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Exclusive: Lagos in talks with IHS, WIOCC to lay 30,000km of fibre ducts

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IHS Towers, Africa’s largest tower company, and WIOCC, a global telecom infrastructure provider, are in talks with the Lagos State Government to complete its 6,000km fiber duct project. The companies will also extend the project to 36,000km, said Olatunbosun Alake, the Lagos State Commissioner for Science and Technology.

 

The initial fiber duct project, which kicked off in 2020, was delayed due to contractual disputes between Lagos State and the contractor, Western Telecoms and Engineering Services Limited.

 

Alake declined to comment on the specifics of the disagreement.

 

“The department handling the project is not under my ministry, but there are plans to relocate them to the Ministry of Science and Technology,” he said.

 

Western Telecoms had previously laid 2,700km of fiber duct and cables between 2020 and 2022. The company secured connectivity deals with major telecom operators, including MTN Nigeria, Airtel, Liquid Telecom, MainOne, Dolphin Telecoms, Swift, and Spectranet. Over 1,000 MTN and Airtel base station sites were successfully connected to the fiber infrastructure.

 

However, the project failed to meet its 2023 deadline for completion.

 

Fidelity Bank and other financial institutions provided the initial funding for the 6000km project, estimated to cost $200 million. Alake did not disclose the cost of the expansion which will be funded by WIOCC and IHS.

 

A WIOCC spokesperson confirmed the talks but declined to comment on the financial commitments involved.

 

IHS did not immediately respond to requests for comments.

 

Home to over 521 startups and headquarters of different multinationals, improving internet quality is vital for the economic growth of Lagos. However, with only 7,864.50 km of fibre deployed out of the needed 36,000 km, high-speed internet remains a challenge. The state aims to attract more investment using fibre ducts to protect the infrastructure.

 

The Lagos State fiber duct project is part of a broader “Dig-Once” policy launched in 2020 to solve inconsistent fiber deployment by telecom and utility companies.

 

Frequent vandalism of fibre cables and cuts from road construction have plagued the existing network. With the dig-once framework in place, construction workers in the state can avoid damaging fiber installations, enhancing the reliability of telecom services.

 

Popular in regions like the Eurozone and the U.S., and gaining traction in emerging markets, dig-once policy aims to install robust, long-lasting ducts that protect fiber cables. Fiber cables typically last 20 to 25 years, but the ducts themselves can endure for 25 to 50 years, providing a cost-effective and sustainable solution for future infrastructure.

 

Lagos is not alone in embracing the dig-once policy. Osun State, the Federal Capital Territory (FCT), and Cross River State have adopted similar strategies.

 

For Alake, the time is ticking as the project needs to be delivered by 2027 when the current administration leaves office.

Credit: Tech Cabal

I did not steal anyone’s identity – Chidimma Adetshina

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Crowned Miss Universe Nigeria, Chidimma Adetshina, has addressed alleged identity theft by the South African Government.

In an interview on Arise News, the 23-year-old denied stealing anyone’s identity, stating that she is waiting for the conclusion of the case before making further comments.

 

Adetshina, who was born in Soweto, South Africa, to a Nigerian father and Mozambican mother, faced criticism during her Miss South Africa contestant announcement.

 

The South African Department of Home Affairs alleged that her mother committed fraud and identity theft.

 

However, Adetshina maintained that she did not steal anyone’s identity and is avoiding commenting on the matter until all the facts are revealed.

 

She explained that she exited the Miss South Africa pageant to pursue her dream of competing in the Miss Universe Nigeria pageant, adding that she is not running away from the allegations but rather focusing on her goals.

 

Read Also: Niger Delta to get integrated master plan, says NDDC

“I did not steal anyone’s identity. I’m just waiting for the conclusion of the case and the whole matter. Then moving forward I will know exactly what to say because I feel right now if I say something and another thing comes out tomorrow. I’m just avoiding all those two things contradicting each other.

 

“I really avoided the questions because it is a legal matter and I don’t have all the facts around the matter, but what I can say is that I was not running away from any of that. I was just running because I knew I had a dream that I wanted to fulfil.

 

” I’m not fully aware of the matter. But what I can speak on is that I know I did not steal anyone’s identity,” she said.

RMB Nigeria Board appoints Bayo Ajayi as CEO  

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The Board of Directors of Rand Merchant Bank (RMB) Nigeria has announced the appointment of Bayo Ajayi as CEO of RMB Nigeria, following the approval from the Central Bank of Nigeria (CBN).

RMB CEO and Chairman of the RMB Nigeria Board, Emrie Brown, said “On behalf of the RMB Nigeria Board of Directors, I am pleased to officially welcome Bayo Ajayi as the CEO. He has a seasoned track record in banking, and I am confident in his ability to partner with clients while contributing to Nigeria’s growth.”

 

Responding to the news of his appointment, Ajayi said: “The opportunity to take up this role at such a critical time for RMB Nigeria remains a humbling one. The team and I will work closely with our clients who continue to demonstrate resilience. We are optimistic about the opportunity to drive economic development and sustainability with them”.

 

Bayo Ajayi brings a wealth of experience to his new role, having previously worked as an Executive Director and Chief Financial Officer at RMB Nigeria.

 

With a career spanning 25 years in various leadership positions across the banking sector in Nigeria and Africa, he has consistently delivered results. The Board is confident in its ability to help achieve the bank’s strategic objectives.

 

Bayo holds a B.Sc. in Chemical Engineering from Obafemi Awolowo University and has furthered his expertise by attending multiple senior management courses globally. He is also a Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Association of Chartered Certified Accountants (ACCA), UK.

 

This seamless leadership transition highlights the bank’s robust talent and leadership depth, as well as its commitment to maintaining a sustainable and resilient organisation that delivers value to clients and stakeholders. RMB Nigeria remains deeply committed to providing innovative financial solutions that enable businesses to thrive.

 

About RMB Nigeria Limited:

RMB Nigeria Limited, a member of the FirstRand Group, is a leading African Corporate and Investment Bank, offering its clients innovative, value-added advisory, funding, trading, corporate banking and principal investing solutions. For more information, visit www.rmb.com.ng.

 

 

Nigeria’s Aliko Dangote regains Africa’s richest title from Johan Rupert 

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Aliko Dangote, the Nigerian industrial magnate and chairman of the Dangote Group, has regained his title as Africa’s richest man, overtaking South African billionaire Johan Rupert.

 

According to the latest Forbes data, Dangote’s wealth currently stands at $11.7 billion, narrowly surpassing Rupert’s net worth, which has declined to $10.8 billion.

 

This shift marks the restoration of Dangote’s 12-year reign as the continent’s wealthiest individual, a title he briefly lost to Rupert in August 2024.

 

The Bloomberg Billionaires Index also corroborates this trend, placing Dangote’s fortune at $13.3 billion, marginally ahead of Rupert’s $13.2 billion.

 

This slight difference, though not as significant as earlier valuations, reaffirms Dangote’s lead. Just two weeks ago, the gap between the two tycoons’ net worth was reported to be approximately $1 billion, with Rupert momentarily holding the top spot.

 

Rupert, the founder and chairman of the Swiss luxury goods company Richemont, which owns brands such as Cartier and Montblanc, experienced a decline in his wealth following fluctuations in luxury market demand and currency pressures.

 

Meanwhile, Dangote’s financial standing has remained relatively stable, allowing him to reclaim his position as Africa’s wealthiest figure.

 

Dangote’s Ambitious Growth Strategy

Aliko Dangote, renowned for his business acumen, has not rested on his laurels. The Dangote Group, one of Africa’s largest conglomerates with interests spanning cement, sugar, salt, and oil refining, has set its sights on further growth.

 

In a recent presentation during a media tour of the Dangote Refinery, the billionaire outlined plans to increase the group’s revenues to an ambitious $30 billion by 2025.

 

Central to this strategy is a significant shift in the group’s foreign exchange (FX) operations.

 

Dangote aims for the conglomerate to become Africa’s largest provider of foreign exchange, with the goal of reducing dependence on the Central Bank of Nigeria (CBN) for FX sourcing.

 

This move would not only bolster the group’s resilience but also enhance its competitiveness on the global stage.

 

Dangote further revealed plans to dramatically reduce the group’s reliance on the Nigerian cement market, which currently accounts for 75% of its business, down to 15%. Additionally, he projected a diversification of revenue sources, with 50% of EBITDA expected to come from foreign markets.

 

He also emphasized that 90% of the group’s future revenue would be generated in hard currency, underlining its focus on international expansion and export-driven growth.

 

What to know

For the Dangote Group, the highly anticipated Dangote Refinery was announced make its first shipment of Premium Motor Spirit (PMS), commonly known as petrol on Tuesday, September 3, marking a critical moment in Nigeria’s energy sector, as the refinery, with a capacity of 650,000 barrels per day, enters commercial production.

Having successfully completed its testing phase, the refinery is expected to play a key role in reducing Nigeria’s dependence on imported petroleum products.

The completion and operationalization of the refinery have drawn praise from several high-profile figures, including Nigerian billionaire and oil magnate, Femi Otedola.

The project is seen as a game changer for both the Dangote Group and Nigeria, potentially transforming the nation’s oil industry and positioning it as a net exporter of refined petroleum products.

 

MY TRIP TO CHINA ‘VERY SUCCESSFUL’, PRESIDENT TINUBU TELLS NIGERIANS LIVING IN CHINA, PLEDGES TO REPLICATE QUALITY INFRASTRUCTURE IN NIGERIA

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STATE HOUSE PRESS RELEASE

 

MY TRIP TO CHINA ‘VERY SUCCESSFUL’, PRESIDENT TINUBU TELLS NIGERIANS LIVING IN CHINA, PLEDGES TO REPLICATE QUALITY INFRASTRUCTURE IN NIGERIA

 

President Bola Tinubu on Friday in Beijing rounded off his official engagements in China by meeting with Nigerians living in the country, describing his visit as “very good and successful.”

 

Addressing members of Nigerians in Diaspora Organization in China (NIDO China) and the Nigerian community at the China World Hotel, the President emphasized his efforts to strengthen cooperation in infrastructure, trade, finance, energy, green economy and mining during his discussions with President Xi Jinping, Premier Li Qiang and his participation at the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC).

 

“What is uppermost in my mind is for you to continue representing Nigeria as good citizens, and I urge you all to be good ambassadors of our nation in China.

 

“We will always celebrate our diversity. We cherish it, but this diversity is our commitment to serve. If it is about service, we must be good citizens,” the President stated.

 

President Tinubu also emphasized the importance of discipline and commitment to national service, citing China’s disciplined society as an example for Nigerians to follow.

 

“I cannot tell you more, except from the embassy, that China is a very disciplined society and we have to be disciplined too. Without discipline and commitment, we cannot build a nation that is respected everywhere in the world.

 

“We must exploit our diversity and be ready to do everything required of us within the laws of the communities that we live in and reflect a good image of our country,” the President said.

 

Highlighting the impact of investments in China’s economy, President Tinubu assured Nigerians in Diaspora that Nigeria’s Bank of Industry is prepared to collaborate with them to leverage opportunities back home.

 

“Nigeria is going through reforms, and we are taking very bold and unprecedented decisions. For example, you might have been hearing from home in the last few days about fuel prices.

 

“But, can we help it? Can we develop good roads like you have here? You see electricity being constant in quantity and quality. You see water supply, constant and running, and you see their good schools. And we say we want to hand over a banner without stain to our children?

 

“What is the critical part to get us there if we cannot take hard decisions to pave the way for a country that is blessed and so talented?

 

“So many of you are so talented, speaking very fluent Mandarin. It is what you contribute and tell them at home that will reflect in the attitude of our people. The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development,’’ the President said.

 

To the applause of the audience, President Tinubu stated that one key takeaway from his visit to China is the commitment to replicate China’s infrastructure back home.

 

“We want our children to be in good schools, not tattered huts and dilapidated buildings. We must make our teaching innovative and allow businesses of all kinds and sizes to flourish.

 

“One economic action leads to another, and it is in your hand to build our nation. Mine is to provide the leadership, and I am committed to doing just that,” the President stated.

Nigeria Federal Government seeks fresh $2bn loan from W’Bank

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FG seeks fresh $2bn loan from W’Bank

 

The Federal Government has begun a process to obtain a fresh $2bn loan from the World Bank.

 

The loan request submitted by the Ministry of Finance on behalf of the government is currently undergoing concept review, an appraisal stage that will lead to further negotiation and approval.

 

According to documents posted on the website of the international lender, the government made four loan requests for infrastructural projects.

 

The proposed loan projects, targeting crucial sectors such as healthcare, agriculture, and infrastructure, are pivotal for the country’s sustainable development and economic stability.

 

If approved, Nigeria would have amassed $4.25 billion in loans from the bank just this year and a total of $6.95 billion during President Bola Tinubu’s administration.

 

Recall that each loan project was estimated to receive a net commitment of $500m from the Washington-based lender.

 

A breakdown showed that the government requested a sum of $500m for a program named; Nigeria Human Capital Opportunities for Prosperity and Equity. It has an approval date of September 17, 2024.

 

The HOPE project will focus on enhancing human capital by improving education, health, and social protection services.

 

Similarly, $500m will be earmarked for the Nigeria: Primary Healthcare Provision Strengthening Program, which has an approval date of September 23, 2024.

 

This program aims to fortify Nigeria’s primary healthcare system by enhancing healthcare infrastructure, training healthcare professionals, and improving service delivery.

 

The third project, Sustainable Power and Irrigation for Nigeria Project, will also receive $500 million and is scheduled for approval on September 26, 2024, focusing on sustainable power generation and irrigation, both of which are essential for agricultural and industrial development.

 

Lastly, the Rural Access and Agricultural Marketing Project – Scale Up will receive $500m and is scheduled for approval on November 28, 2024 and it seeks to improve rural infrastructure and market access for agricultural products.

 

In addition to these four projects, the World Bank has scheduled another loan project for next year. The Solutions for the Internally Displaced and Host Communities Project is set to receive $300 million and is scheduled for approval on April 8, 2025.

 

While there is a pending request for $500m loans to enhance rural road infrastructure and agricultural marketing across the federation.

 

Saturday PUNCH gathered that the Federal Government had borrowed a total of $4.95bn in loans from the World Bank in the past 12 months under the current administration while it expects another $4.4bn from the international lender and the Africa Development Bank over the next one year.

 

This was amid concerns over the country’s rising external debt servicing costs.

 

Among the recently approved are two loan projects aimed at bolstering Nigeria’s economic stability and supporting its vulnerable populations.

 

According to a statement from the bank, the combined package, totalling $2.25bn, comprises the $1.5bn Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing Program and the $750m Nigeria Accelerating Resource Mobilization Reforms Program-for-Result.

 

Data from the external debt stock report of the Debt Management Office shows that Nigeria owes the World Bank a total of $15.59bn as of March 31, 2024.

Nigerian Army hands over suspected killer of FUNAAB student to police

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Nigerian Army hands over suspected killer of FUNAAB student to police

The 9 Brigade of the Nigerian Army has handed over 23-year-old, Ayomide Adeleye, the suspected murderer of a 300-level student of Pure and Applied Botany (PAB), Federal University of Agriculture, Abeokuta (FUNAAB), Christiana Idowu.

 

Idowu Christiana who was kidnapped on August 19, 2024, was allegedly murdered by Ayomide, a 200-level student of the Department of Philosophy at Olabisi Onabanjo University (OOU), after collecting ransom and withdrawing money from the victim’s account.

 

Operatives got confirmation of his presence in a building through active tracking of his mobile device. Immediately, the personnel of the Nigerian Army swooped in on the suspect to conduct an arrest.

 

After he had confessed to the killing, the Nigerian Army handed him over to the Police.

 

Providing an update on the arrest, Lagos State Police Public Relations Officer (PPRO), Benjamin Hundeyin said: “He has been handed over to the Lagos State Police Command by 9 Brigade of the Nigerian Army.

 

“An investigation is ongoing.”

 

Ayomide and the victim reportedly met on social media.

 

Reports claimed that Ayomide had previously murdered other ladies and buried them in the same manner.

NNPC ties Dangote petrol price to forex rate

As Nigerians eagerly await the release of Premium Motor Spirit, popular known as petrol, from the $20bn Dangote Petroleum Refinery, the Nigerian National Petroleum Company Limited says it will lift the product from the plant on September 15 but outlined factors that would determine its price.

 

It said foreign exchange rates and market forces would influence the cost of petrol, stressing that the market had been deregulated.

 

This came as oil marketers declared on Thursday that about 2,000 tankers were still awaiting to load the product at various depots of the national oil company in Lagos, Warri and Port Harcourt.

 

Also, the Federal Government declared that there was going to be a massive supply of petrol at the weekend as vessels had started offloading, but ruled out PMS price fixing.

 

Operators stated that the government might have put an end to petrol subsidy going by its latest position on the pricing of PMS.

 

NNPC said foreign exchange illiquidity had been a significant factor influencing the fluctuation in prices of petrol, which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act.

 

The Executive Vice President of Downstream, NNPC, Adedapo Segun, said on Thursday during a live television programme that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.”

 

He said Section 205 of the PIA, which established NNPC, stipulated that petroleum prices were determined by unrestricted free market forces.

 

“The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices,” Segun added.

 

Dangote petrol

 

On the commencement of lifting PMS from the Dangote refinery, Segun said NNPC was awaiting the September 15 timeline provided by the refinery, adding that the national oil firm had nearly a thousand filling stations nationwide and was collaborating with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.”

 

“We are also engaging relevant authorities to ensure product diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations recalibrate and begin operations,” he stated.

 

2,000 tankers

 

Meanwhile, the National Operations Controller of the Independent Petroleum Marketers Association of Nigeria, Mustapha Zarma, told one of our correspondents that dealers had most of their trucks trapped at depots awaiting product from NNPC.

 

“The queues in Abuja are heavy. Nobody is loading. Right now, most of the tickets of independent marketers, which had been paid for since the last three months, have not been cleared to load,” Zarma told The PUNCH.

 

“And with the recent increase in the price of petrol, there has not been any official statement to say that this is the additional money you are supposed to pay before you lift your order. It is only the retail arm of NNPC that is lifting products to their stations.

 

“We have over 2,000 trucks that are at the various depots and they will not give you the product now until you pay up the difference. And up till now, they have not communicated to us what the difference is.”

 

This came as Dangote refinery announced on Thursday that NNPC had not started lifting its petrol.

 

In a statement, the Dangote Group Chief Branding and Communications Officer, Anthony Chiejina, debunked a report that NNPC was selling its petrol at N897/litre.

 

Chiejina said the attention of the group was drawn to a headline, ‘NNPC lifts Dangote petrol, sells at N897 per litre’, published by a national daily (not The PUNCH).

 

“We would like to state that NNPC has not commenced lifting of refined Premium Motor Spirit (PMS), commonly known as petrol, from our Dangote Petroleum Refinery.

 

“Therefore, the issue of fixing the price of petrol lifted from our refinery does not arise, as we are yet to finalise our contract with NNPC,” Chiejina stated.

 

“The PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence we cannot determine, fix, or influence the product price, which falls under the purview of relevant government authorities.

 

“We urge the public to disregard the headline as it is misleading and does not represent the true position in this matter. We are guaranteeing Nigerians of exceptionally high-quality petroleum products that will be readily available all over the country.”

 

30 million barrels

 

NNPC also said it had supplied 30 million barrels of crude oil to the Dangote refinery so far, planning an additional 17 million barrels soon.

 

Segun, who said this was part of the Federal Government’s decision to sell crude to local refineries, disclosed this Thursday while speaking on Arise Television.

 

According to him, the company will supply 6.3 million barrels in September and 11.3 million barrels in October.

 

“We have supplied about 30 million barrels to Dangote so far, 6.3 million this month, and we will supply 11.3 million in October,” he stated.

 

Segun noted that the 6.3 million barrels would be delivered in seven cargoes but expressed concern that the current pump price of petrol did not reflect market realities.

 

“The pump price today is not market reflective. NNPCL is the sole importer of PMS in the country, which is abnormal. We should be coming to a situation where the free market determines prices,” he said, stressing that market forces should drive fuel prices, rather than any single entity.

 

He clarified that NNPC’s role as the sole importer of petrol was not a deliberate decision by the company but a response to market conditions.

 

“Let me put it in proper perspective, NNPC is not a regulator. We didn’t put ourselves in the position of sole importer. We don’t determine who plays in the market. We decided to come in when others reduced their participation. It is not about us wanting to be monopolists,” Segun stated.

 

He explained that achieving a stable fuel supply and price would require perfect market conditions, including a more liquid foreign exchange market.

 

“Market conditions need to be perfect, and there needs to be FX liquidity,” he added, hinting that broader economic reforms might be needed to resolve the fuel pricing dilemma.

 

It was learnt that NNPC had been working closely with private refineries, such as Dangote, to ensure a steady supply of crude oil for processing.

 

“Once Dangote refinery begins the rollout of PMS and we at NNPC commence lifting, we will communicate the details,” NNPC spokesman, Olufemi Soneye, stated.

 

However, a Presidency source, who spoke on condition of anonymity because he was not authorized to speak on the matter, told The PUNCH that Dangote and not the NNPC would determine the price of the product, insisting that the refinery would not sell below the cost price.

 

“It’s a private business, Dangote will determine the price of the product based on market realities,” our source said.

 

“The Federal Government has already intervened by asking NNPC to sell crude to Dangote in naira. So far, 30 million barrels of crude oil have been supplied to Dangote. Between now and October, Dangote’s refinery will receive 17.8 million barrels of crude from the Federal Government, in addition to the 30 million barrels already supplied.

 

“The Federal Government stated that going forward crude should be sold to Dangote in naira to alleviate the pressure of seeking foreign exchange. This also allows him to sell to marketers in naira. How else can the Federal Government intervene?

 

“Dangote claims that the Federal Government will determine his price, he is being economical with the truth. He certainly will not sell below his cost price.

 

“The only role of the government as a regulator is to ensure that businessmen like Dangote do not take undue advantage of Nigerians. The government will also ensure product quality and prevent Dangote from setting arbitrary prices. By implication, the government will not allow him to set arbitrary prices.”

 

Shettima intervenes

 

The Minister for Petroleum Resources, Heineken Lokpobiri, expressed hope that there would be availability of petrol at the weekend.

 

He said this following a meeting with the Vice President, Kashim Shettima, as well as the Managing Director and Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, and the Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ogbogu Ukoha, at the State House on Thursday.

 

Lokpobiri said the meeting was at the instance of President Bola Tinubu, who, he said, was concerned about the hardship being faced by Nigerians

 

He urged Nigerians to desist from panic buying, stating that while the government was not fixing prices, the prices would stabilise as soon as the product was made available.

 

Lokpobiri stated, “What is important is for us to convey to Nigerians that the President is empathetic about what is going on in the country. He is concerned about the hardship of Nigerians, and that was why he directed the Vice President to call this meeting, for us to reflect on what is going on in the country.

 

“What is important is that products are available in the country, and we believe that between now and the weekend, there will be availability of products across the length and breadth of the country.

 

“The price could be high in some other areas, much higher in some other locations, and in some locations, much more than you know in other areas. But we believe that by the time there is availability of products across the country, the price itself is stabilised.”

 

He added, “What is important is that the government is not fixing prices. This sector is deregulated. And we believe that with the availability of products, the price will find its level. And this is important for Nigeria to know.

 

“There are enough products in the country to be able to meet the demands of Nigerians; there should be no panic buying. And we also believe that Nigerians need to know that the government is not fixing prices. That is what I want to convey to Nigerians,” he said.

 

Executive Director, NMDPRA, Ukoha, while speaking with State House correspondents, stated, “All regulatory efforts are now geared towards stabilising supply, with a resultant impact that it will be positive also on the stability of price”.

 

“To that objective, the regulator is ensuring that there are increased operating hours from all loading depots, vessels are being cleared promptly, and extended hours where safety can permit, for truck outs as well.

 

“More important also is the reinforcement of the support being given to local refinance, because with increased production from them, indeed, like the minister has said, there will be higher supply, which will stabilise the price. That’s the effort that the regulator is making.”

 

Credit: Punch

Nigerian brothers jailed in US for sextortion scam

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Two brothers from Nigeria who targeted a 17-year-old in a sextortion scam have been sentenced to 17 years and six months in jail in the US.

 

The Ogoshi brothers, from Lagos, lured Jordan DeMay into sending them explicit images by pretending to be a girl his age – then blackmailed him.

 

According to BBC, Jordan killed himself less than six hours after they started talking on Instagram.

 

BBC in a news article published on Thursday, also disclosed that it is the first successful prosecution of Nigerians for sextortion in the US, where it is a rapidly growing cyber-crime, often linked to Nigeria.

 

“Jordan’s mother, Jenn Buta, held pictures of her son in court and wept as she read a victim impact statement. “I am shattered to my core,” she said.

 

She welcomed the ending of the trial but said there was no good outcome from the tragic case. Jordan DeMay was a popular schoolboy from Michigan.

 

Samuel Ogoshi, 24, and Samson Ogoshi, 21, sent him a friend request on Instagram pretending to be a pretty girl his age and then flirted with him.

 

Once they received explicit images from the teenager, they blackmailed him for hundreds of dollars, threatening to share the pictures online with his friends if he did not comply.

 

Jordan sent as much money as he could and warned the scammers that he would kill himself if they spread the images.

 

The criminals replied: “Good… Do that fast – or I’ll make you do it.”

 

John DeMay told Marquette federal court in Michigan he still has nightmares after finding his son dead in his bedroom. He said his family was forced to move home to escape the memory.

 

The brothers pleaded guilty in April to conspiring to sexually exploit teenage boys in Michigan and across the US.

 

Thirty-eight other US victims were also identified as being targeted by the men. 13 of them were minors.

 

The brothers sat in court in orange jumpsuits with handcuffs.

 

Their defence attorneys said the brothers’ crimes were fuelled by drug abuse and the sextortion scam culture in Nigeria.

The judge said the crimes showed a “callous disregard for life”, especially given they continued targeting other victims after learning that Jordan has died.

 

Both brothers apologised to Jordan’s family.

 

“I’m sorry to the family. We made a bad decision to make money and I wish I could change that,” Samson Ogoshi said.

In the first case of its kind, US police tracked the criminals to Lagos last summer and successfully extradited them for trial.

 

Another Nigerian man linked to Jordan’s death and other cases is fighting extradition.

 

Speaking to the BBC in May from Jordan’s family home in the city of Marquette, Jordan’s mother praised the police for their work tracking the extortionists down.

 

But she said she had mixed feelings about the Ogoshis being behind bars.

 

“It’s a relief that someone is being held accountable, but there’s no good that’s coming out of this situation for my family or for the individuals responsible’s family,” she said.

 

“I miss my son more than I can describe to you, but the mother of those men is probably missing her two sons as well now. She too is really just an innocent bystander of sextortion crime,” said Jenn Buta.

 

Researchers and law enforcement agencies point to Nigeria as a hotspot for this type of crime.

 

In April, two Nigerian men were arrested after a schoolboy from Australia killed himself. Two other men are on trial in Lagos after the suicides of a 15-year-old boy in the US and a 14-year-old in Canada.

 

Nigerian authorities are also working with police in Scotland to investigate the case of 16-year-old Murray Dowey, who killed himself in December.

 

In January, US cyber company Network Contagion Research Institute (NCRI) highlighted a web of Nigerian TikTok, YouTube and Scribd accounts sharing tips and scripts for sextortion. Many of the discussions and videos are in Nigerian Pidgin dialect.

 

Nigeria cyber-security professor Adedeji Oyenuga from Lagos State University says he hopes the news of Nigerians being sentenced will filter through to criminals and put them off.

 

“The Ogoshis case has already sent a bad signal. I am hearing from street level that it is having an effect and it might not stop criminals turning to these crimes, but it will likely reduce the numbers,” he said.

 

There had been an increase in the number of local victims too and Professor Oyenuga says Nigerian police have had some success in tackling the criminals.

 

It is not the first time that some of Nigeria’s young, tech-savvy population has embraced a new wave of cyber-crime.

 

The term “Yahoo Boys” is used to describe a portion of the population that use cyber-crime to earn a living. It comes from the early 2000s wave of Nigerian Prince scam emails which spread through the Yahoo email service.

 

Dr Tombari Sibe, from cyber-security firm Digital Footprints Nigeria, says cyber-fraud such as sextortion has become normalised among young people in the country, but he hopes that news of the Ogoshis’ sentencing spreads fast.

 

“They see cybercrime as a bloodless crime, with potentially lucrative financial rewards. This case needs to be given sufficient coverage to show these young people that sextortion can lead to loss of life and long prison sentences,” he said.

 

BBC

NURTW Chieftain, Koko Zaria, Remanded In Prison Over Alleged Assault On Nollywood Actor

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The incident occurred on June 5, 2024, at Idimu, Lagos, where Oyedepo and his associates allegedly attacked Adele, injuring him with a bottle.

 

A Lagos Chief Magistrate’s Court has ordered the remand of Ganiyu Oyedepo, widely known as Koko Zaria, a chieftain of the National Union of Road Transport Workers (NURTW), for allegedly assaulting Nollywood actor Alhaji Ade Adele, also known as Baba Lawori.

 

Oyedepo was arraigned on charges of conspiracy, assault occasioning harm, and conduct likely to cause a breach of the peace.

 

The incident occurred on June 5, 2024, at Idimu, Lagos, where Oyedepo and his associates allegedly attacked Adele, injuring him with a bottle.

 

Presiding over the case, Chief Magistrate B. Sonuga remanded Oyedepo in custody after he pleaded not guilty to the charges.

 

The prosecutor, Morufu Animashaun, from the Force Criminal Investigation and Intelligence Department (FCIID), informed the court that the defendant’s actions violated sections 411, 173, and 168 of the Lagos State Criminal Law.

 

The charges read, “That you Ganiyu Oyedepo on or about the June 25, 2024 at Idimu, Lagos in the Lagos Magisterial District, Lagos conspired to commit Felony wit: Assault Occasioning Harm and committed an Offence contrary to Section 411 of the Criminal Law Ch. C17, Vol. 3, Laws of Lagos State

 

“That you Oyedepo on the said date unlawfully procured one of your boys (now at large) who unlawfully broke bottle and inflicted injuries on the head of one Alhaji Ade Adele and committed an Offence contrary to Section 173 of the Criminal Law Ch. C17, Vol. 3, Laws of Lagos State 2015.

 

“That you Oyedepo conducted yourself in a manner likely to cause breach of peace when you threatened and procured one of your boys (now at large) to break bottle on the head of Adele and committed an Offence contrary to Section 168 (l)(d) of the Criminal Law Ch. C17, Vol. 3, Laws of Lagos State 2015 and punishable under Section 168 (2) of thé same Criminal Law Ch. C17, Vol. 3, Laws of Lagos state 2015.”

 

However, Oyedepo denied the allegations and pleaded not guilty to the charges.

 

His legal team, led by S. Bello and S. O. Ajetomobi, applied for bail, arguing that the charges against their client were bailable.

 

They urged the court to grant bail on the most lenient terms possible.

 

After considering the submissions, Chief Magistrate Sonuga granted Oyedepo bail set at N2 million, with two sureties in like sums.

 

The sureties, as stipulated by the Chief Magistrate, must have good character, provide proof of employment, and reside within the court’s jurisdiction.

 

Additionally, the sureties were required to present evidence of three years’ tax payments and have their addresses verified.

 

Chief Magistrate Sonuga adjourned the case to October 29 for mention and ordered Oyedepo’s remand in the Nigerian Correctional Service (NCoS) until the bail conditions were met.