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Group drums support for move to privatise refineries
The Independent Media and Policy Initiative (IMPI), has expressed support on plans by the government to engage private firms to operate its two refineries when they come on stream.
Mr Niyi Akinsiju, Chairman of IMPI , said this while addressing newsmen in Abuja on Wednesday.
He said that removal of subsidy on petroleum products was what was needed at this time to rescue the country’s economy.
He appraled to Nigerians, especially the leadership of the organised labour to beam attention to governance at the state and local governments levels, where more resources are now being allocated.
He said that the group was in support of the plan by government to engage the private sector in the management of the two refineries presently undergoing rehabilitation.
According to him, the Nigerian National Petroleum Company Limited (NNPCL), recently invited companies to bid for operations and maintenance deal for the revamped Warri and Kaduna refineries.
In a public notice on its official X handle, the national oil company explained that the move will help ensure reliability and energy security for the country.
Akinsuji said that under the prevailing economic circumference, government has no business in the petroleum refining business.
“The refining business is a highly specialised form of venture. I think about two weeks ago, we saw a publication by the NNPCL requesting companies which has capacity to manage the refineries to apply.
“When those refineries are fully rehabilitated and delivered it will be share naivety for government to still insist that products of the refineries should be sold at subsidised price,”he said.
He said that it was the policy of subsidy that killed the domestic refineries in the past.
According to him,the petroleum refinery produces so many bi-products other than petrol which can help turn around the country’s economy for better.
He said the fact that a poll showed over 73 per cent of Nigerians opposing the policy of deregulation, does not diminish it’s potency as the only viable option to ensure our economic recovery.
“In spite of the common knowledge that fuel subsidies were excluded from the second half of the 2023 budget, about 73 per cent of Nigerians interviewed in an opinion poll said they were dissatisfied with the removal.
“Nonetheless, this does not detract from the fact that fuel subsidies have become Nigeria’s equivalent of an economic weapon of mass destruction,” he said.
On the skyrocketing prices of goods and services in the country, especially food stuff, Akinsuji said that the situation cannot be attributed to a single factor alone.
According to him, a combination of factors such as insecurity, currency floating and low production capacity are responsible for the present food crisis.
He said that the allusion that the removal of fuel subsidy had led to the current food crisis may not be entirely correct.
He said that the group’s findings showed that fuel also known as Premium Motor Spirit, constitutes an insignificant proportion to the cost elements affecting prices of goods in the country.
Akinsuyi said that the depreciation of the country’s currency has made our products cheaper and more attractive to ur neighbours thereby causing scarcity of such products.
“We should understand that no single factor is responsible for the rising cost of products in the country.
“In the case of rice, it is about insecurity, it is as a matter of fact the after effects of the devaluation of the our national currency which has made our products cheaper.
“This has attracted high patronage from our West African neighbours who come to Nigeria to purchase rice,”he said.(NAN)
The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted over the alleged fraud perpetrated on crypto bridge exchange (CBEX), a trading platform.
The four suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
More to follow…
The Oodua Integrity Group, a Nigerian civil society organisation, has called on Inspector General of Police (IGP) Kayode Egbetokun to investigate and arrest an alleged gun runner, land grabber,popularly called then insert Lucky Blessings Abuah aka bullets of Achala Ibusa village operating in Asaba and Ibuzor, Delta State, accusing him of orchestrating criminal activities with the aid of rogue police officers.
Tosin Olaoluwa, the group’s South-South coordinator, made the appeal following intelligence gathered from concerned residents.
The suspect, identified as Achala Ibusa but popularly known as “Bullet,” is accused of running a network involving illegal arms trafficking, land grabbing, and cult-related activities.
Olaoluwa claimed Bullet operates with the protection of police officers from Rivers State, in violation of regulations prohibiting officers from working outside their command without approval.
According to the group, four AK-47 rifles were recently discovered hidden in a house in Ibuzor.
Two mobile police officers guarding the property reportedly distanced themselves from the find, raising suspicions of their involvement with Bullet, who is allegedly a leader of the Viking cult.
The Oodua Integrity Group further alleged that an assistant commissioner of police is complicit in Bullet’s activities.
The group highlighted that up to 10 mobile police officers are attached to Bullet, despite IGP Egbetokun’s recent directive to withdraw such personnel from individuals not legally entitled to their services.
“We urge the IGP to take immediate action to arrest the culprit in the interest of the general public,” Olaoluwa said, describing Bullet as a miscreant exploiting government security agents to perpetrate crimes.
In a separate incident, the group claimed that security agents from an agency in Abuja, acting on intelligence, were prevented from arresting Bullet by his police escorts.
The officers, reportedly from Rivers State, allegedly used tear gas and fired shots to obstruct the operation.
The Oodua Integrity Group warned that Bullet’s activities, including stockpiling AK-47s and other weapons in Asaba and Ibuzor, pose a significant threat to public safety.
They called for a thorough investigation into the allegations and the immediate apprehension of those involved.
The Nigeria Police Force has yet to respond to the allegations. Efforts to reach a spokesperson for comment were unsuccessful at the time of reporting.
The competition and consumer protection tribunal has upheld the $220 million fine imposed on Meta Platforms Incorporated by the Federal Competition and Consumer Protection Commission (FCCPC).
In a statement on Friday by Ondaje Ijagwu, the agency’s director for corporate affairs, FCCPC said the tribunal also awarded $35,000 to the commission as the cost of investigation.
On July 19, 2024, FCCPC imposed a fine of $220 million on Meta, the parent company of WhatsApp, Facebook, and Instagram, for multiple data privacy violations.
However, Meta said it would appeal the fine.
The case stemmed from a 38-month joint investigation by the FCCPC and the Nigeria Data Protection Commission (NDPC) into the privacy practices and consumer data policies of WhatsApp and Meta.
Delivering judgment on Thursday in Abuja, the tribunal led by Thomas Okosun ruled that the FCCPC acted within its constitutional and statutory powers in investigating and sanctioning the companies for alleged anti-competitive and exploitative practices.
The tribunal dismissed the appeals filed by Meta and WhatsApp, which challenged the legal basis of the commission’s findings and orders.
Instead, it upheld the commission’s position on nearly all contested issues.
Gbolahan Elias (SAN) led WhatsApp and Meta’s legal teams, while Babatunde Irukera led the FCCPC’s legal team.
According to the statement, both teams had made their final arguments on behalf of their respective clients on January 28.
‘FCCPC ADHERED TO DUE PROCESS’
The tribunal, in its ruling, found that the FCCPC adhered to due process and acted within the law.
It resolved issues one to seven primarily in favour of the commission.
“The Tribunal resolved Issues 1 to 7 largely in favour of the FCCPC, dismissing the appellants’ objections to the Commission’s findings, orders, and legal competence,” the statement reads.
“One of the central issues (Issue 3), which alleged a breach of fair hearing, was decided in favour of the Commission, with the Tribunal affirming that the FCCPC fully discharged its quasi-judicial responsibilities by affording the appellants ample opportunity to respond.
“The Tribunal found no violation of constitutional due process.
“On Issue 4, which questioned the Commission’s powers in data protection and privacy, the Tribunal held that the FCCPC acted within its statutory mandate, reaffirming its authority under Section 104 of the FCCPA to regulate competition and consumer protection even in regulated industries.
“On Issue 5, which challenged the Commission’s findings regarding Meta’s privacy policies, the tribunal also resolved in the FCCPC’s favour.
“The Tribunal found no error in the Commission’s conclusions and held that the privacy policy in question did, in fact, offend Nigerian law.
“While issue 7 was largely resolved in favour of the commission, the tribunal set aside Order 7 of the commission’s final order, stating that it lacked sufficient legal basis.”
Commenting on the judgment, Tunji Bello, executive vice chairman (EVC) and chief executive officer (CEO) of the FCCPC, welcomed the ruling, describing it as a landmark judgment reinforcing the commission’s mandate to protect consumers and ensure fair market practices.
He commended the commission’s legal team for their diligence.
Bello reaffirmed the commission’s commitment to enforcing the provisions of the Federal Competition and Consumer Protection Act (FCCPA) in line with President Bola Tinubu’s renewed hope agenda.