
The statement signed by the Group’s Chief Branding and Communications Officer, Anthony Chiejina, reads, “Africa’s first privately-owned oil refinery, which previously lowered the price to ₦970 per litre on November 24, has now announced a new price of ₦899.50 per litre. “
He added that the company also introduced a special offer to further benefit consumers.
Chiejina said, “In addition to the holiday discount, Dangote Petroleum Refinery is allowing consumers to purchase an additional litre of fuel on credit for every litre bought on a cash basis.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at ₦899.50 per litre at our truck loading gantry or SPM. Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”
The refinery also expressed its gratitude to Nigerians for their continued support as the country enters the festive season.
Chiejina further emphasised the refinery’s commitment to ensuring Nigerians have access to premium quality petroleum products that are competitively priced, as well as environmentally and engine friendly.
He highlighted that the refinery’s operations mark the end of Nigeria being a dumping ground for substandard and ‘blended’ imported products, which have posed significant risks to human health, machinery, and the environment.
The Dangote Refinery, with a capacity of 650,000 barrels per day (BPD), is the largest single-train refinery in the world. It is fully capable of meeting 100% of Nigeria’s refined petroleum product requirements, with a surplus available for export.
The Minister of Aviation and Aerospace Development, Festus Keyamo, says the Fly Nigeria Act will transform into law under his watch.
The minister lamented that the document, which is expected to make it mandatory for government-financed air transportation of government personnel, contractors, grantees, and properties to be carried by Nigeria Air Flag Carriers, has yet to materialise more than 15 years after it was first proposed.
Speaking at a one-day “Stakeholders’ Engagement on the Legal Framework for the Fly Nigeria Bill and Related Enabling Legislation’, in Abuja, Keyamo said he would rally all the major stakeholders to push for the Bill to be signed into law.
Vice President of the Airline Operators of Nigeria and Chairman of Air Peace, Allen Onyema, and the spokesperson of the Association, Prof. Obiora Okonkwo, described the move as a new dawn for the country’s aviation and domestic airline.
Speaking at the event, Keyamo said, “This has been on the cards for some time, for many years, more than 15 years, because I think my predecessor, Chief Omotoba, served more than 15 years ago. So you can imagine that this bill was taken to council more than 15 years ago, and yet it did not see the light of day. Under my tenure, it will happen.
“We just want to get things done. And so, when I came to the office, I saw a couple of these things hanging on my desk, like the Cape Town Convention, to the cry of the Aviation Working Group, and all the proposals that have been made to former governments to develop especially indigenous industry, a local industry. And what we did was to say, look, let us revive all of these dead things on my table that would help or that will help to develop our local industry.
“And one of them, of course, is the Fly Nigeria Act. Luckily Olisa Agbakoba was also talking to me about it. He had brought a proposal.
”It’s a global conspiracy, but you have to be smart to see it. Look at the entire African continent. Just look at it. All the foreign airlines in the world feed on the African markets without competition from African airlines, without fair competition from African airlines. And they will ensure that this aviation market in Africa remains taunted. Especially in a big country like Nigeria, they will ensure that it remains taunted so that they will continue to feed on your markets.”
The minister further lamented that nationals of the world have been feeding fat in Nigeria without a commensurate gain to Africans.
“Air France is coming here full, going back full. So, we’ll set up a technical session. We have a pre-draft resolution here. The National Assembly members are waiting for the bill to get there. The senators are just waiting. It’s for us to set up a technical committee. We agreed in principle that this is good for us, good for aviation, you know, local operators especially.”
The Jigawa State Government says it has uncovered 6,348 ghost workers in its staff verification exercise in the state.
Mr Sagir Musa, Commissioner for Infomation, Youths, Sports and Culture, said this in a statement on Tuesday in Dutse.
He said the report of the Statewide Staff Audit Biometric Data Capture and Validation Exercise, showed that 6,348 ghost workers had been detected, allowing the government to save over N314 million monthly.
Musa said the State Executive Council had studied the report and approved the establishment of the Continuous Capture Centre (CCC) at the Office of the Head of Civil Service.
This, he said, would fast-track completion of the data capture and validation exercise, as part of the Integrated Payroll and Personnel Management System (IPPMS).
“The exercise resulted in the detection of 6,348 ghost workers and significantly saved cost with an average of N314,657,342.06 per month and N3,775,888,809.72 per annum,” he said.
[DailyTrust]
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[STATE HOUSE PRESS RELEASE] President Tinubu Appoints International Development Specialist Aisha Garba To Head UBEC
Admin![[STATE HOUSE PRESS RELEASE] President Tinubu Appoints International Development Specialist Aisha Garba To Head UBEC](/media/k2/items/cache/2f6506fc1cd8a9901bb662d5a063ab80_XS.jpg)
President Bola Ahmed Tinubu has appointed Aisha Garba, an international development specialist, as the Executive Secretary of Universal Basic Education (UBEC).
Garba, a Senior Education Specialist with the World Bank, brings more than twenty-four years of experience driving impactful programmes in education for human and economic development, working in Nigeria, Ghana, Somalia, Kenya, the USA, and the United Kingdom.
With over 15 years of hands-on experience at the World Bank, Garba has consistently led end-to-end design and management of education programmes and reforms, from conceptualisation to completion and impact assessment.
Apart from being actively interested in and involved in human development issues, the development specialist will share her rich network with governments, development partners, and communities, as well as the skills she acquired working in fragile, conflict, and violent settings to deliver sustainable solutions in basic education.
Garba had previously worked on the team that met the Millennium Development Goals (MDGs) targets in Nigeria and consulted for the World Bank, Department for International Development, BOND-UK, Regent Foundation, and Muslim Aid Organization.
She is an alumna of Petra American University in Jordan, where she earned a Bachelor of Arts combined degree in English and Computer Studies in 2000. She later got a Master's in International Development at the University of Birmingham in the UK in 2007.
The President expects the new Executive Secretary of UBEC to drive the renewed hope and vision of providing and supporting quality education and ensuring that Nigerian children become globally competitive.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
The Nigerian National Petroleum Company Limited has revealed it supported Dangote Petroleum Refinery with $1bn.
According to NNPCL, it secured the loan backed by crude oil.
Punch reported that the firm also also stated that it facilitated the $3bn Gazelle loan as a critical intervention to help stabilise the federation’s foreign exchange crisis.
The Chief Corporate Communications Officer, Mr Olufemi Soneye, said these at the Energy Relations Stakeholders Engagement in Abuja on Monday.
Recall that in January 2024, the national oil firm arranged a syndicated $3.3bn crude oil prepayment facility in partnership with Afreximbank.
The bank said the deal was the largest crude-backed facility in Nigeria and one of the largest syndicated debts raised in Africa.
Speaking during the event, the spokesperson said these initiatives are a testimony to NNPCL’s dedication to driving national development partnerships.
He said with the leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.
“Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector. Additionally, Kyari facilitated the $3bn Gazelle loan, a critical intervention that helped stabilise the federation during a challenging foreign exchange crisis,” Soneye stated.
On the support for Dangote, he said, “A strategic decision to secure a $1bn loan backed by NNPC’s crude was instrumental in supporting the Dangote refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery.
“This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development.”
Soneye also mentioned the restart of the Port Harcourt Refining Company, describing it as a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.
He stressed that the national oil firm had championed the adoption of Compressed Natural Gas as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.
He recalled that in a historic achievement, NNPC declared profit for the first time in decades, marking a significant financial turnaround.
Soneye added that the company had already exceeded its profit projections for 2024, a testament to the transformative reforms of the firm.
He pledged that as a responsible energy company, NNPCL would continue to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.
At the stakeholders’ meeting, he said NNPCL recognizes the roles the stakeholders play in shaping the future of energy in Nigeria and beyond.
He stressed, “Together, we stand at the forefront of a transformative era in the global energy landscape, where collaboration, innovation, and sustainability are key to success.”
Energy relations, he said, are the backbone of NNPC Ltd’s operations and strategic aspirations as an integrated energy company.
Soneye said NNPCL remains committed to fostering meaningful relationships, driving excellence, and delivering value across the energy value chain.
He added that the meeting underscored the shared vision to ensure energy security, economic growth, and environmental stewardship for the benefit of all.
The Economic and Financial Crimes Commission (EFCC) has arrested 192 foreign nationals for their alleged involvement in cryptocurrency investment fraud and romance scams, marking the largest such operation in the commission’s history.
Among those arrested are 148 Chinese nationals, 40 Filipinos, two Khazartans, one Pakistani, and one Indonesian. The suspects were apprehended in a surprise operation at their hideout, a seven-storey building known as the Big Leaf Building, located at No. 7, Oyin Jolayemi Street, Victoria Island, Lagos.
The EFCC revealed that the operation was the result of actionable intelligence and months of surveillance on the activities of the syndicate. The investigation confirmed that the foreigners used the building, which appeared to be a legitimate corporate office, to train Nigerian accomplices on how to execute romance and investment scams. They also used Nigerian identities to carry out their fraudulent schemes.
The facility, equipped with high-end desktop computers, contained several floors dedicated to criminal activities. On the fifth floor, investigators seized 500 SIM cards of local telecom providers, which were acquired for illicit purposes.
According to the EFCC, the foreign suspects recruited Nigerian accomplices to target victims primarily in the United States, Canada, Mexico, and various European countries through phishing schemes. The Nigerian operatives were given desktop computers and mobile devices, creating fake profiles to engage victims in fraudulent romantic and business conversations.
These accomplices communicated with victims using WhatsApp, Instagram, and Telegram, often pretending to be business professionals or romantic partners. The scammers encouraged victims to register on a fake online investment platform, www.yooto.com, where they were required to pay activation fees starting at $35 to open an account.
The EFCC’s successful operation marks a significant blow to the international syndicate involved in these scams.
Details later:
Nigeria’s inflation rate has risen from 33.88 percent in October to 34.60 percent in November.
The National Bureau of Statistics (NBS) disclosed this in the November Consumer Price Index and Inflation (CPI) report released on Monday.
According to the report, the increase in November was by 0.72 percent. The report showed an increase of 6.40 percent when compared with the report of November 2023.
“In November 2024, the Headline inflation rate was 34.60% relative to the October 2024 headline inflation rate of 33.88%. Looking at the movement, the November 2024 Headline inflation rate showed an increase of 0.72% points compared to the October 2024 Headline inflation rate.
“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),” it read.
However, the report showed that the increase in the average price in November was slower than in October 2024.
“Furthermore, on a month-on-month basis, the Headline inflation rate in November 2024 was 2.638%, which was 0.002% points lower than the rate recorded in October 2024 (2.640%).
“This means that in November 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in October 2024,” it stated.
The report also disclosed that Nigeria’s food inflation was 39.93%.