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Petrol To Cost N410 Without Subsidy – NNPC

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Group Chief Executive Officer of NNPC Limited, Mele Kyari, has said that petrol will cost N410 in the country if subsidy is removed.

Speaking at the Legislative Transparency and Accountability Summit organised by the House of Representatives in Abuja on Wednesday, November 9, Kyari also noted that there is nowhere today that you can land a litre of PMS to the pumps at the N445 exchange rate.

He said;

“It is not possible for you to buy fuel at N170 when your actual cost is thrice that value. For instance, today, when PMS comes into this country, we transfer to marketers at N113 per litre for us to ensure N165 at the pump, so you must sell at N113 to them to be able to deliver at N165.

“That means whatever the cost, anything after that value, that is subsidy. Somebody has to pay for it. Everyone knows the price of PMS around the world. There is nowhere today that you can land a litre of PMS to the pumps at the N445 exchange rate, it is not possible.

“In some places, you are subsidizing up to N290 on every litre. With this regime, it is impossible for you to avoid all the wrong things that are happening. Round tripping, cross-border smuggling, document forgery-anywhere you have arbitrage, you will have these issues.”

Kyari also justified the engagement of private security contractors to secure its facilities in an effort to fight against oil theft in the country, adding that it has paid off.

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2027: Sanwo-Olu Officially Endorses Obafemi Hamzat As Successor

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Lagos State Governor Babajide Sanwo-Olu has officially endorsed his deputy, Dr. Obafemi Hamzat, as his preferred successor for the 2027 governorship election.

The announcement was made on Monday, April 27, 2026, during a meeting at the Lagos House, Marina, where Hamzat formally declared his intention to run.

In the past few weeks, Hamzat has received widespread endorsement from political and community leaders across the state during his various consultative visits.

Recall that the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, had expressed support for Hamzat’s governorship bid.

Also, the Chief of Staff to the President, Femi Gbajabiamila; Senator representing Lagos East, Tokunbo Abiru; and former Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and other stakeholders have endorsed Hamzat’s gubernatorial bid.

Details shortly…

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Malami Hits Back; Sues EFCC To Reclaim Seized Assets

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Former Attorney General of the Federation (AGF) Abubakar Malami has formally challenged the Economic and Financial Crimes Commission (EFCC) in court, asserting that his wealth and properties were acquired through legitimate means.

In an affidavit filed on April 27, 2026, Malami urged the Federal High Court in Abuja to vacate an interim forfeiture order covering 57 properties allegedly linked to him and his family.

The order affected multiple assets said to be under investigation.

Malami, in court documents seen on Monday, pushed back strongly against the claims. He insisted that his wealth and properties were acquired legally over many years. He tied them to his career as a lawyer, as well as investments and other income sources.

“My Money Is Clean, My Properties Are Legit,” he declared while challenging the action in court.

The EFCC had argued that the properties may be linked to proceeds of crime. That position formed the basis of the interim forfeiture order granted in January 2026. But Malami said the agency failed to establish any direct connection between the assets and illegal activity.

“There is no document before the court showing these properties were acquired with proceeds of crime,” he stated.

He also accused the commission of presenting exaggerated figures for the value of the properties. According to him, assets bought for hundreds of millions of naira were portrayed as being worth billions. He said independent valuations show lower and more realistic figures.

Malami explained that his earnings came from different channels. He listed decades of legal practice, business ventures, and investments across sectors such as hospitality, agriculture, and education. He also mentioned financial support from banks and proceeds from asset sales.

“Loans from commercial banks, asset sales and other investments. Gifts and proceeds from book launches.”

He added that all his earnings were properly declared to the Code of Conduct Bureau in line with legal requirements.

Beyond the financial arguments, the former AGF accused the EFCC of going beyond its powers. He alleged that some of the properties were taken over without a final court order. He further claimed that family members were forced out of residences and personal documents were seized.

He described the actions as “extrajudicial” and a violation of due process.

The legal battle is also tied to an ongoing criminal case involving the former minister. Observers say the outcome could test the limits of the EFCC’s powers, especially in relation to asset forfeiture and compliance with the law.

Malami is asking the court to nullify the interim forfeiture order. He maintains that the properties are legitimate and have no link to any crime.

The court is expected to determine whether the assets will be permanently forfeited to the Federal Government or returned to him.

 

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 Journalists Blocked From Covering High-Profile Treason Hearing

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A Federal High Court sitting in Abuja on Monday has barred journalists from covering the bail proceedings of six defendants standing trial for an alleged coup plot against President Bola Tinubu’s administration.

Operatives of the Department of State Services, DSS, reportedly ordered reporters to leave the courtroom shortly before the trial judge, Justice Joyce Abdulmalik, took her seat.

The order was said to have come from the judge.

At the time of filing this report, the journalists complied and exited the courtroom.

This is coming after heightened public interest in the trial of the six defendants, who were arraigned last Wednesday by the FG over an alleged failed coup.

Those standing trial are Mohammed Ibrahim Gana, a retired major-general; Erasmus Victor, a retired navy captain; Ahmed Ibrahim, a police inspector; and Zekeri Umoru, an electrician at the Presidential Villa.

Others are Bukar Goni and Abdulkadir Sani, Zaria-based Islamic clerics.

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