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Just In: FG Announces Reduction in Fuel Price to N162.44 Per Litre

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The Federal Government has announced a reduction in the pump price of premium motor spirit, otherwise known as petrol, from N168 to N162.44 per litre with effect from December 14.

The Minister of Labour and Employment, Dr Chris Ngige, disclosed this at the end of a meeting with labour leaders which began around 9 pm on Monday and ended at 1:30 am on Tuesday.

The product presently dispenses at N168, following the decision of the Petroleum Products Marketing Company to increase the ex-depot price of petrol from N147.67 per litre to N155.17 per litre in November.

The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.

The minister said a technical committee has been set up to ensure price stability in the industry.

Ngige stated that the committee, which will report back to the larger house on January 25, will appraise the market forces and other things that would ensure stability in the industry.

He said, “Our discussion was fruitful and the Nigerian National Petroleum Corporation which is the major importer and marketers of petroleum products and customers have agreed that there will be a slide down of the pump price of PMS and that the price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week today.”

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IBB’s Revelation: Ohanaeze Demands N10trn Compensation, National Apology

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Following the revelation by former Military President, Gen. Ibrahim Babangida in his book, “A Journey in Service” that the 1966 coup was not an Igbo coup as alleged, Igbo apex group, Ohanaeze Ndigbo, on Sunday, February 23, has demanded an apology and N10 trillion as compensation from President Bola Tinubu to the Igbos.

In his book, Babangida revealed that the primary objective of the coup plotters was to release Chief Obafemi Awolowo from prison and install him as Prime Minister. He emphasized that the involvement of officers from different ethnic backgrounds, including non-Igbo officers such as Major Adewale Ademoyega, Captain Ganiyu Adeleke, and Lieutenants Fola Oyewole and Olafimihan, further invalidates the claim that it was an Igbo-driven coup.

Additionally, some senior Igbo officers were also victims of the coup, such as Lt-Col. Arthur Chinyelu Unegbe, who was executed by fellow officer Major Chris Anuforo. This further weakens the argument that the coup was designed to serve Igbo interests.

Furthermore, Babangida pointed out that the coup was ultimately crushed by Major John Obienu, an officer of Igbo extraction, reinforcing the argument that it was not an ethnic uprising but rather a failed military intervention with specific political objectives.

Reacting, Ohanaeze noted that the story surrounding the coup at the time, unleashed disastrous repercussions on the Igbo people, which ultimately led to the cataclysmic horrors of the Biafra War.

In a statement by the  Deputy National President of the Ohanaeze faction, Okechukwu Isiguzoro, the group noted that the apology and compensation had become necessary due to the ”staggering loss of life, with approximately three million Igbo—predominantly innocent women and children—slaughtered during the war.”

It stated that the revelations by IBB would compel Nigerians to confront the alleged ‘’stark injustices perpetrated against the Igbo people.”

The statement added that the demand for ten trillion naira in reparations remained steadfast, stressing that the figure was not arbitrary but a symbolic recognition of the ‘’huge losses the Igbo people had endured since the creation of Nigeria.”

The statement read:

“The apex Igbo socio-cultural organization, Ohanaeze Ndigbo, extends its profound appreciation to General Ibrahim Badamasi Babangida (IBB) for his remarkable courage in officially declaring that the January 1966 coup was unequivocally not an Igbo coup.

“This pivotal acknowledgement is not merely a correction of historical nomenclature but a significant moment in our collective pursuit of justice and reconciliation, signalling a potential end to the historical vindictiveness and cruelty that have been pervasive in Federal Government policies towards the Igbo Nation.

“His forthright exemption of the Igbo from the egregious classification as enemies of the Northern region in the aftermath of the coup is both timely and necessary, even if it arrives decades later.

“The mislabeling of the January 1966 coup has unleashed disastrous repercussions upon the Igbo people, most tragically culminating in the July 1966 counter-coup, which decimated a military Head of State of Igbo descent.

“The staggering loss of life, with approximately three million Igbos—predominantly innocent women and children—slaughtered during this conflict, continues to reverberate through our collective consciousness.
“Furthermore, even in the post-Biafra era, the Igbo Nation continues to grapple with systemic injustices, evidenced by acute marginalisation that leaves us with the smallest representation of states within the Nigerian federation.

“The political conspiracies designed to deny the Igbo the rights to ascend to the highest office in the land—Nigeria’s Presidency—the chronic economic neglect symbolised by the closure of the Calabar seaport, the inoperative state of several ports in Igbo land, the implementation of a discriminatory quota system, and the conspicuous absence of functional international airports in the Southeast starkly illustrate the Federal Government’s long-standing policy of exclusion.

“In light of these egregious injustices and the deliberate neglect exhibited by successive administrations, Ohanaeze Ndigbo hereby restates its demands, as articulated previously during the Justice Oputa-led Judicial Commission for the Investigation of Human Rights Violations Panel in 1999.

“We assert that the Nigerian Federal Government, under General Yakubu Gowon, conducted indiscriminate and unjustified bombardments in Igbo territory during the Nigeria-Biafra War, resulting in overwhelming loss of life. These historical realities establish an irrefutable case for the reparations we seek.

“The present Federal Government, led by President Bola Ahmed Tinubu, must recognise this moment as an opportunity to extend a public and unequivocal apology on behalf of previous military regimes. Our demand for ten trillion naira in reparations remains steadfast.

“This figure is not arbitrary but a symbolic recognition of the indelible losses the Igbo people have endured. The time has come for true acknowledgement of these historical wrongs, which can only be rectified through both reparations and sincere apologies.”

Source: LIB

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ICPC Accuses El-Rufai Govt of Diverting N1.37bn Light Rail Project Fund

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The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has discovered N1.37 billion allegedly diverted from funds allocated for Kaduna State’s now-abandoned light rail project.

The money, it was learned, was siphoned into a private account during the administration of former Governor Nasir El-Rufai, who led the state from 2015 to 2023.

The ICPC detailed its findings in an application filed at the Federal High Court in Abuja, seeking the forfeiture of the funds. The commission argued that the alleged diversion deprived Kaduna residents of a vital rail transport system.

According to the ICPC, the fraud stemmed from a purported joint venture agreement signed in October 2016 between the El-Rufai-led administration and Indo Kaduna Mrts JV Nigeria Limited. Payments to the entity began in December 2016, even though the company was not officially incorporated until May 10, 2017.

Between December 2016 and January 2017, the El-Rufai administration approved the payment of N11.1 billion to Mrts JV Nigeria’s account with Sterling Bank. Out of this amount, N1.37 billion was traced to a private account.

On February 14, 2024, the ICPC sought an interim forfeiture order and requested that notices be published in national newspapers, inviting any claimants to show cause why the funds should not be permanently forfeited.

The investigation began after the ICPC received a petition in June 2024 from a lawyer, M. Yahaya, alleging financial misappropriation by officials of the El-Rufai administration. The commission’s probe found that the Kaduna State Government had transferred N11.1 billion in multiple tranches to the joint venture’s account before it was officially registered.

Payments included N890.3 million from the state treasury on December 23, 2016, N2.3 billion on January 10, 2017, and two more tranches of N3 billion and N4.9 billion on January 17, 2017.

On the same day that the final payments were made, Skipper Nigeria Limited, linked to the joint venture, directed Sterling Bank to place the funds in a fixed deposit account. By July 2019, Indo Kaduna Mrts JV Nigeria Limited refunded N10 billion to the Kaduna State Government, leaving a balance of N1.046 billion.

The fixed deposit had also accrued N326.8 million in interest, both of which were allegedly diverted to accounts belonging to GTA Engineering Nigeria Limited, a subsidiary of Skipper Nigeria Limited.

The ICPC claims that the N1.046 billion was labeled as payment for feasibility study, but no such study was conducted. The commission has since recovered both the diverted sum and the accrued interest, totaling N1.37 billion, and is now seeking a court order for its forfeiture.

Former appointees of El-Rufai have denied any wrongdoing, calling the ICPC’s move an abuse of power. They argue that the project was part of a Build, Own, Operate, and Transfer agreement requiring Kaduna State to contribute 15 percent equity, with the rest funded by an Indian loan.

However, the project stalled due to the federal government’s failure to provide a sovereign guarantee. The former officials insist that the joint venture was legally established and challenge critics to present evidence of misconduct.

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Jonathan Highlights IBB’s Importance to Nigeria As Former Military President Launches Memoir

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A former President of Nigeria, Dr. Goodluck Jonathan, has lauded the country’s one time amilitary President, General Ibrahim Babangida (retd) for his generous contributions to the growth of the nation, saying Nigeria’s history is incomplete without the his story. 

Jonathan said this in Abuja on Thursday during the launch of a book by the ex-dictator, titled, ‘A Journey in Service”.

Jonathan noted at the event which also doubles as the launch of Babangida’s presidential library, “So, Ibrahim Bagandiga as we all know, is one of the most charismatic leaders in this country. He is somebody that, up to date, people go as if they are going on a pilgrimage to consult him. We thank God for giving him that grace and the wisdom to continue to mentor people.

“In terms of leadership, Nigerians know you have contributed significantly in terms of the infrastructure development of this country and social mobilisation. We cannot write the history of Nigeria without dedicating a reasonable part to your service as the President of Nigeria.

“You’ve done well!”

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According to him, with the launch of the book, the former Head of State has contributed immensely to the documentation of the country’s rich history.

“So, if you contribute to the documentation of the history, it makes your history stronger, more relevant,” he continued.

“So, today, you’re helping us,” the former Bayelsa governor told the gathering which included past and present leaders.

Jonathan thanked the former president for launching the presidential library.

He called on other leaders, especially ex-presidents to key into building a presidential library.

According to him, this will aid in better documentation of Nigeria’s history.

Jonathan, who is also a former governor of Bayelsa State, asked the Federal Government to help in the management of these libraries as it is done in several parts of the world.

“They are a source of history. If any scholar wants to know what happens at a segment of history, he goes to the presidential library,” he said.

General Babangida was at the helm of affairs between 1987 and 1993 when he stepped aside as a result of the heat that generated following the annulment of the June 12, 1993 Presidential Election.

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