Home Blog Page 545

Court dismisses Donald Trump’s criminal case

Itoro ETUKUDO
-
0
Court dismisses Donald Trump’s criminal case

A FLORIDA judge, Aileen Cannon, has dismissed the criminal case charges against former United States President Donald Trump.

The judge on Monday, July 15, concluded that the special counsel who brought the prosecution was illegally appointed.

“Former President Trump’s motion to dismiss indictment based on the unlawful appointment and funding of special counsel Jack Smith is granted. The superseding indictment is dismissed because special counsel Smith’s appointment violates the Appointments Clause of the United States Constitution,” the judge ruled.

The judge issued her ruling after Trump’s lawyers requested a partial stop of hearings to allow for a review of a Supreme Court position that a former president receives extensive immunity from prosecution.

Trump’s lawyers contended that special counsel Jack Smith was illegally appointed in violation of the Constitution’s Appointments Clause, and that his office was inappropriately funded by the Justice Department.

This ruling serves as a significant victory for Trump, who had been accused of compromising national security by keeping top-secret documents after leaving the White House.

This is coming after Trump escaped an assassination attempt. He was shot in his right ear at a campaign rally in Pennsylvania on Saturday, July 13.

“I knew immediately that something was wrong in that I heard a whizzing sound, shots, and immediately felt the bullet ripping through the skin. Much bleeding took place, so I realised then what was happening. God bless America!” he said after the incident.

READ ALSO:

The ICIR reported that the Federal Bureau of Investigation (FBI) identified the suspected shooter after he was killed at the scene.

The shooter was identified as 20-year-old Thomas Matthew Crooks from Bethel Park, Pennsylvania.

He was killed at the scene by a Secret Service sniper after firing several shots with an AR-15-style semiautomatic rifle.

Smugglers using chemicals to preserve poultry foods from Benin Republic for Nigerians – NCS

Ijeoma OPARA
-
0
Smugglers using chemicals to preserve poultry foods from Benin Republic for Nigerians – NCS

THE Nigerian Customs Service (NCS) has warned Nigerians against consuming smuggled frozen poultry foods from the Benin Republic.

According to a report, the Comptroller of the NCS, Ogun State Command Area 1, James Ojo, issued the warning during an interview on Monday, July 15.

He noted that the poultry foods smuggled into the country had been preserved with harmful chemicals, adding that global health organisations had warned against their consumption.

Ojo also said some chemicals used in preserving such foods could lead to organ damage. He warned smugglers to desist from such practice.

“The frozen poultry products smuggled into Nigeria from the Republic of Benin were preserved with chemicals and often lacked proper regulatory oversight, increasing the risk of harmful chemicals being used for preservation.

“Also, they may not meet the nutritional standards required for healthy consumption and poor handling as well as preservation techniques can degrade the nutritional quality of the meat, thus leading to potential deficiencies when consumed regularly. The use of unknown or banned chemicals in preserving smuggled poultry can trigger allergic reactions in sensitive individuals,” he was quoted as saying.

The Customs Comptroller said one of the chemicals used to preserve such products includes formaldehyde.

According to the Centre for Disease Control (CDC), “formaldehyde (CH₂O) is a colorless, highly toxic, and flammable gas at room temperature. It is used in the production of fertilizer, paper, plywood, and some resins. It is also used as a food preservative and in household products, such as antiseptics, medicines, and cosmetics.”

Exposure to formaldehyde can cause irritation to the skin, throat, lungs, and eyes. The CDC also disclosed that repeated exposure to formaldehyde could lead to cancer.

 

Kano emirate tussle: court orders Bayero, 4 others to stop parading as emirs

Bankole ABE
-
0
Kano emirate tussle: court orders Bayero, 4 others to stop parading as emirs

A KANO State High Court has ordered Aminu Ado Bayero to stop parading himself as the Emir of Kano.

The court, in a judgement by Amina Aliyu, on Monday, July 15, also barred four other deposed emirs from posing as the emirs of Bichi, Rano, Karaye, and Gaya.

According to the court’s ruling, they should return the government’s moveable and immovable items in their custody.

The judge deferred the decision on the applications for a notice of preliminary objection, joinder, extension of time, and the judge’s recusal until July 18 on August 4.

The Kano State government filed the lawsuit on May 27, 2024, through its lawyer, Ibrahim Isah-Wangida.

The suit sought to prevent Bayero and other deposed emirs from posing as traditional leaders.

Ibrahim-Gaya (Emir of Gaya), Ibrahim Abubakar II (Emir of Karaye), Kabiru Muhammad-Inuwa (Emir of Rano), Aminu Ado Bayero (15th Emir of Kano), and Nasiru Ado Bayero (2nd Emir of Bichi) were listed as respondents.

The Nigeria Security and Civil Defence Corps (NSCDC), the Nigeria Army, the Inspector General of Police, and the Director of the State Security Service in the State were also included among the respondents.

The court’s ruling was another turning point in the ongoing narrative of the state emirship tradition.

The emirship tussle in Kano has persisted for months since the government abolished the five emirates in the state.

The matter had been pending in courts, as the state High Court and a Federal High Court issued conflicting orders on the saga.

While Bayero refused to relinquish his office and has occupied the mini palace in the Nasarawa area of Kano City, Sanusi has been in charge of the main palace.

On June 3, The ICIR reported that the tussle over the throne left Kano residents and other Nigerians confused over who would lead the Kano Durbar, a significant and historic festival in the state usually led by the emir.

However, a few days before the festivities, the police banned all durbar activities as part of efforts to sustain peace in the state.

Despite conflicting court’ rulings, the two leaders have maintained their stance on holding on to the throne.

Yamal’s feats, Rodri, Bellingham Ballon d’or shout, other highlights of Euro 2024

Mustapha USMAN
-
0
Yamal’s feats, Rodri, Bellingham Ballon d’or shout, other highlights of Euro 2024

THE 2024 European Championship (EURO) ended with Spain edging England to a 2-1 win at Olympiastadion Berlin in Germany on Sunday night, July 14. 

Spain had previously won the tournament in 1964, 2008, and 2012 and was tied with Germany as the only three-time champions.

With Sunday’s victory, Spain has now won its record fourth European soccer championship, thanks to the 86th-minute goal from Mikel Oyarzabal.

The footballing nation won all seven games it played at Euro 2024, ultimately winning the tournament, in one of the most dominant performances in international football.

“I couldn’t be happier. To see the fans, to see the players,” Spain manager Luis de la Fuente said.

He added, “I said I was proud, and today I am even prouder. It confirms what we are. For me, they are the best in the world, and today I confirm that definition.”

This is England’s second consecutive runner-up finish, having lost to Italy in the final of Euro 2020.

England has never won a European championship and its last major international tournament win was the 1966 World Cup.

Yamal’s breakthrough

One of the most exciting stories of Euro 2024 has been the outstanding display by the 17-year-old Lamine Yamal, who would later win the Young Player of the Tournament.

Lamine Yamal, who turned 17 on Saturday, July 13, had five goal contributions, with four assists and one goal. The youngster scored against France and set up goals against Croatia, Georgia, Germany, and England.

Barcelona’s wonderkid not only led Spain to its fourth Euro title, but he also became the youngest player to feature, score, and assist in a European Championship match. 

Yamal’s performance sparked conversations about the next generation of talent in European football, with many already pitching him to take the mantle left by Lionel Messi in Barcelona.

“This is the best (birthday) gift I could have asked for. It’s a dream come true,” Yamal said during the post-match interview.

“It got tough when they tied the score, but I don’t know what this team is made of because we always fight back,” he added.

Rodri and Bellingham: Ballon d’Or shout

Spain winning the Euro 2024  might have been a great addition for Rodri, who had a wonderful season with Manchester City in the 2023/24 season. 

The Spanish midfielder was instrumental in Spain’s dominance in the tournament, showing his exceptional football skills and ability.

Although he was forced out of the pitch after the first 45 minutes, his performances were pivotal in leading Spain to the final and securing the championship title.

Having won the player of the tournament, alongside the Euro and league title with Manchester City, Rodri is now among the frontrunners for the most prestigious Ballon d’Or.

Jude Bellingham, on the other hand, was not at his best in the tournament. But this has not stopped him from catching people’s attention.

For instance, the 21-year-old began the tournament with a flying header, which handed England the three-point against Serbia in their opening group stage match.

Similarly, the youngster, who played for Real Madrid, scored a brilliant 95th-minute overhead kick that rescued England from defeat in the last-16 match with Slovakia, with another assist in the final against Spain.

Bellingham before this tournament had been in the top two race for the best player award, alongside his club mate, Vinicius Jnr, having won the best player of La Liga with his quick and spectacular start into his Madrid career in the 2023/24 season.

Georgia’s epic tournament

Before the tournament began, Georgia coach, Willy Sagnol, only wanted his team to gain experience on its debut in such a major competition.

However, the team went ahead to stun Portugal in the group stage and qualify for the knockout stage. 

The lowest-ranked team in the tournament would later lose 4-1 to Spain in the round of 16,  as their coach applauded its achievement and journey so far in the tournament.

“I’m very proud of what the players have done in the last months and now it is the end of the journey but I’m sure the next one will also be very exciting,” Sagnol said.

Defending Champion Italy’s exit

The defending champion Italy was knocked out of Euro 2024 in the last 16 after Switzerland produced a stunning upset to win 2-0 at the Olympiastadion in Berlin.

Italy has been struggling in recent times since winning the Euro 2020 title, having failed to qualify for the 2022 World Cup tournament held in Qatar.

Ronaldo and Portugal

Surprisingly, Cristiano Ronaldo, one of the greatest football players, failed to score a goal in Germany despite playing more minutes than any other outfield player in the Portugal squad. 

The 39-year-old, having won the 2016 Euro against France, had hoped to make another history with his national team but would later be defeated by the same country in a penalty shootout.

It was a record sixth for the 39-year-old superstar, and it remains unclear whether he will retire from international duty.

Beyond individual brilliance, and highlighted performances, Euro 2024 was filled with other thrilling matches and unforgettable moments. 

Contractor files suit to stop ICPC probe of alleged illegal sale of Police property

Ijeoma OPARA
-
0
Contractor files suit to stop ICPC probe of alleged illegal sale of Police property

FOLLOWING investigations by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) into allegations of fraudulent purchase and development of police land by Corpran International Limited, the company’s Managing Director, Andy Chime, has filed a suit to stop the probe.

The ICPC had invited Chime and his wife, also a director in the company, for questioning, based on alleged violations of the Independent Corrupt Practices and Other Related Offences Act, 2000, in the process of buying and developing the property.

Other persons have also been invited by the ICPC, including officials of the Nigeria Police and the Nigerian police Mortgage Bank, in connection with the allegations. It was gathered that the ICPC, which had “gone very far” in its investigations, according to a source in the commission,  had also received help from the Central Bank of Nigeria, CBN, Corporate Affairs Commission, CAC, as well as the Nigerian Financial intelligence Unit, (NFIU).

These allegations were also captured in a report by The ICIR which disclosed that along with Chime, two former Inspectors-General of Police (IGPs), Solomon Arase and Ibrahim Idris, were linked to the illegal sale and development of the land, originally meant for the construction of barracks in Abuja.

Chime and Solomon Arase, former Inspector General of Police, IGP, who was recently removed from his position as the Chairman of the Police Service Commission, PSC, have instituted separate court cases against the ICIR and its editor and reporter in relation to that story.

However, Chime’s suit against the ICPC, filed on Tuesday, June 25, 2024, urged the court to grant an injunction perpetually restraining the anti-graft agency from inviting or arresting him and his wife based on the allegations surrounding the police housing contract.

He further requested the court to declare that a Memorandum of Understanding (MoU) between his company, Corpran International Limited and the police, which permitted him to develop the land, is outside the statutory mandate of the ICPC.

This is despite the fact that one of the commission’s duties, according to the ICPC Act, is to receive and investigate reports of offences committed or attempts to commit offences under the Act.

Court documents obtained by The ICIR showed that Chime also demanded N200 million as general damages and N500 million as exemplary damages to be paid by the ICPC, among other prayers.

In his suit, Chime claimed the ICPC’s investigations were instigated by his former lawyer, Francis Mgboh, with whom he had a fallout over a business deal, to malign him.

Chime also based his requests to the court on the fact that there were subsisting suits on the issue, including one instituted by his company against Mgboh, and another instituted by Mgboh against the police, Ministry of Police Affairs and other defendants.

A legal practitioner who spoke with The ICIR, Chukwubuikem Azoro, confirmed that such subsisting suits did not impede investigations by the ICPC or other security agencies.

“It does not bar investigations,” Azoro told The ICIR.

Apart from the lawsuits against The ICIR and the ICPC, Chime and Arase, who was then Chairman of the Police Service Commission, had filed a petition with the police against The ICIR  and its editor.

Their petition led to an invitation of The ICIR reporter, Nurudeen Akewushola and Executive Director, Dayo Aiyetan, by the Nigeria Police Force National Cybercrimes Centre, (NPF-NCCC), over allegations of cyberstalking and criminal defamation.

The invitation was honoured by both journalists on May 28, leading to their detention for nine hours.

Nigeria’s headline inflation rises further to 34.19%

Ehime ALEX
-
0
Nigeria’s headline inflation rises further to 34.19%

NIGERIA’s headline inflation rose to 34.19 per cent in June from 33.95 per cent in May.

The National Bureau of Statistics (NBS) disclosed the June inflation figure on Monday, July 15.

It stated that the headline inflation rate increased by 0.24 per cent points when compared to the May rate.

On a year-on-year basis, the headline inflation rate was 11.40 per cent points higher compared to the 22.79 per cent rate recorded in June 2023.

On a month-on-month basis, the headline inflation rate in June 2024 rose to 2.31 per cent, higher than the 2.14 per cent rate recorded in May 2024, representing a 0.17 per cent increase.

A look at the inflation figures in the first half of the year on a month-on-month basis shows that the pace of inflation accelerated sharply in the first two months of the year, slowed down in the three months that followed but jumped up in June.

On a year-on-year basis, the inflation rate has continued to inch up in higher.

In June 2024, the food inflation also rose to 40.87 per cent on a year-on-year basis, compared to the 25.25 per cent rate recorded in June 2023.

“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: Millet Whole grain, Garri, Guinea corn, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Catfish Dried, Dried Fish-Sadine, Mudfish (Fish Class), etc,” NBS stated.

On a month-on-month basis, the food inflation rate in June 2024 also rose to 2.55 per cent compared to the 2.28 per cent recorded in May 2024.

“The rise in Food inflation on a Month-on-Month basis was caused by the rise in the rate of increase in the average prices of Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Water Yam, Coco Yam, Cassava, etc (Potatoes, Yam & Other Tubers Class), Tobacco, Catfish Fresh, Croaker, Mudfish Fresh, Snail, etc, (Fish Class),” the statistics office added.

At a recent event, the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, attributed the continuous rise in the inflation rate to the government’s borrowings and interventions.

He said the country was reaping the consequences of the N27 trillion Ways and Means CBN borrowed from the federal government and the N10.5 trillion it spent on intervention programmes, which have created a situation where a lot of money supply went into the economy.

As inflation increases, the apex bank committee further raises the benchmark interest rate.

The ICIR reports that the increase in the inflation figure in June will further put pressure on households’ disposable incomes as commodities prices will spark and on businesses as banks’ lending capacity will dwindle.

At the beginning of the year, the CBN set a 21.4 per cent inflation target by the end of the year but inflation has been on the increase in the first half of the year.

While inflation is likely to reverse downwards before the end of the year, it is unlikely will drop to CBN’s 21.4 per cent.

Experts have identified the real pressures driving inflation as food inflation, arising from higher cost of transportation of farm produce; infrastructure-related constraints along the line of distribution network; security challenges in some food-producing areas; and exchange rate pass-through to domestic prices for imported food items.

“Reducing Nigeria’s high inflation is both an economic and a political imperative of the first order,” a member of the MPC, Aloysius Ordu, said.

Inflation has been wreaking havoc on consumers, particularly those on the lower end of the income scale who are more acutely feeling the pain from high inflation, particularly since the last year of President Bola Tinubu following his removal of fuel subsidy and unification of the exchange rate.

Another impènding factor expected to keep inflation on the rise is the possible upward review of the minimum wage, however, a decision the MPC will take at its meeting to be held later this month will determine how inflation would further impact the economy.

The ICIR reported earlier that eating healthy food in Nigeria now costs N1,035.

The ICIR’s further findings showed that as of May 2023, when President Bola Tinubu assumed office, the cost of a healthy diet was N503. With this new data, the price increased by 105.77 per cent in one year.

That is more than double the amount paid to eat a healthy meal one year after Tinubu’s assumption.

Pro-Wike lawmakers order shutdown of Rivers government accounts

Ijeoma OPARA
-
0
Pro-Wike lawmakers order shutdown of Rivers government accounts

THE faction of the Rivers House of Assembly led by Martin Amaewhule has ordered a shutdown of all the state accounts managed by Governor Siminalayi Fubara’s government.

The lawmakers issued the order on Monday, July 15, after the expiration of a seven-day ultimatum they gave Fubara to present the 2024 budget to the House for a second time.

The House Leader, Major Jack, pointed out that the ultimatum had expired. Consequently, the House voted to shut down the Rivers State Consolidated Revenue Account,  preventing the government from spending the state funds.

Amaewhule’s team is loyal to the former Rivers governor and current Minister of the Federal Capital Territory (FCT) Nyesom Wike.

The lawmakers issued the ultimatum at their first sitting, months after a High Court in the state sacked them.

Fubura ignored the order, resulting in the lawmakers’ directive.

Fubara had presented the budget to only five lawmakers loyal to him in December 2023, after 27 of the 32-member Assembly defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).

He subsequently signed the budget into law, but the action was nullified by the Federal High Court in January 2024.

In a judgment on Monday, January 22, delivered by James Omotoso, the court mandated Fubara to represent the budget to the lawfully constituted House of Assembly under Amaewhule, describing the actions of the pro-Fubara lawmakers as null and void.

Similarly, the Court of Appeal in Abuja, had, on Thursday, July 4, nullified the expulsion of Amaewhule and 24 others from the Rivers State House of Assembly by the Rivers State High Court, stating that the lower court did not have the jurisdiction to grant the exparte order.

The ICIR reports that Wike and Fubara have been at loggerheads over who controls the PDP structure and other issues in the state.

Though a PDP member, Wike currently serves in the ruling All Progressives Congress (APC) government.

The feud had degenerated into nearly a physical combat between their loyalists and possible chaos was palpable in the state that President Tinubu had to intervene twice before tempers were calmed.

However, camps of both leaders have continued to threaten a showdown with each other less than a year when the two politicians were gambolling in the same political space.

Messi leads Argentina to record 16th Copa America title, becomes most decorated footballer

Mustapha USMAN
-
0
Messi leads Argentina to record 16th Copa America title, becomes most decorated footballer

ARGUABLY the greatest footballer of all time, Lionel Andreas Messi has again led Argentina to lift their fourth consecutive trophy in four years. 

With Monday, July 15, victory against Columbia in the US city of Miami, Argentina has now lifted a record 16th Copa America title.

Argentina and Uruguay were initially tied with 15 Copa titles each going into the match, followed by Brazil with nine.

Although there was apprehension early in the second half of the final game, after Messi picked up an injury and was substituted for Nico Gonzales, the Argentina fans had the last laugh when Lautaro Martinez found the back of the net.

Martinez, the tournament’s top scorer, received the ball from Giovani Lo Celso and lifted it over the Colombian goalkeeper Camilo Vargas in the 112th minute.

More than 60,000 fans inside Miami Hard Rock Stadium showed overwhelming support for both teams, with most fans dressed in the teams’ trademark white, sky blue, yellow, blue, and red uniforms.

Earlier, the match was delayed by more than an hour after thousands of fans without tickets tried to enter the stadium. 

Photos and videos posted online from outside the stadium revealed overcrowding, with children visibly among the thousands of fans stuck outside the gates.

Meanwhile, the result marks the first back-to-back Copa titles for Argentina in recent times.

Colombia has a Copa trophy, which they won in 2001.

Argentina’s latest title comes at the heel of their triumphs at the 2022 World Cup against the former World Champion, France. 

The South American country had lost in the 2014 World Cup final when Germany scored in extra time to defeat them 1-0. 

Messi is expected to lead his team again to the Finalissima, which will be played against a rising Spain team led by 17-year-old sensation Lamine Yamal.

The wonderkid, ahead of the finals, had told RAC1 that he hoped that his side win the Euro 2024 final against England in Berlin and Lionel Messi’s Argentina triumph against Colombia in the Copa America final so that he could compete against Messi in the Finalissima.

The Finalissima is a one-off game arranged by CONMEBOL and UEFA, pitting the reigning Copa America winners against the reigning Euro winners. 

The competition, previously known as the European/South American Nations Cup, was held twice in 1985 and 1993 before being discontinued. It was relaunched in 2022 in which Argentina beat European champions Italy 3-0. 

The 2022 Finalissima was played on June 1, with the next edition likely taking place in the summer of 2025. 

Record 45 trophies for Lionel Messi

Lionel Messi via his Instagram handle

With the latest victory against Colombia, Lionel Messi on Monday became the most decorated player in football history with 45 trophies.

The Copa America title victory elevated Messi to a historic 45 trophies with both club and country, surpassing the previous record held by Brazil’s Dani Alves (44). 

The triumph also marked Messi’s fourth international trophy, as 35 of his 45 trophies came while he played for FC Barcelona. 

READ ALSO:

The 2004/05 Liga title was his first for Barcelona, with the last being the Copa del Rey in the 2020/21 season. The long list includes four Champions League wins (2006, 2009, 2011, 2015).

Messi has won 10 Ligas, seven Copas del Rey, eight Spanish Super Cups, three European Super Cups, and three World Club Championships.

Away from Barcelona, he won three trophies with Paris Saint-German (PSG) one with Inter Miami and six in total with Argentina.

You can’t take the baby from the mother, Fayose reacts to ruling on LGs autonomy

Bankole ABE
-
0
You can’t take the baby from the mother, Fayose reacts to ruling on LGs autonomy

A FORMER Ekiti State Governor, Ayo Fayose, has questioned the feasibility of local government autonomy as declared by last Thursday’s Supreme Court ruling. 

In its judgement on July 11, the apex court affirmed the right of local governments in Nigeria to receive monthly allocations directly from the federation account.    

Reacting to the ruling, Fayose said state Houses of Assembly and governors would always hinder the autonomy.

He stated this when he appeared as a guest on Politics Today on Channels Television on Sunday, July 14.

The Ekiti politician opined that the governor’s backing was necessary for any local government chairman to be elected from the grassroots level, adding that the federal government and the court “cannot take the baby from the mother.”

According to Fayose, nobody can become council chairman without a governor.

“Anybody telling you otherwise is wasting his time. Let me quickly remind you that the House of Assembly of every state controls the activities and checkmates the activities of the local government. While I was governor, I had the privilege of receiving money from Abuja. When you receive money from the account, some people manage the account. They are not politicians or the council chairman.

“There is only one representative of the governor, which is the local government commissioner. All others are local government officials, workers, and pensioners of the council. And they appropriate the funds. But when you now come and say we are giving power to the local government, what power are you giving to them? No power.”

According to the Peoples Democratic Party (PDP) chieftain, most council officials don’t take their jobs seriously, aside from state politicians who obstruct the process.

He claimed that on some days of the week, many employees don’t bother to show up at work, adding that any council chairman who disrespects his governor, the House of Assembly would react to defend such a governor.

He posited that the state was more effective in administration than the local government.

The ICIR reported that the Supreme Court granted the nation’s 774 Local Governments Areas (LGAs) financial autonomy and that governors would not have the power to remove elected chairmen of the LGAs.

The judgement, read by Justice of the Supreme Court, Emmanuel Agim, held that funds meant for LGAs be paid directly into their accounts.

The court also ruled that it was unconstitutional for the state government to hold on to or manage such allocations and directed the 774 LGAs to commence managing their funds.

The judgment was passed in a suit filed by the Federal Government through the Attorney General of the Federation (AGF), Lateef Fagbemi, against the 36 state governors in the country.

The Federal Government sought the court to authorise the direct transfer of funds from the federation account to local governments in line with the provisions of the Constitution against the alleged unlawful joint accounts created by governors.

Fagbemi also requested an injunction to prevent the governors, their agents, and associates from receiving, spending, or interfering with funds disbursed from the federation account meant for the benefit of local governments.

He further sought an order to prohibit governors from establishing caretaker committees to manage local government affairs, noting that the action contradicted the constitutionally recognised and guaranteed democratic system.

He argued that the interference of state governors in the affairs of a democratically elected local government system undermined the 1999 Constitution.

The calls for local government autonomy in Nigeria have increased in recent years, as interference by the state has been identified as a reason for its underperformance.

Former president Muhammadu Buhari signed an Executive Order in May 2020, to grant financial autonomy to the judiciary, legislature, and local government councils.

Buhari also attributed the lack of development at the third tier of government to the governors’ questionable actions on LGA funds.

Although the governors were opposed to Fagbemi’s institution of the case, Agim held that the federal government was right in filing the suit to protect the Constitution.

Meanwhile, the Chairman of the Nigeria Governors’ Forum (NGF) and Governor of Kwara state, AbdulRazaq Abdulrahman described the Supreme Court ruling granting the LGAs financial autonomy as a welcome development to the forum.

The governor stated this while addressing correspondents at the State House on Friday, July 12.

He noted that the ruling had relieved the governors of a burden and they were happy with power devolution to the third tier of government.

Dangote set to control PMS market pricing, denies NNPCL 20% refinery stake

Harrison EDEH
-
0
Dangote set to control PMS market pricing, denies NNPCL 20% refinery stake

DANGOTE Petrochemical refinery owned by Africa’s richest man-Aliko Dangote is set to disrupt Nigeria’s premium motor spirit (PMS) price-control regime, and sell at a market-reflective price, The ICIR findings have shown.

Dangote said the Nigeria National Petroleum Company Limited (NNPCL) does not own a 20 per cent share in his company because of failure to fulfil certain payment obligations.

The NNPCL has maintained a price-controlled regime in the pricing of petroleum products, being the sole importer, however, Dangote is gradually taking the market by storm with recent PMS supply commencement announcements.

The NNPCL price-control regime has seen PMS sold at a controlled price of between N600 per litre despite deregulation, and has failed to solve fuel supply concerns as fuel scarcity resurfaced in several parts of the country.

Marketers, The ICIR learned have commenced registering to purchase products from the refinery with the announcement of the official kick-off.

In the latest twist of the event on Sunday, July 14, the chief executive officer (CEO) of Dangote Refinery, Aliko Dangote, announced that the Nigerian National Petroleum Corporation (NNPC) Limited no longer owns a 20 per cent stake in Dangote Refinery.

Questions had earlier arisen when Dangote started sourcing his crude from the United States of America, despite NNPCL’s supposed 20 per cent stake in the refinery.

However, the business mogul revealed that the Nigerian oil company now owns only 7.2 per cent of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June.

He stated that while the NNPCL had promised to provide the funds, it has been unable to meet its obligations, thus reducing its stake in the $19 billion refinery to 7.2 per cent

“NNPC no longer owns a 20 per cent stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2 per cent stake in the refinery,” Dangote said.

The NNPCL’s opaque practice and not running as a full commercial business despite deregulation puts the national oil company in a tight spot.

Recently, the ICIR reported efforts by the corporation to source $ 2 billion from international lenders via crude-for-swap loans.

This need could have been sourced without borrowing, energy analysts say, if the NNPCL had enlisted in the capital market instead of resource-backed loans.

Earlier, the NNPCL had sourced $3.3 billion from Afrexim bank, as it continues to lose a large chunk of its oil resources to oil theft.

The NNPCL chief operating officer, Refining and Petrochemicals, Mustapha Yakubu, said this plan to own share in Dangote’s refinery is to secure Nigeria’s place in the massive project, making it resource-dependent.

He said this is part of the then government’s plan to work with private oil companies to safeguard the country’s energy security without undermining the plans to rehabilitate its refineries.

Notably, recent data sourced from NNPCL released an audited financial report for 2022 show that the national oil company borrowed $1.3 billion to acquire the stake.

While giving further insight, Dangote, said the company has only paid enough to acquire 7.2 per cent of the refinery and has failed to fulfill its obligations that were due last month.

The Dangote Refinery is a massive oil project located in the Lekki Free Zone, Lagos, Nigeria, boasting a capacity of 650,000 barrels per day (BPD). Owned by the Dangote Group, it aims to become Africa’s largest oil refinery and the world’s biggest single-train facility.

The refinery is expected to generate 9,500 direct jobs and an additional 25,000 indirect jobs, providing a substantial economic boost to the region.

Once fully operational, the refinery will produce approximately 50 million liters of petrol and 15 million litres of diesel daily, equating to 10.4 million tonnes of petroleum products annually.

It will also yield 4.6 million tonnes of diesel and 4 million tonnes of jet fuel per year. Moreover, the facility includes a fertilizer plant that will utilize by-products from the refinery as raw materials, further enhancing its economic and environmental impact.

Commenting on controlling the PMS market pricing, the oil sector governance expert, Henry Ademola Adigun, told The ICIR that Dangote would disrupt the price-pegging by the NNPC and sell at a market-reflective price since he’s not doing charity.

“He’s a businessman and would sell his products to make gains,” he said

Currently, the sole importer of refined petroleum is facing a $ 6 billion backlog of payments to international traders which is affecting the supply of products across the country.

Marketers are gradually shifting attention to Dangote’s PMS product which could see the price go up further beyond N700 as analysts believe Dangote is going to enforce market-reflective price to recover the funds he borrowed to fund his refinery assets.

“Yes, he’s going to sell at market-reality price to recover cost and also because of logistics expenses he paid in importing his crude from outside the country,” Adigun added.

1...544545546...3,440Page 545 of 3,440