Business

Twitter liable for lives, property lost during #EndSARS protests – FG

Published

3 years ago

June 15, 2021

Minister of Information and Culture, Lai Mohammed, has said Twitter and its founder, Jack Dorsey, are liable for the loss of lives and property the country suffered during the EndSARS protests.
He stated this on Tuesday when he featured on a Radio Nigeria’s programme.
He accused Dorsey of raising funds through Bitcoins to sponsor the EndSARS protests while his platform, Twitter, was used to fuel the crisis.
He said Nigerians did not taken him seriously when he made the allegations earlier, until investigations were carried out by an online media outfit.
The minister said the online publication confirmed that Dorsey retweeted some posts by coalitions supporting the EndSARS protests and further launched an emoji to make the protest visible on the microblogging site.
He said, “If you ask people to donate money via bitcoins for EndSARS protesters then you are vicariously liable for whatever is the outcome of the protest.
“We have forgotten that EndSARS led to loss of lives, including 37 policemen, six soldiers, 57 civilians while property worth billions of naira were destroyed.
“164 police vehicles and 134 police stations were razed to the ground; 265 private corporate organisations were looted while 243 public property were looted.
“Eighty-one warehouses were looted while over 200 brand new buses bought by Lagos State Government were burnt to ashes.”
Mohammed said it was unfair to conclude that Twitter was suspended because it deleted President Muhammadu Buhari’s tweet.
He said the government took the action because the platform was being used to promote the views of those who wanted to destabilise the country.
He said, “Twitter has become a platform of choice for a particular separatist promoter.
“The promoter consistently used the platform to direct his loyalists to kill Nigerian soldiers and policemen, run down INEC offices and destroy all symbols of Nigeria’s sovereignty.
“Every attempt to persuade Twitter to deny its platform to this separatist leader was not taken serious.”

The minister also said Twitter had written the Federal Government that they wee ready to talk.
“As we have always maintained, the door is not locked and we are open-minded but Twitter must work toward it,” he said.
The minister reiterated the government’s position that it would not tolerate any platform that would be used to destabilise the country.
Mohammed said among other conditions for Twitter to resume operation in Nigeria, there must be an agreement as to what contents it could post.
He said Twitter and other platforms must also register as a Nigerian company, obtain licence from the National Broadcasting Commission and be guided by the rules of the licensing as well as pay taxes.

Business

Nigeria’s foreign reserves in marginal increase, now $40.88bn

Published

2 hours ago

November 27, 2024

Trends Admin

Nigeria’s foreign reserves in marginal increase, now $40.88bn

Nigeria’s foreign reserves rose to $40.88 billion as of November 21, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.

Cardoso disclosed this on Tuesday at a press conference after the Monetary Policy Committee’s 298th meeting in Abuja.

He said the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.

The amount represents an increase of $82 million or 2.05 per cent in 21 days.

“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he said.

However, from the apex bank’s website, the increase in Nigeria’s foreign reserves showed $40.27 billion on November 22.

Cardoso also said, “The process of getting us where we are in terms of reserves has been a long one”.

“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.

“However, and it’s very important to make a distinction here and to reiterate the fact that reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.

“So they are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary

“And when we talk about shocks that are not anticipated, I think we can see how the global economies are.”

Cardoso also said the bank would continue to intensify efforts to stabilise the currency and prices.

The CBN governor said, “The currency has been stable compared to what it was in June”.

But he said for the value of the country’s currency to be stable, there must be increased exports and diversification of the economy.

Cardoso said diaspora remittance had increased due to policies put in place.

He commended those in the diaspora for helping the country accomplish over $600 million in remittances.

Business

Naira rises to N1,755/$ in parallel market

Published

3 hours ago

November 27, 2024

Trends Admin

Naira rises to N1,755/$ in parallel market

The Naira yesterday appreciated to N1,755 per dollar in the parallel market from N1,770 per dollar on Monday.

Business

PH refinery to blend 1.4-million litre petrol daily – NNPC

Published

4 hours ago

November 27, 2024

Trends Admin

PH refinery to blend 1.4-million litre petrol daily – NNPC

Rehabilitated old Port Harcourt refinery is currently operating at 70 per cent of its installed capacity, the Nigerian National Petroleum Company Limited has said.

The Port Harcourt Refining Company (PHRC) operates two refineries: the old refinery with a capacity of 60,000 barrels per stream day (bpsd) and a new refinery with an installed capacity of 150,000 bpsd.

The NNPCL in a statement on Tuesday, said it planned to increase the operation to 90 per cent of the refinery’s capacity.

“The Board and Management of the Nigerian National Petroleum Company Limited (NNPC Ltd) express heartfelt appreciation to Nigerians for their support and excitement over the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery,” the statement reads.

“This achievement marks a significant step forward after years of operational challenges and underperformance.

“We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products. For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%.”

According to NNPC, the refinery has commenced production of daily outputs of straight-run petrol (naphtha), which is blended into 1.4 million litres of petrol.

The national oil company said the refinery has also started producing 900,000 litres of kerosene per day and 1.5 million litres per day of diesel.

The NNPC said 2.1 million litres daily volume of low-pour fuel oil (LPFO) would also be produced at the refinery, adding that additional volumes of liquefied petroleum gas (LPG) will be refined at the plant.

“It is worth noting that the refinery incorporates crack C5, a blending component from our sister company, Indorama Petrochemicals (formerly Eleme Petrochemicals), to produce gasoline that meets required specifications,” NNPC said.

“Blending is a standard practice in refineries globally, as no single unit can produce gasoline that fully complies with any country’s standards without such processes.”

Additionally, the NNPC said it has made substantial progress on the new Port Harcourt refinery, “which will begin operations soon without prior announcements”.

“We urge Nigerians to focus on the remarkable achievements being realized under the able and progressive leadership of President Bola Tinubu and to support efforts aimed at delivering more dividends to the nation,” the energy firm said.

According to the statement, malicious attacks on “clear progress” only undermine the “significant strides made by NNPC Ltd and the country”.