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No plan to hike fuel price, marketers assure Nigerians

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There is no plan to hike the cost of Premium Motor Spirit, popularly called petrol, as the Nigerian National Petroleum Company Limited, which is the sole importer of the commodity, is capable of shouldering under-recovery, oil marketers said on Monday.

Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria explained that the NNPCL was capable of absorbing under-recovery on fuel price due to its involvement in the sales of crude oil.

They noted that other marketers in the downstream oil sector stopped importing petrol because of their inability to shoulder such under-recovery.

IPMAN then urged the public not to worry over the cost of PMS as NNPCL has capacity to manage fuel price.

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Under-recovery is a term used in the petroleum sector to denote the notional losses that oil companies incur due to the difference between the subsidised price at which the oil marketing companies sell certain products and the price which they should have received to meet their cost of production.

NNPCL has also repeatedly stated that fuel subsidy is gone and that petrol is a deregulated product, as it also assured Nigerians that there is no plan to hike the cost of PMS.

Some Nigerians had expressed fear following the revelation by oil marketers last week that the cost of petrol should be around N1,200/litre if it was not being subsidised, considering the cost of the commodity in other climes.

But the NNPCL insisted that there was no more subsidy on the product, stressing that it was now recovering its full cost on the importation of PMS into Nigeria.

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Commenting on the development in a statement issued on Monday, the National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, said, “The attention of the National Executive Committee of IPMAN, led by Alhaji Debo Ahmed, has been drawn to the current issues relating to misinformation from some news media that IPMAN is speculating of a likely increase in the pump price of PMS.

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“We were merely sharing our opinion with the populace on the need for the government to quicken the rehabilitation of the nation’s four refineries to lessen the pressure on the importation of petroleum products into the country.

“NNPC remains the sole importer of PMS despite the full deregulation of the product because they are capable of under-recovery from sales of crude oil which is not possible for other operators in the downstream sector.”

The oil marketers added, “We therefore appeal to the general public to shun panic buying as NNPC have the capacity to manage the price of PMS and have assured us of enough quantity in the system.

“We remain partners in the renewed hope agenda of the present administration.”

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Challenges in amending Nigeria’s land use act highlighted at land reform conference

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Nigeria Land Use Act amendment

Dr Ugochukwu Chime and experts discuss challenges in amending Nigeria’s Land Use Act, citing concerns over governance and economic impacts.

 

 

At the 2nd edition of the International Conference and Fair on Land and Development in Lagos, the Chairman of the Ministerial Land Reform Task Team, Dr Ugochukwu Chime, highlighted the difficulties of amending Nigeria’s 1978 Land Use Act (LUA).

He explained that various attempts to amend the Act had failed due to fears about its potential impact on various interests and the widespread perception of the law as a tool for land grabbing.

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According to Dr Chime, revising the LUA will prove to be a “tall order” due to the socio-political implications associated with land ownership in Nigeria.

He stressed that improving operational processes within the 38 land administration entities and enhancing the legal infrastructure for quicker resolution of land disputes must be prioritised before considering any amendments.

Dr Chime also pointed out the necessity of aligning land administration with the country’s financial services and legal systems, stressing the involvement of the private sector in driving these reforms.

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He warned against government attempts to use land reforms primarily as a means to increase taxation and generate income, urging a more comprehensive approach that considers the efficiency of private sector businesses, which control over 85% of Nigeria’s productive activities.

In support of these concerns, Toye Eniola, Executive Secretary of the Association of Housing Corporation of Nigeria, reiterated that amending the Land Use Act is challenging due to the provision that grants governors full control over land.

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Eniola explained that any amendment would require the approval of both the National Assembly and the state Houses of Assembly, a complex process hindered by the influence governors hold over the legislature.

Eniola further noted that the control of land has become a significant source of income for many state governments, and thus, no government would be willing to relinquish these powers.

Meanwhile, Prof Timothy Nubi, Director of the Centre for Housing and Sustainable Development, provided insights into the broader issue of land and property value in Africa.

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Despite rapid urbanisation and economic growth in regions like Africa and Asia, he noted that these areas still have much lower real estate values compared to their potential.

He attributed this to systemic challenges, including inadequate data on property markets and the continued existence of “dead capital” – untitled or unproductive assets, as described by economist Hernando De Soto.

Prof Nubi pointed out that in Nigeria, weak land tenure systems and unresolved land ownership issues, particularly those under the Land Use Act, have hindered capital formation and economic growth, leading to significant wastage of potential wealth.

The discussions at the conference underscore the complex relationship between land ownership, governance, and economic development in Nigeria, suggesting that comprehensive reforms are needed to unlock the full potential of the country’s land and property markets.

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Entertainment

Tiwa Savage stresses the importance of building strong fan relationships

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Tiwa Savage fan relationships

Tiwa Savage highlights the importance of building strong relationships with fans to boost an artist’s success beyond music.

 

 

Nigerian Afrobeats icon Tiwa Savage has called on artists to focus on building meaningful connections with their fanbase, saying it is key to sustaining long-term success.

In a recent episode of the Shopping The Sneakers podcast, Savage shared her insights on why musicians must go beyond their music and establish relationships with their audience.

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According to the award-winning singer, fostering these connections allows fans to engage with an artist on a deeper level, including aspects beyond their music career.

Tiwa Savage believes that artists can use their platforms to connect with their fans on a personal level, whether through fashion, lifestyle choices, or other forms of self-expression.

“It’s not just about the music; it’s your fanbase and your brand. You’ve got to think about your fashion and how relatable you are,” Savage said.

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“A lot of times, artists are just putting out music; they are not really connecting with the fans. I think it’s really important to connect with the fans.”

Savage pointed to her fellow Afrobeats superstars—Wizkid, Davido, and Burna Boy—as examples of artists who have successfully cultivated strong relationships with their followers.

She explained that their ability to maintain a personal connection with their fans has kept them relevant even when not actively releasing new music.

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“It’s not just about the music; it’s about your lifestyle,” she continued. “Whether they’re dropping a song or not, they are always in the conversation because of the bond they’ve built with their fans.

They love their lifestyles and that’s why they’re always trending.”

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Tiwa Savage stressed that building a loyal fanbase is essential for any artist’s long-term growth, adding that an artist’s success is ultimately tied to the strength of their team and relationships with their audience.

“You are only as good as strong as your team,” she concluded.

As the conversation around fan relationships continues to grow, Savage’s words serve as a reminder that in today’s music industry, personal connections can be just as powerful as the music itself.

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Crime

Nigeria police arrest 113 foreign Nationals for cybercrime in Abuja

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Nigeria cybercrime arrests

Nigeria Police arrest 113 foreign nationals for cybercrime in Abuja, uncovering evidence of fraud, scams, and immigration offences.

 

The Nigeria Police Force (NPF), in a coordinated operation by officers from Zone 7 Command and the National Cybercrime Centre (NPF-NCCC), has apprehended 113 foreign nationals linked to advanced cybercrime activities in Abuja.

The operation, which took place on November 3, 2024, in the Jahi area of the capital, uncovered a sophisticated cybercrime network involved in internet fraud, marketing scams, and other illegal activities.

 

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During the raid, the police recovered substantial items critical to the syndicate’s operations, including:

  • A Toyota Tundra vehicle
  • Laptops, smartphones, and tablets
  • High-capacity servers, routers, and drones
  • Specialized cyber equipment and game consoles
  • Identity cards, passports, and other travel documents
  • Central processing units and communication devices

 

The police spokesman, ACP Olumuyiwa Adejobi, disclosed these details in a statement via X (formerly Twitter) on Monday, emphasising the significance of the evidence.

The suspects have been arraigned before the Federal High Court in Abuja. Charges against them include computer-related fraud, unlawful data access, marketing scams, conspiracy, money laundering, and illegal immigration.

“The investigation has uncovered the alleged involvement of these individuals in criminal activities spanning cybercrime, immigration offences, and human trafficking networks,” Adejobi stated.

The Nigeria Police Force reiterated its commitment to combating cybercrime and transnational criminal activities, stressing its collaboration with international law enforcement agencies and embassies.

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“This operation is a testament to our resolve to track and prosecute cybercriminals. We are committed to ensuring that perpetrators are held accountable under Nigerian law,” the statement concluded.

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The successful operation highlights the growing vigilance of Nigerian authorities in tackling cybercrime and protecting citizens from internet fraud.

It underscores the importance of international cooperation in addressing the increasingly sophisticated world of transnational cybercrime.

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