Governor Yahaya Adoza Bello of Kogi State, today, September 4, recieved a Hero’s welcome in his Okene Country Home over the Supreme Court victory in the battle to secure a second term of eight years in office.
A mammoth crowd of his supporters and party stalwarts lined up the street leading to the palace of the paramount ruler, the Ohinoyi of Ebiraland, Alhaji Dr. Ado Ibrahim, to cheer him, as he stepped into Ebiraland for the first time after the Supreme Court judgment.
The Governor and his entourage meandered through a thick jubilating crowd into the palace where he expressed gratitude to the Ohinoyi and the entire Ebira people, as well as his supporters across the State for the support.
He promised to justify such support by initiating and executing more people oriented projects and programs.
Petroleum Industry players and stakeholders have said the decision of the Federal Government to abolish the subsidy regime and enthrone a downstream deregulation era leading to the prevailing cost-reflective price of N160 per litre of petrol will lead to eventual crash of fuel price.
Most of the stakeholders who spoke on the issue were unanimous in their views that the decision to allow market forces determine the price of petrol was not only healthy for the Downstream Sector but good for the Nigerian economy which has sacrificed so much to shoulder the now defunct burdensome subsidy system
Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Adetunji Oyebanji, said the association welcomed government’s action in allowing the market to determine prices, noting that this would prevent the return of subsidies while allowing operators the opportunity to recover their costs.
He said that this will, in the long run, encourage investment and create jobs.
He explained that though prices at the pump would need to be adjusted to reflect realities of the increase of ex-depot prices by the Petroleum Product Marketing Company (PPMC), the magnitude of the increase, timing and location would be determined by each individual company.
“Consistent with global best practices, MOMAN does not dictate prices to its members as this would be anti-competition in a fully deregulated market.”
Oyebanji called on the Ministry of Petroleum Resources to intensify its public awareness drive to educate the populace on the current realities.
“The Ministry of Petroleum Resources should also be telling Nigerians that we can no longer afford subsidy.
“If we keep it, the investment in infrastructure, health, education, etc., will not be possible. We are borrowing so much to finance our budget. We spent over a trillion naira on subsidy last year. It is unsustainable.’’
MOMAN’s position was re-echoed by another stakeholder in the Downstream Sector, Alhaji Sani Yau, a Director at NIPCO Plc and Chairman of SY Petroleum Limited, who emphasized that the price increase was reflective of trending realities in the sector.
According to him, deregulation will foster an eventual price reduction in the nearest future when other market fundamentals would converge to create the desired competitive market space.
A stakeholder in the sector and an independent marketer, John Agidigan, explained that before this increase, market forces had forced the price per litre down to N121, then up to N131 and later N148.
He said that under a deregulated environment, prices are expected to rise and fall in response to the volatility of demand and supply.
According to him, the new deregulated regime would always ensure the availability of the product in the market at affordable price based on the supply, adding that this regime was better than what obtained in the past when Nigerians had to contend with extreme scarcity and its attendant challenges such as long queues at fuel stations.
Another stakeholder in the Downstream Sector, Aggrey Koleijo, said Nigerians must consider the benefits of the new pricing regime rather than just reacting to the price increase which could be reversed the moment market forces dictate otherwise.
He said that the same market forces that brought about price reduction not long ago were still responsible for the hike and can still ensure a reduction, depending on the demand and supply activities within the Industry.
Also, an oil analyst, Dr Mac Udiewe, said the price of fuel would surely go down in a few months’ time when supply of the product would increase geometrically with the entrance of products from private refineries such as the Dangote Refinery and other modular refineries.
Other stakeholders, who responded, were unanimous in their conclusion that deregulation would ultimately favour consumers as soon as the industry stabilizes and prices begin a downward trend.
Governor Dapo Abiodun of Ogun State has narrated the leadership qualities of President Muhammadu Buhari which many Nigerians don’t know about because “he is a man of a few words.”
Answering reporters’ questions today, September 3, shortly after an audience with the President at the presidential villa, Abuja, Governor Dapo said: “let me first say to you that Mr President is so meticulous. He is so methodical. He is extremely organised.
“And at any point in time any governor wants to see the President, all you have to do is to ask him. And the President will give you audience. He will give audience and he will take note.
“For those of us that know the President, he is someone who believes in constituted authority. When a governor says these are my problems, the President takes it to heart and he follows through the details. One cannot ask for a better captain of our ship.
“That is what I have seen in Mr President and that is what I probably think most people will not know because Mr President is not a man of many words.”
The Governor said that he was in the presidential villa to ask the President to allow his government repair and maintain the dilapidated federal government road around Agbara Industrial Estate, one of the nation’s biggest industrial hub.
“So I came with a letter, requesting Mr President to note that because our people do not know the difference between a federal and a state road. This road has continued to be an embarrassment, not just to us in Ogun State, but to the entire country.
“This place is important to us for the economic survival of our state and the country at large. We have decided to intervene in the road, ourselves as a state and wanted Mr President to know that we are going to have construct that road at our expense and wanted him to inform the Federal Ministry of Works that we’ll be doing so and we’ll also be making demands on them for a full refund of the construction of that road.”
File photo: President Muhammadu Buhari and SGF Boss Mustapha | NAN
President Muhammadu Buhari has joined family, friends and political associates of the Secretary to the Government of the Federation (SGF), Boss Gidahyelda Mustapha in celebrating his 64th birthday, coming up tomorrow, September 4.
In a statement today, September 3, by a presidential spokesman, Malam Garba Shehu, the President described Boss Mustapha as a legal luminary and stalwart of the ruling All Progressives Congress (APC), who graciously accepted to lead the Presidential Task Force to fight coronavirus pandemic in Nigeria.
Buhari said that the visionary and inclusive leadership style of the celebrant had helped to strengthen the governing party and the administration, with remarkable results.
He acknowledged Boss Mustapha’s sacrifices and selfless service to the nation for close to four decades, “taking a stand for democracy and good governance at an early age, and working assiduously to raise structures and support causes that project the ideals of a liberal and accommodating nation, like serving in the Constituent Assembly in 1989, working on many committees and heading several government agencies.”
The President stressed that Boss Mustapha has provided strong and commendable leadership as rallying point for the Federal Executive Council (FEC)
President Buhari prayed that God will continue to strengthen the SGF for greater service to the nation and humanity.
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari has disowned all Facebook accounts created in his name.
In a tweet today, September 3, Mele Kyari called on members of the public not to fall for fraudsters, adding that he had operated no Facebook account since 2015.
“Beware of anyone posing as Mele Kyari on Facebook. A simple google search reveals over 25 Facebook account bearing Mele Kyari,” said Kyari.
“I do not have an active Facebook account since 2015 and communicate with the public only on this verified twitter account. Beware of fraudsters.”
No fewer than 90 armed bandits, riding on 30 motorcycles stormed a bank in Kagara town, headquarters of Rafi Local Government Area of Niger State, carting away huge sum of money. An eyewitness, told newsmen that, armed men with sophisticated weapons, launched the attack at about 6.00 pm yesterday, September 2. It was gathered that as at 7.30pm yesterday, the armed men were still inside Kagara town battling with volunteers who were trying to chase them with Dane guns. Report said that many people who were injured in the struggle with the armed bandits have been admitted at Kagara General Hospital. Source: Prestige Radio.
The Central Bank of Nigeria (CBN) has announced the surge in Naira against the dollar, throwing speculators in Nigeria’s foreign exchange market into possible huge losses.
The surge in Naira against Dollar, according to a statement from the CBN is as a result of its interventions in the Investors and Exporters (I&E) window.
The statement said that prior to CBN’s renewed intervention in the I&E window on August 31, 2020, the Naira exchanged for as high as N480 to the dollar, prompting fears that the Naira was in a free fall.
It said that the Naira began to rebound against the dollar following an announcement by the CBN that it would also resume the sale of foreign exchange to operators of Bureau de Change (BDCs) from Monday, September 7.
“Compared to the previous days’ sales, the naira exchanged for N420 to a dollar in the BDC segment of the market on Wednesday, September 2, 2020, plunging speculators into losses, following their failure to heed warning signs from the CBN.”
The statement quoted the apex bank’s chief spokesman, Isaac Okorafor while speaking on the issue as saying that the Bank had concluded plans to inject liquidity into the foreign exchange market by selling forex to licensed BDC operators.
According to him, the sale to BDC would be gradual and be done twice a week – Mondays and Wednesdays, hence the BDCs had been directed to ensure that their accounts with their banks are adequately funded to ensure seamless transactions.
While warning speculators to desist from what he termed unpatriotic tendencies, Okorafor urged registered BDCs to comply with the CBN guidelines as the Bank would not hesitate in sanctioning any erring dealer. He also assured that those requiring foreign exchange for purposes of travel, educational fees and other invisibles could obtain such over the counter from their respective banks.
Meanwhile, the President of the Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji AminuGwadabe has expressed support for the CBN action, noting that the anticipated intervention in the BDC sector would ensure stability in the foreign exchange market.
According to him, speculators in the forex market have been dealt a huge blow with the sharp drop in the exchange rate, which he said would continue a downward trend with the resumption of international flights in and out of the country.
It will be recalled that the CBN, in a circular signed by its Director, Trade and Exchange Department, Dr. OzoemenaNnaji, on Thursday, August 27, had disclosed plans by the CBN to resume the sale of foreign exchange to BDCs as part of effort to enhance accessibility to foreign exchange.
The Federal Capital Territory Administration now has a new Permanent Secretary.
He is Adesola Olusade, who assumed duties yesterday, September 2 to replace Sir Chinyeaka Ohaa, who himself has been redeployed to the Ministry of Power. Adesola Olusade was until his new posting, the Permanent Secretary in the Federal Ministry of Niger Delta.
In a ceremony to welcome the new helmsman, the Minister of the Federal Capital Territory (FCT), Malam Muhammad Musa Bello described the outgoing Permanent Secretary Chinyaaka Ohaa as a problem solver and a pillar of support.
According to the Minister, Sir Ohaa never shied away from difficult situations, a trait which he had found very useful in the running of the affairs of the FCTA adding that the job of Permanent Secretary of the nation’s capital’s bureaucracy was not an easy one.
While wishing the outgoing Permanent Secretary success in his new place of posting, Malam Bello advised him to be an ambassador of the FCTA and support the Administration when needed.
He also informed the new Permanent Secretary that he would be working with a very large bureaucracy made of very competent individuals with a tremendous amount of institutional memory.
He urged the new Permanent Secretary to leverage on the experience of the FCTA workforce to deliver on the mandate of President.
Earlier the Outgoing Permanent Secretary had appreciated the opportunity given to him to serve alongside the FCT Minister and Minister of State as well as the staff of the FCTA.
He commended the health workers led by the Health Secretary, Dr. Muhammad Kawu, who have put their lives on the line in the fight against COVID 19.
He urged all staff to give the new Permanent Secretary their cooperation and support in the discharge of his duties.
This was even as the new Permanent Secretary expressed his desire to facilitate the work of the Minister towards delivering on the mandate of Mr. President.
He commended the Minister for his passion and dedication to work while describing Sir Ohaa as his boss with whom he had worked closely in the past.
The Federal Government of Nigeria has taken steps to continue with virtual meetings and other activities long after coronavirus would have been cleared from the surface of the earth.
This followed the report of the minister of Digital Communications, Isa Pantami today, September 2, to the virtual meeting of the Federal Executive Council (FEC) for Galaxy Backbone Limited.
According to Pantami at a news briefing: “what the memo speaks about is the need to upgrade and be more alive to digital transformation in our activities. We have seen how Covid -19 pandemic brought about the need to be conducting activities virtually and today we have attended the 14 virtual executive council meeting and this is unprecedented. We have been pushed by necessities to virtual activities.
“It is because of these that Galaxy backbone limited has deployed ICT infrastructure in federal public institutions like State House.
“Where we have 1,500 land points that is local area network points , federal secretariat phase one 2750 land points, federal secretariat phase 2 , 4896 and SGF office 1176 local areas and network and Mabushi where minister of works and Housing reside , they have about 800 local area network points .
“Most of the facilities being used are deployed 10,11 and 12 years ago . The most recent facilities in most of the places were the ones deployed 8 years ago and the validity of these facilities is usually 5 years maximum.
“Now we have some that are up to 11 ,12 years .There is a need for these facilities to be upgraded why because we are going virtual almost everyday and only Almighty God knows when this Covid -19 pandemic will leave us. “However, we are optimistic and prayerful as well , it is because of these Mr President has directed that we should conduct an audit assessment of all the federal public institutions and the need to upgrade their facilities.
“We have done that and the report has been presented before the council being chaired by our boss Mr President and secondly after that Galaxy backbone has been established to be providing digital services to all public institutions and with the presentation and prayer contained in the memo , federal government has redirected that all federal public institutions should always contact galaxy as their first point of call whenever they have any IT project to be executed.
“Most importantly, our presentation here is about upgrading our ICT infrastructure and secondly, directing institutions to patronize Galaxy and thirdly, to show to us the commitment of the federal government towards promotion of our government digital services and this is in summary of what the memo is all about.”
Armed men were reported to have stormed the residence of late MKO Abiola in Ikeja, Lagos, in the early hours of today, September 2. A statement from Tundun Abiola for the family, said that the gunmen ransacked the residence, thereby subjecting the family to extreme emotional torture and harassment. According to the statement, the armed men stole an undisclosed amount of money and other valuable items belonging to the family. It said that police have since been informed and that the crime is being investigated. “We are consoled by the fact that no life was lost in this unfortunate and frightening incident. “We give glory to Almighty Allah and we thank friends and family members across the world who have called and sent messages of support and solidarity.”
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Petroleum Industry players and stakeholders have said the decision of the Federal Government to abolish the subsidy regime and enthrone a downstream deregulation era leading to the prevailing cost-reflective price of N160 per litre of petrol will lead to eventual crash of fuel price.
No fewer than 90 armed bandits, riding on 30 motorcycles stormed a bank in Kagara town, headquarters of Rafi Local Government Area of Niger State, carting away huge sum of money.
The Central Bank of Nigeria (CBN) has announced the surge in Naira against the dollar, throwing speculators in Nigeria’s foreign exchange market into possible huge losses.
The Federal Capital Territory Administration now has a new Permanent Secretary.
