My Blog

Author: admin

  • EFCC nabs 17 suspected internet fraudsters in Enugu

    The Economic and Financial Crimes Commission (EFC C) on Tuesday arrested 17 suspected internet fraudsters in a sting operation in Enugu.

    Its Spokesperson, Wilson Uwujaren said this in a statement on Tuesday in Abuja.

    The suspects, according to him were Okechukwu Onah, Ezuma Nnaemezie, Onodugo Oji, Ojioche Nzesinachi, Okii Emmanuel, Ojioche Collins, Usulor Reuben, Thadeus Jude, Okoloeze Emmanuel, Ani Chinaza, Ani Daniel, and Amos Ozoemena

    “Others are Ani Nnamdi, Thomas Ekene, Ani Charles, Ezike Chinecherem and Nwose Peter.

    “Items recovered from them include two exotic cars, 26 mobile phones and four personal computers.

    “The suspects will be charged to court as soon as the investigation is concluded,” he said.(

  • Nigerian stock market hits N1.51trn gain

    The equities market of the Nigerian Exchange Ltd. (NGX) opened trading for the week on a bullish note driven by investors’ confidence, following the inauguration of President Bola Tinubu.

    Tinubu, in his inaugural speech, said on Monday that the former administration did not capture  fuel subsidy in the 2023 budget and he would ensure a unified exchange rate as part of measures to boost the Nigerian economy.

    Specifically, the market capitalisation recorded a gain of N1.505 trillion or  5.22 per cent to close at N30.349 trillion from N28.844 trillion posted on Friday.

    Also, the All-Share Index (ASI) rose by 2,764.47 points or 5.22 per cent to settle at 55,738.35 compared with 52,973.88 recorded at the previous trading.

    Accordingly, the Year-to-Date gain moderated to 8.76 per cent.

    Index heavyweights, MTN Nigeria, Dangote Cement and BUA Cement drove the market’s strong performance, alongside gains in Tier- one banking stocks such as Guaranty Trust Holding Company (GTCO), Access Holdings, United Bank for Africa (UBA) and Zenith Bank.

    Access Holdings in the shares of Transcorp topped the most traded chart with 199.62million shares valued at N2.45 billion.

    GTCO followed with 76.38 million shares worth N2.18 billion, while Zenith Bank traded 66.13 million shares valued at N1.92 billion.

    UBA traded 81.99 million shares valued at N831.47 million, while Transcorp transacted 95.68 million shares worth N309.24 million.

    Analysts at Vetiva Securities Ltd., said that “The market exhibited a favorable response to President Tinubu’s inauguration speech and his proposed plans for the country’s economy.

    “This positive sentiment is anticipated to endure in the upcoming session, as investors responded positively to the latest transition of power to the new administration.”

    Market breadth closed positive at with 54 advancing stocks that outnumbered four declining ones.

    Zenith Bank recorded the highest price gain of 10 per cent to close at N29.70, per share.

    Transcorp Hotels and Nigeria Breweries followed with a gain 10 per cent each to close at N8.25 and N42.35, per share respectively.

    Jaiz Bank and First City Monument Bank (FCMB) alao went up by 10 per cent  each to close at N1.10 and N4.62  per share respectively.

    On the other hand, Ikeja Hotel led the losers’ chart by 10 per cent loss to close at N2.16, per share.

    NCR followed with a 9.88 per cent decrease to close N2 .76, while Tantalizer dropped by eight  per cent to close 23k, per share.

    Julius Barger followed with a decline of 7.94 per cent to close at N29, while International Energy Insurance was down by 6.98 per cent to close N1.20  per share.

    Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 106.07 per cent.

    A total of 1.08 billion shares valued at N15.80 billion were exchanged in 9,916 deals.

  • Subsidy: Kyari meets Tinubu, says fuel queues won’t last

    Subsidy: Kyari meets Tinubu, says fuel queues won’t last

    The Nigerian National Petroleum Company Limited (NNPC Ltd) has assured Nigerians that fuel queues in filling stations, following the affirmation of the removal of subsidy, will soon vanished.

    Malam Mele Kyari, the Group Chief Executive Officer (GCEO), briefed State House correspondents after meeting  President Bola Tinubu on Tuesday at the Presidential Villa, Abuja.

    Tinubu, had in his inaugural speech on Monday, commended the past administration for phasing out the petrol subsidy regime, which had increasingly favoured the rich more than the poor.

    Kyari said that the Petroleum Industry Act (PIA) stipulated that the price of petroleum should be determined by market forces.

    “I know all us must have seen the fuel queues in filling stations across the country.

    “It is very understandable that whenever announcements to changes to prices of petroleum happen, both buyers and marketers will like assurance of what exactly this means and typically, consumers will rush to the filling stations to fill their tanks and that is why you are seeing these queues.

    “And also for marketers, they will like to see exactly what this means in terms of how are we going to sell the products if subsidy on PMS is removed?

    “And the combination of the two is what you are seeing -the obvious dislocation on distribution and we believe that this will go away very quickly.

    “And as you may be aware, PIB which was accented in 2021 and became an Act, made it clear that the price of petroleum must be priced at the market,” Kyari stated.

    He said, however, that the government also decided to provide for subsidy in the 2022 Appropriation Act and also for half year in 2023.

    According to him, while the PIA is clear that petroleum should be priced, but it did not say that government cannot put its money in any way it wants.

    “Therefore, we, as a commercial company established by the PIA, we are doing it strictly as business; delivering value as supply of last resort by virtue of the law but at a cost to the federation.

    “And that cost includes the cost of subsidy; this subsidy cost should have been money that will be given to the NNPC, may be on monthly or daily basis.

    “However, since the provision of the N6 trillion in 2022 and N3.7 trillion in 2023, we have not received no payment whatsoever from the federation; that means they are unable to pay and we continue and continue to support the subsidy from the cash flow of the NNPC.”

    He also explained further:“That is when we net off our physical obligations of taxes and royalties, there is still a balance we are funding from our cash flow and that has become very difficult, and it affects our other operations.

    “We are not able to keep some of this cash to invest in our core businesses and the end result is that it can be a huge challenge for the company.

    “And we have highlighted this severally to government; that they must compensate NNPC; they must pay NNPC for the money we have spent on subsidy.’’

    The NNPC Ltd boss said that by virtue of the law and the Appropriation Act 2023, funding was no longer available while the country could no longer fund the subsidy and no longer able to pay NNPC.

    “Therefore, we are pleased to note the president’s commitment to the removal of subsidy because they cannot afford it anymore.

  • U-20 W/Cup: F’ Eagles will not be intimidated by Argentina crowd – Bosso

    Hosts and six-time champions, Argentina will fancy being the favourites in their FIFA U20 World Cup Round of 16 duel with Nigeria in San Juan on Wednesday night, but Head Coach Ladan Bosso says his team will not be intimidated by the physicality of the opponents and the capacity crowd expected at the venue.

    The indigenes of the Land of Pampas barnstormed through their group stage, winning all their three matches against Uzbekistan, Guatemala and New Zealand, scoring 10 goals and conceding only one. They are already among the favourites for the title, by both pedigree and current form.

    Despite winning their first two matches, including beating early ravemakers Italy in commanding fashion, the Flying Eagles lost to Brazil 2-0 in La Plata on Saturday and some bookmakers think they stand no chance against the pumped-up home team.

    Bosso said on Tuesday, as his boys prepared for their official training session at match time (6pm Argentine time and 10pm Nigeria) that his Africa Cup of Nations bronze medallists will be ready to give as much as they receive in Wednesday’s encounter.

    “This is the World Cup and it is wrong to under-rate any team. We won two of our three matches and had the same number of points in our group as Brazil and Italy. We are no pushovers in this campaign.

    “It is going to be an interesting game. We want the quarter-final ticket and the Argentines also want the quarter-final ticket. We will go in there and dig our feet into the ground.”

    ALL THE QUARTER-FINAL MATCHES

    Brazil Vs Tunisia

    USA Vs New Zealand

    Uzbekistan Vs Israel

    Colombia Vs Slovakia

    Argentina Vs Nigeria

    England Vs Italy

    Gambia Vs Uruguay

    Ecuador Vs South Korea

  • Subsidy Removal: NLC kicks, urges Tinubu to put palliative measures in place

    The Nigeria Labour Congress (NLC) has lambasted new President Bola Tinubu for removing fuel subsidy without due consultations, urging him to ensure palliative measures are put in place to ease workers’ sufferings.

    Mr Joe Ajaero, the NLC President, made the appeal in a statement made available to newsmen on Tuesday in Abuja.

    It would be recalled that Tinubu announced the fuel subsidy removal during his inaugural speech on Monday, saying that subsidy can no longer justify its ever-increasing costs in the wake of drying resources.

    Tinubu pledged to re-channel the funds into better investment in public infrastructure, education, healthcare and jobs that would materially improve the lives of millions.

    Ajaero said that the NLC would staunchly oppose the decision.

    “We at the Nigeria Labour are outraged by the pronouncement of President Bola Tinubu removing ‘fuel subsidy’ without due consultations with critical stakeholders.

    “Or without putting in place palliative measures to cushion the harsh effects of the ‘subsidy removal,” he said.

    He said that within hours of Mr President’s pronouncement, the nation had gone into a tailspin due to a combination of service shut downs and product price hike, in some places representing over 300 per cent price adjustment.

    He said that by the decision, Tinubu on his inauguration day had brought tears and sorrow to millions of Nigerians instead of hope.

    The NLC president also said that Mr President had equally devalued the quality of their lives by over 300 per cent and counting.

    According to him, it is no heroism to commit against the people this level of cruelty at any time, let alone on an inauguration day.

    “If he is expecting a medal for taking this decision, he would certainly be disappointed to receive curses for the people of Nigeria consider this decision not only a slight but a big betrayal.

    “On our part, we are demanding the immediate withdrawal of this policy. The implications of this decision are grave for our security and well-being.

    “We wonder if President Tinubu gave a thought to why his predecessors in office refused to implement this highly injurious policy decision?”.

    He added that “we also wonder if he also forgot the words he penned down on January 8, 2012, but issued on January 11, 2012.

    “In light of the foregoing, we advise Tinubu to respect his own postulations and economic theories instead of daring the people. It could be a costly gamble,” he cautioned. 

  • Reps hail fuel subsidy removal, appeal for calm

    House of Representatives has commended President Bola Tinubu for his courage in removing the fuel subsidy with the intention to serve Nigeria with honesty and integrity.

    This followed the adoption of an urgent motion of public importance by Rep Abdulraheem Olajide (APC-Lagos) at plenary on Tuesday in Abuja.

    Presenting the motion, Olajide said President Tinubu was a concerned senior citizen who’s agenda was to favour the down trodden for the purpose of humanity.

    He said that it should be noted that there was no provision for fuel subsidy in the 2023 Appropriation Act, adding that the 9th Assembly and the past administration gave it a legal backing.

    He said any legislative action in support of the President to deliver dividends of democracy to Nigerians would go a long way in enhancing development.

    “The president is concern about the masses and has meaningful objective to utilise Nigeria funds appropriately with budgetary reforms agenda on education, health, and infrastructure

    “Others include: agriculture, food, security and above all security of lives and property as embedded in the constitution,” he said.

    The House congratulated the president on his readiness for the tasks ahead in service of humanity.

    The House appealed to Nigerians to remain patient, resilient and prayerful so that the President could deliver on his promises.

    Tinubu had after his inauguration as President at Eagles Square on May 29, announced the removal of fuel subsidy.

    The decision had generated mixed feelings as the effect was being felt with oil marketers and filling stations shutting down, resulting in queues, while some stations have already hiked their prices. 

  • Fuel scarcity: Price hits N520 in Edo, Delta

    Fuel pump price is now between N400 and N500 in Edo and Delta, in a few filling stations opened for business as long queues resurfaced on Tuesday.

    The sudden hike in fuel pump price and long queues is because of President Bola Tinubu’s pronouncement that he is removing fuel subsidy.

    In Edo and Delta on Tuesday, most filling stations within Benin metropolis and Asaba Township, refused to open for business while the few filling stations dispensing fuel, are selling at prices ranging between N450 and N520 per litre.

    In Benin, it is reported that few filling stations which included NNPC mega station on the Sapele, Buvel, and ‘Madam 200’, were dispensing the petroleum product for prices ranging between N190 and N200, but with long queues.

    The other few independent marketers, seen attending to customers, were selling for between N450 and N500, but also experienced long queues.

    A motorist, Mrs Evelyn Boswell, told newsmen that she had been to about four filling stations without success.

    “I am worried because I need to pick up my children from school. If I can just get five litres, that will be enough to bring them from school.

    “If the situation remains like this, they will have to stay at home until the product is available,” Boswell said.

    Mr Johnson Ikpe, a motorist, said “nobody cares about the poor people in Nigeria. The scarcity has left us stranded. I can’t even get to my workplace. I am stranded.”

    According to him, these filling stations have this product but they are hoarding it. Some of them who sold for between N200 and N210 on Monday morning, later sold for between N400 in the evening after the president’s speech.

    Commercial bus drivers have also increased transport fares by 100 per cent depending on the routes.

    In Asaba, Delta, motorists have appealed to the Federal Government to intervene and quickly resolve this emerging artificial fuel scarcity across the states of the federation.

    Mr Andy Obi, however, described the removal of fuel subsidy as a good development, but noted the timing for the implementation was not good.

    ”We have not even recovered from the economic hardship occasioned by the impact of the introduction of the new naira notes and now removal of fuel subsidy is being implemented.

    ”I will appeal to the federal government to intervene in the pain of struggling to get fuel, not just getting but buying it at a very high rate,” he said.

    On his part, Mrs Cynthia Eze, said, “I left my home since morning and I have visited about six different filling stations without any success of getting fuel to buy.

    ”I’m appealing to government for intervention because, it will be disastrous for the masses.”

    While most filling stations have refused to open for business, the few filling stations selling fuel, are dispensing at prices ranging from N350 and N500 respectively.

    Some of the filling stations currently selling include Total, Rain Oil, Dwell Pet, Marc Merg, Matrix, Mobile, North West. 

  • Alleged Drug Case: Obi tenders USA $460k forfeiture order as evidence against Tinubu 

    Alleged Drug Case: Obi tenders USA $460k forfeiture order as evidence against Tinubu 

    The Presidential Election Petition Court(PEPC) has admitted in evidence, a United States of America (USA) District Court judgment that reportedly indicted President Asiwaju Bola Ahmed Tinubu and ordered his forfeiture of $460,000 in drug related offences.

    The first Petition Witness (PW1), Barrister Lawrence Uchechukwu Nnanna Nwakaeti, tendered the certified true copy of the judgment in court on Tuesday.

    The PW1, in his evidence-in-chief, led by Mr Jibrin Okutepa, SAN, tendered the court’s judgment as part of requests by Obi and Labour Party to prove that Tinubu was not qualified to run the election of the 2023 presidency.

    However, Tinubu and the All Progressives Congress (APC) announced that they have objections against admission of the judgment but reserved the objections to final address stage.

    Under cross examination by Chief Wole Olanipekun SAN who stood for President Tinubu, the witness admitted that the judgment was not registered in Nigeria.

    The witness admitted that there was no certificate from any Consular in Nigeria or America in support of the judgment but insisted that “the judgment speaks for itself”.

    He claimed to have been to the United States of America and read the judgment in its entirety adding that he would be surprised if no mention was made of $460,000 forfeiture.

    On his part, counsel to Tinubu, Prince Lateef Fagbemi SAN, asked the witness if he has a certificate under the Police officer in the US where the alleged crime took place.

    However, the witness said that the American Court judgment had no certificate given under the hand of any American Police Officer.

    He denied knowledge of a February 4, 2003 Formal Clearance Report by Legal Attachee from American Embassy in respect of the alleged indictment and forfeiture.

    When asked by Fagbemi SAN to produce a copy of the charges against Tinubu, the witness admitted not having any but maintained that the indictment and forfeiture are from civil proceedings.

    Meantime, Justice Haruna Tsamani led panel admitted the documents as evidence.

     Further hearing in the petition continues tomorrow, May 31.

  • Kwara Gov cautions marketers against fuel hoarding

    *Dep Gov to lead task force to filling stations
    •Govt to revoke CoO of erring filling stations

    Nigeria Governors’ Forum (NGF) Chairman and Kwara State Governor, AbdulRahman AbdulRazaq has cautioned oil marketers to avoid imposing needless hardship on the citizens through creation of artificial fuel scarcity in the state and beyond.


    “The Governor is seriously concerned about reports of sudden fuel scarcity in different parts of the state. This is totally uncalled for. He asks fuel marketers to immediately discharge fuel to the public under the normal pricing system since they had bought what they currently have at subsidised rates,” according to a Government House statement on Tuesday morning.


    “Creating artificial scarcity amounts to intentional misrepresentation of the statement of President Bola Ahmed Tinubu, GCFR, on the question of fuel subsidy. The people should not be made to undergo any hardship.


    “The Governor urges the marketers to desist from anything that qualifies as economic sabotage of the people. Hoarding fuel bought at subsidised price and creating panic in the state is opportunistic and will not be condoned.

    *His Excellency the Deputy Governor Mr. Kayode Alabi will be leading a task force to ensure that no fuel marketer causes undue hardship to the citizens in Kwara State.


    “Fuel stations are to note that the Task Force will dip into their pits. Any filling stations found to be hoarding fuel will have their Certificate of Occupancy (CofO) revoked, among other penalties.”

  • DSS, EFCC disagree over Lagos Office siege

    The Economic and Financial Crimes Commission (EFCC) has condemned the Tuesday siege by the Department of State Services (DSS) on its Lagos office, describing it as shocking.

    The DSS operatives reportedly prevented officials of the anti-graft agency from gaining access to their office in Ikoyi, Lagos.

    This was however denied by the DSS, claiming that the incident never happened.

    The two organisations have shared the office which was the headquarters of the defunct National Security Organisation, the precursor to DSS, for about 20 years.

    There is said to be an ongoing discussion between the two federal agencies over the ownership of the building.

    EFCC Spokesperson, Wilson Uwujaren, while condemning the action in a statement on Tuesday in Abuja, said it had wider implications for the fight against economic and financial crimes.

    Uwujaren said that the EFCC was shocked by the action of the agents of DSS who barricaded the entrance into its Ikoyi’s office with armoured personnel carriers.

    “This development is strange to the commission given that we have cohabited with the DSS in that facility for 20 years without incident.

    “By denying operatives access to their offices, the commission’s operations at its largest hub with over 500 personnel, hundreds of exhibits, and many suspects in detention have been disrupted.

    “Cases scheduled for a court hearing today have been aborted, while many suspects who had been invited for questioning are left unattended.

    “Even more alarming is that suspects in detention are left without care with grave implications for their rights as inmates,” he said.

    Uwujaren said that the action was in conflict with the efforts being made to tackle economic and financial crimes.

    “The siege is inconsistent with the synergy expected of agencies working for the same government and nation, especially when there are ongoing discussions on the matter,” he said.

    Meanwhile, the Spokesman of the DSS, Dr Peter Afunaya, has denied any rift with the EFCC.

    Afunaya in a statement on the issue, said there was no rivalry between the service and the EFCC over and about anything.

    He enjoined the media not to create any imaginary rivalry, adding that the two organizations were partners working for the good of the nation.

    “It is not correct that the DSS barricaded EFCC from entering its office. No. It is not true.

    “The Service is only occupying its own facility where it is carrying out its official and statutory responsibility.

    “By the way, there is no controversy over No 15A Awolowo Road as being insinuated by the report.

    “Did the EFCC tell you it is contesting the ownership of the building? I will be surprised if it is contesting the ownership,” he said.

    According to him, Awolowo Road was NSO headquarters and the DSS started from there.