NEWS
Oil Marketers Demand Clarity As Naira-for-Crude Initiative Takes Effect
Oil marketers and domestic refiners have called on the Federal Government to provide comprehensive details about the naira-for-crude oil deal, which was recently announced by the Federal Ministry of Finance.
The ministry disclosed that the sale of crude oil and refined petroleum products in naira began on October 1, 2024, marking a significant shift in the country’s oil sales policy.
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In a statement on Saturday, the Ministry of Finance, through its official X handle, confirmed that the initiative had officially commenced, following a directive from the Federal Executive Council.
The Minister of Finance and Coordinating Minister of the Economy chaired a post-commencement review of the initiative on October 3, 2024, affirming the strategic move.
However, the announcement lacked details about the contractual agreements and pricing mechanisms, prompting concerns from key industry stakeholders.
Industry Response
The Crude Oil Refinery Owners Association of Nigeria and the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) welcomed the move, but both organizations urged the government to disclose more specifics about the deal.
Billy Gillis-Harry, President of PETROAN, expressed optimism about the policy but emphasized the need for transparency.
In an interview, he highlighted the importance of understanding how the agreement would affect the pricing of crude oil and its impact on fuel costs in Nigeria.
“We are happy with the initiative as it aligns with our long-standing recommendation to sell crude oil to Nigerian refineries in naira,” said Gillis-Harry.
“However, we need the government to release details, especially regarding pricing, to address concerns of potential fuel price hikes.”
Gillis-Harry, currently engaged in local elections in Rivers State, said the outcome of the deal would have far-reaching consequences for Nigeria’s economy.
“PMS (Premium Motor Spirit) pricing is crucial as it affects every aspect of the economy. We hope that once the details are revealed, it will ensure stability and growth for the naira.”
He also lauded the government for implementing the suggestion originally pushed by PETROAN, stating that this policy could provide significant value to the Nigerian economy.
Awaiting Clarity
Despite the positive reception from some industry players, the lack of clarity regarding the pricing structure and other terms of the deal has left many stakeholders eager for more information.
The success of the naira-for-crude initiative will largely depend on how the details are handled, especially as fuel prices remain a sensitive issue for Nigerian consumers.
As the government continues to roll out the policy, it remains to be seen how the deal will affect both the domestic and international oil markets, as well as the broader Nigerian economy.
The remains of the late Chief of Army Staff, Lieutenant General Taoreed Lagbaja, have arrived at the National Military Cemetery in Abuja, signaling the start of his burial ceremony according to military protocols.
The body arrived promptly at 3:00 p.m. on November 15, 2024, transported in an ambulance. Following tradition, the casket was received and will be positioned by pallbearers before a moment of silence is observed to honor the late COAS.
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During the ceremony, the Chief of Defence Staff, the Minister of Defence, and President Bola Ahmed Tinubu are expected to deliver tributes highlighting Lt. Gen.
Lagbaja’s contributions to the nation. Afterward, the national flag will be presented to his next of kin, and the casket will be lowered.
Dignitaries, including the Senate President, Speaker of the House of Representatives, and other government officials, will lay wreaths in memory of the late army chief, paying their last respects.
Lt. Gen. Lagbaja is remembered for his service and dedication to the Nigerian Army and the nation. The ceremony underscores the nation’s gratitude for his commitment and leadership.
The Supreme Court has unanimously dismissed a lawsuit challenging the legality of the Economic and Financial Crimes Commission (EFCC) Act, upholding the continued existence of the anti-graft agency.
A seven-man panel of justices, led by Justice Uwani-Abba-Aji, ruled that the case, filed by Attorneys General from several states, was without merit.
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The lawsuit, initially filed by the Attorneys General of 16 states, sought the dissolution of the EFCC, which was established to combat corruption in Nigeria.
The states involved in the case included Ondo, Edo, Oyo, Ogun, Nassarawa, Kebbi, Katsina, Sokoto, Jigawa, Enugu, Benue, Anambra, Plateau, Cross-River, and Niger.
As the legal proceedings unfolded, some states withdrew their support, while others joined the case as co-plaintiffs.
Notably, Imo, Bauchi, and Osun states joined the suit on October 22, while Anambra, Ebonyi, and Adamawa states withdrew, leading to the dismissal of their claims by the court.
The ruling strengthens the EFCC’s legal foundation, ensuring the continued operation of the commission in its fight against financial crimes in the country.
The Nigeria Police Force (NPF) has detained officers involved in the alleged extortion of N2.3 million from Mr. Nwosu Ndubuisi in Abuja.
This was disclosed by the Police Public Relations Officer of Zone 7 Command, DSP M.B. Abdulkadir, in a statement shared on X (formerly Twitter).
The extorted sum has been recovered and returned to the victim, with disciplinary proceedings initiated against the implicated officers.
The statement read, “Further to the earlier statement issued on the alleged extortion of one Mr. Ndubuisi Nwosu by some officers of Zone 7 Headquarters, Abuja, investigation was carried out, the officers allegedly involved in the extortion have been identified and detained, while disciplinary proceedings have commenced against them.
“The sum of N2.3m has been recovered and returned to Mr. Ndubuisi Nwosu.”
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The Assistant Inspector-General of Police overseeing Zone 7 Headquarters, Abuja, AIG Benneth C. Igweh, assured the public that the disciplinary process would be transparent, in line with the accountability standards of the Inspector General of Police, Olukayode Egbetokun.
Igweh emphasised, “The zone will update members of the public on the outcome of the disciplinary proceedings against the defaulters. Zone 7 headquarters remains steadfast in its commitment to upholding the rule of law, public safety, security and its mandate of protecting lives and properties.”
The incident was initially reported by X user Harrison Gwamnishu (#HarrisonBbi18), who revealed that the officers coerced Ndubuisi into selling his laptop at Banex Plaza to pay for bail. Following this revelation, AIG Igweh ordered an investigation into the matter, leading to swift action.
This development highlights the commitment of the Nigerian Police Force to addressing misconduct within its ranks and ensuring justice for victims.
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