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Fuel Prices Set to Drop as Global Crude Prices Fall

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The recent decline in global crude oil prices could lead to a reduction in the price of premium motor spirit (PMS) in Nigeria. The Major Energies Marketers Association of Nigeria (MEMAN) reported that the estimated import parity of petrol dropped to N922.65 per litre, down from N943.75 just a few days earlier.

MEMAN also highlighted that the price of Brent crude was priced at $78.29 per barrel, falling from $78.88 the day before, with the exchange rate standing at N1,550 per dollar. On Monday morning, the price of Brent crude was further reduced to $78.01 per barrel, marking a decline from over $81 the previous week.

This shift comes only a week after Dangote Refinery raised its ex-depot price by 6.17%, citing the rise in global crude prices as the reason. The price hike saw Dangote’s gantry price jump from N899.50 to N950 per litre, pushing petrol prices at partner filling stations to N970 per litre.

Industry experts have suggested that if crude prices continue to drop, local petrol prices could follow suit. A source noted that just as fuel prices surged with the increase in crude prices, a decrease could now trigger a similar reduction in local prices.

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The CEO of the Centre for the Promotion of Private Enterprise also pointed out that with Donald Trump’s presidency potentially boosting crude oil supply, a further reduction in global oil prices is possible, which could lead to cheaper petrol in Nigeria.

With the current price of petrol ranging from N965 to N1,150 per litre, any continued dip in crude prices could force Nigerian refineries and marketers to lower their prices to remain competitive in the deregulated market.

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South South govs move to float regional security outfit

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By Kayode Sanni-Arewa

South-South Governors Resolve To Establish Regional Security Network To Enhance Safety In Rivers, Edo, Othere

This call was made during the forum’s meeting on Tuesday, January 28, 2025, at Government House in Yenagoa, Bayelsa State.

The South-South Governors’ Forum has urged the Federal Government to expedite the completion of the East-West Road, a critical infrastructure that links the region’s states.

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This call was made during the forum’s meeting on Tuesday, January 28, 2025, at Government House in Yenagoa, Bayelsa State.

In a communique issued after the meeting, the governors also expressed support for President Bola Tinubu’s Tax Reform Bill, with a caveat.

They urged the President to extend the proposed VAT sharing percentages to other areas of derivation, such as oil and gas.

The forum, which comprises governors from Akwa Ibom, Bayelsa, Cross River, Delta, Edo, and Rivers states, emphasized the need for unity and collaborative governance in addressing the region’s challenges.

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They also called for the activation of the railway line in Port Harcourt and its connection to other states in the region.

Other key resolutions from the meeting include:

– Regional Security: Establishing a robust, structured regional security network to enhance safety and security in the South-South.

– Economic Diversification: Encouraging member states to broaden their economic horizons by diversifying beyond oil and gas.

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– BRACED Commission: Reinvigorating the BRACED Commission to better represent the interests and aspirations of communities in the region.

Earlier, the governors unanimously picked Douye Diri, as chairman of the South-South Governors’ Forum.

Cross River Governor, Senator Bassey Otu, emerged as vice chairman of the forum.

Governor of Delta State, Sheriff Oborevwori, moved the motion nominating Diri while his Rivers State counterpart, Siminalayi Fubara, seconded it.

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Judge orders Nigerian professor’s arrest over electoral fraud

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By Kayode Sanni-Arewa

A High Court in Uyo, Akwa Ibom State, on Wednesday, ordered the arrest of a Nigerian professor, accused of election fraud, for being absent during judgment.

Ignatius Uduk, a professor of Human Kinetics at the University of Uyo, is being prosecuted by the Independent National Electoral Commission (INEC) on charges of perjury and announcing and publishing false results during the 2019 general elections in Essien Udim State Constituency, where he served as the returning officer.

The judge, Bassey Nkanang, adjourned the case for an hour after the defendant and his counsel failed to announce their appearance.

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The prosecution counsel, Clement Onwuenweunor and an INEC official had announced their appearances in court.

When the hearing resumed, Justice Nkanang proceeded after a lawyer the judge asked to call the defence counsel informed the court that the lawyer said he was not feeling fine and had asked him to hold a brief for him if the judgment is taken today.

The lawyer, Ndifreke Inyangette, said the defence counsel communicated with him via a text message.

In his submission, the prosecution counsel prayed to the court to revoke the defendant’s bail and issue a fresh bench warrant for the professor.

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Mr Inyangette said the court could deliver judgment. If convicted, sentencing can be taken at a later date.

He further informed the court that the defendant was ill, of which the judge admitted that the court was aware and had received medical reports.

Justice Nkanang, in his ruling, granted the relief of the prosecution counsel: he revoked the earlier bail granted to the defendant. He issued a fresh bench warrant before adjourning the case to 5 February for judgment.

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The professor was first arraigned in December 2020 after an arrest warrant was issued against him the previous month for repeated failures to appear for the commencement of the trial.

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The professor had pleaded not guilty to the three charges slammed on him by the Nigeria electoral body.

The case has witnessed a series of delays because of several factors, including a change of defence counsel and the defendant’s collapsing in the dock during cross-examination.

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UK appoints British-Nigerian as trade envoy to Nigeria

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By Kayode Sanni-Arewa

A British-Nigerian politician, Florence Eshalomi, has been appointed as the United Kingdom’s trade envoy to Nigeria.

Her appointment makes Eshalomi the second Nigerian to hold the position.

Confirming her appointment on X on Tuesday, she wrote: “It is an honour to have been appointed as the United Kingdom’s Trade Envoy to Nigeria.

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“I’m looking forward to building on my close ties with Nigeria to promote a strong and flourishing economic relationship between our two great nations.

“I am looking forward to strengthening the UK’s relationship with Nigeria to explore shared growth and opportunities for both countries.”

Announcing the appointment in a statement on Tuesday, Jonathan Reynolds, the UK’s Business and Trade Secretary, said the decision was aimed at attracting investment into the UK and boosting economic growth.

“I’ve launched a new team of trade envoys who will use their experience, expertise, and knowledge to unlock new markets around the world for British businesses, attract investment into the UK, and ultimately drive economic growth,” Reynolds said.

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Eshalomi, 44, is an MP representing the Vauxhall and Camberwell Green constituency.

She holds a Bachelor of Arts (Hons) in Political and International Studies with Law from Middlesex University.

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