The Central Bank of Nigeria (CBN) says it has approved 20,000 dollars each for eligible Bureau de Change (BDCs) at the rate of N1,580 to a dollar.

This is according to a statement issued by Dr Williams Kanaya, the acting director, Trade and Exchange Department of the apex bank.

“This is to inform the BDC operators and the general public that we are providing more liquidity into the market. 

“To this end, the CBN has approved the sale of 20,000 dollars to each eligible BDC operators at the rate of N1,580/dollar. This is to meet the demand for invisible transactions.

“All BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.

“Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN deposit account numbers with them,” he said.

He said that payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos for collection of the 20,000.00 dollars. (NAN)

Popular movie producer and actor, Chris Bassey, has left the Nigerian entertainment industry for plumbing work.

Chris made this known while sharing insights into his new life in Canada.

Speaking during a live chat with Daddy Freeze on Instagram, he emphasized that his new career pays better than tech jobs and also gives him a more relaxed lifestyle.

Daddy Freeze asked: “I know you as a producer and actor, what career are you into this Yankee?”

Bassey replied: “I’m into construction here.”

Daddy Freeze who was surprised by the development, however questioned the actor’s transition despite his fame.

Bassey said in pidgin: “In the last seven months, the province I have visited just on weekends in Canada, even person wey dey do tech no fit afford am.

"For here, I don’t know about the UK or US.”

Watch the video below:

The Arewa Youth Consultative Forum (AYCF) has warned the federal government not to take Nigerians for granted.

The President-General of the forum, Yerima Shettima stated this while reacting to the hike in the price of fuel.

Speaking to newsmen, he lamented that it seemed like the current government may have lost touch with the current realities of what Nigerians were going through.

According to him, it was unfortunate for the same government that appealed to Nigerians not to embark on protests with the promise to make life better to wake up all of a sudden to add to the pains of its people.

He said, “The price of foodstuff is no longer within the reach of an ordinary Nigerian and is now clear that the increase in minimum wage to N70,000 is nothing but a deceit,” stressing that it cannot meet the needs of one person not to talk of a family.

 “For me, the federal government should have a rethink on the numerous challenges.

“President Bola Tinubu must allow Nigerians to breathe because with the situation of things now, angry and hungry Nigerians are further being pushed to the wall and the reaction of a hungry and angry person may be unimaginable.”

He then called on the government to live up to its responsibilities and let Nigerians feel the positive impact of the ‘renewed hope agenda’ by making life and living better for Nigerians.

Shettima noted that the sudden increase in the price of petrol had already created a multiplier effect on prices of not only foodstuffs but in several other areas such as transportation.

The Nigerian National Petroleum Company Limited (NNPC) has clarified its stance regarding the recent accusations by the Muslim Rights Concern (MURIC), which suggested that NNPC’s actions were undermining the operations of Dangote Refinery Limited (DRL).

According to a statement issued on Saturday by Olufemi Soneye, the Chief Corporate Communications Officer of NNPC, the company refuted claims that changes in the pump price of Premium Motor Spirit (PMS) would prevent the Dangote Refinery from offering competitive prices.

NNPC emphasized that it is not the sole buyer of petroleum products in Nigeria and that the market remains open for competitive pricing from any local refinery, including DRL.

They reiterated that pricing of products from any refinery, including DRL, is determined by global market forces, and current high prices present an opportunity for local refineries to sell at lower rates.

The company also dismissed the claim that it is the sole offtaker of products from DRL, stating that domestic refineries are free to sell directly to any marketer on a “willing buyer, willing seller” basis.

The NNPC assured the public that they hold no exclusive rights to distribute Dangote Refinery’s products and that their role in the market remains transparent and competitive.

The company statement reads: “The attention of the NNPC Ltd has been drawn to a press release by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the Nigerian National Petroleum Company Limited (NNPC Ltd). Specifically, MURIC asserts that recent changes to the pump price of Premium Motor Spirit (PMS) will prevent the Dangote Refinery from offering lower prices and that NNPC Ltd. has become the sole offtaker of all products from the refinery.

“To set the records straight, NNPC Ltd. wishes to further state as follows:

“1. The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces. The recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market. In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market.

“2. Furthermore, we emphasize that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd. will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products. NNPC Ltd. has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole offtaker does not arise.

“3. The NNPC Ltd. cannot undermine a business in which it holds a billion-dollar stake.

“4. As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.”

President Bola Tinubu says the increase in petrol price is a “bold and unprecedented decision” necessary for Nigeria’s growth.

Tinubu spoke on Friday at a meeting with Nigerians in Beijing, China, after rounding off his official engagements in the country.

In a statement by Ajuri Ngelale, presidential spokesperson, Tinubu said the petrol price hike and other reforms by his administration are part of an overall strategy to set Nigeria on the path of economic growth.

“Nigeria is going through reforms, and we are taking very bold and unprecedented decisions. For example, you might have been hearing from home in the last few days about fuel prices,” the president was quoted as saying.

“But, can we help it? Can we develop good roads like you have here? You see electricity being constant in quantity and quality. You see water supply, constant and running, and you see their good schools. And we say we want to hand over a banner without stain to our children?

“What is the critical part to get us there if we cannot take hard decisions to pave the way for a country that is blessed and so talented?

“So many of you are so talented, speaking very fluent Mandarin. It is what you contribute and tell them at home that will reflect in the attitude of our people.

“The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development.’’

On September 3, the Nigerian National Petroleum Company (NNPC) Limited increased the pump price of petrol to N855 across its retail outlets amid long queues at filling stations.

The development followed a protracted scarcity which has strained business activities nationwide.

Media reports attributed the price adjustment to a directive of the federal government asking the NNPC to sell at N1,000 but Heineken Lokpobiri, minister for petroleum resources (oil), said the ministry never gave the national oil company such a directive.

Tinubu said while it is not always easy to have a national consensus on issues, he is ready to take the hard decisions to move the nation forward.

“One economic action leads to another, and it is in your hand to build our nation. Mine is to provide the leadership, and I am committed to doing just that. We are focused, and I have a very good team,” the president said.

Tinubu added that he is committed to replicating China’s infrastructure in Nigeria.

On Tuesday, Aliko Dangote showed off the new colourless petrol from his refinery — a stark contrast to the colour which Nigerians are used to, which is typically yellowish or reddish-pink. This made people question the quality of petrol in Nigeria.

“You might think it looks different, but this is the real thing,” Dangote said, while pointing at the bottle.

“You will now have good petrol and your car engines will last longer. You won’t have engine problems like we used to. It won’t happen at all.

“The quality here is as good as anywhere in the world. We will make sure nobody beats us on quality.”

This statement and the colourless appearance of his product have stirred conversations and doubts about the quality of petrol in Nigeria.

Some think the yellowish or reddish-pink colour widely distributed in the country is of inferior quality because of Dangote’s comments. But does the colour really matter?

WHAT IS PETROL?

Petrol or gasoline is fuel for cars. The National Geographic Society describes the fuel as liquid that is clear, yellowish, and burns easily. Petrol is made from crude oil, which is usually black or dark brown. But crude oil can also be yellowish, reddish, tan, or even greenish.

WHAT IS PETROL’S TRUE COLOUR?

Car from Japan, a car marketplace in Japan, says petrol has no original colour, as it is a mix of various other gasoline and hydrocarbons. The marketplace said hydrocarbons, typically heptane and octane, also come in different types for different vehicles.

According to the platform, the colour can vary from yellow, orange, or brown depending on what is added to it.

“So, the answer is that the colour can vary! It will be no wrong if we say that gasoline has no colour or it is simply clear. Take a glass of clean water and see how it looks; this is how exactly the gasoline looks, in reality. It is only after we mix other substances into it when it becomes yellowish in colour. So, next time someone asks you what colour is gasoline, the answer would be it has no colour, it is clean,” the website stated.

IS COLOURLESS PETROL THE BEST?

Joe Nwakue, former chairman of the Society of Petroleum Engineers, said the colour of the petrol can change during production.

“When you produce it (petrol), it’s light. It’s almost like water. If you want to distinguish between different grades, you can colour them differently. You can put a colour agent,” Nwakue told TheCable.

“If nobody does anything to alter the properties, the colour on its own does not signify the quality. But the maker can decide what grade of petrol they’re producing and colour them differently so the person either selling or buying it knows which one it is.”

HunterLab, a colour measurement spectrophotometer manufacturer in Virginia, US, said checking the colour scientifically helps ensure petrol is made to the right standards.

“When it is tested right, you can identify the genuine quality of the gasoline. After that, you can decide which one is good and which one has a bad effect on the car’s engine,” HunterLab stated.

“Colour is a key indicator of quality in petroleum-based products and developing a colour range is an important part of the refinement process.

“A colour range can often be used for monitoring contamination and quality control. Petroleum-based products make up a wide variety of manufactured goods; with consumers relying on colour for acceptability, it’s crucial to meet the quality standards of visual perception.”

Akpunonu Okey, a professor of petroleum geosciences, Nnamdi Azikwe University, told TheCable that the type of crude oil used is also a determining factor for the colour of petrol.

“What determines the colour is the type of crude oil, not the quality,” Okey said.

“What determines the colour is the presence of sulphur and then the imperial history of petrol determines the quality whether it will be light crude or heavy crude. Imperial history is determined by the temperature, they work hand in hand.”

Hence, it is safe to say that the colour of the petrol does not necessarily indicate if it is of good or bad quality.

The Nigeria Customs Service (NCS) says the suspension of duties on imported food items will be implemented as soon as it receives the list of beneficiaries from the ministry of finance.

Abdullahi Maiwada, spokesperson of the NCS, spoke on Thursday at a joint press briefing of security agencies, organised by the strategic communications inter-agency policy committee (SCIPC) in Abuja.

The development comes almost two months after the federal government directed the suspension of duties, tariffs, and taxes on the importation of food staples through land and sea borders to reduce inflation.

On August 14, the NCS said it had begun implementing the policy to allow the importation of maize, husked brown rice, beans, millet, and wheat.

The waiver, which took effect from July 15 and billed to end on December 31, is part of measures to combat rising food inflation across the country.

Providing updates at the news conference, Maiwada said the directive is yet to be implemented because the ministry of finance has not provided the list of those who will benefit from tax exemptions.

“The issue of food security. You made mention of the policy that was announced by Mr. President and we have issued a statement on the guidelines on how to benefit from that policy,” he said.

“Well, I would like to discuss in such a way that the common man would understand how these things work.

“People think that me and you can just go and import rice. No, that is not what the policy is all about. We have policy issues that have a long-term effect. We have the medium-term and we have the short-term effects.

“So, while formulating policies that are related that have a short-term effect, we have to do it in such a way that it will not have adverse effects on long-term policy issues.

“Our responsibility as an agency of government, NCS, is to implement government policies.

“That’s why the statement we issued is based on the guideline issued by the federal ministry of finance.”

Maiwada said the ministry of finance issued a guideline on the conditions and the requirements for participation in the zero import duty scheme.

“We have three lines, six lines of tariff line with the HS code (harmonized system code) with initially a duty of 35% and leave you some of the items and they have all been waived,” he said.

“However, the policy stated clearly that you must be a miller, you must be a taxpayer, you must have been into operations for a certain number of years and there will be a quota that will be issued by the federal ministry of finance.

“So, the list of those who benefit from those exemptions will come from the ministry of finance and our role as an agency of government is to implement the directives of the government. So we are policy implementers, not formulators.

“So, by the time we get those lists, within the twinkle of an eye, we are going to implement those directives from the federal ministry of finance.”

‘OVER N277 BILLION REVENUE COLLECTED IN AUGUST’

Speaking on revenue, Maiwada said the service collected N277.5 billion in import duties for the month of August.

He said the service also collected N15.8 billion in excise duties, reinforcing its commitment to optimising revenue generation.

According to the NCS spokesperson, the agency recorded 83 seizures across various commands as part of its efforts to curb smuggling.

“The NCS also intensified its Operation Whirlwind” (OPWW) to combat the smuggling of petroleum products, especially in border states,” he said.

“The operation over the months has led to the interception of seven PMS trucks, the sealing of 12 retail outlets, and the seizure of 466,000 litres of PMS and 23 vehicles.”

Maiwada said the investigations had resulted in the prosecution of seven suspects, while three marketers were fined by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

He added that the sealed filling stations were handed over for further action.

The Plateau State Police Command says it has arrested a teenager for having sexual intercourse with three sisters in the state

The state’s Commissioner of Police, Emmanuel Adesina, made this known in Jos on Friday while briefing journalists on the operational breakthroughs recorded by the command in the state capital and other parts of the state

According to the Commissioner, the sixteen-year-old suspect identified as Miracle Igwebuike was arrested in the Tudun Wada community, Jos North Local Government Area, after having carnal knowledge with the victims aged 6, 9, and 12

The Commissioner said, “On 24/08/2024 at about 4:30 pm, one Victoria Livinus and one Kauna Stephen, both female of Tudun Wada Jos, reported at the ‘A’ division Police station that one Miracle Igwbuike male, 16 years of the same address, has been having carnal knowledge of their daughters, one Josephine Livinus, 9 years old, one Jennifer Livinus, 6 years old and one Blessing Stephen, 12 years old, all female of same address.

“Upon receipt of the report, the suspect was immediately arrested by officers attached to the division and brought to the station for interview.

“He confessed to the crime and further stated that one Bongkat Dombin, female, 38 years of the same address, had been seducing and having sexual intercourse with him since he was 13 years old.

The said Bongkat Dombin has also been arrested, and she confessed to the crime.

The commissioner also paraded over 20 other suspects for various offences, including armed robbery, kidnapping, criminal conspiracy, extortion, illegal possession of firearms and intimidation, among others.

He said all the suspects would be charged in court after the investigation was concluded

“I want to take this time to appreciate the members of the press for cooperating with the police and for ensuring that you feed the good people of Plateau State with accurate information.

“I also wish to appreciate the government of Plateau State for the overwhelming support given to the command.

“To the good and peace-loving citizens of Plateau State, I want to thank you for collaborating with us and feeding the command with accurate, timely, and useful information that has helped us in our job of securing lives and properties,” the commissioner added.

A United States Court has sentenced two Nigerian siblings to 17 years and six months in prison over sextortion.

Aside from the 17 years and six months, the two convicts, Samuel Ogoshi, 24, and his brother, Samson Ogoshi, 21, from Lagos, Nigeria, would also undergo five years of supervised release.

The two brothers were extradited to the US to be tried on charges of conspiring to sexually exploit multiple minors.

Their scheme led to the death of a 17-year-old high school student, the US Justice Department said in its announcement of the judgment on its Facebook page on Thursday.

The victim, Jordan DeMay, was a male school student in the state of Michigan.

Aside from DeMay, the Ogochi brothers were said to have exploited more than 100 victims, including 11 minors.

“These defendants sexually exploited and extorted more than 100 victims, including at least 11 minors, resulting in the tragic death of a 17-year-old high school student,” Attorney General Merrick B. Garland said in the same Facebook post.

Also reacting to the judgment, US Attorney Mark Totten for the Western District of Michigan, said, “To criminals who commit these schemes: you are not immune from justice. We will track you down and hold you accountable, even if we have to go halfway around the world to do so,”

According to the details shared on its Facebook post, the Ogoshi brothers used hacked social media accounts to create fake profiles.

They also conducted online research about their victims to learn where they lived, attended school, worked, and the identities of their family and friends.

After their research, they solicited their minor victims to produce sexually explicit images of themselves, and once they received the images, they created a collage of pictures that included the sexually explicit image with other images of the victim and their school, family, and friends.

The Ogoshi brothers threatened to disclose the collages to the family, friends, and classmates of the victim unless the victim agreed to pay money using online cash applications.

The Ogoshi brothers were charged in November 2022 alongside Ezekiel Robert, also a Nigerian national, in connection with the sextortion scheme that led to DeMay’s death.

They were extradited to the US in August 2023 and pled guilty in April.

The third Nigerian Robert’s extradition is pending following an appeal in his home country.

Nigerians were taken aback earlier this week by the Nigerian National Petroleum Company Limited (NNPCL) announcement of a new petrol pump price.

The NNPCL increased its retail price from N617 to N857 per litre on Tuesday, a development that has worsened the suffering and hardship in the country.

Petrol queues across the country, especially in Abuja, have lasted over two months now, but the situation has now worsened amid the present pump price increase, with only few filling stations dispensing the product.

Meanwhile, there are also concerns that even with the high price of the commodity, the meters are being adjusted by the filling stations, including the government-owned ventures, thereby short-changing the people.

This comes just as the NNPCL management admitted that it was facing a debt challenge to the tune of $6billion from its supply chain abroad.

The pump prices had varied since the May 29, 2023 removal of subsidy by the Nigerian government. While the NNPCL had retained its fuel price at N617 per litre while other retailers sold at different higher prices.

The company, through a statement by its Chief Corporate Communications Officer, Olufemi Soneye, had subtly confirmed that the debt was the cause of fuel queues springing up in filling stations across the country, lamenting that it is impacting supply sustainability.

There were speculations that the national oil company began struggling to meet fuel supply demands.

Even at that, the Federal Government had consistently debunked claims that it was still subsidizing petroleum products.

The latest development is having a ripple effect on the masses, with private retailers selling at N900 and above. The queues have also refused to clear up.

Meanwhile, DAILY POST reports that the Nigeria Labour Congress, NLC, has demanded an “immediate reversal” of the pump price of petrol across the country.

The union claimed they felt betrayed by President Bola Tinubu, after the NNPC, increased the official price of fuel from N617 to N897 per litre which has seriously affected the new minimum wage agreement it reached with the President Tinubu administration

In the same vein, the Network Against Corruption and Trafficking (NACAT) has kicked against the increase and demanded an end to what it described as the imposition of toxic economic hardships by the current administration.

DAILY POST spoke to some Nigerians on the streets of Abuja and it was nothing but an expression of agony and disappointment.

“It is a terrible situation we’ve found ourselves in this country. No wonder people are running away to other countries, even the ones poorer than Nigeria.

“This morning, I paid N500 from Lugbe to Berger [which used to be N100] and as I’m returning home this evening [the same day], it has increased to N700, some are even charging N800.

“I’m a businessman. I sell shoes at Utako Market and I must go to my shop every day. Now how do I make gains? While at the shop, won’t I eat?

“They said the government has increased the price of fuel again, this means that the price of foodstuff and other basic needs will also increase.

“It’s getting harder for everybody,” an aggrieved passenger at Berger bus stop, Ejeh Samuel told Daily Post.

Many passengers sighted by Daily Post were reluctant to pay the new fare as they preferred to wait for the big buses which are very few on the road.

Speaking, a taxi driver, who gave his name as Toffik Musa, said, “It’s not the passengers’ fault. We’re all in this together.

“That you drive a car doesn’t mean all is well. ‘Fuel don increase and na so transport go increase’. Everybody knows that one. For us drivers, our problem is double. We can’t even see the fuel to buy. There’s no fuel.

“Like yesterday, I entered one of the long queues in Utako here and ended up not buying. I had to buy from black market. ‘Things don spoil and everybody dey suffer am. My joy be say, passengers know say no be drivers like me dey cause am’”.

“You people, you journalists are not reporting this government the way it is.

“It seems everybody is afraid,” a civil servant in the Ministry of Agriculture, who refused to say his name, told Daily Post.

“Now, what is the effect of the new minimum wage? When I deduct my transport fare from my salary as a junior staff member, I’m left with almost nothing. I have a family.

“And if you take the money to the market, you can’t buy anything. We are suffering. We are in pain.

“But we have a government only interested in buying private jets, building big houses and buying big cars for themselves. Now that fuel is N1000, food and other things, everything will add money. Nobody cares about us,” he lamented further.

On his part, Owoicho Emmanuel, civil servant told DAILY POST: “It’s not funny, it started yesterday when I was going home. I almost went back to my office to spend the night.

“We usually have a lot of vehicles at the park to choose from but that’s no longer the case because of the fuel scarcity. As of yesterday, vehicle owners were the ones making the selection on whom to enter their buses.

“Just going home yesterday, I spent an extra N500. It’s not easy. This administration is just a year old and the suffering is more than what Buhari did in four years.

“Buhari used koboko on us but Tinubu is using scorpion sting. All the people that shouted ‘jagaban’, I hope they have their special market.

“Commercial motorists insisted on collecting N1500 from Berger to Bwari and everybody refused to enter.

“We waited until one El-Rfai bus came and parked all of us like canned fish for N400. If Tinubu cannot handle the issues of this country, can’t he just resign? Is it when everyone dies?”

Another aggrieved Nigerian, Onwa Amadi, said, “I wonder what this government wants us to do. My problem now is not to buy a litre of fuel for N1000.

“The major issue is- where do I see the fuel to buy. I can’t stand in the queue for three hours and still pay such money. It’s painful what we’re going through in our country in the hands of our fellow citizens.”

Speaking to DAILY POST on the subject matter, Eleojo Joseph, an Energy Expert, said the increment was done in bad faith.

According to him, “The decision to increase the pump price at this time is done in bad faith.

“Foremost, Nigerians are going through the most excruciating pain of the sudden fuel subsidy removal and yet NNPCL has the guts to increase it again. It is the most insensitive thing ever.

“Two, I think it was done to paint Dangote in a bad light that nothing will change despite his refinery coming on stream or just to spite him. Don’t forget the battle is still on between Dangote and NNPCL/cabal.”

On the scarcity of the product, he added, “The long queues will persist until Dangote ramps up production. NNPCL does not have funds to import and their credit line with suppliers is exhausted due to debt as the foreign companies are not ready to give any line of credit to NNPCL.

“It’s the hard reality we find ourselves in due to bad decisions and corruption over the years.”

Eleojo further stated that, “Pump adjustment has been with us for a long time. The regulatory agency is corrupt and the marketers too are fraudulent.

“It’s a Nigerian thing as we take joy in cheating each other in all spheres of our lives. Unless the regulator enforces the law on the petroleum marketers, the sleaze will continue.

“On the whole, it’s about time the government removed the MD of NNPCL and other regulatory agencies in the petroleum sector.

“Give Dangote refinery more crude and stop breathing down his neck. Ultimately, Dangote will excel and stabilize the sector.”

Meanwhile, just yesterday, Thursday, the federal government assured Nigerians that the fuel crisis will soon be a thing of the past.

Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), gave the assurance while briefing State House reporters after meeting with Vice-President Kashim Shettima, joined by the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.

It is left to be seen how the meeting will resolve the twin issues of pricing and scarcity.