Day: September 4, 2024

SPECIAL REPORT: NNPC Ltd: When a National Cash Cow is Overburdened

Abibat Babalola

As the monthly allocations shared by federal, state and local government in Nigeria skyrocket due to the announced end of subsidy regime, the Nigerian National Petroleum Company Limited (NNPCL) takes the bullet and carries the financial burden. PLATFORMS AFRICA, in this figures-don’t-lie report, shows how this has become an existential threat to operations of the National Oil Giant.   The debts burden on the Nigerian National Petroleum Company Limited (NNPCL) will cross the $10 billion mark by the second quarter of 2025, barring the adjustment in present Nigerian financial structure,…

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‘First Time In 21 Years,’ Messi, Ronaldo Not Among Ballon d’Or Nominees

Ganiyu Amodu

Neither Lionel Messi nor Cristiano Ronaldo have made the shortlist for the Ballon d’Or for the first time since 2003. Messi was expected to be among the 30 nominees after leading Argentina to the Copa America trophy in July while Ronaldo has been in typically prolific form for Al Nassr in the Saudi Pro League. READ ALSO Ex-minister, Nenadi Usman, Emerges Labour Party’s Caretaker Chairman ‘Not Us,’ NANS Denies News Of Nationwide Protest Over Petrol Price Hike ‘You Got It Wrong,’ Depot Owner Replies Otedola’s Advise On Dangote Petrol ‘Third…

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Ex-minister, Nenadi Usman, Emerges Labour Party’s Caretaker Chairman

ADEOLA YUSUF

Former Minister of Finance, Senator Nenadi Usman, has emerged as chairman of the national caretaker committee of the Labour Party (LP). This decision was taken on Wednesday at the Labour Party’s extended stakeholders meeting held at the Banquet Hall of Abia State Government House in Umuahia, Abia State capital. Usman, who defected to LP during the 2023 general elections, heads the caretaker committee consisting of 29 persons. She was elected senator to represent Kaduna South Senatorial District in the April 2011 elections on the platform of the Peoples Democratic Party…

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‘Not Us,’ NANS Denies News Of Nationwide Protest Over Petrol Price Hike

Ganiyu Amodu

The leadership of the National Association of Nigerian Students has debunked claims that it is planning a nationwide shutdown of major cities in the country. NANS said it did not announce nor endorse any such protest, describing the claims as baseless. In a statement by the association’s Senate President, Akinteye Babatunde, on Tuesday, NANS said the claims do not reflect the position or intentions of our organisation. The statement reads, “The leadership of the National Association of Nigerian Students (NANS) has been made aware of rumours and misinformation circulating across…

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‘You Got It Wrong,’ Depot Owner Replies Otedola’s Advise On Dangote Petrol

Abibat Babalola

▪️The Chairman FBN Holdings, Otedola, had earlier suggested that Nigerian depot owners should dismantle their facilities and sell them as scrap given the arrival of petrol from Dangote Refinery     Capt. Emmanuel Iheanacho, Chairman of Integrated Oil and Gas Ltd., on Wednesday emphasised the indispensable role of depot owners in Nigeria’s fuel supply chain, particularly in the context of the recent delivery of Dangote Premium Motor Spirit (PMS). Iheanacho, made the clarification in a reaction to a statement made by the billionaire and Chairman of FBN Holdings, Mr Femi…

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‘Third Biggest Debtor,’ Nigeria’s Debts To W’Bank’s IDA Hits $16.5bn

Ganiyu Amodu

In a significant development, Nigeria has become the third-largest debtor to the World Bank’s International Development Association (IDA), with its borrowing increasing by 14.4% to $16.5 billion in the fiscal year 2024. This surge in borrowing has pushed Nigeria ahead of India, which previously held the third position, and reflects a growing reliance on international financing to support the country’s development agenda. According to the World Bank’s financial statements, Nigeria’s exposure to the IDA rose by $2.2 billion from $14.3 billion in 2023, marking a notable shift in its borrowing…

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Soun-Chief Imam Feud: Kings Lack Power Over Chief Imams — Olugbon

ADEOLA YUSUF

FOLLOWING the appointment of a new palace Imam in Ogbomoso by the Soun of Ogbomoso, Oba Ghandi Olaoye, the Vice Chairman, Oyo State Council of Obas and Chiefs, Oba Francis Olushola Alao, has said traditional rulers lack executive power over chief imams or other religious leaders. The monarch who is the Olugbon of Orile-Igbon said this in a statement, yesterday. While backing the embattled Chief Imam of Ogbomoso, Sheik Olushina Ayilara, the monarch called for caution to avoid escalation of the crisis in the ancient town. Oba Alao reacted to…

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‘Petrol Price Hike Reversal of Nothing,’ NLC Talks Tough

Abibat Babalola

The Nigeria Labour Congress (NLC) has said it feels betrayed by the federal government following Tuesday’s increase in the pump price of petrol at NNPC Ltd’s fuel stations. The NLC, in a statement by its president, Joe Ajaero, said, “One of the reasons for accepting N70,000 as national minimum wage was the understanding that the pump price of pms would not be increased even as we knew that N70,000 was not sufficient.” PREMIUM TIMES reported that NNPC’s petrol stations across Nigeria increased their pump price of petrol from about N600…

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China’s Xi, Nigeria’s Tinubu Pledge Deeper Economic Ties

Abibat Babalola

China and Nigeria have pledged to deepen their economic ties ahead of a summit showcasing Chinese-African cooperation, inking deals on nuclear energy, media exchanges and Beijing’s signature $1 trillion infrastructure drive. Chinese President Xi Jinping and Nigerian President Bola Tinubu on Tuesday held talks in Beijing ahead of the opening of the Forum on China-Africa Cooperation. Xi and Tinubu said they had elevated ties between their countries to a “comprehensive strategic partnership” on the eve of the three-day summit beginning on Wednesday. China and Nigeria, as major developing countries, strengthening…

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