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Naira devaluation impacts Dangote Industries’ ratings – Fitch, GCR

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The devaluation of the naira has been highlighted as a factor that will impact the ratings of Dangote Industries Limited.

According to the international rating agency Fitch Ratings, on Monday, DIL’s national rating was reviewed downward to ‘B+(nga) from ‘AA(nga),’ and its ratings were placed on the Rating Watch Negative.

Also, the senior unsecured debt rating issued by Dangote Industries Funding Plc has been reviewed downwards to ‘B+(nga)’ from ‘AA(nga)’.

On Tuesday, GCR Ratings reaffirmed DIL’s national scale long-term and short-term issuer ratings of AA+(NG) and A1+(NG).

However, both rating commentaries highlighted the impact of the devaluation of the naira on the group’s liquidity rating.

Fitch said that the downgrade reflected a significant deterioration in the group’s liquidity position.

The group’s liquidity position was said to have “followed lower than expected disposal proceeds, operational and financial underperformance compared to our prior expectations, also affected by local currency devaluation, and a lack of contracted backup funding to repay its significant debt facilities maturing on August 31, 2024”.

“We view the lack of DIL’s audited accounts for 2023 as a corporate governance issue. The RWN reflects uncertainty related to the group’s ability to refinance maturing debt. Lack of tangible steps to refinance or repay the maturing debt would lead to further downgrades, while we do not expect a positive rating action until the company’s liquidity position improves substantially.”

In a statement made available to our correspondent, GCR Ratings highlighted the impact of the newly operational refinery and its contributions to the group’s overall business profile, stating, “The ratings were affirmed on the prospects of significant growth in earnings following the commencement of operations at the new petrochemical refinery and robust earnings expectations from the other businesses.”

However, GCR noted concerns about the devaluation of the naira, adding, “The ratings are constrained by the adverse impact of the currency devaluation on the profitability and financial position of the group, given its significant foreign debt exposure.”

The naira was devalued in June 2023 when the Central Bank of Nigeria harmonised segments of the foreign currency market. The country’s foreign exchange rate has remained volatile despite spirited efforts on the part of the CBN.

Focusing on the immediate refinancing risk, Fitch said, DIL had immediate debt servicing requirements related to the syndicated loan raised to finance the construction of Dangote Oil Refining Company.

According to the rating agency, further delays in meeting the funding requirements would significantly increase the likelihood of financial restructuring or default and lead to further rating downgrades.

It added that currency devaluation in June 2023 caused the group to record a significant foreign exchange loss of N2.7tn in 2023, on the back of a mismatch between dollar-denominated debt and domestic revenues.

It stated the group had senior secured debt raised at subsidiary levels, amounting to $2.7bn at end-2023, representing 49 per cent of total group debt.

“The debt structure also includes on-demand shareholder loans from its ultimate parent, Greenview plc, amounting to $2.3bn, representing 43 per cent of total debt. We view shareholder loans as subordinate debt. The company has also raised senior unsecured debt amounting to N350bn with long-dated maturities in 2029 and 2032 to finance capex requirements.”

Focusing on the Nigerian National Petroleum Corporation Limited’s stake in the Dangote refinery, 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 have an impact on the group’s ability to repay debt.

In 2021, NNPCL acquired a 7.25 per cent stake in DORC’s project entity for $1.0bn, with an option to purchase the remaining 12.75 per cent stake by June 2024.

“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,” part of the commentary read.

However, GCR said that it recognised the potential of the Dangote Group, whose business profile had been bolstered by the commencement of refining operations in February 2024.

“The refinery is expected to play a significant role in enhancing the group’s business fundamentals, particularly with its capacity as the largest refinery in Africa and Europe.”

GCR further commented on the group’s strategic positioning, adding that these factors contribute to the positive outlook for Dangote’s future growth. We expect strong export sales potential given the recent debut exports of refined oil to Europe,” GCR remarked.

Tinubu appoints new RMAFC commissioners

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President Bola Tinubu has appointed 21 federal commissioners to the Revenue Mobilisation Allocation and Fiscal Commission, pending their confirmation by the Senate.

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, revealed this in a statement signed Tuesday night titled, ‘President Tinubu appoints Federal Commissioners of the Revenue Mobilization Allocation and Fiscal Commission.’

The new commissioners are Linda Oti (Abia), Akpan Effiong (Akwa Ibom), Enefe Ekene (Anambra), Prof. Steve Ugba (Benue), Chief Eyonsa (Cross-River), Aruviere Egharhevwe (Delta), Nduka Awuregu (Ebonyi), Victor Eboigbe (Edo), Wumi Ogunlola (Ekiti), Ozo Obodougo (Enugu) and Kabir Mashi (Katsina).

Others are Adamu Fanda (Kano), Dr. Kunle Wright (Lagos), Aliyu Abdulkadir (Nasarawa), Bako Shetima (Niger), Samuel Durojaye (Ogun), Nathaniel Adejutelegan (Ondo), Saad Ibrahim (Plateau), Modu-Aji Juluri (Yobe), Bello Garba (Zamfara) and Mohammed Usman (Gombe).

“The President expects the new federal commissioners to demonstrate absolute fidelity to the nation in the discharge of their duties,” the statement added.

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Army to investigate death of 18-year-old boy in Kaduna

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The Nigerian Army has promised to investigate the death of an 18-year-old boy, Isma’il Muhammad, in Kaduna State.
The boy was allegedly shot dead by a soldier on patrol in Samaru, Zaria.
The General Officer Commanding (GOC), 1 Division, Nigerian Army, Kaduna, Maj.-Gen. MLD Saraso, gave the assurance when he visited the family of the deceased on Tuesday in Zaria.
The GOC later addressed youths in the area and assured that a thorough investigation would be conducted on the matter.
He invited community members with substantive evidence to forward the same for necessary action.
Saraso said the incident was unfortunate and urged the community to live in peace.

READ ALSO: Army leaders arrested in Bolivia after failed coup attempt

The deceased’s mother, Zainab Sani, said the victim was shot by a trigger-happy soldier on patrol with his colleagues around 9:00 a.m., at their residence at Sarkin Pawa Street, Samaru, Zaria.
She said the late Isma’il was playing with his friends and brother in front of their house when they saw soldiers coming in their direction.
“With one of the soldiers pointing his gun at them, they ran into the house and shut the gate.
“The soldier, however, shot at the gate and killed Isma’il who stood by the gate to prevent the soldiers from gaining entrance,” the mother said.
She added that his son had just written his secondary school certificate examination in Zaria and was seeking admission to a university when the incident occurred.
The post Army to investigate death of 18-year-old boy in Kaduna appeared first on Latest Nigeria News | Top Stories from TVN.

Lagos CP probes harassment of reporter

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The Lagos State Commissioner of Police, Adegoke Fayoade, has directed an immediate investigation into the harassment of a News Central reporter by thugs while covering a protest in the Ojota area of the state.

The thugs had demanded that the reporter leave the area.

According to a statement released by the state Police Public Relations Officer, Benjamin Hundeyin, on X.com, the commissioner has tasked the investigating team with identifying and prosecuting the perpetrators.

The investigation was prompted by an official complaint filed by the News Central crew, led by Managing Director, Kayode Akintemi, at the police command headquarters in Ikeja on Tuesday.

The PPRO wrote, “The Commissioner of Police @LagosPoliceNG, CP Adegoke Fayoade, has ordered an immediate investigation into this incident. He mandated the investigating team to fish out the miscreants and ensure their prosecution accordingly.

“He gave this directive today when the crew involved, led by News Central MD, #KayodeAkintemi, submitted an official complaint letter at the command headquarters, Ikeja.”

Click the link below to watch the video:

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South East lawmakers petition IG, demand ‘Igbo must go’ sponsors arrest

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The joint caucus of the South East members of the National Assembly has petitioned the Inspector General of Police, Kayode Egbetokun, calling on him to arrest and prosecute those instigating anti-Igbo action in the South West.

The lawmakers made this known in a petition signed by the leader of the South East Senate Caucus, Enyinnaya Abaribe, and the leader of the House of Representatives, Igariwey Enwo, submitted to the IG at the police headquarters in Abuja on Tuesday.

The lawmakers called the attention of the IG to an anti-Igbo post made on July 27 on X account of @Lagospedia wherein Lagosians and South West stakeholders were asked to prepare for a massive protest of #IgboMustGo on August 20 to 30.

The post further gave Igbos in the South West one month to leave and relocate their business from all South West states and for all Yoruba living in the South East to return home.

The lawmakers, therefore, said that since the post was sent out and despite the fact that the X account in question was deactivated on August 3, the social media has been awash with vitriol against the Igbo with several handles.

The petition read, “It is on record that a Yoruba man initiated the call for the protest and that leaders of the South East had called on our people not to join the protest; hence, the relative peace we are enjoying in the region, as there were barely any protests.”

The Caucus stressed that “Nigeria is home to all of us, and as we battle to keep this country on the track of growth and greatness, efforts must be made to ensure that every part of the country is given a sense of belonging.

“This is only possible when relevant government bodies protect the rights of people.”

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Police nab foreigner sponsoring flying Russian flag in Kano

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The Kano Police Command on Tuesday arrested a Nigerien national believed to be the one sewing the Russian flags raised by protesters in the state.

Also, the police have arrested 76 persons in connection with 25 Russian flags recently being displayed by protesters in various parts of the metropolitan city of Kano.

The state Police Commissioner, Salman Dogo, told newsmen on Tuesday.

“The suspects were found with 25 Russian flags and their arrest has been linked to a case of sedition. The suspects were apprehended at different locations across the metropolis and have been transferred to Abuja for further investigation,” Dogo stated.

Dogo urged residents to support the efforts of security personnel by providing information that could aid the efforts to apprehend those involved in the recent mass looting of public assets.

He assured the public that the police and other security agencies would maintain a visible presence in and around the metropolis to ensure law and order.

Dogo appealed to parents to monitor their children’s conduct and behaviour, warning that anyone found fomenting trouble would be arrested and prosecuted.

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Tinubu appoints chairman, members of TETFund board

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President Bola Tinubu has approved the appointment of the former Governor of Katsina State, Aminu Masari, as the chairman of the Board of the Tertiary Education Trust Fund.

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, made this known in a statement in Abuja on Tuesday titled, ‘President Tinubu appoints new board of the Tertiary Education Trust Fund.’

Other appointed members of the board include Senator Sani Danladi, Sunday Adepoju, Nurudeen Adeyemi, Esther Ukachukwu, Turaki Ibrahim, and Aboh Eduyok.

“The President expects the new members of the board of this pivotal institutional vehicle to be dedicated and committed to driving TETFund’s objective of providing the needed support for tertiary education with a view to enhancing the productivity and quality of higher education,” the statement added.

Masari was the placeholder vice presidential candidate of the All Progressives Congress in the build-up to the 2023 general election before the eventual nomination of Senator Kashim Shettima as Tinubu’s running mate.

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Suspension of duties, taxes on imported food will reduce prices — Customs CG

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The Comptroller-General of Customs, Bashir Adeniyi, has expressed hope that the suspension of duties and taxes on imported food items over some time would help reduce food prices.

Adeniyi stated that his service is dedicated to implementing the policy as outlined by the government.
He spoke at the security heads’ meeting in Abuja on Tuesday.

Adeniyi said, “The protest was premised on a number of things, one of them being to end hunger. We discovered that a significant amount of food consumed in Nigeria is imported. Importation takes some time. So one of the things the president has done to cushion the effect of the cost of importation is to suspend customs duties and taxes on imported food items for a period of time.

“We believe that when this is implemented, it will help to bring down prices of food items in the markets. Nigerian Customs is committed to the implementation of this particular fiscal policy as enunciated by the government.

“What does this kind of intervention imply for the local markets? Because we are trying to address the interests of all stakeholders. Those that are going to enjoy these duty waivers and concessions are also being cultivated by Nigerian farmers.”

He said there was a need to ensure the interests of all the stakeholders were considered before the implementation of the policy.

The Customs boss urged Nigerians to be patient, adding that some of the imported items already in the country would be cleared without duties and taxes.

Adeniyi said, “There is the issue of striking a balance between the long-term interests of Nigerian farmers, Nigerian stakeholders who are involved in the production of these items, and the short-term interests of food inflation.

“So, the guidelines are being worked out at the Ministry of Finance and I can assure you that within the next week, these guidelines will be ready and Nigerian Customs will begin implementation of these particular fiscal policies. So, I therefore urge Nigerians to be a little bit patient, believing that some of these items that have already arrived at our shores will be cleared without the imposition of Customs duty and taxes.”

The Inspector General of Police, Kayode Egbetokun, stated that although tensions had eased in some states following the presidential broadcast, subversive campaigns had emerged in states like Kaduna, Kano, Katsina, and Bauchi.

He said, “We are all aware that in the last 5-6 days, our country has been troubled with the spate of violent protests in some states. After the address of Mr President on Sunday, tension doused, and peaceful protesters heeded the call of Mr President to a brief dialogue.

“But we still have in a few states, in Kano, Kaduna, Katsina, and Bauchi states, groups of people who started a subversive campaign waving flags of other countries and openly calling for a military takeover of our country.”

Egbetokun warned youths to desist from accepting foreign flags from agents of destabilisation.

He said, “This is not a protest, but an offence of treasonable felony. The Police have arrested a number of them and they will be dealt with accordingly. I want to use this opportunity to warn our youth to desist from accepting foreign flags from agents of destabilisation.

“It is very, very implicative for them to be seen with flags of other countries while protesting. So far, the situation is under control and we believe that after this press conference, those misguided elements and their sponsors will desist from this act of treason.”

Military talks tough as pro-Russia rallies spread

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Operatives of the Nigeria Police Force have arrested no fewer than 30 #Endbadgovernance protesters for waving Russian flags in Kano, Kaduna, Katsina and Bauchi states.

The Force spokesperson, Muyiwa Adejobi, said 873 other protesters have been arrested by the police, including a tailor, identified as Ahmed Bello, who was arrested with a large number of flags in Kano.

This comes as President Bola Tinubu directed security agencies to crack down on those flying Russian flags in the country.

Gen. Christopher Musa, the Chief of Defence Staff, said this on Monday while briefing State House correspondents after the National Security Council meeting.

All the service chiefs, including Vice President Kashim Shetima, Nuhu Ribadu, National Security Adviser; and Kayode Egbetokun, Inspector-General of Police; attended the meeting.

He said the service chiefs briefed the President on the current security situation in the country.

He added that the briefing was necessitated by the ongoing nationwide protests, which resulted into violence in some states.

“Initially, when the protest started, they said it was a peaceful protest, but we have realised that there are individuals willing to take advantage of it to cause mayhem.

“And we can see clearly what has happened since it commenced. Criminals have taken over, with a lot of looting, stealing, and all sorts happening,” he said.

He said the situation became worrisome as foreign flags were flown within Nigeria’s sovereignty, and that was totally unacceptable.

“We are warning in clear terms, and the President has also said we should convey this: We will not accept anybody, any individual flying any foreign flag in Nigeria.

“That is a treasonable offence, and it will be viewed and treated as such. So, nobody should allow himself to be used by any individual,” said the general.

He said those flying foreign flags were mainly children who were being pushed to do so.

“We’re following up with those who are sponsoring them. Some people are pushing them because the flags were also made. We have identified those behind it, and we are going to take serious action against them.

“The President is clear in his instructions that we do not accept anyone who wants to disrupt the peace and tranquillity of Nigeria,” he said.

He said all security agencies were ready to defend democracy and the nation’s sovereignty.

“We will not accept anyone taking any action, for whatever reason, to want to push for any change of government.

“Democracy is what we stand for; democracy is what we will continue to defend,” he said.

The CDS said he had earlier stated that the military would step in if the protests got out of hand.

“You can see that some subversive elements are pushing individuals to carry Russian flags in Nigeria; that is crossing the red line, and we will not accept that.

In a national broadcast on Sunday, President Tinubu pleaded with the organisers of the nationwide protest to suspend the action as it had gone violent in some states with the attendant loss of lives and destruction of property.

Speaking at the Strategic Communications Interagency Policy Committee joint press briefing, in Abuja, on Monday, Adejobi stated that the police were on the trail of other suspects, especially the sponsors of the protesters waving the Russian foreign flags.

Protesters in their numbers had been seen waving Russian flags around the busy Kano-Zaria Road, Hadejia Road and near the Nyanya bridge, a suburb of Abuja, among others.

Aside from protesting the economic hardship occasioned by the removal of fuel subsidy, the demonstrating youths also called for the intervention of the Russian President, Vladimir Putin.

Viral photos and videos showed demonstrators waving the flags as they chanted in Hausa, “We don’t want bad government.”

On Monday, protesters in Kaduna were also seen waving the Russian flags and chanting in Hausa, “Welcome, Russia; Welcome, Russia.”

The protesters regrouped at the Stadium Roundabout before they embarked on a procession at 10:15am Monday morning, marching along the Junction Road towards Ahmadu Bello Road and chanting in Hausa, “Tinubu ze soka’ kaa’sa,” which translates to, “Tinubu must step-down.”

They hailed military personnel, who patrolled the metropolis, chanting, “Tinubu yaa’so’ka, mu’na so soja”, meaning, “Tinubu step down, we want soldiers.”

A few of the protesters waved the Russian flag and chanted the Hausa refrain, “Bama so”, meaning “We don’t want hunger.”

Another group of the protesters tore the Nigerian flag into shreds.

When one of our correspondents asked one of the protesters why they were flying the Russian flag, he said they wanted Nigeria to embrace the Russian government’s style of leadership like some of the countries in the West African region had already done.

“The American and British governments are the ones teaching all our leaders how to kill Nigeria’s economy.

“We are tired of them. Nigeria is tired of their wickedness and hypocrisy. So, like Mali, Burkina Faso and Niger, we want Nigeria to embrace Russia. We like Russia’s style. They are better than USA and Britain, who have nothing for the people except our leaders, who are benefitting from them,” the protester stated.

Russia, an Eastern power currently mired in a cold war with the West, has been blamed for the unconstitutional changes of government in West African countries Niger, Mali and Burkina Faso and others.

The Department of State Services stated on X.com that it had arrested some tailors sewing the Russian flags in Kano State, adding that some of their sponsors had also been nabbed.

The DSS post read, “Meanwhile, the Service has apprehended some tailors in Kano State responsible for making Russian flags being distributed in the area. Some of their sponsors have also been picked. An investigation is ongoing.”

This comes as some governors in the North held emergency meetings with security operatives to stop the protests, while curfews were imposed in Plateau, Kaduna and Bauchi states as tempers flared after day five of the protest.

As of the time of filing this report, the Bauchi State Governor, Bala Mohammed, was leading a Security Council Emergency Meeting at the Government House.

The Governor, while speaking at the opening of the meeting, noted that the meeting became necessary following the destruction of infrastructure in the state.

Representatives of various security personnel in the state, traditional and religious leaders, civil society organisations, youth groups, among others, attended the meeting.

Kaduna State Governor, Senator Uba Sani, also held an emergency security meeting with heads of security agencies to assess the situation after protesters unexpectedly took to the streets, waving Russian national flags on Monday.

One of our correspondents learnt that following the meeting, the state’s Commissioner for Internal Security and Home Affairs, Samuel Aruwan, announced a 24-hour curfew for Kaduna and Zaria metropolitan cities to maintain law and order.

The curfew aims to address the escalating security concerns and prevent further unrest in the affected areas.

It was also learnt that the Kano State Governor Abba Kabir Yusuf had held series of security meetings with heads of various security agencies in the state following the anti-hunger protests, which snowballed into violence.

A source at the Government House told The According on Monday that the meetings were part of efforts to review the security situation in the state following the massive looting and destruction of public property by hoodlums in Kano.

“For the past three days, the Governor has been holding security meetings to review the security situation in the state,” our source said.

Also, Gombe State Governor, Muhammadu Yahaya, on Monday, presided over an expanded emergency security meeting to review the situation and develop a coordinated strategy to prevent further occurrence.

The meeting, which had heads of security agencies, commissioners, local government areas chairmen and traditional rulers, focused on reviewing the security situation in the aftermath of the protests as well as various measures to prevent future occurrences and to ensure the safety of residents across the state.

Addressing the press after the meeting, the Secretary to the State Government, Professor Ibrahim Njodi, said, “The government recognises that the protest was primarily driven by the current economic hardship. We are deeply concerned about the welfare of our citizens and are committed to addressing these issues promptly. We acknowledge that security is everybody’s business and therefore, urge members of the public to remain supportive of the government and the security agencies in ensuring security of lives and property.

“As part of renewed efforts to address the hardships, the government plans to roll out another round of food palliatives to support vulnerable households across the state. This initiative, the 19th in the series, aims to provide immediate relief and ensure that no resident goes hungry during these trying times.”

On his part, the state’s Commissioner of Police, Hayatu Usman, who spoke on behalf of the security agencies, reiterated the commitment of the security agencies to maintaining law and order, assuring residents of their safety while urging the public to remain calm and peaceful.

“We are committed to ensuring the safety of lives and property. We urge all residents to cooperate with the authorities and refrain from any actions that could lead to violence or disruption. We cannot allow any actions that are capable of jeopardising our peace. We are not against any protest as far as it follows the rules,” Usman added.

Meanwhile, Plateau State Governor, Caleb Mutfwang, on Monday also convened a State Security Council Meeting to assess and review the current security situation in the state.

This comes after Mutfwang had declared a 24-hour curfew in Jos and Bukuru metropolis.

In a statement signed by the Governor’s Director of Press and Public Affairs, Gyang Bere, Mutfwang said the curfew, which was effective from midnight on Sunday, was imposed in the affected areas following reported cases of looting of goods in the Bauchi Road community and Zolo Junction by hoodlums on Sunday.

This is even as hoodlums went on rampage destroying some property in different locations – including the University of Jos, which had its gate torched and the Dilimi community, where some shops were vandalised and looted – in Jos, the state capital.

The security meeting, chaired by Governor Mutfwang, had in attendance all heads of security agencies in the state, Deputy Governor, Josephine Piyo; Secretary to the State Government, Samuel Jatau; Chief of Staff, Jeremiah Satmark; the Gbong Gwom Jos, Da Jacob Gyang Buba and the Attorney-General and Commissioner for Justice, Philemon Daffi.

Governor Mutfwang stated that it was aimed at evaluating the current security situation and protecting lives and property from the actions of miscreants.

The State Commissioner of Police, Mr. Emmanuel Adesina, who briefed journalists after the meeting, urged residents to strictly adhere to the curfew earlier declared by the state government on Jos and Bukuru metropolis. He reported that 14 individuals had been arrested for violating the curfew.

“The nationwide protest had been peaceful in the state until some miscreants hijacked it on Sunday and began looting public and private assets,” Adesina said. “Our resolution at the meeting is to fully and vigorously enforce the curfew. Anyone caught violating it will be prosecuted.”

Speaking further on the flag-waving incidents, police spokesman Adejobi said the suspects committed treasonable felony by waving a foreign flag in the country.

He said, “So, we need to set this record straight. We have been able to arrest some individuals who were engaging themselves in what I call a treasonable felony.

“To carry the flags of a foreign country in another country is a criminal offence. We have arrested them. Just this (Monday) morning, we arrested one Ahmed Bello from Kano State, for producing a large quantity of Russian flags given to young Nigerians to go and fly for reasons known to him. We are profiling him.

“Do we want to get other sponsors like him? As I speak with you, the same thing has happened in Kaduna. Thus, as we started this briefing, we’ve been able to arrest 30 of them with the same Russian flags. The undertones of this protest, based on our intelligence before this commenced on August 1 2024, have begun to manifest.’’

He added, “I don’t think the #Endbadgovernance protest should degenerate to a level where a foreign country’s flag will be flown in Nigeria. And it’s like spreading from one state to another and another place. Are we still having a protest? That is a big question for all of you.”

Responding to a demand from the protest organisers for the release of the EndSARS protesters, Adejobi stated that those incarcerated in correctional facilities had been charged with criminal offences.

He added, “I want to use this one to even set the records straight. One of the demands of protesters is that the Federal Government should release those who are being incarcerated in prisons for EndSARS protests. We have seven names.

“The Take It Back Movement alleged and tackled our statement from the police that we don’t have any protests in any of our facilities in Nigeria.

“Those incarcerated are those who are in correctional facilities. They are criminals who have been charged to court and they were charged to court for armed robbery, murder and other criminal offences. No single EndSARS protester is still being incarcerated or kept in any of our facilities in Nigeria.”

He added that one of those in prison invaded the Oba of Lagos’ palace and carted away some property.

Adejobi said, “We did our findings and we noticed that the names they rolled out are not protesters. Those who went to attack us, I think one or two of them are those who went to the palace. Is Oba’s palace part of the EndSARS protest? Is it a police station? I don’t think the Oba’s palace in Lagos is part of the police facility.”

In his nationwide broadcast on Sunday, the President urged protesters not to allow those he called “enemies of democracy” to use them to overthrow his government.

“Let nobody misinform and miseducate you about your country or tell you that your government does not care about you.

“Although many hopes have been dashed in the past, we are in a new era of Renewed Hope,” Tinubu said.

On Monday, the security operatives in the FCT scaled up the offensive on protesters as they prevented them from having their street demonstration in the nation’s capital.

At Karu, the security operatives quickly dispersed the protesters with teargas and arrested three.

At Gudu, Area 1 and Gwarinpa areas of the FCT, the protest was disrupted by the security agents.

The protesters, however, didn’t converge on the Moshood Abiola National Stadium as security vans barricaded the entrance.

This is happening as the DSS arrested Adaramoye Michael, popularly known as Michael Lenin, the National Coordinator of the Youth Rights Campaign and one of the leaders of the protest.

Lenin was picked up by the DSS around 2 am on Monday at his residence in the Apo area of the FCT.

The Director of Mobilisation, Take It Back Movement, Damilare Adenola, said Lenin’s house was raided by DSS, adding that the operatives assaulted him during the arrest.

He said, “Lenin has been arrested by the DSS. He was picked up during a raid on his house around 2am. He was arrested and tortured in the presence of his family. We are demanding for his immediate and unconditional release.”

But the service denied arresting Lenin.

“The DSS can confirm that Adaramoye Michael (aka Michael Lenin) is not in its custody,” it said in a post on X.com.

But Adenola insisted his colleague is with the secret police.

He said, “That is a blatant lie. The activist went missing after his residence was raided. However, when our lawyer, Deji Adeyanju, visited the facility of the SSS, it was confirmed that they have him.”

Adeyanju confirmed that Lenin is with the DSS.

“They (DSS) are lying,” he said.

Lenin was one of the organisers who spoke at a press briefing expressing disappointment with President Tinubu’s broadcast on Sunday.

At the briefing, he said the President’s broadcast demonstrated that he was out of touch with reality in the country.

Meanwhile, the organisers of the #Endbadgovernance protest have vowed to drag Tinubu before the United Nations and other international organisations over alleged rights abuses.

Adenola said the group would soon file their petition against the President.

He said, “We are planning to petition the United Nations and other international organisations as soon as possible. These blatant human rights abuses from a civilian dictator will not be tolerated.”

The Initiator of the Creative Change Centre, Omole Ibukun, added, “We are planning to do that petition on international platforms.”

In a related development, the leadership of the New Nigeria People’s Party has distanced its members from the protesters spotted waving Russian flags around in Kano and the neighbouring Kaduna State during the #EndBadGovernanceInNigeria demonstration in the North.

The National Publicity of the NNPP, Ladipo Johnson, in an interview with The According, said Nigeriens and other nationals from the neighbouring countries were behind the Russian flag protest.

Johnson begged the President to address the issue of insecurity as a priority, especially in the North.

He said, “It has come to our notice that Russian flags are being carried in Kano. This is not a good sign. We don’t know them, neither are they our members. We understand that it is a sentiment shared by the neighbouring Niger Republic. Apparently, there are quite a few Nigeriens and other nationalities in the area where this happened.

“But it is a pointer to the fact that the world is a global village. These issues are intertwined, closure of borders and economic problems among others. The government must look at things from a holistic point of view.

“As we are trying to look at the economy, Mr President must seriously address the issue of insecurity. All these things work together and we hope the FG is not showing signs of being overwhelmed by the problems on the ground. We urge the government to turn the page and rejig its strategies to meet the aspirations of Nigerians.”

Meanwhile, the Russian Embassy in Nigeria has issued a statement denying involvement in the protests following the use of the European country’s flag by some of the protesters.

The embassy clarified on Monday that the protesters’ actions did not reflect the official stance of the Russian government.

The statement emphasised Russia’s commitment to non-interference in the internal affairs of other nations, including Nigeria, and reassured that it respects the sovereignty of the country.

It partly read, “The Embassy has noted the reports in Nigerian media and the circulation of videos and images in digital media depicting protesters in northern states of the country carrying Russian flags and chanting slogans to Russian President Vladimir Putin.

 “The government of the Russian Federation as well as any Russian officials are not involved in these activities and do not coordinate them in any way.

 “As always, we emphasise that Russia does not interfere in the domestic affairs of foreign states, including Nigeria. These intentions of some protesters to wave Russian flags are personal choices of individuals, and they do not reflect any official position or policy of the Russian Government on the issue.

 “We respect Nigerian democracy and believe that peaceful demonstrations in conformity with the Nigerian law are a manifestation of democracy. However, should these events lead to any disruptions or acts of violence we strictly condemn them.”

Why fuel importers will frustrate Dangote – Obasanjo

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Former President Olusegun Obasanjo has said that those benefiting from the lucrative business of fuel importation are going to make efforts to frustrate the Dangote Petroleum Refinery.

Obasanjo stated this in the wake of allegations by the President of the Dangote Group, Alhaji Aliko Dangote, that some ‘mafias’ were making efforts to frustrate the $20bn refinery.

This came as it was gathered on Monday that the multi-billion dollar refinery and other domestic refineries had yet to purchase crude oil in naira based on the directive of President Bola Tinubu to the Nigerian National Petroleum Company Limited.

In an interview with Financial Times, the former President described the Dangote refinery as something that should encourage both Nigerians and non-Nigerians.

“Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria.

“If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated,” Obasanjo stated.

Officials of the Dangote Group recently cried out that international oil companies were frustrating the refinery by refusing to sell crude or by selling to them at a premium up to $4 above the normal price.

They also accused the Nigerian Midstream and Downstream Regulatory Authority of deliberately granting licences to individuals to import dirty fuel.

The regulator denied this, saying Dangote diesel was inferior when compared to the imported ones.

The NMDPRA Chief Executive, Farouk Ahmed, also stated that the country would not stop fuel importation to avoid a monopoly by the Dangote Group.

Obasanjo, speaking further, disclosed that Nigeria made a deadly mistake by putting all its eggs in what he called one basket of oil, ignoring gas and agriculture.

“I believe we made a very, very deadly mistake. We put all our eggs in one basket of oil. We even ignored gas. We were flaring gas, which is a very important commodity

“We ignored agriculture, which should have been the centrepiece of our economic development,” Obasanjo stated.

He recalled how he persuaded Shell to run the country’s refineries but the International Oil Company refused, saying there was too much corruption in the sector.

“When I was President, I invited Shell and I said, look, come and take equity participation and run our refineries for us. They refused. They said our refineries have not been well maintained.

“We have brought amateurs rather than bringing professionals. They said there’s too much corruption with the way our refinery is run and maintained. And they didn’t want to get involved in such a mess,” he explained.

On the promises that the refineries will be fixed, he asked, “How many times have they told us that? And at what price?

“Those problems, as far as the government refineries are concerned, have never gone away. They have even increased. So if you have a problem like that and that problem is not removed then you aren’t going anywhere.”

The former President also condemned the style adopted by President Bola Tinubu to remove fuel subsidies, stating that the present administration should have first considered the hardship the subsidy removal could cause people and how to ameliorate the same.

“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back,” the former President stressed.

He said there must be investor confidence in Nigeria, adding, “You have to go from transactional economy to transformational economy.”

Obasanjo expressed concern over youths’ restiveness caused by unemployment, fearing that Nigeria might be sitting on a keg of gunpowder.

“Our youth are restive. And they are restive because they have no skill. They have no empowerment. They have no employment. We are all sitting on a keg of gunpowder. And my prayer is that we will do the right thing before it’s too late,” he warned.

Crude in naira

It was also gathered on Monday that the Dangote refinery and other local refineries in Nigeria had yet to start buying crude oil from NNPC in naira as directed by President Tinubu.

The Crude Oil Refiners Association of Nigeria said letters have been written to NNPC by individual refiners requesting crude, but there has been no response yet.

The Federal Executive Council recently adopted a proposal by Tinubu to sell crude to the Dangote refinery and other upcoming refineries in naira.

FEC approved that the 450,000 barrels meant for domestic consumption be offered in naira to Nigerian refineries, using the Dangote refinery as a pilot. The exchange rate will be fixed for the duration of this transaction.

However, almost one week after the announcement, the refiners said they had not heard from the NNPC.

The Publicity Secretary of the Crude Oil Refiners Association of Nigeria, 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.

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.