Dangote Refinery Plans Direct Fuel Supply Partnership with PETROAN

The Dangote Refinery is preparing for a strategic meeting with the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) to discuss a direct fuel supply partnership. This move aims to eliminate intermediaries, following a recent agreement between Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria (IPMAN).

According to Joseph Obele, PETROAN’s Publicity Secretary, the refinery’s Head of Commercial reached out to PETROAN President Dr. Billy Harry to arrange the meeting, which will include a seven-member delegation led by Dr. Harry.

“PETROAN’s objective is to secure affordable, high-quality fuel for consumers while meeting regulatory standards,” Obele emphasized.

PETROAN commended Dangote Refinery’s recent decision to supply Premium Motor Spirit (PMS) directly to IPMAN, bypassing entities like the Nigerian National Petroleum Company Limited (NNPC). This collaboration could reduce landing costs, potentially benefiting Nigerian fuel consumers as global market dynamics and improved supply chains take effect.

Highlighting the importance of industry cooperation, PETROAN stated, “Open communication is key for stability in the oil and gas sector, and we believe the main beneficiaries will be the Nigerian public.”

Court of Appeal Forms Special Panel for Rivers Political Disputes

The Court of Appeal in Abuja has established a special three-member panel to address the increasing number of political disputes emerging from Rivers State. This action follows a political rift between the current governor, Siminalayi Fubara, and his predecessor, Nyesom Wike, who now serves as the Minister of the Federal Capital Territory. The feud has led to a surge in legal battles, further exacerbating divisions within the state’s political landscape.

The special panel, appointed by Court of Appeal President Justice Monica Dongban-Mensem, is chaired by Justice Onyekachi Otisi, with Justices Misitura Bokaji-Yusuf and James Abundaga. The panel will handle all appeals related to the political crisis in Rivers State.

Key cases include an appeal from Governor Fubara and the Rivers State House of Assembly, along with matters involving the Peoples Democratic Party (PDP) and the All Progressives Congress (APC), particularly the controversial defection of 27 lawmakers loyal to Wike from PDP to APC.

In a court session on November 11, three Rivers-related appeals were adjourned to be heard by the new panel. Among these is an appeal filed by the Rivers State House of Assembly. Chief Paul Erokoro (SAN), counsel for one of the appellants, requested an adjournment as some respondents had not received all necessary documents. The adjournment was agreed upon, with hearings scheduled for November 14.

This development marks a significant effort to expedite the resolution of political disputes in Rivers State, aiming to restore order amidst the ongoing conflict.

Edo Deputy Governor Shaibu Speaks on Alleged Fleeing of Governor Obaseki

Philip Shaibu, the outgoing Deputy Governor of Edo State, has addressed rumors regarding the alleged fleeing of Governor Godwin Obaseki ahead of the governor’s transition to a new administration. Obaseki’s tenure officially ended on November 11, 2024, and he was set to hand over power to Monday Okpebholo of the All Progressives Congress (APC), the winner of the 2024 Edo State governorship election.

There have been circulating claims that Governor Obaseki has gone into hiding to avoid possible arrest by the Economic and Financial Crimes Commission (EFCC), a rumor which has been denied by his team. Speaking to Channels Television on November 12, Shaibu, however, confirmed that he has not seen Obaseki for the past four days.

Shaibu expressed that he and the outgoing governor are no longer on speaking terms, noting that it had been several days since he last had any communication with Obaseki or saw him at the Government House in Edo.

“I’ve not seen him for the past four days, I’ve not heard from him as he doesn’t communicate with me and we don’t talk to each other,” Shaibu remarked, addressing the ongoing speculation surrounding Obaseki’s absence.

Further updates are awaited on the situation.

Tinubu Govt Plans Major Tax Reforms with Single-Digit System for Nigerians

The Nigerian government, under President Bola Ahmed Tinubu, is moving towards a major overhaul of the nation’s tax system. The new proposal, being discussed by the Presidential Committee on Fiscal and Tax Reforms, aims to introduce a single-digit range tax structure to reduce the burden of multiple taxes on citizens and businesses.

Taiwo Oyedele, the Chairman of the committee, revealed that once the reforms are fully implemented, all taxes will be reduced to single-digit figures, meaning that Nigerians and businesses would face fewer taxes, all less than ten in total, over a set period.

In a recent interview, Oyedele emphasized that the goal of the reforms is to simplify tax collection and improve the efficiency of Nigeria’s tax system, which he described as one of the most backward globally. He highlighted the need for tax authorities to focus on primary mandates while enhancing collaboration between states and federal authorities, particularly through better data sharing, tax intelligence, and capacity building.

The new tax framework would involve significant changes, such as reducing the corporate income tax rate from 30% to 25% over the next two years and eliminating several earmarked taxes in favor of a harmonized, single levy at a reduced rate.

Oyedele assured that the aim is not to increase the tax burden on Nigerians but to reduce it while simultaneously boosting government revenue. He explained that these reforms would tackle disincentives to business formalization, encourage investment, curb tax evasion, and ultimately enhance economic growth. The use of technology and data for better tax administration will also play a critical role in this transformation.

These reforms come in response to public dissatisfaction with the current tax regime, which has been criticized for its complexity and heavy burden on businesses and citizens alike.

Super Eagles Camp Heats Up as Eight Players Arrive Early for AFCON Qualifiers

The Super Eagles camp in Abidjan has been buzzing with activity as eight players reported early for the 2025 Africa Cup of Nations (AFCON) qualifiers. Among the early arrivals are key players like Moses Simon and Samuel Chukwueze.

Other players who made their way to the camp include Amas Obasogie, Raphael Onyedika, Frank Onyeka, Bruno Onyemaechi, Gabriel Osho, and Fisayo Dele-Bashiru. Super Eagles media officer, Promise Efoghe, confirmed their arrival, adding that more players are expected to join the squad on Tuesday.

The team is preparing for their crucial match against the Cheetahs of Benin Republic at the Stade Felix-Houphouet-Boigny on Thursday. Following that, the Super Eagles will head to Uyo for their final qualifier against the Amavubi of Rwanda at the Godswill Akpabio Stadium on Monday.

Currently topping Group D, Nigeria needs just a draw against Benin Republic to secure their place in the tournament. Their closest rivals, Rwanda, will face them in a decisive final match of the qualifiers.

In addition, Moses Simon shared his optimism about the Super Eagles’ chances in the 2026 FIFA World Cup qualifying series, despite a rocky start. With only three points from four matches, the Super Eagles are currently in fifth place in their group. Simon emphasized the importance of winning all remaining six matches to stay in contention for the World Cup, which will be jointly hosted by Mexico, Canada, and the United States.

Soaring Food Prices in Nigeria: A Look at the Cost of Essentials This Week

Nigerians are facing a steep increase in the prices of essential food items, with many attributing the surge to recent policies implemented by President Bola Tinubu’s administration. Over the past few months, the prices of staples like beans, rice, palm oil, and tomatoes have sharply risen, creating financial strain for households across the country.

The rise in food prices is largely attributed to the escalating cost of fuel, which is crucial for transporting goods from rural areas to urban centers. This, combined with other economic challenges, has made it difficult for farmers and transporters to deliver products efficiently, leading to price hikes across various food items.

Many Nigerians are struggling to afford basic food items, and economic analysts are urging the government to intervene by stabilizing fuel prices to ease the transportation costs of food and ultimately reduce inflation.

Here are the current prices for major food commodities this week:

Rice Prices:

  • Mama’s Pride Rice (50kg): ₦95,000
  • 25kg Bag of Rice: ₦47,500
  • Khemji Rice (50kg): ₦103,000

Beans Prices:

  • Sweet Pure Butter Beans (50kg): ₦160,000
  • Soybeans (Very Dried, 50kg): ₦130,000
  • Peleed Beans for Moi Moi (20kg): ₦80,000
  • Neat and Picked Pure Oloyin Sweet Beans (2.5kg): ₦8,500

Garri Prices:

  • 50kg Bag of Garri: ₦55,000
  • 100kg Bag of Garri: ₦100,000

Tomatoes:

  • Fresh Derica Tomatoes (Big Basket): ₦180,000
  • Medium Basket: ₦95,000
  • Small Basket: ₦40,000

Spaghetti:

  • Golden Penny Spaghetti (500g x 20 carton): ₦28,000

Palm Oil:

  • 5 Litre Gallon: ₦7,500
  • 25 Litre Gallon: ₦55,000

As prices continue to rise, there are growing concerns that more Nigerians may be pushed into food insecurity, with many calling on the government for urgent intervention.

Borno Jailbreak: 278 Inmates Remain Missing Two Months After Flood Incident

Two months after heavy flooding damaged the Maiduguri correctional facility in Borno State, 278 inmates are still unaccounted for. The flooding on September 10 led to extensive destruction across the region, including roads, bridges, hospitals, and the medium-security custodial center, enabling the escape of 281 inmates.

The spokesperson for the Nigeria Correctional Service, Abubakar Umar, explained that the flood breached the prison walls and staff quarters, resulting in the loss of custody for many inmates. While efforts to recapture the escapees have been ongoing, only four of the fugitives have been rearrested so far, including Auwalu Aminu, Abubakar Mohammed, and Kyari Kur.

According to Police Public Relations Officer Nahum Daso, the recent recaptures were the result of swift police action based on credible tips from local residents. Daso confirmed that active search operations are still underway, with ongoing efforts to locate the remaining escapees.

The re-arrested convicts have been returned to the correctional service, and authorities continue to pursue leads to secure the others at large.

Top Headlines from Nigerian Newspapers | Tuesday, November 12, 2024

Here’s a look at the major stories making front-page news in Nigerian national newspapers on Tuesday, November 12, 2024.

The PUNCH: The Independent Petroleum Marketers Association of Nigeria (IPMAN) has secured a landmark agreement with Dangote Petroleum Refinery, allowing IPMAN to lift products directly from the refinery. This arrangement, according to IPMAN’s National President, Abubakar Garima, will make fuel more accessible and affordable for Nigerians. The agreement was announced during a press briefing in Abuja following an IPMAN National Working Committee meeting.

Vanguard: Consumer purchasing power continues to decline in Nigeria, with manufacturers reporting a 357.57% rise in unsold finished products by the second half of 2024 (H1’24), totaling N1.24 trillion. This is a significant increase compared to N271 billion recorded in H1’23, reflecting the economic strain faced by consumers and producers alike.

Daily Trust: With the Ondo State governorship election approaching this Saturday, reports suggest that political parties are attempting to influence voters through distribution of food items and other goods. Local communities have received staples like rice, noodles, maize, and fertilizers as part of these last-minute efforts to sway the electorate.

That’s a wrap on today’s review. Join us again tomorrow for another look at the top stories in Nigerian newspapers.

Naira Expected to Reach ₦1,993/$1 by 2028, Raising Concerns for Nigeria’s Healthcare Sector

A recent report from BMI, a Fitch Solutions subsidiary, projects that the naira could depreciate to ₦1,993 per U.S. dollar by 2028, posing substantial risks for Nigeria’s pharmaceutical and medical device industries. With over 95% of its medical devices imported, Nigeria’s healthcare sector may struggle under increasing costs due to the weaker currency.

The report, titled “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth,” details how a weaker naira could make imported medical devices unaffordable, eroding the purchasing power of consumers and the healthcare system. High-demand devices such as diagnostics, orthopedics, and dental products are expected to be significantly impacted.

However, the report notes that a weaker naira might boost competitiveness for locally produced medical devices. This could benefit domestic manufacturers despite challenges like limited skilled labor, outdated technology, and insufficient infrastructure.

The Tinubu administration has taken steps to mitigate these pressures, including an executive order issued in June 2024 to reduce tariffs, excise duties, and VAT on certain medical machinery and materials, aimed at supporting local production.

BMI projects that Nigeria’s medical device market could grow to ₦171.1 billion by 2028, driven by a rising population and a focus on universal healthcare. Despite this potential, the sector faces ongoing challenges such as high inflation, tight monetary policies, and limited foreign investment.

As of November 11, 2024, the naira was trading at ₦1,681.42 per dollar, reflecting a slight dip from previous levels amid a significant decrease in FX turnover.

Nigerians to Benefit from Lower Fuel Prices as IPMAN and Dangote Forge Strategic Agreement

Fuel prices in Nigeria are likely to drop soon following a new agreement between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Dangote Petroleum Refinery. The deal, announced at a press briefing in Abuja, enables IPMAN to source products directly from Dangote’s refinery, which will improve fuel availability across Nigeria at more affordable rates.

According to Abubakar Garima, IPMAN’s National President, this partnership will ensure a consistent supply of petroleum products to IPMAN depots and retail outlets nationwide.

Energy expert Kelvin Emmanuel noted that this agreement would eliminate financing and margin costs currently passed on to IPMAN by NNPCL, leading to potential price reductions. The Executive Secretary of the Major Energy Marketers Association of Nigeria, Clement Isong, explained that factors like exchange rates, logistics efficiency, and bulk buying power influence final landing prices. He highlighted that fuel prices vary based on economies of scale and are not uniform across the country.

This initiative underscores Nigeria’s commitment to a more sustainable fuel supply and reflects the potential benefits of industry collaboration to ease the economic burden on Nigerian consumers.