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Fuel Marketers Eye Price Dip As PH Refinery Gears Up For Operations

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In an eagerly awaited development, fuel marketers are eyeing a potential reduction in fuel prices as preparations ramp up for loading at the Port Harcourt refinery.

Both the Independent Petroleum Marketers Association of Nigeria and the Major Energy Marketers Association of Nigeria are forecasting a modest decline in petrol prices once operations commence at the Port Harcourt Refining Company.

With anticipation building, these associations are actively encouraging the Nigerian National Petroleum Company Limited to honor its commitment to distributing refined products from the facility within a two-week timeframe.

Mele Kyari, the Group Managing Director of NNPCL, has confirmed that operations at the Port Harcourt refinery are slated to begin in approximately two weeks.

He said “We did a mechanical completion of the (Port Harcourt) refinery, that was what we said in December. We now have crude oil already stocked in the refinery.

“We are doing regulatory compliance tests that must happen in every refinery before you start it, and I assure you that this Port Harcourt refinery will start in the next two weeks.

“Completing the mechanical work means that you are done with the rehabilitation work, now you have to test to see how it works. Of course, we have also completed the mechanical work on the Warri refinery.

“It is also undergoing regulatory compliance; processes that we are doing with our regulator, and this will soon be completed and it will be ready. The Kaduna refinery will be ready by December. We have not reached that stage in Kaduna, but we promise Kaduna will be delivered by December,” he added

Abubakar Maigandi, the National President of IPMAN, responded to the development on Monday, affirming that marketers have been briefed and are ready to initiate product distribution.

Speaking on the potential impact, he noted that with the plant set to commence production, there could be a marginal drop in petrol prices.

However, he emphasized that any reduction would be modest in nature.

He said “As independent petroleum marketers, immediately we received the information, we told all our members to start preparing for loading, especially those in the South-South region of the country, because it is closer to them.

“So at any time they (NNPCL) say we should come and start loading, we are ready. We are just waiting for them to start. Price reduction is obvious when they start releasing products, and there will be availability because it would serve as support to the imported products. So we are expecting a change in price, for no matter how small the reduction is, it is still a reduction.”

He added “Also, the commencement of operations there will create more employment for Nigerians. So it is a welcome development and IPMAN is happy about this, especially if products start coming out from the plant in the next two weeks as promised by NNPCL.”

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JUST IN: Fear As Oyo Destroys Shops In Popular Ibadan Market

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Locals and traders have became frightened after the government demolished numerous shops and kiosks in the famed Ojoo market in the Akinyele Local Government Area of Oyo State on Thursday.

Biztellers gathered that the traders were handed a quit notice by the Ministry of Lands, Housing, and Urban Development a long time ago, but they refused to vacate the market.

The Chairman of the market, Muhdeen Ganiyu, fondly called Elewedu, however, told our correspondent that the quit notice was too short but the executive members of all the affected markers would meet after the demolition exercise.

“The quit notice was too short. All executive members of all the affected markers will soon meet. So, I cannot say anything for now,” he stated.

When contacted, the Commissioner for Lands, Housing and Urban Development, Williams Akin-Funmilayo, confirmed the ongoing demolition exercise.

He said, “The State Governor, Seyi Makinde, had gone there personally to address them. The government will provide another place. That place is dangerous. And the new place is not far. Just at the front of the Barracks.”

Additional images from the demolition:

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VIDEO: Nigerian Man Spends 23 Hours Buried Alive In Coffin

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Young C, a Nigerian man, has been buried alive in a coffin for twenty-three hours.

On Thursday, he posted an update on his Instagram account saying, “Guys, I am still alive, I am still fine, I am okay. A lot of you might think something has happened, but nothing has happened, I am fine.

Breathing heavily he said, “My problem is just that I have run out of water, I might be forced to drink this (my urine). Guys, I am fine.”

Young C had embarked on this daring challenge on Wednesday, announcing his intention to be buried alive for 24 hours.

He shared a video on his Instagram account, emphasizing that the stunt was genuine and not a hoax. He also announced his plan to broadcast live footage from the coffin at night.

In an earlier update, Young C revealed that he had been buried for over 8 hours and was experiencing physical discomfort, including excessive sweating.

He shared a video from the coffin, showing his camera and light still functioning, and expressed his determination to complete the challenge.

This accomplishment brings to mind another challenge that American YouTuber MrBeast (Jimmy Donaldson) undertook two years ago to raise awareness about deforestation. In that challenge, he buried himself alive for fifty hours.

He overcame both physical and mental obstacles to finish the task and was ultimately exhumed, warning onlookers not to attempt such exploits since they could be dangerous.

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Court Grants N100m Bail To Sirika, Daughter In N2.7bn Fraud Case

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Former Minister of Aviation and Aerospace, Hadi Abubakar Sirika, along with his daughter, Fatimah Hadi Sirika, and son-in-law, Jalal Hamma, secured bail from the Federal Capital Territory High Court in Abuja.

This follows their indictment by the Economic and Financial Crimes Commission (EFCC) for their alleged involvement in a N2.7bn fraud tied to the Nigerian Air project.

The defendants, including Sirika and his family members, vehemently denied the charges during their appearance before Justice Sylvanus Orji, who granted them bail pending further legal proceedings.

Recall that Sirika faces a 6-count amended criminal charge before Justice Oriji, where the prosecution counsel, Rotimi Jacobs SAN, presented an amended charge by the EFCC dated May 7 and filed on May 8.

This amendment was unopposed by the defendants’ counsel. Lead counsel Kanu Agabi (SAN), representing Sirika, submitted his client’s bail application dated May 6 during the proceedings.

The remaining defendants also filed their bail applications, urging the court for leniency in setting the bail terms.

Prosecutor Jacobs highlighted that all defendants were on administrative bail and requested bail conditions ensuring their presence for trial.

Following arguments from both sides, Justice Orji granted bail to each defendant in the amount of ₦100 million, requiring two sureties for each.

Furthermore, the judge stipulated that one surety must possess a landed property with valid land titles within the Federal Capital Territory.

Additionally, the sureties must provide an affidavit of means..

The defendants were restricted from leaving the country without the court’s permission, with the consequence of non-compliance being detention in a correctional facility.

He said, “I admit the 1st, 2nd and 3rd defendant to bail in the sum of 100 million each with 2 sureties of like sum.

“One of the sureties must have a landed property within the Federal Capital Territory. The defendants must not travel outside the country.

“Any of them who is unable to fulfil the bail conditions will be remanded in the correctional centre.” he added

The trial dates were set for June 10th, 11th, and 20th, marking the next steps in the legal proceedings.

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