Federal Capital Territory (FCT) Minister Nyesom Wike has strongly criticized the position taken by the Progressives Governors Forum regarding the Rainbow Coalition in Rivers State. This followed warnings from the APC Governors Forum—led by Imo State Governor Hope Uzodimma—stating that the coalition could undermine President Bola Tinubu’s 2027 re-election bid and threaten the electoral chances of APC candidates. Uzodimma had announced that ruling party governors resolved to focus solely on APC-sponsored candidates and would avoid any political arrangements that could divide loyalties.....KINDLY READ THE FULL STORY HERE▶

Speaking on Tuesday during an interview on Arise Television’s Politics Today, Wike challenged the APC governors over concerns regarding candidate sponsorship, highlighting that several opposition governors are also backing President Tinubu’s re-election while maintaining their own parties. Pointing to examples such as Governor Soludo supporting Tinubu while still backing APGA candidates, Governor Adeleke supporting the president alongside Accord candidates, and Alex Otti’s stance, Wike argued that the APC governors’ position lacks any factual or logical foundation.

The Federal Government has requested the assistance of the Economic and Financial Crimes Commission (EFCC) to address severe financial losses in Nigeria’s power sector caused by energy theft, infrastructure vandalism, and unpaid electricity bills. Minister of Power, Joseph Tegbe, made this appeal on Tuesday during an official visit to the EFCC headquarters in Abuja.....KINDLY READ THE FULL STORY HERE▶

Tegbe explained that the ministry lacks the legal authority to prosecute individuals responsible for stealing electricity and vandalizing power assets, rendering a robust partnership with the anti-graft agency essential. He further highlighted that corporate entities consuming electricity while evading bill payments cost the nation billions of naira annually. The persistent destruction of electrical poles, cable theft, and other critical equipment continues to plague the sector, a grievance frequently raised by electricity distribution companies (DisCos). Consequently, Tegbe emphasized the necessity of inter-agency cooperation to safeguard installations, stop power theft, and enforce bill compliance, while expressing backing for the EFCC’s mandate to prosecute economic crimes targeting the power industry.

In response, EFCC Chairman Ola Olukoyede characterized energy theft and vandalism as forms of revenue fraud and direct economic sabotage. Olukoyede committed the commission to collaborating with the Ministry of Power to enhance sector enforcement and announced plans to implement Fraud Risk Assessment and Control measures across ministry projects to curb financial leakage and economic offenses.

Aliko Dangote, President of the Dangote Group, stated during a Tuesday interview on Arise TV that Nigerians should not anticipate a steep drop in petrol prices solely due to domestic large-scale refining. He clarified that local petrol prices remain tied to international market dynamics and crude oil costs, noting that his facility purchases crude at prevailing market rates—including substantial premiums—preventing it from selling products below sustainable market value.....KINDLY READ THE FULL STORY HERE▶

Addressing public concerns over high pump prices, Dangote noted that pricing is relative, pointing out that petrol remains significantly costlier in neighboring countries. He highlighted that a large volume of the petrol produced locally is smuggled across borders because prices in neighboring nations are 30% to 50% higher than in Nigeria. Recalling that the refinery acquired crude for up to $124 per barrel in May, he stressed that the company cannot absorb the losses, declaring, “We can’t go now and subsidize everything.” Despite these challenges, he reassured the public that the refinery will maintain domestic supply without shortages or fuel queues.

Challenges Facing Industrialization and Manufacturing

Shifting to broader economic issues, Dangote blamed high borrowing costs—specifically a 30% interest rate—for stifling industrial growth and new investments, stating that industrialization under such conditions is nearly impossible. He cautioned that under current downstream realities, another major refinery investment is unlikely to emerge in their lifetime, urging the government to deliberately protect productive domestic industries to generate jobs, collect taxes, and drive economic activity.

Furthermore, Dangote warned that relying on imports essentially exports local jobs while importing poverty. He concluded by pointing out that inconsistent government policies and inadequate electricity supply continue to hinder manufacturers, emphasizing the unfeasibility of running industrial production on diesel.