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Saudi Arabia to invest in Nigeria’s refineries, support CBN’s FOREX reforms

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Saudi Arabia has pledged to provide financial support to sustain the Central Bank of Nigeria’s foreign exchange reforms in addition to investing in the revamping of Nigeria’s refineries.

The Minister of Information and National Orientation, Mohammad Idris in a statement yesterday said the Saudi Crown Prince, Mohammed bin Salman made the promises to assist Nigeria at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.

Idris who attended the bilateral meeting, explained that as part of the support for the ongoing CBN reforms of the country’s foreign exchange regime, Saudi Arabia, which is the world’s largest producer of crude oil, will also make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.

Prince bin Salman commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi government to supporting these reforms, and enabling Nigeria to reap the full benefits.

The statement read: “The Crown Prince expressed the eagerness of Saudi Arabia to ensure the economic prosperity of Nigeria under President Bola Tinubu, and realize its full potential as the economic giant of Africa.

“In addition to these, they also highlighted agriculture and renewable energy as major areas of investment interest for Saudi Arabia, in Nigeria, to help the country attain food and energy security, respectively.“

The Saudi authority hinted that the refinery investments in Nigeria will be led by the Saudi state-owned oil company, Saudi Aramco, with the revamp to be completed within a two- to three-year timeframe.

“Prince bin Salman also expressed appreciation to Nigeria for its active participation in and support for the Organization of the Petroleum Exporting Countries (OPEC) of which Nigeria is a key member,” said the minister in the press statement.

In his remarks, President Tinubu thanked the Saudi Prince for the proposed investments, while pledging that Nigeria would ensure judicious management and oversight.

The two leaders expressed commitment to working together over the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes. In the same vein, both Tinubu and Prince bin Salman expressed the need to strengthen security cooperation to mitigate terrorism, illegal migration and other crises, not just in Nigeria, but across West Africa and the Sahel region. They discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, and agreed to open new vistas in bilateral relations.

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Generator fumes suspected for death of UNN students

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Strong indications has emerged that the use of a generator in a poorly ventilated environment may have caused the death of some students of the University of Nigeria, Nssuka.

The suspicion emerged after a survivor of the incident disclosed that a generator was operating outside the corridor of the apartment where they gathered, while the doors and windows remained shut.

According to the 24-year-old survivor, an Art Education student, about 10 people attended the party organised by his friend, David, to celebrate the completion of his final examinations.

The gathering reportedly started around 11:30 a.m. at the host’s residence in the Hilltop area of Nsukka, with participants sharing alcoholic drinks and playing Truth or Dare.
Recounting his experience, the survivor said he suddenly lost consciousness after helping one of the participants who had vomited and returning to clean the floor.

He disclosed that his legs had become stiff and he could no longer walk before eventually passing out. The student said he regained consciousness at about 9 p.m., only to discover that his friends were lying motionless on the floor.

“When I regained consciousness at about 9 p.m., I heard someone saying that the host was shaking. I woke up and managed to look into the parlour, where I saw the host and other participants lying on the floor,” he recounted.

He said he subsequently contacted friends for assistance, before one of them eventually helped convey the affected students to Bishop Shanahan Hospital and other medical facilities in Nsukka.

The survivor further explained that the apartment was poorly ventilated, with the doors and windows shut, while a generator was running outside in the corridor. A fan was also operating inside the room.

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Speed Darlington begs Burna Boy to drop case

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Nigerian singer, Darlington Okoye popularly known as Speed Darlington, has apologised to Grammy-winning musician, Damini Ogulu, popularly known as Burna Boy, asking him to withdraw the charges against him and promising to stop making comments about his sexuality.

Speed Darlington made the appeal in a video posted on his Instagram page on Thursday, in which he expressed regret over the pain and embarrassment he might have caused the singer.

“This video is for Burna Boy. Burna, this is an apology video. I apologise for any pain that I have caused you. Any shame that I have caused you,” he said.

The singer admitted that he was wrong to assume that everyone had the same temperament, adding that he wanted an end to their disagreement.

“I made the mistake of thinking that everybody vibrates at the same frequency. That’s wrong of me. I apologise, Burna Boy,” he added.

He further pledged to refrain from making both direct and indirect comments about Burna Boy’s sexuality, making the withdrawal of the charges a condition for his promise.

“I give you my word that if you withdraw all charges and let everything die, I give you my word that I will never make any direct comment regarding your sexuality. “Even indirect comment. I will no longer try sustain. I give you my word. Let peace reign,” he said.

Speed Darlington also promised not to mention the singer’s name again if the legal dispute was resolved.

“I promise I will never use my mouth to mention your name,” he added.

 

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Why I left Peter Obi- Yinusa Tanko

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Yinusa Tanko, former national coordinator of the Obidient Movement, says he experienced a betrayal of trust and loyalty in Peter Obi’s camp, which led to his exit from the movement.

Tanko spoke on Thursday shortly after his unveiling as the coordinator of the Social Democratic Party (SDP) presidential campaign council.

Obi, presidential candidate of the Nigeria Democratic Party (NDP), appointed Tanko as national coordinator of the Obidient Movement in September 2024, following a consensus to zone the position to the north.

He was later redeployed as Obi’s political adviser (north), a position he held until October 30, when he resigned.

However, Tanko said he never wanted to leave Obi’s camp, insisting that he was pushed out rather than choosing to exit the movement.

Tanko said although he appreciated the opportunity to serve Obi, he could not remain in a political group where his contributions were no longer valued.

“Well, you know, as you move along in politics, there may be a time when your group does not want you, does not need you or does not appreciate what you do,” he said.

“You don’t stay where you are being tolerated; you go where you are appreciated.

“As far as I’m concerned, I appreciate all the work I have done, and I appreciate him for giving me the opportunity. But the only thing I have suffered in that particular movement is betrayal of trust and betrayal of loyalty.”

Tanko said he served the former Anambra governor with diligence, honesty and integrity, adding that he still held him in high regard despite the circumstances surrounding his departure.

“Everybody knows that I have served with diligence, determination, honesty and integrity. That was how I served Peter Obi, and I continue to respect him,” he said.

“But now, since they don’t want me, people who appreciate me have picked me from the dustbin and made me a bride.”

Asked whether Obi would be pleased to see him in another political party, Tanko said he could not determine what was on the former governor’s mind.

“You cannot say what is on his mind; only he can speak for himself,” he said.

He added that his new political associates had recognised his contributions to nation-building and offered him another opportunity to serve.

 

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