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Calls for Investigation into Nigeria National Petroleum Company Amid Fuel Price Hikes
Calls for Investigation into Nigeria National Petroleum Company Amid Fuel Price Hikes....KINDLY READ THE FULL STORY HERE▶
Concerns over rising fuel prices in Nigeria have prompted a public affairs analyst from Bauchi State, Sabo Muhammad, to urge President Bola Ahmed Tinubu to suspend the management of the Nigeria National Petroleum Company Limited (NNPCL) and conduct a comprehensive investigation into its operations.
During an exclusive interview, Muhammad expressed the need for a forensic audit of the NNPCL’s accounts. He highlighted that many stakeholders in the energy sector have long advocated for such an investigation, emphasizing that the lack of accountability and management issues within the company must be addressed.
Muhammad stated, “This has not been done under former President Muhammadu Buhari, and I think the present administration should take the bull by the horns to ensure we have a clean account at NNPCL. Allegations of financial misappropriation and management deficiencies are serious concerns.”
The analyst criticized the NNPCL’s management under Mele Kyari, which has failed to fulfill promises regarding fuel storage and operational improvements. He called for a new management team that could bring fresh ideas and vision to resolve ongoing issues in the energy sector.
“Things have not been normal; everything is stagnant,” Muhammad noted. “As a patriotic Nigerian, I am joining the call for a thorough investigation, which can only occur when the current management is suspended and interim leaders are appointed.”
Expressing frustration over the recent fuel price increase, he described the government’s actions as “highly insensitive and irresponsible.” Muhammad argued that this situation has opened avenues for the opposition to criticize the current administration.
“Nigerians have been pushed to the wall,” he added. “The soaring inflation caused by the hike in petrol prices necessitates a rethinking and intervention from the federal government.”
He contended that relying solely on market forces in the oil sector is inappropriate given the current economic climate. “Nigeria is blessed with mineral resources, and its citizens should benefit from this natural endowment,” Muhammad said, urging policymakers to avoid comparisons with developed nations that have robust institutions and transparency.
As an experienced businessman and politician, he advised President Tinubu to act swiftly or risk backlash during the 2027 general elections due to unpopular policies.
Muhammad also criticized the government’s decision to designate the NNPCL as the sole buyer of Dangote refined petrol, arguing that this undermines a competitive market. “This monopolistic approach does not align with a liberal economy where multiple competitors should have the opportunity to participate,” he stated.
He warned that allowing the NNPCL to monopolize the purchase of Dangote’s refined petrol would be detrimental to both the economy and the general populace. Muhammad emphasized that government policies could impact the fortunes of the All Progressive Congress (APC) in upcoming elections.
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“The Clear Choice”: Baba-Ahmed Backs Donald Duke For Presidency, Predicts Certain Win!.
Datti Baba-Ahmed, a prominent chieftain of the Peoples Redemption Party (PRP), has made a bold assertion regarding the upcoming presidential race, claiming that former Cross River State Governor, Donald Duke, possesses the strength to defeat both President Bola Tinubu and Peter Obi, provided the electoral process remains free and fair.....KINDLY READ THE FULL STORY HERE▶
Endorsing a “Highly Qualified” Candidate Speaking during an interview on Symfoni TV, Baba-Ahmed, a former political ally of Peter Obi, praised the newly emerged PRP presidential candidate. He described Duke as one of Nigeria’s most capable political figures, arguing that the public has yet to fully grasp the extent of his leadership credentials and widespread national appeal.
“Don’t Underestimate Him” Baba-Ahmed emphasized that Duke’s political viability should not be dismissed, pointing to the 2023 general election as a cautionary tale. He noted that many observers significantly underestimated Peter Obi’s potential during that cycle and warned that the electorate might be making a similar mistake by overlooking Duke’s surging momentum in the lead-up to the next election.
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Showdown In Court: Judge Rejects Sowore’s Plea, Sets Daily Trial Schedule For Defamation Case
The Federal High Court in Abuja has issued a stern directive to Omoyele Sowore, the publisher of Sahara Reporters and former presidential candidate, to immediately open his defence in the criminal defamation trial brought against him regarding remarks made about President Bola Tinubu.....KINDLY READ THE FULL STORY HERE▶
The Courtroom Showdown On Thursday, Justice Mohammed Umar rejected a plea from Sowore’s legal team to adjourn the proceedings until after the court’s upcoming vacation. Sowore’s counsel, Marshall Abubakar, had attempted to delay the trial, citing his client’s desire to focus on preparations for next year’s presidential election. However, the judge dismissed this request, ruling that the criminal trial must proceed on a day-to-day basis, adhering to the provisions of the Administration of Criminal Justice Act.
Failed Attempt to Stall The trial, which is being prosecuted by the Department of State Services (DSS), follows allegations that Sowore labeled President Tinubu a “criminal” in posts shared on his and Facebook accounts.
During the hearing, prosecuting counsel Akinlolu Kehinde (SAN) highlighted that the Chief Judge of the Federal High Court had already officially declined Sowore’s May 19 request to have the case reassigned to a different judge. Justice Umar reviewed the Chief Judge’s response in open court and agreed with the prosecution, noting that there was no instruction for the defendant to file further applications to stall the process.
“Proceed or Be Foreclosed” The prosecution strongly opposed any further delays, with Kehinde asserting that the law leaves no room for “dilatory practice” in criminal trials. He warned that the defence must either commence their case or risk being foreclosed from doing so. Following the judge’s final ruling, the matter was adjourned to Friday, June 5, for the formal opening of the defence.
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Breaking: Forex Market Update – Naira Defies Volatility To Open At ₦1,361!.
If you are looking for the current Dollar to Naira exchange rates, here is the breakdown for the parallel (black) market and the Central Bank of Nigeria (CBN) figures as of Thursday, June 4, 2026.....KINDLY READ THE FULL STORY HERE▶
Parallel Market (Aboki FX) Rates
In the Lagos parallel market, Bureau De Change (BDC) sources reported the following rates for the US Dollar:
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Buying Rate: ₦1,380 per Dollar
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Selling Rate: ₦1,395 per Dollar
CBN Official Rates
The official exchange rates reported by the Central Bank of Nigeria are as follows:
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Lowest Rate: ₦1,356 per Dollar
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Highest Rate: ₦1,361 per Dollar
Important Disclaimer: Please be aware that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. The bank advises individuals seeking to conduct foreign exchange transactions to utilize their respective commercial banks. Additionally, please note that actual rates available for buying or selling may fluctuate and could differ from those listed here due to market volatility and local variations.
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