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Lagos bizman loses N21m valuables to robbers

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A businessman, Mohammed Abdullahi, has accused policemen of the Zone 2 Command and Lagos State Police Command of mishandling a case of robbery that made him lose his car, money and valuables worth N21m when armed criminals robbed him and his neighbours at their residence in the Awoyaya community, in the Ibeju Lekki area of the state.

According Metro gathered that Abdullahi, a realtor, in several posts on X.com sometime in May and June 2024, lamented over the loss of his valuables and how the police did nothing meaningful to track down the suspects behind the robbery despite providing overwhelming evidence to them.

In one of the posts, Abdullahi said, “Please Nigerians, help me share this video. these are the guys that robbed me and the police are not ready to do anything about my case.”

Our correspondent, during a recent conversation with the realtor, gathered that he was at home with his friend, Juliet, when three of the five robbers who invaded their building broke down the door of his flat, gained entry into his parlour and room and robbed him and his guest of their valuables at gunpoint.

During the operation around 1 am, the businessman said the armed robbers used a gun to strike his head, adding that after robbing him and other neighbours in the building housing 20 units of flats, the robbers, whose faces were said to be visible during the robbery, locked them up in the toilets and fled.

Abdullahi said, “They were five in number but only three entered my apartment while the remaining were outside monitoring. They were armed with guns and knives. While in my flat, one of them cocked the gun and demanded my car key, which I gave him.

“They also searched my house and saw a bag containing my passport with a valid visa, driving licence, and dollars that I wanted to use to purchase goods for my real estate business as I was to travel to Turkey in January 2023.

“They also stole my clothes, shoes, laptop, token, ATM card, gold, phone and some other documents for my business. They broke the door of my flat and gained entry, proceeded to my room and knocked down the door. The building is a combination of 20-unit flats and the armed robbers robbed nine residents, including me, on that day.”

During the operation, Abdullahi said one of his neighbours informed the landlady, who notified the police in Area J Command, adding that despite their intervention, no meaningful progress had been made to track down the suspects.

He said, “The armed robbers operated from 1 am to 3 am, locked all of us who were robbed inside the toilet or kitchen and left. It was after they left that the police came and opened the toilet and kitchen doors to set us free. We were later invited to the police station where we wrote statements.

“When we got home, we realised that some of the suspects were using some of the stolen phones to access the UBER app on one of the phones to book a ride and snap pictures using the Snapchat handle of one of my neighbours. They had access to the phone because when they stole it, they collected the password to unlock it and we monitored the social media handle using another phone.

“The suspects even wore one of my neighbour’s stolen wristwatches and snapped pictures with it. We recognised them because when they robbed us, they did not wear any masks. We took all that evidence to the policemen at Area J and we also paid N90,000 to track the location of the stolen phones.”

According to Abdullahi, they did the tracking and showed us some locations but we didn’t get anything concrete. One of the policemen even demanded N30,000 from me to give someone at Alausa to help me flag my car and didn’t do anything despite paying him.

He added that he was the one who later went to flag the car and to date, he still receives alerts whenever his vehicle was charged for a traffic offence, among others.

Abdullahi said, “I later visited the command headquarters in Ikeja to lodge another complaint and spoke with one CSP Abdulfatai, gave him all the evidence and pictures of the suspects and he promised to arrest them. He called one of his team leaders, Seun, and told me to meet him to write statements.

“Seun demanded N50,000 for the case and I gave him. A month after paying him, I called Seun and he said there was an election and he wouldn’t be able to do anything. After the election, I called CSP Abdulfatai, he said he had retired.

“I called Seun but got nothing meaningful from him. I demanded my money and he returned it. I later went to the Zone 2 Command, met the AIG, wrote a petition and he assigned my case to a team leader. The team leader, after assessing my case, said they didn’t have the server to track the suspects.”

Abdullahi said the team lead introduced him to someone who demanded N500,000 to handle the case, adding that he paid the person N150,000 but he later returned N70,000, showed him some paperwork and said he couldn’t continue the job.

“It weakened me; despite all the evidence submitted, the police kept demanding money without doing any solid investigation. Last month, I still even received an autoreg and traffic offence alert for my stolen vehicle because I had flagged it.

“The police frustrated the case. They didn’t do anything to track down the suspects; they just kept collecting money and only showed paperwork and nothing more. The police treated me badly.

“The valuables I lost during the robbery were worth around N21m. The incident happened on December 25, 2022, and I still have the pictures of some of the suspects. I have made several reports at the police stations and nothing was done,” he added.

The state Police Public Relations Officer, Benjamin Hundeyin, when contacted, said he would get back to our correspondent but had yet to do so as of the time this report was filed.

Corporal dismissed for misusing firearm, faces criminal charges

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The Abia State Police Command has dismissed Police Corporal Obagi Njok from the Nigeria Police Force for discreditable conduct and misuse of firearms.

This followed the incident of misuse of firearm by the cop which reportedly led to the death of an Abia-born businessman identified as Emmanuel Okocha.

This is contained in a statement made available to our correspondent by the command’s Police Public Relations Officer, ASP Maureen Chinaka, on Wednesday.

According Metro gathered that the suspects faced disciplinary action and were found guilty of the misuse of a firearm after a thorough investigation by the police command and would be prosecuted in court for criminal charges.

The statement reads, “Disciplinary actions have been concluded by the Abia State Police Command. Relevant stakeholders including the family of the deceased were carried along at every step of the process.

“Police Corporal Obagi Njok (as he then was) was found guilty of discreditable conduct to with misuse of a firearm and has therefore been dismissed from the Nigeria Police Force. Investigation into the criminal aspects of his conduct has also been concluded and the matter has therefore been handed over to the office of the Attorney General and Commissioner for Justice Abia state on 24/05/2024 for prosecution in court.

“The Abia State Police Command remains steadfast in upholding professionalism and the rule of law. We unequivocally condemn any act of misconduct, unprofessionalism, and indiscipline among our officers.”

According Metro reported that the Abia State Police Command arrested Njok for shooting Okocha dead on Wednesday, April 17, 2024, for allegedly refusing to give him (Njok) money at a checkpoint.

A statement by the Police Public Relations Officer, ASP Maureen Chinaka, on Saturday revealed that Njok was attached to the Abayi Police Division before the incident happened.

While describing the incident as regrettable, the command said the corporal was apprehended, and necessary disciplinary procedures had been initiated.

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Over 250 kids, adults for MGBF Lagos b’ball programme

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At least 250 children and adults with and without disabilities as well as 30 coaches are expected to participate at the forthcoming Mani Giving Back Foundation basketball programme scheduled for Ilupeju, Lagos from July 24 to 28, organisers of the event have told The According.

Organised by Germany-based Michael Ani, Nigeria’s two-time Special Olympics World Games Head Coach, the events include basketball games, skill clinics led by experienced coaches and motivational sessions by top athletes and coaches.

“This event promises to be a major milestone in our journey. It goes beyond promoting sports; it aims to inspire young people by demonstrating that dreams can be achieved regardless of challenges,” Ani told The According.

He added that kids living with disabilities would be a major priority of the clinic, stating that it was part of his efforts in fostering an inclusive Nigerian society.

Ani stated, “In 2008, I embarked on a journey of volunteering, coaching children, and adults with disabilities in Nigeria. Back then, there were virtually no organised sports or events for these individuals. Witnessing the societal stigma and lack of opportunities, I felt a deep calling to bridge this gap. “Partnering with the Special Olympics Nigeria, we established the first basketball team for people with disabilities.

“I scouted and trained over 50 players with diverse abilities, preparing them for the World Games. Despite relocating to Germany to pursue my professional basketball career, my commitment to our mission hasn’t wavered. Since 2010, I’ve returned annually to conduct basketball and coaching training sessions in Nigeria.

“We introduced the Unified Games, fostering inclusion and teamwork by having athletes with and without disabilities play together. Our dedication culminated in representing Nigeria at the World Games in Los Angeles in 2015 and Abu Dhabi (2019).

“The journey has been both challenging and rewarding, and we continue to champion inclusivity and opportunities for people with disabilities in sports.”

The clinic gives back to the society through teaching, donating kits and scholarships among other basic amenities to Nigerians.

NCF takes cricket to Borno IDP camps

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The Nigeria Cricket Federation has completed a three-day special intervention programme at different Internally Displaced Persons camps in Maiduguri, Borno State, where they introduced the game to children and adults in the camps.

This comes after NCF president, Uyi Akpata, promised during the 2022 NCF Annual General Meeting in Abuja, to donate his allowances to the development of the game in the North East.

Food items and relief materials were donated to the various IDP camps visited by the members of the cricket family in the region.

Secretary-general of the federation, Sani Mohammed, who represented Akpata on the occasion, stated, “This is a fulfillment of the promise made by the president as part of the federation’s plans to spread the game of cricket across the nooks and crannies of the country.

“This is a special case of interest for the NCF, where cricket has been used as a tool to bring social change while restoring the hopes of those who have been grievously affected by the insurgency in the North East of Nigeria.”

Children in the camps received the donations and also learned how to play cricket.

Also present during the event was the Chairman, Borno State Cricket Association, Usman Danjuma; board member representing the North East in the NCF, Musa Jamai; NCF National Development Manager (Northern Region), Joseph Onoja, and development officers.

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Indian tennis sensation Thakkar relishes Nigerian food, Lagos traffic

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When Manav Thakkar competed at the 2023 edition of the WTT Contender Lagos, he never envisaged what would happen and despite his round of 16 exit, the tournament marked the beginning of his rise in the world ratings.

Already listed for the 2024 edition of the first WTT Series in Sub-Saharan Africa, the 24-year-old is eagerly looking for another fortune to smile on him in the commercial nerve centre of Nigeria, when the tournament serves off on June 19 to 23 at the Molade Okoya-Thomas Hall of Teslim Balogun Stadium.

“As of today, I’m ranked 59 in the world but last year I was 140 before the 2023 WTT Contender Lagos and Lagos was the first event where I reached the last 16 after winning against higher-ranked players. Apart from my ranking, my level improved, so, this year I’m also very hopeful that I will do well,” he said.

The former U-21 World No. 1 described his maiden experience in Lagos as one of the best moments of his career, particularly the massive support from the Lagos fans. “The experience compared to other tournaments was very good for me. I enjoyed the food in Lagos. There were many varieties and I also got a lot of support from the people when I was playing the matches. These were the major things that helped me to do well in the event last year.

The unique thing about the event in Lagos is the food and the people. There is a bit of traffic in Lagos and there is also traffic in India as well, so I am used to it. People cheered every player during the matches and the players enjoyed playing it compared to other events and the food in terms of breakfast, lunch, and dinner. I could remember that the hotel used to give us one special Indian dish every day and the people were very friendly and helpful in Lagos,” Thakkar added.

For this year, Thakkar is optimistic about exceeding his 2023 round of 16 feat. “My expectation this year is to win a medal in singles and doubles, as well as in mixed doubles. I am really excited and looking forward to playing at the event in Lagos,” the right-handed shakehand grip star said.

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MEMAN advocates ethanol as alternate fuel, plans $7bn yearly savings

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The Major Energies Marketers Association of Nigeria has stated that ethanol could be adopted as a biofuel to help Nigeria in reducing energy poverty and emissions.

According to MEMAN during a recent quarterly press webinar and engagement, about $7.4bn could be saved annually by taking advantage of Nigeria’s ethanol resources as a biofuel to support petrol.

Ethanol is a biofuel that is commonly used as a substitute or additive to petrol in vehicles. It is typically produced through the fermentation of plant materials like cassava, corn, sugarcane, and others.

MEMAN noted that ethanol blended into biofuel as a transformative energy source has the potential to change Nigeria’s energy landscape and pave the way for a sustainable economy.

Experts, who spoke at the webinar, revealed that Nigeria had what it takes to exploit its ethanol to biofuel potential.

Presenting a paper titled ‘Ethanol as a Biofuel’, a Senior Consultant with Africa Practice, Agwu Ojowu, pointed out that developing the ethanol industry could save the nation about $7.4bn ba year.

“Nigeria’s cassava production, standing at 63 million metric tonnes annually, represents 26 per cent of the global total. However, with 40 per cent of this yield lost each year, there is a significant economic loss estimated at $7.4bn. Developing the ethanol industry could mitigate these losses, enhance economic stability, and capitalise on the depreciating currency to reduce costs,” Ojowu stated.

He emphasised that ethanol’s higher octane rating improves fuel quality and helps meet environmental standards by reducing sulfur content and greenhouse gas emissions.

Those attributes, he said, make ethanol a cost-effective and environmentally friendly alternative to petrol, aligning with Nigeria’s climate commitments.

Going down memory lane, Ojowu recalled that Nigeria’s foray into ethanol began with the 2007 biofuels policy, which mandated a 10 per cent ethanol blend in fuel.

 “Despite initial challenges, including the suspension of the policy in 2008, because of blending inconsistencies, the potential of ethanol remains significant. Ethanol’s cost-effectiveness compared to petrol has historically led to economic arbitrage, suggesting that a well-regulated biofuel market could be economically advantageous,” he said.

Ojowu added that ethanol presents numerous benefits, including economic, environmental, and agricultural advantages, without necessitating vehicle modifications.

The Executive Secretary of MEMAN, Clement Isong, also emphasised the role of renewable energy in addressing Nigeria’s energy poverty.

He highlighted the importance of diverse energy sources, including biofuels, solar, hydroelectricity, and wind energy, to create a balanced and sustainable energy mix.

“MEMAN is committed to engaging with industry stakeholders to advocate for energy solutions that meet Nigeria’s needs,” Isong said.

He expressed optimism about the future of renewable energy in Nigeria and the continued efforts to enhance press engagement and industry collaboration.

Post-subsidy PMS import costs rise by 31% –Report

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Nigeria’s cost of petrol importation has continued to rise despite an almost 50 per cent drop in the nation’s consumption rate, reports by the Nigeria Bureau of Statistics have shown.

The According reports that N2.63tn was spent on the importation of Premium Motor Spirit in the first quarter of 2024, which was 31.4 per cent higher than the cost incurred for the same purpose in the last quarter of 2023.

In the last three months of 2023, our correspondent estimated that N1.81tn was expended in importing petrol.

The country imported 6,372,422,896 litres of petrol at the rate of N1.49tn in the first quarter of 2023, according to reports from the NBS, putting a litre of petrol at N234 during the subsidy regime.

N1.51tn was spent in the first quarter of 2022 to bring in 5,782,767,749 litres of PMS, putting a litre around N260.

With the payment of fuel subsidies at that time, the pump price of petrol ranged between N165 and N200 per litre.

On May 29, 2023, when he was sworn in, President Bola Tinubu, announced an end to the fuel subsidy era, saying, “The fuel subsidy is gone.”

After the pronouncement, the price of petrol skyrocketed to around N550 per litre.

The price was later impacted by the government’s decision to float the naira.

The pump price of petrol is currently between N600 and N700, depending on the marketer and the location.

After the removal of fuel subsidies, the Federal Government said the nation’s oil consumption had reduced by 50 per cent.

“Petrol importation has been reduced by 50 per cent since the withdrawal of the fuel subsidy,” the Minister of Information and National Orientation, Mohammed Idris, said during a ministerial press briefing in February.

On February 18, 2023, about three months before Tinubu ended the PMS subsidy regime, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, revealed that Nigeria was consuming about 66 million litres of PMS daily.

 At that time, Kyari put the landing cost of petrol at around N315/litre.

 “Our customers are here; we are transferring to each of them at N113/litre. That means there is a difference of close to N202 for every litre of PMS we import into this country. In computation, N202 multiplied by 66.5 million litres, multiplied by 30 will give you over N400bn of subsidy every month,” Kyari said.

Going by the position of the information minister that petrol importation had dropped by 50 per cent, it implies that the volume of imports into Nigeria had reduced by about 33 million litres daily, based on NNPCL’s figures in February, implying that PMS importation had dropped by about 990 million litres in one month.

 Also, a report by the NBS showed that there was a reduction in the amount of fuel imported into the country months after the removal of the subsidy, indicating that the country consumed an average of 1 billion litres per month.

However, despite this 50 per cent reduction claim, the cost of PMS imports was reported to be on the increase.

Experts have attributed the increase to the depreciation of the naira against the dollar.

In the first quarter of 2024, when the country spent N2.63tn on fuel imports, the government was said to have imported a litre of PMS at the rate of N878 if the monthly import volume is pegged at 1 billion litres and three billion litres for the quarter.

This has been the reason many stakeholders have been accusing the Federal Government and the NNPCL of secretly paying the subsidy; an allegation the government has denied repeatedly.

Recently, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said, “Let me say categorically that the President had rightly said, on the day he was sworn in; he said subsidy is gone. The last government did not make any provision for subsidy in the 2023 budget.

“And I can confirm to you that subsidy is gone. But there could be strategic interventions from time to time. But officially, the subsidy is gone. If you look at the Petroleum Industry Act, the NNPC, as a national oil company, also has a legal obligation to intervene from time to time.”

Meanwhile, the International Monetary Fund had earlier warned that with pump prices and tariffs below cost-recovery, “implicit subsidy costs could increase to 3 per cent of GDP in 2024 from 1 per cent in 2023”.

It noted that those subsidies were costly and poorly targeted, with higher-income groups benefiting more than the vulnerable.

The IMF reechoed, “The implicit fuel subsidy could gulp as high as N8.4tn in 2024 from N1.85tn in 2023; N4.4tn in 2022; N1.86tn in 2021 and N89bn in 2020.”

NNPC, Golar LNG sign offshore gas deal

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As part of efforts to monetise Nigeria’s vast natural gas resources, the Nigerian National Petroleum Company Limited has executed a project development agreement with Golar LNG for the deployment of floating liquefied natural gas offshore in the Niger Delta.

The signing ceremony, which took place on Monday, was attended from the NNPC Limited side by the Chief Financial Officer, Umar Ajiya; Executive Vice President, Gas Power & New Energy, Olalekan Ogunleye and Executive Vice President,  Upstream, Mrs Oritsemeyiwa Eyesan; while the Golar LNG team was led by Karl Fredrik Staubo (CEO).

A statement by the NNPC spokesman, Olufemi Ogunseye, said the agreement was another major milestone achievement towards ensuring gas commercialisation through the deployment of an FLNG Facility in Nigeria, in line with President Bola Tinubu’s resolve to rapidly commercialise Nigeria’s gas assets for the economic prosperity of the nation.

”The agreement aims to monetise vast proven gas reserves from shallow water resources offshore Nigeria. The PDA also outlines the monetisation plan that will utilise approximately 400–500 million standard cubic feet of gas per day and produce LNG, LPG and condensate. The partners, NNPC Limited and Golar LNG, have both expressed their commitment to achieving a final investment decision before the end of Q4, 2024 and the first gas by 2027.

“Golar LNG Limited is a renowned independent owner and operator of LNG infrastructure, including carriers, floating storage and regasification units, and floating liquefaction vessels,” Soneye noted.

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African startups secured $187m funding in May – Report

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African startups announced a significant surge in funding in May, with a total of $187m raised, ‘Africa: The Big Deal’, a firm that monitors deals announced by startups on the continent, said.

This represents a 149 per cent increase from the $75m raised in April.

The report, which was posted on its website revealed that 64 ventures secured at least $100,000 in funding, with 17 startups raising over $1m.

This marks a notable improvement from previous months, showcasing the growing confidence of investors in African startups.

The funding breakdown included four per cent in grants, 31 per cent in equity, and 65 per cent in debt.

Notable deals included Kenyan financial technology company M-KOPA’s $51m raise and electric vehicle manufacturer Spiro’s $50m funding.

While the year-to-date funding of $729m still lags behind previous periods, the May figures demonstrate a positive trajectory.

The report highlighted the resilience and potential of African startups, attracting increased investment and attention from global investors.

Part of the report highlighted, “However, in terms of the number of ventures raising at least $1m, 2024 so far compares rather well to some previous years: 90 vs. 95 in January to May 2023 and 91 in January to May 2021. 2022 was exceptional, though, with 200 ventures involved in $1m+ deals in January–May.”

The Nigerian startup ecosystem experienced a relatively quiet month in May, with only two major deals totalling less than $7m announced.

That was a significant decline from the first quarter of the year when Nigerian startup Moove led African startup fundraising with a massive $110m raise.

In May, digital identity solutions company Seamfix secured $4.5m in equity funding from Alitheia IDF, a gender lens investing fund.

Meanwhile, logistics startup, Renda, raised $1.9m in a pre-seed round, comprising a combination of equity and debt.

The lack of major deals in Nigeria was a departure from the continent’s overall trend, which saw African startups raise $187m in May, a 149 per cent increase from the previous month.

The total funding raised by African startups in the first quarter of the year stood at $466m, with Moove alone accounting for 24 per cent of the total.

According to the report, the beginning of 2024 experienced a sluggish start for African startups but rebounded in February 2024, with Nigeria topping the fundraisers.

The total startup funding in February reached nearly $217m, marking almost a threefold increase compared to the previous month’s $77m.

The funding levels still fell short of the figures observed in the same period over the past four years.

In February, 38 startups raised at least $100k last month in equity, debt, or grants, the same number as in January.

Local content investments profitable, says NCDMB boss

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The Executive Secretary of the Nigerian Content Development and Monitoring Board has said investments in businesses so far have been profitable.

Speaking recently at the launch of the 300 million standard cubic feet-capacity Kwale Gas Gathering facility and Nedogas plant in Delta State, Ogbe emphasised that different investments of the board had recorded successes, bringing returns.

The According recalled that the Minister of State for Petroleum (Oil), Heineken Lokpobiri, had earlier alleged that the NCDMB made some bad investments in the past.

Lokpobiri recently took a swipe at the former Executive Secretary of the NCDMB, Simbi Wabote, accusing him of wasting billions of dollars on bad and unprofitable investments.

Ogbe explained the rigour involved in verifying investments in any oil and gas business, saying the resources were not being frittered away without commensurate returns.

“First, companies with bankable opportunities invite the board to invest in their opportunities by submitting an investment proposal together with the economics and detailed execution plan for the opportunity.

“The NCDMB, using internal and external experts, analyses the opportunities, and if it is a compelling business case, the board vets the profile and pedigree of companies and conducts detailed risk reviews,” he explained.

According to Ogbe, this rigour is reflected in the phenomenal success the board has recorded with several projects.

He disclosed that NCDMB recently received an interim dividend payment of N450m for 2023 from Waltersmith Refinery and Petrochemical Company Limited.

 “We equally received $1m from Nedogas Development Company Limited being part of the return on investment from our investment. Of course, all our investments are at various stages of execution and have not fully matured,” he added.

He mentioned that a major objective of the NCDMB investment in third-party companies was to support the Federal Government in achieving its job creation mandate, to create value with natural resources and contribute to achieving Nigeria’s flare-out targets.

“In these projects, we target creating many direct and indirect jobs. Our other investments are also creating jobs and supporting the economy,” he noted.

The NCDMB executive secretary maintained that the local content board would continue to invest in oil and gas businesses with the Nigerian Content Intervention Fund managed by the Bank of Industries.

Ogbe remarked that the successful completion of the Nedogas Plant and the Kwale Gas Gathering Facility was a testament to the hard work, and close collaboration of all stakeholders involved.