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Dangote reduces diesel price to N1,020 per litre

Dangote Petroleum Refinery and Petrochemicals (DPRP) has reduced the cost of its diesel product to N1,020 per litre down from N1,075 per litre a reduction of N55 which it said is an effort to better serve its customers and Nigerians in general.

Since it began diesel production in January 2024, the Refinery has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, thus providing much-needed relief to manufacturers and consumers alike.

The latest reduction for diesel follows the revelation by Development Economist and Public Policy Analyst, Professor Ken Ife, that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price across the country during the yuletide period.

Professor Ife also praised the Refinery for setting a new benchmark in Nigeria’s energy sector by unlocking vast opportunities for export revenue.

Speaking on the transformative impact of the refinery on Arise TV, the don explained that for years, the equalisation fund had been responsible for managing the price differentials and transportation costs involved in distributing petroleum across the country.

However, it has been reported that the fund owes marketers over N80 billion, according to the development analyst.

“What has actually happened is that the president has shifted the subsidy burden away from the public purse and onto the private sector. The equalisation fund, which was meant to cover the price differential and transportation costs, plays a crucial role.

“If petroleum is to be sold across the country at a set price, then transportation costs must be accounted for to ensure this is possible. That’s the purpose of equalisation. However, the equalisation fund is reported to owe around N80 billion to the marketers, and this issue is still under discussion.

“During the Christmas season, which is traditionally the most challenging period, we often face shortages of petroleum, petrol hoarding, and arbitrary price hikes, all of which impact the cost of food. In response, during this last yuletide, the Dangote Group made the decision to absorb the costs.

“They equalised the price themselves, at a cost of over N10 billion. In doing so, they effectively absorbed the subsidy,” the Professor said.

He also added that the facility is steering Nigeria away from its traditional focus on Premium Motor Spirit (PMS) towards a diversified range of petroleum-based exports.

He added that with major international players such as BP and Saudi Aramco purchasing refined products from Nigeria, the country is swiftly becoming a key player in the global petroleum market while expressing confidence that Nigeria is on the path to self-sufficiency in petroleum products thus simultaneously positioning itself as an energy export powerhouse.

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NAFDAC Launches Greenbook App To Combat Fake Drugs In Nigeria

The National Agency for Food and Drug Administration and Control (NAFDAC) has introduced a new mobile application, the Greenbook, to help Nigerians verify the authenticity of medical products and fight against counterfeit drugs.

NAFDAC’s Director-General, Mojisola Adeyeye, made this known at the opening of a two-day sensitization workshop on the Greenbook, traceability project, and paediatric policy in Port Harcourt, Rivers State.

Adeyeye, represented by the Director of the Post-Marketing Surveillance Directorate, Fraden Bitrus, stated that the Greenbook serves as an online database for registered drug products in Nigeria. The platform allows users to verify a product’s authenticity by searching for its name, brand, or registration number.

Bitrus emphasized the need for stakeholder collaboration, highlighting that counterfeiters are becoming more sophisticated in their methods.

“The NAFDAC Greenbook is a critical tool for tracking and identifying fake drugs. If a product is listed in the Greenbook, it means it has been registered by NAFDAC and is safe for use,” he said on Wednesday.

He further revealed that Nigeria is the first country in Africa and the second in the world to deploy this technology in the fight against counterfeit drugs.

“The Greenbook app is available for download on the Apple Store and Google Play Store via greenbook.nafdac.gov.ng,” he disclosed.

However, he, clarified that very newly registered medicines might be immediately uploaded as the app will get updated from time to time.

“We are yet to add cosmetics on the site, for now, it’s just Drugs,” he said.

On her part, the Rivers State Commissioner for Health, Adaeze Oreh, reaffirmed the state’s commitment to working with NAFDAC to eliminate fake drugs.

Represented by Quanta Dappa, the Rivers State Coordinator for Drug and Substance Abuse Control, the Rivers State Ministry of Health, commended NAFDAC’s leadership in tackling the circulation of unsafe medicines.

“As a state, we have a task force dedicated to combating counterfeit drugs, and NAFDAC is a key partner in this effort,” she said.

Similarly, the NAFDAC Director for the South-South Zone, Oligbu Chukwuma, assured that strict measures were in place to ensure the effective implementation of anti-counterfeit strategies.

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Court strikes out cyberstalking suit as GTBank withdraws charge against bloggers

The Federal High Court sitting in Lagos has struck out the suit against four bloggers who were accused of cyber stalking Guaranty Trust Bank, its holding company, GTCO Plc and its Group Chief Executive Officer, Segun Agbaje.

Justice Olayinka Faji struck out the suit following the withdrawal of the criminal charge filed against them by the police after reaching terms of settlement.

This reprieve for the bloggers is coming after they have been held in custody for six months.

The four bloggers, Precious Eze, male (38), Olawale Rotimi male (47), Rowland Olonishuwa, and Seun Odunlami, were arraigned before the court under the Cybercrimes Prohibition Prevention Act, by operatives of the Police Special Fraud Unit (PSFU), Ikoyi, Lagos.

They were specifically charged with spreading false information about GTCO Plc and its Group CEO Agbaje.

When the matter came up on Thursday for trial, the prosecuting counsel, Ajibola Aribisala (SAN), told the court that the prosecution and the nominal complainants, GTBank have finally succumbed to the defendants’ plea to have another look at the matter.

Aribisala said the defendants had surrendered and agreed to ameliorate the wrongs that led to their prosecution.

He also added that the Guild of Editors had intervened and GTBank is amenable to have the matter amicably settled under the terms agreed.

The prosecutor added that each of the defendants willingly agreed and appended their signatures on the document containing the terms of the settlement.

In the terms of the settlement, a copy of which was obtained by Channels Television, it was unanimously agreed that for an amicable resolution of the disputes between the complainant and the defendants, the defendants undertake:

a. To refrain from publishing any false, malicious, or defamatory content against the complainant, its affiliates, directors, or officers in the future.

b. To use their platforms to educate journalists on responsible reporting and fact-checking.

c. To promote positive and factual content about the Complainant.

d.Publish a retraction of their respective malicious publication earlier made against GTCO and its CEO on their respective blogs.

e.To jointly publish public apologies to GTCO, its CEO (Mr. Segun Agbaje), and GTBank in three national newspapers upon a withdrawal of the charge.

The prosecutor then asked the court to accept the terms.

He said, “We appeal that the court approves the document containing the terms as agreed in the deed of settlement so that they can go back to their families after spending six months in the custody of the Nigeria Correction Services”.

The defendants’ counsel, Olakunle Afolabi, had also via a letter dated 30th January 2025, communicated the defendant’s acceptance of and willingness to comply with the conditions for settlement outlined above.

“Subsequently, in compliance with the stipulated conditions for settlement, each of the defendants issued personally and individually signed letters of apology and retraction of defamatory publication dated 18th February 2025 to Mr. Segun Agbaje, GTCO, and the complainant respectively,” the letter read.

“The said letters of apology were delivered to the prosecutor via a cover letter also dated 18th February 2025, signed by the defendants’ counsel, Mr. Olakunle Afolabi, Esq.

“In consideration of the apologies tendered and undertakings made by the defendants, the complainant as a peace-loving and socially responsible organization has unequivocally indicated its decision to withdraw the complaint made against the defendants.

“The complainant has also accepted the undertakings made by the defendants (as outlined in the letters dated 30th January 2025 and 18th February 2025) in good faith and trusts that the defendants will implement the said undertakings.

“The Complainant, however, reserves the right to re-submit its petition to the appropriate law enforcement agency should the Defendants fail to fulfill their obligations under this deed.

“Parties hereby agree that the execution of this Deed of Settlement and the fulfillment of the terms and conditions contained herein SHALL be a bar to the enforcement of the right that would otherwise accrue to any of the Parties in respect of the facts-in-issue in the charge.

“All the parties further agree that withdrawal of charge No. FHC/L/CS/774C/24 and the fulfillment of the terms and conditions contained herein will also be a bar to any civil liability that may arise from and/or bothers on Charge No. FHC/L/CS/774C/24 or the facts-in-issues in the said charge.

“The defendants confirm that they have not been coerced, pressured, and/or induced to execute this Deed of Settlement.

“The defendants affirm that they have willingly and voluntarily executed this Deed of Settlement.

“The defendants confirm that they were not restrained, induced, or subjected to any form of duress whatsoever at the time of executing this Deed of Settlement.”

Counsel to the defendants, Kunle Afolabi in his submission before the court said he is not objecting to the withdrawal of the charge, adding that he and the defendants have appended their signatures on the document.

After listening to the parties, Justice Faji held that the parties shall comply with the terms of the agreement as contained in the deed of settlement.
He then struck out the charge.

The police had in the amended charge dated September 26, 2024, alleged among others that the four defendants, sometime in August 2024 in Lagos, conspired amongst themselves to commit a felony to wit: cyberStalking, and thereby committed an offence punishable under section 27 of the Cybercrimes (Prohibition, Prevention, etc) Act 2015 as amended in 2024.

The defendants were also alleged to have knowingly sent false messages or publications in social media, through a computer or network to the general public as follows “EFCC, FIRS storm GTBanks over Segun Agbaje’s N1 trillion scam” and “Whistle Blowers expose Segun Agbaje’s Nepotism, power play” which they alleged enriched him and his sister among other publications.

The police alleged that the publications insulted Agbaje and also caused criminal intimidation, annoyance, ill-will, needless anxiety, injury, and hatred to him and the defendants thereby committed an offence contrary to and punishable under section 24 (1) (b) of the Cybercrimes (Prohibition/Prevention) Act. 2015, as amended in 2024.

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Lawmakers approve Tinubu’s tax reform bills

The Nigerian House of Representatives approved President Bola Ahmed Tinubu’s tax reform bills on Thursday after months of controversy.

Presidential spokesperson and Special Adviser on Media and Public Communications, Sunday Dare, disclosed this in a statement through his official X account on Thursday.

Dare, without providing details, said that the bills were passed by the Green Chamber on Thursday after months of debate.

“Tax reform bills have been approved by Nigeria’s House of Representatives today in Abuja. Today, March 13, 2025,” he said.

This comes amid ongoing controversy surrounding Tinubu’s tax reform bills in recent months.

First, the Northern Nigeria Governors’ Forum rejected the bill, particularly the proposed value-added tax derivation model in the Nigeria Tax Bill.

The National Economic Council also opposed the tax derivation model.

Recall that on October 3, 2024, Tinubu sent four tax reform bills—including the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill—to the National Assembly.

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