Subsidy: Marketers lament delay in payments

Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) has disclosed that its members now spend as much as N25 million to purchase a 45,000 litres truck of Premium Motor Spirit popularly referred to as petrol. Before the subsidy was withdrawn, a fuel tanker was purchased for N7 million.  According to NOGASA, the situation has made it impossible for its members to cough out the differentials. National President of NOGASA, Mr. Bennett Korie, who revealed this Wednesday in Abuja, insisted that there is need to also consider the problems associated with the removal. “We are 100 percent in support of subsidy removal, but you know that everybody is talking about subsidy removal but they don’t talk about the problem behind the subsidy removal. It is good to remove subsidies but there are things that people don’t know, for instance, some of the marketers don’t have the money to pay differentials.  “This is because in less than an hour that Mr. President announced the removal of the subsidy, the price changed and that affected a lot of marketers. We are talking about millions of naira. Before the removal, a tanker of fuel was selling for about seven million, but in less than an hour, it went up to 25 million naira, where is the money?” he lamented. Korie said that Nigeria’s high interest rate of 30 percent was making it difficult for marketers to make profits. According to him, where would marketers get money from to continue the distribution of petroleum products across the country. He urged the federal government to pay marketers their outstanding of the Petroleum Equalization Fund (PEF) to boost their Capita and enable them stay in business. “Subsidy was removed without considering some of these problems. At the same time, before now, we have this PEF.  But they are not paying the marketers. There is no money, where do we get the money? “Therefore, I want to use this opportunity to appeal to the government to please pay marketers their PEF, so that they will continue in business, if it is not paid, we would not get fuel to sell,” he said.

Alleged Abuse of Office: Tinubu suspends EFCC Chairman, Bawa

Barely five days after he suspended the Central Bank Governor, Godwin Emefiele, President Bola Tinubu has yet again indefinitely suspended the Chairman of the Economic and Financial Crimes Commission (EFCC), AbdulRasheed Bawa, to allow for proper investigation into his conduct while in office. According to a statement by the Director of Information at the Office of the Secretary to the Government of the Federation, Mr. Willie Bassey, the action follows “weighty” allegations of abuse of office levelled against him. “Mr Bawa has been directed to immediately handover the affairs of his office to the Director, Operations in the Commission, who will oversee the affairs of the Office of the Chairman of the Commission pending the conclusion of the investigation,” the statement said. Earlier in the day, the EFCC chairman was at the State House for a meeting with the President where the decision to suspend him may have been taken. See the full statement below: OFFICE OF THE SECRETARY TO THE GOVERNMENT OF THE FEDERATION 14th June, 2023 PRESS RELEASEPRESIDENT BOLA AHMED TINUBU SUSPENDS BAWA INDEFINITELY FROM OFFICE AS CHAIRMAN ECONOMIC & FINANCIAL CRIMES COMMISSION President Bola Ahmed Tinubu, GCFR, has approved the indefinite suspension from office of Mr. AbdulRasheed Bawa, CON, as the Chairman, Economic and Financial Crimes Commission (EFCC) to allow for proper investigation into his conduct while in office. 2. This follows weighty allegations of abuse of office levelled against him. 3. Mr Bawa has been directed to immediately handover the affairs of his office to the Director, Operations in the Commission, who will oversee the affairs of the Office of the Chairman of the Commission pending the conclusion of the investigation. Willie BasseyDirector, Information

Tribunal: Atiku tenders statisticians’ reports against Tinubu

The Presidential Election Petition Court (PEPC) on Wednesday admitted as exhibits, three sets of reports prepared by a group of Statisticians on the electoral forms used during the last presidential election. Atiku’s Subpoened witness, PW21, a renowned Statistician, Samuel Oduntan made these reports available during his evidence-in-chief led by counsel to Atiku, Eyitayo Jegede SAN. Inspite of objections by the Independent National Electoral Commission INEC, Tinubu and the All Progressives Congress APC against the testimony of the witness, the Presiding Justice of the Court, Justice Haruna Simon Tsammani admitted the three reports as exhibits. At Wednesday’s proceedings, former NBA President, Abubakar Mahmud SAN, Wole Olanipekun SAN and Lateef Fagbemi SAN conducted the case of INEC, Tinubu and APC respectfully. Besides opposing the admission of the documents, the three respondents also kicked against the bid to consider the reports as being read in the open court. Meanwhile, Justice Tsammani has fixed June 15 for further hearing of the petition especially the cross examination of the witness

AFCON 2023 Qualifier: Full house as Eagles eye early ticket against Leone Stars

All invited players are now in the camp of the Super Eagles in Eko Hotel, Victoria Island, Lagos as countdown begins for Sunday’s 2023 Africa Cup of Nations qualifying showdown with the Leone Stars of Sierra Leone in Monrovia. Table-toppers Nigeria, on nine points, will slug it out with the Leone Stars, four points behind and in third place, at the Samuel Kanyon Doe Stadium in Paynesville, Monrovia. The 22,000 -capacity arena will witness fireworks from 5pm Nigeria time (4pm Liberia time) as the Super Eagles seek to reach the finals of the 34th Africa Cup of Nations, scheduled for Cote d’Ivoire early next year, with a game to spare. For the last edition of Africa’s flagship football championship, the Super Eagles qualified for the finals with a game to spare after Paul Onuachu headed in with few minutes left against Benin Republic’s Guepards in Porto Novo. Three-time champions Nigeria will fire from all cylinders at the Paynesville, conscious that second-placed Guinea Bissau, two points behind, are likely to inflict defeat on group whipping boys Sao Tome and Principe in the other match of the pool. In the last weeks of 2020, the Leone Stars famously came from 4-1 down to draw 4-4 with the Super Eagles at the Samuel Ogbemudia Stadium, Benin City in another Africa Cup of Nations qualifying match (Cameroon 2021), and few days later, held the Eagles to a barren draw at the Siaka Stevens Stadium in Freetown. When both teams clashed on Day 1 of the ongoing series at the Moshood Abiola National Stadium, Abuja a year ago, the Leone Stars drew the first blood before goals by Alex Iwobi and Victor Osimhen put Nigeria in the driving seat. The Eagles flew to Agadir, Morocco some days later to inflict a 10-0 defeat on Sao Tome and Principe, in the event setting a new international win-record. The Confederation of African Football has appointed Sudanese official Mahmood Ali Ismail as the referee for Sunday’s encounter, with his compatriot Mohammed Abdallah Ibrahim as assistant referee 1. Liban Abdourazak Ahmed from Djibouti will serve as assistant referee 2, with Mohamed Diraneh Guedi, also from Djibouti, in the role of fourth official. Gambian Bakary Jammeh will be the commissioner while Kokou Djaoupe from Togo will serve as referee assessor.   

INEC Chairman evading our subpoena, Obi tells Tribunal

The Labour Party, LP and it’s presidential candidate, Mr. Peter Obi, on Wednesday revealed that their attempt to serve the Independent National Electoral Commission (INEC), Chairman, Prof Yakubu Mahmoud with a subpoena has been abortive. The Petitioners, through their Counsel, Livy Uzoukwu SAN, drew the attention of the court to the subpoena which was to furnish them with certain documents.  He added that he spoke to the lead counsel to INEC, Abubakar Mahmoud who promised to help out. He therefore, asked for an adjournment until tomorrow. “We have drawn the attention of Abubakar Mahmoud SAN on the failed attempt to subpoena INEC and the office of the INEC to produce certain documents despite efforts of the bailiff of the court. “He asked for a copy of the subpoena which I couldn’t produce at that time, but he suggested I give to any member of the team in court . “I am confident we will do the needful and we will continue tomorrow. Responding, Counsel to INEC, Kemi Pinhero, SAN, told the court that the petitioner’s counsel should stop using INEC as ‘a weeping boy.’ “It is not correct that the office of the INEC chairman refused to be served, but PDP served several documents and received replies,” she said. He added that it has become the habit of the petitioners each time they want an adjournment to find a blame on INEC. “It has become a habit, whenever they want an adjournment, they will look for someone to whip. I have no privy that he had any discussion with AB Mahmoud. “We have no ideal of subpoena served and the refusal. PDP served us, we received and file our reply. “Everytime the matter came up, they keep saying INEC is refusing a document.  “If they want an adjournment, they should ask for it and we will not be objecting. The reason on not accepting or refusing service is absolutely not correct. It is very uncharitable,” INEC defended. Other respondents’ counsel however, did not object to the prayer for adjournment. Meanwhile, the five-man panel led by Justice Haruna Tsammani adjourned until tomorrow (Thursday) for further hearing of the petition.

Maiden Social Media Awards to hold Sept 17

The maiden edition of Social Media Awards (SMA), an event to honour individuals and organisations that have used the social media in innovative and impactful ways is scheduled to hold in Lagos on September 17. Mr. Emmanuel Nwafor, Chief Executive Officer of Alternative Adverts Limited and convener of the awards disclosed this at a news conference on Tuesday in Lagos. According to Nwafor, having bagged the trademark and copyright for the award since 2018, he has decided to begin the awards ceremony. He said the nomination process would commence June 14 and close June 30, as he encouraged the public to nominate individuals or organisations for the awards. According to him, winners of the awards will be determined through online voting which would hold from July 1 to August 31. “We are excited to announce the 2023 Social Media Awards, celebrating the amazing work being done across various social media platforms. “A lot has happened in about three years from 2020 ENDSARS to the 2023 general elections, and social media has been the battleground. It is time to call the results of who did what and who deserves the awards. “The website for nominations and voting is www.sma.ng. It is going to be the most transparent and credible awards in Nigeria. “This award will be given to individuals, brands, organisations or campaigns that have demonstrated excellence in social media strategy, content creation, audience engagement or community building. “By recognisng excellence in social media, these awards serve as a means of highlighting best practices, inspiring others to innovate and push the boundaries of what is possible in the field,” he said. Nwafor said with close observation of trends on the various social media spaces, the platform had proven to be a veritable tool for positive transformation and must be upheld. He said with the rise of social media platforms, it had become an increasingly important aspect of modern communication, marketing, and culture. “This award is a movement to enhance excellence. This has come to unleash hidden or undiscovered potential to inspire a continuous higher realm of creativity and innovation. “It will also serve as initiative to recognise leaders in the industry and create a platform for business networking opportunity among Nigerians. “Some of the award categories to feature in this maiden edition are most innovative use of social media, most popular skit on social media, social media influencer of the year, best entertainment video content, and more. “Winners of some of the categories would be walking away with some juicy prizes to encourage them,” he said. Nwafor called on interested corporate organisations and individuals to come on board and sponsor the awards programme. 

103 die as boat capsizes in Kwara

Police Command in Kwara has confirmed that 103 persons died in a boat accident at Egbu village, in the Patigi Local Government Area of Kwara. The Spokesperson of the Command, SP Ajayi Okasanmi, confirmed the incident on Tuesday. The deceased reportedly met their end after the boat conveying them while returning from a marriage ceremony capsized. The tragic incident has cast an ominous cloud of sorrow and despair on the village. Okasanmi said the names of the survivors would be published soon. The Transition Implementation Committee Chairman, Patigi, Alhaji Mohammed Liman, put the number of passengers that died in the accident at 110. Liman, while quoting from a statement by one Alhassan Bala Mohammed, a community leader in the area, said, “About 110 people died in the boat mishap in our area. “We’re going to tell you about the tragedy and unforgettable memory that occurred to my people from our village and other neighbouring villages close to us. “Our village people went to a wedding ceremony in another village called Gboti and the boat carried about 270 people, and almost 110 people were lost.” “This is an unforgettable memory and tragedy in the history of our village,” he said. 

Q1 2023: Nigeria’s Company Tax stands at N469.01bn- NBS

The nation’s aggregate Company Income Tax (CIT) for Q1 2023, is reported to be N469.01 billion, the National Bureau of Statistics (NBS) has said. The figure is contained in the NBS Company Income Tax (CIT) Q1 2023 Report released in Abuja on Wednesday. According to the report, the figure shows a growth rate of -37.79% on a quarter-on-quarter basis from N753.88 billion recorded in Q4 2022. The report said local payments received were N300.78 billion, while foreign CIT payment contributed N168.23 billion in Q1 2023. It said on a quarter-on-quarter basis, the financial and insurance activities recorded the highest growth rate at 50.42 per cent, followed by construction at 42.32 percent. “On the other hand, water supply, sewerages, waste management and remediation activities had the lowest growth rate at 69.38 percent, followed by other service activities at -60.13 percent.” In terms of sectorial contributions, the report showed that the top three largest shares in Q1 2023 were financial and insurance activities with 22.94 per cent. “This was followed by manufacturing with 20.91 percent and information and communication with 11.89 per cent.” It said on the other hand, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 per cent. “This was followed by water supply, sewerage, waste management, and remediation activities with 0.04 per cent and activities of extraterritorial organisations and bodies with 0.12 per cent.” The report, however, said, on a year-on-year basis, CIT collections in Q1 2023 decreased by 14.96 per cent from Q1 2022. 

Nigeria records N710bn VAT in Q1 2023 – NBS

The National Bureau of Statistics (NBS), said the aggregate Value Added Tax (VAT) stood at N709.59 billion in Q1 2023. This is according to the VAT Q1 2023 Report released in Abuja on Tuesday. The report shows a growth rate of 1.75 per cent on a quarter-on-quarter basis from N697.38 billion in Q4 2022. The report said local payments recorded were N436.10 billion, while foreign VAT payments contributed N151.13 billion, and import VAT contributed N122.37 billion in Q1 2023. It said on a quarter-on-quarter basis, the activities of households as employers, undifferentiated goods- and services producing activities of households for own use recorded the highest growth rate with 349.86 per cent. “This was followed by construction with 95.64 per cent. “On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with –53.54 per cent, followed by real estate activities with –47.01 per cent.” In terms of sectoral contributions, the report showed the top three largest shares in Q1 2023 were manufacturing with 29.65 per cent, information and communication with 19.29 per cent, and mining and quarrying with 12.24 per cent. ” On the other hand, activities of extraterritorial organisations and bodies recorded the least share with 0.02 per cent. “This was followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 0.03 per cent. “This was closely followed by water supply, sewerage, waste management, and remediation activities with 0.04 per cent. ” The report, however, said, on a year-on-year basis, VAT collections in Q1 2023 increased by 20.56 per cent from Q1 2022.

TotalEnergies discovers oil, gas offshore Nigeria

 TotalEnergies on Tuesday announced the discovery of Ntokon oil and gas on OML102 offshore Nigeria. According to a statement on its website, the company said the well is located in shallow waters, 60 km off the southeast coast of Nigeria. It said the Ntokon-1AX discovery well encountered 38 meters of net oil pay and 15 meters of net gas pay, while its side-track Ntokon-1G1 encountered 73 meters of net oil pay in well-developed and excellent quality reservoirs. Ntokon-1G1 tested successfully up to a maximum rate of about 5,000 barrels per day of 40° API oil, it said. Located 20 km from the Ofon field facilities on OML102, Ntokon will be developed through a tie-back to existing facilities. “The Ntokon discovery opens a promising outlook for a new tie-back development’’, said Nicolas Terraz, President, Exploration & Production at TotalEnergies. “After the start-up of production of the Ikike tie-back on OML99 in 2022, this new success in the area further demonstrates the potential of nearby exploration to create value within our low-cost, low-emission strategy.” OML 102 is operated by TotalEnergies EP Nigeria with a 40 per cent interest, alongside partner NNPC Ltd with the remaining 60 per cent. TotalEnergies is a multinational energy company operating in more than 130 countries. For over 50 years, the company has operated in the downstream sector of the Nigerian oil and gas industry.