Category Nigeria News

Tinubu Inaugurates NNPCL Board, Charges Them To Turn Economy Around

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The new board of the Nigerian National Petroleum Company Limited (NNPCL), headed by President Bola Tinubu, is being tasked with using their extensive experience to turn the nation’s economy around. &nbsp,

On Thursday, Tinubu gave their opening speech in Abuja, urging the new NNPC board to consolidate the gains made by the ongoing economic reforms, which have received praise for the country’s economic resilience and competitiveness.

It took a while for me to identify the character you represent when I began searching. I have goals for you and you represent the best in your field.

You are a reliable resource, resourceful, and knowledgeable enough to support the nation. You have a duty to fulfill.

According to presidential spokesman Bayo Onanuga, he was quoted as saying, “I believe you are among the best the industry can offer.”

Read more about Shell’s vision for Nigerian companies’ offshore development prospects.

Local and global acknowledgements have been made as a result of the ongoing economic reforms, according to Tinubu.

“Nigeria is approaching maturity. With your highly respected team, I can relax and deal with other issues as it is now more competitive and on the rise. The President thanked you for giving yourself the chance to serve both our and your country.

Nigerians will depend on the NNPC Ltd. being repositioned because the world’s economy will be volatile, according to President Tinubu.

“Think of every possibility for a win-win situation for Nigeria.” He continued, “I am so proud of you and think you will succeed.”

Heineken Lokpobiri, the president’s minister of state for petroleum, thanked the president for assembling the team he deemed the best in Africa during the ceremony.

“I’ve gotten calls from my colleagues in OPEC from all over Africa, saying that Nigeria will need to bring men from other planets to deliver the oil and gas sector in Nigeria,” he said.

Ahmadu Kida, the president’s chairman, thanked the president for the opportunity to serve the nation.

“We have held several meetings, and we have followed your instructions,” the statement read. He stated that we have set out on the journey by holding biweekly meetings with stakeholders.

Bashir Ojulari, the group’s CEO, stated on his part that the team had already met with industry stakeholders to review operations and business relationships.

Ojulari noted that management had begun improving various company functions, including maintaining the refineries’ turnaround.

He claimed that from 1.5 million barrels to 1.7 million barrels, production had increased to 1.5 million barrels, and that year’s end goal would be reached.

APC Adopts Progressive Governors’ Vote Of Confidence In Tinubu

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The party leadership adopted their decision on Thursday, prompting the Progressives Governors’ Forum to cast a vote of confidence in President Bola Tinubu.

At the party’s national summit held in Abuja’s Banquet Hall under the All Progressives Congress (APC) banner, the governors who were elected in their place will be able to vote on their resolution.

Members of the Progressive Governors Forum are satisfied with the Renewed Hope Agenda’s midterm review and performance evaluation results, according to Hope Uzodimma, the governor of Imo State and the chairman of the Progressive Governors.

According to Uzodimma, “We recognize the governors’ resolution that Mr. President carries our flag in 2027 and that the governors assume responsibility for carrying out this mandate in their respective states.”

He requested that Kaduna State governor Uba Sani second the motion calling for the president’s 2027 presidential election to be approved.

Kanu Trial: ESN Illegal, Amotekun Backed By Law – Witness Tells Court

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The Eastern Security Network (ESN), established by Kanu, is an illegal organization, in contrast to Amotekun, which is supported by the law, according to the second prosecution witness in Nnamdi Kanu’s ongoing trial.

The witness made the claim while being reexamined by the prosecution attorney, Adegboyega Awomolo (SAN), who asked him to compare Amotekun and ESN’s activities under the codename “BBB.”

The ESN has no legal standing, despite the witness’ claim that Amotekun was established through laws passed by the six South-West states.

He further testified that the Director-General of the Department of State Services (DSS) had once advocated for community-based policing initiatives to combat insecurity, provided guidance and approval from reputable security organizations.

The court accepted the fact that three video recordings from a flash drive were presented to defense counsel Paul Erokoro (SAN) earlier during the hearing.

After that, the three videos were played in an open court.

The DSS’s General Manager was spotted speaking at a public event in one of the recordings urging local communities to build a first line of defense against bandits and other external threats.

[Alleged Terrorism:] DSS denies involvement in Nnamdi Kanu’s Kenya arrest.

He was said to have said, “To mobilize people is to get everyone involved. That’s what we do.” Security forces cannot be deployed in every region of the nation.

The key thing we need to do is to establish communities as the first line of defense. Under the direction and consent of security agencies, we must allow the communities to rise and defend themselves first. It needs to start right away.

The witness clarified that the DSS DG had specifically stated that such efforts must be conducted under the supervision of security agencies when asked by Erokoro whether the DSS DG was not effectively calling for communities to arm themselves.

General Theophilus Danjuma, the former defense minister, was spotted speaking in a court video.

Danjuma claimed in the video that some armed forces officers were not impartial in the ongoing killings in the nation.

Erokoro asked the witness to explain what Danjuma’s remarks meant when he was identified as the speaker.

The witness objected, saying Danjuma should be the subject of the inquiry.

Hope Uzodinma, the governor of Imo State, lamented the state’s ongoing killings and attributed them to the actions of unnamed politicians in the third video.

Erokoro questioned whether Uzodinma’s statement was in conflict with the witness’ earlier claim that members of the Indigenous People of Biafra (IPOB) were responsible for the killings in Orlu, Imo State.

The witness argued that the DSS’s position was based on the findings of its investigation.

We named the people who were killed by alleged IPOB members in our investigation. The witness claimed that the governor did not name the victims who he claimed were killed.

He confirmed that Kanu remained a member both before and after the group’s proscription, and that IPOB had been ordered by a judge.

The witness claimed that the protests were a response to calls for the police’s Special Anti-Robbery Squad (SARS) to be disbanded when questioned about his knowledge of the EndSARS protests.

He added that he was aware of the establishment of commissions of inquiry into the protests and related incidents in several states, including Lagos and the National Human Rights Commission (NHRC).

He and Erokoro both agreed that IPOB was not listed as a participant in the Lagos State panel’s report and that it did not classify the protests as terrorist acts.

The Lagos State Commission’s report was later submitted, which was accepted as evidence by Erokoro.

Justice Omotosho ordered the prosecution to finish its case within six days and gave the defense nine days to make its argument before adjourning the proceedings for the day.

FG Inaugurates AMCON Board To Strengthen Asset Recovery, Economic Stability

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The Asset Management Corporation of Nigeria (AMCON) has a new board of directors, a move that the Federal Government has made to stabilize the financial sector, promote asset recovery, and ensure a smooth institutional transition.

The newly appointed Board, led by Dr. Bala Bello, brings together experienced professionals who are committed to improving corporate governance, accelerating recovery of distressed assets, and creating a credible, time-bound exit plan in accordance with international best practices.

Wale Edun, the minister of finance and Coordinating Minister of the Economy, praised AMCON’s new direction as essential for restoring investor confidence, unlocking value from non-performing assets, and supporting macroeconomic reforms that promote private sector growth during his opening address to the board on Wednesday.

The Minister called for “AMCON to change from a last-resort stabiliser to a disciplined vehicle for value creation and responsible exit.” The Minister noted that a credible winddown will free up resources and advance our shared goal of a transparent, investment-friendly financial system.

Effective asset recovery and institutional accountability are essential factors in ensuring that Nigeria remains a competitive destination for both capital and enterprise in a fiscally constrained environment, according to Edun.

Gbenga Alade, AMCON’s Managing Director/CEO, reaffirmed that the corporation was never intended to be permanent in his response.

He declared, “We are here to conclude, not to endure indefinitely.” We will provide a process that is in the national interest by comparing our exit strategy to global models.

The reconstitution of AMCON’s Board is seen by the Federal Government as a strategic move toward facilitating greater private sector participation in the economy, facilitating financial sector reform, and allowing bank balance sheet space to be opened up to banks.

Otedola Hails FG, CBN Reforms As Investment In First HoldCo Hits 320b

Among the AMCON Board members who have just been appointed are:

Chairman: Dr. Bala Bello

North Central’s Non-Executive Director Yusuf Tegina

South West Non-Executive Director, Adeyemo Adeoye

South South – Charles Odion Iyiore – Non-Executive Director

North West Non-Executive Director Yahaya Ibrahim

South East Regional Non-Executive Director Emily Chidinma Osuji

Gbenga Alade, AMCON’s Managing Director/CEO,

Executive Director, AMCON, Adeshola Lamidi

Lucky Adaghe, AMCON’s Executive Director

LIVE: APC National Summit

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Abuja is the location of the All Progressives Congress’s National Summit.

Bola Tinubu, Kashim Shettima, Kashim Shettima, governors who were elected under the party, and other party bigwigs attend the summit. &nbsp,

Watch the below live broadcast:

[UPDATED] Dangote Refinery Slashes Petrol Prices Nationwide

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The Dangote Petroleum Refinery has made a new reduction in the national premium motor spirit (petrol) pump prices. &nbsp,

Depending on the location, the new rates now range from 875 to 905 per litre.

A breakdown of the revised prices shows, Lagos: ₦875, South-West ₦885, North-East: ₦905, North-West &amp, Central: ₦895, and South-South &amp, South-East: ₦905

All major fuel marketers working with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy, are quoted at a 15 reduction per litre at all prices and partner retail locations.

Before the new pricing structure, residents of Lagos paid 890 per liter while North East and South-South regions saw increases in prices.

With the new adjustments, Lagos residents will now be paying 875 per litre, while those in the North-East and South-South will be paying 905 per litre.

The company stated in the notice that “our high-quality gasoline and diesel are refined to improve engine performance and are environmentally friendly.

Otedola Hails FG, CBN Reforms As Investment In First HoldCo Hits 320b

The Lekki-based refinery, which reported the naira-for-crude deal on Monday, which reduced the cost of gasoline at the pumps, announced the development.

The company stated in a press release that its Group Chief Branding and Communications Officer, Anthony Chiejina, affirmed that the company’s unwavering commitment to supporting the Nigerian economy and reducing consumer pressures caused by rising fuel prices by maintaining price stability.

The company stated that gasoline will continue to be reasonably priced.