Protesters call for Kyari’s resignation at NNPCL headquarters
Large numbers of young people descended on the headquarters of the Nigerian National Petroleum Company Limited on Monday, calling for the immediate resignation of the company’s Group Chief Executive Officer, Mele Kyari.
The demonstrators, led by several Civil Society Organisations, labelled Kyari’s leadership as incompetent, citing soaring fuel prices, persistent fuel queues, and widespread economic hardship in Nigeria.
The protesters carried placards bearing various messages, including “we demand the immediate resignation of Kyari”, and declared that the NNPCL chief’s leadership has proven inadequate.
The demonstration was spearheaded by Abdullahi Bilal from the Two Million Man March Against Oil Scam Cabal, alongside Barrister Napoleon Otache and Olayemi Isaac from Citizens and Economic Freedom Rights Activists in Nigeria. They demanded prompt action to address what they described as failed leadership in the country’s oil sector management.
At the heart of the protests were complaints about escalating fuel prices and endless queues, which the demonstrators argued have driven up inflation and forced millions of Nigerians into poverty.
The protesters also condemned the importation of contaminated fuel, which they described as a corrupt practice that harms citizens by damaging vehicles and businesses.
MTN to issue N50bn commercial papers
MTN Nigeria Communications Plc has announced plans to issue up to N50 billion in Series 11 and 12 commercial paper notes as part of the company’s N250 billion commercial paper programme.
This information was revealed in a corporate notice submitted to the Nigerian Exchange Limited on Monday, bearing the signature of the Company Secretary, Uto Ukpanah.
In late 2023, MTN Nigeria reported raising N72.1 billion through its series 10 commercial paper issuance, which was part of the N250 billion commercial paper programme. The issuance was notably successful, achieving a 149 per cent subscription rate.
The 266-day commercial paper was offered at a yield of 16 per cent.
Petrol marketers are insisting that imported petrol is cheaper than Dangote’s
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has criticised the Dangote Petroleum Refinery for what it calls an inconsiderate decision to sell petrol at N990 per litre. The association points out that Dangote’s company benefited from substantial foreign exchange concessions during the refinery’s construction period.
PETROAN maintains that imported petrol is more affordable than Dangote’s N990 per litre price. This claim is supported by major marketers who recently disclosed that as of 31 October 2024, the landing cost of imported petrol was N978 per litre.
On Sunday, the Dangote refinery accused PETROAN and the Independent Petroleum Marketers Association of Nigeria of planning to import substandard petroleum products into the country.
Responding to these allegations in a statement on Monday, PETROAN’s Publicity Secretary, Joseph Obele, firmly stated, “PETROAN will sell far less than the current selling rate of PMS in Nigeria when granted an import licence by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.”
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NBS data shows 352 LGs failed to generate revenue in 2023
Data from the National Bureau of Statistics has revealed that 352 Local Government Councils across 17 states and the Federal Capital Territory neither generated nor remitted any revenue to their state governments’ coffers in 2023.
This revelation comes in the middle of an ongoing debate about granting financial autonomy to Local Governments.
An analysis of the Internally Generated Revenue data for the councils, recently released by the NBS, shows that the number of states with non-remitting councils has increased significantly. In 2022, seven states had councils that didn’t generate or remit revenue; this number rose by 10 states in 2023.
According to the statistics agency’s report, only 20 of Nigeria’s 36 states received revenue from their Local Governments in 2023.
Pennsylvania judge rules that Elon Musk can continue his $1m/day voter giveaway
A judge in the state of Pennsylvania has ruled that a voter sweepstakes worth $1 million per day, operated by billionaire Elon Musk, can continue to operate.
Last month, the world’s wealthiest individual announced he would launch the giveaway in seven battleground states that are likely to determine the outcome of the United States 2024 election.
Many observers have interpreted Musk’s giveaway as a thinly veiled attempt to secure additional votes for Republican candidate Donald Trump, whom Musk has publicly supported both vocally and financially.
Musk has contributed £75 million to America PAC, a political action committee that has been providing funding to various Republican candidates, including former President Trump.
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