Cooking gas prices in Nigeria have more than doubled since 2023, forcing households to rely on cheaper, traditional fuels. Experts warn that this crisis has shifted beyond an economic concern and is now about survival. They are calling for urgent action to prevent a crisis.
Monday, November 4, 2024
Video - Nigerians urge government to lower gas prices
Dangote refinery finally reveals petrol prices
Dangote Refinery on Sunday said it sells its petrol at N960 per litre into ships and N990 per litre into trucks.
The company’s Group Chief Branding and Communications Officer, Anthony Chiejina, disclosed this in a statement on Sunday.
The company made this known in reaction to a claim by the marketers that the refinery’s prices are higher than other suppliers, making it difficult for independent marketers to buy from it.
The National Assistant Secretary of IPMAN, Yakubu Suleiman, disclosed this while speaking on the ARISE TV morning show on Friday. He said: “Like last week, Dangote’s price is higher than other places. Because if you can go by the price, the international price of crude has already started coming down. If I could remember, as of last week, he gave N995 per litre, and you have to bring your cargo and load.”
“How much will you pay for the cargo? And how much will go to the depot? And you expect independent marketers to go and sell it. Can we go and sell? Look, we have to pity Nigerians,” Mr Suleiman said.
In its statement on Sunday, the Dangote Refinery said its prices are benchmarked against international rates, ensuring competitiveness.
The company claimed that anyone importing petrol at lower prices likely brings in substandard products, posing health and environmental risks.
“We had lately refrained from engaging in media fights but we are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN, and other associations.
“Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. We benchmark our prices against international prices and we believe our prices are competitive relative to the price of imports,” Mr Chiejina said.
He explained that if anyone claims they can land petrol at a price cheaper than the price Dangote is selling, then they are importing substandard products and conniving with international traders to dump low-quality products into the country, without concerns for the health of Nigerians or the longevity of their vehicles.
The Dangote spokesperson claimed the regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), does not even have laboratory facilities which can be used to detect substandard products when imported into the country.
“Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for our pricing and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.
“In good faith, and in the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased,” he said.
At the same time, he said an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production.
This, he said, is detrimental to the growth of domestic refining in Nigeria.
“We should point out that it is not unusual for countries to protect their domestic industries in order to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips in order to protect their domestic industries.
“While we continue with our determination to provide affordable, good quality, domestically refined petroleum products in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty,” he added.
Background
Last Tuesday, Aliko Dangote, founder and president/chief executive of the Dangote Group, said his refinery has more than 500 million litres of petrol in stock, but marketers have not been buying the product.
He questioned why the NNPC and private retailers were still importing petrol when his refinery could produce enough.
“So, I am expecting that the NNPC Ltd and the marketers should stop importing; they should come and collect what they need,” Mr Dangote said Tuesday.
Mr Dangote did not say for how long the 500 million litres of petrol had been refined and stored by his 650,000 barrels per day refinery.
However, PREMIUM TIMES reported that data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that his refinery was unable to meet the required volume of petrol sought by NNPC Ltd for three weeks.
According to the Dangote Evacuation Report seen by this newspaper, between 15 September and 5 October, the refinery delivered only 148 million litres of petrol, instead of 575 million litres.
Last Thursday, Dangote Refinery said it has not received any payments for the purchase of refined petroleum products from the IPMAN. The company made this known in reaction to a claim by the marketers that they were unable to load petrol from the refinery for days.
By Mary Izuaka, Premium Times
Friday, November 1, 2024
NEC recommends withdrawal of Tinubu’s tax reform bills
The National Executive Council has recommended the withdrawal of the four tax reform bills sent to the parliament by President Bola Tinubu.
The NEC, presided over by Vice President Kashim Shettima, took the decision at its meeting held at the Presidential Villa on Thursday. Membership of the NEC includes the governors of Nigeria’s 36 states.
Governor Seyi Makinde of Oyo State, who was one of the attendees who briefed journalists after the meeting, said the NEC called for the withdrawal so that “we can have wider consultations and also build consensus around these reforms…”
PREMIUM TIMES reported the controversy the bills have generated with the Northern Governors Forum rejecting them.
President Tinubu sent the four bills to the National Assembly as part of efforts to overhaul Nigeria’s tax system.
The bills seek to, among others, create a central revenue service that will collect all government revenues including those currently being collected by agencies like the customs and the ports authority.
The bills also seek to allocate more VAT revenues to states but would allow states where the VATs are generated to get the lion’s share. It is that latter position that northern leaders believe would not favour states in the region.
At its meeting, the NEC noted the need for sufficient alignment between and amongst the stakeholders for such proposed reforms, Mr Makinde said, noting that, there’s really a lot of miscommunication at the moment.
Earlier, President Tinubu’s spokesperson said the proposed laws will not increase the number of taxes currently in operation. Instead, they are designed to optimise and simplify existing tax frameworks.
“The tax rates or percentages will remain the same under these reforms, as they focus on ensuring a more equitable distribution of tax obligations without adding to the burden on Nigerians,” Mr Onanuga said.
He added that the reforms will not lead to job losses. On the contrary, they are structured to stimulate new avenues for job creation by supporting a dynamic, growth-oriented economy, he said.
“At the moment, tax administration lacks coordination among federal, state, and local tax authorities, often resulting in overlapping responsibilities, confusion, and inefficiency. Without reform, this inefficiency will persist.”
On concerns raised among government agencies, Mr Onanuga said the proposed laws aim to coordinate efforts between different tiers of government, resulting in better tax resource management and greater clarity for taxpayers.
“Importantly, these laws will not absorb or eliminate the duties of any existing department, agency, or ministry. Instead, they aim to harmonise revenue collection and administration across the federation to ensure efficiency and cooperation.”
On the proposed derivation-based VAT distribution model, which the Northern governors oppose, Mr Onanuga said the new tax model is designed to create an even fairer system.
The new proposal before the National Assembly outlines a different form of derivation which considers the place of supply or consumption for relevant goods and services.
“This means that states in the Northern region that produce the food we eat should not lose out just because their products are VAT-exempt or consumed in other states,” Mr Onanuga said, adding that, the ongoing tax reform seeks to correct the inherent inequity in the current derivation model as a basis for distributing VAT revenue.
Wednesday, October 30, 2024
Nigerian MP apologises after viral taxi slapping video
“I sincerely apologise for my words and actions during this incident… As a public servant, I understand the weight of my role and how my words can impact others,” said the politician who was questioned by police over the incident on Sunday evening.
Bolt driver Stephen Abuwatseya accepted a job to deliver some snails to Ikwechegh’s home in the capital, Abuja, and began recording their conversation after an argument started over payment.
The lawmaker had accused the driver of disrespecting him and went on to slap him in the clip.
What appeared to have angered the 44-year-old politician from Abia state in south-eastern Nigeria was the driver’s request that he come outside to collect the delivery.
“So, you think I will give you my money with the way you have spoken to me?” he asked in the video recording.
Mr Abuwatseya responded: “I did a job for you, and you have to pay me, sir.”
The MP then phoned the snail seller to complain about the driver’s behaviour: “How can this stupid idiot come to my house and tell me that I’m supposed to come and meet him in his car and pick up snail that I’m buying from you?
“Can you imagine this rat? I can make this man to disappear in the whole of Nigeria and nothing would happen.”
He then turned back to the driver and continued the argument, asking if he knew who he was, repeatedly saying: “How dare you?”
He continued: “I will beat you up. I will show you that I’m a big brother to you. I will slap the hell out of you, lie you down, and lock you in my generator house. How dare you?”
When Mr Abuwatseya later made it clear he was recording, the MP challenged him to call the police chief.
The recording stopped when it appears the MP grabbed at the phone. In a later clip the driver is seen bare-chested and alleges the politician tore his shirt off and had slapped him three times in total.
In a statement on Monday, the police said they were investigating the matter and urged people to refrain from using the inspector general of police’s name “to intimidate others”.
In his statement, released on Tuesday, Ikwechegh extended his “heartfelt apologies” to the police chief “ recognising the unintended disparagement my remarks may have caused to his person, his office, and the entire institution”.
He also apologised to the House of Representatives, which, according to local media, has since referred the matter to its ethics committee.
“This incident has been a humbling reminder of the necessity for restraint and self-control, especially in challenging circumstances,” the legislator said.
“I am committed to using this experience as an opportunity for growth, both as a citizen and as a more empathetic representative of the people.”
Ikwechegh said he and Mr Abuwatseya had “explored alternative dispute resolution methods” to sort out the issue and had reached a “respectful resolution”.
By Lucy Fleming, BBC
Dangote says refinery has 500 million litres of petrol in storage, can meet Nigeria's demand
Nigeria's President, Bola Tinubu, had summoned oil regulators, the head of the state-owned NNPC, the finance minister, and Aliko Dangote to a meeting in Abuja on Tuesday.
The purpose was to review a policy requiring NNPC to sell crude oil to the Dangote refinery in local naira currency in an effort to ease foreign exchange pressure and help the mega refinery secure enough crude to meet its 650,000-barrel-per-day capacity.
Following the meeting, Dangote clarified that his business is not involved in retailing petrol and he should not be blamed for fuel shortages in Africa's top oil producing country.
He also said that keeping fuel in storage tanks is costing him money.
"I expect the NNPC and marketers to stop importing. They should come and collect; we have everything they need," said Dangote.
Two weeks ago, local fuel traders began increasing imports, claiming that the Dangote refinery was unable to meet domestic demand, exacerbating fuel shortages.
The Dangote Oil Refinery in Lagos began processing petrol in September, initially setting out to supply 25 million litres per day. The goal is to gradually increase production to 35 million litres daily, which Dangote believes will be sufficient to meet local demand.
At an oil conference in Lagos on Monday, however, the sector regulator said Nigeria’s daily petrol demand is between 45 and 50 million litres.
In a statement issued by a government spokesperson, President Tinubu urged stakeholders to focus on supplying enough petrol for local consumption to reduce dependence on imports.
He also directed them to use Afreximbank, the financial adviser for the naira crude sale scheme, as the settlement bank for naira pricing of crude and refined products.
Dangote previously had to buy crude on the international market, but it filed a complaint saying oil majors were blocking its access to locally produced oil by selling it above market price or claiming it was unavailable, forcing the refinery to rely on expensive imports.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said the plan to sell crude in naira would remain in place, and the government would not intervene in determining the exchange rate for the oil sector.
Nigeria aims to end the importation of petroleum products once the Dangote Refinery reaches full operational capacity.
By Isaac Anyaogu, Reuters
Related story: Video - Nigeria ends state oil firm's role as Dangote refinery's sole buyer
Tuesday, October 29, 2024
Video - Nigeria ends state oil firm's role as Dangote refinery's sole buyer
Nigeria's Minister of Finance says the new arrangement which allows independent marketers to also purchase products directly from the refinery will encourage a wider supply chain for products across the nation. However, energy experts say the government will need to revitalize more refineries that have been dysfunctional for years.
Video - Building collapse in Nigeria's capital leaves at least 7 dead
A building collapsed in a suburban area of Nigeria’s capital over the weekend, killing at least seven people, police said Monday.
The building, located in the Sabon-Lugbe area of Abuja, had already been partly demolished and its structure was further compromised by scavengers looking for scrap metal, the Abuja police said.
Abuja police spokesperson Josephine Adeh said five people were rescued from the rubble on Sunday.
Building collapses are becoming increasingly common in Nigeria, with more than a dozen such incidents recorded in the last two years. Authorities often blame such disasters on failures to enforce building safety regulations and on poor maintenance.
Nigeria, Africa’s most populous country, has recorded 22 building collapses between January and July this year, according to the Council for the Regulation of Engineering in Nigeria.
In July, a two-story school collapsed in north-central Nigeria, killing 22 students. The Saints Academy college in Plateau state’s Busa Buji community collapsed shortly after students, many of whom were 15 years old or younger, arrived for classes.
By Dyepkazah Shibayan, AP
Nigeria signs funding deal with IFC to boost naira currency financing
The central bank of Nigeria has signed an agreement with the International Finance Corp to expand local currency financing for Nigerian businesses and cut foreign exchange risks, the agencies said in a statement on Monday.
The IFC, a World Bank Group member, aims to "significantly scale up" its financing in Nigeria, targeting over $1 billion in the coming years, the statement said.
The partnership will enable IFC to manage currency risks and increase its investments in Nigeria's naira currency across agriculture, housing, infrastructure, energy, small and medium-sized enterprises, and the creative industry.
"Many of these sectors require local currency financing, and IFC's partnership with the (central bank) is a key tool in expanding access," the statement said.
By Elisha Bala, Reuters
Google among investors putting $110 million into Nigeria's Moniepoint
Nigeria based fintech Moniepoint has raised $110 million in new funding from investors including Google to scale up digital payments and banking solutions across Africa, the company said on Tuesday.
Moniepoint started operations in 2015 providing infrastructure and payment solutions for banks and financial institutions but has grown to also offer personal banking services.
The latest funding round was supported by existing investors London-based Development Partners International and private equity firm Lightrock. Google's Africa Investment Fund and Verod Capital came in as new investors.
Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it "unicorn" status - a term for tech firms with a valuation of a billion dollars or more.
The new capital would be used to speed up Moniepoint's growth across Africa and build an integrated platform for businesses.
"This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions," Moniepoint said.
Nigeria is the fastest growing fintech market in Africa, driven by its more than 200 million people, many who still lack access to financial services like banking.
Moniepoint started offering personal banking services in August last year.
The fintech says it processes over 800 million transactions, with a monthly value of more than $17 billion.
By MacDonald Dzirutwe, Reuters
Monday, October 28, 2024
CAF awards Super Eagles 3 points, 3 goals against Libya
The Confederation of African Football, CAF, on Saturday awarded three points and three goals to the Super Eagles following the botched 2025 Africa Cup of Nations qualifier against Libya.
The Super Eagles consolidated their top position in the group following the verdict.
The Nigerian side now have 10 points from four matches, four points clear of nearest rivals Benin.
Libya remain bottom of the group with one point.
A draw with Benin in Abidjan next month will qualify the Super Eagles for the 2025 AFCON to be hosted by Morocco in December 2025.
The Confederation of African Football (CAF) also fined the Libya Football Federation $50,000.
The fine is to be paid within 60 days of notification of the decision.
Related story: Video - Libya blames Nigeria for abandoned AFCON clash in Benghazi
Nigeria Football team boycotts Africa Cup qualifier after being stranded at Libya airport
Starlink reverses price hike in Nigeria three weeks after NCC directive
The company raised the standard residential plan with a 1 TB fair usage policy to ₦75,000 ($48) from ₦38,000 ($24). Roaming customers saw the steepest hikes, with local roaming, allowing Starlink use beyond home or work in Nigeria, rising to ₦167,000 per month from ₦49,000.
International roaming costs were raised to ₦717,000 per month.
The new rates were scheduled to take effect on October 31st.
While Elon Musk posted on X that Starlink’s subscription prices are adjusted for inflation, Nigerian regulators have set pricing guidelines for ISPs and have previously blocked other providers’ requests to raise data prices.
In a statement to TechCabal, the regulator stated that Starlink did not “receive the approval of the Nigerian Communications Commission (NCC).”
The NCC instructed Starlink to reverse the price increase or face sanctions.
The commission added that Starlink’s action contravened “Sections 108 and 111 of the Nigerian Communications Act (NCA), 2003, and Starlink’s Licence Conditions regarding tariffs.”
Related story: Nigeria To Sanction Elon Musk’s Starlink For Illegal Price Hike
Friday, October 25, 2024
Netflix's new Nigerian movie Hijack '93 out today
On 25 October 1993, four teenage boys boarded a Nigeria Airways flight from Lagos to Abuja with a clear agenda: hijack the aircraft, take all 193 passengers hostage and force the government to bend to their demands.
The moment the pilot told passengers they could unfasten their seatbelts, the young men - aged between 16 and 18 - sprung into action.
After entering the cockpit with a fake gun, the second step of their plan was to declare that the commercial aircraft - which had several leading politicians on board - was now being controlled by the Movement for the Advancement of Democracy (MAD).
'Remain calm, we will not harm you,' they reportedly told the terrified travellers. 'You will be told where the plane will land you.'
But despite their claims that there would be no casualties, the teenagers' carefully constructed plan quickly descended into chaos - culminating in the death of a crew member following four days of tense negotiations.
31 years on from the incident, Netflix has dramatised the case in their film Hijack '93, which lands on the streaming platform tomorrow.
Here FEMAIL delves into hijacking that had Nigeria on tenterhooks in October 1993 - and why the men have since been celebrated as heroes.
Political unrest in run-up
The 1980s and 1990s were a particularly turbulent time for politics in the West African country.
In 1983, the Nigerian military staged a coup to overthrow President Shehu Shagri's elected government.
Over the next 10 years, power only passed through the hands of the military, which resulted in internal uprising and power struggles among leaders.
In 1990, Major Gideon Orkar attempted to overthrow the government through a failed military coup - after General Ibrahim Babangida took power via the same means five years before.
Three years later, the country went to the polls for the first time in over a decade - with Chief Moshood Kashimawo Olawale Abiola, who was the leader of the Social Democratic Party, winning over the National Republican Convention's Alhaji Bashir Tofa.
Although MKO Abiola won in a landslide and secured eight million votes, the military government proceeded to annul the election - citing security threats.
At the time, military leader General Ibrahim Babangida said in a statement that 'these steps were taken to save our judiciary from being ridiculed and politicized locally and internationally'.
However, the decision led to unrest among the population amid growing fears there would be indefinite military rule.
A Western diplomat in West Africa told the New York Times in 1993: 'The military has only themselves to blame for this mess.'
Hijacking plane with a toy gun
After three months of protests, teenagers Richard Ogunderu, Kabir Adenuga, Benneth Oluwadaisi and Kenny Rasaq-Lawal decided to send a message to the Nigerian government.
When they boarded the Nigeria Airways plane, the foursome had already prepared statements demanding MKO Abiola be instated as the country's rightful leader, which they handed out to passengers.
They also demanded the military return embezzled money to the state and reopen a series of closed newspaper companies and universities.
Before the incident, Ogunderu - who grew up in a middle class neighbourhood and was one of five children - told Sahara Reporters that some of them had not even been on a plane before.
Speaking to Neusroom in 2022, Richard Ogunderu's father Yemi described him as 'strong-willed and obstinate'.
He added: '[Richard] would tell me, "you old men just sat there bemoaning your fate, won’t you do something about this country?"
'The relationship between us was beyond father and son. We relate like brothers. I didn’t even know when he became a member of MAD. He had never discussed activism with me even though he knew I’m highly opinionated about socio-political issues.'
Speaking to The Punch, one of the hijackers said they targeted this specific aircraft because it 'flew the calibre of people we wanted to deal with'.
As well as China's vice president Rong Yiren, there were also top Nigerian government officials on board.
Speaking to the Sahara Reporters in 2009, Richard Ogunderu - who was the group's leader - explained: 'We were on a mission.
'We wanted to show the evil [military] regime that young people were prepared to go the extra length to free Nigerians from the yoke of military dictatorship.'
He then revealed how he was the one to enter the cockpit, where he pointed a fake gun at the pilot and told him to redirect the plane. A fellow hijacker later claimed that Ogunderu pretended to be a student who wanted to look at the plane's controls.
Although reports stated that Ogunderu wanted to land in Germany, the plane didn't have enough fuel - as their planned journey should have only taken just over an hour.
As such, the hijacker settled on Niamey in Niger instead - where they were met with armed forces.
While the aircraft was still in the air, the hijackers doused themselves in the six litres of fuel they had smuggled onto the plane and threatened to set themselves on fire if passengers didn't follow orders.
Threatening to blow up plane
After the plane landed, the hijackers began negotiations with the police - with the foursome initially demanding they get more fuel so they could fly to Frankfurt.
When this was denied, they teenagers urged the government to recognise the results of the June Nigerian Presidential election.
If MKO Abiola was not sworn in as President in 78 hours, the teenagers claimed they would set the plane on fire.
In an interview with The Nollywood Reporter in July 2023, Richard explained how he was connected to a BBC journalist to 'tell the world their message'.
He added: 'I said we were going to burn the plane within 78 hours if our requests were not met.
'Of course, that was just a scare tactic. We've decided to let the pleading passengers go the next day.'
In the first two hours, the hijackers released women and children - before releasing a further 129 the following day, including the Chinese vice president.
However, they refused to give up the crew or Nigerian government workers.
At first, the authorities offered not to arrest the hijackers - as long as they released the remaining hostages.
Ogunderu added: 'We were not afraid, at that moment, death meant nothing to us.'
Rescue operation leaves one dead
For four days, authorities held off on entering the aircraft - fearing the hijackers may detonate a bomb.
But on 28 October, police stormed the plane in the middle of the night.
'They thought we were asleep, so they came under the cover of the night and fired several shots,' Ogunderu said. 'They bombarded the plane.'
The rescue operation claimed the life of crew member Ethel Igwe while Richard was also injured. One of the hijackers later said over 300 shots were fired during the mission.
Richard told the Nollywood Reporter: 'I am deeply sorry about [Ethel's] death, and that in itself was one of the reasons we were clamouring for democracy.
The military government was notorious for wanton killing and abuse of human rights. That should never have happened.'
Following this, the hijackers were arrested and were sentenced to over nine months in prison in Niger. They claim to have served their sentence in one small cell, which also served as a toilet.
Remembered as 'heroes'
Despite the teenagers' efforts, the interim military government was replaced by General Sani Abacha's dictatorship.
The late dictator was in power from 1993 to 1998 and was the last successful military coup in the country's history.
Although they were unsuccessful in achieving their goal, Richard Ogunderu, Kabir Adenuga, Benneth Oluwadaisi and Kenny Rasaq-Lawal are seen by some as modern-day 'heroes'.
Speaking to The Punch in 2023, Benneth Oluwadaisi said he wanted to 'fight for the stability of democracy in Nigeria'.
In response to the report, one X user wrote: 'These guys are heroes, honestly. The way they went about it, though, wasn't plausible, but they have earned my respect for their courage and brevity.'
Another added: 'In as much as this is a wrong thing to do, I'm proud of them. They fought for freedom, democracy and what they believed in.'
By Lydia Hawken, Daily Mail
Related story: 3 Nigerians selected for Netflix Development Lab to engender more local African content
Nigeria Joins BRICS as Partner Country
Nigeria has officially joined the BRICS economic bloc as a partner country, alongside 12 other nations, marking a significant step in deepening its global economic relations.
The announcement was made at the BRICS summit held in Kazan, Russia, from October 22 to 24, 2024, further consolidating Nigeria’s economic ties with emerging markets.
In addition to Nigeria, the countries now recognized as BRICS partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.
While these nations have not attained full membership status, their inclusion represents a pivotal moment for the bloc as it continues to expand its influence.
A statement on the BRICS official X (formerly Twitter) handle on Wednesday confirmed, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”
This decision reflects the bloc’s commitment to fostering cooperation and growth among diverse global economies.
Nigeria’s inclusion comes on the heels of a notable surge in foreign capital inflows from BRICS nations, which soared by 189% in the first half of 2024.
The inflows reached $1.27 billion, compared to $438.72 million during the same period in 2023.
This significant economic boost signals the growing economic synergy between Nigeria and BRICS member states.
The Kazan summit, themed “Strengthening Multilateralism for Fair Global Development and Security,” is the sixteenth annual BRICS meeting and comes at a time of increased global interest in multilateral cooperation. Nigeria’s addition to the bloc as a partner country aligns with its strategic ambitions to deepen economic integration and foster trade with key emerging nations.
The BRICS bloc, originally formed by Brazil, Russia, India, and China (BRIC) in 2009, welcomed South Africa as a full member in 2010, rebranding the group to BRICS. Since then, the organisation has emerged as a powerful coalition of developing economies with an emphasis on fostering trade, investment, development, and security.
This year’s summit was attended by new full members Iran, Egypt, Ethiopia, and the United Arab Emirates, who officially joined BRICS in January 2024.
The inclusion of partner countries like Nigeria and the aforementioned 12 nations highlights BRICS’ ongoing efforts to expand its global reach and strengthen economic ties across continents.
The prospect of Nigeria becoming a full member of BRICS has been a topic of discussion for some time. In November 2023, Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, indicated the country’s ambition to join BRICS and the G20 group of nations within two years. He emphasized that Nigeria’s large economy and substantial population made it a suitable candidate for such organizations.
Tuggar’s statement reflected the growing recognition of Nigeria’s importance on the global economic stage and its potential to contribute to multilateral organizations like BRICS. As a partner country, Nigeria is now positioned to further leverage its economic strengths and continue building its international partnerships.
By Chioma Kalu, Arise News
Related story: Video - Nigeria among several nations seeking to join BRICS
Nigeria releases American crypto executive after dropping money laundering case
Tigran Gambaryan, Binance’s head of financial crime compliance, was freed on a humanitarian basis and was returning to the United States to receive medical attention, White House national security adviser Jake Sullivan said in a statement Thursday announcing the release.
“I am grateful to my Nigerian colleagues and partners for the productive discussions that have resulted in this step and look forward to working closely with them on the many areas of cooperation and collaboration critical to the bilateral partnership between our two countries,” Sullivan said. He said he had spoken with Gambaryan's wife “to share the good news.”
Gambaryan was arrested in February during a business trip to Nigeria alongside Nadeem Anjarwalla, the company’s regional manager in Africa, who fled custody and remains at large.
Nigerian authorities had accused Binance, the world’s largest cryptocurrency exchange, and Gambaryan of using the platform to launder up to $35 million and to manipulate the local naira currency, which they deny.
Nigeria is Africa’s largest crypto economy in terms of trade volume, with many citizens using crypto to hedge their finances against surging inflation and the declining local currency.
But as its users grew and the government struggled to stabilize the currency, officials alleged without providing evidence publicly that the platform was being used to launder money and finance terrorism, forcing it to stop all trading with the local currency on its platform.
On Wednesday, R.U. Adaba, a prosecuting lawyer with Nigeria’s Economic and Financial Crimes Commission, told the Federal High Court in Nigeria’s capital, Abuja, that the government was ending the case after “taking into consideration some critical international and diplomatic reasons."
Binance still faces charges on suspicion of tax evasion and operating without the required license.
Gambaryan’s trial has been shrouded in controversy, including over allegations that he and his colleague were illegally detained and their passports seized. Binance also alleged that Nigerian officials demanded bribes to release him and Anjarwalla.
The Nigerian government denied the bribery allegation and defended the prosecution as following the rule of law.
Gambaryan’s health deteriorated as his court case dragged on. The court in Abuja denied him bail twice after a judge ruled he was a flight risk and that he should remain at the Kuje prison in the capital city.
By Chinedu Asadu, AP
Related story: Nigeria drops money laundering charges against Binance executive
Thursday, October 24, 2024
Tinubu sacks five ministers, reassigns ten, appoints seven new ones
President Bola Tinubu has sacked five ministers and appointed seven new ones. The president also reassigned ten ministers to new positions, his office said.
The five sacked ministers are Uju-Ken Ohanenye, the former minister of Women Affairs; Lola Ade-John, the former minister of Tourism; Tahir Mamman, the minister of Education; Abdullahi Gwarzo, minister of state, Housing and Urban Development, and Jamila Ibrahim, minister of Youth Development.
The newly appointed ministers, who would still have to be confirmed by the Senate, are Nentawe Yilwatda, Muhammadu Dingyadi, Bianca Odumegu-Ojukwu, Jumoke Oduwole, Idi Maiha, Yusuf Abdullahi Ata, Suwaiba Ahmad.
The presidency said the dismissal and appointments are part of “eight far-reaching actions to reinvigorate the Administration’s capacity for optimal efficiency pursuant of his commitment to deliver on his promises to Nigerians.”
Read the full statement from the president’s office below.
President Bola Ahmed Tinubu GCFR has approved the immediate implementation of eight far-reaching actions to reinvigorate the Administration’s capacity for optimal efficiency pursuant of his commitment to deliver on his promises to Nigerians.
The eight actions approved by Mr. President include:
1. The renaming of the Ministry of Nigeria Delta Development to Ministry of Regional Development to oversee the activities of all the Regional Development Commissions. The Regional Development Commissions to be under the supervision of the new Ministry are; the Niger Delta Development Commission, the South East Development Commission, the North East Development and the North West Development Commission.
2. The immediate winding up of the Ministry of Sports Development and the transfer of its functions to the National Sports Commission in order to develop a vibrant sports economy;
3. The merger of the Federal Ministry of Tourism and the Federal Ministry of Arts and Culture to become Federal Ministry of Art, Culture, Tourism and the Creative Economy;
4. The re-assignment of ten (10) ministers to new ministerial portfolios;
5. The discharge of five (5) Ministers.
6. The nomination of seven (7) new ministers for onward transmission to Senate for confirmation;
7. The appointment of Shehu Dikko as Chairman of the National Sports Commission;
8. The appointment of Sunday Akin Dare as Special Adviser to the President on Public Communication and Orientation working from the Ministry of Information and National Orientation
The President thanked the outgoing members of the Federal Executive Council for their service to the nation while wishing them the best in their future endeavours. He then charged the newly appointed ministers as well as their reassigned colleagues to see their appointment as a call to serve the nation. He added that all appointees must understand the administration’s eagerness and determination to set Nigeria on the path to irreversible growth and invest the best of their abilities into the actualisation of the government’s priorities.
Wednesday, October 23, 2024
Nigeria drops money laundering charges against Binance executive
Nigeria's government has withdrawn a money laundering case against Binance executive Tigran Gambaryan to allow him seek medical treatment abroad, the government's lawyer said on Wednesday.
Gambaryan, a U.S. citizen and head of financial crime compliance at Binance, has been in detention in Nigeria since late February and has been charged with laundering more than $35 million. Gambaryan and Binance deny the charges.
The government's lawyer said it would continue the money laundering case against Binance without Gambaryan. Separate tax evasion charges against Binance, the world's largest crypto exchange, remain in place. Binance has also denied those charges.
Related story: Binance exec and former U.S. agent Tigran Gambaryan denied bail by Nigeria
Tuesday, October 22, 2024
Video - Nigeria tourism stakeholders welcome Chinese infrastructure investment
Nigeria is home to a range of incredible attractions, but many sites remain difficult to access due to poor infrastructure and neglect. China's infrastructure agreements with Nigeria could change this, paving way for a more accessible tourism sector through road, energy, and railway projects.
Video - Libya blames Nigeria for abandoned AFCON clash in Benghazi
The Libyan Football Federation says the flight delays that affected the Super Eagles, which ultimately led to the abandonment of their fixture in Benghazi, were caused by routine air traffic and logistical challenges rather than deliberate foul play. The federation also highlighted the fact that the Mediterranean Knights of Libya also faced challenges after arriving in Nigeria for their 2025 Africa Cup of Nations qualifier last week.
Related story: Video - Nigerians react to abandoned AFCON clash against Libya
Nigeria Football team boycotts Africa Cup qualifier after being stranded at Libya airport
Nigerian drivers face hurdles in the transition to natural gas-powered vehicles
Nigerian authorities plan to convert 1 million gasoline-engine vehicles to run on cheaper, cleaner compressed natural gas, or CNG, by the year 2027. Nigeria has some of the largest gas reserves in the world. But with only a few CNG filling stations available in the country, many who have converted the vehicles are facing a new challenge. Timothy Obiezu reports from Abuja.
Nigeria approves Exxon-Seplat deal after more than two years
Nigeria has approved the sale of Exxon Mobil Corp's onshore assets to Seplat Energy, the chief executive officer of the country's upstream regulator said on Monday, more than two years after the $1.28 billion deal was first agreed.
The sale had been under scrutiny as it awaited regulatory approval since it was first announced in February 2022.
President Bola Tinubu said on Oct. 1 the deal would receive ministerial approval in a matter of days after getting clearance from the regulator.
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga Komolafe said on Monday at an event in the capital Abuja that the ministerial approval had been granted.
Under the deal, Seplat will own 40% of four oil mining leases and associated infrastructure, including the Qua Iboe export terminal, and 51% of Bonny River natural gas liquids recovery plant previously owned by Mobil Producing Nigeria Unlimited, Exxon's local unit.
Oil majors operating in Nigeria - Africa's largest oil exporter - have been retreating from onshore operations hampered by theft and sabotage, opting to focus future investments on newer and more lucrative deep offshore fields.
In July the NUPRC approved the sale of onshore assets by Eni's local unit to Oando and another from Equinor to new entrant Project Odinmim.
The regulator offered in May faster approvals for pending asset sales by oil majors if they took responsibility for oil spills and compensated impacted communities rather than wait for authorities to apportion liability.
Monday, October 21, 2024
Video - Nigerians react to abandoned AFCON clash against Libya
The aborted 2025 Africa Cup of Nations qualifier between Libya and Nigeria that was due to be played in Benghazi earlier this week elicited sharp reaction from Nigerians. The Nigerian Football Federation pulled the Super Eagles out of the match after the team was allegedly stranded for hours without basic necessities at an airport in Tripoli.
Related story: Nigeria Football team boycotts Africa Cup qualifier after being stranded at Libya airport
Video - Nigeria among several nations seeking to join BRICS
Enthusiasm for the BRICS is growing as countries continue to seek better alternatives to solve their economic and development challenges. The alliance’s championing for developing countries' interests has sparked the interest of the Global South countries, among them Nigeria, in joining the group. Five new members, Saudi Arabia, Iran, Ethiopia, Egypt and the UAE, joined the BRICS mechanism earlier this year and many more want to follow them.
Related story: Foreign Minister says Nigeria plans to join BRICS
Police lament high rate of jungle justice in Nigeria
The Nigeria Police Force have decried the spate of jungle justice in the country, warning against its consequences on criminal justice administration, rule of law and global reputation.
The Force Public Relations Officer, ACP Olumuyiwa Adejobi, who said this in a statement on Sunday in Abuja, condemned the trend of jungle justice in the country, describing it as a deplorable and savage behaviour.
Adejobi said the act had led to the tragic loss of lives and destruction of properties across the country.
According to him, the inhuman act was a betrayal of justice and due process, which undermined the rule of law, fundamental principles and ideals of human rights and justice.
He added that the Nigeria Police also condemned the act of arson in some parts of the country.
The Force PRO noted that the act led to the death by burning of some suspects in police custody and the setting ablaze of police barracks, patrol vans and the Divisional Police Station in Edo.
Adejobi said in the above case, the public alleged that the police were trying to pervert justice by taking into custody, some suspected kidnappers and armed robbers, accused of terrorising the community.
“The main suspect was arrested and almost lynched by some community members before he was rescued by the police and his arrest led to the arrest of three additional suspects.”
“The rescue and detention of the suspects did not go down well with some members of the community, who later mobilised in large numbers.
“They attacked the police station, killed the suspects by burning them and the station as well as properties therein,” he said.
By Matthew Atungwu, Daily Post
Leverkusen's Boniface only 'slightly injured' after car accident
The forward can be seen looking into the camera and then showing what appears to be his arm dripping with blood.
Other images show a black sports car which appears to have been destroyed in an accident. The post has since been deleted.
German tabloid Bild reported Sunday Boniface is "doing well considering the circumstances and is only slightly injured", citing a source close to the striker.
Boniface wrote on social media on Sunday "god is the greatest" and "god says my time hasn't come."
The forward's club Leverkusen are yet to comment publicly on the news.
The 23-year-old striker joined Leverkusen last season and played a key role as the club broke through for an unbeaten league and cup double -- their first ever Bundesliga win -- while receiving his debut Nigeria call-up.
This season he has seven goals in 10 games in all competitions. On Saturday, he missed a penalty but headed in the winner in a 2-1 home victory over Eintracht Frankfurt.
Leverkusen are away at French club Brest in the Champions League on Wednesday.
Friday, October 18, 2024
Video - Nigeria implements zero-tax policy on pharmaceutical products
President Bola Tinubu's executive order granting VAT and customs waivers on pharmaceuticals and medical devices is designed to reduce prices and boost local manufacturing of badly needed medicines. The initiative is part of the health ministry's effort to strengthen the healthcare value chain.
Subscribe to:
Posts (Atom)