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Investors on Nigerian bourse lose N784bn

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Investors on Nigerian bourse lose N784bn
Senate approves FG’s 2022-2024 external borrowing plan

Over the course of the week, investors on the Nigerian Exchange Ltd. (NGX) equities market lost a total of N784 billion, week-on-week.

Specifically, the market capitalisation, which opened the week at N56.296 trillion, shed N784 billion or 1.39 per cent to close the week at N55.512 trillion.

The All-Share Index also declined by 1.39 per cent or 1,387 points to close the week at 98,152.91, in contrast to 99,539.75 recorded in the previous week.

Similarly, all other indices finished lower with the exception NGX Insurance, NGX MERI Growth, NGX MERI Value and NGX Industrial Goods which appreciated by 0.02, 1.13, 0.09, and 0.38 per cent respectively, while the NGX ASeM and NGX Sovereign Bond indices closed flat.

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Profit-taking in MTN Nigeria, Zenith Bank, FBN Holdings, among other declined stocks outweighed buy interest in Guaranty Trust Holding (GTCO), United Bank of Africa (UBA), Fidelity Bank, among other advanced stocks to drive the market to a negative terrain.

However, 27 equities appreciated in price during the week higher than 13 equities in the previous week.

43 equities depreciated in price lower than 62 in the previous week, while 84 equities remained unchanged, higher than 79 recorded in the previous week.

On the top gainers table, Sunu Assurances led by 25k to close at N1.25, CAP Plc followed by N4.85 to close at N28.85, Livestock Feeds Plc rose by 21k to close at N1.66 per share.

Japaul Gold and Venture Plc gained 24k to close at N1.91 and Unilever Nigeria advanced by N1.50 to close at N15.10 per share.

On the other side, Oando Plc led the losers table by N2.25 to close at N9.25, Sovereign Trust Insurance trailed by 8k to close at 36k and Thomas Wyatt Plc declined by 36k to close at N1.78 per share.

FBN Holdings shed N3.95 to close at N20.35 and Wema Bank dropped 90k to close at N6.25 per share.

Meanwhile, investors traded 1.839 billion shares worth N34.258 billion in 37,528 deals during the week.

This is in contrast to 1.597 billion shares valued at N32.313 that exchanged hands last week in 44,915 deals.

The financial services industry, measured by volume, led the activity chart with 1.129 billion shares valued at N22.290 billion traded in 22,008 deals.

This contributed 61.38 per cent and
65.06 per cent to the total equity turnover volume and value, respectively.

The conglomerates industry followed with 194.179 million shares worth N2.822 billion in 1,923 deals.

The third place was the construction/real estate industry, with a turnover of 130.702 million shares worth N649.957 million in 556 deals.

Also, trading in the top three equities, namely UBA, Access Holdings Plc and Transnational Corporation Plc, measured by volume accounted for 582.024 million shares worth N10.571 billion in 8,849 deals.

This contributed 31.65 per cent and 30.86 per cent to the total equity turnover volume and value, respectively. (NAN

4 dead, 70 vehicles burnt in fuel tanker explosion in Rivers – Police

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4 dead, 70 vehicles burnt in fuel tanker explosion in Rivers – Police

The Police Command in Rivers says four people and over 70 vehicles were burnt in Friday’s fuel tanker explosion in the state.

The explosion occurred along Eleme section of the East-West Road in the state at about 7:30 p.m.

SP Grace Iringe-Koko, spokesman of command, told the News Agency of Nigeria (NAN) in Port Harcourt on Saturday that the tragedy occurred following a collision between a heavy-duty truck and a petrol-laden tanker.

A NAN correspondent who visited the accident scene reports that there were seveal burnt vehicles and charred bodies of victims on the road.

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The incident happened a few meters from the Indorama Petrochemical Company and roughly 10 kilometres from the Port Harcourt Refinery.

There was an extensive gridlock stretching over five kilometres on the road under reconstruction as part of the N200 billion Ring Road project by the Rivers Government.

State government trucks, accompanied by police and Federal Road  Safety Commission officials, were seen evacuating the burnt vehicles to facilitate traffic flow.

An eyewitness, Onyeka Ubani, who narrowly escaped the explosion, told NAN that while transporting passengers on his newly acquired tricycle (Keke), they heard a deafening sound ahead of them.

“The loud sound was followed by a massive fireball, causing everyone to flee for safety.

“We managed to escape, but unfortunately, my Keke caught fire in the process.

“I thank God for my life, but I am at a loss about what to do with my life now, having recently purchased this Keke,” a distraught Ubani said.

Another eyewitness, David Jumbo, said that he was returning home from work around the Akpajo axis of the East-west Road when the incident occurred.

He narrated that after the explosion, vehicles and victims were caught by fire which stretched over 200 metres.

“It happened so quickly that it could be likened to scenes from Hollywood movies.

“While I was fleeing for safety, I saw a pregnant woman struggling to exit one of the commercial vehicles.

“Unfortunately, when I returned this morning, I found the deceased pregnant woman trapped in the bus as she tried to escape,” he recounted.

Jumbo attributed the accident to the recklessness of truck drivers who disregarded road warnings despite the ongoing road construction.

Gov. Siminalayi Fubara of Rivers, who visited the accident scene, described it as tragic and sad.

He urged motorists to always exercise caution while on the road.

“This incident is not a pleasant one, we recorded a huge number of vehicles destroyed and lives lost.

“I have already asked the relevant agencies to brief us on how we can support the bereaved families to mitigate their losses.

“This incident would have been avoided if the motorists had adhered to proper conduct. People should ply this road with caution,” Fubara said. (NAN)

By Desmond Ejibas

Navy recruits 1,486 to tackle oil theft, piracy – Minister

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Navy recruits 1,486 to tackle oil theft, piracy – Minister

Minister of State for Defence, Dr Bello Matawalle says the Nigeria Navy has recruited 1,486 personnel to boost the manpower needed for effective internal security operations in the Niger Delta.

Matawalle said this during the Passing Out Parade (POP) of Nigerian Navy’s Batch 35 Trainees at the Nigeria Navy Basic Training School in Onne, Rivers, on Saturday.

He said that the ratings went through six months extensive warfare and maritime combat training to equip them for the ongoing fight against oil thieves, pipeline vandals, and sea pirates, among other criminals.

“These young men and women are joining the Nigeria Navy at a time the Armed Forces need personnel with strength, courage, and resolve to combat the security challenges we face.

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“The newly enlisted personnel passed through rigorous training in physical fitness, swimming, combat skills, and weapons handling, preparing them for maritime and land operations.

“They will be assigned to various units and formations to complement ongoing internal security operations,” the minister said.

Matawalle emphasised that the recruitment was a vital component of the navy’s capacity-building efforts to develop effective operational forces capable of addressing both internal and external threats.

According to him, the injection of the right manpower and skilled personnel is key to the ongoing expansion of naval fleet.

“The navy is focused on enhancing capacity through infrastructural development, activating various operations, conducting technology-driven patrols, and platforms acquisition and recapitalisation.

“Two 76-meter Offshore Patrol vessels are expected to arrive from Turkey, along with three additional Fast Attack Craft from China among others, to bolster the navy’s fleet.

“I am pleased to report that Operation Delta Sanity, activated to curb oil theft, has increased crude oil production to 1,428,613 bpd from less than 1,000,000 in the past six months,” he added.

The minister stressed that the navy was engaged in joint exercises and training with foreign naval partners to enhance local capabilities.

He urged the new naval ratings to be discipline, obedient and apolitical, and exhibit unwavering loyalty to the military and the Commander-in-Chief of the Armed Forces.

“Acts of desertion and disloyalty will result in severe consequences for those found wanting,” he cautioned the ratings. (NAN)

Ruling APC sweeps all council polls in Gombe State

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Ruling APC sweeps all council polls in Gombe State
APC flaag

Ruling All Progressive Congress (APC) won all the 11 local government chairmanship and 114  councillorship elections held in Gombe State on Saturday.

Chairman of Gombe State Independent Electoral Commission, Malam Saidu Awak who announced the results in Gombe, said out of 19 registered political parties in the state, only five fielded candidates in the elections.

Awak noted that only the APC fielded candidates for the 114 councillorship seats.

Reacting to the election results, chairman of Accord Party in Gombe State, Alhaji Mohammed Garba said his party contested the election to prove its presence in the state.

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He wished the election winners successful tenures. (NAN)

No short cut to naira appreciation, says Nwoko

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No short cut to naira appreciation, says Nwoko

Sen. Ned Nwoko, has advised the Federal Government and the Central Bank of Nigeria (CBN) against any measures that capable if `artificially` forcing the Naira to gain value against other currencies.

Nwoko, who represents Delta North, gave the advice in a statement he personally signed and made available to the News Agency of Nigeria (NAN), in Abuja on Saturday.

He advised them to concentrate on tackling the main issues responsible for the Naira depreciation, saying there was no short-cut to success.
He said the quest for economic freedom and the strength of the nation’s currency was an ongoing journey.

Nwoko also said the continuous revisit to previously implemented policies and considerations of new ones were imperative.

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He also said the value of a sovereign nation’s currency was the cornerstone of respect and collaboration among nations, while reiterating that Nigeria must stimulate Naira demand.

According to him, as a nation that exports crude oil and other commodities globally, it is imperative that all transaction on these items be conducted exclusively in Naira.

“This will incentivise buyers to seek out Naira, thereby driving its appreciation due to increased demand and scarcity.

“Moreover, the foreign reserve policy warrants reassessment. The practice of maintaining reserves in foreign jurisdictions, termed “foreign reserves,” is not only objectionable but also counterproductive to Nigeria’s economic sovereignty.

“Unlike other nations like the United States, Britain, France, and Japan, which hold their reserves domestically, Nigeria’s adherence to this practice raises questions about its colonial legacy.

“If our early indigenous leaders acquiesced to this approach due to colonial influence, why should we perpetuate it? The primary rationale often cited to justify foreign reserves is trade balance maintenance“, Nwoko said.

According to him, this argument lacks merit when considering the limited number of traders involved in importing goods into Nigeria, which constitutes a negligible fraction of the nation’s population.

“Therefore, the notion that foreign reserves are indispensable for trade balance equilibrium falls short upon scrutiny”, he said.

The lawmaker who is a Solicitor, Supreme Court of England and Wales, there was the need to acknowledge that the recent appreciation of the Naira was not solely attributable to the CBN’s new measures.

“Rather, it can be attributed to the decline in refined oil imports following the production and distribution of refined petroleum from the local refinery – the Dangote refinery.

“Now envisage if other heavily consumed products were locally produced instead of imported. The success would be monumental and conspicuous,” he added.

In January, in a statement, he had preferred crucial measures to be adopted by the federal government CBN to combat dollarisation and stabilise the Naira.

Nwoko said that since the dissemination of that statement, various measures have been implemented to bolster the value of the Naira.

“However, the efficacy of these measures is yet to manifest fully, as the root cause of Naira devaluation remains unaddressed.

“Until we confront the underlying issues head-on, our efforts against dollarisation will be in vain,” he said. (NAN) 

NSCDC arrests 8 illegal security guards, recovers firearms

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NSCDC arrests 8 illegal security guards, recovers firearms

 The Anambra Command of the Nigeria Security and Civil Defence Corps (NSCDC), has arrested eight suspected unlicensed private security guards with four pump action guns.

The state NSCDC Commandant, Mr Olatunde Maku, said this when he addressed newsmen on Friday in Awka, saying the suspects were arrested during a raid on Thursday in Awka.
Maku said that the arrest was made in response to intelligence reports.

He said that his team arrested Eze Emmanuel, 34, Patrick Nwoye, 27, Okafor Chibuike, 21, Tochukwu Chukwuemeka, 27, Kingsley Asuauo, 20, Blessed Mfonu, 22, Ikechukwu Emeka, 21 and Amu Emmanuel, 23.

“Preliminary investigation revealed that some of the suspects were impersonating the Anambra Vigilance Group while others were hired by hotels to provide security services, in spite of knowing that the outfits were not licensed or registered.
“Meanwhile, four pump action guns with 16 live cartridges were also recovered from them.
“All the suspects are currently undergoing investigation, after which they would be charged to court and prosecuted.
“This raid is in continuation of the execution of the NSCDC mandate and we will not leave any stone unturned in discharging our responsibilities,” he said.
Maku said that the NSCDC was the only agency charged with the responsibility of licensing, monitoring and supervising private securities companies in Nigeria.
He said that the raid was to prevent the proliferation of illegal security outfits and reduce the risk of security breaches and criminal activities in the state.
“I want to put all illegal security outfits on notice to dismantle their operations or face the consequences.

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“We will clamp down on any illegal outfit, arrest and prosecute their operators, and recover illegal weapons in their possession.
“This is to restore sanity in the operations of the private security sector and ensure the safety and security of residents,” he said.

The Commandant advised licensed private guard companies to operate within the bounds of the law and avoid engaging in illegal activities.
He also urged the public to report suspicious activities or illegal security outfits to the Corps for prompt action. (NAN)

By Lucy Osuizigbo-Okechukwu

Agricultural Extension Services  Experts Canvass Adoption of New Technology to Drive Food Security  

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Agricultural Extension Services  Experts Canvass Adoption of New Technology to Drive Food Security  

Experts have canvassed the integration of Artificial Intelligence and emerging  relevant technological innovations into agricultural extension practices in order to improve agricultural production and firm up the drive for food security.

This was the fulcrum of opinion at the Agricultural Extension Society of Nigeria (AESON) 29th Annual Conference which held from 21st to 24th April 2024 at the Federal University of Technology Akure (FUTA).

At the conference, with the theme, “Leveraging the Dynamics of Agricultural Extension Policy for Sustainable Development,” participants reiterated the need to reinvigorate and unleash the potential of technology by efficiently mobilizing resources for full exploration of e-Extension services to boost all facets of agriculture.

Setting the tone for the Conference, the President, AESON , Professor Yusuf Idrisa said “. Through the annual conferences, the society has brought together extension practitioners and academics in the field of agricultural extension to generate and share ideas for moving agricultural extension practice forward.”

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One of the major highlights of the gathering was the charting a pathway to tackle the problem of food availability and affordability bedeviling the country.  

Participants noted that given the current realities of serious concerns over feeding Nigeria’s teeming population, governments at all levels keyed into several global initiatives and launch policies to ensure food security.

They said the various initiatives to boost agriculture and food security can only be realizable if there is a synergy with experts in agricultural extension services  as they are   in the vantage position to leverage this opportunity to enhance the Agricultural Extension Policy for Sustainable Development.  

Idrisa said  the National Agricultural Growth Scheme (NAGS) of the Federal Government was commendable but its goals would become more realizable if AESON will have the opportunity to play its deserved role in the programme. 

They therefore canvassed that, “Research extension linkage should be reinvigorated by massive recruitment of extension personnel across agricultural development programmes and associated agencies in states.

“The current practice of ad-hoc staff in several nomenclatures by governments at all levels is not acceptable, unsustainable and can only be counter-productive.”

Other recommendations proffered at the conference include the deployment of e-Extension system and Artificial Intelligence (AI) for agricultural production system as these tools are still not maximally exploited. 

Additionally all international proclamations regarding climate change mitigation should be actioned by governments at all levels in Nigeria by promoting the adoption of climate-smart practices by teeming Nigerian farmers to enhance the quality and quantity of food production in the country. There was also a call for partnerships of extension personnel with research institutes for innovative processes and linkages  that can  increase agricultural yield.  

In her address, the Vice Chancellor of FUTA  Professor Adenike Oladiji, who was represented by the Deputy Vice Chancellor Academic , Professor Taiwo Amos noted that several challenges facing agriculture in Nigeria have remained with us for decades.

According to her , the  problems include  low application of modern technology and low productivity, as well as poor storage facilities among others.  Professor Oladiji said , “Solutions had been found to most of the problems but the gap between the researchers and the farmers seemed to have remained. That is why the Agricultural Extension experts should be given all the necessary support to play their roles effectively and efficiently.”

Professor Oladiji pointed out that ” this is necessary not only for production of food crops but also all agricultural practices that add value to the economy”

Delivering the keynote address, Project Director, ACCLAWA,  International Labor Organization  Dr. Agatha Kolawale highlighted actions to ensure sustainable agricultural development in Nigeria to include adoption of a legal working age, promotion of recent work for youths  of legal working age , social protection, provision of funds for entrepreneurial development and mitigating economic vulnerabilities associated with child labour.

She said youths play a significant role in promoting technological innovations in agriculture and must be equipped with sound educational training so that they can effectively contribute their quota to agricultural development in the country.

In a good will message the Ondo State. Commissioner for Agriculture and Forestry, Hon. Olayato Aribo said the government will always give unalloyed support to agricultural activities through mobilization and subsidized inputs.

On his part, the Conference Coordinator , Professor Olaniyi Okunlola of the Department of Agricultural Extension and Communication , FUTA  said the aim of the conference was to equip participants with knowledge that will further enhance their understanding and ability to address contemporary issues in Agriculture.

Five members ,Senator Prof. Anthony Ani, Professor Kuta Yahaya, Dr. Oluwole Akinnagbe Dr. Fadullah Isah and Dr. Philip Ifejika were conferred with the fellowship of the Association during the conference.

By Chimezie Godfrey

Mbah Inaugurates newly constituted Enugu Electoral Commission

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Mbah Inaugurates newly constituted Enugu Electoral Commission

Gov. Peter Mbah of Enugu State, on Friday, inaugurated the newly constituted Chairman and members of the Enugu State Independent Electoral Commission (ENSIEC).

Performing the ceremony at the Government House Enugu, Mbah said the electoral body’s new board was highly qualified in capacity and character following their expedient confirmation by the Enugu State House of Assembly.

He added that their inauguration was sequel to the provisions of Section 4(1) of the ENSIEC Law and charged them on free, fair, and credible polls.

“The presidential system of government we practice creates several tiers of government and your appointment and subsequent ratification has now put you in a position where you have to administer the conduct of election into the local government councils, the third and a critical tier of government.

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“You are, therefore, charged with the responsibility to ensure that the rule and the procedures governing election into the local government councils are conducted in a free, fair and credible manner.

“As unbiased umpires, the people of Enugu State would be looking up to you to ensure that the rules are applied strictly without fear or favour. Therefore, we will be counting on you to discharge yourselves creditably in your new roles.

“Some of you are already in the system as you were reappointed and we expect you to bring your experience to bear,” the governor said.

Speaking on behalf of the new ENSIEC leadership, Ngwu, expressed profound gratitude to the governor for finding them worthy to serve the people of Enugu State in that capacity.

The chairman promised that they would reinvigorate ENSIEC and provide a level playing ground for all political parties.

“We will reengineer, reinvigorate and re-enliven ENSIEC. It is going to be a level playing ground for every political party.

“This is a double assurance to the people of Enugu State that we will leave ENSIEC far better than we are going to meet it and that we will never disappoint them,” he assured.

The new ENSIEC leadership has Prof. Christian Ngwu as Chairman, Solomon Udeh, Chinenyenwa Ogbu, George Ani, Arthur Ede, Paully Eze, and Emeka Ukwuaba as members while Ifesinachi Umeobika is the Commission Secretary. (NAN)

By Alex Enebeli

Kano Govt. tasks residents to take precautions against heatwave

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Kano Govt. tasks residents to take precautions against heatwave

 The Kano State Government has urged residents to adopt safety measures against the current heatwave being experienced in the state.
The state’s Commissioner for Health, Dr Abubakar Labaran, said this in a statement in Kano.
Labaran expressed concern over the excessive heat and urged residents to adopt health precautionary measures to protect themselves against negative consequences.

“The excessive heat began since March this year, causing increase in malaria and mortalities, that was why the ministry embarked on investigations to unravel the cause.
“Kano people are very much aware of the fact that these three months – March, April and May, and the beginning of June are the months of excessive heat, resulting in so many health complications, including malaria and meningitis cerebrum.

“It could be noted that in the past three month, malaria prevalence has dropped because of winter season, but now the disease is on increase due to severity of the unbearable heat,’’ he said.
He added: “The temperature has reached the level that it could affect the brain, liver or kidney, so much that if any of these organs is affected, death could occur.

“Currently, the intensity of the heat in Kano is between 43 and 45 degree, and the air in circulation is dry without moisture.
‘’This condition could cause scratch in the nose and one could contract meningitis.’’
He said that the excessive heat could result in heat-stroke, as a result of shortage of blood and water in the body, leading to brain damage, especially among elderly people and those working under the sun.
Labaran advised the people to ensure that they protected themselves against mosquito’s bites, by sleeping under treated nets, covering doors and windows with nets to block mosquito from entering the rooms and use of insecticides.
He urged residents to report any person with symptoms of malaria to the health facility, for timely treatment, before it reached advanced stage.
On meningitis cerebrum, Labaran called on people to shun overcrowded in rooms and halls, especially those with little or no ventilation.
Labaran also advised residents to drink lots of water and fluids. (NAN)

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By Muhammad Nur Tijani

Commercial motorcyclists lament scarcity, high cost of fuel

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Commercial motorcyclists lament scarcity, high cost of fuel

Commercial motorcycle and tricycle operators in Kaduna State have lamented the high cost of fuel, a development they said has negatively affected their business, the News Agency of Nigeria (NAN) reports.

Some of the operators bore their minds in separate interviews with NAN on Friday in Kaduna.

Checks conducted by NAN revealed a high volume of passengers going to work and their business premises stranded following the scarcity of fuel within the metropolis.

Also, only a handful of commercial motorcyclists were seen plying the major streets as a number of filling stations were not dispensing fuel.

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Mr Yunusa Abdullah, a commercial motorcyclist told NAN that a few filling stations which had the product hiked the pump price to between N750 and N810 per liter as against  N620 a few days ago.

“Some of the stations have deliberately closed down in the guise of unavailability of product.

“The situation has forced some of us to park our tricycles (Keke) at home until everything normalises,” he said.

Another operator, Mr Sunday Njokwu, on his part  said that the passengers have to pay twice the amount they were paying hitherto to get to their destinations following hike of transport fares.

“It is not our fault because some of  those who cannot afford to 1ueue at the filling stations buy fuel for as much as N1100 per litre.

“As it is, the government would have to intervene as quickly as possible so that the situation doesn’t get out of hand,” Njokwu urged.

Allah-Magani Isa,another  ‘Keke’ operator, said the scarcity and high cost of fuel had affected his daily return, adding, “I find it difficult to meet up remittance to the owner.

“I have to force myself to work extra hours so as to make ends meet and provide for my family as well,” he said.

A resident, Mohammed Amin, said he bought half a gallon of fuel which amounted to two liters for N2, 200.

He said he was considering dropping his vehicle and opting for commercial means of transportation if the problem persisted.

Mr Abel Musa, a resident of Narayi urged the authorities concerned to take immediate measures so as to ameliorate the suffering of the masses.

“You can literally see commuters trekking under the scorching sun to either their work or business places unfortunately due to the high cost of transport,” Musa said.

A fuel attendant at one of the filling stations in Kaduna, who sought for anonymity told NAN that some managements of the stations were skeptical about the Federal Government’s move to soon launch the operation of additional refineries in the country. (NAN)

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