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Hardship: “I understand we are hungry, but no free beer parlour anymore,” Tinubu tells Nigerians  

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President Bola Tinubu has called on Nigerians to remain patient despite the high cost of living, stating that the country can no longer expect “a free bowl” without addressing its economic challenges.

 

The President made this remark during a visit from former Nigerian lawmakers at the State House in Abuja on Friday.

 

Tinubu acknowledged the hunger in the country but emphasized that there is no “free beer parlour,” using the metaphor to highlight that real development requires time and effort.

 

He further stressed the need for the government to stay focused on nation-building and restructuring the country’s financial system.

 

“Look at us. Agriculture that is the main thing. People say we are hungry.

 

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“Yes, I understand that. But we cannot just take a free bowl. We must work hard. We’ve sustained twenty-five years of democracy this year, we don’t want to keep the people hungry and angry. But we say be patient.

 

“There is no free beer parlour anymore. We will retool and rebuild or nation through your cooperation,” Tinubu said.

 

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Speaking further, the President also bemoaned the fact that the country missed past opportunities to develop its infrastructure, education and other social amenities.

 

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According to him, while Nigeria was experiencing a boom in economic growth, the leadership at that time failed to develop critical sectors in the country, leading to infrastructure deficit, dilapidated school facilities, among others.

 

Tinubu mentioned that this the major reason the country now struggles with its current economic challenges, leaving millions to battle with high cost of living as well as the crisis of out of school children.

 

“No one will do it better than us. Having travelled the world and see developed countries donate themselves to collaboration, inclusiveness and financial structure.

 

“Yes, there is hardship. But how did we get here? What did we do when we had very high production? We neglected our communities. We neglected the geese that lay the golden eggs. We forget to even give them common decent standard of living. We forget to educate our children.

 

“Go and look at the schools, they are all ramshackle. Education environment must be decent enough for pupils to want to learn.

 

“We can continue to complain from now till eternity that the school enrollment is low. Did we even do anything to encourage that education progresses. We must ask ourselves. It’s a matter of conscience,” Tinubu added.

 

What you should know

Food inflation has become an increasingly worrisome issue in the country as many Nigerians battle with the rising price of food items in the marketplace.

 

Meanwhile, while the government has declared a state of emergency on food security in the country, the prices of food items continue on an upward trajectory.

 

In addition, the Food and Agricultural Organisation (FAO), projected that around 26.5 million Nigerians will be at risk of hunger in 2024.

 

Dangote Refinery: FX intervention will crash petrol price to below N600 per liter – Refiners

Dangote Refinery: FX intervention will crash petrol price to below N600 per liter – Refiners

Crude Oil Refiners Association of Nigeria, CORAN, has told the Nigerian Government to peg foreign exchange at N1000 per dollar to crash the price of Dangote Refinery’s petrol to below N600 per liter.

 

The spokesperson of CORAN, Eche Idoko disclosed this in a statement.

 

He was speaking amid the current hike in the pump of petrol to between N950 and N1,100 per liter in Nigeria.

 

This comes as the Nigerian National Petroleum Company Limited announced a fresh petrol price hike last week across its retail outlets following the lifting of Dangote Petrol.

 

The State-owned firm had justified the petrol price hike on the cost of Dangote fuel which was sold at N898 per litre.

 

However, Dangote Refinery had blamed the current pricing of its petrol on the cost of crude oil at the international market.

 

Reacting to the development, Idoko urged the federal government to intervene through FX pegging to crash the price of petrol.

 

“For instance, you can say, you are using N1,000 as an exchange rate for this dollar deal, for the locally refined petroleum products. And like that, you will see a significant drop in the price.

 

“As it is right now, this pricing you see is a reflection of what the price will look like if there is no intervention at all, because of how the naira is doing and because of what crude is doing in the international market.

 

“But if the government intervenes by way of naira sales and pegging the dollar exchange rate for crude transactions at a reasonably low rate, you will see an improvement.

 

“This is different from paying money as a subsidy. You are only just putting mechanisms in place to ensure the product is cheap,” he said.

President Tinubu Government’s proactiveness towards Nigeria’s Security Continues – Dada Olusegun

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President Tinubu Government’s proactiveness towards Nigeria’s Security Continues

 

By Dada Olusegun

 

Insecurity has been a major challenge in Nigeria in the past two decades and has always manifested in many faces. At the dawn of our fourth Republic, Nigeria grappled with brazen highway and bank robberies, kidnapping for ransom mostly in the South, cult violence, and sectarian conflicts in many parts of the country leading to wanton destruction of lives and properties including the sacking of entire communities. Places like Plateau, Taraba, Benue etc became hotbeds of deadly communal conflicts.

The insecurity monster however continued to evolve into new faces and suddenly we found ourselves fighting a brutal insurgency in the Sahel region of the country, wholesale kidnapping for ransom also became a lucrative business for bandits across large swathes of savanna plains and forests in the North West. These added to the activities of crude oil thieves in the Niger Delta and IPOB militia in the Eastern enclave meant that the nation has on its hands, a full plate of complex insecurity issues to deal with on multiple fronts.

 

President Bola Tinubu on May 29, 2023, inherited a country still reeling from the fangs of insecurity in many of its ugly forms despite the outstanding efforts of President Muhammadu Buhari, who apart from overseeing the biggest equipping of our military with modern assets also dealt a devastating blow on the terrorists in the northeast, degrading their capability to mount any significant attack. For example, it appeared as if banditry was the new gold in the North West with increased reports of daring kidnapping of travellers and poor civilians from their communities.

 

President Bola Tinubu, though a lifelong civilian with no prior stint in the military or paramilitary, identified security as a key priority for any meaningful economic development to be achieved. He immediately put on his Commander-in-chief garb and got down to the task of curbing insecurity wherever its ugly head is raised to the barest minimum. The President appointed two Defence Ministers from the North West region where banditry seemed to be rising exponentially. He also broke from tradition and appointed an accomplished policeman and anti-corruption czar to serve as his National Security Adviser.

With competent individuals appointed as heads of the different arms of Nigeria’s military and other security agencies, the president set the tone for an effective onslaught against the increasing spate of insecurity across the country. One year down the line, the Tinubu administration’s proactive steps to tackle insecurity are yielding very visible results across many theatres of operation. In fact, following a shake-up in strategies and intelligence gathering, the heat is now bearing down pretty hard on kidnappers, terrorists, bandits and other criminal elements terrorising innocent Nigerians.

 

In just three months spanning April to June 2024, the Nigerian military neutralized 2,245 terrorists in operations against Boko Haram/ISWAP and other criminal gangs. During these operations, 1,993 individuals who were kidnapped for ransom were rescued while 2,783 weapons and a significant amount of ammunition belonging to the terrorists were seized by the security forces. In the same June 2024, the Nigerian Police also revealed that officers and men of the force arrested no fewer than 35,496 suspects, for their participation in various crimes, rescued 1,907 kidnapped victims, recovered 2,750 firearms, 22,569 ammunition, and 1,540 vehicles nationwide, in one year.

The military is taking the offensive to the enclave of these criminals as shown by the back-to-back successful decimation of wanted notorious bandits (some of whom were previously boasting on TikTok as being invincible) which the military has been recording recently. These evil and unhinged criminals are now living in fear knowing that in a split second, the fire and fury of Nigeria’s Airforce assets can descend from the sky and consume them. These feats are thanks to improved intelligence gathering.

 

Something happened in a Borno LGA recently that perhaps captures the present vigour with which the Nigerian military goes about defending the nation and its citizens from the hands of soulless terrorists. Boko Haram terrorists who feel they have managed to resupply and regroup sufficiently from their fleeing positions inside Chad started threatening activities against inhabitants of the Kukawa Local Government Area and even issued them a vacation order. This led to a mass exodus of residents of Kukawa who once again fled the town and adjoining villages in fear. Kukawa LGA is on the northmost point of Borno State and shares a border with the Chad Republic.

 

The military command immediately swung into action. The Joint Task Force (JTF) North East Operation HADIN KAI began mobilising assets and troops to conduct a stabilisation operation in the general area of this critical border LGA. As part of the operation, the military conducted sustained intensive patrols and clearance offensives neutralising many of the terrorists, root scanning of the area as a preventive measure to counter any IEDs the terrorists may have laid and detonation of many IEDs they discovered. The military erected entry and exit gates in the Kukawa town itself and mounted long-range military-grade surveillance cameras and watchtowers to easily detect any advancing hostiles and give the troops advanced warnings.

Thanks to the troops of Operation HADIN KAI, the stabilisation of Kukawa was greatly achieved and thousands of people who earlier fled their homes returned to a more secure homeland and didn’t end there, the military erected boreholes to provide clean drinking water to the residents, undertook a free medical outreach and is working with the Borno State government to build societal resilience into the general population as they return to total normalcy.

 

This Kukawa episode is just an example of the enormous amount of planning and resources that go into ensuring Nigerians are safe across many areas. President Bola Tinubu’s government has not spared resources in ensuring the military and the other security agencies are equipped and provided with the capability to dominate criminals. The recent successful onslaught against notorious bandits by troops of Operation Hadarin Daji in the North West is giving residents in the affected areas (which are mostly rural communities) hope that the era of living in constant fear and at the mercy of the kidnapping gangs is coming to an end. From Zamfara to Sokoto, to Kaduna, Katsina and beyond, the bandits are feeling the wave of the relentless march of troops of Operation Hadarin Daji with air support.

 

Ensuring sustained security of lives and properties is a fluid affair, especially in a country like Nigeria. The security dynamics are constantly shifting and that is because of the unrelenting efforts of our military forces to deny criminals the absolute freedom to commit crimes and go scot-free. The President gets security briefings daily and sometimes summons the service chiefs to appraise strategies and see where to tweak things, this is simply because of the need to stay ahead of the criminal non-state actors who have taken to a life of criminality and depriving their fellow citizens of peace. The President as of today is pleased by the general success our security agencies have recorded in maintaining relative law and order across the country.

 

In various niches, relevant security agencies are tackling criminal activities be it kidnapping, crude oil theft, illegal mining, maritime crimes, vandalism or even petty crimes. The ultimate goal of President Bola Tinubu’s administration is to get to a point where it becomes unattractive for criminals to engage in violent crimes because of the certain capabilities of the security agencies to smoke them out and bring them to justice dead or alive. The President wants to ensure that criminals are denied the space to operate and enjoy the proceeds of their nefarious activities. This informed the recent efforts to review our security architecture especially as it relates to intelligence gathering and utilisation.

 

Today we have seen incidences of crude oil theft on a swift decline as well as vandalism of oil facilities thanks to renewed efforts of the military to tackle this menace with the setting up of a Joint Monitoring Team by the Chief of Defence Staff comprising 12 security forces. There has also been a noticeable reduction in the spate of crimes by IPOB-affiliated militias in the Southeast in recent times thanks to the continued presence and sustained clearance operations by the joint security forces under Operation UDO KA.

 

In the North Central, which is an important agricultural belt, reports of insecurity have also declined considerably, allowing more farmers to cultivate their lands without fear of bandit attacks. This is thanks to a sustained military operation in the zone to protect farmers and local communities. Also, incidents of farmers-herders clashes have been very subdued in the North Central axis. The South West region also has been relatively peaceful with the police largely taking charge of maintaining law and order. Isolated kidnapping incidents that occurred recently in the region have been relatively dealt with by the police and local vigilantes. Even the last nationwide protest that threatened to degenerate into another thing was professionally managed by the police and other security forces and Nigeria returned to normalcy shortly after.

All the above reports point to the fact that the proactiveness of the Tinubu administration in the area of security bears highly visible fruits. As a man who is always razor-focused on achieving his priorities, President Bola Tinubu will not relent until Nigerians feel that sense of security not just in our urban environment but in the remotest parts of our dear country. It is only then that the promises of greatness that come with the other economic steps being taken by the President under the Renewed Hope agenda would be felt by all and sundry. In President Bola Tinubu’s diary, no village no matter how remote or scarcely populated deserves to be left behind. He sees every Nigerian no matter where they reside as deserving a safe and secure homeland from where they can partake in the shared prosperity that we envisage in the medium and long term.

The last photo of Muhammad Ali, 2016

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The last photo of Muhammad Ali, 2016

 

Born Cassius Clay, Ali is considered the most important athlete of the 20th century by many professionals and critics.

Known as “The Greatest,” Ali would use boxing as his platform to advocate for civil rights and humanitarian issues and as a form of self-expression.

 

Despite being considered the best boxer of all time, Ali dealt with racism and discrimination his entire life. Here is a story about Ali that shows his dedication to his beliefs:

 

Ali had won a gold medal at the 1960 Olympics boxing tournament at just 18 years old.

 

He returned to his hometown of Louisville, Kentucky, where he was referred to with slurs by local newspapers.

 

Proud of his accomplishments, Ali went out one night to celebrate his victory while wearing his gold medal.

Upon entering a diner, Ali was refused service.

 

Enraged that the waitress would only recognize him for the color of his skin and not his character, Ali threw his medal into the Ohio River off a bridge. He did this as he felt that no matter what he achieved, he would never be judged for his character but for his physical features.

 

Ali had an incredible career, with 56 wins (37 knockouts) and 5 losses. Towards the end of his career, Ali showed signs of Parkinson’s disease, which caused him to retire.

 

Ali was known for his unique boxing style, which consisted of movements such as the “Ali shuffle,” which gave the impression that he was dancing.

 

He was not credited as a heavy hitter, but he was known for his dodging and agile abilities, which allowed him to dodge attacks to tire out his opponents, allowing Ali to be more aggressive.

 

Ali would go on to inspire millions of people around the world with his poetic commentary, wishful thinking, and generous attitude.

 

Photographer: Zenon Texeira.

 

#HistoryCaptain #History

8 Nollywood Filmmakers Who Surpassed N100 Million in 2024

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8 Nollywood Filmmakers Who Surpassed N100 Million in 2024

Funke Akindele – A Tribe Called Judah

Funke Akindele has solidified her status as one of Nollywood’s most successful actresses and filmmakers. Her career, which began in 1997, gained significant traction with her role in the UN-sponsored sitcom I Need to Know. Known as the “Queen of Box Office,” Funke holds the top three positions for the highest-grossing Nigerian films.

Her latest blockbuster, A Tribe Called Judah, became the first Nollywood movie to surpass the N1 billion mark, while her previous films Battl£ on Buka Street (2022) and Omo Ghetto: The Saga (2020) have also achieved remarkable box office success. Funke ability to star in and produce such high-grossing films underscores her piv0tal role in the industry’s growth.

 

2 Kayode Kasum – Ajosepo

Box Office Revenue: N256.6 million

Kayode Kasum has emerged as a powerhouse director and producer in Nollywood, with his film Ajosepo grossing over N200 million in cinemas. This success pushes his cumulative box office gross as a director to more than N1 billion.

Kasum is renowned for his dedication to preserving African cultural practices, which is reflected in his diverse filmography that includes h|ts like Sugar Rush, This Lady Called Life, and Far From Home on Netflix. His ability to craft stories in English, Pidgin English, and various African dialects has resonated with a wide audience, making him one of the most influential filmmakers in Nigeria today.

 

3- Eniola Ajao – B£ast of Two Worlds

Box Office Revenue: N252.8 million

Eniola Ajao has made a significant impact in the Yoruba-language film sector of Nollywood. With over 75 film appearances under her belt, Ajao ventured into producing with B£ast of Two Worlds in 2024.

Directed by Odunlade Adekola and Adebayo Tijani, the film tells the intrigu|ng story of a d£sperate king who marries a woman from another world to secure his legacy, leading to unexpected cha0s. Premiering on March 25, the film attracted over 72,532 cinema admissions, solidifying Ajao’s reputation as a versatile and dynamic f0rce in the industry.

 

4- Odunlade Adekola – Lakatabu

Box Office Revenue: N202.2 million

Odunlade Adekola is a celebrated actor and filmmaker, best known for his lead role in the 2003 film Asiri Gomina Wa. As the founder and CEO of Odunlade Adekola Film Production (OAFP), Adekola has been instrumental in producing numerous successful Nollywood films.

His 2024 release, Lakatabu, premiered on June 21 and quickly grossed over N200 million, with 55,048 tickets sold. Adekola’s dual role as both actor and producer in the film highlights his versatility and deep commitment to Nollywood’s continued success.

 

5- Toyin Abraham – Malaika

Box Office Revenue: N158 million

Toyin Abraham Ajeyemi has established herself as a leading actress and filmmaker in Nollywood since her debut in 2003. With a repert0ire that includes films like Alani Baba Labake and Ijakumo: The Born Again Str|pper, Abraham has consistently delivered performances that resonate with audiences.

Her 2024 film, Malaika, grossed over N158 million, showcasing her ability to lead commercially successful projects. Additionally, Abraham’s involvement in reality TV and her role as an ambassador for Revolution Plus Properties highlight her multifaceted influence beyond the film industry.

 

6- Bolanle Austen-Peters – Funmilayo Ransom Kuti

Box Office Revenue: N157 million

Bolanle Austen-Peters is a trailblazer in Nigerian theatre and film, recognized by CNN and Forbes Afrique for her influential contributions. As the founder of BAP Productions and Terra Kulture, Austen-Peters has been a key player in promoting arts and culture in Lagos and beyond.

Her film Funmilayo Ransom Kuti holds the title of the highest-grossing biopic in West Africa, earning N157 million at the box office. Her work with Terra Academy for the Arts and notable productions like Saro, the Musical and Fela and The Kalakuta Queens have garnered international acclaim, cementing her legacy in Nollywood.

This writeup(Caption) is from Ayeni Abayomi page

 

7- Deyemi Okanlawon – All’s Fair in Love

Box Office Revenue: N131 million

Deyemi Okanlawon is a prominent actor & entrepreneur who made his producing debut in 2024 with the romantic comedy All’s Fair in Love. Premiering on February 14, the film quickly became the highest-grossing romantic comedy in Nigeria, amassing N131.34 million.

Okanlawon’s strategic casting, innovative marketing & collaboration with directors Kayode Kasum and Ifeme C.S. were key factors in the film’s success. His extensive career which includes over 50 film appearances and accolades such as a Best Actor award at the In-Short Film Festival, highlights his significant impact on Nollywood.

 

8- Naz Onuzo Muri & Co

 

Box Office Revenue: N120.4 million

Naz Onuzo is a key figure in both the creative and financial aspects of Nollywood, leading Inkblot Productions to become one of Nigeria’s foremost independent film and TV production companies.

 

As the Executive Producer of Muri & Ko, released in June 2024, Onuzo helped the film gross over N100 million within weeks of its debut. His extensive experience in private equity and strategic roles with FilmOne Entertainment, Filmhouse Cinemas, and Global Accelerex underscores his ability to blend creative vision with financial acumen, driving Inkblot’s continued success.

©️Ayeni Abayomi

Dangote Refinery Records 65m Litres Petrol Supply Shortfall in Three Days

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Dangote Refinery Records 65m Litres Petrol Supply Shortfall in Three Days

 

..Facility Not Ready for Petrol Loading Vessels, Spokesman affirms

 

Dangote Refinery has recorded 65 million litres petrol supply shortfall in three days, falling short of its commitment to deliver 25 million litres of petrol to the nation daily for September.

 

A report by Premium Times which showed this added that that rather than deliver 75 million litres in three days, the refinery was only able to supply 10,297,766 (about 10.3 million litres) through its gantry loading system.

 

With that figure, the refinery demonstrated a supply shortfall of almost 65 million litres in three days, a situation experts say is capable of threatening the nation’s energy security.

 

An NNPC official said Nigeria risked a significant energy crisis, with fuel shortages escalating, if the government failed to act swiftly.

 

“I am aware that due to the forecast that the Dangote Refinery would provide 25 million litres daily, the NMDPRA failed to clear NNPC Trading Limited to import petrol for October and onwards,” the official said, asking not to be named because he had no permission to speak on the matter. “With the supply shortage from the refinery, Nigeria is in trouble because, as we speak, there is not enough product to go round the country.”

 

Records from NMDPRA show that the daily truckout of petrol from depots across the country averaged 51.10 million litres between 1 January 2024 and 18 September 2024.

 

Loading data obtained, according to the report by Premium Times, showed that on 15 September, the first day of loading, the Dangote Refinery supplied the Nigerian National Petroleum Company Retail Limited (NNPC Retail Ltd) with a total of 2,486,842 (2.48 million) litres of petrol in 56 trucks.

 

On 16 September, NNPC Retail loaded 50 trucks containing 2,221,773 (2.2 million) litres of petrol. Another marketer, AYM Shafa, loaded 24 trucks with 1,120,465 (1.1 million) litres of the product. The total number of trucks loaded for the day was 74, while the product received aggregated to 3,342,238 (3.3 million) litres.

 

However, product supply improved marginally on 17 September but was still far below expectations. On the day, NNPC Retail Ltd received 4,063,526 (4 million) litres in 89 trucks, while AYM Shafa could only load one truck, which carried 44,999 litres of the product. NIPCO trucked out 360,161 litres of petrol in eight trucks. The total number of trucks loaded for the day was 98, conveying 4,468,686 (about 4.5 million) litres of the product.

 

The Wednesday, 18 September, loading data is not immediately available to this newspaper.

 

Earlier in September, the federal government said the Dangote Refinery would supply Nigeria’s domestic market with 25 million litres of petrol daily and 35 million litres daily from October.

 

On Tuesday, the Dangote Group Chief Branding and Communications Officer, Anthony Chiejina, told Vanguard newspaper that the refinery supplied 111 million litres of the product within three days.

 

“We have already loaded 111 million litres of petrol, and the exercise is ongoing. We are refining and have no reason not to load. So, loading is ongoing and we will continue to provide the product to the market,” Mr Chiejina was quoted by Vanguard as saying.

 

However, official data reviewed by PREMIUM TIMES paint a different picture from Mr Chiejina’s claim. The data indicated that in three days, less than 10.3 million litres were lifted from the 650,000 barrels per day Dangote Refinery.

 

On Wednesday, when this newspaper contacted Mr Chiejina, he said what he told Vanguard was that the refinery produced and made available 111 million litres for loading in three days.

 

He blamed the current slow loading speed on NNPCL, which he said needed to send more trucks to lift the product. For instance, the state-owned oil company only sent 67 trucks on 15 September instead of the 300 trucks it claimed to have dispatched to the facility to load the product, Mr Chiejina said.

 

Olufemi Soneye, the NNPC’s chief corporate communications officer, did not answer or return calls on Wednesday. He also did not reply to a text message seeking clarification on Mr Chiejina’s claim.

 

However, Dangote Refinery documents reviewed by PREMIUM TIMES showed that contrary to Mr Chiejina’s claim, the facility has so far only made available for loading a total of 24,700 metric tonnes of petrol (about 33 million litres – at 1,322.76 litres per tonne). The released volume of product is 42 million short of the 75 million the refinery committed to supplying for three days, at 25 million per day.

 

To supply 25 million litres of petrol to the nation daily while relying on road transportation alone, the refinery must load at least 500 trucks daily, with each vehicle carrying at least 50,000 litres of the product. Marketers believe this is impossible, but Mr Chiejina of the Dangote Group said that is achievable with the facility’s 177 loading points.

 

NNPC officials said they recently approached the refinery requesting vessel loading but were told that the operation facilities needed to be prepared. “With that information from Dangote, the vessel MT Binta Saleh has been withdrawn,” one official said. “No vessel loading yet, as advised by Dangote.”

 

When asked why the refinery is yet to commence vessel loading, Mr Chiejina said he was not aware that the NNPC had requested vessel loading. “They can lift five million litres, but vessel loading is yet to start because there is a need for an agreement,” he said.

 

The Dangote Refinery -NNPC Tango

Last Friday, the Nigerian government announced that petrol loading from the Dangote Refinery would begin on Sunday.

 

The government said petrol from the Dangote refinery would only be sold to NNPC Ltd, which would then be sold to various marketers in the short term.

 

The state-owned oil company said it deployed over 100 trucks as of Saturday afternoon. Confirming the development, Mr Soneye said that by the end of Saturday, a least 300 trucks would be stationed at the refinery’s fuel-loading gantry.

 

On Sunday, Mr Soneye told this newspaper that the refinery bought petrol from Dangote refinery at N898 per litre. He said market forces now determine domestic pump prices.

 

“For instance, now Brent is $70. Let’s say tomorrow, Brent goes to $80. You should note that the price will also rise because those are the market forces. But today, for this initial 16.8 million litre that was given to us, it was at the rate of N898,” Mr Soneye said.

 

In its reaction, the Dangote Refinery described the claim as “misleading and mischievous,” aimed at undermining the refinery’s achievement in addressing Nigeria’s energy insufficiency. However, the refinery failed to disclose the price it sold the product to NNPC Ltd.

 

In a counter-statement, the NNPC insisted it bought the product for N898 per litre and would be grateful for any discount from the Dangote refinery that can be passed 100 per cent to the general public.

 

“Let them tell you their price. I stand by my earlier comment. Will you allow customers to carry your product without a price agreement? Mr Soneye told PREMIUM TIMES earlier on Monday.

 

NNPC Ltd said apart from landing costs from refineries, suppliers must pay statutory and regulatory charges for each litre of petrol. Those charges include the NMDPRA fee, N8.99; inspection fee, N0.97; distribution cost (Lagos), N15.00; and profit margin, N26.48.

 

The state oil company said once freighting and other statutory costs are added, the product would cost more at the pump—N950.22 per litre in Lagos, N980.22 in Rivers, and N992.22 in Abuja. The selling price in Maiduguri was N1,019.

 

Via Platforms Africa

‘I DIDN’T COME TO LOOK FOR MONEY, I CAME TO WORK’, PRESIDENT TINUBU TELLS FORUM OF FORMER NASS PRESIDING OFFICERS

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President Bola Tinubu has assured Nigerians that his administration is focused on delivering tangible results and making a positive difference in the nation’s infrastructure, food and energy security, education and long-term economic stability.

 

At a meeting with the Forum of Former Presiding Officers of the National Assembly, led by former Senate President Ken Nnamani, the President emphasised that he is not in office for personal gain but to serve the country.

”I didn’t come to look for money and exploit the situation; I came to work. I asked for the votes, and Nigerians gave them to me, ” the President, who was a former senator, told the meeting after a session of banters and handshakes with former parliamentary colleagues.

 

The meeting was attended by 16 former presiding officers, including former senate presidents, former speakers of the House of Representatives, former deputy senate presidents, and former deputy speakers of the House of Representatives.

The President acknowledged the support and encouragement from the Forum members, irrespective of party affiliations, and implored them to continue fostering unity and camaraderie to achieve national development goals.

 

Reflecting on the complex nature of legislative activities, constitutional reviews, and nation-building processes, the President expressed confidence that Nigeria can progress through collaboration and inclusiveness.

”Regardless of party differences of the past and difficulty of the present, you still believe in me and what we all plan for this country.

 

”I thank you very much; no one will do it better than us. I have travelled the world and seen how developed countries have done it for themselves through collaboration, inclusiveness and financial structure.

 

”Yes, there is hardship, but how did we get here? What did we do when we had very high crude production?”

 

“We neglected our communities; we neglected the goose that lays the golden eggs; we forgot even to give them a good standard of living.

 

”We forgot to educate our children. Go round and look at the dilapidated schools. The education environment must be decent enough for pupils to want to learn.

 

”We can complain from now till eternity that the school enrolment is low. But did we do anything to encourage the enrolment process? We must ask ourselves because it is a matter of conscience,” he said.

 

The President outlined his administration’s focus on addressing these challenges, including improving infrastructure, ensuring compliance with financial regulations, exploring alternative energy sources and providing energy security.

 

”We have come a long way, and I promise we must do our best,” he said.

 

He urged the former presiding officers to continue sharing their wealth of experience in nation-building and governance, noting that they were uniquely positioned to provide “clear interpretations of where we are” to Nigerians.

 

Senator Nnamani, who spoke on behalf of the delegation, expressed full support for President Tinubu’s administration and its efforts to address Nigeria’s pressing challenges.

 

He noted that the meeting was the president’s first official engagement with the group since his assumption of office. Nnamani congratulated the President.

 

”Mr President, history has never been the burden of one man alone, but some are called to meet a special share of its challenges.

 

”Though not of your creation, it has fallen onto you to end the pervasive insecurity across the nation, the economic downturn that has resulted in hunger and anger, infrastructural decay due to years of neglect and myriads of other national challenges.

 

”As difficult as these problems are, we believe that with your experience, you can face the difficulties and surmount them.

 

”What gives us more hope is the courage with which you handled the issue of Local government autonomy, which has won you open admiration from friends and foes alike.

 

”We are convinced that you will dig in deeper again to eradicate these problems and restore Nigerians pride of place among the comity of nations,” the former senate president said.

 

He added that the group has seen what elite complacency has caused nations and has resolved to unite across all divides to render whatever assistance it may be called upon to contribute to nation-building and ensuring enduring prosperity for our citizens.

 

”It is in this light and in the national interest that we wish to pledge our support as you work to restore national security, build an economy that works for all and strengthen the bond of unity amongst our disparate peoples, ” he said.

 

Nnamani also commended the President for his trust in appointing some of their members to critical national positions, recognising their vital role in nation-building.

 

Bayo Onanuga

 

Special Adviser to the President

 

(Information & Strategy)

 

September 20, 2024

Again, another multinational to ditch Nigeria, other African countries

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British consumer goods group PZ Cussons Plc is at the warm-up stage of completely or partially quitting operations in Africa, where Nigeria and Kenya are the main manufacturing hubs.

 

The continent accounts for 28.7 per cent of the group’s revenue, with Nigeria being its largest and most diverse single market

 

We “have received a number of expressions of interest for our African business, recognising the potential of our brands and people, which could lead to a partial or full sale,” the parent company was quoted as saying in a Thursday statement by PZ Cussons Nigeria, its local subsidiary.

 

PZ Cussons Nigeria stated in the regulatory filing at the Nigerian Exchange it will make relevant information about the move public once a formal notification from its parent company is in place.

 

The 2024 financials of the Manchester-based group, released in London on Wednesday and seen by PREMIUM TIMES, showed net profit plunged 39.7 per cent after a 57 per cent slide in the naira against the sterling during the review period.

 

Dangote Refinery

It forced the maker of popular brands including Canoe, Premier Cool and Devon Kings to scale back dividend by as much as 44 per cent in a mark of the sweeping reverberations that naira devaluation are having beyond the local operations of multinationals doing business in Nigeria.

 

PZ Cussons holds a 73.3 per cent stake in its Nigerian unit.

 

“Our FY24 reported results fell short of our initial expectations, primarily due to the macroeconomic developments in Nigeria which, as we indicated last year, would significantly affect our results,” the group disclosed in its earnings report.

 

“The 70% currency devaluation over the course of the financial year has, therefore, caused a significant impact not only on our local business but also on the profitability and financial position of the Group.”

 

 

The Nigerian division reported its first annual loss (N76 billion) in years in August, following a surge of 3,000 per cent in foreign exchange loss

 

PZ Cussons Nigeria’s share price is down by 40.8 per cent this year, and trails the NGX Consumer Goods Index, the stock index tracking the performance of the consumer goods sector, which has yielded 40.3 per cent so far.

 

PZ Cussons’ deal to buy out the minority shareholders of its Nigerian division and take the company private earlier this year collapsed after the capital market regulator refrained from approving the bid.

 

The Securities and Exchange Commission said what PZ Cussons offered to acquire the minority shares was lower than the market price of the shares at the time.

 

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FBNH surpasses Zenith as GTCO remains Nigeria’s most valuable bank  

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FBN Holdings Plc (FBNH) has edged past Zenith Bank in financial services companies with the most market capitalization.

 

The HoldCo took the second spot with a market capitalization of N1.21 trillion, slightly ahead of Zenith’s N1.15 trillion.

 

However, Guaranty Trust Holding Company (GTCO) continues to hold the top position as Nigeria’s most valuable bank, boasting a market capitalization of N1.36 trillion.

 

FBNH’s rise followed the announcement of the 100% sale of its subsidiary, FBNQuest Merchant Bank.

 

This strategic move appears to be positively received by the market, driving a notable increase in its share price and market capitalization.

 

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While GTCO maintains its dominance with a market cap of N1.36 trillion, Zenith Bank has slipped to third place, with a valuation of N1.15 trillion.

 

Despite this, both banks, along with First Bank, have seen significant growth in share prices since 2020, reflecting sustained investor confidence in the Nigerian banking sector.

 

Bullish Share Price Trends

All three banks have experienced strong bullish price trends since 2020, driven by positive sentiment surrounding the sector’s resilience and profitability.

 

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After hitting a low of N11.70 in March 2020, Zenith Bank’s share price surged by 210%, reaching a high of N44.50 in March 2024.

 

However, the price later dropped to N32.10 in April 2024, following market uncertainty over the bank’s capitalization plans.

 

FBNH has soared by 800% since hitting a low of N3.95 in 2020. Around March 2024, the stock climbed to a high of N35.55.

 

Shares of GTCO climbed 162%, rising from N17.70 in 2020 to a peak of N52.50 in March 2024. Despite a slight decline to N32.70 in April, the stock remains on a generally positive trajectory.

 

Key Drivers of Bullish Sentiment

Zenith Bank’s performance has been bolstered by impressive financial results, including a 108% year-on-year growth in pre-tax profit, rising from N350 billion in H1 2023 to N727 billion in H1 2024. Following this result, its share price surged 16%, supported by a high trading volume of 358 million shares.

 

For FBNH, the sale of FBNQuest Merchant Bank drove its stock up by more than 30%, reflecting investor confidence in the bank’s strategic direction.

 

In addition, the bank reported a pre-tax profit of N411.9 billion in the first half of 2024, a sharp increase from N205 billion in 2023.

 

GTCO has also shown robust financial performance, with a pre-tax profit exceeding N1 trillion in the first half of 2024, reinforcing its market leadership.

 

Statements from Bank Executives

Zenith Bank’s Group Managing Director, Dr. Adaora Umeoji, expressed confidence in the bank’s future, stating, “We have the capacity, the network, the balance sheet, and the technology to stay ahead in the industry.”

 

Similarly, GTCO’s Group Chief Executive Officer, Mr. Segun Agbaje, emphasized the company’s resilience, saying, “Despite the uncertainties in the operating environment, our record-breaking profit in the first half of the year highlights the strength of our business model.”

 

FirstBank Managing Director, Olusegun Alebiosu, also reaffirmed his bank’s commitment to delivering strong performance, citing its strategic moves and financial results as key indicators of future success.

 

Despite the dynamic nature of the banking sector, GTCO, FBNH, and Zenith remain at the forefront, showcasing resilience and growth despite a challenging economic landscape.

 

The positive momentum in their stock prices and financial performance highlights strong investor confidence in the sector’s future.

 

 

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11 Plc, Total Energies, AA. Rano, others pay N766/litre to lift Dangote petrol

11plc, Total Energies, AA Rano, and other marketers have begun lifting Dangote Petrol from the Nigerian National Company (NNPC) Trading Limited at the rate of N765.99 per litre.

 

BusinessDay findings showed some petroleum marketers who were able to complete their payment processes on the NNPC trading payment portal commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery.

 

Tunji Oyebanji, managing director, 11Plc, confirmed to BusinessDay on Thursday evening that some marketers have started lifting the products at N765.99 from Dangote Refinery through NNPC, the sole off-taker of product.

 

“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery,” Oyebanji said.

 

BusinessDay learnt NNPC Retail, 11plc, Total Energies, A.A Rano are among the marketers that have picked up products from the refinery.

 

He added, “We don’t know the contractual financial arrangement between NNPC and the refinery but what I can confirm is we are buying at N765.99 from NNPC to lift Dangote petrol.”

 

– Business Day Nigeria