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Group Raises Alarm Over Alleged N3 Trillion Fuel Importation Fraud by NNPCL, Business Partners

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The Coalition for Economic Liberation and Transformation (CELT) has raised alarm over alleged N3 Trillion fuel importation fraud traced to the Nigerian National Petroleum Company Limited’s (NNPCL) and some of its business partners in the last  42 days.

This revelation came to light during a press conference held in Abuja on November 15, 2024.

According to CELT, Nigeria imported 1.5 million metric tonnes of premium motor spirit, 414,018 metric tonnes of diesel, and 13,500 metric tonnes of aviation fuel between October 1 and November 11.

Henry Owolabi, the Executive Director of the coalition criticized NNPCL’s Group Chief Executive Officer, Mele Kolo Kyari, for prioritizing fuel importation over domestic refining, despite the availability of local refineries.

The Dangote Refinery, with a capacity to process 650,000 barrels of oil daily, is one such refinery that could significantly reduce Nigeria’s reliance on foreign fuel.

CELT questioned Kyari’s decision-making process, citing the detrimental impact on Nigeria’s economy and currency.

The coalition accused Kyari of sabotaging domestic refineries and undermining the Central Bank of Nigeria’s policies aimed at strengthening the naira.

CELT demanded Kyari’s immediate sack and urged the Central Bank to halt further payments for fuel importation.

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Furthermore, CELT called on regulatory agencies to verify the quality of imported fuel and investigate financial claims.

The coalition emphasized the need to prioritize domestic refining, highlighting benefits such as significant cost savings, energy security, economic growth, and environmental sustainability.

Owolabi added: “Kyari and his fake fuel-importing associates have successfully rubbished the Central Bank of Nigeria (CBN)’s policies targeted at strengthening the Naira. They mopped up the limited dollars that would have gone into procuring manufacturing-related imports.

“The irresponsible importation, which is compromising the naira, borders on criminal when one recalls that President Bola Tinubu, personally, intervened to broker the naira sale of crude oil to Indigenous refineries to reduce the pressure on Nigeria’s currency and make refined products more affordable. Kyari and his lackeys insult our president by persisting in this criminal trade.

“Kyari’s leadership role in the fuel importation racket perhaps explains why he has deliberately sabotaged the nation’s investments in the three major government-owned refineries in the last two years. Why would a man who has not allowed our refineries to work be allowed to continue to lead the NNPCL?

“Additionally, this importation has severe economic consequences. The money used for importing fuel could be effectively utilised in areas, like healthcare, education and infrastructure.

“The government and other appropriate bodies must promptly tackle these concerns. They must emphasise the importance of boosting manufacturing and supporting our refineries to function at their potential.

“Consequently, the Coalition for Economic Liberation and Transformation urges the CBN to stop further payments to Kyari’s cronies in the name of fuel importation. Those who persist in importing what is readily available locally should bear the brunt of sourcing the foreign exchange to pay for their indulgence.

“Furthermore, our Coalition demands that Kyari be sacked without hesitation to restore the industry’s transparency and accountability and to prevent the NNPCL CEO and his associate from spreading contagion to other sectors of the economy.

“Finally, we demand that the necessary regulatory and anti-graft agencies step in to arrest the anomaly around fuel importation.“

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President Tinubu Returns to Nigeria After State Visit to Türkiye

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By Yusuf Danjuma Yunusa

President Bola Ahmed Tinubu returned to Abuja on Saturday evening, concluding a state visit to the Republic of Türkiye aimed at deepening bilateral relations.

The President’s aircraft arrived at the Presidential Wing of the Nnamdi Azikiwe International Airport at 8:55 p.m., as confirmed in a brief statement issued to State House correspondents.

During the visit, which began on Tuesday, President Tinubu held extensive discussions with Turkish President Recep Tayyip Erdoğan. The talks focused on enhancing cooperation in areas of shared interest, including defense, energy, and security.

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The presidential delegation included Foreign Affairs Minister Yusuf Maitama Tuggar, Attorney General and Minister of Justice Lateef Fagbemi, Minister of Defence Gen. Christopher Musa (retired), and National Security Adviser, Nuhu Ribadu.

The diplomatic engagement culminated in the signing of nine bilateral agreements, covering strategic sectors such as defense, energy, security, and research. These pacts are expected to bolster collaboration between the two nations.

The visit underscores the administration’s commitment to strengthening Nigeria’s international partnerships and advancing national interests through strategic diplomacy.

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ADC Accuses National Assembly of Delaying Electoral Bill to Sabotage 2027 Polls

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By Yusuf Danjuma Yunusa

The African Democratic Congress (ADC) has accused the National Assembly of employing delay tactics in passing the 2025 Electoral Bill.

In a statement signed by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC highlighted various amendments to the Electoral Act 2022 that carry serious eligibility and compliance risks for political parties if not enacted on time.

The party also noted that new provisions involving mandatory electronic voter accreditation and the transmission of results are minimum requirements on which the credibility of the 2027 elections depends and must not be undermined by unnecessary filibustering.

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“The African Democratic Congress (ADC) is deeply concerned by the continued prevarications of the National Assembly over the 2025 Electoral Bill. Failure to promptly pass the bill for presidential assent raises suspicions that the legislature, which is dominated by the APC, is deliberately delaying key amendments, especially those intended to make future elections more difficult to rig.”

“The ADC also notes that some of the proposed amendments introduce new compliance and eligibility requirements that must be fully understood and met by political parties. Failure to allow sufficient time to study and implement these provisions, beyond what is publicly available, could have serious consequences for both political parties and the Independent National Electoral Commission (INEC). Lack of clarity in the electoral guidelines would not only create potential booby traps for opposition parties, but also make it difficult for INEC to prepare and issue clear rules within the required timeframe.

“For example, the provision requiring INEC to publish election notices at least 360 days before the general election remains in effect. This means that even now, there is very little time left for adequate preparation and compliance.

“The ADC therefore calls on the National Assembly to pass the bill without further delay. Any postponement risks the integrity of the 2027 general elections and undermines confidence in the entire electoral process. Nigeria cannot afford another acrimonious or dubious election.

“The ADC also urges civil society organisations, international partners, and all political parties committed to accountable democratic governance to pressure the National Assembly to act swiftly, as Nigerians cannot afford another election cycle without these essential safeguards.”

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Dangote’s Single Train Refinery, Epileptic Pricing Will Throw Nigeria Into Major Economic Crisis – Spectrum of Marketers

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A spectrum of marketers across the downstream oil industry, along with industry watchers, analysts and unions have expressed concerns about the incessant price instability and uncertainty in the supply, distribution, and retailing of petroleum products across the country. This worrisome trend is creating panic in the industry.

This situation is evolving as a result of underlying structural factors bedevilling the industry over the last year.

The industry watchers raised alarm over what they described as the looming danger posed by Dangote Refinery’s single-train structure and unstable pricing regime, warning that Nigeria could be plunged into a major economic crisis if urgent corrective measures are not taken.

Speaking exclusively to the press, an array of marketers noted that Dangote Refinery’s current operational model and pricing practices are inconsistent with the amended Petroleum Industry Act (PIA) and risks destabilizing the nation’s petroleum supply chain.

Concerns Over Pricing Fluctuations
On their part Independent marketers highlighted recent confusion in the petroleum industry, noting that the refinery’s ex-depot price jumped from ₦699 to ₦799, while pump prices have epileptically jumped from ₦731 to ₦920. They described this as “epileptic pricing” that creates uncertainty for marketers and consumers alike.

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Allegations of Anti-Competitive Practices
ThoseSome analysts and watchers have accused the Dangote Refinery of engaging in restrictive business practices, including monopolistic tendencies that can pose as barriers to entry for other players. They warned that such anti-competitive behaviour discourages investment, creates price wars, and ultimately undermines the sustainability of the petroleum sector.

“Petroleum is a macro product; its behavior affects all other products, including food. If competition laws and PIA provisions are not strictly enforced, businesses will collapse and the economy will suffer,” they cautioned.

They noted that Dangote’s refinery, with its 650,000 barrels per day capacity, operates as a single-train facility, meaning the entire output depends on one processing line. They explained that this design leaves the refinery vulnerable to disruptions, as any technical fault could halt production entirely.

“The catalytic unit is already down. This shows the danger of relying on a single train. Nigeria requires about 70 million litres per day according to updates by NMPDRA, but Dangote is currently supplying less than 35 million litres. This shortfall exposes the country to energy crises,” they said.

The Unions urged the federal government and the National Assembly to enforce strict compliance with PIA laws, stressing that the legislation was designed to ensure a “win-win” situation for all stakeholders in the petroleum industry.

They also noted that unless the refinery adopts a multi-train structure and pricing transparency, Nigeria’s petroleum supply-demand balance could collapse, triggering wider economic instability.

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