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Cobweb that beclouds Saudi Arabia’s proposed $25b investment in Nigeria

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Stakeholders are cautiously optimistic about Saudi Arabia’s reported plans to invest in Nigeria’s oil and gas industry, particularly in refurbishing refineries. They urge the Nigerian government to disclose details of agreements with Saudi Arabia and address challenges in the local sector. Saudi Arabia is reportedly planning a $25 billion investment in Nigeria and other African countries over seven years. Stakeholders emphasize that addressing security challenges, foreign exchange management, corruption, and other issues is crucial to attracting investors.

Following agreements between Nigeria and Saudi Arabia, including financing for refinery overhaul, stakeholders call for transparency in the deals. The move comes amid Nigeria’s economic challenges, with refineries shut down for three years and efforts to raise funds facing obstacles. The stakeholders stress the importance of addressing industry and environmental challenges, implementing the Petroleum Industry Act (PIA), and fostering a favorable investment climate.

Some stakeholders express concerns about the potential benefits of the Saudi investment, emphasizing the need for clarity on conditions, loan terms, and implications for subsidy policies. They stress the importance of knowing the details to ensure the promises materialize into tangible outcomes.

The investment is seen as an opportunity for Saudi Arabia to expand its presence in Africa, with a focus on the oil and gas sector. Stakeholders hope the Saudi investors, particularly Aramco, will bring valuable expertise to Nigeria’s oil and gas industry, enhancing local capacity and technology.

However, the stakeholders emphasize the importance of careful consideration of the terms of the agreement and a thorough understanding of the conditions attached to the support. They underscore the need for clarity on whether the refineries would be handed over for management and the implications for subsidy policies.

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As Nigeria explores partnerships to revive its refineries and improve its oil and gas sector, stakeholders stress the significance of transparency, proper communication, and adherence to agreements for the success of the venture.

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Senator calls for open trial of bandits

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Senator Sunday Katung (PDP-Kaduna South) has advocated for public trials of bandits responsible for the violence against innocent citizens across the country.

Katung made this appeal during his visit to the Ambe community in Sanga Local Government Area of Kaduna State to offer condolences following the recent attack during a wedding celebration, where six individuals were killed and seven others injured by bandits.

Katung suggested that conducting trials openly would reveal the identities of the perpetrators to the public and serve as a deterrent to others.

The senator praised the bravery of the community’s youth for apprehending one of the suspected attackers and urged law enforcement agencies to apprehend the masterminds behind the unwarranted attack and bring them to justice.

He warned community members against colluding with bandits to harm their own community, emphasizing that those who engage in such treachery will face consequences.

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Additionally, Daniel Amos, the representative of Jema’a/Sanga Federal Constituency, expressed condolences for the deceased and offered to cover the medical expenses of the injured. He also pledged to collaborate with Katung to secure the re-establishment of a military camp within the community.

Amos highlighted that the presence of a military camp would instill confidence in the residents, allowing them to return to their farms without fear.

Earlier, the youth leader of Ambe, Mr. Micah Audi, commended the lawmakers for their support during the community’s difficult time.

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BREAKING: Court declines to vacate arrest order on ex-gov Yahaya Bello

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Justice Emeka Nwite of the Federal High Court in Abuja has rejected the plea made by former Kogi State governor Yahaya Bello to cancel the arrest warrant issued against him by the court.

The Judge stated that Bello’s failure to comply with the court’s order to appear for arraignment in a criminal case constituted contempt of court, making him ineligible for any leniency.

In a ruling delivered on Friday concerning Bello’s application to quash the arrest warrant, the court emphasized that Bello’s continuous refusal to appear for arraignment showed disrespect for the court.

Dismissing the application for lack of substance, the court emphasized that Bello could not expect to dictate terms to the court from the comfort of his home.

The Judge also disregarded Bello’s argument that the Federal High Court lacked jurisdiction to hear the criminal charges against him, emphasizing that Bello must first appear for arraignment and enter a plea before making any legal motions.

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Bello had argued on April 23 that the arrest warrant was unnecessary since his legal counsel, Abdulwahab Mohammed, had accepted service of the criminal charges on his behalf regarding the alleged N80 billion money laundering charge brought against him by the Federal Government.

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Nigerians choking as rice, garri, yam prices surge by over 100 per cent yearly

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Nigerians are grappling with a significant increase in the prices of staple foods like rice, garri, yam, and beans, which have surged by more than 100 percent annually. The National Bureau of Statistics recently reported this trend in its latest Selected Food Price Watch for March 2024.

For instance, the price of locally sold loose rice reached N1,340.74 per kilogram, marking a 152.93 percent rise compared to March 2023’s N530.08 and a 9.63 percent increase from February 2024’s N1,222.97. Similarly, the average price of 1kg of Garri white rose by 112.34 percent year-on-year, from N353.16 in March 2023 to N749.89 in March 2024, with a 3.66 percent increase month-on-month.

Additionally, the average price of 1kg of Yam tuber increased by 141.25 percent year-on-year, from N443.02 in March 2023 to N1,068.78 in March 2024, and rose by 5.87 percent from N1,009.56 in February 2024 to N1,068 in March 2024.

State-wise, Niger State recorded the highest average price of 1kg of rice at N1,699.98, while Benue state had the lowest at N985.83. Ondo State reported the highest price for 1kg of Beans brown at N1,596.68, and Sokoto had the lowest at N745.5. Ogun State had the highest average price for 1kg of Garri white at N1021.13, while Benue had the lowest at N490.55. Edo State reported the highest average price for 1kg of Yam tuber at N 1,695.13, and Katsina had the lowest at N723.39.

These increases in food prices occur alongside a surge in headline and food inflation rates, which stood at 33.20 percent and 40.01 percent, respectively, in March 2024.

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