President Bola Tinubu has approved a request by the Nigerian National Petroleum Company (NNPC) Ltd to utilise the 2023 final dividends due to the federation to pay for petrol subsidy, TheCable can report.

The president also approved the suspension of the payment of 2024 interim dividends to the federation in order to augment NNPC’s cash flow.

In addition, the national oil company told the president it will be unable to remit taxes and royalties to the federation account for now because of the subsidy payments, which it termed “subsidy shortfall/FX differential”.

An NNPC forecast seen by the newspaper showed that the cumulative petrol subsidy bill from August 2023 will hit N6.884 trillion by December 2024 — leaving the national oil company unable to remit N3.987 trillion in taxes and royalties to the federation account.

TheCable could not confirm the total amount of dividends to be withheld or suspended.

NNPC is expected to pause the payment of interim dividends for eight months this year — from May to December.

Interim dividends — based on inflow projections — are usually remitted monthly into the federation account and shared by the three tiers of government while the final dividends are paid at the end of the year after reconciliation.

Under the Petroleum Industry Act (PIA), the NNPC is obligated to pay taxes and royalties as well as dividends to the federation, its sole shareholder.

‘SAVE OUR SOUL’

In June 2024, NNPC had cried out to Tinubu that the subsidy payments were negatively impacting its cash flow and it was struggling to remain a “going concern”.

The company said it might not be able to sustain petrol imports because of the ballooning subsidy bill, which it blamed on “forex pressure”.

TheCable understands that Mele Kyari, the group CEO of NNPC, informed the president that when subsidy was removed in June 2023, it led to monthly savings of N400 billion to the federation.

This, he said, enabled the company to remit its taxes and royalties totalling N2.032 trillion into a sequestered account at the Central Bank of Nigeria (CBN) as at January 2024.

Kyari said the development was short-lived with the devaluation of the naira which led to month-on-month escalation in the NAFEX exchange rate.

In August 2023, NNPC moved from surplus to negative in fuel importation costs, incurring a subsidy bill of N52.73 billion.

This increased to N57.59 billion in September and N212.28 billion in October before ballooning to N665.60 billion in November, when exchange rate had more than doubled from the time subsidy was removed.

The bill fell slightly to N537.66 billion in December before hitting a new high of N693.67 billion in January 2024.

The bill dropped to N592.09 billion the following month and N497.39 billion in March before rising again to N833.68 billion in April, forcing Kyari to send an SOS to the president.

He said the situation had continued to exert “undue pressure” on the NNPC, leading to its inability to remit royalties and taxes into the federation account.

Kyari further said national energy security was being threatened as the NNPC might not be able to sustain petrol imports “beyond July 2024”.

ALL EFFORTS NOT WORKING

In making his case to the president, Kyari said NNPC had implemented a number of strategies between August 2023 and April 2024 but the situation was getting out of hand.

The strategies included improving oil production by fighting theft and vandalism, debt rescheduling/forward sales, payment deferrals to suppliers and contractors, deferrals of non-critical projects, and debt recovery.

However, the situation was still not looking good as projections showed a consistent increase in cash flow deficit mainly because of the exchange rate.

Whereas an estimated N3.987 trillion in taxes and royalties will be due the federation account by December 2024, NNPC said it will still be owed N2.897 trillion after reconciliation of its obligations and subsidy shortfall.

Kyari requested that Tinubu should approve the utilisation of the final dividends due the federation for 2023 and deferment of the remaining interim dividends for 2024 to defray the subsidy costs.

The president approved Kyari’s request on June 6, 2024, TheCable understands.

FINALLY, AN ADMISSION OF ‘SUBSIDY’

When TheCable reported in August 2023 that Tinubu was mulling the return of subsidy, Ajuri Ngelale, his spokesman, immediately issued statement to deny the story, saying there was no going back on the new policy.

However, in official communication between NNPC and the president, the word “subsidy” is now liberally used.

It is thought that the government of the All Progressives Congress (APC) seeks to distance itself from the use of the term because “subsidy scam” was one of the campaign weapons it used to dislodge the Peoples Democratic Party (PDP) from power in 2015.

The Muhammadu Buhari administration used “under recovery” in place of “subsidy”, although it started using “subsidy” liberally years later.

The official position of the Tinubu administration remains that “subsidy is gone” — although NNPC projects that it will gulp at least over N5 trillion this year alone.

Petrol subsidy was removed in June 2023 when the exchange rate was N463/$ but it is now about N1,500/$, while crude oil prices have also been high, thereby making it a “doubly whammy” for NNPC.

To keep petrol price within the N600-N700 per litre range, NNPC uses a “derived FX rate” .

The gap between that rate and the official rate is the subsidy/FX differential.

The Federal Government has threatened to sanction higher institutions that fail to submit lists of students admitted immediately after matriculation.

This was revealed in a memo ‘CLARIFICATION ON DISCLOSURE OF ADMITTED CANDIDATES OUTSIDE CAPS( 2017-DATE)’ by the Jamb Admission Matriculation Board (JAMB) obtained by Channels Television.

The initiative, according to JAMB’s Public Communications Advisor, Fabian Benjamin, is one of the recommendations made by a committee set up by the Federal Government to combat fake degree racketeering in the country.

According to the memo, institutions are to “regularly submit their matriculation lists to the Federal Ministry of Education not later than three months after matriculation ceremonies.”

The list is expected to be submitted through the dedicated channel of JAMB.

“The Board has observed a large number of candidates thronging its offices to resolve issues related to the disclosure of candidates admitted outside the Central Admissions Processing System (CAPS) from 2017 to date. While we appreciate the enthusiasm, we must correct the misconception that the focus is on candidates’ actions. The true emphasis lies with the institutions, which must disclose all candidates admitted outside CAPS before the August 31st, 2024 deadline.

“This directive requires immediate attention and compliance. We urge institutions to carefully review our initial letter and ensure full compliance, as failure to disclose will result in severe consequences. Candidates are also reminded not to accept admissions outside CAPS.

“The Board reiterate that candidates not disclosed by institutions would not be entertained. The Board will not tolerate any condonement of undisclosed admissions moving forward.”

The development comes after the Federal Government set up an Inter-Ministerial Investigative Committee on Degree Certificate Milling, to probe the activities of certificate racketeers following an investigative report published by Daily Nigerian which exposed the activities of fake degree mills in the Benin Republic.

In a similar development, a memo addressed to the JAMB on July 15, 2024, the education ministry said, “You may recall that following the publication of allegations of certificate racketeering involving some foreign institutions, especially in Cotonou, Benin Republic, and other countries, the ministry constituted an inter-ministerial committee to investigate the allegations to find lasting solutions.

“The committee has submitted its report and the Honourable Minister of Education has approved its recommendations for implementation.

“In that regard, I hereby convey the request of the honourable minister for the implementation of the following recommendations of the committee:

“Enforce the mandatory requirement for all tertiary institutions in Nigeria to exclusively conduct their admissions processes through the Central Admissions Processing System under the auspices of the Joint Admissions and Matriculation Board; mandate all tertiary institutions in Nigeria to regularly submit their matriculation lists to the Federal Ministry of Education not later than three months after matriculation ceremonies through the dedicated channel of the Joint Admissions and Matriculation Board.

“You are kindly requested to implement the above recommendations and furnish the ministry with implementation updates.”

Channels had on Thursday, reported how the National Youth Service Corp (NYSC), said a total of 54 corps members who were illegally mobilised by the University of Calabar, had been demobilised.

This is in addition to the earlier 101 certificates that were recently voided by the scheme, making a total of 178.

An investigation by a Daily Nigerian reporter Umar Audu revealed how he obtained a degree within six weeks, after which returned to Nigeria and embarked on the mandatory one-year NYSC service.

The investigation led to FG placing a ban on the accreditation and evaluation of degrees from Benin Republic and Togo.

The Minister of Education, Tahir Mamman then vowed to flush out holders of fake degrees from the Nigerian educational system.

The Economic Community of West African States Parliament is stepping up diplomatic efforts to prevent Niger, Mali, and Burkina Faso from leaving the regional bloc.

The Deputy Speaker of the House of Representatives, Benjamin Kalu, confirmed that parliamentary diplomacy mechanisms are being deployed to engage the three nations, emphasising the importance of unity within ECOWAS.

He spoke in an interview on Saturday, August 17, 2024, with newsmen in Abidjan, Ivory Coast, on the sidelines of a meeting of the parliament’s Joint Committee on Administration, Finance, Budget, Public Accounts, Macroeconomic Policy and Economic Research, of which he is Chairman.

Kalu assured that letters had been sent to the governments of the concerned nations, and visits by parliamentary representatives would soon follow.

He expressed confidence that dialogue would lead to their reintegration into the regional body.

“There are already mechanisms in place, through what is called parliamentary diplomacy, to reach out to them.

“Letters have been sent to them, and very soon, some of us will start visiting those countries to engage the heads of government.

“We will tell them, for instance, that, granted, maybe they were offended by one or two things, but let us sit down again and discuss,” the deputy speaker stressed.

Kalu also noted that even in a worst-case scenario where the three countries proceed with their exit, ECOWAS’s financial stability would not be at risk.

He highlighted the organisation’s multiple revenue streams, including the Community Levy and contributions from development agencies.

“There are many other sources. So, we want to make sure that we streamline it and know where monies are coming from.

“If these are not enough, we will increase because there are so many development agencies, there are so many people who are interested in the sub-region.

“There are multiple ways of raising funds for the parliament, as well as the community,” he said.

In addition to addressing the potential exits, the ECOWAS Parliament is pushing for reforms to strengthen legislative independence.

Kalu, who also chairs the country’s House of Representatives Constitutional Review Committee, said that the laws governing ECOWAS need updating to reflect the changing political landscape.

The proposed amendments would bolster the separation of powers and enhance the credibility of the institution on the international stage.

“Rightly put, we need to amend the Supplementary Act.

“The protocols that brought the ECOWAS Commission and ECOWAS Parliament into existence need to be overhauled.

“This is because these laws are not cast in stones; Indeed, no law is cast in stone”, the two-term lawmaker (APC-Abia, Bende Constituency) added.

Since January 28, 2024, when the military juntas in Mali, Burkina Faso, and Niger announced their decision to withdraw from ECOWAS, the regional body has attempted to negotiate their return through sanctions relief and invitations to technical meetings.

However, these attempts have been met with silence.

Victor Osimhen is set to snub Chelsea and wait for long-time Paris Saint-Germain, who are now ready to make a final decision on his transfer, PUNCH Sports Extra reports.

The Blues have been seeking the signature of the Nigeria international all summer but were initially rebuffed by Napoli, with the 2022/23 Serie A champions insisting that his £113m release clause must be paid in full.

The 25-year-old is said to be ranking prominently on their wish list to lead their line during the 2024/25 season.

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

Despite the departure of Kylian Mbappe to Real Madrid, PSG remained silent on their pursuit of Osimhen, being also reluctant to meet the hefty £113m asking price for the striker and were happy with the duo Goncalo Ramos and Randal Kolo Muani.

Osimhen was believed to be keen to test himself in the Premier League after making a name for himself in Serie A with Napoli and in Ligue 1 with Lille, whose rivals Paris Saint-Germain were formerly thought to be Chelsea’s main contenders.

However, according to journalist Florian Plettenberg—via The Sun—Osimhen instead has his heart set on joining the French champions, who could now reignite their interest due to a serious injury to one of their strikers.

PSG are expected to rekindle their search for a new striker before the transfer window closes after Goncalo Ramos sustained a severe ankle sprain 20 minutes into Les Parisiens’ opening Ligue 1 game against Le Havre on Friday.

The Portuguese will be out for around three months following surgery, and Osimhen is prepared to wait until the ‘eleventh hour’ to seal his dream move to Paris.

With the latest development, Chelsea’s proposed triple swap deal for the Nigerian has supposedly been plunged into fresh doubt.

Osimhen has amassed 76 goals and 18 assists in 133 matches for Napoli in all competitions since 2022, but he has been frozen out of the squad after it was reported that he requested to leave this summer.

Antonio Conte’s side began their 2024-25 Serie A campaign with a 0-0 draw at the Stadio Bentegodi on Sunday against Hellas Verona.

Wunmi, the wife of the late Nigerian singer Mohbad, has broken her silence amidst the swirling controversies surrounding her husband’s tragic passing.

In a statement, she addressed the scathing accusations made by her sister, Karimot, who had previously been her staunch defender.

Karimot’s sudden about-face had shocked many, as she accused Wunmi of having a hand in Mohbad’s death, alleging a heated altercation between the couple on the day of his death. Moreover, Karimot claimed that Wunmi had stolen Mohbad’s phone from his mother and refused to return it.

In response, Wunmi vowed to take legal action against her sister, asserting that she would not engage in public debates or defend herself on social media. Instead, she would focus on defending her truth in a court of law.

With a heavy heart, Wunmi expressed her gratitude to those who have stood by her during this difficult time. She emphasized that she has endured false and despicable accusations from various quarters, including family, friends, and strangers. Despite the pain, she has chosen to accept this situation as part of her journey.

Wunmi noted that her primary concern is to protect the memory of her late husband, Mohbad. She implored his friends and loved ones to refrain from speaking ill of him, as it would be a disservice to his entire family. She begged them to remember him with love and respect, rather than tarnishing his memory with negativity.

Her post read in part:

“I want to express my deepest gratitude to each of you for standing by me during this difficult time. As many of you know, I have endured a great deal of despicable and false accusations from various quarters—family, friends, and even strangers.

Despite the pain, I have chosen to accept this unfortunate situation as a port of my journey.

I want to make it clear that I will not engage in public debates or attempt to counter the lies being spread about me. My focus will be on defending my truth in the court of law, not on social media. However, I must speak up on behalf of Ilerioluwa, who is no longer here to defend himself.

friend of mine and Liam’s, to refrain from speaking ill of my husband. I beg you, with all that you hold dear, not to tarnish his memory.

Disrespecting llerioluwa in his death is showing disdain for his entire family. Anyone who truly loved him would……………”

See below:

Abdullahi Ganduje, the national chairman of the All Progressives Congress (APC), has disassociated himself from campaign posters on social media, claiming he would be contesting for the presidency in 2027.

In a statement on Sunday by Edwin Olofu, chief press secretary (CPS), to the APC national chairman, Ganduje said the campaign posters are “malicious pieces of fake news”.

The campaign poster featured Ganduje as a presidential candidate in 2027, with Hope Uzodimma, governor of Imo, as his running mate.

The poster also showed the two politicians will contest the presidency on the platform of the APC.

Ganduje said “mischief makers” linked with the Kwakwassiyya movement were behind the posters.

He added that the perpetrators are working to cause discord between him and President Bola Tinubu.

“This is to inform the general public that the poster currently circulating on social media, claiming that the APC national chairman, Dr. Abdullahi Umar Ganduje, is contesting for the presidency in 2027 with Imo state governor, Hope Uzodimma, as his running mate, is entirely false and a malicious piece of fake news,” the statement reads.

“The All Progressives Congress (APC) wishes to categorically state that this is the work of mischief-makers, likely in collaboration with certain elements within the Kwankwassiyya movement, who are determined to create disaffection between Dr. Ganduje and His Excellency, President Bola Ahmed Tinubu.

“For the avoidance of doubt, Dr. Abdullahi Umar Ganduje remains unwaveringly loyal to President Tinubu and is fully committed to supporting the president’s vision and leadership.

“Dr. Ganduje believes that President Tinubu is on the right trajectory to steer Nigeria towards greater prosperity and unity.

“We urge the public to disregard this fabricated story and refrain from spreading unverified information.”

As the severe petrol shortage in Nigeria extends into its sixth week, the Nigerian National Petroleum Company Limited (NNPCL) has once again attributed the situation to “distribution challenges.”

This is the third major fuel scarcity episode in 2024, beginning in early July. Initially, the NNPCL explained the shortage as a result of logistics issues involving the transfer of petrol from mother vessels to daughter vessels.

The company cited the disruption of ship-to-ship (STS) transfers due to recent thunderstorms and adverse weather conditions.

These conditions, according to NNPCL, affected berthing at jetties, truck load-outs, and the transportation of petrol to filling stations, disrupting the supply chain.

In a previous statement, the NNPCL highlighted the flammability of petroleum products and compliance with the Nigerian Meteorological Agency (NIMET) regulations, which made it impossible to load petrol during rainstorms and lightning.

However, as the fuel scarcity continues without any sign of resolution, the NNPCL released another statement on Sunday expressing regret over the ongoing crisis.

The company’s Chief Corporate Communications Officer, Olufemi Soneye, acknowledged the “tightness in fuel supply” in parts of Lagos and the Federal Capital Territory (FCT) and attributed it to distribution challenges.

He urged motorists to avoid panic buying, assuring that the company is working around the clock with relevant stakeholders to restore normalcy.

Soneye said: “The NNPC Ltd regrets the tightness in fuel supply witnessed in some parts of Lagos and the FCT, which is as a result of distribution challenges.

“The Company further urges motorists to shun panic buying as it is working round the clock with relevant stakeholders to restore normalcy.”

Independent marketers have reportedly raised pump prices to ₦950 per liter, up from ₦720 per liter before the shortage began.

Adebayo Adelabu, minister of power, says he receives threat calls from unknown persons who are against the progress in the power sector.

Adelabu spoke on Saturday in Oyo state during Fresh FM’s ‘Political Circuit’ programme.

He said all problems in the power sector are surmountable.

“There will be resistance, people stand in your way, saboteurs and others. Let me say this for the first time. I receive threat calls,” he said.

“I am the 49th power minister in the country. The past ministers were probably bullied and intimated in their work. It does not take ordinary people to blow up a power transmission substation with dynamites, and pull down a power line.

“It is an organised crime. It is a cabal and cartel. We are all Nigerians but we are all Nigerians, we will not run away from ourselves.”

Speaking further on the significant development attained in his one year in office, he said Nigeria had struggled with electricity generation of 4,000 megawatts (MW). 

He added that in less than a year in office, his development plans have added more than 1,000MW of electricity to the capacity of the national grid.

“We have raised the electricity generated capacity from 4,000MW to 5,155MW recorded on the 8th of August, 2024. In the past, it took the country over 25 years to achieve 2,000MW of power and it took between 1984 and today to achieve additional 2,000MW,” he said.

“When we resumed as minister, the electricity generated was 4,000MW and within a year, we have added over 1,000MW. Our target is to hit 6,000MW with the support of the Federal Government before the end of this year.”

‘IMPLEMENTATION OF WORKABLE PROCESSES’

Adelabu said a comprehensive diagnosis of the entire ministry “with many organised retreats to find workable and practical solutions to the quagmire in the ministry”.

“First we needed an underlining legislation that will decentralise control and make states as players in the value chain,” Adelabu said.

“It took the effort of President (Bola) Tinubu who signed the Electricity Bill into law which allowed states and private sectors to join and invest in the sector.

“We implemented the supportive policies to act as guiding principles. Then we moved to the market where we looked at the cost reflective tariff as well as infrastructural development, enhancement and upgrade. Extension to remote areas with the adoption of renewal energy and power asset security against saboteurs.” 

The minister added that energy consumers must be ready to pay their bills for continuity and sustainability of the many achievements in the power sector.

Adelabu emphasised that, in contrast to the overall cost of running generators, Nigerians can afford to pay their energy bills regardless of cost.

Former President Olusegun Obasanjo has said Nigeria would have been much better and occupied a place of pride in the world but for its problem of self-centred leadership.

Apart from being self-centred, Nigerian leaders, according to Obasanjo, also have a knowledge deficit.

The former President spoke on Saturday in Abeokuta, the Ogun State capital during the 2024 edition of the Leadership Empowerment International Conference.

The conference featured the conferment of Doctor of Leadership and Theology awards on some Nigerians by South-African-based Immanuel Theology Institute International in conjunction with Priesthood Leadership Development Initiative Inc. based in Nigeria.

“There is no end to leadership and service to your community until you breathe the last. And you can never be too old to be a leader and to give something to the community in which you lead and serve as a leader, to serve your state, your country,  the continent and the world.

“And if you asked me in one word, what is the bane of Nigeria today? I will not think about it twice. I will say it is leadership. Leadership that is self-centred, leadership that is a deficit in knowledge and understanding and leadership that does not see service as the centrepiece of what leadership is all about.

“If we can get the leadership right, we will get all other things right. That is what Prof. Olusesi Obateye is doing, which is commendable and very good. We must encourage and inculcate good leadership into every level of our national life,” Obasanjo said.

Obasanjo commended the International Coordinator of Priesthood Leadership Development Initiative, Prof. Olusesi Obateye, and the President of the South Africa-based institute, Prof.Van Den Berg Edward Alfred, for recognising and encouraging some Nigerians with leadership capacities.

Earlier,  Obateye, who spoke on the theme of the conference “Responsible And Responsive Leadership,” lamented the dearth of good leaders, saying it was responsible for Nigeria’s under-development almost 64 years after independence.

Meanwhile, in a related development, Obasanjo said  Nigeria’s problems would continue to defy solutions until the country began to feed itself.

He stated this when a delegation from Niger State, comprising commissioners and Special Advisers to Governor Mohammed Bago,  paid him a courtesy visit in his  Abeokuta, Ogun State home at the weekend.

Governor Bago’s Special Adviser on Print Media, Aisha Wakaso, made this known on Sunday in a press statement.

“The former President expressed his admiration for Bago’s initiative, likening it to his own ‘Operation Feed the Nation’ policy of 1976. He emphasised that with modern equipment now available, the impact of such initiatives can be even greater than before.

“Obasanjo highlighted the critical importance of agricultural self-sufficiency, stating, ‘Until Nigeria begins to feed itself, the challenges facing the country will persist. A nation that cannot feed itself is sitting on a time bomb’.

“He urged other state governors to follow Niger State’s lead in agricultural development to ensure that Nigeria can produce the majority of its own food,” Wakaso stated.

The Special Adviser disclosed that the former President encouraged Niger State to continue investing in agriculture and to explore modern methods to enhance existing practices, expressing his intention to visit Niger State with his team to learn from their progress and exchange ideas to improve and add value to his own agricultural endeavors.

“Obasanjo also advised Nigerians to consider investing in soilless farming, warning that with the current rate of land use, Nigeria could soon face a shortage of arable land. He stressed that innovative farming techniques are essential to sustaining the nation’s agricultural productivity,” she stated