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Presidency affirms Lokpobiri’s stand on petrol price

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By Francesca Hangeior

The Presidency has explained why government agencies cannot engage in the ongoing price dispute between Nigerian National Petroleum Company Limited and Dangote Refinery, citing the fact that both enterprises are private.

In a statement on Friday, by the Special Assistant to the Honourable Minister for Petroleum Resources (Oil), Senator Heineken Lokpobiri, on media, Nnaamaka Okafor, the Presidency corroborated the minister’s stand on the pricing feud between the NNPCL and Dangote Petroleum Refinery.

Recall that Lokpobiri had stated shortly after a brief meeting he had earlier this month with the Vice President, Kashim Shettima, that the price of petrol in the country could differ in various locations, but by the time there is the availability of products across the country, the price will be stabilised.

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The minister further stated that the sector is deregulated and therefore the government is not responsible for fixing prices.

The minister had said, “What is important is that the government is not fixing prices. This sector is deregulated. And we believe that with the availability of products, the price will find its level. And this is important for Nigerians to know.

“There is enough product in the country to be able to meet the demands of Nigerians, there should be no panic buying. And we also believe that Nigerians need to know that the government is not fixing prices.

That is what I want to convey to Nigerians.”

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However, Okafor in the statement on Friday, noted that while corroborating this during a press briefing, the Special Adviser to the President on Information and Strategy, Mr.
Bayo Onanuga, also emphasised what Lokpobiri had said earlier that both entities operate independently in a deregulated market.

He said under the Petroleum Industry Act, NNPCL functions autonomously despite government ownership.
“The PMS (Premium Motor Spirit) field, the PMS regime, has been deregulated. Dangote is a private company. NNPCL should not forget it’s a limited liability company. Whatever controversy both of them are having is their own problem.

“They are operating, even if you go by the terms of petroleum industry act NNPCL is on its own, even though it’s owned by the federal government, the state government and local councils and everything, but it’s operating as a limited liability company.

“You can see what the private market has said that I think they find the NNPC or Dangote price too much for them. They will resolve to import fuel because they clear the market at the end of the day. It’s the consumer who benefits if a price war starts, if NNPC fuel is too much, the public market can go to the market and bring in their fuel and sell at the price that they think is very reasonable and profitable for them.

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“So my answer is that, as far as this is concerned, the government is not dabbling into this controversy. Dangote as a private company is working on his own. NNPC is a limited liability company, and it has the right to fix the price of its own and so on,” the statement quoted Onanuga to have said.

Onanuga added that instead of intervening, the government plans to promote alternative energy solutions like Compressed Natural Gas, and CNG, offering a cheaper option for consumers and subsidizing conversion costs for vehicles.

He noted that the price difference is significant, with CNG costing about N230 per litre equivalent compared to PMS at about N850 per litre.

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Brotherhood crisis turns violent as worshippers reject Olumba’s successor

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The prolonged succession crisis in a Nigerian Christian religious sect, the Brotherhood of the Cross and Star, has festered on since its founder, Olumba Obu, passed away.

The crisis turned violent recently as angry worshippers in a particular branch in Uyo, Akwa Ibom State, became riotous, destroying the portrait of Olumba’s first son, Rowland, who leads a faction of the sect.

Olumba’s daughter, Ibum, leads another faction.

A video, which is being circulated on WhatsApp groups and Facebook, captured a man in a white cassock yanking off Rowland’s portrait from the wall and smashing it on the floor amid cheers from worshippers.

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Rowland’s portrait was hung near Olumba’s, but the angry worshippers did not attack the latter.

“Bring it down!” a woman’s voice could be heard shouting in the background of the video as the man in a white cassock smashed the glass frame on the ground.

“This is who we are worshipping,” a man’s voice could be heard shouting repeatedly as the camera panned and then focused on Olumba’s portrait on the wall.

It is not clear when the incident happened.

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Amah Williams, the sect’s spokesperson, said the incident happened in Uyo at the sect’s Nsikak Edouk Avenue branch.

Rowland and Ibum, with hundreds of their followers, are claiming the leadership of the 68-year-old sect after their father’s passing, causing a disastrous split in a once united and strong organisation headquartered in the Biakpan community in Cross River State, Nigeria’s South-south.

‘They are rebels’

Mr Williams, the sect’s spokesperson, told reporters on Saturday in Uyo that those responsible for the incident belong to a breakaway faction called Brotherhood of the Cross and Star New Kingdom Ministry.

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He described them as rebels who do not want to accept Rowland’s leadership – he did not call Rowland by name as Olumba’s successor is revered among worshippers as “King of Kings and Lord of Lords, His Holiness Olumba Olumba Obu”.

“They are rebels. They rebelled; they rejected the rulership of the Kingdom of Christ,” Mr Williams told reporters.

“The holy image of our father is what we hold sacred,” he said, apparently referring to the destruction of Rowland’s portrait.

A reporter asked the spokesperson what place Jesus Christ occupies in the Brother of the Cross and Star.

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“That same (Jesus) Christ is the one that came with the new name Olumba Olumba Obu,” responded.

“If Olumba were to be a white man, black men would have gone to worship on his feet.”

The over 1 million global members of the Brotherhood of the Cross and Star do not see themselves as a church but as the new Kingdom of God on Earth. They have also refused to admit that their founder had passed away as the sect has yet to announce his passing or publicly conduct his burial.

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Tinubu’s reforms struggling to deliver meaningful results – IMF

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Eighteen months after the implementation of Nigeria’s ongoing economic reforms, the International Monetary Fund (IMF) has observed that the fiscal policies introduced by the President Bola Tinubu administration are struggling to deliver meaningful results.

Catherine Patillo, IMF Deputy Director, while presenting a report at the Lagos Business School (LBS) on Friday, reported a mixed performance of economic reforms across Sub-Saharan Africa, with notable successes in countries such as Côte d’Ivoire, Ghana and Zambia.

Nigeria was conspicuously absent from the list of success stories in the region.

The report stated that sub-Saharan Africa’s average economic growth rate is projected to remain at 3.6 per cent for 2024. It noted that Nigeria’s growth rate, pegged at 3.19 per cent, falls below this average.

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Patillo said that while macroeconomic imbalances have reduced in several countries, Nigeria has yet to show such progress.

She stated that more than two-thirds of countries have undertaken fiscal consolidation, stressing that while the median primary balance is expected to narrow by 0.7 percentage points alone in 2024, there are notable improvements in Cote d’Ivoire, Ghana, and Zambia, among others.

The report stated, “In contrast, Nigeria’s inflation rate, which slowed briefly in July and August, resumed its upward trend in September, rising further in October.

“At 33.8 per cent, it significantly exceeds the 21 per cent target set for 2024, with analysts predicting further increases in November and December.”

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The report also observed Nigeria’s struggles with exchange rate stability, highlighting it as one of the worst-performing nations in that regard.

According to the report, other countries in the region are experiencing reduced foreign exchange pressures but Nigeria’s local currency depreciation and instability remain a concern.

On debt servicing, the report said Nigeria ranked among countries suffering the heaviest fiscal burden.

The IMF noted that rising debt service obligations are consuming substantial portions of revenue, limiting resources available for development.

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It stated that in Angola, Ghana, Nigeria, and Zambia, the increase in interest payments alone absorbed a massive 15 per cent of total revenue.

The IMF grouped Nigeria among resource-intensive countries struggling with social and political challenges that hinder reform implementation.

Political unrest, public dissatisfaction, and tight financing conditions were identified as major impediments.

The report noted that resource-intensive countries continue to grow at about half the rate of the rest of the region, with oil exporters struggling the most and further noted that adjustment fatigue, public resistance, and weak communication strategies are undermining the impact of reforms in Nigeria.

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The IMF recommended rethinking reform strategies, urging countries like Nigeria to adopt measures that mobilise public support for deep structural changes.

It pointed out the need for greater attention to communication and engagement strategies, reform design, compensatory measures, and rebuilding trust in public institutions.

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NMDPRA seals oil, gas retail outlets in Delta over sharp practices

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The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has sealed petroleum retail outlets and gas plants over sharp practices in Delta.

Their offenses bordered on under-dispensing, operating without valid licenses and other illegalities within the filling stations.

They were sealed by the surveillance team of the regulatory authority at Asaba and Ibusa in the state.

The Delta State Coordinator of NMDPRA, Engr. Victor Ohwodiasa, revealed over the weekend that the authority would not tolerate a situation where people would be shortchanged as a result of under-dispensing and other illegalities.

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Ohwodiasa called on petroleum marketers to ensure that their metres are well-calibrated and sell accurately.

According to him, the awkward dealings included but not limited to under-dispensing, product quality, suspected diversion, illegal bunkering activities, illegal discharge of unauthorised petroleum products in unauthorised locations.

“In line with our mandates, we constantly visit petroleum retail outlets to ensure they sell one litre for one litre.

“Agreeably, there are bound to be variations due to mechanical error in their machines but these are subject to limits, when it exceeds, we shutdown the facilities,” he said

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“Based on what we have been doing to ensure the consumers are not shortchanged. We have been visiting retail outlets across the local government areas in the state to ensure sanity is brought and maintained within the retail outlets.

“This week, we have sealed four stations within the Asaba and Ibusa axis over offences bordering on under-dispensing, operating without valid licenses and illegal activities within the filling stations.

“We will continue to sustain the tempo in this ember months and beyond to ensure products are made available to consumers and sold at the right prices and quantity,” he said.

Ohwodiasa urged the public to always notify the regulatory authority whenever they notice any awkward transactions in their dealing with the petroleum marketers for immediate actions.

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