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IPMAN Highlights Affordability Challenges Amidst Fuel Subsidy Removal

By
Ola Akinola
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0

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed concerns over the affordability of purchasing petrol trucks by its members following the removal of the fuel subsidy by President Bola Tinubu.

Surajudeen Bada, a National Ex-officio of IPMAN and former Chairman in Ogun State, revealed in an interview that individual oil marketers are now pooling resources to buy and share 45,000 litres of petrol, a practice attributed to the subsidy removal.

Bada explained that before May 29, 2023, a 45,000-litre tanker of petrol cost below N9 million. However, since the removal of the subsidy, the same quantity now costs N27 million, making it financially challenging for many marketers.

President Bola Tinubu had announced the end of the petrol subsidy regime on May 29, 2023, leading to a significant surge in pump prices from about N180/litre to N537/litre, eventually reaching N617/litre on July 17.

Bada, who also serves as the chairman of Oil and Gas Traders Association in Ogun State, voiced concerns about the negative impact of government policies on marketers. He emphasized that the increased cost of procuring petrol trucks has forced many marketers out of business.

In response to the financial constraints, Bada stated that marketers are now adopting a collaborative approach, contributing money collectively to purchase a single truck, which is then shared among multiple petrol stations.

The situation underscores the economic challenges faced by petroleum marketers as they navigate the repercussions of the subsidy removal and adapt their business practices to cope with the increased cost of procuring fuel.

NERC Affirms Authority Over Tariff Hikes by Discos

By
Roland Edet
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0

The National Electricity Regulatory Commission (NERC) has asserted that electricity distribution companies (Discos) must obtain its approval before implementing any tariff increases. Usman Abba Arabi, the spokesperson for NERC, emphasized this during a discussion with our correspondent on Tuesday.

Amidst media reports suggesting an imminent hike in electricity tariffs by Discos in the New Year, Arabi clarified that the commission had not sanctioned any new tariffs for any Disco in the Nigerian electricity supply industry. He urged Nigerians to dismiss reports of tariff increments scheduled for January 1, 2024.

Despite NERC’s assurance, some Nigerians on social media expressed skepticism, indicating concerns that Discos might proceed with tariff hikes independently. Reports of observed increases in electricity bills fueled these doubts.

Inusa Mani, a Facebook user from Kaduna, reported customers purchasing electricity units at allegedly new rates. This prompted questions about NERC’s effectiveness in overseeing tariff adjustments.

Vito Jean, an Ibadan resident, claimed the Ibadan Electricity Distribution Company had been charging exorbitant amounts for modest electricity consumption, raising questions about the transparency of billing practices.

Segun Alex echoed concerns about the lack of directives from NERC before purported tariff increments. Responding to public fears, Arabi reaffirmed that Discos were prohibited from implementing any electricity tariff changes without NERC’s explicit approval.

As NERC maintains its stance on regulatory oversight, the ongoing dialogue reflects the delicate balance between ensuring affordable electricity for consumers and addressing financial challenges within the power sector.

APC Dismisses Atiku’s 2027 Presidential Ambition

By
Ola Akinola
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The All Progressives Congress (APC) has brushed aside the reported intention of Atiku Abubakar, the Peoples Democratic Party’s presidential candidate in the 2023 election, to contest the 2027 presidential election. Bala Ibrahim, the APC Director of Publicity, labeled Atiku’s ambition as “the most laughable news of 2024,” asserting that the former vice-president would face defeat once again.

Atiku’s spokesperson, Daniel Bwala, confirmed the 2027 bid, emphasizing Atiku’s capacity, wisdom, and knowledge. Bwala described Atiku as the president Nigeria never had, citing his understanding of the private sector.

The PDP Deputy Publicity Secretary, Ibrahim Abdullahi, welcomed Atiku’s decision, countering concerns that it might destabilize the party. He emphasized the importance of ambition in politics, stating that promoting it is crucial for the party’s vitality.

However, the APC publicity director, Bala Ibrahim, dismissed Atiku’s political value, asserting that Atiku could never be a threat to the APC in the 2027 election. He advised Atiku to retire from politics, claiming he was being misled by his associates.

Some opposition parties, including the New Nigeria People’s Party, acknowledged Atiku’s right to pursue his ambitions but deemed it premature to discuss the 2027 election. The Labour Party threw support behind Peter Obi, emphasizing the need for fresh leadership and expressing weariness of “old stock” politicians.

In contrast, the Social Democratic Party recognized Atiku’s right to run but clarified that their party would field a candidate in 2027. Omoyele Sowore, the 2023 presidential candidate of the Action African Alliance, dismissed Atiku as a serial loser.

Youth advocacy groups called for a shift towards younger leaders. Rotimi Olawale of YouthHub Africa encouraged older politicians to support the emergence of younger aspirants, while the Young Progressives Party highlighted their preference for young, visionary leaders.

As Atiku signals his political return, the landscape is marked by skepticism from the APC, varied reactions from opposition parties, and a call for a generational shift in leadership. The 2027 presidential race is already drawing diverse perspectives within Nigeria’s political arena.

Full List Of Blacklisted Foreign Universities In Nigeria

By
Mosali Edunosa
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On Tuesday, the Federal Ministry of Education, acting on behalf of the Federal Government, declared the suspension of the evaluation and accreditation process for degree certificates obtained from the Republic of Benin and Togo. This decision comes in the wake of an undercover investigation conducted by a Nigerian newspaper, revealing the operation of a degree mill in Cotonou, Benin Republic.

The investigative report exposed the dubious activities of the Cotonou University, where a journalist obtained a degree within six weeks and actively participated in the mandatory one-year scheme organized by the National Youth Service Corps.

In response to this revelation, the Federal Ministry of Education has taken swift action to halt the evaluation and accreditation of degrees from these countries. The National Universities Commission (NUC) has compiled a list of foreign universities, including those from Benin and Togo, that are now banned.

The NUC emphasized the need for caution, urging Nigerians to refrain from enrolling in institutions listed on this ban. The move aims to safeguard the credibility and integrity of educational qualifications, signaling the government’s commitment to combatting fraudulent practices in the certification process.

This suspension underscores the significance of thorough scrutiny in accrediting foreign degrees and reinforces the government’s commitment to maintaining high educational standards.

The commission also warned Nigerians to avoid enrolling in such institutions.

  1. University of Applied Sciences and Management, Port Novo, Republic of Benin or any of its other campuses in Nigeria.
  2. Volta University College, Ho, Volta Region, Ghana or any of its other campuses in Nigeria.
  3. The International University, Missouri, USA, Kano and Lagos Study Centres, or any of its campuses in Nigeria.
  4. Collumbus University, UK operating anywhere in Nigeria.
  5. Tiu International University, UK operating anywhere in Nigeria.
  6. Pebbles University, UK operating anywhere in Nigeria.
  7. London External Studies UK operating anywhere in Nigeria.
  8. Pilgrims University operating anywhere in Nigeria.
  9. West African Christian University operating anywhere in Nigeria.
  10. EC-Council University, USA, Ikeja Lagos Study Centre.
  11. Concept College/Universities (London) Ilorin or any of its campuses in Nigeria.
  12. Houdegbe North American University campuses in Nigeria.
  13. Irish University Business School London, operating anywhere in Nigeria.
  14. University of Education, Winneba Ghana, operating anywhere in Nigeria.
  15. Cape Coast University, Ghana, operating anywhere in Nigeria.
  16. African University Cooperative Development, Cotonou, Benin Republic, operating anywhere in Nigeria.
  17. Pacific Western University, Denver, Colorado, Owerri Study Centre.
  18. Evangel University of America and Chudick Management Academic, Lagos.
By
Gladys Phillip
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0

Little or No Alternative to Nigeria Borrowing; Past Govt Left Empty Treasury, Osoba

Former Ogun State Governor, Olusegun Osoba, stated in an interview that there is little or no alternative to Nigeria borrowing, attributing it to the empty treasury left by the previous administration.

He emphasized the necessity of borrowing for now to fill the financial gap but added that it doesn’t mean the culture of borrowing will continue indefinitely.

Osoba also mentioned that President Bola Tinubu is preparing a document to encourage Nigerians to bring out hidden funds currently out of the banking system.

He justified the delay in Tinubu’s visit to Plateau State, emphasizing the need for a well-organized, broad-based policy to address intercommunal conflicts.

Osoba acknowledged the expected hardship due to subsidy removal but stated that it was necessary for the government to abide by the law.

Ondo PDP State Chairman, Fatai Adams, Suspended

By
Shehu Danladi
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The chairman of the opposition People’s Democratic Party (PDP) in Ondo State, Fatai Adams, has been suspended by nine members of the State Working Committee.

The suspension is based on accusations of anti-party activities. The members signing the suspension letter include the deputy state chairman, state secretary, state organizing secretary, vice chairman (South), vice chairman central, legal adviser, financial secretary, treasurer, and the state publicity secretary.

Adams is advised to appear before the State Disciplinary Committee for further interrogation within the next week.

The party emphasizes its commitment to dealing decisively with any incursion by the ruling APC into its ranks.

Federal Government Deploys Relief Materials to Plateau Massacre Victims

By
Nnenna Nwankwo
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The Federal Government has initiated the deployment of food and non-food relief materials to communities affected by the Christmas Eve attacks in Plateau State.

The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, is coordinating the humanitarian responses and has conducted an on-the-spot assessment in the affected area.

The relief materials, including food items and non-food items, are part of the government’s efforts to address the immediate needs of the victims.

The minister emphasized President Bola Tinubu’s commitment to providing lasting solutions in terms of security and resettlement for the affected residents.

The government will collaborate with the military and the Plateau State Government for the distribution of the relief materials.

Nigeria’s Aviation Sector to Uphold International Standards, Says Keyamo

By
Roland Edet
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0

Minister of Aviation and Aerospace Development, Festus Keyamo, has emphasized that Nigeria’s aviation sector will not compromise on international standards for air safety.

In a statement, he expressed gratitude to the aviation community for their resilience and collaboration in the past year.

Keyamo assured stakeholders of the ministry’s commitment to maintaining the highest standards of safety, efficiency, and reliability, following the guidelines set by the International Civil Aviation Organization (ICAO).

He emphasized the ministry’s role as a facilitator, working collaboratively with airlines and other stakeholders to create an environment conducive to growth and sustainability.

Keyamo reiterated his dedication to non-interference in safety standards and pledged to support decisions made by aviation regulatory bodies to prioritize safety.

NiMET Warns of Dusty Weather , Advises Caution for Asthmatic Patients and Airlines

By
Saladin Babagana
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The Nigerian Meteorological Agency (NiMET) has forecasted sunny and hazy weather for the North and North Central states of Nigeria starting from Wednesday, January 3, 2024.

The agency also warned of cloudy and hazy weather with slim chances of isolated thunderstorms over coastal cities like Delta, Bayelsa, and Rivers states during the afternoon and evening.

NiMet advised airline operators to obtain updated weather reports for effective planning of their operations. Additionally, individuals with asthma and respiratory issues were cautioned to be careful about the weather conditions.

The report mentioned a slight dust haze expected over inland areas of the South during the forecast period.

The detailed three-day climate forecast includes sunny and hazy conditions over the North and North Central regions, with slim prospects of isolated thunderstorms over specific states in the South. NiMet emphasized the suspension of dust particles in the air, urging the public to take necessary precautions.

Central Bank of Nigeria Restricts Cash Withdrawals from Crypto Bank Accounts

By
Nnenna Nwankwo
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0

The Central Bank of Nigeria (CBN) has disclosed that cash withdrawals from accounts opened for virtual and digital assets transactions will not be possible.

According to the new ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers,’ withdrawals from these accounts will only be allowed through transfer or manager’s cheque.

The guidelines emphasize that accounts opened under these regulations are designated solely for transactions involving virtual/digital assets and should not be used for any other purpose.

The objective is to provide minimum standards and requirements for banking business relationships and account opening for Virtual Assets Service Providers in Nigeria.

Financial institutions are permitted to undertake various activities related to the operation of accounts for Virtual Assets Service Providers, including opening designated accounts, providing designated settlement accounts and settlement services, acting as channels for FX flows and trade, and any other activity permitted by the CBN.

The guidelines also outline a series of requirements to protect the financial system and customers from uncertainty and fraud risks. Non-compliance with these guidelines may result in sanctions, including the prohibition from opening further designated accounts, monetary penalties, and suspension of the operating license of a financial institution.

This move follows the CBN’s policy shift towards being more open to the regulation of crypto assets, in contrast to its earlier stance of restricting them from the formal banking sector. The guidelines are part of the framework for the reintroduction of crypto into the formal banking sector, reflecting the evolving regulatory approach to digital assets in Nigeria.

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