FG May Pay N1.68tn Fuel Subsidy, Marketers Forecast N900/Litre

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September 22, 2023

The Federal Government may be spending about N1.68tn as subsidy on Premium Motor Spirit, from September to December 2023.

This is according to an analysis of data provided by oil marketers and the sector has shown.

PMS dealers stated on Thursday that the pump price of petrol should be between N890 to N900/litre based on the fall of the naira against the United States dollar and the surge in the price of crude in the international market.

Petrol currently sells at between N598 and N617/litre depending on location, fueling suspicion that the Federal Government is subsidizing the commodity.

The government and the NNPCL have not officially admitted that subsidy on petrol has been reintroduced.

President Bola Tinubu had on May 29 ended the subsidy regime during his inaugural address.

The government subsidizes PMS through the Nigerian National Petroleum Company Limited. NNPCL is the sole importer of PMS.

Other marketers stopped PMS imports due to their inability to access foreign exchange.

The removal of subsidy led to an increase in the pump price of petrol from about N198/litre in May to the current rate of N617/litre.

Also, the fall of the naira and the rise in crude oil prices have continued to mount pressure on the cost of PMS.

Dealers in the downstream oil sector explained that the cost of crude oil and the exchange rate of the naira-dollar accounted for over 80 per cent of the cost of PMS.

Brent crude, the global benchmark for oil, rose to about $95/barrel on Thursday. It had peaked to $97/barrel the preceding day, which was the highest figure in 2023.

Oil had started the year at about $82/barrel, dipped to $70/barrel in June, but traded above $94/barrel in the past week.

A week earlier, the naira was exchanged to the dollar at 950/$.

However, on the FMDQ at the Investor & Exporter forex window, the naira appreciated slightly after closing at 770.71/$ on Wednesday from 776.76/$ on Tuesday.

According to oil marketers, the forex crisis and the recent rise in crude prices have made it impossible for petrol prices to remain at N617/litre. They insisted the government had quietly reintroduced fuel subsidies.

Impeachment of Deputy Governor: We’ll follow due process — Ondo Assembly

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Mana Balagbogbo

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September 22, 2023

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The Ondo State House of Assembly, yesterday, told the embattled deputy governor of the state, Mr Lucky Aiyedatiwa, to defend himself on the allegations levelled against him just as it promised to follow due process during the impeachment process.

At Wednesday’s plenary, the lawmakers directed the Clerk of the House, Benjamin Jaiyola, to write a letter to the Deputy Governor to respond to allegations of gross misconduct levelled against him.

However, the lawmakers, in a statement by its Chairman of the House Committee on Information, Mr Olatunji Oshati, said: “An allegation letter does not equate to an impeachment verdict.”

Oshati said: “We find it necessary to address some misconceptions regarding the allegation letter served on the Deputy Governor of Ondo State, Mr Lucky Aiyedatiwa.

“It is crucial that our people understand that an allegation letter does not equate to an impeachment verdict.

“Indeed, the allegation letter served to the Deputy Governor marks the initiation of the impeachment proceedings.

“However, it is essential to remember that this is a procedure rooted in due process, not a hastily conducted impeachment.

“We are conscious of the integrity of our present assembly and will not falter in our constitutional responsibilities to our constituents.

“We wish to declare, unequivocally, that the entire process remains within the realm of allegations. We are committed to examining these allegations objectively.

“Our primary responsibility is to uphold the integrity of our beloved state and foster accountability and transparency, even at the highest levels of government.

“Consequently, we urge our constituents to refrain from making premature judgments. Neither the Deputy Governor nor the Governor is immune to legislative actions.

“The allegation letter has been served and Mr Deputy Governor has the right to defend himself. Rest assured, we are committed to following due process and will do so diligently.”

Sudan’s war could spill to neighbouring countries, army chief warns

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Mana Balagbogbo

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September 22, 2023

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General Abdel Fattah al-Burhan, Sudan’s army chief, has warned that the war he is leading against the Rapid Support Forces (RSF) in his country poses a threat to other neighbouring African countries.

Sudan’s de facto leader, therefore, urged the United Nations and the international community to designate RSF as a terrorist group.

Burhan made this known on Thursday while delivering his speech at the UN General Assembly, in New York, US.

The RSF leader Hamdan Dagalo said he was prepared for a ceasefire for the first since the war began in April in Sudan which has killed thousands of people.

Back in 2021, the two generals staged a coup, but in recent months a power struggle between them has led to their men taking up arms against each other.

Speaking to the UN on Thursday, Burhan said his party was open to peace talks, and wanted to “put an end to this war and to alleviate the suffering of our people”, but said the RSF refused.

However, in a rare video message to the UN, his opponent, Gen Dagalo – also known as Hemedti – said he was ready to engage in talks.

Addressing the UN he also alluded to the RSF’s ties to Wagner, a Russian mercenary group who are operating across Africa in the Central African Republic, Sudan, Libya, Mozambique and Mali.

“The danger of this war is now a threat to regional and international peace and security as those rebels have sought the support of outlaws and terrorist groups from different countries in the region and the world,” he said.

Burhan also argued the RSF should be considered a terrorist group as they had “supported killing, burning, raping, forced displacement, looting, stealing, torture, trafficking of arms and drugs, bringing mercenaries or recruiting children”.He said those crimes required accountability and punishment.

However, Gen Burhan has also faced criticisms for military actions throughout the conflict.

Sudan’s civil war erupted in April when members of the RSF were deployed around the country in a move the army, led by Gen Burhan, saw as a threat.

It is disputed who fired the first shot but the fighting swiftly escalated in different parts of the country. The fighting has killed at least 7,500 people according to NGO Acled and displaced millions.

Tribunal affirms Mutfwang as Plateau gov, dismisses Nentawe’s petition

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Mana Balagbogbo

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September 22, 2023

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The Plateau State Governorship Election Petition Tribunal sitting in Jos has affirmed the election of Caleb Mutfwang of the Peoples Democratic Party, PDP as Governor of Plateau State and dismissed the petition filed by Nentawe Goshwe of the All Progressives Congress, APC.

Nentawe had approached the Tribunal challenging the declaration of Mutfwang by INEC as Governor of Plateau State alleging that as at the time of the election Mutfwang was not qualified to contest having not been validly nominated and sponsored by his Party (PDP) as the Party had no structure as at the time of the said election.

However in its judgment on Friday, the Tribunal dismissed the Petition for lacking in merit.

EU begins paying Tunisia to curb irregular migration

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Mana Balagbogbo

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September 22, 2023

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The European Union will commence the process of releasing money to Tunisia under a pact designed to stem irregular migration from the country, the European Commission said Friday.

A first payment of 127 million euros ($135 million) will be disbursed “in the coming days,” a commission spokeswoman, Ana Pisonero, said.

According to AFP, the EU lawmakers, the bloc’s ombudsman, and migrant assistance charities have questioned whether the deal with Tunisia meets European rights standards.

Under the agreement, a memorandum of understanding signed by commission chief Ursula von der Leyen in July, Tunisia will get 105 million euros to curb irregular migration, 150 million euros in budgetary support and 900 million euros in long-term aid.

Tunisia is one of the main launching points for boats carrying migrants trying to cross the Mediterranean for Europe, with most heading for Italy, in particular its island of Lampedusa.

The EU deal, strongly supported by Italy’s far-right government, aims to bolster Tunis’s coastguard to prevent boats leaving its shore. Some of the money also goes to UN agencies assisting migrants.

Pisonero said that, of the 127 million euros to be “swiftly” disbursed, 42 million euros came under the migration aspect of the July deal.

The rest was for previously agreed programmes, with 60 million euros to help Tunisia with its budget.

The North African country is struggling with high debt and poor liquidity, and has suffered bread and power shortages.

Its hopes of accessing a $1.9-billion bailout from the International Monetary Fund are hobbled by a refusal to undertake IMF-mandated reforms.

Tunisian President Kais Saied has been criticised in Brussels for increasingly authoritarian rule.

The EU ombudsman, Emily O’Reilly, last week demanded the commission explain how the pact with Tunisia will not breach human rights standards.

MEPs have also raised that question, pointing out that hundreds of sub-Saharan migrants in Tunisia had allegedly in recent months been taken to the desert near the Libyan border and left to fend for themselves.

Tunisia has bristled at the criticism, and last week barred entry to a European Parliament fact-finding delegation.

Judge Delays Chicago Varsity From Releasing Tinubu’s Academic Records

By

faith Jegede

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September 22, 2023

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A United States District Judge, Nancy Maldonado, has agreed to stay an order directing Chicago State University to make available the academic documents of President Bola Tinubu, to the legal team of former Vice President Atiku Abubakar.

The hearing came up late Thursday night after the president’s lawyers filed an emergency motion seeking a delay in the implementation of the self-effectuating order directing the CSU to comply with Atiku’s subpoenas till Monday.

Jeffrey Gilbert, had on Tuesday ordered Tinubu’s alma mater to provide all relevant and non-privileged documents to the applicant, Atiku, within two days.

Documents sought by the Peoples Democratic Party candidate, through his counsel, Angela Liu, include the record of admission and acceptance at the university, dates of attendance including degrees, awards, and honours attained by the former governor of Lagos State at the university, among others.

But the president’s attorneys had argued that the earlier decision by Gilbert needed to be reviewed by a district judge.

Coordinator of Tinubu Presidential Legal Team, Babatunde Ogala, disclosed that what they sought was a review and not an appeal.

To further buttress his point, the Senior Advocate of Nigeria emphasised that the US magistrate does not have the power to give an order given to the university to release non-privileged information, adding that he can only make a recommendation.

In the emergency hearing, Maldonado disclosed that mindful of legal deadlines in Nigeria, she would rule on the matter as quickly as possible.

She said, “I will have a busy weekend. The issue is of process and rules. I’m a rule person. That’s why I’m a judge. This case is quite involved. I am aware of the stakes. It’s more important to me to get this right.”

Meanwhile, the president has departed New York after attending the 78th session of high-level meetings of the UN General Assembly where he addressed world leaders on the relevance of democracy, stressing that military coups are wrong.

Trade Volume Hits N1.12bn On Nigerian Stock

By

Rhoda Onuzulike

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September 22, 2023

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The daily volume of trade on the Nigerian Exchange Limited increased by 98 per cent to 1.12 billion units on Thursday as investors lost N35bn at the close of the trading session.

The volume of traded equities reported on Wednesday stood at 566,631,350 units worth N5.39bn. Despite the surge in the volume of trade, the value of trade on Thursday only increased by eight per cent to N5.82bn. The total number of deals fell by 3.07 per cent to 7,949.

Based on NGX data, the surge in the volume of trade was driven by Universal Insurance which had 669,012,278 million units of its shares worth N134.21m traded in 148 deals. Oando Plc followed with 100,687,873 units of shares valued at N1.46bn exchanged in 1656 deals.

Monetary Policy Reason For Drop In Import Volume – Customs

Other stocks with high volume of trade include Japaul Gold with 43,738,795 units worth N43.39m, Accesscorp with 40,144,810 units of shares valued at N681.95m and UBA with 32,450,979 million units of its shares worth N552.75m traded on the exchange.

Both the market capitalisation and the NGX All-Share Index dipped by 0.09 per cent at the close of the trading session to N37.365tn and 68,271.14 basis points. The bears dominated trading session with 30 losers as against 20 gainers.

Top gainers include John Holt whose shares appreciated by 9.55 per cent to close at N1.72 per unit, Omatek and Daar Communications gained 9.52 per cent each to close at N0.46 and N0.23 respectively. Mutual Benefits Assurance Plc gained 9.30 per cent to close at N0.47 and Sunu Assurance’s stock’s rose 9.09 per cent to N0.96 per unit.

On the losers table, Oando led with 9.93 per cent depreciation to close at N13.15 per unit, Lasaco lost 9.71 per cent of its share value to close at N1.86, Chams’ shares dipped by 9.59 per cent to close at N1.32, Northern Nigerian Flour Mills Plc’ shares lost by 9.23 per cent to N15.25, Tantalizer’s share depreciated by 8.57 per cent to N0.32 per unit.

Meanwhile, President Bola Tinubu has called on foreign investors to bring their capital into Nigeria saying his administration is working on easing the free flow of capital.

Tinubu stated this just before he rang the closing bell of NASDAQ, New York, a ceremony organised by United States Chamber of Commerce, Nigerian Exchange Group Plc and Nigerian Investment Promotion Council on Wednesday night.

Judge Adjourns CSU Records Case to Monday

By

Mana Balagbogbo

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September 22, 2023

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President Bola Tinubu experienced relief following the decision of Nancy Maldonado, a Senior Judge of the United States District Court for the Northern District of Illinois, to halt the release of his university records to Peoples Democratic Party (PDP) presidential candidate Atiku Abubakar ahead of the election on February 25.

The judgment postponing Magistrate Jeffrey Gilbert’s execution on the grounds of the Chicago State University was a response to Tinubu’s argument that Atiku would suffer “severe and irreparable harm” if the documents were released.

Gilbert had issued an order on Tuesday evening directing Chicago State University (CSU) to provide Atiku with Tinubu’s academic records within 48 hours in order to support his argument that Tinubu should not have challenged the election.

The judge determined that the applicant, a former vice-president of Nigeria, had shown sufficient justifications for why Tinubu’s academic records should be made available to him in making the order.

The court further mandated that any documents filed under oath must be verified by the administration of the school.

The district judge stayed the discovery order at 3 p.m. yesterday (Chicago time), just before it was to take effect.

Tinubu explicitly requested that the District Court postpone enforcing Judge Gilbert’s decision until Monday, September 25, 2023 in a new emergency motion.

He asserted that since Atiku still had till September 27 to submit information in favor of his appeal before the Supreme Court, he wouldn’t be adversely affected if the court postponed the release of the aforementioned documents.

Judge Maldonado allowed the application in a brief ruling Wednesday night via telephone conference, adding that “this needs to be handled with care.” The judge had previously acknowledged that the situation might be too severe for Tinubu to handle.

Maldonado instructed Tinubu’s attorneys to submit a comprehensive brief on the case by or on Monday, September 25, adding that the court might ultimately accept the magistrate’s suggestion and permit further discovery, or it could order all parties to submit new arguments.

Atiku’s legal team announced that they would submit their response to the brief by 11:00 p.m. that same day.

Atiku claimed that Section 137 (1)(j) of the Nigerian Constitution (as amended in 2010), which specifically states that an individual would be legitimately elected president of Nigeria if the person “has presented a forged certificate to the Independent National Electoral Commission,” prevents anyone from being legitimately elected president of Nigeria, in an application for an order of mandamus on August 2.

Additionally, on June 17, 2022, Tinubu submitted a certificate to INEC that was allegedly signed by Elnora Daniel and dated 1979. But Ms. Daniel didn’t start classes at CSU until 1998, 19 years after Mr. Tinubu was purported to have graduated from Hampton University.

Following a financial mismanagement incident, she departed the school in 2008, or 14 years before June 2022, when CSU produced a new certificate in Tinubu’s name in response to a subpoena from a Nigerian lawyer who had enquired about Tinubu’s studies there.

According to the lawyers for the Nigerian opposition leader, Atiku was spurred by the irregularities to initiate the lawsuit to compel CSU to produce records relating to Tinubu and make its top employees accessible for deposition to authenticate the produced materials.

Although he claimed that Tinubu attended the school and graduated in 1979, CSU’s attorney Michael Hayes stated during a hearing on the subject on September 12 that the institution could not authenticate Tinubu’s certificate if requested under oath.

Following a financial mismanagement incident, she departed the school in 2008, or 14 years before June 2022, when CSU produced a new certificate in Tinubu’s name in response to a subpoena from a Nigerian lawyer who had enquired about Tinubu’s studies there.

According to the lawyers for the Nigerian opposition leader, Atiku was spurred by the irregularities to initiate the lawsuit to compel CSU to produce records relating to Tinubu and make its top employees accessible for deposition to authenticate the produced materials.

Although he claimed that Tinubu attended the school and graduated in 1979, CSU’s attorney Michael Hayes stated during a hearing on the subject on September 12 that the institution could not authenticate Tinubu’s certificate if requested under oath.

Gilbert concluded in his decision that courts in the U.S. have historically granted requests under Section 1782, a law that permits the release of papers and evidence domiciled in the U.S. to be retrieved and utilized in a foreign proceeding.

In the meantime, President Tinubu successfully attended his first General Assembly session in New York before departing yesterday for Lagos via Paris. He met with many international leaders, corporate executives, and Nigerians living abroad.

Nigeria Curling Federation Announces Patience Jonathan As Grand Matron

By

Emenike Agu

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September 21, 2023

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The former First Lady is one of the few Nigerians who ensured the country’s historic qualification for the Youth Winter Olympic Games billed for South Korea next year.

The Nigerian Curling Federation (NCF) has announced the former First Lady of the Federal Republic of Nigeria, Patience Jonathan, as the Fedration’s Grand Matron.

The NCF President Daniel Damola said the choice of Mrs Jonathan was well-thought-out and also well-deserving of a woman who has invested her time and other resources to see that Curling as a sport in Nigeria stands out.

According to Mr Damola, the former First Lady is one of the few Nigerians who ensured the country’s historic qualification for the Youth Winter Olympic Games billed for South Korea next year.

“We acknowledge the kind heart of the former First Lady and that is why we have deemed it fit to accord her the prestigious position of Grand Matron” the NCF boss explained.

Responding, Mrs Jonathan expressed great delight in the honour bestowed on her even as she admitted it was a call to more service for the growth of Curling in Nigeria.

“My genuine appreciation goes to the World Curling Federation for acknowledging the drive towards improving sporting activities in our great nation. I am pleased to be a recipient of this prestigious role and pledge to uphold the values and principles underpinning the sport.”

Mrs Jonathan while noting that sports plays a crucial role in fostering discipline amongst the youth and promoting national unity, stated that Curling offers an amazing opportunity for Nigeria to compete and excel on a global stage.

“I wish to reiterate my commitment to supporting and promoting the growth of curling in Nigeria, whilst recognizing and appreciating its potential to inspire our youth and empower them to create a legacy of athletic achievement and excellence.

“My gratitude goes to the Nigeria Curling Federation for their unwavering dedication to nurturing and advancing the sport within our nation. Your efforts have laid the foundation for the growth and achievement we are celebrating today.”

Already, the former First Lady has made a solemn commitment to be at the Youth Winter Olympic Games to support the young lads that would be representing Nigeria in Gangwon.

Bayern Beat Manchester United 4-3 For Opening Group A Win

By

Emenike Agu

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September 21, 2023

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Bayern Munich struck twice in four minutes in the first half to set them on their way to a 4-3 victory over an embattled Manchester United on Wednesday and make a winning start in Champions League Group A.

Goals from Leroy Sane and Serge Gnabry in the 28th and 32nd minutes put the hosts firmly in the driving seat with injury-hit United, who have now lost their last three matches, pulling a goal back in the 49th through Rasmus Hojlund’s deflected effort.

United, who lost 3-1 to both Brighton & Hove Albion and Arsenal in their previous two games, have now conceded three goals or more in three consecutive matches for the first time since December 1978.

Bayern crushed United’s hopes of a comeback four minutes later with a Harry Kane penalty, awarded for a handball by Christian Eriksen, to restore their two-goal cushion.

Casemiro slotted in from close range in the 88th minute but substitute Mathys Tel scored once more for Bayern in stoppage time. Casemiro headed in another for United with the last move of the game.

The hosts, unbeaten now in their last 28 Champions League group stage home matches also hit the woodwork through Sane and Thomas Mueller in the second half.