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SERAP sues President Tinubu over petrol price hike

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Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu over what it described as the failure by the President to direct the Nigerian National Petroleum Company Limited (NNPCL) to reverse the “apparently unlawful increase in the pump price of petrol, and to probe the allegations of corruption and mismanagement in the NNPCL.”

Joined in the suit as Respondents are the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and the NNPCL.

In the suit number FHC/ABJ/CS/1361/2024 filed on Friday at the Federal High Court, Abuja, SERAP is asking the court “to compel President Tinubu to direct the NNPCL to reverse the unjust, illegal, unconstitutional and unreasonable increase in the price of petrol from N845 per litre to N600 per litre.”

SERAP is also asking the court “to compel President Tinubu to direct Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to probe the allegations of corruption and mismanagement in the NNPC, including the spending of the reported $300 million ‘bailout funds’ collected from the Federal Government in August 2024, and the $6 billion debt it owes suppliers, despite allegedly failing to remit oil revenues to the treasury.”

SERAP is asking the court “to compel President Tinubu to direct Mr Lateef Fagbemi, SAN, and appropriate anticorruption agencies to prosecute anyone suspected to be responsible for the alleged corruption and mismanagement in the NNPCL, if there is sufficient admissible evidence, and to recover any proceeds of corruption.”

In the suit, SERAP is arguing that: “The increase in petrol price is causing immense hardship to those less well-off. As the economic situation in Nigeria deteriorates, the increase is pushing people further into poverty.”

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SERAP is also arguing that, “Holding the NNPC to account for alleged corruption and mismanagement in the oil sector would serve legitimate public interests.”

The suit filed on behalf of SERAP by its lawyer Ebun-Olu Adegboruwa, SAN, read in part: “The increase in petrol price constitutes a fundamental breach of constitutional guarantees and the country’s international human rights obligations.”

“Corruption in the oil sector and the lack of transparency and accountability in the use of public funds to support the operations of the NNPC have resulted in persistent and unlawful hike in petrol prices.”

“Increasing petrol prices at a time when millions of Nigerians continue to face worsening economic conditions is entirely inconsistent with constitutional and international obligations to ensure the minimum living conditions compatible with human dignity.”

“The arbitrary increase has placed a disproportionate burden on the marginalized and most vulnerable sectors of society, particularly those disadvantaged by poverty.”

“The increase is seriously jeopardizing their living conditions, as well as individuals’ physical, emotional, and individual development, and intensifying and worsening socioeconomic conditions in the country.”

“The increase constitutes a serious human rights problem because of the intensity with which it undermines the enjoyment and exercise by Nigerians of their human rights and renders their civic participation illusory.”

“The fundamental right to life includes not only the right of every Nigerian not to be deprived of his/her life arbitrarily, but also the right that he/she will not be prevented from having access to the conditions that guarantee a dignified existence.”

“The growing poverty and inequality in the country has continued to adversely affect the right of Nigerians to participatory democracy, and impede their ability to participate in their own government.”

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“Nigerians have for far too long been denied justice and the opportunity to get to the bottom of why they continue to pay the price for corruption in the oil sector. The increase in petrol price has rendered already impoverished citizens incapable of satisfying their minimum needs for survival.”

“The increase is not inevitable, as it stems from the persistent failure of successive governments to address the allegations of corruption and mismanagement in the oil sector and the impunity of suspected perpetrators.”

“Persistent increase in petrol prices keep people in poverty which in turn perpetuates discriminatory attitudes and practices against them.”

“The government has a legal obligation to mobilize the maximum of the country’s available resources to ensure people’s socio-economic rights and to protect the most vulnerable and disadvantaged Nigerians.”

“The government also has the legal obligations to probe and prosecute allegations of corruption and mismanagement in the NNPC, and to ensure access to justice and effective remedies for victims of corruption.”

“Investigating and prosecuting the allegations of corruption and mismanagement in the oil sector would be entirely consistent with the Nigerian Constitution 1999 [as amended], and the country’s international anti-corruption obligations.”

“Section 13 of the Nigerian Constitution imposes clear responsibility on the government to conform to, observe and apply the provisions of Chapter 2 of the constitution. Section 15(5) imposes the responsibility on the government to ‘abolish all corrupt practices’ including in the NNPC.”

“Under Section 16(1) of the Constitution, the government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.’”

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“Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’”

“According to our information, the Nigerian National Petroleum Company (NNPC) Limited recently increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets.”

“The price of the product increased to N855 per litre, from about N600, and in some instances above N900 per litre. The apparently unlawful increase in petrol price followed a scarcity caused by the reported refusal by suppliers to import petroleum products for the NNPCL over a $6 billion debt.”

“The NNPC allegedly failed to remit USD$2.04 billion and N164 billion of oil revenues into the public treasury, as documented in the recently published 2020 annual report by the Auditor-General of the Federation.”

 

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Bayelsa Hits N4.2bn Monthly IGR, Credits e-Ticketing System

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The Bayelsa State Internal Revenue Service has announced a historic increase in the state’s Internally Generated Revenue hitting N4.2 billion in a single month, marking a 320 per cent surge from previous figures.

The development, disclosed in a statement by BIRS on Saturday, was attributed to the introduction of an electronic ticketing (e-ticketing) system, which has eliminated cash leakages, curbed corruption, and improved transparency in tax collection.

BIRS chairman, Daniel Eniekezimene,
stated that the government transitioned to a fully automated tax collection system, ensuring that all payments from transport operators, traders, and businesses go directly into state coffers.

Unlike the old manual system, the e-ticketing platform generates instant receipts, making transactions traceable and reducing opportunities for extortion.

“This is a turning point for Bayelsa. We have blocked revenue leakages and ensured that every kobo collected goes straight into government accounts,” Eniekezimene stated.

A commercial tricycle operator, Isaac Tamuno, described the shift as a relief.

No individual is bigger than PDP – Bayelsa gov
He stated, “Before now, we never knew where our money was going. But with this e-ticket, we get receipts instantly, and no one can cheat us. It’s a big change for us.”

The chairman said the surge in IGR is expected to fund critical infrastructure projects, education, and healthcare.

Speaking on the significance of the revenue jump, Governor Douye Diri said, “This unprecedented revenue growth means we can now invest more in roads, schools, and healthcare. Our administration is committed to ensuring that every Bayelsan benefits from these reforms.”

Bayelsa’s success with e-ticketing is already being touted as a model for other states struggling with low IGR.

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Eniekezimene emphasised the broader implications of the reform.

“What we have achieved in Bayelsa proves that technology is the way forward. Other states facing similar challenges should consider e-ticketing to improve revenue collection and accountability,” he stated.

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Stock market declines further by N31bn

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Trading activities on the Nigerian Exchange Ltd. (NGX) on Thursday closed on a negative note, with the market capitalisation declining further by N31 billion.

Specifically, the NGX market capitalisation fell by N31 billion, or 0.05 per cent, to close at N66.109 trillion from N66.140 trillion recorded on Wednesday.

Also, the All-Share Index dropped by 0.05 per cent, or 49.26 points, to close at 105,426.12, against 105,475.38 posted the previous day.

The negative performance was attributed to reactionary behaviour exhibited by some investors.

The market breadth closed negative, with 29 losers and 23 gainers.

On the losers’ chart, John Holt declined by 10 per cent to close at N7.74, while Chams Holding dropped by 8.52 per cent to close at N2.04 per share.

Secure Electronic Technology fell by 8.42 per cent to close at 54 kobo, and May & Baker Nigeria lost 7.95 per cent to close at N8.10 per share.

Similarly, UPDC Real Estate Investment Trust declined by 6.90 per cent to close at N2.70 per share.

On the gainers’ chart, FG202031S1 rose by 12.09 percent to close at N97.52, while The Initiates Plc soared by 9.85 per cent to close at N4.46 per share.

Universal Insurance increased by 9.09 per cent to close at 60k, and Mutual Benefits rose by 9.09 per cent to close at 96 kobo per share.

Also, Royal Exchange gained 8.99 percent to close at 97k per share.

A total of 423.62 million shares, worth N9.181 billion, were exchanged across 11,393 transactions.

This is compared to 5.760 billion shares, worth N342.605 billion, exchanged across 10,908 transactions recorded earlier.

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Transactions in Access Corporation shares topped the activity chart, with 64.962 million shares worth N1.430 billion.

Zenith Bank followed with 41.504 million shares valued at N1.972 billion, while Fidelity Bank transacted 40.703 million shares worth N773.215 million.

Secure Electronic Technology sold 38.419 million shares valued at N20.832 million, and Tantalizers traded 31.503 million shares worth N89.914 million.

Meanwhile, Tajudeen Olayinka, Chief Executive Officer, Wyoming Capital and Partners, said that considering the recent impressive financial results released by United Bank for Africa and Zenith Bank, the stock market should have followed a positive trend.

Olayinka attributed the negative performance to reactionary behaviour from some investors who were not pleased with Zenith Bank’s dividend and reduced share price.

He further described this as mispricing and misjudgment by some investors. (NAN)

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Senate Moves To Slash Data Prices, Calls For FG’s Intervention

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The senate has called on the federal government to take urgent action to address the rising cost of data services in the country.

During Wednesday’s plenary, lawmakers debated a motion sponsored by Asuquo Ekpeyong, senator representing Cross River south, highlighting the financial strain caused by recent hike in data tariffs.

Ekpeyong warned that the surge in data costs was a major setback for young Nigerians who depend on the internet for their livelihoods.

He argued that many young people use digital platforms for freelancing, e-commerce, content creation, and software development, making affordable internet access crucial to their economic survival.

“Telecommunication providers in Nigeria have recently increased the cost of data services by as much as 200%. A move that has placed significant financial strain on millions of Nigerians, especially young people who rely on the internet for their livelihood,” he said.

“Young Nigerians have embraced the digital economy, leveraging the internet for various income-generating activities including freelancing and remote work, direct marketing and social media management, e-commerce, content creation on various platforms, online training, software development, web design, mobile app creation, content creation of various platforms, online education, etc.

“The senate notes that young Nigerians have embraced the digital economy, leveraging the internet for their livelihood, leaving them heavily dependent on mobile telecommunications companies for internet access, and that the sudden and substantial increase in data cost threatens their economic survival and limits access to critical digital services.

“The senate is further concerned that the reasons provided by telecom providers for the data price hike, including high operational costs of favourable exchanges, are untenable, and appears that instead of addressing the root causes of the high cost of doing business in Nigeria, the burden is being unfairly transferred to end-users.

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“Senate is aware that the high cost of doing business in Nigeria is driven by multiple challenges, such as increased operational risk and insurance costs.

“The senate believes that urgent government intervention is required to ensure that affordable internet access remains available to all Nigerians, particularly to the young Nigerians who are at the backbone of Nigeria’s digital economy.

“The senate accordingly resolves to urge the federal government to engage with telecommunication providers to review the recent increase in data costs and ensure the pricing remains fair and affordable for all Nigerians.”

The motion was seconded by Titus Zam, senator representing Benue north-west, and received the support of other lawmakers.

Victor Umeh, senator representing Anambra central, criticised not just the rising cost of data but also increases in telecom charges and Pay TV tariffs, accusing regulatory bodies of failing to protect Nigerians.

“If you buy airtime or data, within minutes, you are out of it. Nigerians are suffering so much, and we cannot turn a blind eye,” he said.

Sadiq Umar, senator representing Kwara North, warned that the price hike disproportionately affects young people, who form a significant part of Nigeria’s workforce.

“These service providers must make life easier for young Nigerians, not harder. The government needs to step in before this situation worsens,” he said.

Lawmakers urged the federal government to engage telecom providers to review and reduce the recent increase in data costs.

They also called on the ministry of communications, innovation, and digital economy to develop a policy framework for affordable internet access.

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Lawmakers further recommended the creation of tech hubs across the country to provide free or subsidised internet for entrepreneurs, students, and innovators.

They also directed the senate committee on communications to investigate the factors driving high data costs and propose solutions to make the telecom sector more business-friendly.

Following the debate, Senate President Godswill Akpabio put the motion to a vote, and it was unanimously adopted.

Akpabio praised Ekpeyong for raising the issue, saying the intervention would support young entrepreneurs and ensure fair pricing in the digital economy.

“This motion, when implemented, will assist our young entrepreneurs, not only to remain in business but also to ensure that they have affordable pricing that allows them to generate profits,” he said.

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