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April 30, 2024 Senate Session Turns Chaotic as Lawmakers Argue Over Seating Plan
IFMNEWS

Senate Session Turns Chaotic as Lawmakers Argue Over Seating Plan

Tensions flared in the Senate on Tuesday as three senators engaged in a heated dispute regarding their seating arrangements. Senators Danjuma Goje of Gombe Central and Sahabi Yau of Zamfara North expressed dissatisfaction with their assigned seats and brought their grievances to Senate Majority Leader Opeyemi Bamidele.

Senator Sunday Karimi, representing Kogi West and serving as the chairman of the Senate Services Committee, oversees seating arrangements according to the Senate's standing rules, which dictate seating based on rank.

The dispute erupted during Senate President Godswill Akpabio's reading of his welcome address. Goje and Yau, seated on the second row on the right side of the aisle, indicated their discontent with their assigned seats, arguing that they should be seated in the front row on the extreme right, opposite the majority leader and the deputy senate president.

It's worth noting that the red chamber has resumed using its refurbished chamber after two years of renovations.

April 30, 2024 ₦200 Billion Debt: Fuel Retailers Consider Service Suspension Amid Fuel Shortage
IFMNEWS

₦200 Billion Debt: Fuel Retailers Consider Service Suspension Amid Fuel Shortage

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a warning of potential disruptions to the supply of Premium Motor Spirit (PMS), commonly known as petrol, due to outstanding bridging claims amounting to ₦200 billion.

The announcement comes amidst a nationwide scarcity, resulting in petrol prices surging to as high as N610 to N800 per liter at fuel stations and between N1000 and N1200 per liter in the black market.

Mazi Oliver Okolo, the Unit Chairman and Spokesperson of Aba Depot, representing IPMAN, stated that the threat is endorsed by the national leadership of IPMAN. Okolo attributed the debt to the Nigerian Midstream and Downstream Petroleum Regulatory Commission (NMDPRA).

In a press conference, Okolo revealed that despite a directive from Petroleum Minister (Oil) Heineken Lokpobiri in February 2024 for payment, only ₦13 billion has been settled to IPMAN members, resulting in severe financial strain and closure of businesses.

He criticized the Nigerian National Petroleum Company Limited (NNPCL), the sole importer of petroleum products, for exacerbating the scarcity, leading some IPMAN members to shut down operations and lay off workers.

Okolo emphasized the detrimental impact of the debt on IPMAN members' businesses, with many facing bankruptcy and financial insolvency due to their inability to access funds owed by NMDPRA.

He urged President Bola Tinubu to intervene promptly, asserting that the situation is detrimental not only to IPMAN members but also to the general public.

Furthermore, IPMAN members rejected the significant increase in Sales and Storage License fees by NMDPRA and called for urgent intervention from the federal government to resolve the issues between IPMAN and NMDPRA.

The group warned of potential drastic measures that could disrupt the supply and sales of petroleum products across Nigeria if their demands are not addressed promptly.

April 30, 2024 Court Approves EFCC Request to Freeze 1,146 Suspicious Accounts
IFMNEWS

Court Approves EFCC Request to Freeze 1,146 Suspicious Accounts

Justice Emeka Nwite of the Federal High Court Abuja has granted the Economic and Financial Crimes Commission (EFCC) an interim order to freeze 1,146 bank accounts owned by individuals and companies under investigation for suspected involvement in unauthorized forex trading, money laundering, and financing terrorism.

In response to a motion presented by EFCC counsel Ekele Iheanacho, the judge ordered the freezing of the accounts until the investigation concludes. "This honorable court hereby orders the freezing of the bank accounts listed in the schedule below, owned by various individuals currently under investigation for unauthorized forex trading, money laundering, and terrorism financing, for 90 days," the judge stated.

The judge emphasized that preliminary investigations revealed connections between the bank accounts and individuals exploiting virtual cryptocurrency platforms to manipulate the value of the Nigerian currency and launder the proceeds of illegal activities. To ensure the preservation of funds during the investigation and potential prosecution, the judge deemed it necessary to freeze the identified bank accounts.

Justice Nwite scheduled the next hearing for July 23, 2024. Among the affected entities are companies engaged in agro-businesses, logistics, haulage, microfinance banking, and engineering, among others.

April 29, 2024 NANS Threaten Protest Over Fuel Scarcity
IFMNEWS

NANS Threaten Protest Over Fuel Scarcity

The National Association of Nigerian Students (NANS) has issued a warning of potential mass action if the Federal Government does not promptly address the prevailing fuel scarcity in the nation. The student body has also called for the resignation of Mr. Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), should he fail to take decisive measures to resolve the fuel crisis.

In a statement released on Monday, Babatunde Akinteye, the Senate President of the association, expressed dismay over the widespread frustration and helplessness experienced by citizens, including students, due to the fuel scarcity. Reports indicate that Nigerians in Lagos and other regions are encountering difficulties in accessing Premium Motor Spirit (PMS), with many filling stations remaining closed over the weekend.

Despite assurances from the NNPCL regarding the resolution of logistical challenges causing the tight supply, queues at filling stations persist, and some stations are reportedly selling fuel at inflated prices, providing an opportunity for black marketers to exploit desperate buyers.

The fuel scarcity has also resulted in increased transport fares, exacerbating the challenges faced by students and the general populace. Akinteye emphasized the urgent need for the NNPCL to take immediate action to resolve the crisis and restore stability, warning of potential protests from students if the situation persists.

He called for transparency and accountability from the NNPCL in providing information about fuel supply and distribution, stressing the importance of addressing bottlenecks and inefficiencies in the supply chain. Additionally, Akinteye urged the NNPCL to engage with stakeholders, including student representatives, to collaborate on finding solutions to the crisis.

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