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Just in: Petrol Landing Costs In Nigeria Fall Drastically
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The estimated cost of landing Premium Motor Spirit, commonly known as petrol, on Nigeria’s shores has seen a considerable reduction of 20.34 per cent, dropping to N971.57 per litre over the past three months.
This decline in landing cost, which reflects the price of importing and distributing the product, indicates some relief in terms of global market fluctuations and supply chain factors.
However, despite this reduction, the retail price of petrol in Nigeria has sharply increased by N443, or 71.79 per cent, from N617 per litre on August 1, 2024, to N1,060 per litre by November 8, 2024.
According to data released by the Major Energies Marketers Association, in its competency centre daily energy bulletin, oil marketers imported petrol at N1,219 per litre at a Brent crude oil price benchmark of $80.72 per barrel and at an exchange rate of N1,611 per dollar in August. Petrol sold at N617 per litre during this period.
But in November, with an estimated landing cost of N971.57, Brent crude price benchmark of $75.57 per barrel and an exchange rate of N1,665.84 per dollar, the product currently sells at N1,060 at the Nigerian National Petroleum Company Limited retail station and N1,180 at stations owned by independent marketers.
The document also showed that the landing cost stood at N945.63 in September 2024 and N903.64 per litre in October 2024. This increase, despite falling landing costs, can be attributed to factors such as the ongoing deregulation of the fuel market, fluctuations in the exchange rate, rising inflation, and the broader economic challenges facing the country.
However, experts say they expect the reduction would lead to a corresponding drop in the retail price of petrol.
On Sunday, the Nigeria Labour Congress accused fuel marketers of inflating petrol prices, claiming the pump price is significantly higher than the actual market value.
The NLC in a communique released following its National Executive Council meeting, contended that Nigerians are being exploited, with citizens enduring heightened suffering and hunger due to government policies that are pushing many into destitution.The organization’s call underscores its growing concerns over the economic strain on Nigerians and its commitment to holding both fuel marketers and the government accountable for citizens’ welfare.
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Court orders EFCC to pay N10m fine for defaming ex-Power Minister, Agunloye
A High Court of the Federal Capital Territory (FCT) sitting at Maitama has ordered the Economic and Financial Crimes Commission (EFCC) to pay a fine of N10million for defaming a former Minister of Power, Dr. Olu Agunloye, through a libelous publication on its social media handles.
The court, in a judgment delivered by Justice Peter Kekemeke, found that the anti-graft agency damaged the claimant’s reputation.
Agunloye, in a N10billion defamation claim he filed before the court, insisted that the publication the EFCC carried on its website and X (formerly Twitter) handle, titled: “EFCC arraigns Agunloye over $6billion fraud,” tarnished his image and occasioned reputational damage against him.
In the writ of summons marked FCT/HC/CV/1199/2024, which he filed through his team of lawyers led by Mr. Adeola Adedipe, SAN, he claimed that the agency dented his good name and dragged his integrity into the mud.
He told the court that the commission accused him of being a corrupt and fraudulent individual through the defamatory post it shared on its official website and other allied online platforms.
He prayed the court to declare that the post was false and defamatory.
Besides, he sought an order for EFCC to retract the publication against him and tender an unreserved apology.
He equally sought the award of N1billion to him as general and exemplary damages.
Delivering judgment in the matter on Wednesday, Justice Kekemeke held that the publication the claimant complained about had all the ingredients of defamation.
He held that the publication made by the EFCC was in permanent form with the name of the claimant mentioned.
The court further held that EFCC’s sole witness in the case, an Assistant Commissioner of Police, Umar Hussain Babangida, despite initially denying knowledge of the said publication, later admitted that it was from the defendant’s media department.
According to the judge, the case did not challenge EFCC’s power to investigate economic and financial crimes as claimed by the defendant.
He noted that having gone through the charge in the criminal case against the claimant before the Apo Division of the FCT High Court, there is nowhere in it that alleges fraud, contrary to the EFCC’s publication.
The court added that the issue of fraud is not in any of the exhibits tendered before it in the course of hearing the case, as stated in what it described as a “sensational headline” in the publication.
The judge held that EFCC failed to prove the truth of the said publication.
Stressing that the EFCC is not a news outlet but an investigative agency, Justice Kekemeke held that the commission knew that Agunloye was not involved in a fraud of $6billion.
The court held that the claimant successfully proved that the publication against him was accentuated by malice, and resolved issues one and two in favour of the former minister.
The court declared that the contentious publication on EFCC’s official website and X handle was false and defamatory.
It ordered the commission to retract the publication and offer a public apology to the claimant on its website and in two other national dailies.
The court further issued an order of perpetual injunction restraining EFCC from defaming the former minister.
Meantime, reacting to the judgment on Wednesday, counsel for EFCC, Dr. Wahab Shittu, SAN, said the commission would file an appeal to challenge it.
Shittu, SAN, contended that the case was premature, as the claimant’s criminal charge had yet to be concluded and judgment delivered.
“Though the court has delivered its judgment, we are definitely going to appeal the court’s decision,” he added.
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Defence minister orders troops to shoot bandits on sight
Christopher Musa, minister of defence, has ordered security personnel deployed to combat banditry and terrorism to take immediate action against armed criminals.
He warned that any operative who fails to engage bandits or terrorists under the guise of awaiting orders would be regarded as an accomplice.
Musa issued the directive on Wednesday in Sokoto during the commissioning of 62 operational vehicles and security equipment valued at N27.127 billion, procured by the Sokoto State government to strengthen security operations across the state.
Addressing troops and other security personnel, the defence minister stressed that operatives already deployed to conflict zones have the authority to confront armed criminals without waiting for further directives.
“Once you are deployed, do not wait for any order from anybody to shoot any bandit or any terrorist.
“Anybody who refuses to shoot or kill any bandit or terrorist in the name of waiting for an order, we will treat you like a bandit,” Musa said.
His remarks come amid renewed efforts by the federal government to intensify military operations against armed bandits and terrorist groups operating across the North-West and other parts of the country.
Musa described the commissioning of the security assets as more than the unveiling of equipment, saying it reflected strategic leadership and a shared commitment to strengthening Nigeria’s security architecture.
“This event is not merely the unveiling of security assets. It is a demonstration of strategic leadership, responsible governance and our collective determination to strengthen the security architecture of Sokoto State and Nigeria as a whole,” he said.
The minister commended Ahmed Aliyu, the governor, for sustaining logistical support to security agencies, describing the governor’s investment in security as a model worthy of emulation.
Identifying himself as “a proud son of Sokoto”, Musa said the state had remained relatively peaceful because of strong collaboration among the government, security agencies and local communities.
He noted that the newly commissioned armoured vehicles and tactical equipment would enhance operational mobility, intelligence gathering and force protection in the ongoing campaign against banditry, terrorism and kidnapping.
The defence minister also urged security agencies to ensure proper maintenance and effective deployment of the newly acquired assets.
“This equipment costs billions of naira. We don’t want to hand them over and then you throw them away or mishandle them. They must serve the purpose for which they were procured,” he said.
While calling for decisive action against criminal groups, Musa reminded security personnel to uphold professionalism and respect the rights of law-abiding citizens.
“You are not to go there and extort or harass the people. You are there to protect them and work with them to eliminate bandits and terrorists operating within your area,” he added.
Earlier, Aliyu said the latest procurement formed part of his administration’s sustained investment in improving security since assuming office.
According to him, the state purchased bulletproof vehicles, Buffalo Armoured Personnel Carriers (APCs), 320 motorcycles, 3,200 security gadgets, 2,000 bulletproof helmets and protective vests, 200 night-vision goggles, thermal devices and other tactical equipment.
“In all, we are distributing 62 vehicles and the security equipment highlighted above. These vehicles and security equipment cost the Sokoto State Government N27.127 billion,” the governor said.
Aliyu disclosed that his administration had already committed more than N36 billion to security interventions, including the construction of military and police barracks, procurement of operational vehicles and motorcycles, establishment of the Sokoto State Community Guard Corps and support for the Nigerian Air Force Base in the state.
The governor also revealed that his administration had transmitted a bill to the Sokoto State House of Assembly seeking tougher penalties for informants who aid bandits and other criminal elements.
“The bill is currently before the State House of Assembly, and once it is passed, we will sign it without any further delay,” he said.
He further announced the approval of a Command and Control Centre aimed at strengthening surveillance, intelligence sharing and coordination of security operations across Sokoto.
Aliyu appealed to residents to continue providing credible intelligence to security agencies, stressing that defeating insecurity requires active collaboration between the government, security forces and the public.
“Security is a collective responsibility, and together we shall overcome every security challenge confronting our state,” he said.
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