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EXCHANGE RATE VOLATILITY: Why Dangote’s New Dollar Pricing Could Force Pump Prices Higher!.

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The Dangote Petroleum Refinery has mandated that all payments for products lifted from its facility must be made in U.S. dollars, effective July 13. This shift in policy, which cancels previous naira-based transactions, requires downstream marketers to source foreign exchange to purchase petrol, diesel, and aviation fuel.....KINDLY READ THE FULL STORY HERE▶

  • Increased Procurement Costs: Following the announcement, depot prices for petrol rose by up to ₦113 per litre at some facilities, while diesel ex-depot rates increased by as much as ₦150 per litre.

  • Massive Monthly Dollar Requirement: Estimates indicate that marketers will need approximately $1.84 billion monthly to procure these refined products, with petrol alone requiring $1.1 billion per month.

  • Shift in Financial Burden: This policy transfers significant foreign exchange risk from the refinery to downstream marketers, who earn revenue in naira but must now pay in dollars. Analysts warn that this currency mismatch, combined with potential delays in accessing foreign exchange, may force marketers to pass these costs on to consumers, leading to more frequent and volatile adjustments in pump prices.

  • Operational Challenges: Industry experts, including Prof. Wumi Iledare, noted that this change necessitates more sophisticated foreign exchange procurement strategies and treasury management, potentially disadvantaging smaller operators. Furthermore, marketers are concerned this could lead to the “dollarisation” of the downstream sector, as they prefer trading in naira to match their retail sales.

  • Context of the Decision: The refinery’s status as a Free Trade Zone enterprise provides a legal basis for dollar transactions. However, industry stakeholders suggest the move stems from difficulties in securing sufficient crude oil through the government’s “naira-for-crude” initiative, forcing the refinery to rely more heavily on imported feedstock paid for in dollars.

While economists such as Dr. Muda Yusuf acknowledge the commercial logic of the refinery’s decision—given its reliance on imported crude—they emphasize that the ultimate impact on Nigerian consumers will depend heavily on the stability of the naira and international crude oil prices.

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TRUCE IN TARABA: Governor Kefas Demands Humility From APC Winners After Election Triumph!.

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Taraba State Governor Agbu Kefas has called upon members who won the All Progressives Congress (APC) ticket to practice humility and extend a hand to those who lost during a reconciliation dinner in Jalingo on Tuesday.....KINDLY READ THE FULL STORY HERE▶

  • Call for Unity: Kefas described the event as a “family meeting” intended to mend divisions, restore trust, and unify the party. He urged all APC members to move past grievances from the congresses and primaries to prepare for future elections.

  • Acknowledgment of Conflict: The governor recognized that his recent defection from the PDP to the APC, along with the subsequent party congresses and primaries, created friction. While some members were happy with the results, others felt disappointed or sidelined.

  • Sincere Regret: Kefas expressed regret for any pain or misunderstandings caused during the process, emphasizing that his actions were not meant to hinder anyone’s political aspirations or undervalue the contributions of party leaders.

  • Focus on Healing: He explained that the decisions made during this period were necessary to avoid long-term internal conflicts that could damage the party and divide the people of Taraba.

  • Message to Winners and Losers: The governor stressed that reconciliation is more important than political disagreements and that party competition should not lead to permanent rifts. He advised successful candidates that they cannot succeed in isolation and must include all stakeholders. For those who did not win, he asked them to stay loyal, reminding them that there will be future political opportunities beyond this election.

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SHOCKWAVES IN OSUN: Police Confirm Arrest Of PFIPC Boss Adeyemi!.

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The Osun State Police Command has officially confirmed the arrest of Adeniyi Adeyemi, an individual accused of falsely presenting himself as the Director-General of the Presidential Foreign Investment Promotion Council (PFIPC), an organization authorities have labeled as non-existent.....KINDLY READ THE FULL STORY HERE▶

  • The Operation: Operatives from the Force Intelligence Department–Intelligence Response Team, based in Abuja, conducted the arrest during the early hours of Tuesday at a hideout in Osun State.

  • Police Confirmation: Deputy Superintendent of Police Biodun Ojelabi, the Osun State Police Command spokesperson, stated that while local police did not participate in the operation, they were aware the suspect had been taken into custody by the team from Force Headquarters.

  • Legal Context: The arrest was executed following an order from Justice Mohammed Umar of the Federal High Court in Abuja, issued after Adeyemi failed to appear for his scheduled arraignment.

  • The Charges: Adeyemi is currently facing legal charges that include conspiracy, forgery, and impersonation regarding his claims about leading the PFIPC.

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“STOP THE NONSENSE!” Ayekooto Fires Back At Falz Over Attacks On Remi Tinubu!.

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Ayekooto Akindele, a chieftain of the All Progressives Congress (APC), has criticized rapper Falz following his recent comments regarding First Lady Remi Tinubu.....KINDLY READ THE FULL STORY HERE▶

  • Falz’s Criticism: During an interview on Arise TV, Falz condemned the First Lady’s suggestion that Afrobeats artists should establish charity foundations to assist the poor. He argued that poverty alleviation is the government’s responsibility rather than that of individuals, and he questioned the administration’s claims of being under too much pressure given their “emilokan” (it’s my turn) campaign slogan.

  • Ayekooto’s Rebuttal: In a post on his official handle, Ayekooto told the rapper to stop speaking “jargons”. He suggested that the First Lady did not address Falz because he is also in need of help, noting that her appeal was directed specifically at artists such as Davido, Wizkid, and Burna Boy. Ayekooto further questioned why Falz chose to respond to an appeal that did not mention him by name.

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