Mohammed Shosanya

Ogun State Governor, Prince Dapo Abiodun said the commencement of fuel production by the Dangote refinery will strengthen the nation’s economy by eliminating constant shortages and conserving foreign exchange.

Petrol produced from the 650,000 barrels per day Dangote refinery is expected to hit filling stations in the next 48 hours as modalities with the Nigerian National Petroleum Company Limited have been formalized.

Prince Abiodun, in a statement on Tuesday signed by his Chief Press Secretary, Lekan Adeniran, said that with the refinery coming on stream, one of the most significant challenges faced by Nigeria for more than three decades—reliance on fuel importation—will be solved.

According to the statement, with the Warri and Port Harcourt refineries also being prepared to begin production, Nigerians will heave a sigh of relief from constant fuel shortages while the economy will also receive a boost.

Prince Abiodun commended Alhaji Aliko Dangote for his determination in seeing through the multi-billion dollar projects against all odds.

He said: “This significant achievement marks a transformative milestone not only for you as an entrepreneur but also for Nigeria and the broader African continent. The establishment of this refinery represents a pivotal shift in the energy landscape of the region, showcasing the power of vision, resilience, and unwavering commitment to economic development.

“The Dangote refinery is poised to be a game-changer in the production of petrol, addressing one of the most pressing challenges faced by Nigeria: reliance on imported fuel. This dependency has not only strained our foreign exchange reserves but has also hindered our potential for self-sufficiency.

“By producing petrol locally, the refinery will drastically reduce the outflow of foreign currency, thereby strengthening our economy. This move aligns perfectly with the President Bola Tinubu-led administration’s efforts to achieve economic diversification and reduce reliance on oil exports alone.

“Moreover, the economic impact of the refinery extends beyond just fuel production. It is expected to generate thousands of jobs, both directly and indirectly, thus contributing to the reduction of unemployment rates. The ripple effect of this employment generation will invigorate local economies, stimulate growth in ancillary industries, and enhance the livelihoods of countless families across Nigeria.

“In addition to bolstering local employment and economic activity, the refinery’s operations are expected to enhance energy security in Nigeria. With the capacity to produce a substantial volume of petrol, the country will be better equipped to meet its energy needs, reducing the volatility associated with fuel shortages and price fluctuations.

“This stability will inevitably create a more favourable environment for businesses and attract foreign investments, further boosting economic growth.”

Mohammed Shosanya

The Federal Government through the Inspector General of Police, Monday, arraigned ten members of the #endbadgovernance# protesters before a Federal High Court in Abuja.

The accused persons were alleged to have committed offence of treason during the 10-day nationwide protests.

All the accused persons denied the charges when read to them.

They are; Michael Tobiloba Adaramoye, Adeyemi Abiodun Abayomi, Suleiman Yakubu, Comrade Opaluwa Eleojo Simon, Angel Love Innocent, Buhari Lawal, Mosiu Sadiq, Bashir Bello Nurudeen Khamis and Abduldalam Zubair.

Counsel for the IGP, Simon Lough, (SAN), prayed the trial judge, Emeka Nwite to remand the accused persons in prison pending their trial.

The oral applications for bail of the defendants moved separately by Abubakar Marshall, and Deji Adeyanju, were rejected by the court.

The Police lawyer, Simon Lough vehemently objected to the bail applications, considering the gravity of the alleged offences.

He cited mutiny aimed at changing democratic government by force through incitement and involvement of a British national against the Nigerian nation.

Justice Nwite ordered that the defendants be remanded at Kuje prison in Abuja and Suleja prison in Niger State and adjourned ruling in their bail applications till September 11.

He ordered that the nine male defendants are to remain in Kuje prison while the only female defendant said to be pregnant, Angel Love Innocent, was ordered to be taken to Suleja prison.

Justice Nwite said he needed time to consult the retinue of authorities cited by lawyers to the defendants to back up their bail applications.

The accused were charged for attempting to overthrow the administration of President Bola Tinubu bewteen August 1st to 4th, this year.

The alleged treason charge was contrary to sections 96, 410 and 413 of the Penal Code.

In the charge, the Inspector General of Police (IGP), claimed the accused persons broke into the Abacha Army Barracks and openly called on the military to take over the constitutional government of President Tinubu.

Also, the IGP alleged that the suspects attempted to force their way into Also Rock during which they allegedly burnt down police station and injured some police officers.

Police also told the court that a 70- year old British citizen, Andrew Martin Wynne, now at large was largely responsible for instigating mutiny against the Nigerian government.

Besides,they were accused of inciting the Nigerian public against the government and destroyed several public properties comprising Police station, High Court complex and National Communication Commission (NCC) facilities.

Mohammed Shosanya

The Federal Competition and Consumer Protection Commission (FCCPC),says it would focus attention on curbing exploitative practices and anti-competitive behaviours that distort the marketplace and harm consumers.

A statement issued by Ondaje Ijagwu,Director, Special Duties & Strategic Communication, explained that the Commission would not intervene in the regulation of prices of goods and services in the markets.

Ijagwu said: “Our recent directives are not about controlling prices but are focused on curbing exploitative practices and anti-competitive behaviours that distort the marketplace and harm consumers.”

He said FCCPC appreciated the feedback provided by the Organised Private Sector and other interested parties regarding the recent directive to businesses to cease price gouging, price fixing, and other exploitative practices.

Claring airs on the position of the Commission, the statement said,
“Price gouging is an unfair practice that takes advantage of crises or economic hardships to inflate prices arbitrarily, while price fixing occurs when competitors or market associations, without their own products, collude to set prices.

“At the FCCPC, our mandate is to safeguard consumers from unfair and deceptive practices and to ensure robust competition across all sectors.

“We categorically assert that prices in a competitive marketplace are determined solely by the forces of supply and demand. Price control is entirely outside the scope of our responsibilities. We have never considered, nor will we ever consider, intervening in the market to regulate prices.

“Any claims to the contrary are baseless and unfounded. Our recent directives are not about controlling prices but are focused on curbing exploitative practices and anti-competitive behaviours that distort the marketplace and harm consumers.

“We recognise the complexities of the current economic environment, including challenges such as foreign exchange fluctuations and fuel subsidy removal. These factors certainly impact pricing, but they do not excuse or justify exploitative practices that are anti-consumer.

“The Commission’s proposed actions in the retail sector are targeted and evidence-based, responding to specific instances where consumers are vulnerable to such exploitation.

“Discoveries made during our market surveillance and a recent disclosure by Abdul Samad Rabiu, Chairman of BUA Cement, underscore the critical need for our oversight.

“Mr. Rabiu revealed that despite BUA Cement’s effort to sell cement at a fair price of N3,500 per bag, their plan was undermined by dealers who inflated prices to as much as N7,000 to N8,000 per bag.

“This situation exemplifies the kind of exploitative conduct that the FCCPC is committed to addressing. Such practices make it difficult for ethical businesses to thrive.”

Ijagwu noted that while promotion of competition is essential for economic health, as evidenced in sectors like telecommunications, it is equally important to enforce laws against practices that undermine fair competition.

“The FCCPC remains committed to a balanced approach that respects the dynamics of a free market while ensuring that consumers are protected from harmful practices.

“We encourage all businesses to engage in ethical and lawful practices that contribute to a fair and competitive marketplace.

“The FCCPC does not seek to suppress private enterprise; our role is to ensure that the market operates on principles of fairness, transparency, and accountability. When businesses, as illustrated by the cement sector case, engage in practices that harm consumers, the FCCPC will take decisive action.

“We will continue to work collaboratively with all stakeholders; businesses, consumer groups, and other government agencies, to address both the immediate and remote causes of exploitative pricing.

“Our approach combines enforcement with cooperation, aiming to protect consumers and maintain a healthy competitive environment.

“We have granted a one-month moratorium before enforcement begins, providing businesses with the necessary time to adjust their practices and ensure full compliance with laws aimed at protecting consumers and fostering fair competition.

“The FCCPC stands firm in its commitment to enforcing the Federal Competition and Consumer Protection Act (FCCPA) 2018.

“We will continue to monitor the marketplace and take action against any business practices that violate the law.

“Consumers and businesses alike can trust that we will remain vigilant in upholding the principles of fair competition and consumer protection,” the statement assured.

Mohammed Shosanya

The Federal Government,has handed over 20 Compressed Natural Gas (CNG) buses to the Oyo State Government.

The Chief Executive Officer and Programme Director of the Presidential Compressed Natural Gas Initiative (P-CNGI), Micheal Oluwagbemi, handed over the buses on behalf of the Federal Government at the Pacesetter Transport Service (PTS), Eleyele, Ibadan.

He stated that the deployment of CNG buses in Nigeria aims to address issues related to petrol importation and other challenges affecting Nigerians.

He added:“Ibadan, for generations, has always been attractive since its founding; it’s a place where commerce thrives and a state of secret billionaires. This initiative demonstrates that the state is indeed a pioneer and a fitting place to launch the CNG programme.

“President Bola Tinubu has urged us to use our gas resources to advance the transportation industry, produce more food and fertilizers, and undertake other projects that will ease life for the people.

“We are starting to take the right steps, though it requires us to endure some challenges. We cannot return to subsidising our own impoverishment. As a team, we are committed to this effort.

“We present these 20 buses as part of a sustainable partnership with Pacesetter Transport Service to generate income, as they are valuable assets. We need more such investments to ensure a more sustainable mass transit system, contributing to a brighter future for the state and Nigeria,”he said.

Receiving the CNG buses on behalf of the Oyo State Government, the Chairman and Sole Administrator of PTS, Dr Ibraheem Salami, aka Dikko, thanked the Federal Government and Tinubu for the initiative.

He noted that when he assumed office, he encountered only five operational buses, adding that the number has now increased to 81.

Dikko emphasized that CNG is the best solution to the state’s transportation issues, noting that Governor Seyi Makinde supports the project to mitigate the effects of subsidy removal.