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Fuel Price: Dangote Refinery Still Buys Crude In Dollars – Economist

It has been revealed that Dangote Refinery is still buying crude oil from the Nigerian government in dollars.
The revelation was made by a renowned economist, Kelvin Emmanuel.
He said the Nigerian government has not effectively implemented a Naira-for-crude deal with Dangote Refinery.
Emmanuel disclosed this in an interview with Channels Television on Monday and monitored by DAILY POST.
He was analysing the policy of the Nigerian government under President Bola Ahmed Tinubu and its impact on fuel prices.
Recall that in July 2024 Tinubu had directed the Nigerian National Petroleum Company Limited to sell crude to Dangote Refinery in Naira.
On October 20, 2024, the Minister of Finance announced the kickoff of the Naira-for-crude deal.
However, Emmanuel claimed that the policy has not been fully implemented, noting that Dangote Refinery still buys crude feedstock in dollars instead of naira.
“The level of compliance with the Naira-for-crude deal is low.
 
“It doesn’t appear that the government is complying with the terms agreed with the policy. It has not been complying with by the latter.
 
“Under deal, Dangote Refinery is 385,000 and 400,000 barrels of crude per day. The refinery is not getting that. Let me define 11.5 million or 12 million barrels of crude on a monthly basis. The refinery is getting 40 or 50 percent of the crude. 40 percent of the 50 percent crude being sold to Dangote Refinery is being sold in dollars,” he said.
This comes as Dangote Refinery said its ex-depot prices of petrol are sold for N960 and N990 per litre for shipping and trucks.
The announcement of the Dangote Petrol price came on the back of the controversy between the company and oil marketers in the last days.
Oil marketers had disclosed that imported fuel is cheaper than Dangote Petrol.
However, Dangote accused oil marketers of importing cheap and substandard fuel into Nigeria, which was denied.
This comes as Nigerians buy petrol between N1,060 and N1,200 per litre across filling outlets.
DAILY POST recalls that fuel price increased to above N1060 per litre in November 2024 from N617 sold in August, the same year.
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How To Solve Nigeria’s Problem — Oluwo of Iwo

The Oluwo of Iwo, in Osun State, Oba Abdulrosheed Akanbi has proferred solutions on how to solve Nigeria’s problems.
He urged Nigerians to to seek divine guidance from God as that’s the only way out.

Oba Akanbi, who spoke in Iwo on Saturday at the annual Eledumare Festival, which he hosted, also advised Nigerians to stop lamentation over the challenges facing the country.

He urged them to return to God for devine intervention, saying that Nigeria has enough resources to develop without relying on foreign assistance.
Speaking further at the annual festival held in his palace in Iwo, Oluwo decried inability of Nigeria to harness her natural endowment for the betterment of the country, adding that the essence of the event was to draw people back to their Creator.
He said, “We are taking our people back to the days when we have power. When we start worshiping God, we will begin to use wisdom to convert gold to our own use; limestone to cement; if we begin to use our wisdom, we will be greater than America.
 
“It is not today that the economy of Nigeria is bad. Since independence, there is no government that people did not complain. We are endowed with mineral resources, particularly in Yorubaland. If we are not ungrateful to God, it is not the foreigners that will be taking our mineral resources to their land cheaply and bringing it back to us with expensive price.
 
“Our forefathers don’t know any other deities. Oduduwa does not know Sango or Ogun. Our forefathers are worshippers of one God. I’m representing God,the real king. Worship is an exclusive right of God.
 
“Our culture and tradition in Yorubaland is devoid of deities. We must approach God directly. Kingship is to profess that the only thing that is worthy of worship is God. We are calling all Yoruba to only one God. We should not be ingrate.”
 
In his remarks at the event, the Special Adviser to Osun State Governor on Culture and Tourism, Mr. Kehinde Oloke lauded Oluwo’s efforts towards uniting people to worship God without minding differences in their beliefs
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Layi Wasabi, BNXN, Genovevah Umeh, Others Win Big at TFAA 2024 (Full List)

Nigerian entertainers, BNXN, Layi Wasabi, and Genovevah Umeh have all won big at the 2024 edition of The Future Awards Africa (TFAA).
Recall that the annual event held in Lagos on Sunday night.
The event celebrates young people between the ages of 18-31 who have made outstanding achievements in their respective fields.
Below is the list of this year’s winners:
Education
Odunayo Aliu — WINNER
Kudakwashe Foya
Obasanjo Fajemirokun
Jennifer Jonathan
Aramide Kayode
Journalism
Adesuwa Giwa Osagie
Zainab Bala — WINNER
Blessings Mosugu
Eniola Olatunji
Abubakar Ibrahim Olaye
Content Creation 
Isaac Olayiwola (Layi Wasabi) — WINNER
Winifred Nwania (Zeelicious)
Joseph Onaolapo (Jay On Air)
Nonye Udeogu (This Thing Called Fashion)
Folagade Banks (Mama Deola)
Creativity and Innovation
Shamsuddeen Jibril
Zonna (Zo Culture)
Anita Ashiru — WINNER
Salvation Uzoma (Ke0la)
Ibukunoluwa Ajagbe (IBQuake)
Health and Fitness
Olabintan Odunola
Yewande Benn
Kiki Diorgu
Olusina Ajidahun — WINNER
Amanda Ihemebiri
Community Action
Chioma Ukpabi
Damilola Uzoma-Udoma
Doreen Omosele
Stanley Anigbogu — WINNER
Ridwan AbdulRazaq
Arts and Literature
Mayowa Alabi (ShutaBug)
Samson Bakare
Sylvestre Nsengimana — WINNER
Ahmed Alsagheer
Damilare Kuku
Photography
Omoboyejo Oyewusi (ItsBoye)
Onuchukwu Timothy (MyDadsBoss)
Chika Onuu
Enoshowo Eworo (Captured by Adesuwa)
Ifeoluwa Babalola (SnappCode) — WINNER
Activism and Advocacy 
Fauzuddeen Mahmud
Amrah Aliyu
Jude McKelvin Oseh
Tolulope Theresa Gbenro
Mukthar Halilu Modibbo — WINNER
Fashion
Ikechukwu Urum (Founder Jabari Model Management)
Phupho Gumede K
Muftau Femi Ajose (Founder Cute Saint)
Amy Aghomi
Olayinka Ashogbon (Founder AshLuxe) — WINNER
Law
Rosemond Phil-Othihiwa
Anita Osarieme
Victoria Oloni
Ayooluwa Oderinde — WINNER
Bernice Asein
Film
Akinkunle Michael Akinrogunde (AMA Psalmist) — WINNER
Praise Onyeagwalam (Director Pink)
Tola Okodugha
Fadamana Okwong
Feyifunmi Oginni
Professional Service
Hammed Kayode Alabi
Mark-Anthony Ezeoha
Felix Ohaeri
Stanley Nweke-Eze
Aboyowa Ikpobe — WINNER
Entrepreneuship 
Promise Ovai Kenneth-Odum (CEO Rukkies Decor)
Oluwole Fapohunda (CEO Seven30 Real Estate Ltd)
Bayo Lawal (Co-Founder Dukiya Investment) — WINNER
Miracle Onuoha (CEO The Fluiide Company Ltd)
Williams Fatayo (CEO MovebytruQ)
Technology
Tobi Ololade (Founder Dojah)
Itunu Olufemi (Founder Brainary Technology Education)
Johnson Jaiyeola (CEO Helgg Scooters LTD)
Femi Aluko (CEO & Co-Founder Chowdeck Logistics) — WINNER
Kelvin Umechukwu (CEO & Co-Founder Bumpa)
Intrapreneurship 
Victor Okpala
Hakeem Akiode
Debbie Larry-Izamoje — WINNER
Mary Edoro
Salman Dantata
On Air Personality
Seyebomi Ogunsanya (Sheye Banks) — WINNER
Ope Keshinro (SwitOpe)
Ita Nsikan-Abasi Asuquo (Grandprince Ita)
Emmanuella Isioma Odiatu
Osato Edokpayi (Osato EDK)
Agriculture
Etimbuk Imuk
Esohe Ekunwe — WINNER
Azeez Salawu
Nyifamu Manzo
Governance
Muhammad Sani Kassim
Abdulhaleem Ringim
Damilola Yusuf Adelodun — WINNER
Naufal Ahmad
Ayisat Agbaje-Okunade
Music
Chimamanda Chukwuma Pearl (Qing Madi)
Ayobami Alli-Hakeem (AnEndlessOcean)
Daniel Etiese Benson (BNXN) — WINNER
Michael Adebayo Olayinka (Ruger)
John Saviours Udomboso (Young John)
Sport
Victor Boniface — WINNER
Ademola Lookman
Sukurat Aiyelagbegan
Amy Okonkwo
Elizabeth Oshoba
Acting
Genoveva Umeh — WINNER
Uche Montana
Mike Afolarin
Kayode Ojuolape
Jide Oyegbile (J-Blaze)
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Trump Makes Another Appointment, Names US Ambassador to UN

Elise Stefanik has been appointed as US ambassador to the United Nations.
The appointment was announced by the United States, US, President-elect, Donald Trump.
Trump described Stefanik as tough, strong, and a smart fighter.
“I am honoured to nominate Chairwoman Elise Stefanik to serve in my Cabinet as US Ambassador to the United Nations. Elise is an incredibly strong, tough, and smart America First fighter,” Trump said.
Stefanik, a New York representative and House Republican Conference chair, has been a fierce Trump ally.
Trump was elected back to the White House after defeating Vice President Kamala Harris of the Democrats party by a wide margin.
The president-elect had named Susie Wiles, the manager of his victorious campaign, as his chief of staff.
Wiles becomes the first woman to hold the influential role.
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Bitcoin Price Tops $80,000 For First Time

Bitcoin has reached a new milestone after crossing above $80,000 over the weekend.
This is the first time Bitcoin will reach $80,000.
This followed Donald Trump’s victory in last week’s US election.
Recall that Bitcoin (BTCUSD) recently traded around $79,700, up about 4% over the past 24 hours and still in the neighborhood of record levels.
The expectation that a second Trump administration and a new Congress thought to be friendlier to the industry has lifted both bitcoin and other assets in the sector, with investors lately pouring money into instruments like spot bitcoin exchange-traded funds.
The rise has boosted the estimated market cap of crypto broadly, with the figure recently above $2.7 trillion, according to CoinMarketCap.
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Despite Leaving $70bn in Nigeria’s Coffers, We Owe More Debt Now – Obasanjo

Former Nigerian President, Olusegun Obasanjo has expressed disappointment with Nigeria’s current debt size.
Obasanjo recalled he left the nation with about $70 billion, including a $45 billion reserve and $25 billion in a designated “excess crude” account.
The former President spoke on Thursday in an exclusive interview with Kayode Akintemi of News Central Television.
Obasanjo, who lamented the poor quality of leadership in the country, said his government met a debt overhang of close to $36 billion but reduced it to about $3.5 to $3.6 billion before leaving office in 2007.
His words: “I came in 1999 and met $3.7 billion in the reserve. And I have told you, we were spending $3.5 billion to service the debts. That’s what we had.
 
“By the time we left eight years later, with debt relief, when I came in, we had a debt overhang of close to $36 billion. By the time I left, with the debt relief and clearing what we had to clear, the quantum of debt that I left was about $3.5 to $3.6 billion from over or around $36 billion.
 
“At the same time, the reserve that was $3.7 billion when I came in went to $45 billion. At the same time, we had what we called “Excess crude”, which is what is in excess of what we budget and what we actually sell the crude. Normally, we are conservative in budgeting, we call it “Excess crude”. So, we had in it about $25 billion. When you add that to the reserve, we are talking about $70 billion.
 
“Now, the point is that I left in 2007. Today between 2007 and 2024, all that amount of money has gone; all of it. Not only that, but all the money they made all that period had gone. And today, we owe more than we owe when we came to government in 1999.”
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I Did Not Want It – Obasanjo Reveals Sponsors Of Third Term Ambition

Ex-President, Chief Olusegun Obasanjo, has spoken on the controversy surrounding his purported ambition for a third term in office.

There have been claims that Obasanjo was nursing a third term as president, and the former vice president, Atiku Abubakar, also admitted to stopping the agenda.

However, in an interview with Kayode Akintemi on News Central Television on Thursday, Obasanjo said he would have gotten a third term if he had pushed for it but did not want it.

He attributed the report of nursing a third term to some governors who were secretly working towards extending their terms in office.

According to him, the governors believed that if he (Obasanjo) secured a third term, they would also benefit from an extended tenure.

Obasanjo noted that getting debt relief for the country was much more complicated than getting a third term, adding that his government could get debt relief for Nigeria when he was in office.

He said, “If I had wanted a third term, I would have gotten it. I didn’t want a third term. I know some governors working for this, believing that if I, as president, got a third, they would also get it.”

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Binance Executive Leaves Nigeria After Eight Months In Detention

Binance executive, Tigran Gambaryan left Nigeria on Thursday, October 24, after he was detained for eight months in Kuje Prison.

The Bola Tinubu-led administration had abruptly withdrawn charges against Gambaryan on health grounds and after diplomatic pressures.

Initial charges were brought against him by the Economic and Financial Crimes Commission (EFCC).

While dropping the charges in court on Wednesday, EFCC prosecutor stated, “The government has reviewed the case and, taken into consideration that the second defendant (Mr Gambaryan) is an employee of the first defendant (Binance Holdings Limited), whose status in the matter has more impact than the second defendant’s, and also taking into consideration some critical international and diplomatic reasons, the state seeks to discontinue the case against the second defendant”.

It was gathered that Tigran was allowed to leave Kuje prison last night.

In a statement to journalists on behalf of the Binance executive’s family, it was disclosed that Tigran, a US citizen, left Nigeria to return to his family.

Tigran’s wife Yuki Gambaryan stated: “It is a huge relief that this day has finally come. The past eight months have been a living nightmare. I wish it hadn’t taken this long for his release, or that his health had not declined so much, but we can now focus on healing as a family.

“I want to express my deepest gratitude to the US government for their efforts in securing his release. I also want to thank everyone who helped us throughout this ordeal. There were moments I feared this day would never come, but Tigran’s supporters gave me hope and strength.

“The road ahead for Tigran’s recovery is going to be difficult and I appreciate us being given the time and space to focus on that. Our children cannot wait to see their dad again.”

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President Tinubu Sacks Five Ministers

President Bola Ahmed Tinubu has announced the sack of five of his ministers.
According to Channels Television, the President also re-assigned 10 ministers to new ministerial portfolios and appointed seven new ministers for Senate confirmation.
The President sacked Uju-Ken Ohanenye as Minister of Women Affairs; Lola Ade-John as Minister of Tourism; Tahir Mamman as Minister of Education; Abdullahi Gwarzo as Minister of State, Housing and Urban Development; and Jamila Ibrahim as Minister of Youth Development.
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Nigeria Lost Over $500m to Cybercrime in 2022 – EFCC

The Economic and Financial Crimes Commission has opened up that Nigeria lost $500 million to the criminal activity in 2022.
The revelation was made by the Chairman of the anti-graft agency, Ola Olukoyede during a National Cybercrime Summit in Abuja on Tuesday.
“As a matter of fact, the research I did earlier this year confirmed that cybercrime has become the third largest GDP in the world with approximately 2,328 cases occurring daily.
 
“The implication of all this is that if left unchecked, cybercrimes portend grave dangers to the entire world.
 
“Bringing it to Nigeria, in 2022 alone, Nigeria lost over $500 million to cybercrime,” he said.
The chairman of the EFCC noted that cybercrime constitutes a significant percentage of the convictions recorded by the agency since he took office a year ago.
However, Olukoyede revealed that the agency has made plans to rechannel the energies of young people who are mostly perpetrators of cybercrime.

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