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Shehu Sani alleges violent protests in the North aimed at overthrowing Tinubu

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Shehu Sani alleges violent protests in the North aimed at overthrowing Tinubu

The former lawmaker who represented Kaduna Central senatorial district in the National Assembly, Sen. Shehu Sani, says the violence that erupted in some Northern states during the #EndBadGovernanceInNigeria protests were plots at overthrowing the government of President Bola Tinubu.
Sani, who made the allegation as a guest on Channels Television’s Politics Today on Tuesday night, alleged that he got intelligence reports that some days into the protest, money, and some foreign flags were shared among the youths in the northern regions with the intent to cause havoc and force a takeover of government.
“A day before the last protest, money was shared to the youths, and Russian flags were also shared. That shows that the whole intent of the protest is not simply about the policies and programmes of the government,” Sani said on the programme.
READ ALSO:Shehu Sani blames North for its problems, lists causes
“There was an attempt to create an atmosphere where there would be an overthrow of the government.
“When you have this kind of situation, you will see that someone is writing a script for anarchy, lawlessness, and disorder. It is incumbent for someone like us to speak.
“The whole intent of the protests was not simply about the government’s policies but to create an atmosphere for the overthrowing of the government,” Sani insisted.

A former lawmaker, Shehu Sani, on Tuesday condemned the violence that trailed the nationwide protests in the North, saying it was an attempt to create an atmosphere to overthrow the government. pic.twitter.com/nzvBVPIyiT
— Channels Television (@channelstv) August 6, 2024

The post Shehu Sani alleges violent protests in the North aimed at overthrowing Tinubu appeared first on Latest Nigeria News | Top Stories from TVN.

Operators accuse NNPC Ltd of not complying with FG’s directives to sell crude in Naira

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Operators accuse NNPC Ltd of not complying with FG’s directives to sell crude in Naira

The Dangote Petroleum Refinery and other domestic refineries have accused the state oil company , Nigerian National Petroleum Company Ltd (NNPCL Ltd) of not complying with the Federal government’s directive to sell crude to them in Naira.
The operators under the aegis of the Crude Oil Refiners Association of Nigeria (CORAN) disclosed that letters have been written to NNPC by individual refiners requesting crude, but there has been no response yet.
They held that there will be a rebound in the pricing of fuel once the President’s order is implemented.
However, they posited that the pronouncement alone is not enough. It must be with a force of law, either by executive order or by incorporating it into a new guideline so that the crude producers will be bound to sell to us in naira.
The Publicity Secretary of the Crude Oil Refiners Association of Nigeria NMDPRA, Eche Idoko, said the Nigerian Midstream and Downstream Petroleum Authority is expected to kickstart the process.
“We have not started buying crude from NNPC. Individual members have written to them (NNPC) already, and they have several requests from these refineries before them.
“Typically, we would expect our regulator, in this instance, the NMDPRA, to kick start the process by calling for a meeting of all parties to discuss the framework for such supply or have NNPC respond to the various letters to it by the refineries requesting for crude,” Idoko noted.
The CORAN spokesperson had earlier stated that the supply of crude oil to local refineries in naira would bring down the cost of petrol and strengthen the naira against the dollar.
READ ALSO:FEC orders NNPC to sell crude to Dangote, other refineries in naira
Idoko commended Tinubu for listening to the voice of indigenous refiners but noted that an executive order should be issued on the new directive.
The crude oil refiners also sought a meeting with the economic team to work out a rate that would favour the Nigerian market.
“Yes, we will see a rebound in the pricing of fuel once the President’s order is implemented. Mind you, the pronouncement alone is not enough. It must be with a force of law, either by executive order or by incorporating it into a new guideline so that the crude producers will be bound to sell to us in naira,” Idoko stated.
Dangote refinery and other domestic refiners have been complaining about the difficulties associated with accessing crude oil for their plants. Recently, the management of Dangote Group insisted that the IOCs were still frustrating crude supply to the 650,000-capacity refinery.
In a statement, the group alleged that the IOCs insisted on selling crude oil to its refinery through their foreign agents, saying the local price of crude will continue to increase because the trading arms offer cargoes at $2 to $4 per barrel, above NUPRC official price.
The group also alleged that the foreign oil producers seem to be prioritising Asian countries in selling the crude they produce in Nigeria.
A senior official at the Dangote refinery, who pleaded not to be named due to lack of authorisation to speak on the matter, confirmed that the plant had yet to start buying crude in naira from NNPC.
The spokesperson of NNPC, Olufemi Soneye, did not respond to enquiries on the matter when contacted by our correspondent.
By: Babajide Okeowo
The post Operators accuse NNPC Ltd of not complying with FG’s directives to sell crude in Naira appeared first on Latest Nigeria News | Top Stories from TVN.

Thousands of police on standby as UK braces for more riots

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Thousands of police on standby as UK braces for more riots

Thousands of UK riot police on Wednesday stood ready to deal with more potential outbreaks of violence, which erupted more than a week ago after three children were murdered.

Far-right groups have planned demonstrations in more than 30 locations, with immigration lawyers and buildings hosting asylum seekers set to be the primary targets, according to posts on messaging app Telegram leaked to the British media.

The government has said 6,000 specialist police are being readied to deal with England’s worst disorder in over a decade, which has seen hundreds arrested and more than 100 charged.

The violence broke out after three girls, aged nine, seven and six, were killed and five more children critically injured during a knife attack at a Taylor Swift dance class in Southport, north west England.

False rumours initially spread on social media saying the attacker was a Muslim asylum seeker. The suspect was later identified as 17-year-old Axel Rudakubana, born in Wales. UK media reported that his parents are from Rwanda.

Despite the police statement, initial disturbances in Southport centred around a local mosque, and widespread violence has rocked England and Northern Ireland since.

Prime Minister Keir Starmer late Tuesday warned anyone involved would face “the full force of the law”, including those inciting violence online.

Starmer, a former chief state prosecutor, said he expected “substantive sentencing before the end of this week” for the rioters, after chairing his second emergency meeting in as many days on Tuesday.

“That should send a very powerful message to anybody involved, either directly or online,” he added in televised comments.

The unrest, Britain’s worst since the 2011 London riots, has led a number of countries to warn its citizens about the dangers of travelling in the United Kingdom.

Musk row

Rioting in several cities has seen demonstrators throw bricks and flares at police officers, burn cars and attack mosques and at least two hotels that have been used as accommodation for asylum seekers.

Scores of alleged perpetrators were hauled before judges on Tuesday, with some entering guilty pleas.

A 19-year-old man became the first person to receive a prison sentence related to the unrest when he received a two-month term Tuesday, PA Media reported.

Another man was convicted after he admitted assaulting a police officer outside a hotel housing asylum seekers in Rotherham, northern England, on Sunday.

A 15-year-old boy pleaded guilty to committing violent disorder in Liverpool on Saturday after he was identified from a TikTok video, while a man in Leeds admitted posting threatening words on Facebook to stir up racial hatred.

The government, only one month old, has vowed to take a tough line on the unrest.

“99.9% of people across the country want their streets to be safe and to feel safe in their communities, and we will take all necessary action to bring the disorder to an end,” Starmer said Tuesday.

Justice minister Heidi Alexander told BBC Radio 4 that the government had freed up an extra 500 prison places.

Police have blamed the disorder on people associated with the now-defunct English Defence League, a far-right Islamophobic organisation founded 15 years ago, whose supporters have been linked to football hooliganism.

The rallies have been advertised on far-right social media channels under the banner “Enough is enough”.

Interior minister Yvette Cooper said “there will be a reckoning” for perpetrators, adding that social media put a “rocket booster” under the violence.

Tech billionaire Elon Musk escalated a dispute with the UK government Tuesday by likening Britain to “the Soviet Union”. A spokesperson for Starmer had said there was “no justification” for Musk’s earlier comment that a British “civil war is inevitable”.

AFP

Soludo inaugurates electoral commission members in Anambra

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Soludo inaugurates electoral commission members in Anambra

The Anambra State Governor, Prof. Chukwuma Soludo, has inaugurated the board of the Anambra State Independent Electoral Commission with Genevieve Osakwe as the chairman.

The inauguration, which took place at the Governor’s Lodge in Amawbia, on Tuesday, came after 10 years since the last local government election was conducted in the state.

During the exercise, the governor said their confirmation by the state House of Assembly paved the way for fulfilling one of the key promises he made to the people of the state.

He said the team will play a crucial role in setting the stage for the local government elections and ensuring the smooth, peaceful, and transparent conduct of polls in the state.

Soludo stressed that they have been called to perform an onerous task, especially as it concerns the conduct of local government elections in the state.

While stating that the law clearly spelt out their wide range of functions, he asked them to expedite action and set a date for the conduct of local government election for ndị Anambra.

He charged them on rendering sterling service with honour and integrity while recalling that the conduct of a local government election was a major promise he made when he assumed office and emphasised that crafting the law and getting the institution up and running, took some time.

He said, “The rest of the job is in your hands. The people of Anambra are expecting you to hit the ground running. When you are done, announce to the people when you will hold elections. I have done my job.

“Ndị Anambra, here comes your ANSIEC Commissioners. I am optimistic that with their credentials, it is expected that the Commission would render first-rate action.”

He added that the terms of reference of the members include organising, undertaking, and supervising all elections and matters pertaining to elections to the elective offices in the local government councils in the state.

“They will render such advice as it may be considered necessary to the Independent National Electoral Commission the compile the register of voters In so far as that register is applicable to the local government of the state, prescribes guidelines to political parties, stipulates the rules and procedure for the conduct of Local Government elections in the State, conduct voter and civic education.

“Others are to promote knowledge of sound democratic election processes, conduct any referendum or plebiscite required to be conducted pursuant to the provisions of the 1999 Constitution(as amended) or any law of the State, prepare and submit its budget directly to the House of Assembly, liaise directly with the Commissioner of Police, Director, State Security Service, and other relevant security bodies that may facilitate violence-free and fair elections.

“They will consult regularly with all registered political parties in the State and ensure the free flow of information about the Commission, appoint a lawyer to defend the Commission and prosecute anyone who violates the provisions of the law, assign poll clerks and orderlies in respect of each polling station or unit to assist at the poll and perform such other functions as may be conferred on it by Law,” he added.

Other functions of the Commission under paragraph (a) of subsection (1) of this section shall include the division of the area of the local government, into such number of wards or constituencies as are prescribed by law for the purpose of the elections to be conducted by the Commission.

In the exercise of its function under paragraph (a) of sub-section (1) and under sub-section (2) of this section, the Commission shall use the Voters Registers compiled by the INEC.

While speaking, the ANSIEC Chairman,  Osakwe, expressed happiness for being given the opportunity to serve.

She said, “This is a big task. We will wade through the storm. Ndị Anambra will be grateful for our work. We will render this service diligently and transparently.

“This is a formidable team. We’ll do our work and do it well.”

Other members of the commission are Mrs Bernadine Obande, Osita Cyril Igbokwe, Sir Chinedu Anthony Nnalue, Mrs Helen Ifeyinwa Umeh and Mr John Emeka Okeke.

The Deputy governor, Onyekachukwu Ibezim; Secretary to the State Government, Prof. Solo Chukwulobelu; Head of Service, Barr. Theodora Igwegbe, Chief of Staff to the Governor, Mr Ernest Ezeajughi; Attorney General and Commissioner for Justice, Barr. Sylvia Ifemeje, former Speaker of the State House of Assembly, Rt. Hon. Uche Okafor, SA on Legal matters, Tobechukwu Nweke SAN, and other members of the State Executive Council were present at the event.

Recall that the last local government elections were last held in the state in 2014, and for over 10 years, all the 21 local government areas have been run by caretaker committee chairmen appointed by the governor every three months.

Three Nigerians emerge finalists for Africa education medal 2024

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Three Nigerians emerge finalists for Africa education medal 2024

 

Three Nigerian educators have been selected as finalists for the Africa Education Medal 2024.

The Communications Manager, Middle East and Africa, HP, Myroessa Metaxa, in a statement on behalf of the organisers of the event on Tuesday, said Olanrewaju Oniyitan, Hakeem Subair, and Josiah Ajiboye were among the 10 finalists recognised for their transformative work in education across Africa.

According to the organisers, the medal is awarded to individuals who have demonstrated impactful leadership and advocacy in education.
Oniyitan, founder and Executive Director of SEED Care and Support Foundation, has been a pioneer in initiatives aimed at improving education in Nigeria.

“Her dedication and commitment to education have made a significant impact on the lives of many students and communities.

“We congratulate Olanrewaju Oniyitan, Hakeem Subair, and Josiah Olusegun Ajiboye on their well-deserved recognition as finalists for the Africa Education Medal 2024,” the statement read

The statement added that the contributions of the finalists to education in Nigeria and Africa are inspiring.

A Senior Education Business Leader at HP, Mayank Dhingra, lauded the finalists.

“Their dedication to transforming education in Nigeria is truly inspiring and will motivate others to join the cause of ensuring quality education for all,” Dhingra stated.

Dhingra added that HP has a goal to accelerate digital equity for 150 million people globally by 2030.

“Only by joining forces and aligning with non-governmental organisations, government, educators, and businesses can we truly improve the education environment,” he stated.

He maintained that the programme brings together all those who are changing the face of African education, “whose work we must all learn from if the world is to meet the Sustainable Development Goals by 2030,”

The founder and Chief Executive Officer of T4, Vikas Pota, said that the programme honours changemakers where change is needed most.

“If we are to tackle these colossal challenges, and unlock the continent’s future, we must build a community of leaders from every sphere of society committed to educational transformation.

“Leaders like Olanrewaju, Hakeem, and Josiah are the torchbearers of this mission,” Pota said.

The Africa Education Medal, founded by HP and T4 Education, celebrates the stories of leaders who have sparked change and inspired others to work towards providing quality education for all.

Nominations for the Africa Education Medal opened in February 2024 for individuals working to improve pre-kindergarten, K-12, vocational, and university education who are either educators or school leaders, civil society leaders, public servants, government officials, political leaders, entrepreneurs, business leaders, or technologists.

In its third year, the Africa Education Medal is the oldest of the three World Education Medals established by T4 Education and HP.

The winner will be announced in October. They will be chosen by a Jury comprising prominent individuals based on rigorous criteria.

Ogun community rejects monarch, demands due process

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Ogun community rejects monarch, demands due process

The Council of Baales in Orile-Imo, in Obafemi/Owode Local Government Area of Ogun State has rejected the recent installation of Oba Reuben Sogaolu as the Olu of Orile-Imo, citing procedural breaches and lack of community involvement.

The community accused the Alake of Egbaland, Oba Adedotun Gbadebo of imposing the monarch on them without recourse to the laid down rules

This was contained in communique issued on Monday after a meeting held to examine the brewing discontent among members of the community.

Those at the meeting were said to have included the Imo Traditional Council, youth groups, market women, and religious leaders.

The communique signed by over 20 Baales (community leaders) including Chief Durodola Fatai, Kola Jimoh, Ogunjimi Olusoji, and others expressed shock and dismay at the news of Sogaolu’s installation by the Alake of Egbaland without the involvement of community stakeholders.

The community emphasised that the Imo Traditional Council, which plays a pivotal role in the selection process, was not consulted, leading to widespread belief that Ogun State Governor, Dapo Abiodun, may have been misinformed about the legitimacy of the recommendation.

“The governor, known for his respect for the laws of our land, cannot knowingly support a blatant disregard for the rule of law,” the communique stated, highlighting the community’s confidence in the governor’s commitment to legal and traditional norms.

The Council of Baales declared that Sogaolu’s appointment is unacceptable, citing a complete breach of the established selection procedures.

The communique stated, “Alake lacks the authority to unilaterally appoint the Olu of Orile-Imo, as his role is limited to acting on recommendations from the Imo Traditional Council.

“This stance was reinforced by a letter from the Alake dated August 30, 2023, in which he instructed the Oluwo of Imo, Chief Olorunsogo Ogunwemimo Ogunbona, to collaborate with other stakeholders to recommend a suitable candidate.

“Despite this directive, the Alake proceeded independently, disregarding his own guidelines and contradicted his call for a candidate most appropriate in all ramifications.”

The council argued that Sogaolu, who lacks significant ties to the community beyond his lineage, does not meet this criterion.

They contended that “an Oba should be someone who is well-known, resides in the town, and has actively contributed to its development”.

In a message to the state governor, the general public, the Council of Baales warned that the Alake’s actions could incite unrest in the otherwise peaceful Orile-Imo.

They stressed the community’s need for a ruler who genuinely represents and is invested in the town.

“As law-abiding citizens, we will not take the law into our own hands but will explore all legitimate avenues to seek justice and ensure the people will prevail,” the communique asserted, indicating a readiness to pursue legal redress.

The Baales described Alake’s recommendation “as illegal, unlawful, and unconstitutional” resolving to vehemently reject Sogaolu’s nomination and coronation.

However, Chief Tajudeen Oladeinde, the Amona Baaroyin of Egbaland has said that the Alake has not done anything to suggest that he acted unilaterally because the nomination of Oba Sogaolu was properly done by the people of the Orile-Imo community.

Oladeinde said that the communique lacked substance because due process was followed before the monarch was installed

He said, “Our attention was drawn to a communique purportedly sent to the Governor of Ogun state.

“Having gone through the contents, we found out that it contains no sustance

“Oba Reuben Oluwambe Sogaolu was properly nominated by the imo people and the candidature was unanimously ratified by the Egba Traditional Council before the name was sent to the Ogun State Government for approval.

“Due process was observed at every stage to fill the vacant stool of Olu Orile imo.

“it was after the Ogun State approval that the Executive Governor of Ogun State, Dapo Abiodun, presented the staff of office to the traditional ruler. Sequel to this was also the crowning of the Oba by the Alake and Paramount Ruler of Egbaland, Oba Michael Adedotun Aremu Gbadebo.

“It is wrong for anyone or a group of people to say the traditional ruler was imposed on them.

“However, it is normal to have dissent voices. But I want to tell you that efforts are in top gear to bring all factions together for the progress of the community.”

Biafra: Simon Ekpa alleges assassination attempts

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Biafra: Simon Ekpa alleges assassination attempts

The leader of the Biafra Government In-Exile, Simon Ekpa has alleged that there is assassination attempt against him.
Ekpa disclosed this in a statement through his official X handle on Tuesday.
He claimed that a suicide bomber had been allegedly deployed from Abuja and headed for Finland.
He further alleged this was the fifth attempt to take his life amid his struggle for Biafra liberation in recent times.
Ekpa said he was monitoring the situation and assured that Biafra Independence would triumph over any attempt.
“Sending suicide bombers to Finland to attack Simon Ekpa is their last option and they just departed from Abuja airport.
“This is just to inform them that we are monitoring them even from the time they dropped them at the Abuja airport, to their next destination.
“We are waiting for you suicide bomber at the port of entry. Their Finland contact knows already he is in the pot of soup.
“I remain committed to Biafra Independence, this is your 5th attempt, you are now sending terrorists to Europe.
“If you know this man called Simon Ekpa, you will stop sleeping. Let me leave it here. It is not yet time for that”, he claimed.
Biafra: Simon Ekpa alleges assassination attempts

FG spends $600m on fuel importation monthly

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FG spends $600m on fuel importation monthly

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that the country currently spends $600m on fuel importation monthly.

He stated that the high import bill is due to neighbouring countries, up to Central Africa, benefiting from the country’s fuel imports.

The minister stated this during an interview on AIT’s Moneyline programme, which was posted on its Youtube channel on Wednesday.

Edun explained that the situation was the reason President Bola Tinubu removed fuel subsidy, as the country does not know the exact amount of fuel consumed internally.

According to a report by the National Bureau of Statistics, the country’s petrol import was reduced to an average of one billion litres monthly after President Bola Tinubu removed the fuel subsidy on May 29 last year.

He said, “The fuel subsidy was removed May 29, 2023, by Mr President, and at that time, the poorest of 40 per cent was only getting four per cent of the value, and basically, they were not benefitting at all. So it was going to be just a few.

“Another point that I think is important is that nobody knows the consumption in Nigeria of petroleum. We know we spend $600m to import fuel every month but the issue here is that all the neighbouring countries are benefitting.

“So we are buying not for just for Nigeria, we are buying for countries to the east, almost as far as Central Africa. We are buying. We are buying for countries to the North and we are buying for countries to the West. And so we have to ask ourselves as Nigerians, how long do we want to do that for and that is the key issue regarding the issue of petroleum pricing.”

He added that the nation must take a decisive step to tackle step the problem as it impedes it’s economic growth.

Of great importance to the government, Edun said, is the welfare of the people, particularly the vulnerable.

One of the key areas of focus is ensuring food availability and affordability.

Speaking further in the interview, the finance minister clarified that the N570bn fund release to state governments was implemented last year December.

He said, “This actually refers to a reimbursement that they received from December last year onwards and it was a reimbursement I think under the COVID financing protocol but the point is that the states have received more money. They have received more money. Mr President has charged to ensure food production in the states.”

Edun also clarified that the recent decision to raise the maximum borrowing percentage in the Ways and Means from five to 10 per cent does not imply that the Federal Government tends to rely on the Central Bank of Nigeria financing.

He said the government had rather used market instruments to manage its debts.

The minister said, “We have not gone to the central bank to say, please lend the government money to pay its debt, to pay its salaries. That’s Ways and Means. We have not gone. In fact, we have used market instruments to pay down what we owed, and that is a very, very germane aspect of having a strong economy.

“It was raised to 10 per cent, but that doesn’t mean it will be used. It’s there as a fail-safe and just gives that extra flexibility so that if a payment needs to be made and there is a mistiming or gap in when revenue would come in and expenses, we can just draw it down briefly.”

He described the approval by the National Assembly as a fail-safe measure.

The minister added, “Sometimes it just gives that extra flexibility so that if a payment needs to be made and there’s a mistiming, there’s a gap between the time at which the revenue will come in and the expenses needed, you can just draw down briefly.

“So, the aim is to keep within the letter of the law, I think that’s the main point.”

He also said the welfare of Nigerians remained a key priority for the current administration, particularly ensuring food availability and affordability.

Edun said, “There is a concerted effort to ensure that we have homegrown food available. In the short term, apart from what is being distributed from reserves, there is a window that has been opened for importation because the commitment of Mr President is to drive down those prices now and make food available now.”

He assured all that the measure would not undermine local farmers, as importation would only be permitted after exhausting local supplies.

He said, “So, one of the conditions for this importation will be that everything available locally in the markets or with the millers and so forth has been taken up. We will have auditors that will check that.”

He said these interventions seek to reduce inflation, stabilise exchange rates, and lower interest rates, thereby creating a conducive environment for investment and job creation.

Maresca laments Chelsea’s ‘habit of conceding goals’ after Madrid loss

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Maresca laments Chelsea’s ‘habit of conceding goals’ after Madrid loss

Chelsea manager, Enzo Maresca has lamented his team’s habit of conceding too many goals.
Maresca, who joined the team at the end of last season, stated this following Chelsea’s 2-1 defeat to Real Madrid in a preseason friendly on Wednesday morning.
The Blues were beaten by a young Real Madrid side in Charlotte, in the final match of their United States tour.
First-half goals from Dani Ceballos and Brahim Diaz were enough for Madrid despite Noni Madueke’s header as the Blues again looked vulnerable at the back.
Chelsea have conceded 12 goals across five pre-season games in America, going 4-0 down in two of those matches and winning just one.
Read Also: OFFICIAL: Chelsea appoint Enzo Maresca as manager
“One of my first meetings with the squad was about the amount of goals we conceded last year with the defensive line very high,” said Maresca.
“We are not working on defensive lines so high. It’s a habit from last year, or years ago, I don’t know.
“We are trying to drop the defensive line a little bit, usually about four or five metres, just to have some advantage.
“Last year, we already conceded many goals with this problem. Hopefully we can solve it very soon.”
Chelsea next face Inter Milan in their final friendly at Stamford Bridge on Sunday before their Premier League opener at home against champions Manchester City on 18 August.
The post Maresca laments Chelsea’s ‘habit of conceding goals’ after Madrid loss appeared first on Latest Nigeria News | Top Stories from TVN.

Dangote Refinery to sell remaining NNPC 12.7% stake – Fitch

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Dangote Refinery to sell remaining NNPC 12.7% stake – Fitch

The Dangote Refinery is planning to sell a 12.7 per cent stake in 2024 for loan servicing, Fitch Ratings, a credit rating agency says in a report released on Monday.

Fitch recalled that the Nigerian National Petroleum Company Limited had earlier planned to acquire a 20 per cent stake in the refinery.

However, the rating agency indicated that the decision of the national oil firm not to exercise its option of acquiring an additional 12.75 per cent as of June 2024 may impact the group’s ability to service loans.

In 2021, the NNPC acquired a 7.25 per cent stake in the refinery for $1.0bn, with an option to purchase the remaining 12.75 per cent stake by June 2024. But the national oil firm has since reneged on its decision.

“Since the option has not been exercised, the group plans to divest a 12.75 per cent stake in DORC in 2024.

“The group intends to service its significant syndicated loan maturing in August 2024 from the equity divestment. However, timely divestment and meeting the imminent maturity are highly uncertain in our view,” Fitch said.

It could be recalled that the President of the Dangote Group, Alhaji Aliko Dangote, opened up in July that the NNPC has only a 7.2 per cent stake in the refinery and not 20 per cent as most Nigerians used to think.

“The agreement was actually 20 per cent which we had with NNPC, and they did not pay the balance of the money up till last year; then we gave them another extension up till June (2024), and they said that they would remain where they have already paid, which is 7.2 per cent. So NNPC owns only 7.2 per cent, not 20 per cent.” Dangote stated.

NNPC confirmed this, saying it decided not to invest further in the refinery.

“NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.

“The decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago,” the NNPC said in a statement by its spokesperson, Olufemi Soneye.

Meanwhile, a former Minister of Education, Oby Ezekwesili, called for an independent audit of why the Nigerian National Petroleum Company Limited capped its investment in the Dangote Petroleum Refinery at 7.2 per cent instead of the planned 20 per cent.

“Did the Nigerian government not tell us it borrowed $3.3bn from Afriexim-Bank to take a stake in the Dangote refinery?” Ezekwesili asked, calling on President Bola Tinubu to immediately launch an independent audit of the Dangote refinery-NNPC transaction to offer the public the true state of play.

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