FG AGREES TO CUT FUEL PRICE BY ₦5

Following the resumption of talks between the Federal Government (FG) and the leadership of the Organised Labour over the recent hike in the price of fuel and electricity tariff, the FG has agreed to slash fuel price by N5.

It will be recalled that the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, in November, increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre.

The implication of which, allows Marketers sell between N168 - N170 per litre.

Following heavy backlash, the FG slashed N2 from the depot price of N155.17 per litre, a move that still didn't sit well with the leadership of the Organised Labour who threatened mass action, if the price was not reverted.

The meeting between the Federal Government and Organised Labour have ended in Abuja.

The five-hour long meeting agreed that the price of petrol be reduced by N5 while labour also got a commitment from the government that the distribution of free prepaid metre will begin soon across the country.

Organised labour had two weeks walked out of the meeting with the Federal Government on the ground of a new increment in the price of fuel when negotiations were still on course.

The Festus Keyamo-led Committee is to continue its assignment and ensure conclusion in record time.

However, projections by marketers have it that the pump price of Premium Motor Spirit, popularly known as petrol, may hit N180 per litre this month as oil prices extended their rally on Monday, with Brent crude trading near $50 per barrel.

Brent, the international oil benchmark, has risen by more than 15 per cent since November 13 when the pump price of petrol was adjusted in the country. It stood at $49.39 per barrel as of 7:29pm Nigerian time on Monday.

The Minister of State for Petroleum Resources, Timipre Sylva, had said in September that the Federal Government had stepped back in fixing the price of petrol, adding that market forces and crude oil price would determine the cost of the product.

The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said fuel prices might increase before the end of December, considering the current realities in the market.

“Once we have deregulated, petrol price is a function of crude oil price. If in the past few months, oil price has hovered around $40 to $44 per barrel, when it moves to $49-$50, we have to be expecting nothing less than N180 per litre of petrol,” he said.

Osatuyi, in a telephone interview with our correspondent on Monday, said petrol price could reach N200 per litre if oil price crossed the $50 per barrel mark.

“The devaluation of naira by N6 will actually have effect on the pump prices of fuel maybe by the end of this month or early next year,” he added.

He faulted the current situation in which the Nigerian National Petroleum Corporation remained the sole importer of petrol into the country despite the deregulation of petrol price.

“As at today, NNPC is still practicing monopolistic deregulation because it is the only one importing petrol for Nigeria. If you deregulate, you are supposed to make forex available for other players,” he said.

The Chairman, Major Oil Marketers Association of Nigeria, Mr Adetunji Oyebanji, also told our correspondent that private marketers were still unable to import petrol because of lack of access to forex.

He said marketers were also concerned about the discussion between the Federal Government and labour regarding deregulation, adding that discordant tunes would leave investors worried.

“The impression has been that deregulation has been agreed with labour already. It would always help when you know clearly the direction of government,” he added.

The Federal Government removed petrol subsidy in March this year after reducing the pump price of petrol to N125 per litre from N145 on the back of the sharp drop in crude oil prices. The price reduction lasted till June.

Nigerians have seen increases in the pump prices of petrol four times in the past five months, rising from N121.50–N123.50 per litre in June to N140.80-N143.80 in July, N148-N150 in August, N158-N162 in September and N163-N170 in November.

FG LAUNCHES N-POWER NEXIT PORTAL, APPLY FOR LOANS FROM CBN

The Federal Government in collaboration with CBN has introduced a new online portal for exited N-power beneficiaries of batch A and B called NEXIT Portal.

The Nexit Portal allows interested exited N-power beneficiaries to access government’s empowerment programmes.

N-Power Nexit portal is a platform inside the NPVN Portal where all exited N-power Batch A and B beneficiaries will be able to access various Federal Government Youth Empowerment Program.

If you are part of the exited N-power Batch A & B beneficiary, this is a great opportunity you don’t need to miss out.

According to the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq who announced the development on Friday, she said that the EXIT portal is to determine the suitability of the beneficiaries for the CBN affiliated programs.

How to Access The NEXIT Portal

Interested N-power Batch A & B Beneficiaries are advised to follow the step by step Procedures below to Register for NEXIT.

• Visit N-power Portal npvn.npower.gov.ng/login
• Enter your Email and Password
• Click on NEXIT Portal
• Click on Register for NEXIT
• Fill in your correct details
• Click on Submit.

How to Login to N-power Nexit Portal

To log in to Npower NEXIT Portal, please carefully follow the NEXIT login procedures below.

• Visit npvn Portal npvn.npower.gov.ng/login
• Enter your Email/Phone number and Password
• Click on Login

The Nexit Portal Registration is Free. You’re not required to pay anyone for anything.

The ministry said the NEXIT portal will be used to determine the suitability of exited beneficiaries for various CBN-affiliated programmes.

She explained that selection will be based on the conditions and criteria set by the apex bank.

WE'LL REPEAT SAME ACTION WE TOOK AT LEKKI TOLL GATE ANYWHERE IN NIGERIA IF SUCH SITUATION ARISES AGAIN --ARMY

   Gen. Ibrahim Taiwo

The Nigerian Army has said that it will repeat same action it took at the Lekki Toll Gate anywhere in the country if such a situation arises again.

Ibrahim Taiwo, Commander of 81 Division of the Nigerian Army, disclosed this on Saturday while testifying before the judicial panel the Lagos State Government set up to probe the incident.

On the night of 20 October, 2020, at about 6:50pm, operatives of the Nigerian Army opened fire on peaceful# EndSARS protesters at the toll gate, killing an unconfirmed number of people.

Despite evidence of people being killed and injured at the Lekki incident, the army had maintained that blank bullets were used on protesters.

While being cross examined by Olumide Fusika, a Senior Advocate of Nigeria (SAN), Taiwo said given the same circumstance, the army would act in a similar way to that of October 20, 2020.

He insisted that there was no shooting of live ammunition at protesters.

NIGERIAN ECONOMY ENTERS SECOND RECESSION IN FIVE YEARS

 Muhammadu Buhari

The Nigerian economy has slipped into its second recession in five years as the gross domestic product contracted for the second consecutive quarter.

The National Bureau of Statistics announced Saturday the nation’s GDP recorded a negative growth of 3.62 per cent in the third quarter of 2020.

The country had earlier recorded a 6.10 per cent contraction in the second quarter.

It is the nation’s second recession since 2016, and the worst economic decline in almost four decades.

The Nigerian economy has been battered by the coronavirus pandemic, which caused a significant decline in oil revenues as global economic activities stalled for months.

Crude oil accounts for nearly 90 per cent of Nigeria’s foreign exchange earnings although it contributes less than 10 per cent to the GDP. It contributed just 8.73 per cent to the economy in the latest report.

Oil production fell to 1.67 million barrels a day from 1.81 million barrels in the previous quarter, according to Bloomberg figures, the lowest since the third quarter in 2016 when the economy last experienced a recession.

The World Bank forecast the Nigerian economy will contract by 3.2 per cent in 2020, assuming the spread of COVID-19 is contained by the third quarter. The International Monetary Fund forecast a contraction of 4.3 per cent.

Before the pandemic and its attendant disruption, the Nigerian economy was expected to grow by 2.1% in 2020.

The pandemic as well as border closure have seen the country record sustained inflation for more than two years, with the October figure of 14.25 per cent the highest in the last 30 months.

The Central Bank of Nigeria in September cut interest rates to 11.5 per cent to help boost borrowing and support the economy. It was the second reduction in months.

The latest development is likely to trigger a further cut of the policy rate. The monetary policy committee, which sets the rate, is to beging its two-day meeting on Monday.

Details

The NBS said in its report that the performance of the economy in the third quarter of 2020 reflected “residual effects of the restrictions to movement and economic activity implemented across the country in early Q2 in response to the COVID-19 pandemic.”

“As these restrictions were lifted, businesses re-opened and international travel and trading activities resumed, some economic activities have returned to positive growth,” it said.

In all, 18 economic activities recorded positive growth compared to 13 activities in the second quarter.

During the quarter under review, aggregate GDP stood at N39 trillion in nominal terms, higher than N37.8 trillion in the same quarter in 2019.

JUDICIAL PANEL: I’M UNAWARE NIGERIAN ARMY CALLED LEKKI SHOOTING “FAKE NEWS” ON TWITTER – GENERAL TAIWO

   Brig. Gen. Ahmed Taiwo

Brig.-Gen. Ahmed Taiwo, Commander of the 81 Division, Military Intelligence Brigade, Victoria Island has said that he was unaware that the Nigerian Army Headquarters had described the shootings at the Lekki Tollgate as “fake news” on Twitter.

Taiwo made the disclosure on Saturday while being cross-examined at the Lagos State Judicial Panel of Inquiry for Restitution for Victims of SARS Related Abuses and Other Matters.

Responding to questions from Mr Adeyinka Olumide-Fusika (SAN), the counsel for some of the #EndSARS protesters, Taiwo said he was unaware of the denial by the headquarters of the Nigerian Army because he did not own a twitter account.

“Why did you tell lies, why did the army deny being at the scene?” Olumide-Fusika queried.

Taiwo denied telling lies and said that the Nigerian Army made the first statements because they did not have the full facts and the army was not sent to Lekki to break up the protest.

“I have not seen the denial that the Nigerian Army on twitter called their presence at the tollgate as fake news,”he said.

Following the General’s denial, Olumide-Fusika questioned him further about the Army’s denials.

“There is controversy between you and our Governor, Babajide Sanwo-Olu, when you (Army) denied saying that it was fake news and the governor came out to say he saw some footage.

“Based on the Army’s tweets, Mr Abubakar Malami (SAN), the Attorney-General of the Federation (AGF) said the people that went to the tollgate must be hoodlums in army uniforms.

“Are you aware of the Army HQ handle on twitter? If you go to your HQ’s verified twitter account right now the denial is still there. I challenge you to go online now to see it.

“Are you not aware that information posted on the Nigerian Army twitter handle on Oct. 21 still exists till this day, aren’t you an intelligence officer?”the SAN queried.

Responding, Taiwo said Sanwo-Olu had made the assertion about seeing some footage before the army made any verification.

“I’m not aware of what the AGF said, I’m not on twitter. I’m speaking here as the most senior Army officer on ground and on behalf of the 81 Division.

“I’m not aware of the Nigerian Army HQ twitter handle, I do not follow it because I’m not on twitter,” he said.

#EndSARS PROTEST: DAVIDO, FALZ, BURNA BOY, SAM ADEYEM, 46 OTHERS SUED

Davido, Burna Boy, Sam Adeyemi and Falz

Singers, Davido, Falz and Burna Boy; Pastor Sam Adeyemi and 46 others have been sued by an activist, Kenechukwu Okeke over their roles in #EndSARS protest which led to the destruction of his properties.

Okeke instituted the suit at a Chief Magistrate’s court in Abuja on Monday.

According to him, his propeties were destroyed in the aftermath of #EndSARS protest, saying that the promoters of the protest must be brought to justice.

Those sued are: Singers Burna Boy, Davido, Falz, Mr Macaroni, Taooma, Peter and Paul Okoye, Innocent Idibia aka Tuface, Banky W, Tiwa Savage, Don Jazzy and Yemi Alade.

There are also the Senior Pastor, Daystar Christian Centre, Pastor Sam Adeyemi; activist, Aisha Yesufu; ex-Super Eagles legend, Kanu Nwankwo; a former Director-General, Bureau for Public Sector Reform, Dr Joe Abah; journalist, Kiki Mordi, and actors, Yul Edochie, Uche Jombo, Feyikemi Abudu, Olorunrinu Oduala, Pamilerin Adegoke, Japhet Omojuwa, Ayo Sogunro and Deji Adeyanju.

He said, “I shall instigate a private criminal prosecution against all the alleged perpetrators and coordinators of the #EndSARS riots on Twitter. The nation bled, lives lost, and properties worth billions destroyed as a result of the sheer recklessness of some persons.

“Having initiated criminal proceedings against the #EndSARS riots promoters at exactly 1052hrs WAT, 09/11/2020, we shall ensure that same is diligently prosecuted in the interest of defence, public safety and public order. The Federal Republic of Nigeria is country of laws.”

Okeke, in a supporting affidavit said the defendants played key roles in the #EndSARS protest which later snowballed into violence.

He alleged that the 1st to 50th accused persons between the 3rd day of October 2020 and the 28th day of October 2020, using Twitter, an Internet web source with URL https://www.twitter.com within the jurisdiction of this honourable court did conspire among themselves to commit misdemeanour, to wit, promoting and acting in such a manner, with intent to assist in the promotion of #EndSARS and thereby committed an offence punishable under Section 97(2) of the Penal Code Act, C53 Laws of the Federation of Nigeria, 2004.u

The affidavit added that the 1st to 50th accused persons with intent to carry out some common purpose, assemble in such a manner or being assembled under the composition of #EndSARS as to cause persons in the Federal Capital Territory, Abuja, to fear on reasonable grounds that such assembly needlessly and without any reasonable occasion may provoke other persons tumultuously to disturb the peace.

It said properties belonging to the complaint were egregiously destroyed by some riotous and tumultuous persons instigated and incited by the 1st to 50th accused persons.

UAE CONVICTS 6 NIGERIANS FOR WIRING $782,000 TO BOKO HARAM, FG OFFICIAL INDICTED

An Abu Dhabi Federal Court of Appeal in the United Arab Emirates (UAE) has convicted six Nigerians over alleged funding of Boko Haram.

The conviction was upheld by the appellate court after they lost an earlier appeal at a lower court.

Daily Trust reported on Monday that Surajo Abubakar Muhammad and Saleh Yusuf Adamu were sentenced to life imprisonment.

The rest, Ibrahim Ali Alhassan, AbdurRahman Ado Musa, Bashir Ali Yusuf and Muhammad Ibrahim Isa, got ten-year imprisonment each.

Court documents show that between 2015 and 2016, the convicts were allegedly involved in cash transfers totalling $782,000.00 to Boko Haram.

The act was contrary to Article 29, Clause 3 of UAE’s Federal Anti-Terrorism Law No 7 of 2017.

National Security Bureau said investigation of the Nigerians “confirmed their involvement and membership of the Boko Haram”.

They were arrested between April 16 and 17, 2017, and their homes searched according to the search warrant issued by the National Security Prosecution office dated April 16, 2017.

Abubakar and Adamu were charged for joining Boko Haram knowingly.

This negates Article 22/2 of UAE’s Federal Anti-Terrorism Law No 7 of 2017 punishable by death or life imprisonment.

Alhassan, Musa, Yusuf and Isa were charged with assisting the sect knowingly.

The crime, under Article 31, Clause 1 of the same law, is punishable by life imprisonment or at least five years in jail.

Most of the transactions were facilitated by two undercover Boko Haram agents based in Nigeria. One of them is “Alhaji Sa’idu”.

The other “Alhaji Ashiru” was described as “a Nigerian government official”.

He also reportedly funnelled misappropriated public funds to terrorists.

Sa’idu’s modus operandi is using unidentified Arab persons on a visit to Dubai from Turkey to hand over US Dollars to one of the convicts, who then remit Naira equivalent to the agent.

Families of the convicts say they were “framed up”, insisting their bureau de change business in the UAE was legitimate.

NIGERIAN MILITARY OFFICERS ORDERED SHOOTING OF PROTESTERS IN LEKKI - SANWO-OLU

The Governor of Lagos state, Babajide Sanwo-olu has admitted that Nigerian Military officers ordered the shooting of unarmed #EndSARS protesters at the Lekki Toll Gate last week Tuesday.

Sanwoolu, during a live interview on CNN, disclosed that according to CCTV footage gotten from the scene of the shooting, officers of the Nigerian Army were responsible for the attack.

POLITICS NIGERIA earlier reported that the Lekki shooting generated a massive outcry from human rights organisations and the international community, with many calling for a thorough investigation into the incident.

When asked about who ordered the shooting and which security branch carried out the order, Sanwoolu said;

"From the footage that we can see, there are cameras at that facility. It seems to me that there were men in military uniform, should be Nigerian Army."

The Interviewer pressed further,"So you're saying that it was Military officers who ordered peaceful protesters to be shot in lekki?"

Sanwoolu replied; "Yes, they were there. That's what it shows".

When asked if anyone will be held accountable, Sanwoolu said; "They certainly would....I mean, we'll do everything to ensure that they are held accountable"

"I'm not the C-in-C, I'm Governor of the state."

https://politicsnigeria.com/breaking-nigerian-military-officers-ordered-shooting-of-lekki-protesters-sanwoolu/

WIKE, YOU ARE FINISHED – NNAMDI KANU ATTACKS RIVERS GOVERNOR

Nnamdi Kanu of the Indigenous People of Biafra, IPOB, has launched a verbal attack and threat on the Governor of Rivers State, Nyesom Wike.

This was after Governor Wike, had on Friday proscribed all activities of the IPOB, in the State.

Wike made the declaration in a statewide broadcast over the recent happenings in Rivers State, where the Police Command reported that IPOB members are responsible for the mayhem in the State.

He stated that his administration had severally pleaded, warned and even advised IPOB and its members to discontinue its insurrectional actions in Rivers State to no avail.

Kanu said if he and his group could face the government of Nigeria, Wike cannot stop their operations.

“If you know Nyesom Wike tell him that I, Mazi Nnamdi Kanu, fight DEMONS not mere thieving mortals like him,” Kanu said.

“If the Satanic British created enclave called Nigeria is crying to the UK Government to save them, who the hell is Wike to challenge God’s project which IPOB is?

“Wike should have regard for the following points as contained in the plea letter Nigeria sent to Britain begging them to help stop IPOB…. Wike you are finished.” He declared.

EBONYI GOVERNMENT PROSCRIBES ASUU, NASU, OTHERS IN STATE UNIVERSITY

The Ebonyi State Government on Thursday announced the proscription of the Academic Staff Union of Universities, the Non-Academic Staff Union and others at the Ebonyi State University, Abakaliki.

The only body currently allowed to exist in the university is the Students’ Union Government.

The Ebonyi State Governor, David Umahi, who met with leadership of the unions, said, “The decision was taken in order to ensure that academic and non-academic unions’ activities do not negatively affect the resumption of EBSU and commencement of academic/non-academic activities in the state-owned university.”

Meanwhile, the state Commissioner for Education, Dr Onyebuchi Chima, said approval had been given for the release of N500m for the payment of staff salaries.

He added that the institution was also granted a loan of N300m for the commencement of SMEs towards boosting its Internally Generated Revenue, while the state’s mushroom and the citrus farms were also donated to the school.

Chima said, “All teaching and non-teaching staff members are encouraged to resume normal university activities immediately. All teaching and non-teaching staff shall be paid 80 per cent of their monthly outstanding salaries except those who refused to immediately commence work. Accordingly, EBSU management and SUG are encouraged to keep records of staff that resume for work.

“In order to ameliorate the hardship of parents/students in the payment of school fees, the Visitor of EBSU/Governor of Ebonyi State University, Dr David Nweze Umahi, has approved that EBSU University Management should implement ‘staggered school payment’ system.”