News
Court remands Osun monarch, 4 others for alleged illegal gold mining
A Federal High Court in Abuja on Monday ordered that a traditional ruler in Osun, Taofeeq Osunmakinde, and four others should be remanded in Kuje Correctional Centre over alleged illegal gold mining.
Justice Emeka Nwite, who gave the order after the defendants were arraigned by the Attorney-General of the Federation (AGF), directed them to be remanded pending the perfection of their bail conditions
Oba Osunmakinde were arraigned alongside Sheu Mustapha, Sabiru Hashim, Danbaba Ibrahim and Ade Olap Global Resources Limited.
The defendants, who were alleged to have committed the offence in Lege Community, Odigbo Local Government Area of Ondo State, were preferred with two counts.
The News Agency of Nigeria reports that Oba Osunmakinde is the Obawore of Ifetuntun in Ife Central Local Government Area of Osun.
The AGF accused the five defendants of conspiring with others at large on Aug. 25 to engage in the illegal mining of gold at the Ogunlepo mining site in Lege community, Odigbo local government area of Ondo State.
The alleged offence is said to be contrary to Section 3 (6) of the Miscellaneous Offences Act 2004 and punishable under Section 1(8) of the same Act.
The monarch and co-defendants were also alleged to have undertaken gold mining on Aug. 25 without lawful authority contrary to Section 1(8) of the Miscellaneous Offences Act and punishable under the same Act.
All the defendants pleaded not guilty to the charge.
Counsel to the AGF, Toluwalope Ojo, then asked for a trial date.
Although lawyer Ojo did not object to the bail of the accused persons, he, however, requested the court to compel them to deposit their international passports with the court.
Lawyer to the defendants, Vincent Ododo, who moved consolidated bail applications for his clients, prayed the judge to admit them to bail on various grounds.
Part of the grounds he cited was that the 1st defendant was a well-known traditional ruler and that the charges against them did not carry capital punishment while also assuring that the defendants would not fail to appear in court for trial.
Justice Nwite, in a short ruling, admitted them to bail in the sum of N20 million each with one surety in the like sum.
The judge ordered that the sureties must be resident in Abuja with ownership of landed property and must produce a three-year tax clearance certificate.
He also ordered that the defendants must deposit their international passports along with three copies of each of their recent passport photographs with the deputy chief registrar of the court.
The Judge ordered that they be taken to the correctional facility pending their bail perfection.
The matter was adjourned until Sept. 26 for trial.
News
Tinubu to skip 79th UNGA to focus on pressing challenges at home
By Francesca Hangeior
President Bola Tinubu has decided to skip the 79th United Nations General Assembly (UNGA) in New York, opting instead to focus on Nigeria’s pressing domestic challenges, particularly the recent devastating flooding that has affected the country.
A statement issued on Thursday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, which disclosed President Tinubu’s decision, also said Vice President Kashim Shettima will lead Nigeria’s delegation in his place.
The President’s move is seen as a prioritization of local concerns over international diplomacy, as President Tinubu aims to address the immediate needs of Nigerians affected by the floods.
The UNGA, scheduled to take place from September 24 to 28, 2024, will feature discussions on sustainable development, peace, and human dignity.
VP Shettima will deliver Nigeria’s national statement to the General Assembly, attend key sideline events, and engage in bilateral meetings, ensuring the country’s interests are represented on the global stage.
“President Bola Tinubu will not attend the 79th United Nations General Assembly session in New York this year.
“The President has thus directed Vice President Kashim Shettima to lead Nigeria’s delegation.
“President Tinubu, who returned to the country last Sunday after his trip to China and the United Kingdom, wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.
“At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.
“The high-level General Debate, with the theme ‘Leaving no one behind: Acting together for the advancement of peace, sustainable development and human dignity for present and future generations’, will run from Tuesday, September 24, through Saturday, September 28, 2024”, the statement said.
News
Tinubu Loyalist, Yemi Adenuga under fire after asking Igbo’s to leave Lagos but contesting for Elelection In Ireland
By Francesca Hangeior
President Tinubu staunch loyalist and Igbo-Must-Leave-Lagos-Election-For-Yoruba campaigner, Yemi Adenuga is under fire in Ireland, where she is vying for nomination for position in the general election.
The Irish nationals who watched her video calling for the Igbo to leave elections in Lagos for the Yoruba, have called on Nigerians to enquire if it is morally right for her to leave Irish election for the Irish?
Yemi Adenugais facing avalanche of serious criticism over nominations to contest in Irish general election.
Irish and Nigerian critics have questioned her conscience and moral right to take part in Ireland election when she was involved in hate election campaign that asked the Igbo to leave Lagos for Yoruba during the last election in February 2023.
News
Dangote not reason behind high fuel prices in Nigeria-OPEC Scribe
By Kayode Sanni-Arewa
The OPEC Secretary General called for a shift away from the narrative that pits consumers against producers, emphasizing that both groups are stakeholders in the energy ecosystem
Nigeria’s fuel price hike has sparked widespread concerns, with many pointing fingers at oil producers, particularly local operators like Dangote Refinery.
However, OPEC Secretary General, Haitham Al Ghais, has set the record straight, revealing that the real reasons behind high fuel prices lie elsewhere—primarily in taxes imposed by governments, including those of major oil-consuming nations.
In an article published on Tuesday, Al Ghais explained that crude oil and its derivatives form the backbone of global industries, powering everything from transportation to pharmaceuticals.
While many assume that rising oil prices directly benefit oil producers at the expense of consumers, the OPEC chief debunked this myth, noting that oil-producing nations are not the primary beneficiaries of retail fuel sales.
“Revenues are often generated, but they are predominantly earned by major oil-consuming countries through taxation,” Al Ghais highlighted. The Secretary General emphasized that countries within the OECD (Organisation for Economic Co-operation and Development) earn substantially more from the retail sale of petroleum products than OPEC member countries make from the sale of crude oil itself.
Between 2019 and 2023, OECD nations earned approximately $1.915 trillion more annually than OPEC nations from petroleum products. In 2023 alone, taxes accounted for around 44% of the final retail price of petroleum products in OECD countries, and in certain European countries, this figure exceeded 50%.
For Nigerian consumers, this highlights that the high cost of fuel at the pump is not merely a reflection of crude oil prices or refinery margins. Instead, a significant portion of what consumers pay is directed towards government taxes. “It is important to recognize that the price paid by consumers at the pump is determined by multiple factors, including crude oil prices, refining, transportation, and, notably, taxes,” Al Ghais pointed out.
In the UK, for instance, fuel duties are expected to generate £24.7 billion in revenue for the government in 2023-24, amounting to 2.2% of all receipts. Such figures indicate the global trend of governments, both in producing and consuming nations, leveraging petroleum products for revenue generation.
Al Ghais also underscored that while oil-producing nations do earn revenue from oil sales, a significant portion is reinvested into exploration, production, and infrastructure projects to ensure the continuous flow of supply to consumers worldwide. This reinvestment is critical for maintaining future oil supplies and stabilizing global energy markets.
In conclusion, while taxes play a crucial role in supporting government services and infrastructure, they also represent a considerable portion of the price consumers pay at the pump.
The OPEC Secretary General called for a shift away from the narrative that pits consumers against producers, emphasizing that both groups are stakeholders in the energy ecosystem.
The current fuel price crisis in Nigeria is a stark reminder of the complexity behind fuel pricing, where taxes, rather than oil producers, bear much of the responsibility for what Nigerians pay at the pump.
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