Kogi Guber: Like Adeyemi, Achimugu Loses at Appeal Court, Ododo affirmed as Kogi APC Candidate.

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The Court of Appeal in Abuja, on Friday, dismissed the appeal filed by a governorship aspirant of the All Progressives Congress in Kogi State, Abubakar Achimugu, seeking to nullify the primary election of the party, which produced Usman Ododo as the APC Governorship candidate for the election slated for November 11 in the state.

The court held in a unanimous judgment that the appeal challenging the judgment of the Federal High Court in Abuja lacked merit and dismissed it accordingly.

Justice Muhammed Lawal Shuaibu, leading a three-member panel of Justices of the court
held that Achimugu’s appeal was bereft of merit and affirmed the judgement of the trial court.

Achimugu’s case was dismissed on the same day the appeal filed by a former Senator who represented Kogi West in the 9th National Assembly, Smart Adeyemi, was also thrown out for lacking in merit.

The appeal was against the judgment of Justice Obiora Egwuatu delivered on 18th July which held that, Ododo can lawfully continue to fly the flag of the APC in the November 11, 2023 governorship election in Kogi State.

The appellate court, in a unanimous judgment delivered on Friday held that Achimugu’s appeal was bereft of merit and affirmed the judgement of the trial court.

Achimugu had approached the trial court with a suit seeking to disqualify Ododo from contesting the November 11 governorship election on the ground that he did not resign his employment with the Kogi State public service 30 days before contesting the governorship primary election.

But the trial court, in its judgment, held that, contrary to the claim of Achimugu, evidence showed that Ododo resigned his appointment more than 30 days before participating in the APC primary.

According to Justice Egwuatu, exhibits tendered by the defendants showed that while Ododo’s resignation letter was received by the Office of the Kogi State Governor on March 8, that of the 3rd defendant, Mr Salami Deedat, was received on March 9.

“Satisfied that they resigned their appointment on March 8 and 9, more than 30 days before the April 14 primary election of the APC, the suit is bereft of any merit and is accordingly dismissed,” the court held.

Achimugu, in a Notice of Appeal filed on July 21 through his counsel, Josiah Daniel-Ebune, said Justice Egwuatu erred in law and occasioned a miscarriage of justice when he held that Ododo and Salami Deedat (2nd and 3rd defendants) duly resigned their appointment and thus, not caught up with the mandatory provision of what the law requires them to do before they participated in the APC governorship primary election for Kogi State held on April 15, 2023.

He asked the appellate court for an order setting aside the judgement of the trial court and granting all his reliefs sought in his amended originating summons.

In the case of Adeyemi, the Appeal Court held that the former lawmaker failed to prove the criminal allegations in his case.

Justice Shuaib held that the burden of proof was on the plaintiff who alleged irregularities in the conduct of the primary election of the APC for the nomination of its governorship candidate.

He said, “The evidence placed before the trial court by the respondents was not controverted by the appellant in this circumstance, issue one is hereby resolved against the appellant.

“Where commission of a crime is an issue, it must be proved beyond reasonable doubt. Allegation of falsification of votes is a criminal act and it is required in law to be proved beyond reasonable doubt, which the appellant could not prove, consequently, issue two is resolved against the appellant.”

“On the whole, the appeal is un-meritorious  and it is hereby dismissed. The judgement of the lower court is hereby affirmed. Parties are to bear their respective costs,”Justice Shuaibu held.

Justice James Omotosho of the Federal High Court in Abuja had, in a judgment delivered on July 12, held that Adeyemi did not prove his allegation that Ododo was not lawfully nominated by the APC.

Adeyemi had alleged in his suit that the primary election that purportedly produced Ododo as the APC governorship candidate did not hold and that the results were forged.

Our Greatest Strength Lies In Unity – Maj. Gen. Christopher Musa.

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Chief of Defence Staff (CDS) of Nigeria, Major General Christopher Musa, has rallied support for an intervention of ECOWAS in the ongoing political crisis in Niger, asserting that the greatest strength of ECOWAS lies in its unity.

According to him, the coup d’etat in Niger has been a source of great concern not just for the ECOWAS, but for all who believe in the ideals of democracy, stability, and the rule of law.

Addressing the Extraordinary Meeting of the ECOWAS Committee of Chiefs of Defence Staff on the political situation in Niger, Major General Musa said the Committee of CDSs of ECOWAS has a responsibility to ensure that ECOWAS’ responses to this crisis are “not driven by fear, but by the principles of justice, respect for human rights, and the unwavering commitment to the rule of law.”

“We must strive to uphold the integrity of our institutions, protect the sovereignty of our states, and safeguard the democratic rights of our people. In this the people of Niger are also an integral part.

“In the spirit of cooperation and mutual respect that has always characterized our engagements, I am confident that we will find a way forward. We must remember that our greatest strength lies in our unity,” he stressed.

He explained that it is this unity that has allowed ECOWAS to face past challenges, intimating, “it is this unity that will see us through the current crisis.”

According to him, the Niger crisis is a poignant reminder of the challenges we face as a region, and the urgent need to stand together in unity and solidarity.

“As we continue our deliberations today, I would like to remind us all that the purpose of our gathering is not simply to react to events, but to proactively chart a course that preserves peace, promotes stability and upholds democratic principles across our region.

“We must remember that our collective actions today will shape the legacy we leave for future generations. The path that lies before us is not an easy one, but it is a path that we must tread, nonetheless, with courage and determination,” he stated.

He continued, “As we grapple with the complexities of the situation in the Republic of Niger, let us not forget that at the heart of our discussions are the lives of millions of people who yearn for peace, stability, and progress. We must not allow the people of Niger to suffer needlessly.”

“As we embark on this important mission, let us remember the words of the ECOWAS Vision 2050, which calls for a region of peace, security, and solidarity. Let these words not just be an aspiration, but a guiding principle on our deliberations and decisions,” he entreated.

BOAT ACCIDENT: Over 60 Feared Dead in Atlantic Ocean Disaster Near Cape Verde.

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Tragedy struck this week as authorities reported that over 60 individuals are believed to have lost their lives in a heartbreaking incident. 

The victims were on board a boat originating from Senegal that tragically capsized in the Atlantic Ocean near Cape Verde. 

The grim discovery was made by a Spanish fisherman, who found the vessel adrift approximately 150 miles north of Sal, one of the islands that comprise Cape Verde, as confirmed by the nation’s national police.

The ill-fated boat had embarked on its journey from Fass Boye, a fishing village situated around 90 miles to the north of Dakar, the capital of Senegal, on July 10.

While the accident claimed the lives of 7 individuals, including four children, there is a glimmer of hope as 38 survivors managed to weather the ordeal. 

Heartbreakingly, 56 individuals remain missing and are presumed to have tragically lost their lives, according to a spokeswoman from the U.N. migration agency.

This tragic incident underscores the perilous circumstances migrants often face, with smugglers cramming them into poorly constructed and overcrowded vessels in their quest to reach European shores. Many of these migrants courageously undertake these treacherous journeys to escape the challenges of conflict and poverty in their home nations. 

Meanwhile, European countries continue to take measures to halt migrant crossings before they reach their destinations.

Providing context to this heartbreaking incident, the Spanish migrant advocacy group Walking Borders has reported a devastating loss of life along the West African route to Spain. 

Shockingly, at least 778 migrants have lost their lives during the first half of this year, further highlighting the dire risks that these individuals undertake in pursuit of a better life.

CEO of Social Plus Africa Communications Pays Courtesy Visit to Kogi State APC Governorship Aspirant, Alh. Ododo Ahmed Usman

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In a significant stride towards fostering development and unity in Kogi State, Amb. James Momoh, the CEO of Social Plus Africa Communications and Convener of GIS-AWARDS, paid a courtesy visit to Alhaji Usman Ododo, a promising APC Governorship Aspirant for the upcoming elections in kogi state.

During the visit, Amb. James Momoh lauded Ododo’s unwavering commitment and substantial contributions to society, citing the aspirant’s genuine heart to create positive impacts as a commendable quality.

Another main reason for the visit was to inform Ododo of the plans to honour him at the global event for his Heart of gold and for giving hope to the hopeless and impacting lives especially less privileges in the society.

Furthermore, Momoh expressed admiration for the trust and belief Governor Bello has placed on Ododo as a successor, no doubt, the governor bello performances that earned him the best performing governor award and special magazine dedicated to his achievements across the state, indicating a seamless transition towards continuity in development, job creation, and empowerment for the youth and women of Kogi State if elected.

Responding to the accolades, Alhaji Usman Ododo expressed gratitude for the recognition bestowed upon him by Social Plus Africa Communications.

He emphasized the uniqueness of the event schedule, which will take place after the election, and exuded confidence in emerging victorious come November 2023.

Ododo praised the efforts of Governor Bello in fostering Kogi State’s growth and unity, assuring the people that he is committed to carrying forward the legacy of their mentor.

He added that this awards will be dedicated to his mentor Governor Bello and the good people of kogi state for finding him worthy to be their next governor.

The founder of GISA also joined in prayers for a peaceful and successful election in November 2023, underscoring the significance of a harmonious electoral process.

The upcoming event, which is anticipated to draw in prominent personalities from across the globe, holds the promise of showcasing the global recognition and support that Alhaji Usman Ododo has garnered for his aspirations.

As Kogi State looks ahead to a pivotal election season, the visit from Amb. James Momoh and the positive endorsements for Alhaji Usman Ododo serve as a testament to the shared commitment towards progress and unity within the state.

Umakhihe Advocates Smooth Execution of FCSSIP-25 Pillars to Improve Civil Service Delivery.

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During the Bi-monthly Service-Wide Meeting of Directors of Reform Coordination, which took place at the Agricultural Rural Management Training Institute (ARMTI) in Abuja, the Permanent Secretary of the Federal Ministry of Agriculture and Food Security (FMAFS) emphasized the need for a seamless implementation of all the pillars outlined in the Federal Civil Service Strategy and Implementation Plan 2021-2025 (FCSSIP-25) to enhance service delivery within the civil service.

Representing the Permanent Secretary, Dr. Dunoma Ahmed, Director of Reform Coordination Service Improvement & Innovation (RCSI &I), stressed the importance of this platform as an avenue for sharing experiences, brainstorming, and generating creative ideas to improve service delivery and productivity across the workplace.

Dr. Umakhihe emphasized that the Department of Reform Coordination plays a vital role in driving service reforms and highlighted the creation of the Innovation Division.

This division is geared towards advancing the current reform strategy, FCSSIP-25, which consists of six key initiatives (Pillars) aimed at transforming the Federal Civil Service for more efficient and effective service delivery.

Cross Section of Participants at the Bi-monthly Service-Wide Meeting of Directors of Reform Coordination.

He proudly mentioned the Ministry’s significant contribution to the FCSSIP-25 and other civil service reforms, citing various awards and recognitions received.

He also shared examples of the Ministry’s reform-driven activities that have contributed to improved service delivery and staff motivation.

“In a bid to commence full implementation of the new Performance Management System (PMS), the Ministry has trained all the Directorate level officers and officers on Salary Grade Level 14 to acquaint them with the process and procedure involved in
implementing and sustaining the system”.

“I am glad to inform you that after the conclusion of the induction programme, all the Directorate and SGL 14 officers have successfully signed off their Performance Contract with the Ministry respectively”. He said.

Calling on participants to embrace innovative ideas, he encouraged everyone to collectively drive the reforms for a revitalized Civil Service and heightened productivity.

The Permanent Secretary of the Service Policies and Strategies Office (SPSO), Olufemi Oloruntola, also echoed the sentiments, noting that the meeting was the third of its kind, aimed at deepening and intensifying ongoing reform efforts.

He acknowledged the visible transformation across Ministries, Departments, and Agencies (MDAs) as a result of these reforms.

Oloruntola highlighted the significance of the Directors of Reforms in supporting MDAs to stay current with the FCSSIP-25 implementation matrix.

He drew attention to the commendation letters issued by the Head of the Civil Service of the Federation during the Civil Service Week and urged participants to strive for such recognition.

He pointed out that the meeting marked the first under President Bola Ahmed Tinubu’s administration and emphasized its focus on consolidating the gains of FCSSIP-25 reform in this new climate.

The Permanent Secretary, SPSO, also expressed that the new administration is counting on civil servants to contribute to the “Renewed Hope Agenda,” urging innovative thinking to demonstrate their ability to deliver.

The event’s highlights included paper presentations on the Management of Change in Political Transitions, Capability Building, and Talent Management tailored to the unique needs of MDAs.

Barineka Thompson, Two Other NAICOM Directors go on Compulsory Retirement Due to FG’s Tenure Policy.

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In light of the recent directive on tenure limits for Federal Government of Nigeria (FGN) Directors, Mr. Barineka Thompson, the Director of Finance and Accounts (DFA) at the National Insurance Commission (NAICOM), has retired on a mandatory basis.

The updated 2021 edition of the Public Service Rule (PSR), effective from July 27, 2023, requires Directors (SGL 17) who have spent eight years or more in a position to submit their retirement notice, as stated in Section 020909 of the revised PSR.

As a result, Thompson, with 10 years and 10 months of service at NAICOM, received a compulsory retirement letter from NAICOM on August 4, 2023.

Thompson boasts a prestigious background, holding fellowships in the Institute of Chartered Accountants of Nigeria (ICAN), Associate membership in the Chartered Institute of Taxation of Nigeria (ACIT), and the Nigerian Institute of Management (AMNIM). He is also recognized as a Certified Anti-Money Laundering Specialist (CAMS) and Certified Advanced AML Audit Specialist (CAMS-AUDIT) by the Association of Certified Anti-Money Laundering Specialists (ACAMS), USA. Remarkably, he stands as the sole resident Nigerian to possess the CAMS-AUDIT certification to-date.

Thompson’s career trajectory highlights his expertise across Insurance, Finance, Strategy Management, and Hospitality. He is a subject matter authority in Anti-Money Laundering and Financial Crime Investigation. His professional journey includes significant roles such as Group Head of Finance and Chief Finance Officer at Linkage Assurance Plc before transitioning to his position at the National Insurance Commission (NAICOM) in Abuja. He has also held distinguished roles on various corporate Board of Directors and in top management capacities within both private and public sectors. Notably, he previously served as the Acting General Manager and Chief Executive of NICON Hotels Limited, a subsidiary of NICON Insurance Plc and the former proprietors of Transcorp Hilton Hotel.

NEPC Aims for $5 Billion in Non-Oil Export Earnings.

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The Chief Executive Officer of the Nigerian Export Promotion Council, Ezra Yakusak, has said that the council is targeting over $5bn revenue from non-oil export.

He disclosed that this had prompted NEPC to step up its training and sensitisation efforts of intending exporters on appropriate practices and requirements.

Speaking during an awareness workshop on the importance of mandatory and non-mandatory certification in accessing export market for SMEs and intending exporters in Ado Ekiti, Ekiti State recently, Yakusak, who was represented by an Assistant Director, Afolabi Bello, said that NEPC’s contributions to the Nigerian economy in terms of revenue had been massive.

He added that the council had developed various strategies and initiatives to grow the Nigerian non-oil export sector.

He said, “We are enlightening and educating SMEs and intending exporters on how to access the export market. All these are now reflected in the non-oil export figure. In 2023, we should earn over $5bn as non-oil export revenue,” he said.

NEPC Ekiti State Coordinator, Mrs Iyabode Abe, said, “The dividends of this workshop among others are to equip exporters and SMEs in Ekiti State with the knowledge on mandatory and non-mandatory certification for their products, which could as well enhance their drive for export business.”

Abe said the workshop would expose the SMEs and exporters to the technicalities of export business to have a clear competitive edge in the global market and as well expose them to new business ideas and strategies.

The coordinator assured that NEPC under Yakusak would continue “to promote the development of non-oil export in order to safeguard the nation’s economy as we all know that the large population of Nigeria is one of the greatest assets of the country in its economic diversification agenda”.

The Permanent Secretary of Ekiti State Ministry of Trade and Industries, Mr Ayodele Adeyanju, lauded NEPC efforts in promoting non-oil exports in Ekiti State, saying the result had been encouraging.

Adeyanju, who said the export market was tremendous, advised SMEs and prospective exporters in the state to abide by the requirements and ensure they had the mandatory and non-mandatory certifications to give their products and services a competitive edge globally.

Google West Africa Committed to Deepen Existing Collaborations With NITDA.

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Google’s West Africa division has introduced Mr. Olumide Balogun as its new Director for the region to Kashifu Inuwa, Director General of the National Information Technology Development Agency (NITDA), affirming the commitment to strengthen the partnership between the two organizations.

During the visit to NITDA’s Corporate Headquarters in Abuja, Mr. Balogun, accompanied by fellow Google executives, emphasized the importance of the visit in reinforcing Google West Africa’s dedication to deepening the existing collaboration.

He stated, “Having been with Google for four years, I have recently taken on the role of West Africa Director. Our purpose in being here today is to identify key steps that will help us jointly realize the Nigerian President’s initiative to create 1 million digital jobs, as Google recognizes the need for interconnectedness.”

Mr. Balogun highlighted Google’s longstanding involvement in advancing internet access across Africa for more than eight years, mentioning, “Back in 2015, during our inaugural developer event, we announced Google’s transition from a mobile-first company to an AI-first company.

Our engagement with conversational AI, like the chat GPT conversations, has been particularly engaging.”

In addition to this, he shared that Google is currently working on a comprehensive document outlining the impact of Artificial Intelligence in Africa, which will be unveiled at the University of Johannesburg, South Africa in September. Mr. Balogun extended an invitation to NITDA’s Director General, Kashifu Inuwa, to deliver a keynote address at the event.

Responding to the presentation, Kashifu Inuwa, Director General of NITDA, expressed his belief that collaboration between the two entities could indeed lead to the creation of 1 million digital jobs through a well-crafted strategy. Inuwa emphasized NITDA’s efforts to position Nigeria for rapid job creation in the digital economy. He elaborated, “Our focus on the Nigeria Startup Act highlights initiatives such as talent development that can drive job creation. With our youthful population, Nigeria has the potential to bridge the digital divide.”

Inuwa noted that the government’s role in the ecosystem is to intervene in terms of policies, regulations, and infrastructure when necessary. He pointed out that regulations should facilitate market creation, provide access to services, safeguard consumers, enhance service delivery, and foster innovation. He emphasized the importance of allowing ecosystem players to self-regulate while ensuring adherence to established standards.

The Director General further elaborated on NITDA’s approach to regulation and policy, emphasizing the agency’s collaborative approach with the ecosystem. He highlighted the potential for Nigeria to make a significant impact in digital transformation due to its youthful population. “Digitally transformed enterprises contributed 18.5% of global GDP in 2018, projected to reach 53.3% this year. Generative AI is expected to contribute around 7 trillion US dollars,” he stated.

Inuwa acknowledged the successful partnership between NITDA and Google Developers Group, which has resulted in the training of 150,000 Nigerian youths. He revealed plans to expand similar initiatives, such as the ongoing program at the National Center for Artificial Intelligence and Robotics (NCAIR) in Abuja, to other states in collaboration with GDG. In addition, he expressed interest in establishing technology development zones in partnership with universities to promote smart manufacturing.

Furthermore, Inuwa highlighted the need to establish a seed investment fund for startups to attract investment, as only a small percentage of the global investment in startups currently comes to Africa. He concluded by inviting stakeholders to collaborate with NITDA on these initiatives to drive technological and economic growth in Nigeria.

Niger: ECOWAS Tightens Sanctions as Junta Demands Power Supply.

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President Bola Tinubu on Tuesday said the biting sanctions imposed by the Economic Community of West African States on the Niger junta would not be lifted despite the military leaders’ promise to negotiate with the regional bloc to resolve the crisis in the francophone country.

Tinubu, who stated this when he received the Special Envoy of President Ali Ondimba and the Minister of Foreign Affairs of the Republic of Gabon, Hermann Immongault, at the State House in Abuja, insisted that military takeover of government was no longer acceptable in Africa.

However, the junta led by Gen Abdourahmane Tchiani, has demanded restoration of electricity cut off by the Federal Government as part of the embargoes slammed on the coupists following the overthrow of President Mohamed Bazoum on July 26.

Tchiani, who made the request during their meeting with the Ulamas from Nigeria in Niamey on Saturday, said they were outraged that the regional bloc did not hear from them before slamming several embargoes on them, including the threat of military intervention to restore democracy.

But Tinubu, who is the ECOWAS chairman, told his visitors on Tuesday that any interference in democratic governance would not be accepted by the leadership of the regional body.

The President also praised the solidarity of the Economic Community of Central African States on the political impasse in the Republic of Niger, according to a statement released by the Presidential Spokesperson, Ajuri Ngelale.

The President said the special message of support and solidarity from President Bongo, who doubles as the Chairman of ECCAS, expressing the full support for ECOWAS resolutions on the unconstitutional takeover of government in Niger, proved once more that military interference in democratic governance was not acceptable anywhere, and certainly, no longer so on the African continent.

I appreciate the solidarity and support of President Bongo on the situation in Niger. We are working not to compound the problem. We have well-meaning people who have intervened.

“I understand the fear of our people on any form of military action. We are working to keep the sanctions in place and we are following them to the letter.

“We are happy to know that ECCAS is with us on this. Interference in democratic governance is not acceptable to ECOWAS,” Tinubu stated.

Tinubu opposes coups

Tinubu reinforced the position of the regional body not to accept any attempt by the military junta in Niger to intimidate and harass Bazoum who is in custody.

“We will work with ECCAS and keep President Bongo informed on our actions and we will continue to collaborate,” the President assured.

In his remarks, the Special Envoy commended the leadership of ECOWAS and Tinubu for the steps taken so far to restore democracy in Niger, adding that Bongo and ECCAS are fully in support of all ECOWAS resolutions.

Forex Crisis: Marketers Propose N720/Litre, Suspends Fuel Imports.

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Oil marketers, on Sunday, indicated that the cost of Premium Motor Spirit, popularly called petrol, would rise to between N680/litre and N720/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market.

They also hinted that dealers seeking to import PMS were being forced to put the plans on hold due to the scarcity of foreign exchange to import the commodity.

The warning came barely one week after the local currency crossed the N900/dollar ceiling, with the naira selling at over 945/dollar at the parallel market on Friday.

Oil dealers said the CBN Importers and Exporters official window for foreign exchange, which boast of a lower exchange rate of about $740/litre, had remained illiquid and unable to provide the $25m to $30m required for the importation of PMS by dealers.

This, they said, had led to the suspension petrol importation by dealers who were initially eager to import the commodity.

Operators told The PUNCH that the only marketer, Emadeb, who imported the commodity recently, was now finding it tough to recoup its investment due to the depreciation of the naira.

Senior officials of major oil dealers, who spoke to The PUNCH in separate interviews on Sunday, said PMS price hike was imminent unless the local currency appreciates in the coming weeks.

Leaders of the Major Oil Marketers Association of Nigeria of Nigeria, Independent Petroleum Marketers Association of Nigeria, and Petroleum Products Retail Outlets Owners Association of Nigeria said there was a need for the Federal Government to intervene to address the crisis.

The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, explained that the price of petrol was now driven by the fluctuations in forex, hence Nigerians should expect a hike soon.

Asked whether oil marketers were considering an increase in petrol price, he replied, “Once there is a slack in the naira against the dollar, there is going to be an effect. The demand and supply of forex is a key factor. We should also understand that it is not only petroleum products that use forex.

“Other manufacturers who import one thing or the other are also searching for dollars. So, the surge for dollars has continued to increase. So now that the dollar is hitting N910 to N940, and approaching N1,000, you should expect to buy PMS at the rate of N750/litre.

“It is simple mathematics, once the dollar is going up, have it in mind that the prices of petroleum products would definitely increase because the products are dollar-driven.”

Ukadike stated that oil marketers were still sourcing dollars from the parallel market, as the CBN’s Importers and Exporters official window was illiquid.

“Nigerians should brace for a price regime of between N680 to N720 if the exchange rate stays around N910 to N950/$, but the price is going to hit N750 once the dollar rises to N1,000.

“This is because marketers still source dollars from the parallel market, and not only marketers but virtually all importers in Nigeria. There is no subsidy any more on petroleum products, so you expect the cost to fluctuate with the dollars,” he stated.

The IPMAN PRO also stated that the Nigerian National Petroleum Company Limited was still the major importer of petrol into Nigeria, though another importer, Emadeb, imported the commodity recently.

“NNPC is still the major importer for now. One other company, Emadeb, imported products recently, but because this product is being sold in naira, getting back their funds is another issue since the naira keeps depreciating, while PMS imports is in dollars.

“This is why it is often difficult to go back and buy again as an independent importer. That is the problem we are facing,” Ukadike stated.

On when Nigerians would start seeing the price increase, he said, “NNPC is like the sole distributor of petroleum products now, so once you see a change in the price of petrol at their outlets, then other marketers will implement it.”

Marketers not importing

The Executive Secretary, Major Oil Marketers Association of Nigeria, Clement Isong, alluded to the fact the dealers were not importing petrol despite the fact that the government recently issued licences to about six marketers to bring in products.

Asked to speak on the import of PMS by other marketers and whether they were sourcing forex from the I&E window or the parallel market, Isong replied, “The I&E window is illiquid. There’s no money there.

“To buy products, it costs you between $25m to $30m. You can’t find it in the I&E window. So it doesn’t work and that is why people are not importing.

“We can’t find dollar again, you can’t find it right now. Nigeria has to sort out the security issues in the Niger Delta so that we can increase our daily crude oil output. If we increase it to 1.8 or two million barrels per day, then there’ll be dollar in the market. So we need to stop oil theft.”

FG should intervene

On the apprehension of a possible hike in petrol price, Isong stated that this was inevitable if the dollar continued to rise against the naira, but noted that the government might have to intervene.

“Well, the President himself said in his speech that if they find petrol prices moving too high, they would intervene. We don’t want prices to move too high, nobody wants that.

“So if the dollar continues to climb, we are expecting some sort of intervention from the government based on what the President said,” the MOMAN official stated.

He further explained that PMS was different from diesel in terms of pricing because petrol was newly deregulated.

“The dealer that has bulk of the stock is the NNPC. So it influences the price in the market. Diesel, on the other hand, is different, because it has been deregulated for a very long time. So people will sell petrol depending on their cost structure, loans they took from the banks, forex, etc.

“Many things are put into consideration by dealers before coming up with their selling prices. There’s no one person who sets or controls the price. Nobody is controlling the price of PMS. Right now, NNPC, however, will continue to control the flow of the price. But after a while, that will stop,” Isong explained.

Earlier, the President, PETROAN, Billy Gillis-Harry, while speaking on the matter, had said, “So long as the naira is losing against the dollar, the price of petrol in our retail outlets will continue to increase. To address this, he called on Tinubu to make sure that Nigeria’s refineries were put back to use.

“We have requested that the President should declare a state of emergency on our refineries in order to speed up their repairs.

“That is the one sure way to go, in order to be able to predict the price of petroleum products, because for now, every PMS you buy in any retail outlet is dollarised,” Gillis-Harry stated.

Meanwhile, the CBN last week attributed the continued fall of the naira against the dollar to the diversion of Diaspora remittances to the parallel market.

The CBN Acting Governor, Folashodun Shonubi, spoke while delivering a lecture titled ‘Diaspora Remittances and Nigeria Economic Development’ at the National Institute for Security Studies in Abuja.

Shonubi said a lot of Diaspora remittances arrived in Nigeria in dollars and end up in the parallel market without being officially documented.

It is still unclear at what point the President Bola Tinubu administration plan to intervene in the market to arrest the unfolding crisis.