metro
Fuel shortage persists despite DSS threat, transport fares rise
Despite the 48-hour deadline and threat by the Department of Security Services to clamp down on those behind the latest fuel crisis, the situation has not really abated.
Fuel shortage has persisted in many states including Lagos and Abuja. Transport fares in Lagos and environs, on Monday went up by more than 100 per cent, as the Nigerian National Petroleum Company Limited, NNPCL, and oil marketers battle to find a lasting solution to the crisis.
Petroleum Products Retail Outlets Owners Association of Nigeria has faulted the 48-hour ultimatum by the DSS that oil marketers should make petrol available for Nigerians.
Vanguard in a new report says that some of the areas visited confirmed the hike in transport fares.
For instance, from Badagry to Mile 2, which cost N400 or N500 before, now costs N1000. Agbara (Ogun State) to Mile 2, which used to be between N300 and N400, now costs N700.
From First Gate, popularly called Igboelerin Junction, on the LASU-Igando road, to Iyana Ipaja, which used to be N300 before, now costs N500, whereas Igando to Iyana Ipaja, which used to be N200, now costs N500. Igando to Egbeda, which was N150, now costs between N300 and N400.
From Igando to First Gate, which was N100 before the hike, is now between N200 and N300. Igando to Iyana Oba that was between N100 and N150, is now between N300 and N500 depending on the situation on the road.
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Findings from other routes in the metropolis showed that from Egbeda to Oshodi, which cost between N200 and N300 now goes for between N500 and N600 and during peak periods, it goes to N700, just as Egbeda to Ikeja, which used to be between N200 and N300 is now N500.
From Cele Along to Ikotun, which used to cost N150 is now between N500 and N600 subject to the number of crowd waiting for bus at the bus stop.
From Cele to Gate, which cost between N100 and N150 now goes for between N200 and N300.
Commercial drivers in Lagos State have completely phased out N50 and N100 fares, as no distance no matter how short is less than N200.
Findings in Ajah area of the state showed that from Ajah to CMS, which used to be N400 or even N300 sometimes, is now N1000 flat.
From CMS to Mile 2, which used to be between N200 and N400 now goes for between N700 and N100, while between Mile 2 and Vangaurd Media Ltd, which used to be N100 is now N200.
PETROAN Chairman, System 2E, Eastern Zone, Sunny Nkpe, made this known on Channels Television’s Sunrise Daily programme.
He said until the secret police go after the cartel operating among private depot owners hoarding the essential commodity, fuel scarcity and long queues will persist.
“Let me make it categorically clear here, there is no amount of threat by DSS that is going to change anything. If it must change, they must start from the source, they should go to the private depot operators to find out where for now we are getting products from.
“Until the cartel or cabal in that area is handled or taken care of, we can never get any reduction or fairness in the distribution of the product,” Nkpe added.
He said there has not been a drop of petrol allocation to the Port Harcourt depot in the last six months.
A former President of the Trade Union Congress, TUC, Peter Esele, who was also a guest on the programme alongside Nkpe, said the DSS must have been privy to a vital piece of information within the supply value chain to have issued the ultimatum.
“For DSS to come out and issue an ultimatum, the DSS must be privy to some information. Everyone must focus on the DSS to come out with its results within 48 hours or else, DSS may also be a player in the game.
“DSS must tell Nigerians its findings within 48 hours and whoever is behind this should be prosecuted because there are enough products in this country for everybody to get petrol,” he said.
The DSS had on Thursday directed oil marketers and NNPC Limited to resolve the fuel crisis biting Nigerians, saying failure to comply would make the agency activate its operations across the country.
Meanwhile, the Major Oil Marketers Association of Nigeria, MOMAN, has implored the Federal Government to consider a full deregulation of the petroleum downstream sector in phases.
Its Chairman, Mr Oluwole Adeosun, made the call at a web training for energy journalists, yesterday, in Lagos.
Adeosun said: “We envisage a rise in demand during the yuletide season and we are prepared to work round the clock to keep our stations running.
“If the country wishes to implement a subsidy, it must be in areas targeted to help those it should help. Such areas are agriculture and transportation, to reduce food price, and inflation and generate more jobs for Nigerians.
“In tandem, we must find a way to liberalise supply. We must bring transparency and competition into supply to ensure steady and more efficient supply at optimum prices.
“Imported products must compete with locally refined products to find a meeting point between the need for local refining and competitively low but cost recovered prices for Nigerians for sustainability.
“The dialogue with the Nigerian people needs to begin to identify, negotiate and agree on these areas and begin implementation to save the downstream industry.
“The industry has been in degradation free fall due to a lack of investment to maintain, renew and grow assets and facilities such as refineries, pipelines, depots, trucks and modern filling stations,” he said.
“Neither the new refineries nor the refurbished refineries will survive with the refining margins at current pump prices.”
metro
BREAKING: FEC proposes N47.9 trillion budget for 2025 fiscal year
BREAKING: FEC proposes N47.9 trillion budget for 2025 fiscal year
The federal government has unveiled a proposed budget of N47.9 trillion for the 2025 fiscal year.
Atiku Bagudu, Minister of Budget and Economic Planning, disclosed this to journalists on Thursday following the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu.
Bagudu revealed that the council had approved the Medium-Term Expenditure Framework (MTEF) for 2025-2027.
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According to the minister, the government has pegged the crude oil benchmark at $75 per barrel, with an oil production target of 2.06 million barrels per day (bpd).
The budget also sets the exchange rate at N1,400 per dollar and aims for a gross domestic product (GDP) growth rate of 6.4%.
BREAKING: FEC proposes N47.9 trillion budget for 2025 fiscal year
metro
EFCC arrests ex-NCMB boss over $35m energy project fraud
EFCC arrests ex-NCMB boss over $35m energy project fraud
The Economic and Financial Crimes Commission (EFCC) told FIJ that they have arrested Timber Wabote, the former executive secretary of the Nigerian Content Development and Monitoring Board (NCMB), on the grounds of a failed $35 million Bayelsa refinery project fraud.
Dele Oyewale, the EFCC’s spokesperson, confirmed this to FIJ on Thursday.
“It is true,” Oyewale responded to FIJ’s inquiries.
Wabote is accused of misappropriating public funds for a refinery project that should have improved local energy production.
Vanguard reported that the NCDMB under Wabote paid $35 million to support the development of energy infrastructure in the Brass Local Government Area of Bayelsa, yet there was nothing to show for it.
The EFCC picked Wabote up following the arrest of Akintoye Adeoye Akindele, the Managing Director of Atlantic International Refinery and Petrochemical Limited, for alleged misappropriation, money laundering and diversion of $35 million in public funds.
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“NCDMB under the watch of Wabote allegedly paid the $35 million to Akindele to build a 2,000 barrel per day (BPD), refinery, jetty, gas plant, power plant, data centre and tank farm at Brass free trade zone (FTZ), Okpoama Community in Brass LGA of Bayelsa State,” a source with the EFCC had explained.
Since December 2020 when the payments were made, Akindele abandoned the project with little or nothing to show for the huge sum he received.
Preliminary investigations showed that Wabote’s NCDMB financed 17 different projects, including the 2,000 BPD refinery in Brass LGA.
There has been a series of public fund misappropriation cases in the energy sector in recent times.
FIJ earlier reported that members of the House of Representatives summoned three ministers to defend how over $2 billion was spent on renewable energy with not much to show for it.
A recent FIJ report also recently detailed how residents of Yenagoa, the capital of Bayelsa, have not had power in their homes since July due to the vandalisation of the Ahoada-Yenagoa transmission towers caused by unidentified persons.
The Bayelsa state government told FIJ it was the federal government’s responsibility to provide electricity for residents. The state has no renewable energy options reliable enough to power its capital despite the multi-million-dollar NCMB energy project.
Transparency in the energy sector has become necessary at a time when Nigerians have suffered power instability due to frequent grid collapses.
EFCC arrests ex-NCMB boss over $35m energy project fraud
metro
Court adjourns Yahaya Bello’s trial till Nov 27
Court adjourns Yahaya Bello’s trial till Nov 27
The Economic and Financial Crimes Commission (EFCC) has requested an adjournment in the new case against the immediate past Governor of Kogi State, Yahaya Bello, stating that the 30-day window for the previously issued summons is still active.
The commission has granted administrative bail to his co-defendants, Umar Oricha and Abdulsalami Hudu, and asked the court for an extension of time for Bello to appear.
At the resumed hearing before Justice Maryann Anenih of the Federal Capital Territory High Court, Abuja, EFCC Counsel Jamiu Agoro noted that the court’s order from October 3rd had not yet expired.
“In that wise, we feel it will not be appropriate for us to take proceedings while that 30 days is still running. So we have discussed and agreed to come back on the 27th day of November, 2024, my lord,” he told the court.
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He also mentioned that the previously set date of November 20th was not convenient for the prosecution counsels.
Counsel to the second defendant, Aliyu Saiki, SAN, confirmed that his client had been granted administrative bail by the prosecution and had no objection to the adjournment request. The third defendant’s counsel, ZE Abass, concurred.
The prosecution counsel also requested the court to allow the notice of hearing to be pasted on the last known address of the first defendant.
After hearing from all counsels, the judge granted the EFCC’s application for adjournment and the issuance of the hearing notice.
“I have considered the application for adjournment by the complainant and issuance of hearing notice and the submission by the second and third defendants. The application is granted,” she said.
Justice Anenih then adjourned the case to November 27th for arraignment.
The former governor, alongside Umar Oricha and Abdulsalami Hudu, are being prosecuted as 1st to 3rd defendants, respectively, in a fresh 16-count charge instituted against them by the EFCC.
Court adjourns Yahaya Bello’s trial till Nov 27
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