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BREAKING: Tinubu Orders NNPCL To Sell Crude To Dangote Refinery In Naira

But the FEC has approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as a pilot. The exchange rate will be fixed for the duration of this transaction.

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President Tinubu has ordered the Nigerian National Petroleum Company Limited, NNPCL, to sell crude oil to Dangote Refinery in Naira.

Bayo Onanuga, a presidential media aide, disclosed this in a statement on his official X account on Monday.

“To ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, the Federal Executive Council today adopted a proposal by President Tinubu to sell crude to Dangote Refinery and other upcoming refineries in Naira.

“Dangote Refinery at the moment requires 15 cargoes of crude, for $13.5 billion yearly. NNPC has committed to supply four.

“But the FEC has approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as a pilot. The exchange rate will be fixed for the duration of this transaction.

“Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited. The game-changing intervention will eliminate the need for international letters of credit. It will also save the country billions of dollars used in importing refined fuel,” he said.

The development is coming amid the dispute between the 650,000 barrel-per-day Dangote Refinery and NNPCL, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, and other regulators in Nigeria’s oil and gas sector.

More to come!

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Corruption Battle: Dangote Drags Ex-NMDPRA Boss To EFCC After ICPC Withdrawal

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Aliko Dangote, Chairman of Dangote Industries, through his legal representative, has formally submitted a corruption petition to the Economic and Financial Crimes Commission (EFCC) against Farouk Ahmed, the former Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

 

This was disclosed in a statement made available to our correspondent by the Dangote Group media team on Friday.

 

Recall that Dangote had earlier petitioned the Independent Corrupt Practices and Other Related Offences Commission to investigate Ahmed for allegedly spending $5 million on his children’s secondary education in Switzerland. He withdrew the petition a few days ago, even as the ICPC vowed to continue with its investigation.

 

The statement on Friday said Dangote’s petition to the EFCC followed “The withdrawal of the same petition from the Independent Corrupt Practices and Other Related Offences Commission, a strategic decision aimed at accelerating the prosecution process.”

 

In the petition, signed by Lead Counsel Dr O.J. Onoja, Dangote urged the EFCC to investigate allegations of abuse of office and corrupt enrichment against Ahmed, and to prosecute him if found culpable.

 

The petition further stated that Dangote would provide evidence to substantiate claims of financial misconduct and impunity.

 

“We make bold to state that the commission is strategically positioned, along with sister agencies, to prosecute financial crimes and corruption-related offences, and upon establishing a prima facie case, the courts do not hesitate to punish offenders. See Lawan v. F.R.N (2024) 12 NWLR (Pt. 1953) 501 and Shema v. F.R.N. (2018) 9 NWLR (Pt.1624) 337,” the petition read.

 

Onoja further urged the commission, under the leadership of Mr Olanipekun Olukoyede, “To investigate the complaint of abuse of office and corruption against Engr. Farouk Ahmed and to accordingly prosecute him if found wanting.”

 

 

 

 

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Rivers Assembly Reopens Impeachment Push Against Gov. Fubara, Deputy

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The Rivers State House of Assembly formally recommenced impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu.

 

This marks the second time within ten months that the state legislature has initiated such a move.

 

At a plenary session presided over by the Speaker, Martins Amaewhule, the Majority Leader of the House, Major Jack, formally read the notice detailing allegations of gross misconduct against Governor Fubara.

 

The notice, which was endorsed by 26 lawmakers, accused the governor of actions allegedly in violation of the Nigerian Constitution.

 

Amaewhule announced that the notice would be served on the governor within the next seven days.

 

During the same sitting, the Deputy Majority Leader, Linda Stewart, read the notice of allegations and gross misconduct leveled against Deputy Governor Ngozi Oduh.

 

 

 

 

 

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Supreme Court: President Has Power To Declare Emergency Rule, Remove Elected Officials

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The Supreme Court has reaffirmed that the President holds the constitutional power to declare a state of emergency in any state where circumstances threaten public safety or governance.

According to the ruling, this authority may be exercised to prevent a serious breakdown of law and order or to stop conditions from deteriorating into chaos or anarchy.

The court emphasized that such powers are intended to safeguard national stability and ensure the continued functioning of democratic institutions when extraordinary situations arise.

It noted that emergency measures are justified only in exceptional cases where normal governance mechanisms are unable to effectively address escalating crises.

More details later…

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