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FULL LIST: Notorious bandits leaders killed by Nigerian Military

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FULL LIST: Notorious bandits leaders killed by Nigerian Military

Northern Nigeria especially North-West has become increasingly violent. This is due to the activities of militias, known locally as “bandits.”

 

The origins of the conflict in north-western Nigeria can be traced back to 2011 following disagreements between Hausa farmers and Fulani pastoralists.

 

Banditry in the northwestern states of Zamfara, Kaduna, and Katsina has reached an alarming position in recent years. They terrorise villages with impunity.

 

So far, security agencies have continued to launch onslaughts on terrorist and bandit activities in the north.

 

Similarly, the country’s military jets have carried out several air strikes in bandits enclaves.

 

In May, the Minister of Defence, Muhammad Badaru noted that the synergy among the Service Chiefs and sister agencies led to the killing of over 9,300 bandits and insurgents, while 7000 had since been arrested in the last year.

 

Recently, the Nigerian Army killed a notorious bandit leader and arms supplier, Kachalla Halilu Sububu, in a major operation against bandits in the northwest.

 

Sububu, a key figure in the region’s banditry, operated a large mining site in Dan-Kamfani, Anka Local Government Area, and owned thousands of cattle in the infamous Sububu Forest.

 

Also, many bandits are on the Army’s wanted list for various involvement in criminal activities.

 

Here’s a full list of some of the bandits’ leaders who have been killed as confirmed by the military:

 

1. Halilu Sububu

 

2. Buhari Alhaji Halidu otherwise known as “Buharin Yadi” – He unleashed terror on citizens in Kidandan/Galadimawa general areas of Giwa LGA, Sabon Birni/Kerawa general areas of Igabi LGA, other locations in nearby Sabuwa LGA of Katsina State, and indeed some parts of Niger and Zamfara states.

 

3. A kingpin commonly called Dangote was killed in a gun battle with Kachalla Dankarami’s camp along the Dumbunrun Forest between Batsari and Jibia local government areas of Katsina State.

 

4. Boderi Isyaku – A notorious bandit leader, responsible for the kidnapping of 39 students of the Federal College of Forestry Mechanisation and the attack on the Nigerian Defence Academy (NDA), Kaduna in 2021.

 

5. Kachalla Dan Chaki

 

6. Dogo Gudali

 

7. Dogo Rabe – He was killed in an Air Force strike during an operation to flush out terrorists operating in communities between the Zurmi and Birnin Magaji areas in Zamfara State, and Jibia in Katsina State.

 

8. Alhaji Auta and Kachalla Ruga – They were killed alongside many of their gang members in a raid on their enclaves at Gusami Forest and Tsamre village in Birnin Magaji Local Government Area of Zamfara State.

 

9. Rufai Maikaji – He was a deadly bandit who commanded over a hundred fighters in the state.

 

10. Ya’u – He was killed in an ambush by the troops at a strategic crossing point in Burra, Ningi. He was the leader of the gang which is notorious for using heavy weaponry to instill terror among the residents of Burra and neighbouring communities.

 

11. Alhaji Karki – He was killed while attempting to overrun a military unit in Niger State. Karki, who once repented but later went back to criminality, had been terrorizing Niger communities and was responsible for killings, arsons and kidnappings in the areas.

 

12. Bandit leader “Yellow” – He was operating several bandit camps in Zamfara, Kaduna, and Katsina states, but was killed following Nigerian Airforce air strikes in Katsina and Zamfara states.

Victoria’s Journey from Underestimated to Unstoppable in BBNaija

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The story making waves right now is all about Victoria Onyenwere, a travel consultant and CEO of VS Global Travels. As one of the standout housemates in Big Brother Naija’s 9th season, themed “No Loose Guard,” Victoria is proving that you don’t need drama to trend—she’s trending for all the right reasons. Not only is she showcasing her impeccable skills as a fashion designer within the confined BBNaija house, but she’s also redefining what it means to stand out in a reality show where big personalities often dominate the narrative.

Victoria’s impact is undeniable, as she was recently named the Most Popular Housemate by the Africa Social Index and has been on the chart for an impressive seven weeks.  Early on, she faced criticism and was unfairly labeled by keyboard warriors who thought they had her all figured out. But, as the weeks rolled on, Victoria defied expectations and steadily built an impressive fanbase known as The Vikings. What’s groundbreaking about her journey is that her fanbase is already trending on social media—a rare feat, considering most fanbases only gain traction after the show ends. The Vikings aren’t just trending; they are fiercely rooting for Victoria, showing unwavering support.

Her fashion prowess has been nothing short of spectacular. With limited resources inside the house, Victoria has managed to create stunning outfits that could easily rival the work of top designers outside the house. What she’s accomplished with so little is nothing short of genius, and it’s clear that she’s positioning herself as a major force to be reckoned with post-show.

 

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As the grand finale approaches, Victoria stands out as a potential winner. Beyond her time in the house, she is poised to become a sought-after brand ambassador, with brands eager to partner with her thanks to her authenticity, creativity, and undeniable talent. Keep an eye on Victoria—she’s about to take the world by storm.

Lagos International Theatre Festival 2024- Bolanle Austen-Peters Partners Lagos State Government

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The Lagos International Theatre Festival (LITF) is set to debut in November 2024, bringing together an extraordinary assembly of creative talents from around the world.

 

Organised by the renowned Bolanle Austen-Peters in partnership with the Lagos State government, this inaugural edition aims to foster a thriving community of thespians, promote excellence, and drive sustainability in the creative industry.

 

Bolanle Austen-Peters, a celebrated theatre director, producer, and award-winning filmmaker, leads the festival with support from prominent sponsors including First Bank of Nigeria Limited, Dorman Long Engineering, Amstel Malta, and the Wole Soyinka Centre for Culture and Creative Arts.

 

Speaking about the festival, Austen-Peters said, “The creative industry is the lifeblood of every thriving nation, and Nigeria is richly endowed with immense talent and creativity. This is the one resource that is limitless, a gift from God. We must create platforms where our creatives can tell their stories, explore their craft, and share our values with the world. That’s why we are launching the Lagos International Theatre Festival.”

 

The festival will run from November 15 to 17, 2024, across four iconic Lagos venues: The National Theatre, Terra Kulture, Muson Centre, and John Randle Centre. These locations will offer attendees a variety of performances, including musicals, skits, and repertory theatre, showcasing the richness of African culture and storytelling.

 

The Lagos State Government, a lead sponsor of LITF, is proud to support arts and culture within its borders. Mrs. Toke Benson-Awoyinka, Honourable Commissioner for Tourism, Arts, and Culture, remarked, “Today, we celebrate the vibrant cultural heritage and artistic spirit that make Lagos truly unique. This festival not only highlights the incredible talents of our local performers, directors, and playwrights but also brings communities together in a shared experience of storytelling. Theatre has the power to inspire, challenge, and connect us, reminding us of our shared humanity.”

 

As the lead bank sponsor, First Bank, through its First@Arts Initiative, reinforces its commitment to youth development and the arts. Folake Ani-Mumuney, Group Head of Marketing & Corporate Communications at First Bank, shared, “We are thrilled to partner on the Lagos International Theatre Festival. This collaboration allows us to support nation-building while empowering Nigeria’s creative industry. Platforms like LITF enable the next generation of creative talent to flourish.”

 

The Lagos International Theatre Festival will be a celebration of creativity and diversity, featuring performances by local and international artists. Its advisory and governing boards include notable figures such as Joke Silva, Femi Elufowoju Jr., Chioma Ude, Jahman Anikulapo, Israel Eboh, Samuel Perry, Kehinde Bankole, Osas Ighodaro, John Momoh, Karl Toriola, Yemi Idowu, Ron Kunene, Ladi Chinede, Donald Duke, and Yewande Zaccheus. Their involvement ensures a world-class event that will captivate audiences and deepen appreciation for the arts.

 

Beyond the performances, the festival will offer workshops, masterclasses, and panel discussions led by industry professionals, providing invaluable learning opportunities for aspiring artists. Attendees can also explore a bustling marketplace featuring theatre-related merchandise.

 

LITF 2024 promises to be an unforgettable experience for theatre enthusiasts, performers, and culture lovers alike. With a diverse lineup of events, the festival caters to everyone, from seasoned theatregoers to those seeking a unique cultural experience. Alongside its artistic offerings, LITF 2024 is set to boost the local economy, stimulate growth in the creative sector, generate employment, and enhance tourism in Lagos State.

Credit Nollywire

How Okada riders changed rice farming in Lagos, Ogun

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Rice farming in Magboro along the Lagos- Ibadan expressway in Ifo Local Government Area of Ogun State is now attracting people of various classes and business backgrounds, thereby boosting economic growth and food security in the area and Ogun State at large.

 

Muhammed Bello, the chairman of Albarka farmers’ group, who expanded the rice project using mechanised farming in the area told Weekend Trust that it was some Northern commercial motorcyclists known as Okada riders in Magboro, who initiated it, but on a small scale.

 

“Most of them are my boys, and I supported them financially when they started. I used to give them loan ranging from N1 million to N10 million and whenever they harvested, they would pay me back. It was later on they urged me to join them in the farming, and when I visited the site, I realised that it’s a fertile land suitable for all kinds of farming, hence I liaised with the traditional rulers and other stakeholders. We then acquired hectares of land and initiated mechanised rice farming on a large scale.

 

“I also employed the services of young farmers’ group and with our resources and the effort we put in, it is yielding good results and we gained the state government’s recognition through the Commissioner for Agriculture and Food Security, Bolu Owotomo, who visited us.

 

“What motivated us more is that Ogun State governor, Prince Dapo Abiodun was the one who flagged off our first rice harvest this year. The governor has motivated us to do more, and as I speak now, we are still harvesting rice. We will harvest some in the next two weeks, as we are also preparing for dry season farming where we will deploy solar system to water the farm”, he said.

 

Bello said the potentials in rice farming are now being harnessed by youths from different professions, businesses and backgrounds who are coming from different parts of the state and the neighbouring Lagos State, adding that Osun State government also contacted him to initiate the project in Osun.

 

“Many people are now showing interest to farm with us. We have many professionals who are already farming here, including lawyers, police, civil servants, business men, among others and as we are ready to replicate the project in Osun State on the invitation of the state government. It means that the project will be expanded to other South-west states as the authorities of the Lagos Rice Mill in Imota Ikorodu, have also shown interest in our products. If governments at all levels support the system, there will be food security and jobs in the region and the country,” Bello said.

 

Sa’id Habib, who used to be a commercial motorcycle rider in Magboro, is now into rice farming. He said he once conveyed the initiator, Muhammed Bello, to the farm on his bike, and from there he developed interest in farming.

 

“After visiting the farm, I developed interest and asked him to give me a piece of land. He also supports me financially and with technical skills. I am now a full-time farmer as it pays more than Okada riding”, Habib Said.

 

Also, Kaneshi Daniel, a trader at Alaba International Market, who has ventured into rice farming, said he has also introduced it to his friend, who is a lawyer.

 

He said, “I used to farm in my village but manually and on a small scale. This is the first time I am farming in the South-west and using advance equipment. It was my friend, Bello, who introduced me to it. I have also introduced many of my friends to it. In fact, I introduced it to a female lawyer who is now part of us. I will harvest my own rice in the next two weeks, and as I am in the farm today, tomorrow I will be in my shop at Alaba,” he said.

 

Nasiru Abubakar, a graduate who has been in the Bureau De Change business in Lagos for decades has also gone into rice farming.

 

He told Weekend Trust that after he graduated, he secured a job in his Local Government in Kebbi State, where he was paid N23,000 monthly.

 

“I read Financial Accounting at a polytechnic. The monthly salary from my local government then couldn’t sustain me and my family. So, I came to Lagos, where I found myself in the Bureau De Change business, trading in foreign currency, but with the challenge we are facing in that business, I had to look for alternative,” he said.

 

Canadian Miners discover another 1,094-Carat Diamond in Botswana

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Lucara Diamond has recovered a 1,094-carat diamond at its Karowe mine in Botswana, mere weeks after unearthing a record-breaking 2,492-carat stone.

 

The latest discovery, marking the sixth diamond over 1,000 carats from the site, further cements Karowe’s reputation as one of the world’s most prolific sources of high-value diamonds.

 

This comes as the mine undergoes a $683 million underground expansion aimed at increasing access to deeper, richer deposits.

 

The newly recovered diamond, noted for its “striking similarities” to a 692-carat stone sold last year for $13 million, will now be polished by Lucara’s long-term manufacturing partner, HB Antwerp.

 

The recovery of this exceptional gem is particularly significant as it comes from the same ore type that Lucara plans to target during the initial stages of its transition from open-pit to underground mining.

 

William Lamb, President and CEO of Lucara Diamond, expressed confidence in the potential of the Karowe mine, stating, “This latest discovery further validates our decision to invest in underground expansion. The continued recovery of large, high-value diamonds demonstrates the consistent quality of our resource and its ability to deliver significant returns to our shareholders. As we move forward with underground development, we are increasingly confident in Karowe’s long-term capacity to produce legendary diamonds, solidifying our leadership in the high-end diamond market.”

 

What to know

Karowe, once known as the AK6 kimberlite project, has had a turbulent corporate history. Initially owned by a joint venture between De Beers and African Diamonds, the mine’s future was hotly contested. De Beers, the majority shareholder, was sceptical about the site’s potential, leading to a corporate clash.

 

African Diamonds, founded by mining entrepreneur John Teeling, brought in Lucara as an ally to buy out De Beers. Lucara eventually took full control of the deposit, and the success of Karowe has proven the decision to be astute.

 

The Karowe mine’s recent string of discoveries has provided a timely boost to Botswana’s diamond sector, which accounts for roughly a quarter of the country’s GDP.

 

These large-scale finds come at a crucial time, offering some relief to a global diamond industry grappling with the rise of lab-grown diamonds.

 

Lucara’s discovery of the 2,492-carat stone is the largest gem-quality find since the 3,106-carat Cullinan diamond, which was unearthed in South Africa in 1905.

 

That diamond later became part of the British Crown Jewels, adding a historic weight to Lucara’s latest achievements.

 

The recovery of these colossal gems not only underscores the exceptional quality of the Karowe mine but also reinforces Botswana’s position as a global leader in diamond production.

 

As Lucara continues its underground expansion, further discoveries of high-value stones are expected, ensuring Karowe remains a critical player in the diamond market for years to come.

 

Paschal Onyeka, The Walking Content with a Heart of Gold

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There are countless ways to describe Paschal Onyeka Chigbo, fondly known as Onyeka, the standout BBNaija “No Loose Guard” housemate. But the truth is, Onyeka is beyond definition—she is exactly what the show needs. From day one, she’s consistently proven to be a walking powerhouse of content with a heart of gold. While she doesn’t claim to be perfect, Onyeka’s quest for growth and self-improvement has drawn both admiration and criticism from online warriors and fellow housemates alike.

Despite facing backlash, Onyeka continues to rise above, turning her critics’ actions into fuel for her strength. Her vindication during the eviction night on Sunday, the 15th, allowed the world to see her from a new, deeper perspective. Yet, even as doubters persist, their efforts seem trivial compared to her grace under pressure.

Remarkably, Onyeka didn’t participate in pre-show photoshoots and lacks the kind of PR push many of her fellow housemates enjoy. Yet, she remains a queen in her own right, capturing hearts without the need for fanfare. Her fans are unwavering in their support, and she continues to hold her place in the house eight weeks in, proving her worth in the process.

Onyeka’s inquisitive nature, stemming from her legal background, sets her apart. Although she’s been called many names, no one can pinpoint a true offense, and that’s because Onyeka’s authenticity shines through. Loved by many, she’s here to stay, and her journey in the house is far from over.

Nigeria ranks third in African countries with most generous people

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Nigeria has been ranked third in the list of countries with the most generous people in Africa according to the World Giving Index 2024.

 

In the list, Kenya ranks number one in Africa and second globally while The Gambia and Liberia rank second and fourth.

 

According to the World Giving Index, by the Charity Aid Foundation (CAF), “Kenya’s position in the World Giving Index is both impressive and encouraging considering the nation’s battle with a rising cost of living and growing unemployment.

 

Read Also: Nigeria ranks 3rd in African countries with largest Naval Fleet in 2024

“As a nation with a young population, the high ranking on volunteering and the willingness to help a stranger is a positive indicator of the “utu” spirit which signifies humanity. Kenyans’ actions around donating money also indicate how important it is to help with what one has,” the report says.

 

The report also revealed that 4.2 billion people gave money, time, or helped someone they didn’t know in 2022. This number represented 72% of the world’s adult population.

 

Here is a list of countries with most generous people in Africa

1. Kenya (no. 2 globally)

 

2. The Gambia (no. 4 globally)

 

3. Nigeria (#5 globally)

 

4. Liberia

 

5. Guinea

 

6. Sierra Leone

 

7. Ghana

 

8. Ethiopia

 

9. Chad

 

10. Libya

EFCC Secures N342 million forfeiture from Nigerian accused of fraudulently diverting UK Company’s £2 Million 

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EFCC Secures N342 million forfeiture from Nigerian accused of fraudulently diverting UK Company’s £2 Million

EFCC’s Investigation

In the motion marked FHC/ABJ/CS/1260/2024, exclusively seen by Nairametrics, EFCC lawyer Ogechi Ujam Esq. sought the court’s interim order to forfeit the sum of N342,545,933.75, reasonably suspected to be proceeds of unlawful activity, to Lineroom Limited through the Federal Government of Nigeria.

 

She submitted that a preliminary investigation into the petition revealed that the suspect, Ayomide Otubanjo Oluseun, owner of VHC (Nigeria) Limited, fraudulently diverted substantial funds belonging to Lineroom Limited, a company based in the United Kingdom, to the account of VHC (Nigeria) Limited domiciled in a Nigerian bank.

 

She explained that the suspect fraudulently executed a loan agreement between Lineroom Limited and VHC (Nigeria) Limited and imported a total sum of £2,000,000 in four tranches of £500,000 from Lineroom Limited’s account in the United Kingdom to VHC (Nigeria) Limited’s account in Nigeria.

 

She added that the diverted funds are due to be restituted to Lineroom Limited through the Federal Government of Nigeria.

 

In the affidavit accompanying the motion, dated August 26, 2024, Gidado Abdulkadir, an investigator with the EFCC, stated that Ecclestarn Limited appointed the suspect as the sole administrator of one of its subsidiary companies, Lineroom Limited, to oversee its affairs.

 

He stated that in November 2017, the suspect, being the sole administrator of Lineroom Limited and with alleged intent to defraud the company, approved the purported loan applications by his company, VHC (Nigeria) Limited, for a loan facility of £2,000,000.

 

The suspect was accused of fraudulently executing a loan agreement between Lineroom Limited and VHC (Nigeria) Limited and signing on behalf of both companies.

 

He stated that the suspect, through VHC (Nigeria) Limited, wrote to a Nigerian bank, informing the bank of its intent to bring in a capital investment of £1,000,000 (One Million British Pounds) and also requesting the bank to sell the funds, credit the company’s account with the proceeds, and issue a certificate of capital importation.

 

“The suspect also attached a board resolution from VHC (Nigeria) Limited to that effect. A copy of the letter to the bank and the board resolution is attached and marked Exhibit EFCC 4A & 4B, respectively,” he stated.

 

According to the investigator, the bank approved certificates of capital importation for the £2,000,000. Upon receipt of the funds into the account of VHC (Nigeria) Limited, the suspect used the funds to purchase time deposits and treasury bills in the bank.

 

He said that upon maturity of the time deposits, the matured deposits and interest were deposited into the personal account of the suspect, Otubanjo Ayomide Oluseun.

 

“Upon maturity of the treasury bills, the suspect liquidated the matured treasury bills and invested them in Guaranty Trust Fund Managers Limited to the tune of N149,999,642.38.

 

“That the invested funds at Guaranty Trust Fund Managers Limited are worth N155,725,933.75 (One Hundred and Fifty-Five Million, Seven Hundred and Twenty-Five Thousand, Nine Hundred and Thirty-Three Naira, Seventy-Five Kobo),” he stated, adding that the suspect also invested N100,000,000 in another venture.

 

The EFCC told the court that the suspect was invited to its office, where he volunteered a written statement under caution, “admitting that he signed all the documents for the purported loan facility from Lineroom Limited without authorization from the holding company, Ecclestarn Limited, and further stated that he used the funds as working capital for VHC (Nigeria) Limited and is willing to refund the monies to Lineroom Limited.”

 

The EFCC urged the court to hold that it is pertinent for the funds in dispute to be forfeited to the UK company through the Federal Government of Nigeria, as recovery of the sum fraudulently diverted from the company.

 

What the Judge Said

Ruling on the motion on September 10, 2024, Justice Emeka Nwite said the application was meritorious and granted it.

 

He also directed the publication of the interim forfeiture order in any national daily for anyone interested in the funds sought to be forfeited to appear before the court to show cause within 14 days of the publication why the final order of forfeiture of the funds to Lineroom Limited, through the Federal Government of Nigeria, should not be made.

 

The case was adjourned to November 5, 2024, for a hearing.

 

What you should know: When a forfeiture order is made by a trial court, the asset is handed over to the federal government. However, since the trial court’s order is interim, affected parties are entitled to approach the court to set it aside.

 

 

 

Sterling Bank concludes core application migration, leads the way for African Banking

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Nigeria’s leading commercial bank and Africa’s most agile company, Sterling Bank Limited, has made history by migrating to what is believed to be the continent’s first ever indigenous core banking solution called SeaBaaS.

 

The implementation of SeaBaaS, developed by Peerless, marks the completion of a new banking system announced to customers in August 2024.

 

This strategic move positions Nigeria as a leader in digital banking, driven by local talent and cutting-edge technology.

 

Leveraging advanced data analytics and artificial intelligence, the system promises to enhance customer experience and operational efficiency, providing smarter, faster financial services.

 

Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company.

 

He described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency, noting that the intellectual property underpinning SeaBaas will be available to partners across the continent in the coming months.

 

For regulators, it ensures greater transparency, robust reporting, and compliance with evolving standards.

 

“Partnering with Peerless to create SeaBaaS is not just a milestone for us; it is a renewal of our resolve and ambition to remain a world-class organization. It is proof that African institutions can do great things that will make the world stand up and take notice of us,” said Suleiman.

 

“We are once again proving that the notion of Nigerian banking being one of the most technologically advanced is not just a myth, but a reality that is manifested in the quality of solutions we can develop, and services we can deliver to our customers.”

 

Suleiman explained that the transition to SeaBaaS represents many things to many people. “For the African banking industry, it is the continent’s first indigenously conceived and engineered core banking application, built and owned entirely by a Nigerian company, with every line of code, database configuration and interface proudly African, delivered by homegrown talent.

 

“For our customers, it offers faster transactions, enhanced security and innovative financial products tailored to their needs. For regulators, it ensures greater transparency, robust reporting and compliance with evolving standards.”

 

The bank’s CEO acknowledged the challenges faced during the implementation, stating that implementation issues had been resolved, with the institution’s full bouquet of digital banking services being restored in phases for customers’ use.

 

According to him, “This successful deployment reminds us that nothing truly valuable comes without challenges. While this transition has tested our systems and patience, it also reinforced our commitment to innovation and excellence. We enter this new phase confident that the migration will deliver unmatched efficiency and transformative customer experiences.”

 

He also pointed out the financial implications of the migration, noting that African banks collectively spend hundreds of millions of dollars annually on foreign core banking systems, which exacerbates the continent’s trade balance issues. The introduction of SeaBaaS not only sets a new benchmark for Nigerian financial services but also paves the way for a future where African institutions can reduce their technology costs, thereby enhancing financial inclusion, he said.

 

Sterling Bank’s migration to SeaBaaS adds to its history of being at the forefront of market-leading innovations. The bank pioneered Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta).

 

It has also partnered with state governments to deploy innovations like the first drone delivery system for pharmaceutical consumables with Zipline in Kaduna, and digitized medical records. ‎

 

NIGERIA TAKES GIANT LEAP TOWARDS ENERGY SELF-SUFFICIENCY: CRUDE PURCHASE PRODUCT SALES IN NAIRA TRANSACTION KICKS OFF

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FEDERAL MINISTRY OF FINANCE, ABUJA

 

PRESS RELEASE

 

NIGERIA TAKES GIANT LEAP TOWARDS ENERGY SELF-SUFFICIENCY: CRUDE PURCHASE PRODUCT SALES IN NAIRA TRANSACTION KICKS OFF

 

In a landmark move towards reducing pressure on the Naira, eliminating unnecessary transaction costs, and improving availability of petroleum products, the Federal Government has successfully initiated the sale of crude to local refineries as well as corresponding purchase of petroleum products in Naira.

 

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed this today in his office in Abuja shortly after the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira

 

Represented by the Executive Chairman Federal Inland Revenue Service (FIRS) Dr Zacch Adedeji, the Minister announced the completion of all agreements and modalities for the implementation of the Federal Executive Council (FEC) approval on the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.

 

“Recall that the FEC under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira

This initiative will help reduce pressure on the Naira, eliminate unnecessary transaction costs, and improve availability of petroleum products in the country

Since then, the implementation committee chaired by the Hon. Minister of Finance and the technical committee have worked intensely with NNPCL and Dangote Refinery to fashion out the details of the modalities for the implementation of the FEC approval

 

I am glad to announce that all agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September

From 1st October, NNPC will commence the supply of about 385kbpd of crude oil to the Dangote Refinery to be paid for in Naira

In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid for in Naira

Diesel will be sold in Naira by the Dangote Refinery to any interested offtaker. PMS will only be sold to NNPC, NNPC will then sell to various marketers for now.

All associated regulatory costs (NPA, NIMASA, etc.) will also be paid for in Naira.

 

We are also setting up a one-stop shop that will coordinate service provision from all regulatory agencies, security agencies, and other stakeholders to ensure a smooth implementation of this initiative. This will be located in NPA, Lagos.

 

We thank everyone for the hard work and patriotism exhibited over the last couple of weeks.

 

We would sincerely like to thank Mr. President for championing this novel initiative and would like to assure Mr. President that he can count on us to implement his vision”, the Minister said.

 

This initiative marks a significant milestone in Nigeria’s journey towards energy self-sufficiency and economic growth.

 

Signed

Mohammed Manga *FCIA*

Director, Information and Public Relations

September 13, 2024