In March 2018, Senator Shehu Sani exposed the large salaries and allowances of Nigerian federal legislators, revealing that each senator receives ₦13.5 million monthly as running costs, in addition to a ₦750,000 salary. This led to lawsuits challenging the constitutionality of these payments. In 2021, the Federal High Court ruled that only the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) could determine lawmakers’ salaries.
Despite this ruling, the National Assembly recently increased senators’ monthly earnings to ₦21 million, which was disclosed by Senator Abdurrahman Kawu Sumaila. This payment is not included in the 2024 Appropriation Act, making it illegal, unconstitutional, and in contempt of the court’s order. The court may pursue contempt proceedings if the lawmakers do not comply with the law. This extravagant emolument exacerbates inequality, especially following the recent enactment of the Minimum Wage Act, which sets the minimum wage at ₦70,000
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The price of petrol in Nigeria has surged to N1000 per litre at some filling stations and black markets in Lagos, with prices reaching as high as N1400 per litre in certain areas. The scarcity has spread across the country, with Abuja seeing prices between N617 and N980 per litre. Despite assurances from the Nigerian National Petroleum Company Limited (NNPCL) about increased production, many stations remain closed, leading to long queues and frustration among consumers. The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributes the situation to panic buying and recent distribution challenges. Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has warned marketers against selling to black market dealers.
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“NNPC Pledges 221,000 BPD for $6.6B Debt Repayment”
The Nigerian National Petroleum Company Limited (NNPCL) has committed 221,000 barrels of crude oil per day to offset its $6.55 billion debt, as revealed in its 2023 audited financial statements. The debt, incurred during the year, is part of NNPCL’s broader financial obligations, including $1 billion for rehabilitating the Port Harcourt Refinery, $1 billion for acquiring an equity stake in the Dangote Refinery, $3.3 billion for forex stabilization, $950 million for general corporate purposes, and $300 million for acquiring oil mining leases (OML 86/88).
NNPCL’s financial performance in 2023 was notable, with the company generating a total revenue of N23.99 trillion and posting a gross profit of N7 trillion. After operating expenses, the profit before tax was N5.98 trillion, and the profit after tax stood at N3.3 trillion. The company also declared a dividend of N2.1 trillion for shareholders.
Pius Akinyelure, chairman of the NNPC Limited Board, highlighted that the company’s profit has seen consistent growth since 2019, reflecting strategic foresight and resilience in a challenging operational environment. Despite significant financial obligations, NNPCL has managed to improve its productivity and financial performance, with plans to increase crude oil production to two million barrels per day by the end of the year, thanks to efforts to combat crude oil theft and pipeline vandalism.
Chief Financial Officer Umar Ajiya noted that NNPCL paid N2.15 trillion in royalties and N2.6 trillion in taxes, levies, and statutory deductions in 2023. The company’s assets have also seen substantial growth, doubling to N246 trillion in 2023, driven by investments and the transfer of joint venture assets.
Looking ahead, NNPCL is preparing for an initial public offering (IPO), which will be announced once the shareholders and board make a decision. This move is part of NNPCL’s broader strategy to strengthen its financial position and enhance transparency as it transitions into a fully commercial entity.
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“Nigeria Offers 5-Year Dollar Bond at 9.75% Interest”.
The Federal Government of Nigeria has launched a domestic dollar bond, aiming to raise an initial $500 million at a 9.75% yield per annum. This bond, which opened on Monday and is set to close on August 30, has a five-year maturity with semi-annual coupon payments. The bond is part of a broader plan to issue $2 billion in tranches, with the proceeds earmarked for critical sectors of the economy, as approved by President Bola Tinubu.
Wale Edun, Nigeria’s Minister of Finance, highlighted that the bond’s yield is expected to be competitive, benchmarked against similar Federal Government of Nigeria (FGN) Eurobond instruments, specifically the FGN ’29 USD bond. The minimum investment for the bond is set at $10,000, with additional investments required to be in $1,000 increments.
Analysts are optimistic about the bond’s success, predicting strong demand from both local and international investors. The 9.75% yield is particularly attractive when compared to the low returns on idle funds in domiciliary accounts, making the bond an appealing option for investors looking for better returns. Gbolahan Ologunro, a portfolio manager at FBNQuest, noted that the bond’s yield is in line with Eurobond returns, which typically range between 9% and 10%.
The bond will be listed on the Nigerian Exchange Limited (NGX) and FMDQ OTC Securities Exchange Limited, making it accessible to a broad range of investors. The bond’s attractiveness is further bolstered by Nigeria’s credit ratings, which play a crucial role in influencing investor confidence. Fitch Ratings recently revised Nigeria’s credit rating outlook from stable to positive, maintaining the country’s long-term foreign-currency issuer default rating at B-. Similarly, Moody’s has retained Nigeria’s positive credit outlook, keeping the long-term foreign currency rating at Caa1.
The introduction of this bond comes at a critical time for Nigeria, as the government seeks to secure funding for key sectors amid economic challenges. With the bond offering a higher return than what is typically available in the domestic market, it is expected to attract significant interest, providing the government with much-needed capital to support its economic initiatives.
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"Tinubu Faces Criticism Over $100M Aircraft Purchase Ahead of France Trip"
“Tinubu Faces Criticism Over $100M Aircraft Purchase Ahead of France Trip”
President Bola Tinubu’s recent trip to Paris, France, in a newly acquired Airbus A330 has sparked significant controversy among Nigerians. The aircraft, purchased for $100 million in July, left Abuja for Nice, as tracked by FlightRadar24. This luxury acquisition comes at a time when Nigeria faces severe economic challenges, including high inflation, widespread poverty, and a cost-of-living crisis that recently led to deadly protests.
Nigerians took to social media to express their outrage, criticizing the President for being out of touch with the struggles of ordinary citizens. With 63% of the population living in multidimensional poverty, and inflation at a 28-year high, the decision to buy a costly presidential jet has been widely condemned as insensitive. Peter Obi, who was a runner-up in the 2023 presidential election, voiced his concern, calling it a reflection of leadership failure and disregard for the suffering of the Nigerian people.
The discontent is further fueled by rising food prices and insecurity, which have severely impacted food production in the country. Critics argue that instead of addressing these urgent issues, the government’s spending on luxurious assets like the presidential jet only deepens public frustration.
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Nigerian musician Portable and some members of his entourage were reportedly attacked in Iju Ishaga, Lagos State, following a performance at a local event. After the incident, Portable shared a video online, describing the assault and expressing his distress over the situation.
In his post, Portable claimed that they were ambushed by a group of local boys after the show. He mentioned that some of his team members went missing during the chaos, and several personal items, including iPhones and an ATM card, were stolen. Portable specifically mentioned that two iPhones belonging to his associate, @iam_sexyshay, were taken, and he urged his friend @lincon_orn, who had hosted the event, to intervene and help recover the stolen items.
Portable also expressed concern for his missing artists, @dullarboi and @bamidola_, who were reportedly attacked during the incident. He revealed that while @dullarboi’s phone and car were found, the artist himself was still unaccounted for. Portable lamented that despite showing generosity to the locals by sharing money and love, they turned on him, even stealing his ice chain and gold earring.
In his message, Portable questioned whether the individuals involved were truly fans or enemies, given the betrayal he felt after trying to connect with them. The incident highlights the dangers artists can face, even in communities where they are well-known and loved.
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Murder Suspect Found After 20 Years, Working as Police Officer.
Antonio Riano, a 72-year-old man from Ohio, has been apprehended two decades after being charged in connection with a 2004 fatal shooting. The arrest follows years of evasion, during which Riano reportedly fled to Mexico and even served as a police officer there. Riano, who was placed on Ohio’s “Most Wanted” list, was charged with the 2004 murder of 25-year-old Benjamin Becarra in Butler County. Despite being featured on the television show America’s Most Wanted in 2005, Riano managed to evade capture for nearly 20 years.
The case, which had gone cold after a failed 2006 attempt to apprehend Riano in Mexico, gained renewed attention in January 2024 when the Butler County Prosecutor’s Office reapplied for a provisional arrest warrant. US Marshals, working with the Department of Justice’s Office of International Affairs and Mexican law enforcement, eventually located Riano in Zapotitlán Palmas, Oaxaca, where he was working as a police officer. His arrest is the result of persistent efforts by investigators, who used social media, including Facebook, to track him down.
Riano is now facing two counts of murder and felony assault charges for the shooting outside the Roadhouse Bar in December 2004. The gun used in the crime was later found hidden in a compartment under the kitchen floor of Riano’s former apartment in Ohio. The incident reportedly began when Riano intervened in a dispute between Becarra and a bartender, which escalated into an argument that ended in gunfire.
Riano’s arrest underscores the ongoing collaboration between US and Mexican authorities in bringing fugitives to justice. He is currently being held without bond in Butler County Jail, awaiting further court proceedings.
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SA Husband, Hitmen Sentenced to Life for Murdering Wife and Partner
This case is a harrowing example of premeditated and orchestrated violence that led to the tragic loss of two lives, ultimately resulting in the imposition of life sentences for the perpetrators. The case revolves around the brutal murders of Makoena Mabusela-Leshabane, a Chartered Accountant, and her business partner, Tebogo Mphuti, who were gunned down in Polokwane on October 10, 2020. The crime was committed by hitmen hired by Makoena’s husband, Stanley Thabo Leshabane, who was one of the four men sentenced to life imprisonment by the Limpopo High Court in Polokwane on August 16, 2024.
The Incident and Investigation
The murders took place in the Polokwane Industrial area near Zune Street, where the victims were inspecting a property they intended to rent for business purposes. According to the testimony of an estate agent who met the victims that day, three men approached their Mercedes-Benz vehicle after the inspection and opened fire, killing both women on the spot.
The crime shocked the community and led to a thorough investigation, spearheaded by Warrant Officer Kotze. The investigation team utilized various methods, including reviewing CCTV footage, tracking vehicle movements through toll gates, and analyzing cellphone records, to piece together the events leading to the murders. The team discovered that the accused had followed the victims from their hotel in Gauteng to the crime scene in Polokwane, with cellphone data corroborating their movements alongside the victims’ vehicle.
The Role of Confessions and Testimonies
Key to the case was the confession of one of the accused, Richard Zulu, who admitted to a witness, Mamphoka, that he had been hired by Stanley Leshabane to kill his wife. This confession, along with the confession statement from Leshabane himself, provided detailed accounts of the planning and execution of the murders. Leshabane had provided the hitmen with a photograph of his wife, her vehicle’s registration number, and information about her location. He paid a deposit of R5,000, with the total amount agreed upon for the murders being R65,000.
The investigation also revealed extensive communication between the accused before, during, and after the murders, further implicating them in the crime. Although the ballistic expert’s analysis could not link the firearms found in possession of the accused to the crime scene, the overwhelming evidence from witness testimonies, cellphone records, and confessions led to their conviction.
The Court Proceedings and Sentencing
During the trial, the court heard testimonies from 22 witnesses, including emotional accounts from the victims’ family members. The stepson of Leshabane provided a Victim Impact Statement, describing the profound emotional toll the crime had taken on his family, particularly the minor children who required ongoing trauma counseling.
Senior State Advocate George Sekhukhune argued that the crime was meticulously planned, highlighting the accused’s deliberate choice of a remote location far from Gauteng to carry out the murders. He emphasized the significant loss to the community, noting that Makoena had been a pillar of support, providing jobs through her event company and donating to orphanages. He argued that the severity of the crime far outweighed any mitigating factors related to the accused’s personal circumstances and urged the court not to deviate from the prescribed minimum sentence.
The judge, Geriet Muller, ultimately sentenced all four accused to life imprisonment for the murders, with additional sentences for possession of firearms and ammunition for one of the accused. The court’s decision was welcomed by the National Prosecuting Authority (NPA), with the Director of Public Prosecutions, Advocate Ivy Thenga, asserting that justice had been served and commending the investigative team for their diligent work in bringing the perpetrators to justice.
Impact on the Community
The murders not only devastated the victims’ families but also left a lasting impact on the community. Makoena’s contributions to local job creation and her charitable work were highlighted during the trial, underscoring the significant loss to the community. The case also serves as a stark reminder of the consequences of gender-based violence and the importance of justice in addressing such heinous crimes.
In conclusion, the life sentences handed down by the court reflect the gravity of the crime and serve as a stern warning against premeditated violence. The case also highlights the critical role of thorough investigations and the importance of holding perpetrators accountable, regardless of their personal circumstances.
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Farm-Focused Startup Tackles CO2 Emissions in Supply Chains.
Root is a startup that focuses on tackling the complex issue of Scope 3 emissions, particularly in agricultural supply chains, which contribute significantly to global greenhouse gas (GHG) emissions. While many carbon accounting platforms have concentrated on Scope 1 (direct emissions from company-owned sources) and Scope 2 (emissions from energy used by a company), these cover only about 25% of global emissions. The bulk of emissions, categorized as Scope 3, are hidden in supply chains and are notoriously difficult to track. This is where Root aims to make an impact.
Root’s platform, RootOS, helps food and beverage companies collect precise, primary data on their agricultural supply chains, offering a more granular and accurate approach to emissions tracking. Unlike traditional methods that rely on secondary data and industry averages, Root allows companies to model each product’s environmental footprint by gathering detailed, specific data directly from suppliers, such as farmers. This enables companies to identify “emission hotspots” in their supply chains and make more informed decisions to reduce their carbon footprint.
Root was co-founded by Eric Oancea and Maurice Hensl, and its platform has quickly gained traction since its launch in October 2023. The startup already works with more than 10,000 farmers and counts several major food industry players among its clients, although it has not disclosed their names. The company recently raised an €8 million seed round led by Christoph Janz at Point Nine, with additional participation from Project A, HelloWorld, Arc Investors, and other prominent startup operators.
One of Root’s key differentiators is its ability to provide tailored, farm-specific data rather than relying on generalized benchmarks. For example, the carbon footprint of a liter of milk or a piece of aluminum can vary greatly depending on numerous factors such as farming practices, feed types, and fertilizer use. Root’s platform captures these nuances, offering more accurate emissions data that can help companies make better decisions.
Root’s platform is designed for use by sustainability and procurement teams at large food companies, who can use it to interact with their suppliers and obtain relevant data. It can integrate with farm management systems to pull in necessary information, which is then processed through Root’s carbon calculator. This results in a tailored score for each supplier, reflecting the actual conditions and practices on their farms.
Currently, Root operates in the German-speaking DACH region and some Eastern European countries, but it has plans to expand across Europe. By focusing on agricultural supply chains, Root is addressing a critical gap in the market, helping companies to more effectively manage their environmental impact and work towards decarbonizing their operations.
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Waza Emerges with $8M Funding to Transform African Trade.
Waza, a Y Combinator-backed fintech, has secured $8 million in seed funding to enhance global trade for African businesses. The startup, which launched in January 2023, aims to streamline payments and liquidity management for businesses across Africa and beyond. With a focus on affordability and speed, Waza has seen significant growth, processing $70 million monthly as of May 2024.
The platform targets a $7 trillion market, addressing the needs of multinationals, importers, and other fintechs with solutions for fast, cost-effective cross-border payments. Co-founder Maxwell Obi, previously involved with Amplify and Sendwave, and CTO Emmanuel Igbodudu, formerly of Revolut and Carbon, bring strong technical backgrounds to the venture. Waza plans to use the funding to expand operations, develop new products, and enter additional markets.
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Amazon Eyes Independent App for Amazon Pay in India.
Amazon is exploring the possibility of launching Amazon Pay as a standalone app in India, according to three sources familiar with the situation. This move aims to enhance the visibility and usage of Amazon Pay, which is currently integrated within Amazon’s main e-commerce app.
Amazon Pay provides a range of services including money transfers, bill payments, insurance purchases, mutual fund investments, digital gold purchases, and travel bookings. Despite its wide range of features, the service has not achieved the desired level of prominence within the e-commerce app, leading some Amazon executives to believe that a dedicated app could better spotlight the payment platform.
The plan to separate Amazon Pay from the e-commerce app has been under consideration for about a year and might be implemented in the coming months. However, the sources, who requested anonymity due to the confidential nature of the discussions, noted that Amazon’s plans could change, and the company might choose to abandon the idea.
Currently, Amazon Pay ranks sixth among apps on India’s Unified Payments Interface (UPI), handling approximately 72.4 million transactions in July, which represents about 0.5% of the total transactions on the network. In comparison, PhonePe and Google Pay dominate the market with significantly higher transaction volumes—PhonePe processed 6.9 billion transactions, while Google Pay handled 5.3 billion.
The move comes amid a broader trend where other major players in India are reevaluating their fintech strategies. For example, Flipkart recently consolidated its financial technology services into a single vertical, two years after separating from PhonePe, reflecting a shift away from the “superapp” model that has seen limited success in the Indian market.
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From Russia to Malta: Matrix Energy's Controversial Petrol Imports.
From Russia to Malta: Matrix Energy’s Controversial Petrol Imports.
Documents and interviews reveal that Matrix Energy, a major Nigerian oil company, has been importing substandard petroleum products from Russia through Malta. These low-quality fuels are blended in Malta and shipped to Nigeria for distribution, causing significant damage to public health and the environment. Despite allegations and evidence, including high sulphur content in their diesel, Matrix Energy denies any wrongdoing and insists their products meet approved standards. The imports have raised concerns about regulatory oversight and the broader implications for Nigeria’s fuel quality and public health.
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Tinubu approves NNPC dividends for petrol subsidy, halts 2024 interim payments.
President Bola Tinubu has authorized the Nigerian National Petroleum Company (NNPC) Limited to use its 2023 final dividends to cover petrol subsidy costs. This decision is part of a broader strategy to manage the financial strain caused by these subsidies, which have hindered NNPC’s ability to contribute taxes and royalties to the federation account. Additionally, Tinubu has approved a suspension of the 2024 interim dividend payments to further support NNPC’s cash flow.
NNPC’s financial forecast suggests that petrol subsidy expenses from August 2023 to December 2024 will total N6.884 trillion. This substantial subsidy burden is expected to prevent NNPC from remitting N3.987 trillion in taxes and royalties to the federation account. The exact amount of dividends withheld or deferred is yet to be confirmed.
This situation reflects the significant financial challenges posed by the ongoing subsidy program and its impact on government revenue.
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“Reports of Underage Voting Emerge in Bauchi LG Election”
Allegations of underage voters participating in Bauchi State’s local government election on August 17, 2024, have surfaced, with images showing children holding ballot papers and waiting in line to vote. Video footage also captured children casting votes at various polling units. In a significant upset, Yunusa Muhammad of the African Action Congress (AAC) won the Papa Ward councilorship election, defeating the PDP and APC candidates.
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“Shaibu: We Used Our Resources to Make Obaseki Governor”
Comrade Philip Shaibu, the reinstated Deputy Governor of Edo State, has openly stated that Governor Godwin Obaseki lacked both the financial resources and political experience to win the 2016 gubernatorial election. Shaibu revealed this during an interview on Channels TV’s Politics Today, emphasizing that it was the collective efforts of himself and other political allies that made Obaseki’s victory possible.
According to Shaibu, when Senator Adams Oshiomhole introduced Obaseki as a potential candidate, there was significant skepticism among the political circle. Many, including Shaibu, were unconvinced that Obaseki, who was not a politician at the time and had no financial backing, could win an election. It took Oshiomhole three months to persuade them to support Obaseki’s candidacy.
Shaibu elaborated that once they decided to back Obaseki, it was their own financial resources and political influence that propelled him to victory. He underscored that Obaseki did not contribute financially to his campaign and that his success was due to the political capital that Shaibu and his supporters brought to the table.
Shaibu also noted that his appointment as Obaseki’s deputy was strategic, meant to add political value to a candidate who lacked political credentials. He made it clear that Obaseki did not elevate him; rather, it was Shaibu and his team who played a critical role in making Obaseki governor. This statement reflects the ongoing tension and power dynamics within the Edo State political landscape.
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