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MRS, Ardova to sell petrol at N890 following Dangote Refinery price reduction

Ehime ALEX
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MRS, Ardova to sell petrol at N890 following Dangote Refinery price reduction

MRS, AP (Ardova), and other key partners of the Dangote Petroleum Refinery are now to sell Premium Motor Spirit (PMS), commonly known as petrol,  at a pump price of N890.

The refinery on Wednesday, April 16, announced a reduction in the gantry price of its petrol from N865 to N835.

The price drop which took immediate effect, marks the second price reduction within a week.

In a statement by its group chief branding and communications officer, Anthony Chiejina, on Wednesday, the Dangote refinery said its product will now be available at specific prices across all its partner retail outlets nationwide.

The key partners include MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Techno Oil.

It stated that the retail outlets would offer petrol at N890 per litre, down from N920 in Lagos.

In the south-west, the price will be N900 per litre, reduced from N930.

In the north-west and north-central, the price will be N910 per litre, lowered from N940, while in the south-east, south-south, and north-east, the price will be N920 per litre, down from N950.

“These price reductions reaffirm our commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation.

“In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction,”Chiejina said.

The ICIR can report that the Dangote refinery has been initiating reductions in the prices of petrol and other refined petroleum products while the Nigerian National Petroleum Company Limited (NNPCL) followed suit.

In February, the refinery reduced prices twice by N125. In addition, products such as diesel and Liquefied Petroleum Gas (LPG) have also experienced significant price reductions due to the refinery’s sustained efforts.

“We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season,” Chiejina said.

He asserts that the strategy is designed to support the stability of the domestic market while also contributing to the growth of Nigeria’s foreign exchange reserves.

“Furthermore, Dangote Petroleum Refinery calls on industry stakeholders, including marketers and distributors, to continue sourcing their products from the refinery, ensuring that the benefits of these price reductions are fully realised across the country,” Chiejina added.

Earlier, The ICIR  reported that the gantry price of its petrol product was reduced from N865 to N835 per litre.

The reduction in its ex-depot price, oil marketers said was expected as it is a bold effect of a deregulated market.

“It also shows that we are moving in tandem with deregulation and price dynamics. In a competitive, deregulated petroleum market, this is expected,” a former chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Adetunji Oyebanji, told The ICIR.

Arsenal name unchanged XI for crucial Real Madrid clash at Bernabeu

Editorial
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Arsenal name unchanged XI for crucial Real Madrid clash at Bernabeu

MIKEL Arteta has kept faith with the same starting lineup that delivered a stunning 3-0 victory over Real Madrid in the first leg, as Arsenal prepare for tonight’s high-stakes Champions League quarter-final return leg at the Estadio Santiago Bernabéu.

The Arsenal boss has rewarded the players who featured in the first-leg triumph at the Emirates Stadium, as the Gunners look to complete the job in Spain and secure a spot in the semi-finals, where Paris Saint-Germain await.

As a result, Bukayo Saka, Martin Odegaard, Jurrien Timber, Mikel Merino, and Myles Lewis-Skelly all return to the starting XI after being rested during the 1-1 Premier League draw against Brentford on Saturday.

Ben White, who missed that game due to a knock, is back in the matchday squad and named among the substitutes. However, midfielder Jorginho drops out through injury. Promising youngster Michal Rosiak is included on the first-team bench for the first time in his career.

Kickoff at the Santiago Bernabéu is set for 8:00 p.m. Nigerian time, with fans around the world anticipating a thrilling European night under the lights.

Starting Line-ups:

Arsenal:

Raya, Timber, Saliba, Kiwior, Lewis-Skelly, Partey, Rice, Odegaard, Saka, Martinelli, Merino.

Subs: Neto, Setford, Tierney, White, Zinchenko, Rosiak, Henry-Francis, Trossard, Butler-Oyedeji, Gower, Sterling, Nwaneri.

Real Madrid:

Courtois, Vazquez, Ascencio, Rudiger, Alaba, Valverde, Tchouameni, Bellingham, Rodrygo, Vinicius Jr, Mbappé.

Subs: Gonzalez, Mestre, F. Garcia, Vallejo, Modric, Ceballos, Guler, Diaz, Endrick.

CBEX crash: We have commenced investigation – EFCC

Ehime ALEX  and  Bankole ABE
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CBEX crash: We have commenced investigation – EFCC

THE Economic and Financial Crimes Commission (EFCC) has confirmed that it has launched an investigation into the controversial cryptocurrency trading platform, Crypto Bridge Exchange Smart-Treasures, widely known as CBEX.

CBEX, an AI-powered crypto platform that promised users “100% monthly returns,” reportedly crashed  between, April 11-14, locking investors out of their accounts. The sudden shutdown triggered outrage among users, leading to chaotic scenes at alleged CBEX offices. In Ibadan, angry investors stormed the premises, and the protest reportedly escalated into looting.

Speaking to The ICIR, EFCC spokesperson Dele Oyewale confirmed that the commission has begun investigating the matter.

“We have commenced investigation into CBEX,” Oyewale said. “The investors will get back their money. It might not be immediately, but they will get back their money. It is not an assurance.”

“I am telling you that operationally, we are working and because we are working, we will ensure that investors get back their money,” Oyewale stated.

On the existence of CBEX offices in Nigeria, Oyewale clarified that the platform operated strictly online and had no practical physical presence in the country.

The ICIR can recall that Nigerians have fallen victim to MMM Nigeria, Get Help Worldwide, Crowd Rising, Donation Hub, Lion’s Share, 6Dollars Investment, and now CBEX investments.

Experts in the sector believe that the Securities and Exchange Commission (SEC), the regulator,  needed to make the necessary campaigns to enlighten and enforce regulations against Ponzi scheme operators.

The recently signed Investment and Securities Act 2025 has given more power to the SEC to regulate all virtual and digital assets.

“Hence, the SEC should not fold its hands and allow this massive fraud and loss of investment by Nigeria to go unchallenged,” said the national president of New Dimension Shareholders, Patrick Ajudua.

Again, Rivers women flood Port Harcourt streets, protest emergency rule

Mustapha USMAN
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Again, Rivers women flood Port Harcourt streets, protest emergency rule

WOMEN stormed major roads in Port Harcourt on Wednesday, April 16, to again protest the imposition of emergency rule in Rivers State and the suspension of Governor Siminalayi Fubara.

Marching under the banner of Rivers Women Unite Prayer Group, the demonstrators expressed deep frustration over what they described as a breakdown of constitutional order in the state. 

The women, according to reports, were dressed in red garments and carrying placards with different inscriptions.

Some of the inscriptions read,  “We have conscience,” “Bring Back Governor Fubara,” “We are gagged,” and “Rivers State economy suffers under Ibas.” The women  made their demands clear from the inscriptions in the placards.

The protest was the latest in a growing wave of dissent following the controversial political suspension of the elected officials in the state. 

According to a statement signed by Nancy Nwankwo and Vivian Ige-Elenwo, the group said Ibok-Ete Ibas, since he emerged as the leader of the state, has aggravated the crisis rather than resolving it.

“Nearly one month after assuming control, rather than fostering reconciliation among the political stakeholders, Vice Admiral Ibas has deepened the divide.

“His actions of dismantling democratic institutions and orchestrating policies aimed at achieving political domination serve only the interests of those who appointed him,” the group reportedly wrote.

They further argued that the imposition of emergency rule is worsening the state’s economy and hitting women and children the hardest. 

They questioned why a relatively stable state like Rivers would be targeted while more volatile parts of the country remain untouched.

Among their demands are the immediate removal of the police commissioner, the reinstatement of Governor Fubara, and the redeployment of security personnel to genuinely insecure regions.

The group so demanded the removal of the police commissioner, Fubara’s reinstatement, and redeployment of troops to “areas with real insecurity”.

They urged the international community to intervene and press for the restoration of democracy in Rivers.

Today’s protest followed a similar march on Friday, April 11, by some women backing Fubara, whose suspension by President Bola Tinubu continues to trigger widespread reactions and deepen political tensions in the state.

The ICIR reported that Tinubu, while declaring a state of emergency in Rivers State, in a nationwide broadcast on Tuesday, March 18, suspended the state Governor, Siminalayi Fubara, his deputy, Ngozi Odu, and all members of the State House of Assembly. However, he retained the state judiciary.

Tinubu blamed the governor and his predecessor – the Minister of the Federal Capital Territory (FCT), Nyesom Wike – for allowing the political crisis in the state, which led to the emergency rule, to escalate.

He particularly criticised Fubara for failing to take action after an oil facility was blown up in the state a day before the declaration.

Why we did not include CBEX in our Ponzi scheme list – EFCC explains

Bankole ABE
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Why we did not include CBEX in our Ponzi scheme list – EFCC explains

ON March 11, 2025, the Economic and Financial Crimes Commission (EFCC) published a list of 58 illegal Ponzi schemes operating in Nigeria. However, one of the most talked-about platforms in recent days, Crypto Bridge Exchange Smart-Treasures, popularly known as CBEX, was notably absent.

The EFCC said the list was part of its ongoing effort to clean up Nigeria’s financial space and provide the public with reliable information on fraudulent investment schemes. But in the days that followed, distraught Nigerians began storming CBEX offices in Ibadan and Lagos after discovering they had lost millions to what appears to be a failed investment platform.

CBEX, an AI-driven cryptocurrency trading platform that promised “100% returns monthly,” allegedly shut down on Friday, April 11, locking users out of their accounts. The crash ignited protests, with frustrated investors attempting to break into the company’s offices. In Ibadan, the situation escalated into chaos as a mob looted the office premises

EFCC: CBEX has no physical presence in Nigeria

When contacted by The ICIR on April 16, EFCC spokesperson Dele Oyewale explained why CBEX was not on the agency’s March list. According to him, CBEX operates purely online with no verifiable physical presence or jurisdictional ties to Nigeria. While noting that all transactions were done online.

“It has no jurisdictional link with Nigeria and something that has no jurisdiction link with Nigeria, with no practical physical presence”, Oyewale said. “So our operation might not be able to do anything about it.”

“But now, with the crash of the platform, we are not caught unaware. We are already working on it,” Oyewale stated.

We have commenced investigation – EFCC

He added that although there are no guarantees, the EFCC is working towards recovering funds for affected investors. “The investors will get back their money. It might not be immediately, but they will get back their money. It is not an assurance,” he said.

“I am telling you that operationally, we are working and because we are working, we will ensure that investors get back their money,” Oyewale stated.

Regarding reports of CBEX offices in Ibadan and other locations, Oyewale clarified, “Their transaction is online. So all the people that are going to their offices to destroy things, are just wasting their time. Everything is online now.”

As of now, no arrests have been made, but Oyewale confirmed that investigations are ongoing. “Whenever we make an arrest, we will let the public know,” he replied.

Why Nigerians keep falling for Ponzi Schemes – Anti-corruption advocate

Olanrewaju Suraju, an anti-corruption advocate, says the continued patronage of Ponzi schemes in Nigeria is largely driven by poverty and the absence of credible investment alternatives.

Describing the situation as “unfortunate,”  Suraju who is the Chairman of Human and Environmental Development Agenda (HEDA) said, “if you are encouraging people to desist from an act that is perceived as an opportunity for them, you must be able to give them alternatives. This failure of providing an alternative is a major inducement and also an opportunity for the scammers.”

He also criticised the government for offering only verbal warnings without holding institutions accountable. Suraj urged financial regulators to investigate and sanction banks and other institutions enabling fraudulent schemes.

Suraju said the EFCC and ICPC  must act swiftly without waiting for these scams to crash before taking action.

“Investigate all the financial institutions that are connected or involved and finally get to the root of how they were able to compromise other agencies, including even radio stations that were assisting them in promoting the scam by publicising and mobilising certain people to join,” he said.  

On CBEX’s omission from the EFCC’s list, Suraj speculated that the platform’s discreet operation in Ibadan, rather than in high-profile cities like Lagos or Abuja, may have helped it fly under the radar.

CBEX saga raises question about awareness of SEC verification portal

Ehime ALEX
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CBEX saga raises question about awareness of SEC verification portal

RECENT news making the rounds that some people have lost large sums to a digital trading platform, CBEX, has now raised questions about the awareness of the Securities and Exchange Commission’s (SEC) companies verification portal.

A check by The ICIR shows that the apex regulator, SEC, has a portal for verifying legit investment companies; however, whether most Nigerians are aware of the platform remains a subject of debate.

Nigerians became wary on Monday, April 14, when it dawned on most people who invested their fortunes in the CBEX platform that they might have lost their investment.

This is the latest scam some Nigerians have fallen victim to in the last 10 years.

The ICIR can recall that Nigerians have fallen victim to MMM Nigeria, Get Help Worldwide, Crowd Rising, Donation Hub, Lion’s Share, 6Dollars Investment, and now CBEX investments.

Amid the frequency of Ponzi schemes, the SEC’s responsibilities in enlightening and sensitising the general public on the operations of the market against unlicensed operators should be of concern.

An enquiry to its head of corporate communications, Efe Ebelo, on what measures the commission has adopted to educate unsuspecting Nigerians who may be ignorant of Ponzi schemes has yet to be responded to at the time of filing this report.

However, experts in the sector believe that the SEC needed to make the necessary campaigns to enlighten and enforce regulations against Ponzi scheme operators.

The recently signed Investment and Securities Act 2025 has given more power to the SEC to regulate all virtual and digital assets.

“Hence, the SEC should not fold its hands and allow this massive fraud and loss of investment by Nigeria to go unchallenged,” said the national president of New Dimension Shareholders, Patrick Ajudua.

On Monday, thousands of Nigerians were thrown into tears after they realised that their funds had been wiped out from the platform.

The digital trading platform is said to have operated by giving investors a 100 per cent Return On Investment in 30 days.

CBEX crash came a few weeks after President Bola Ahmed Tinubu signed the newly enacted Investments and Securities Act 2025 (ISA 2025) into law.

The ISA 2025 empowers the SEC to register and regulate securities exchanges, commodity exchanges, virtual and digital asset exchanges, and other market venues.

The law makes it illegal to operate digital asset exchanges or online foreign exchange trading platforms without formal registration with the Commission.

The ICIR earlier reported that the commission had said promoters and operators of Ponzi schemes, under the new law, would face a jail term of 10 years and a minimum fine of N20 million.

“N20 million is not the entire penalty or the entire money that will be charged or sanctioned to any suspect or any accused capital market or non-capital market operator. It is just part of the penalties that will be meted out against such persons,” Director General of the SEC,  Emomotimi Agama, had explained.

But market watchers also believe that the CBEX incident shows there is still a lot to do, especially on financial education on the part of the SEC.

Some asserted that in a period of economic downturn, when there are low returns on the financial market, there is the temptation for vulnerable Nigerians to be lured into various illegal schemes.

Reps summons Rivers Sole Administrator, Ibas, amid emergency rule

Bankole ABE
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Reps summons Rivers Sole Administrator, Ibas, amid emergency rule

THE House of Representatives special ad hoc committee overseeing the emergency rule in Rivers State has summoned the Aole Administrator, Ibok-Ete Ibas, a retired vice admiral.

The House asked Ibas to appear before it on Thursday, April 17, at the National Assembly complex in Abuja.

The committee, formed by the Speaker on Tuesday, April 15, met for the first time on Wednesday, April 16, and decided to invite Ibas to provide a detailed briefing on the situation in Rivers State since his assumption of office as Sole Administrator.

In a statement issued on Wednesday, April 16, by the House spokesman, Akintunde Rotimi, the meeting will serve as a forum for committee members to examine early reports and ongoing developments from the state.

According to the statement, the committee is set to thoroughly monitor the situation in Rivers, exercising its constitutional powers as granted by Section 11(4) of the 1999 Constitution.

It added that the 21-member committee, inaugurated by Speaker Abbas, aims to ensure legislative oversight in the state.

Chairman of the committee, Julius Ihonvbere, stressed that meeting with Ibas is vital to grasp the actual situation in the state.

He added that this will enable the House to make informed decisions while fulfilling its oversight duties, ultimately serving the Nigerian public interest.

The committee confirmed that a formal letter of invitation has been sent and acknowledged accordingly.

The ICIR reported that amid the political crisis that led to the suspension of Governor Siminalayi Fubara, his deputy, and the entire Rivers State House of Assembly, the Speaker of the House of Representatives, Abbas, inaugurated an ad hoc committee to take over legislative functions in the state.

The inauguration, held at the National Assembly Complex in Abuja on Tuesday, April 15, followed President Tinubu’s March 18 proclamation of a state of emergency in the troubled state.

Tinubu, in his nationwide broadcast, invoked Section 305 of the 1999 Constitution (as amended) to justify the move and appointed Ibas as Sole Administrator.

The President cited prolonged political instability in the state as the reason for his decision, vowing to restore governance, peace, and security to the oil-rich state.  

To fill the legislative vacuum, the Speaker constituted the emergency 21-man panel with representatives drawn from Nigeria’s six geopolitical zones. 

Addressing the panel on Tuesday, April 15, Abbas urged members to put aside partisan interests and focus on ensuring peace, governance, and stability in Rivers State.

The committee has Ihonvbere, as chairman of the committee, with Ali Isah (PDP, Gombe) as deputy. 

Other members include Idris Wase, Aliyu Muktar, Sada Soli, Iduma Igariwey, Shehu Rijau, Wole Oke, Akara Amadi, Patrick Umoh, Isa Anka, and James Faleke.

The ICIR reports that the House of Representatives and the Senate’s had both passed resolutions endorsing Tinubu’s emergency declaration. 

During a plenary on March 20, lawmakers gave their backing via a voice vote after the president formally informed the National Assembly of his decision.

The lawmakers further agreed to authorise the formation of an ad hoc committee, with members from both chambers of the National Assembly, to oversee the situation in the state.

They also tasked Tinubu to review or terminate the state of emergency at any time, but no later than six months from now.

Biophilia award opens, offers €100,000 for excellence in environmental communication

Abdullahi MURITALA
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Biophilia award opens, offers €100,000 for excellence in environmental communication

THE Biophilia Award for Environmental Communication, presented by the BBVA Foundation, is now accepting entries from professionals and organisations across the globe whose work has significantly advanced public understanding of ecological issues.

The award honours outstanding contributions that improve awareness of environmental challenges, particularly in the areas of biodiversity conservation and climate change, through innovative communication and storytelling approaches. It comes with a €100,000 cash prize, underscoring its status as one of the most prestigious recognitions in environmental communication.

Eligible works may span a wide variety of formats and media, including articles, books, multimedia content, documentaries, exhibitions, and digital projects. Submissions may originate from any disciplinary perspective, provided they foster scientific literacy and new ways of thinking about nature.

While the award welcomes works aimed at a global audience, projects with regional or national focus will also be considered particularly if they have demonstrated significant impact within their scope.

Applications closes on May 31, 2025, at noon (Spanish standard time). Interested candidates can apply via the official BBVA Foundation website.

Again, Dangote slashes petrol price, now N835/ltr before Easter

Harrison EDEH
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Again, Dangote slashes petrol price, now N835/ltr before Easter

ONCE again, the  Dangote Petroleum Refinery has announced another reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N865 to N835 per litre.

The gantry or ex-depot price is the price marketers get the PMS from the refinery before inserting their markup price in their respective retail outlets.

The price reduction, which was effected a few days before the Easter celebration, was confirmed to our correspondent by oil marketers.

“The price reduction is expected and is a bold effect of a deregulated market. It also shows that we are moving in tandem with deregulation and price dynamics. In a competitive, deregulated petroleum market, this is expected,” former Chairman of Major Oil Marketers Association of Nigeria (MOMAN), Adetunji Oyebanji, told The ICIR.

The price slash came after the recent decline in global crude oil prices, which have dropped to $65.54/ per barrel from over $70 per barrel in recent weeks for Brent crude, according to findings from oilprice.com

The new price represents a ₦30 reduction from ₦865 per litre implemented six days ago, marking a 3.5 per cent decrease, and a ₦45 reduction from the ₦880 per litre sold by the facility last Wednesday.

Despite an earlier lowering of its gantry price from N880 to N865 per litre, Nigerians are yet to witness the reduction in filling retail outlets across the country, with the prices still within the threshold of N950/litre in most major cities.

THE ICIR reports that Dangote Refinery, with a capacity of 650,000 barrels per day, plays a dominant role in Nigeria’s downstream petroleum sector.

The refinery owned by Aliko Dangote is currently exploring the economic advantage of the naira-for-crude swap deal announced as a permanent policy to support local refining of crude and strengthen the naira.

Crude oil prices moved lower earlier today, while traders took a step back to assess the situation and how deeply Trump’s tariffs would affect economic growth prospects and the global oil demand outlook.

Obi to Tinubu: Come back home, Nigerians overwhelmed by insecurity while you ‘retreat’ abroad

Mustapha USMAN
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Obi to Tinubu: Come back home, Nigerians overwhelmed by insecurity while you ‘retreat’ abroad

FORMER Labour Party (LP) presidential candidate, Peter Obi, has asked President Bola Tinubu to immediately suspend his ongoing retreat in France and return to confront the escalating wave of insecurity sweeping across the country.

The former Anambra State governor cited multiple examples of recent unrest, including renewed insurgent attacks in Borno State, killings in the North Central, abductions and killings in the Southeast, and repeated pipeline explosions in the Niger Delta.

Obi’s statement, on Wednesday, April 16, came amid widespread outrage over a series of deadly attacks that have rocked communities, particularly in Plateau and Benue States, since Tinubu departed from Nigeria on April 2.

Obi, a leading opposition figure also lamented the deteriorating state of the nation’s security architecture and accused the President of abdicating his responsibility by remaining abroad.

“In the two weeks you have been away, over 150 Nigerians have lost their lives to insecurity across Nigeria, especially in Plateau and Zamfara States. The repeated pipeline explosions in the Niger Delta, further reflect a nation in distress.  In the Northeast, Borno State leaders are bemoaning the return of insurgency, with troops and civilians being killed randomly. In the Southeast, the story is the same; killings and abductions.

“Amid all these, the CEO of the troubled company called Nigeria, is retreating to far away land in France from the Company’s headquarters,” the statement reads.

The former governor, who ran against Tinubu in the 2023 general election, stressed that the call was not personal but aimed at compelling leadership that is responsive and accountable.

He noted that the fight for a better Nigeria transcends personal ambition and is instead about leadership that prioritises the well-being of all citizens.

“The primary duty of any government is securing the lives and property of its citizens, and one wonders the type of retreat going on in another country where peace has been secured by their leaders while blood continues to flow in our country.

“The fight for a better Nigeria is not about individuals; it is about ensuring that every citizen can see, feel, and benefit from the policies and decisions of those in power. I, therefore, like to urge the President to quickly suspend whatever he is doing in France and rush home to take responsibility by addressing these disturbing issues,” he added.

It would be noted that a statement issued on Wednesday, April 2, by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, described the President’s latest journey to France as a ‘working trip intended to review the administration’s mid-term performance.

The statement noted that the trip provides the President with an opportunity to reflect on ongoing reforms and assess key national development priorities for the coming year.

“He will also use the retreat to review the progress of ongoing reforms and engage in strategic planning ahead of his administration’s second anniversary,” the statement added.

However, since he departed from Nigeria, many Nigerians have died from a series of attacks in Plateau, Borno, Zamfara, Benue, and some other parts of the country.

The ICIR reported that at least 50 people were reported killed in fresh attacks on villages in Bassa local government area of Plateau State on April 4 and 6, while several others were displaced. 

The attack came on the heels of a mass killing in Bokkos LGA on March 28, which claimed over 50 lives, including children burned beyond recognition. 

In Benue, there have been series of assaults by suspected armed herders, including Otukpo LGA where a former President of the Senate, David Mark hails. Since April 3, it has reportedly left several dead and thousands fleeing their homes.

 

 

 

 

 

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