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Petrol price to drop as Dangote begins crude oil lifting in Naira

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The price of premium motor spirit, pms, also known as Petrol in Nigeria and other petroleum products may reduce in the coming days as the Nigerian National Petroleum Company, NNPCL begins to sale crude oil to Dangote refinery in Naira today, October 1st.

The Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency, on Sunday, confirmed that the supply of crude in naira by the Nigerian National Petroleum Company Limited to the Dangote Petroleum Refinery is to begin on Tuesday, October 1, 2024.

On September 13, 2024, the committee announced that the Federal Executive Council under the leadership of President Bola Tinubu approved the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in naira.

“From October 1, NNPC will commence the supply of about 385kbpd (385,000 barrels per day) of crude oil to the Dangote refinery to be paid for in naira,” the committee had declared.

When contacted on Sunday and asked if the plan for the crude oil supply to the $20bn Lekki-based plant is still intact, the Special Adviser on Media to the FIRS Chairman, Mr Dare Adekanmbi, responded in the affirmative.

He said, “I can confirm to you that the Chairman, Sub-Technical Committee, Zacch Adedeji, is working day and night to ensure that things go according to plans. He knows how important it is to have the agreement implemented as has been planned for the benefit of Nigerians.”

This implies that NNPC is to supply about 11.5 million barrels of crude oil to the Dangote refinery monthly, and based on the deal, the plant will release equivalent volumes of refined diesel and petrol to the domestic market also in naira.

The panel explained in September that this initiative would help reduce pressure on the naira, eliminate unnecessary transaction costs, and improve the availability of petroleum products across the country.

“Since then, the implementation committee chaired by the Minister of Finance and we, the technical committee, have worked intensely with NNPC and Dangote refinery to fashion out the details of the modalities for the implementation of the FEC approval,” Adedeji had stated.

While stating that crude would be sold to Dangote in naira from October 1, the committee chairman and FIRS boss said, “In return, the Dangote refinery will supply PMS (petrol) and diesel of equivalent value to the domestic market to be paid in naira.

“Diesel will be sold in naira by the Dangote refinery to any interested off-taker. PMS will only be sold to NNPC. NNPC will then sell to various marketers for now. All associated regulatory costs (NPA, NIMASA, etc.) will also be paid in naira. We are also setting up a one-stop shop that will coordinate service provision from all regulatory agencies, security agencies, and other stakeholders to ensure a smooth implementation of this initiative.”

Adedeji explained that the technical committee that worked to flesh out the initiative would transition to an implementation execution and monitoring committee that would be working out of Lagos for the next three to six months.

The committee, which includes the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Jafiya; the FIRS boss, as well as representatives from NNPC, Central Bank of Nigeria, AfreximBank, and the Nigerian Upstream Petroleum Regulatory Commission, was set up to craft a robust template that will ensure the successful implementation of the initiative.

 

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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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