ICYMI: FG may increase petrol price to N180 per litre

 

The Federal Government may increase the price of Premium Motor Spirit (PMS), popularly called petrol to a minimum price of N180 and above anytime soon.

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu who dropped the hint in Abuja on Thursday, said the current price of N145 per litre can no longer be sustained.

In a presentation he made to a joint committee on Petroleum (Downstream) of the Senate and the House of Representatives, the Minister said the landing cost for petrol stood at N171 per litre.

According to him, the Federal Government, through the Nigerian National Petroleum Corporation (NNPC) has been bearing the cost of N26 per litre, representing the difference between N171 and the current official price of N145 per litre.

Insisting that independent marketers would not be able to import the product at the current foreign exchange rate, saying the marketers were able to sell for N145 per litre when the exchange rate was N285 per Dollar. The Naira presently exchanges for N365 per Dollar.

“We now have to go back and find the solution to this problem in order to ease supply gaps and ensure availability of the product at all times,” the Minister said.

Kachikwu, however, proffered three alternative solutions to pump price increase: getting the Central Bank of Nigeria (CBN) to introduce a modulated foreign exchange rate specifically for importers of the product; giving the marketers significant tax adjustments to enable them to absorb the high cost; and a plural pricing system whereby the NNPC would continue to sell at N145 through its numerous outlets while the marketers are allowed to fix their own price.

The Minister identified causes of the last fuel scarcity to include diversion of products, logistic constraints, bottleneck associated with clearance, bad road network, insufficient product reserves, smuggling through land borders, supply gaps and enforcement challenges.

He stated that the marketers stopped importing fuel since October 2017, as a result of their inability to access foreign exchange from the CBN, leaving only the NNPC to import the product, which has left a wide gap between demand and supply.

Dr. Kachikwu lamented that the price of petrol rises with the rise in the price of crude oil in the international, stressing that in such instances, Nigeria spends more to import refined products. In effect, any rise in crude oil price increases the amount the country spends on the importation of fuel.

To address the situation, the Minister canvassed the opening up of production lines, specifically the refineries, which he said, would address supply gaps that usually leads to incessant scarcity.

“Rising prices in international market affecting domestic prices. What the country needs is to have the refineries working. It’s a shame that after 40 years, Nigeria cannot produce its domestic consumption.

“It would take 18 months to address problems of scarcity, price stability and other issues relating to the supply of petroleum products. The pipelines should be concessioned to allow private participation.

“There is huge infrastructure deficit in the system because the NNPC ought to be distributing products through their pipes but most of the pipes are damaged. The has necessitated the use of trucks to distribute the product across the country.

“Most importantly, fixing the refineries should be the lasting solution. To discuss and address the issues, we have to seek approval from the President,” the Minister said.

In his own submission at the hearing, the Group Managing Director of the NNPC, Dr. Maikanti Baru said the last scarcity was caused by rumours of price increase in the media that led marketers into hoarding the product in anticipation of higher prices.

Said he: “So there was a frenzy in the movement of products to the hinterland and diversion of products going to the hinterland in anticipation of the increase in price.

“The NNPC, or the Petroleum Products Pricing and Regulatory Authority (PPPRA) had no mandate to increase pump price.”

The GMD said that the strike action embarked upon by PENGASAN in December was partly responsible for the scarcity, saying issues raised by the association for going on strike had nothing to do with the NNPC.

According to him, the strike triggered panic buying by members of the public leading to scarcity of the product. He added that although PENGASAN called off the strike on December 18, the damage had already been done.

Baru identified other factors responsible for the last scarcity to be the higher price at which petrol is sold in neighbouring African countries, citing Cameroun where he said petrol sells for N300-N400 per litre.

Stating that the NNPC has enough product to bridge supply gaps, Baru insisted the corporation has sufficient stock to go round even without importation.

The GMD alleged that about 4500 distribution trucks failed to return to depots to complete their distribution formalities during the scarcity period, meaning that the trucks were diverted.

“There was no supply gap because we have Direct Sale Direct Purchase (DSDP) agreement with 10 consortia involved. Three of them rejected their cargoes, which were reallocated to others.”

The GMD also hinted that the refineries in Kaduna and Port Harcourt were being reactivated and restreamed and that they have been producing three million litres daily.

Baru also cited disagreements among the various private operators in the sector as part of the problems that threw up the scarcity, adding that the marketers were busy trading allegations of sharp practices.

He said: “For instance, IPMAN said MOMAN and DAPPMA were charging over N133.28/litre but when we asked them to provide evidence of overcharging, they could not provide any. If proven, NNPC would have withdrawn the licenses of the errant bodies.”

The Executive Secretary of the Department of Petroleum Resources (DPR), Mordecai Baba Ladan told the committee that at the outset of scarcity, the DPR rolled out its machinery across the country, with the directive from the Minister that defaulters be dealt with.

“Almost every marketer/filling station across the country are defaulters. And if all defaulting filing stations were to be shut down, there may not be anyone left.

“They horde, sell above official price and also divert products. But we have stepped up our monitoring process now that the NNPC is the sole importer but the corporation cannot do it alone.

Virtually all the independent marketers that attended the hearing alleged multiple charges by the Nigerian Port Authority (NPA), NIMASA and some state governments charging 3 kobo per litre wharf landing fee.

The Executive Secretary of MOMAN, Mr. Obafemi Olawore said the N800 billion owed marketers by the Federal Government has made it difficult for them to obtain credit from the banks to import the product.

He appealed to the government to give key players major roles in the importation business, saying that shutting down errant filling stations won’t solve the scarcity problem but rather aggravate it.

Olawore called for total deregulation of the sector to allow more participants from the private sector.

Curiously, however, the chairman of the joint committee, Senator Kabiru Marafa who had vowed to grill the Minister and the GMD over secret subsidy payment by the government.

Briefing newsmen at the National Assembly on Friday, Marafa had raised questions on who pays the difference of the N26 in the landing cost of N171 against the pump price of N145.

The lawmaker said there were indications that a subsidy of N26 was being paid on every litre of petrol sold in the country and wondered who has been paying the subsidy.

Marafa had said, “If there is subsidy payment, then who approved it and how much has been paid out as the subsidy so far. If you want to provide the subsidy, it should come through the National Assembly but we have not received any request for subsidy payment from the Executive arm.”

Stating that about N10 trillion has been paid out as the subsidy, Marafa had lamented that stakeholders in the Petroleum industry, particularly the NNPC, have not been transparent in the running of the sector.

He said these were some of the issues the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, Baru and others would be made to explain to Nigerians at the January 4 hearing.

“We are going back to the same circle where only a few persons benefit from subsidy payment at the expense of the Nigerian people,” Senator Marafa had said.

Other members of the joint committee are Senators Tayo Alasoadura, Mao Ohuanbunwa, Sabi Abdullahi, Foster Ogola, Yahaya Abdullahi, Rose Oko, Philip Aduda among others. - The Nation

Police reveal how badoo cultists kill victims, take blood

The Commissioner of Police in Lagos State, Edgal Imohimi, on Thursday disclosed how three arrested Badoo suspects hypnotised and smashed their victims’ head while asleep.

The police boss said this while presenting the suspects to newsmen in Lagos.

He gave their names as; Chibuzo Igwe, Samuel Akaeze a.k.a Samito, Gift Akaeze, Omotayo Abamoyegun and Fatai Adebayo, a herbalist who fortified the cultists before going on operation.

The CP said on Dec. 30, 2017 at about 2:30 a.m. at Alajo Close, Obese, a suburb of Ikorodu, the three suspects invaded one late Shakiru Yekini’s compound where he was killed alongside his wife and his six-month old baby injured.
“Abamoyegun usually sprays powder into the abode of their victims which makes them fall into deep sleep after which other members of the gang smash their head with grinding stone.

“Having certified that they are dead, the suspects use white handkerchiefs to scrub their victims’ blood for ritual purposes.

“Luck, however, ran out of them when one of the victims raised alarm and the vigilante men on duty alerted policemen who quickly cordoned off the area.

“Chibuzor Igwe was arrested at the scene and he made startling revelation which led to the arrest of Abamoyegun and Akaeze.

“Please note that a grinding stone used to smash the victims’ head, smeared with blood was recovered at the murder scene and taken to the lab for forensic analysis to back up our evidence in court.

“One Gift Akaeze, wife to one of the suspects, Samuel, was arrested for allegedly supplying information to the suspects on where to strike.

“Abamoyegun also usually takes the suspects to one Fatai Adebayo, an herbalist, who specialises in fortifying the suspects and blessing their stone before operation.

“The herbalist has been arrested and his shrine in Ijebu Imosan had been destroyed in an operation which I led,’’ he said.

The commissioner said that the war against the suspected killers would continue and that the police would not relent until all the killers were brought to justice.

Imohimi furthered declared wanted one Alaka Abayomi Kamal following a warrant of arrest issued by a magistrate court in Lagos. - Daily post

These 6 Innovations Could Change the World - Bill Gates

When Johann Gutenberg invented the printing press, he changed the course of history. You could say the same about Thomas Edison’s light bulb, Jonas Salk’s polio vaccine, and Grace Hopper’s compiler. What will the next great invention to transform history? Here are a few innovations that I think are worth watching.

Better Vaccine Storage

Vaccines have saved millions of lives around the world, but they spoil if they aren’t stored at the right temperature. A group of inventors from Global Good in Seattle have created an innovative new refrigerator called the MetaFridge. It stays cold enough to keep vaccines safe even during long power outages. They’re also working on a portable cooler that enables vaccinators to travel farther and reach kids in the most remote places.

Gene Editing

Imagine a future where we could edit a sick person’s DNA to make them better or remove the genes that enable mosquitoes to transmit malaria. We’re still in the early stages of development with genome editing tools, and I know there are a lot of questions about how to use this technology responsibly. But I’m hopeful about the possibilities.

Solar Fuel

If we’re going to end our dependence on fossil fuels and curb climate change, we need a lot of different approaches. I recently visited a lab at Caltech where researchers are exploring ways to turn the sun’s energy into fuel. We’re still a long way off from the day you can fill up your car with solar fuel, but Caltech’s creative approach gives me hope that we’ll achieve an energy miracle in the near future.

mRNA Vaccines

Most vaccines use weakened or inactivated forms of a virus to help your body create immunity and prevent disease. Scientists are studying how to use genetic material instead, which would make it quicker and less expensive to develop new vaccines. If we can teach the body to create its own natural defenses, we can revolutionize the way we prevent disease.

Improved Drug Delivery

If you’ve ever had to take a medication at the same time every day, then you know how easy it is to miss a pill. A company called Intarcia wants to change that. They’ve created a small device that gets implanted under your skin and slowly releases medication over time. There are a number of ways this technology could be used to better treat and prevent disease, but the one I’m most excited about is an HIV prophylactic. One implant could protect a person at risk for HIV for up to a year.

Artificial Intelligence

Of all the innovations on this list, this one seems like the surest bet to transform the way we live. Although AI will create new challenges that we need to address – including how to retrain workers who lose their jobs to automation – I think it will make our lives more productive, more efficient, and easier overall.

Many smartphone apps are monitoring users through their microphones

There are hundreds of apps and games that are monitoring smartphone users through their microphones.

They feature a technology that can even recognise audio when the user puts their phone inside their pocket, or if the apps are running in the background.

Advertisers can then use this information to learn more about consumers and target ads more effectively.

These apps, some of which are targeted at children, use software from a startup called Alphonso, which quietly collects data about people’s TV viewing habits and sells it on to advertisers.

Around 1,000 games and social apps reportedly use the software, with more than 250 of them available to download from Google Play and a smaller number also available from Apple’s App Store.

While Alphonso hasn’t revealed the names of these apps, Pool 3D, Beer Pong: Trickshot, Real Bowling Strike 10 Pin and Honey Quest all feature the technology.

The New York Times reports that you can find more of them by searching “Alphonso automated” and “Alphonso software” in Google Play.

Alphonso’s software uses a phone’s microphone to listen in to the environment around a user, to work out what they’re watching on TV.

The company insists that its technology does not record people’s conversations, and says its capabilities are clearly explained in app descriptions and privacy policies.

The description for Pool 3D reads, “This app is integrated with Alphonso Automated Content Recognition (“ACR”) software provided by Alphonso, a third-party service. With your permission provided at the time of downloading the app, the ACR software receives short duration audio samples from the microphone on your device.”

It continues: “Access to the microphone is allowed only with your consent, and the audio samples do not leave your device but are instead hashed into digital ‘audio signatures’.

“The audio signatures are compared to commercial content that is playing on your television, including content from set-top-boxes, media players, gaming consoles, broadcast, or another video source (e.g., TV shows, streaming programs, advertisements, etc.).

“If a match is found, Alphonso may use that information to deliver more relevant ads to your mobile device. The ACR software matches only against known, commercial audio content and does not recognize or understand human conversations or other sounds.”

Ashish Chordia, Alphonso’s chief executive, told the New York Times that Alphonso has worked with film studios, which provide snippets to the company ahead of a film’s release, making it easier for the software to identify. 

Chordia also says his company has a deal with Shazam, which can help it to identify users by analysing audio provided by Alphonso and selling its findings back to the company.

On Android, go to Settings, Apps & Notifications, App Permissions and Microphone. On iPhone, go to Settings and Privacy. 

You can protect yourself by denying microphone access to any apps you use, which don’t require microphone access. - The Independent

‘Moron, idiot’ — That’s what Trump’s top officials ‘call him in secret’

Michael Wolff, author of a book titled ‘Fire and Fury: Inside the Trump White House’, says Trump’s advisers address him with words such as “moron, idiot, dope” and some other unprintable words.

According to CNBC, Wolff listed the advisers as Steven Mnuchin, treasury secretary; Reince Priebus, former chief of staff; Gary Cohn, chief economic adviser; HR McMaster, national security adviser.

“There was now a fair amount of back-of-the-classroom giggling about who had called Trump what. For Steve Mnuchin and Reince Priebus, he was an ‘idiot.’ For Gary Cohn, he was ‘dumb as s–t.’ For H.R. McMaster he was a ‘dope.’ The list went on,” an excerpt read.

The book, set to be released January 9, also claims that Rex Tillerson, secretary of state, called Trump a moron.

Steve Bannon, former chief strategist, was quoted to have said Ivanka, Trump’s daughter, “dumb as a brick”.

Vanity Fair also said Trump was scared of the White House when he took office, and that he was afraid of being poisoned.

“Trump, in fact, found the White House to be vexing and even a little scary. He retreated to his own bedroom—the first time since the Kennedy White House that a presidential couple had maintained separate rooms,” an excerpt from the book read.

“He ¬reprimanded the housekeeping staff for picking up his shirt from the floor: ‘If my shirt is on the floor, it’s because I want it on the floor’.

“Then he imposed a set of new rules: Nobody touch anything, especially not his toothbrush. (He had a longtime fear of being poisoned, one reason why he liked to eat at McDonald’s — nobody knew he was coming and the food was safely premade.)”

The White House has said the book is filled with “false and misleading accounts from individuals who have no access or influence with the White House”. - Cable Nigeria

We will support any party committed to restructuring in 2019 - Afenifere

Afenifere, pan-Yoruba socio-political organisation, says it will support any party that is committed to restructuring in the 2019 general election.

In a statement on Wednesday, Yinka Odumakin, spokesman of Afenifere, said it is clear that the All Progressives Congress (APC) government is not “keen on restructuring”.

Odumakin said any political party that is not committed to restructuring will be wasting its time. He said the 2019 elections would be between pro-unitary and pro-federal supporters

“Afenifere and its partners are committed to the restructuring of Nigeria,” he said.

“It is now clear that with 11 months to the next general elections and with the government in power not keen on restructuring, it will be the main issue for 2019 general elections.

“The 2019 elections will be between a pro-unitary government and pro-federal government. By God’s grace, we will be working with our partners to ensure that the forces of federalism prevail.

“It is not enough for political parties to promise restructuring. The APC promised but if you want to earn our support, they must show evidence, total commitment to the restructuring of Nigeria.” - Cable Nigeria