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NNPC Part-Owner Of Dangote Refinery – Mele Kyari

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NNPC Part-Owner Of Dangote Refinery – Mele Kyari

The Nigerian National Petroleum Company limited, NNPCL, has disclosed that it’s a proud part-owner of the Dangote Refinery.

This was disclosed by NNPCL’s Group Chief Executive Officer, Mele Kyari at a conference hosted by the Nigerian Association of Petroleum Explorationists in Lagos on Monday.

Following the commencement of the refinery, Aliko Dangote had accused NNPCL and some cabals in the oil sector of trying to sabotage its operations.

However, Kyari dismissed the claims that NNPCL was undermining the operations of the Dangote refinery.

He said: “The point is very far from it and I’m going to speak to it straight. We are very proud part-owners of Dangote refinery, no doubt about it.

“We saw an opportunity that there is a clear market for at least 300,000 barrels of our production; we know that as time moves on, people will start struggling to find markets for their production.

“It will happen, It’s already happening. Oil is found, as you know, in many unexpected locations across the world and people have choices.

“Therefore we saw an opportunity to log supply to the domestic refinery, not just Dangote but any other refinery that operates in the country, so it was a very informed business decision.”

Multichoice Nigeria Loses 243,000 Dstv, Gotv, Subscribers In Six Months

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Multichoice Nigeria Loses 243,000 Dstv, Gotv, Subscribers In Six Months

The South African pay-TV operator MultiChoice Group disclosed that its Nigerian unit, MultiChoice Nigeria, lost 243,000 subscribers on its Digital Satellite Television (DStv) and General Entertainment on Television (GOtv) services from April to September this year.

The company revealed these figures in its Interim Financial Results for the period ending 30 September 2024, which were released on Tuesday.

MultiChoice attributed this decline to Nigeria’s high inflation rate, which exceeds 30%, driven by the rising costs of food, electricity, and fuel, causing many customers to disconnect.

In its financial report for March 2024, MultiChoice had earlier reported an 18% subscriber loss in Nigeria.

The company further reported a 566,000-subscriber loss in the Rest of Africa operations over the past six months, with Zambia and Nigeria contributing the largest shares to this decline.

“With the Rest of Africa business having seen a decline of 803k subscribers in 2H FY24, this rate of decline slowed to 566k in 1H FY25,” stated MultiChoice.

The loss included 298,000 in Zambia and 243,000 in Nigeria, while other markets experienced a minor decline.

Extreme inflation and currency instability have negatively impacted the group’s profits, with MultiChoice Group CEO Calvo Mawela commenting, “We are making good progress in addressing the technical insolvency that resulted from non-cash accounting entries at the end of the last financial year.”

Mawela noted that the group’s net equity position is expected to recover by November.

With regard to Zambia’s losses, the company attributed them to extensive power outages caused by drought, leaving some regions with up to 23 hours of daily outages.

The company also cited competition from streaming services and changes in viewer preferences as pressures on its traditional pay-TV model.

To adapt, MultiChoice invested an additional ZAR1.6 billion in its streaming service Showmax, which reported 50% year-over-year growth.

Mawela added, “Showmax strategically positions the business to actively participate in the streaming revolution as it gains momentum across Africa.”

16 Manufacturing Firms Lost ₦‎792 Billion To Naira Depreciation – MAN

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16 Manufacturing Firms Lost ₦‎792 Billion To Naira Depreciation – MAN

The chairman of the Ogun State Manufacturers Association of Nigeria (MAN), George Onafowokan, has lamented the crisis in Nigeria’s manufacturing sector following the government’s decision to float the Naira in 2023.

According to him, 16 major manufacturing firms have incurred cumulative losses amounting to N792 billion due to naira depreciation.

He spoke at the 39th Annual General Meeting of MAN, Ogun State branch, on Tuesday, with the theme, “Dollar to Naira Cost, the Nigerian Manufacturers’ Daily Dilemma: Exploring Strategies for Business Sustainability.”

He highlighted the soaring exchange rate, which has surged to NGN1,900 to $1 by early 2024, as a key driver of the sector’s challenges.

“This policy move has caused a severe forex scarcity, making it nearly impossible for manufacturers to access affordable dollars for essential imports,” Onafowokan stated.

He said due to the limited availability of forex at official rates, many manufacturers have turned to the parallel market, where rates have skyrocketed to NGN900 to $1, causing a significant rise in production costs.

He said the increase has placed substantial financial strain on businesses that rely heavily on imported raw materials and machinery.

“The manufacturing sector incurred significant forex losses in 2023, which extended into 2024, forcing many manufacturers to either temporarily suspend or completely halt their operations.

“In fact, approximately 16 major manufacturing companies lost a combined total of N792 billion due to the depreciation of the naira resulting from monetary policy reforms. The impact on SMEs and smaller manufacturers has been equally devastating,” he said.

Onafowokan also highlighted the added burdens of inadequate infrastructure and rising energy costs.

He noted that key roadways in Ogun State, critical for transporting goods and materials, remain in disrepair, causing frequent accidents and increasing logistics expenses.

Acknowledging the Ogun State government’s efforts to improve infrastructure, Onafowokan urged the administration to expedite ongoing projects to relieve some of the pressure on manufacturers.

He also called for a more efficient tax system and proposed a “Buy Made-in-Nigeria” initiative to stimulate local demand and provide much-needed support for the struggling sector.

Trump Announces Musk, Vivek Will Lead Newly-Created “Dept Of Govt Efficiency”

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Trump Announces Musk, Vivek Will Lead Newly-Created “Dept Of Govt Efficiency”

President-elect Donald Trump announced Tuesday that billionaire Elon Musk and businessman Vivek Ramaswamy will head up a new temporary agency known as the Department of Government Efficiency.

Trump in a statement said the two “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies – Essential to the ‘Save America’ Movement.

Trump seemed to suggest that Musk and Ramaswamy might not formally join the government, explaining that the two would “provide advice and guidance from outside of Government, and will partner with the White House and Office of Management & Budget to drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.

In his own statement, Musk said the new agency “will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!”

Trump, in his statement, set a deadline for their work, saying it would “conclude no later than July 4, 2026.”

“A smaller Government, with more efficiency and less bureaucracy, will be the perfect gift to America on the 250th Anniversary of The Declaration of Independence,” Trump wrote. “I am confident they will succeed!”

The Trump campaign described the agency as “potentially, the ‘Manhattan Project’ of our time,” referencing the secret World War II program that was involved in developing the atomic bomb.

Musk was a major part of Trump’s reelection campaign effort, while Ramaswamy ran against Trump in the Republican primary before endorsing him.

The department’s acronym, DOGE, is also a dog meme that inspired Dogecoin, a cryptocurrency promoted by Musk that was created as a joke and is credited with being the first meme coin.

Federal employees are generally required to disclose their assets and entanglements to ward off any potential conflicts of interest, and to divest significant holdings relating to their work. Because Musk and Ramaswamy would not be formal federal workers, they would not face those requirements or ethical limitations.

Musk has been a constant presence at Mar-a-Lago since Trump won the presidential election.

The president-elect has often said he would give Musk a formal role overseeing a group akin to a blue-ribbon commission that would recommend ways to slash spending and make the federal government more efficient. Musk at one point suggested he could find more than $2 trillion in savings — nearly a third of total annual government spending.

Trump had made clear that Musk would likely not hold any kind of full-time position, given his other commitments.

Melania Trump Snubs Tea With Jill Biden And Skips Traditional Meeting

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Melania Trump Snubs Tea With Jill Biden And Skips Traditional Meeting

Melania Trump will not join Donald Trump at the White House on Wednesday, despite receiving an invitation from President Joe Biden and first lady Jill Biden to attend.

Traditionally, when the outgoing president hosts the incoming president-elect in the Oval Office, the first lady hosts her successor for tea in the residence.

Michelle Obama hosted Melania Trump for tea in the Yellow Room after the 2016 election. However, Melania Trump did not meet with Jill Biden after the contentious 2020 race as Donald Trump falsely and repeatedly claimed he was the true winner.

Melania and Jill have yet to speak in the aftermath of Kamala Harris’ humiliating defeat, even though their husbands had a cordial phone call, sources confirm.

‘Mrs. Trump is not going, and they have not spoken,’ a source with knowledge said of the first ladies told DailyMail.com of Wednesday’s presidential sitdown.

The last time Jill Biden and Melania Trump would have seen each other would have been at Rosalynn Carter’s funeral in November of last year. All living former first ladies attended.

There have been numerous reports Melania Trump intends to be a part time first lady for her second term and may not even live full time at the White House. She has yet to announce an agenda or any staff hires.

Four years ago, Donald Trump snubbed Joe Biden after Biden defeated him, refusing to invite him for the traditional Oval Office meeting and delaying the transition process. Melania Trump followed her husband’s lead and didn’t reach out to Jill Biden.

The Bidens, however, have promised a peaceful and orderly transition to the upcoming Trump Administration.

‘The Bidens extended congratulations and a joint invite to the Trumps to meet at the White House,’ Jill Biden’s office said.

Donald Trump and Joe Biden will meet Wednesday in the Oval Office.

The Bidens will attend Trump’s inauguration in January 2025, according to the White House.

Traditionally, the outgoing president welcomes the incoming one to the White House on the morning of the inauguration before riding together in the same vehicle to the Capitol building for the swearing in.

Trump rode with then-President Barack Obama to his own inauguration. Biden attended that inauguration in his role as outgoing vice president.

But, in 2020, Trump became the first president to skip his predecessor’s swearing-in so since Andrew Johnson skipped the 1869 swearing-in of Ulysses S. Grant.

Biden simply went to the Capitol from the hotel where he was staying and didn’t go to the White House until he had taken the oath of office.

Donald and Melania Trump left the White House about 10 am the morning of Biden’s Inauguration Day.

They have not been back since.

Melania Trump is working on a transition and showing some signs of building up an East Wing office.

John Rogers, a top executive with Goldman Sachs and member of the White House Historical Association board, will help Melania Trump staff up the East Wing, Semafor reported.

Rogers helped Melania with staffing issues during the first Trump term. He has been involved in Republican politics going back to Ronald Reagan’s presidency.

But it still unclear how active she’ll be or where she’ll live.

Currently the incoming first lady resides in New York City, as son Barron attends New York University. Her memoir, Melania, is a New York Times bestseller.

She was not deeply involved with the campaign. She attended the Republican National Convention but didn’t speak. She did not attend any of the presidential debates.

She did speak at one Trump campaign rally – the one he held in October in Madison Square Garden.

Her absence during Donald Trump’s many legal cases was notable.

During the first Trump administration, Melania delayed her move to Washington D.C. to allow Barron to finish his school year.

She was not a heavily involved first lady given her son was still in grade school.

Dangote To Meet PETROAN On Fuel Supply Deal –

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Dangote To Meet PETROAN On Fuel Supply Deal –

The management of Dangote Refinery is set to meet with officials of the Petroleum Products Retail Outlet Owners Association of Nigeria to discuss direct petrol supply arrangements.

This development comes just a day after the Independent Petroleum Marketers Association of Nigeria announced it had reached an agreement with Dangote Refinery to purchase petrol directly, bypassing intermediaries.

PETROAN Publicity Secretary, Joseph Obele, told our correspondent on Tuesday that the refinery had already sent an email to PETROAN President, Dr. Billy Harry, proposing a business meeting in the coming days.

According to Obele, Dr. Harry has formed a team of seven representatives, led by himself, to attend the meeting on behalf of PETROAN.

“The Head of Commercial at Dangote Refinery has sent an email to the National President of PETROAN, Dr. Billy Harry, regarding an upcoming strategic business meeting,” Obele said.

“At this proposed meeting, PETROAN’s primary objective will be to ensure affordable, high-quality products for consumers while adhering to all regulatory standards and industry best practices,” he emphasised.

Obele expressed optimism that “the meeting will be mutually beneficial—a win for the public, Dangote Refinery, and petroleum retail outlet owners.”

In a statement on Tuesday, PETROAN’s National Headquarters commended Dangote Refinery’s management for establishing a direct sales agreement for Premium Motor Spirit (PMS) with IPMAN, removing the role of intermediaries previously played by the Nigerian National Petroleum Company Limited.

PETROAN also noted indicators that PMS prices could decrease soon.
“Factors contributing to this include recent discussions between Dangote Refinery and key industry stakeholders, as well as a reduction in the landing costs of PMS in Nigeria, reflecting global market adjustments and improvements in the supply chain.”

PETROAN further highlighted that the oil and gas sector is sensitive, and strategic discussions are essential to maintaining operational efficiency and sector harmony.

“We once again commend Dangote Refinery for recognising the importance of stakeholder engagement, and we are optimistic that the primary beneficiaries will be the general public,” PETROAN stated.

The PUNCH recalls that PETROAN recently reported reaching an agreement with international traders to import petrol and offer it at prices lower than those from Dangote Refinery and the NNPC.

Naira Appreciates To N1,730/$ In Parallel Market

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Naira Appreciates To N1,730/$ In Parallel Market

The Naira yesterday appreciated to N1,730 per dollar in the parallel market from N1,740 per dollar last weekend However, the Naira depreciated to N1,681.42 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,681.42 per dollar from N1,678.87 per dollar last Friday indicating N2.55 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N48.58 per dollar from N61.13 per dollar last week Friday .

However, analysts at Afrinvest West Africa Limited, projected a mixed performance for the foreign exchange rate this week.

“The domestic currency had mixed trading performance last week. This week, we expect the Naira to trade within a similar band, though recent rate cuts in major economies have strengthened the case for carry trade opportunities in Emerging markets and Developing Economies, EMDEs, especially those with relatively stable exchange rates. “

Igali Thumbs Up Bayelsa United Over Rivers United Win

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Igali Thumbs Up Bayelsa United Over Rivers United Win

… Charges them to maintain momentum

The commissioner for Sports Development, Bayelsa State, honourable Daniel Igali, has commended Bayelsa United following their first away win of the current NPFL campaign.

Bayelsa United, away from home on Sunday, defeated Rivers United 1-0 in what was a South-South derby to reduce the pressure on coach Ladan Bosso, who was given a two-match ultimatum by the State Government to turn results around positively.

Speaking exclusively on Monday in his office, honourable Igali expressed satisfaction with the performance of the Prosperity Boys despite the pressure.

Igali, who saw the game in Port Harcourt, assessed that the technical crew and players approached the game with a positive attitude and were resilient, thus the result.

“The one nil win against Rivers United was our first away win of the season and obviously our results haven’t been that spectacular which doesn’t portray the strength of the team so I think the team is now coming up on their own. You can see with just that win the team is fifth on the log, and we hope to keep the momentum.”

“I was very pleased with the way our players played away from home, and I think if we can keep this spirit in our home games, we should be in a very respectable position in the League.”

Bayelsa United’s next two fixtures are against Kastina United in Yenagoa and a trip to 3SC of Ibadan.

Justice Kekere-Ekun’s attendance at Lagos State dinner does not undermine judicial integrity- Barr. Adejumo

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Justice Kekere-Ekun’s attendance at Lagos State dinner does not undermine judicial integrity- Barr. Adejumo

Barr. Tunde Adejumo

The dinner organized by the Governor of Lagos State to celebrate the appointment of Justice Kekere-Ekun as the Chief Justice of Nigeria (CJN) has aroused some controversy. Some have argued that her attendance at such a dinner is unethical and undermines the integrity of the judiciary.

This argument is without merit. Her attendance at the celebration does not breach any ethical standards as a judicial officer, nor does it compromise the integrity of her office as CJN or the impartiality expected of her role. It is essential to recognize that this event was not only a personal celebration of Justice Kekere-Ekun’s remarkable achievement but also a proud moment for Lagos State, as she is the first indigene of the state to be appointed to the highest judicial office in the country, a truly historic feat that is certainly worth celebrating.

Contrary to what some may believe, being a judicial officer does not mean one must be excluded from participating in public functions or celebrations, particularly those that honour personal accomplishments. The ethical standards governing judicial officers are focused on impartiality, independence, and integrity. These standards do not prohibit our judicial officers from attending public events, provided these events do not involve actions that could influence their judicial duties or create a conflict of interest. The dinner in question was not a political rally or an event designed to sway Justice Kekere-Ekun’s decisions. It was simply a celebration of a significant achievement for both her personally and for the state of Lagos. The fact that the Governor hosted the dinner does not make it a political endorsement or imply that the CJN is now obligated to act in a politically biased manner.

Judges regularly attend public events that celebrate their professional achievements or honour their contributions to society, without any suggestion that this undermines their impartiality. For instance, Judges often participate in award ceremonies, academic conferences, and even public swearing-in ceremonies for new public officials. These events, like the dinner hosted by the Governor, are public celebrations of professional success and are not inherently problematic in terms of judicial ethics. Judges in many countries are invited to attend and speak at events recognizing their achievements or contributions to the legal profession, and this does not diminish their impartiality or integrity in any way.

The integrity of the judiciary is upheld by its adherence to the rule of law and the ethical standards that guide judicial behaviour, not by whether a Judge attends a celebratory dinner. To suggest otherwise is to imply that Judges should isolate themselves completely from society, which is an untenable position. Judges, including the CJN, are members of society, and being celebrated for their accomplishments is a reflection of the value the public places on their contributions to the rule of law and governance.

Justice Kekere-Ekun’s ability to carry out her duties as CJN will be determined by her commitment to the law, her adherence to judicial ethics, and her ability to maintain independence in decision-making, none of which are threatened by her attendance at a public event celebrating her recent appointment. While it is certainly acceptable to critique the judiciary and to raise concerns about its operations and practices, such criticism must be tempered with common sense. It is unfair to use every opportunity to undermine the judiciary, especially when it involves a celebration of a historic achievement like Justice Kekere-Ekun’s appointment. Her elevation to the office of CJN is a milestone not just for her, but for the state of Lagos and for the country. It is a recognition of her excellence in the legal profession, and her being the first indigene of Lagos State to attain such an honour is indeed a significant accomplishment.

In conclusion, there is nothing wrong with a state celebrating the achievements of one of its own, and there is no ethical breach in Justice Kekere-Ekun attending a dinner to mark her historic appointment as the CJN. Criticism of the judiciary is important and welcome, but it must be grounded in reason and fairness. To suggest that attending such a celebration undermines the integrity of the judiciary or the impartiality of the CJN is an exaggerated and unfounded claim. The judiciary has its challenges, but abandoning common sense in criticism does a disservice to the integrity of the entire system. There is absolutely no cause for concern in this celebration. On the contrary, it is a moment of pride for Lagos State and the nation as a whole.

Tunde Ahmed Adejumo.

11th day of November 2024

Honouring excellence: Why Justice Kudirat Kekere-Ekun’s attendance at the Lagos State dinner does not undermine judicial integrity.

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Honouring excellence: Why Justice Kudirat Kekere-Ekun’s attendance at the Lagos State dinner does not undermine judicial integrity.

Honouring excellence: Why Justice Kudirat Kekere-Ekun’s attendance at the Lagos State dinner does not undermine judicial integrity

The dinner organized by the Governor of Lagos State to celebrate the appointment of Justice Kekere-Ekun as the Chief Justice of Nigeria (CJN) has aroused some controversy. Some have argued that her attendance at such a dinner is unethical and undermines the integrity of the judiciary.

This argument is without merit. Her attendance at the celebration does not breach any ethical standards as a judicial officer, nor does it compromise the integrity of her office as CJN or the impartiality expected of her role. It is essential to recognize that this event was not only a personal celebration of Justice Kekere-Ekun’s remarkable achievement but also a proud moment for Lagos State, as she is the first indigene of the state to be appointed to the highest judicial office in the country, a truly historic feat that is certainly worth celebrating.

Contrary to what some may believe, being a judicial officer does not mean one must be excluded from participating in public functions or celebrations, particularly those that honour personal accomplishments. The ethical standards governing judicial officers are focused on impartiality, independence, and integrity. These standards do not prohibit our judicial officers from attending public events, provided these events do not involve actions that could influence their judicial duties or create a conflict of interest. The dinner in question was not a political rally or an event designed to sway Justice Kekere-Ekun’s decisions. It was simply a celebration of a significant achievement for both her personally and for the state of Lagos. The fact that the Governor hosted the dinner does not make it a political endorsement or imply that the CJN is now obligated to act in a politically biased manner.

Judges regularly attend public events that celebrate their professional achievements or honour their contributions to society, without any suggestion that this undermines their impartiality. For instance, Judges often participate in award ceremonies, academic conferences, and even public swearing-in ceremonies for new public officials. These events, like the dinner hosted by the Governor, are public celebrations of professional success and are not inherently problematic in terms of judicial ethics. Judges in many countries are invited to attend and speak at events recognizing their achievements or contributions to the legal profession, and this does not diminish their impartiality or integrity in any way.

The integrity of the judiciary is upheld by its adherence to the rule of law and the ethical standards that guide judicial behaviour, not by whether a Judge attends a celebratory dinner. To suggest otherwise is to imply that Judges should isolate themselves completely from society, which is an untenable position. Judges, including the CJN, are members of society, and being celebrated for their accomplishments is a reflection of the value the public places on their contributions to the rule of law and governance.

Justice Kekere-Ekun’s ability to carry out her duties as CJN will be determined by her commitment to the law, her adherence to judicial ethics, and her ability to maintain independence in decision-making, none of which are threatened by her attendance at a public event celebrating her recent appointment. While it is certainly acceptable to critique the judiciary and to raise concerns about its operations and practices, such criticism must be tempered with common sense. It is unfair to use every opportunity to undermine the judiciary, especially when it involves a celebration of a historic achievement like Justice Kekere-Ekun’s appointment. Her elevation to the office of CJN is a milestone not just for her, but for the state of Lagos and for the country. It is a recognition of her excellence in the legal profession, and her being the first indigene of Lagos State to attain such an honour is indeed a significant accomplishment.

In conclusion, there is nothing wrong with a state celebrating the achievements of one of its own, and there is no ethical breach in Justice Kekere-Ekun attending a dinner to mark her historic appointment as the CJN. Criticism of the judiciary is important and welcome, but it must be grounded in reason and fairness. To suggest that attending such a celebration undermines the integrity of the judiciary or the impartiality of the CJN is an exaggerated and unfounded claim. The judiciary has its challenges, but abandoning common sense in criticism does a disservice to the integrity of the entire system. There is absolutely no cause for concern in this celebration. On the contrary, it is a moment of pride for Lagos State and the nation as a whole.

Tunde Ahmed Adejumo.                                  11th day of November 2024.

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