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Poor economy: Emefiele has failed, sack him now – Youth Council tells Buhari

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Emefiele Proffers Solutions to FX challenges

The National Youth Council of Nigeria (NYCN) has blamed the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele’s poor economic management policies for the recent free-fall of the Naira.

The Naira within the week depreciated to an all-time low of N730 to a U.S dollar at the parallel market.

President of the NYCN, Comrade Solomon Adodo, stressed that statements credited to the CBN Governor alleging that the current free-fall of the Naira against other major currencies was as a result of the non-remittances of dollars to the foreign reserve by the NNPC Ltd, without highlighting the reality of the causative oil and non-oil related factors including a drop in Nigeria’s crude oil production, growing petrol subsidy, an unsustainable dual exchange rate system, reduction in foreign direct investments and growing dependence on importation across many sectors of the economy as disingenuous and unpatriotic.

The group flayed Emefiele for completely failing to concentrate on his core mandate of price stability as the apex bank’s governor, pointing out that with inflation at about 19 percent and the exchange rate nearing N800 to a dollar, the CBN Governor should be held responsible for deepening poverty in the country as he continues to work at cross-purposes at President Muhammadu Buhari’s objective of reducing poverty and growing the economy.

The statement reads: “We are all witness to the fact that from August 2020 to July 2022, the official exchange rate has moved from N381 to N415/$, representing only a nine percent increase. However, the parallel market has moved from N470 to N710 within the same period representing a 51 percent increase and a record 71 percent arbitrage with the official exchange rate creating a huge incentive for round-tripping, price gouging, sharp market practices, and inflation.

“The NYCN is therefore shocked by the comment of the Governor associating the free-fall of the parallel market rates to NNPC, even though it is purely a monetary policy issue and outside the purview of the NNPC.

“As a youth group, we have noted that the inability of the CBN to promptly release Joint Venture (JV) cash call funding from the Treasury Single Account (TSA) even when the Nigeria National Petroleum Company (NNPC) Ltd had adequate cash cover, leading to the loss of JV Partners’ confidence to restore production and reap the benefits of today’s improved oil prices.

“We are in the know that for over three months now, dollar-denominated cash call payments amounting to over $400 million, properly processed, are yet to be paid by the CBN under Mr. Emefiele.

“The combined impact of CBN’s inability to promptly release JV cash call to restore production, the increasing losses due to crude oil theft, and production deferments has culminated in significant crude oil output losses of over 600, 000 barrels per day.

“We find it curious that the apex governor seems to be unaware of the insecurity and huge oil theft in the Niger Delta which have continued to challenge the country’s oil production and the oil industry and gas industry in general. At present, there are massive losses and declaration of force majeure across the country’s major onshore production export facilities of Bonny, Brass, and Forcados.

“At the current year-to-date average crude oil price of $107 per barrel, Nigeria is counting opportunity losses translating to over $64 million per day, and a monumental impact of about $2 billion per month.

“We are taken aback that Mr. Governor is feigning ignorance that the country’s rising petrol subsidy cost, as well as the rising cost of external debt servicing, are all obligations affecting the economy. These affect the NNPC’s remittances to the Federation Account.

“From January to June 2022, the cost of PMS subsidy has reached N2.2 trillion and it is estimated that the full-year subsidy bill may hit N5 trillion and N6 trillion in 2023.

“Apart from government decision to defer the implementation of PMS deregulation, the subsidy profile is significantly influenced by CBN foreign exchange management.

“From January to June 2022, the cost of PMS subsidy has reached N2.2 trillion and it is estimated that the full-year subsidy bill may hit N5 trillion and N6 trillion in 2023.

“Apart from government decision to defer the implementation of PMS deregulation, the subsidy profile is significantly influenced by CBN foreign exchange management.

“It is however worth noting that the NNPC has recorded significant gains on production ramp-up including attaining ‘first oil’ production from the Anyala – Madu Fields and most recently Ikike fields which cumulatively boost national oil production by almost 80, 000 barrels per day.

“Furthermore, NNPC’s efforts towards attaining additional combined production of over 100, 000 barrels from fields like Obodo, Utapate etc has never abated despite the global setback recorded as a result of the effects of COVID-19 pandemic.

“History shows that Mr. Emefiele is at sea on addressing monetary policy issues. We recall that in 2021, the CBN governor blamed Aboki FX for the depreciation of the Naira. He would later blame members of the Association Bureau De Change, which led to the stoppage of dollar sales to the group. At another time, he blamed the Naira’s depreciation on activities of money laundering, terrorism financing as well as politicians.

“Furthermore, Nigerians are bearing the brunt of the inaction of the CBN Governor as the Emirates Airlines, the flag carrier of the United Arab Emirates (UAE), has reduced its flight operations to Nigeria over the inability of the CBN to repatriate about $85 million in revenue.

“Was the failure to repatriate Emirates funds also caused by the NNPC?

“The International Air Transport Association (IATA) had said Nigeria was withholding revenue worth about $450 million earned by foreign airlines operating in the country. Emirates said the planned reductions in its operations in Nigeria would take effect from August 15, 2022.

READ ALSO: Senate invites Emefiele over naira depreciation

“And in a manner that fits his erratic policy, he has at present shifted all blames to the NNPC. This is clearly a case of a bad workman who blames every other person for his inability to deliver. To us at the NYCN, Emefiele is tired and should be sacked by President Buhari.

“From all indications since his failed presidential bid as well as his rejection by the All Progressives Congress, a partisan Emefiele has been doing all to rubbish the achievements of President Muhammadu Buhari and this should no longer be permitted.

“As Nigerians concerned about the future of this country and before Mr. President heeds our clarion call to send Mr. Eemefiele packing from the CBN, we advise that the CBN considers among other options the World Bank’s recommendation of adopting a single market-responsive sustainable exchange rate, improving access to forex through well-defined periodic forex auctions, and signaling a renewed commitment to price stability as a primary goal of the apex bank.

“The NYCN further expresses the optimism that the NNPC’s transitioning into a limited liability entity in line with the provisions of the Petroleum Industry Act (PIA), and its regulation now in line with the provisions of the Companies and Allied Matters Act (CAMA) would help resolve cash call payments delays as the company is now exempted from TSA, among others.

“We also hope that the NNPC Ltd would compete favourably with its peers globally and this in turn would translate to more foreign exchange for the country as well as improved national energy security,” the group noted.

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Tanzania Eyes Expanded Dangote Investments in Fertiliser, Energy, Infrastructure

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The Government of Tanzania has reaffirmed its commitment to deepening economic cooperation with Dangote Group, expressing strong interest in attracting new investments in fertiliser production, energy and industrial infrastructure to support the country’s long-term development agenda.

Minister of State in the President’s Office responsible for Planning and Investment, Hon. Prof. Kitila A. Mkumbo, disclosed this during a visit by a Tanzanian delegation to the Dangote Petroleum Refinery and Petrochemicals in Lagos, Nigeria.

According to the Minister, the visit was aimed at following up on discussions held earlier this year between President Samia Suluhu Hassan and President and Chief Executive of Dangote Industries Limited, Aliko Dangote, regarding the expansion of Dangote Group’s investment footprint in Tanzania.

He noted that Dangote already operates Tanzania’s largest cement manufacturing plant with an investment valued at approximately $800 million, adding that the company continues to play an important role in the country’s industrial development.

“We have come here to make a follow-up on what they deliberated with our President in terms of further Dangote investments in Tanzania,” Mkumbo said.

He explained that Tanzania is particularly interested in Dangote Group’s expertise in fertiliser production and refinery operations, describing the company’s industrial capabilities as critical to supporting East Africa’s economic growth.

Beyond the proposed investments, the Minister said stronger collaboration between Tanzania and Dangote Group would further enhance economic cooperation across Africa under the African Continental Free Trade Area (AfCFTA).

ALSO READ: NMDPRA Moots New Policy to Improve Energy Security, Stem Fuel Price-fixing

According to him, although African countries have maintained strong political relationships over the years, the continent must now prioritise economic integration through industrialisation.

“Africa now needs economic liberation, and that can only come through industrialisation,” he said.

Mkumbo described Dangote as Africa’s leading industrialist whose investments are increasingly extending beyond Nigeria to support development across the continent.

He added that Tanzania looks forward to working with Dangote Group as part of a broader vision of accelerating Pan-African industrialisation and strengthening regional manufacturing capacity.

The Minister also highlighted the importance of local refining capacity in improving Africa’s energy security, particularly in light of recent disruptions in global oil markets.

Referring to the impact of tensions around the Strait of Hormuz on global fuel prices, he said increased refining capacity from facilities such as the Dangote Petroleum Refinery would help cushion African economies against external shocks.

According to him, affordable and reliable energy remains one of the most important drivers of economic development, noting that expanded refining capacity across the continent would contribute significantly to lowering energy costs and improving the quality of life for millions of Africans.

The visit forms part of ongoing engagements between the Government of Tanzania and Dangote Group aimed at exploring new opportunities for strategic investment, industrial development and regional economic integration.

 

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Advanced Biologics Coy, Atunse Healthcare Opens in Lagos

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Atunse Healthcare Limited has launched in Lagos with a commitment to manufacture and distribute advanced regenerative biologics.

Biztellers reports that the African-led enterprise would also be training scientists and clinicians required to optimise the use of the products, so that Nigerians no longer have to leave the country for advanced medicine.

In a statement on Friday, the company averred that for a generation, the most advanced medicine available has been something Nigerians travelled for — if they could afford the journey.

ALSO READ: NMDPRA Moots New Policy to Improve Energy Security, Stem Fuel Price-fixing

It was gathered that Atunse was established on the position that they should not have to, and that the capability to deliver and eventually produce such medicine belongs on the continent rather than at the end of an import chain.

The company is already treating patients across six service lines: aesthetic medicine, longevity and vitality, men’s wellness, women’s wellness, musculoskeletal support and neurological care.

It stated that “Africa imports approximately 99% of the vaccines and more than 95% of the medicines it uses, producing under 1% of its own vaccine supply. The cost of that dependency is visible in Nigeria: an estimated US$2.39 billion left the country in 2024 with citizens seeking care abroad.”

It added that “the greater cost is borne by those who cannot travel, and for whom advanced treatment has simply not been an option. Against this backdrop, the launch of Atunse Healthcare reflects a growing case for building the infrastructure, expertise and partnerships needed to strengthen Nigeria’s health sovereignty.

At the launch, the keynote speaker, Alh Aliko Dangote, President and Chief Executive Officer of the Dangote Group, represented by Fatima Aliko Dangote, Group Executive Director of Commercial Operations for Oil & Gas, Dangote Industries, pointed out that the COVID-19 pandemic demonstrated the risks of relying heavily on external sources for essential health technologies.

“COVID-19 taught us a very important lesson: dependence is a vulnerability,” he said. “For us in Africa, medical sovereignty cannot just be a slogan. It is about building the capacity to protect our people.”

He described initiatives such as Atunse as important steps towards changing Africa’s position from being predominantly a consumer of advanced medicine to becoming a producer, noting that Nigeria has the talent, entrepreneurial energy and market needed to build that capability.

He added that the future of healthcare cannot be built by government or the private sector acting alone, but through partnerships that bring together policy, investment, science, enterprise and innovation.

Atunse Healthcare Ltd. is a partnership between KweHealth, LLC of the United States, which contributes an established scientific and manufacturing platform, and Tri-State Healthcare System of Nigeria, which contributes clinical delivery and institutional depth. The company is Nigerian-domiciled and Nigerian-based.

It is building four capabilities together rather than in sequence: clinical delivery through a treatment centre in Nigeria; advanced biomanufacturing, working towards cGMP-grade production of advanced biologics in Nigeria, with a roadmap extending to vaccines and, in time, cell and gene therapies; research and clinical translation, so that discovery and evidence generation take place in Africa and African patients are participants in the science rather than only recipients of its outputs; and regulatory capability, developed in active alignment with NAFDAC on the pathway for advanced biologic products.

Local manufacturing carries a workforce consequence the company treats as central rather than incidental. Biomanufacturing, quality assurance, regulatory science and clinical research are high-skill, durable roles, and Nigeria has few of them because it has had little to practise them on.

Atunse’s position is that a country which manufactures without training its own scientists, and without governing its own standards, has substituted one dependency for another.

Lagos State Governor, Mr. Babajide Sanwo-Olu, represented by Prof. Akin Abayomi, Lagos State Commissioner for Health, at the event, emphasised the importance of building the specialist workforce needed to support the growth of advanced healthcare in Nigeria.

He said initiatives such as Atunse could help create the kind of environment capable of attracting experienced Nigerian doctors and scientists working abroad back home.

“When we start seeing initiatives like this, it starts to encourage our own experienced specialists to come back home,” Gov. Sanwo-Olu said. “This is the kind of initiative that is attractive to doctors and scientists doing great things abroad.”

He noted that regenerative medicine represents an important frontier for healthcare and stressed the need to build the institutions, skills, data infrastructure and systems required to take advantage of emerging opportunities.

“Government cannot do this alone,” he said. “We need the universities, the researchers, the healthcare providers and the private sector working together. Our role is to create the environment and the systems that allow that innovation to happen and, ultimately, improve the health of our people.”

Gov. Sanwo-Olu also highlighted the importance of data and digital infrastructure in developing a health system capable of responding to both current and future needs, noting the role of Lagos State’s Smart Health Information Platform (SHIP) in digitalising public health facilities and the opportunity for private-sector participation.

Atunse’s workforce ambition is therefore tied directly to its manufacturing and clinical ambitions. The company intends to build capability locally rather than simply establish another route for importing advanced products. The African Union has committed the continent to producing 60% of its own health products locally by 2040.

Atunse works with four investigational platforms developed and manufactured by KweHealth — AVEXO™, KH-1814™, AIOVA™ and NKIRA™. These are used only within approved regulatory and ethical frameworks and with informed consent. They are not approved for any indication, and the company makes no claim of safety or efficacy.

“For a generation, the most advanced medicine of our age has been something Africans travel for. Atunse exists to change the direction of that journey. We begin in Lagos, but what we are building is not for Lagos alone,” said Prof. Kamar T. Adeleke, President and Chairman, Atunse Healthcare Ltd.

Dr. Sola Oluwole, Chief Executive Officer, Atunse Healthcare Ltd., said the company’s ambition extends beyond keeping healthcare spending within Nigeria.

“What Nigeria loses is not only money. It is the demand, the capital and the clinical talent that need never have left. That is not a shortage of resources — it is an absence of capability. We intend to build it here: the treatment, the manufacturing, the distribution, and the people who will run all three.”

Dr. Frederick A. Kweh, Chief Science and Technology Officer, Atunse Healthcare Ltd., added: “Africa is not asking to be admitted to this field. It is joining it — as a manufacturer and as a clinical partner, working on the health problems this continent actually has.”

The launch brings together Atunse’s immediate clinical operations with its longer-term ambition to establish an African platform for advanced medicine — one that combines treatment, manufacturing, research, regulation and workforce development.

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NMDPRA Moots New Policy to Improve Energy Security, Stem Fuel Price-fixing

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Subsidy Removal: NMDPRA Assures Smooth Fuel Supply

It is apparent that recent developments which threatened supply disruptions and witnessed price hikes have necessitated new policies to ensure energy security and forestall arbitrary price-fixing by operators in Nigeria.

Consequently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has unveiled draft regulations capable of prohibiting petroleum companies from fixing fuel prices, restricting product supply, sharing markets or coordinating commercial decisions capable of distorting competition across Nigeria’s midstream and downstream petroleum industry.

The proposed Midstream and Downstream Petroleum Prevention of Anti-Competitive Practices and Behaviour Regulations, 2026, seek to dismantle anti-competitive conduct ranging from pump price coordination and artificial scarcity to bid rigging, customer allocation, exclusive supply arrangements and the exchange of commercially sensitive information among competitors.

ALSO READ: Nigeria Saves India’s Energy Sector with 4m Barrels of Crude

The move comes amid renewed concerns over pricing practices in the downstream petroleum sector following allegations by independent marketers in July that some major fuel importers were selling imported Premium Motor Spirit (PMS) at coordinated prices significantly above those of Nigeria’s major refiner, the Dangote Petroleum Refinery and Petrochemicals (DPRP).

This was detailed in a public notice on Thursday, made available on its official X handle.

The NMDPRA invited licensees, permit holders and other stakeholders to submit comments on the proposed regulations within 21 days, in compliance with Section 216(1) of the Petroleum Industry Act (PIA) 2021, which requires stakeholder consultation before regulations are finalised.

The notice, signed by the Authority’s Chief Executive, Rabiu A. Umar, stated that stakeholders could review the draft regulations on the Authority’s website and submit observations before the consultation period closes.

It added that a stakeholders’ consultation forum on the proposed regulations would be held on September 22, 2026, at the Authority’s headquarters in Abuja.

The notice read in part, “In compliance with Section 216(1) of the Petroleum Industry Act 2021 requiring consultation with stakeholders before the finalisation of Regulations, the Nigerian Midstream and Downstream Petroleum Regulatory Authority hereby invites licensees, permit holders and other stakeholders to make submissions within twenty-one (21) days from the date of this publication in respect of the proposed Midstream and Downstream Petroleum Prevention of Anti-Competitive Practices and Behaviour Regulations.”

It added, “Stakeholders are enjoined to visit the Authority’s website to review the proposed Regulations. All submissions are to be made using the format accessible on the Authority’s website and must be received not later than 21 days from the date of this notice.”

Under Part IV, titled Collusive Agreements and Anti-Competitive Coordination, the draft regulations prohibit petroleum companies from entering into formal or informal agreements designed to influence prices, allocate markets or manipulate commercial outcomes.

The draft states, “No licensee, market participant, or group of undertakings in the midstream or downstream petroleum sector shall enter into any agreement, arrangement, understanding, or concerted practice, whether formal or informal, written or oral, explicit or tacit, that has the object or effect of preventing, restricting, or distorting competition.”

The regulations specifically identify price-fixing or coordinated pricing behaviour as prohibited conduct.

According to the draft, “Price-Fixing or Coordinated Pricing Behaviour, agreeing, aligning, or coordinating prices or any pricing element, including pump prices, ex-depot prices, margins, discounts, surcharges, freight/delivery charges, or pricing formulas/benchmarks,” shall be prohibited.

Upon approval of the draft policy, petroleum companies would no longer be permitted to coordinate pump prices, ex-depot prices, freight charges, discounts, pricing benchmarks or other commercial elements that could influence retail fuel prices.

The proposed framework also bans market allocation arrangements, where competitors divide customers, geographical territories, product lines or supply areas among themselves instead of competing freely.

Similarly, companies would be prohibited from engaging in bid rigging or collusive tendering, practices that undermine transparency and competition during procurement processes.

The Authority is also proposing stringent measures against collective supply restrictions capable of creating fuel shortages or manipulating market prices.

The draft regulations prohibit competitors from jointly reducing production volumes, petroleum imports, throughput or product supply to create artificial scarcity or influence prices.

The proposal also extends to tacit collusion, where competitors avoid direct agreements but signal future pricing intentions or strategic commercial decisions through public statements, trade associations or indirect channels.

The regulations prohibit the exchange of commercially sensitive information, including future pricing plans, production schedules, customer lists, marketing strategies and bidding intentions where such disclosures could reduce competition.

Such provisions are designed to prevent companies from coordinating behaviour without signing formal agreements, a practice competition regulators across several jurisdictions increasingly monitor.

The Authority is equally seeking to curb restrictive commercial arrangements that could limit market access for smaller operators.

The latest proposal represents another major regulatory intervention by the NMDPRA since the implementation of the PIA.

If adopted after stakeholder consultations, the new regulations would provide the Authority with a comprehensive legal framework to investigate and sanction anti-competitive conduct in Nigeria’s midstream and downstream petroleum sectors, reinforcing the competition provisions introduced under the PIA and promoting a more transparent, efficient and consumer-oriented fuel market.

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