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Finance

SERAP Sues NNPC Over Missing ₦500bn Oil Money: “Account for 2024 Shortfall Now!

Transparency watchdog SERAP has filed a high-stakes lawsuit against NNPC Limited, demanding accountability for ₦500 billion in missing oil revenues from late 2024. The move follows explosive World Bank reports showing NNPC remitted only ₦600bn of ₦1.1tn earned October-December 2024. ⚖️ Lawsuit Breakdown In *Suit No: FHC/L/MSC/553/2025* (Lagos Federal High Court), SERAP seeks: Court Order: Force NNPC to disclose whereabouts of unremitted ₦500bn Corruption Probe: Invite anti-graft agencies to investigate/recover funds Prosecutions: Identify and punish responsible officials Immediate Remittance: Return funds to Federation Account NNPC’s Controversial Defense: "FOI Act doesn’t apply to us" – Afe Babalola & Co (NNPC’s lawyers) SERAP’s Counterargument: "Supreme Court already ruled FOI Act covers ALL public records – including NNPC’s." 💰 Why This Matters SERAP argues this missing money: 📉 Worsens Nigeria’s debt crisis and deficit spending 🚫 Denies states/local governments critical allocations 🏥 Deprives citizens of essential services amid cost-of-living crisis ⚖️ Violates Constitution (Sections 13 & 15) and UN Anti-Corruption […]

Mujahid Yusuf June 2, 2025

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Locations

Amaechi Backs Tinubu’s Policies But Slams Leaders: “Gains Go to Private Pockets, Not Nigerians!”

Former Minister Rotimi Amaechi delivered a sharp message at his 60th birthday in Abuja. He revealed he would have pursued similar policies to President Bola Tinubu if he led Nigeria. But he issued a major warning: ordinary Nigerians aren’t feeling the benefits. Amaechi’s Core Critique: Where’s the Public Good?Amaechi didn’t mince words: "The failure is that the gains of those policies are in their private pockets." He claims the intended results of reforms like subsidy removal enrich private individuals, not the masses. His question hit hard: *"We paid 4-5 trillion Naira in subsidies – where is that money now? If it went into the economy, people wouldn’t be complaining."* The Root Problem: Sharing vs. BuildingThe ex-Rivers Governor pinpointed a deeper issue in Nigerian politics. "Our politicians lack capitalist ideas," he stated. "Elites only fight about sharing resources, not creating them." He argued this "sharing mentality" blocks real progress that could help […]

Mujahid Yusuf June 1, 2025

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Finance

Dangote Refinery Slashes Petrol Prices by ₦15/Litre: New Rates Hit ₦875 in Lagos, Boost ‘Nigeria First’ Push

Dangote Refinery Cuts Petrol Prices by ₦15/Litre: Regional Rates and Strategic Impact In a bold move to ease economic pressures and align with the federal government’s ‘Nigeria First’ policy, Dangote Refinery has announced a ₦15 per litre reduction on petrol prices nationwide. The new pricing, effective immediately, marks the refinery’s third price cut in 2025 and underscores its commitment to affordable, locally produced energy. New Petrol Prices: Region-by-Region Breakdown Lagos: ₦875/litre (down from ₦890) South West: ₦885/litre North West & North Central: ₦895/litre South East, South South, & North East: ₦905/litre The adjusted rates apply across Dangote’s partner networks, including MRS, Ardova (AP), Heyden, Optima Energy, Techno Oil, and Hyde. Driving the ‘Nigeria First’ Agenda Dangote Refinery called on all fuel marketers to join its partner network, emphasizing collective support for: Local Production: Reducing reliance on imported petroleum products. Economic Sovereignty: Prioritizing homegrown solutions to stabilize prices. […]

Mujahid Yusuf May 23, 2025

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Nigeria

Nigeria’s Inflation Hits 36.8% – Highest in 28 Years: Experts Warn of Deepening Economic Crisis

Nigeria's inflation rate has surged to 36.8%—the highest level since 1997—according to data released today by the National Bureau of Statistics (NBS). The alarming spike, up from 33.2% in March 2025, reflects worsening economic conditions, with food inflation reaching a staggering 42.1%. The Central Bank of Nigeria (CBN) has called an emergency monetary policy meeting next week, while President Bola Tinubu meets with state governors to address the crisis. Key Drivers of Inflation Surge 1. Food Price Crisis Staple food prices (rice, beans, garri) have doubled in the past year. Farmers' herders clashes in the North and flooding in key agricultural states (Benue, Kano) continue to disrupt food supply. 2. Energy & Transportation Costs Diesel prices now at ₦1,800 per liter, forcing businesses to cut operations. Petrol scarcity persists despite NNPC’s assurances, with black market rates hitting ₦1,200/liter. 3. Naira Depreciation The Naira trades at ₦1,850/$1 in the parallel market despite CBN interventions. Dollar shortages cripple manufacturers […]

Mujahid Yusuf April 11, 2025

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Nigeria

‘Govt Must Not Get Comfortable With Rebased Inflation Figure’

Lagos Chamber of Commerce and Industry (LCCI) has said the government must not get comfortable with a rebased inflation figure and lose the fight against inflationary pressures. The Chamber stated this in a statement titled, ‘Beyond the Numbers: Ensuring Real Economic Relief For Nigerians’. The director-general of LCCI, Dr. Chinyere Almona said that the latest decision by the Monetary Policy Committee of the Central Bank of Nigeria (CBN) to maintain the Monetary Policy Rate (MPR) at 27.50 per cent is well appreciated and taken as the beginning of a better deal for the business community regarding the cost of credit. She said that “in recent months, the rising and high interest rates have tormented businesses seeking to leverage credit for business operations and expansion. “We look forward to seeing a persistent focus on fighting the fundamentals that have contributed to […]

Ahmad February 23, 2025

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