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Diesel price hits all-time high in Nigeria after Vice President met oil executives

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With continued scarcity of Premium Motor Spirit (PMS) in Nigeria, the Vice President, Professor Yemi Osinbajo yesterday summoned the Group Managing Director (GMD) of the  Nigerian National Petroleum Corporation (NNPC) to the Presidential Villa.

Meanwhile, the price of diesel has hit a record height at ₦625 per litre in filling stations. The price jumped from ₦ 430 to ₦545 two days ago. The product was sold for as low as ₦ 420 last week.

The summon came less than 24 hours after President Muhammadu Buhari declared that his deputy is now in charge of the country as he departed for a two-week medical vacation to London,

Sources confirmed that Mr. Mele Kyari, the GMD of the NNPC and some other executives of the company were seen on Monday afternoon coming into the Villa and leaving soon after.

Nigerians have been reacting to the continued scarcity of the essential commodity which became scarce in the first week of February 2022 when the Nigerian government says it found an unsafe quantity of methanol in petrol imported into the country, and cited that as the reason for fuel shortage that has led to hard times for many Nigerians.

It was disclosed that in what was a short meeting, the Vice President asked for an update on how the NNPC intended to quickly resolve the lingering fuel scarcity.

“The NNPC boss gave an impressive report and plan to the VP and was seen leaving the Villa…walking briskly as if he had been given a firm order,” said a reliable source.

Sources added that a sense of urgency to resolve the fuel scarcity was stressed by the Vice President at the meeting, a cue the NNPC executives also took.

“Judging from the look of things, the scarcity would be over very soon,” said another source close to the NNPC executives.

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Nigeria: Court insists Binance executive can face trial on behalf of firm

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In an ongoing tax evasion case, a Nigerian court decided on Friday that Binance executive, Tigran Gambaryan, may go to trial on the cryptocurrency exchange’s behalf.

Binance and executives Gambaryan, a U.S. citizen and head of financial crimes compliance, and British-Kenyan national Nadeem Anjarwalla, a regional manager for Africa, face four counts of tax evasion. They are also accused of participating in specialized financial transactions without a license and laundering more than $35 million in another case.

All of them have entered not-guilty pleas on the allegations of money laundering. Following the court hearing on Friday, Binance’s attorney chose not to comment. The attorney for Gambaryan was similarly silent.

“We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained,” a Binance spokesperson said in a statement on Friday after the court hearing.

“These charges against him are completely meritless. He should be freed while discussions continue between Binance and Nigerian government officials.”

Gambaryan is still being held while Anjarwalla left the nation in March. The office of Nigeria’s security adviser has declared that it is collaborating with Interpol to pursue Anjarwalla’s detention.

After its executives were imprisoned as part of a crackdown on cryptocurrencies in February after being invited to the African nation for talks with officials, the CEO of Binance has warned Nigeria of establishing a dangerous precedent.

Nigeria’s Federal Inland Revenue Service (FIRS) has announced that Gambaryan may face prosecution on behalf of the exchange; Binance has not been accused in the tax evasion case.

According to prior statements from Gambaryan’s attorney, Gambaryan was “neither a director, partner, nor company secretary” and did not have any formal authorization from Binance to take on the accusations on the firm’s behalf.

Judge Emeka Nwite decided on Friday that Gambaryan, who is Binance’s chief financial compliance officer and was lawfully designated to represent the company in a meeting in Nigeria, should be served with the charges against Binance.

On Wednesday, Gambaryan is scheduled to appear in court and enter a plea on Binance’s behalf. On Friday, Gambaryan’s request for bail in the money laundering case was turned down. As the nation struggled with ongoing dollar shortages, cryptocurrency websites became the go-to venues for trading the Nigerian naira. Nigeria has blamed Binance for its currency problems.

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Nigerian govt denies reports it plans to borrow pension fund for infrastructure

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The Nigerian government has denied reports that it plans to borrow the N20tn pension fund to finance infrastructural projects.

In a statement made in Abuja, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, stated that the government would abide by the laws and guidelines in place pertaining to the pension fund.

Following a two-day Federal Executive Council meeting at the Presidential Villa on Tuesday, the minister reportedly informed reporters that the government would present a plan to use local funds, including the fund, to finance infrastructure development.

Edunstated that the government does not intend to exceed these legal boundaries, emphasising that the government was committed to protecting workers’ pensions.

“It has come to my notice that stories are making the round that the Federal Government plans to illegally access the hard-earned savings and pension contributions of workers. Nothing could be farther from the truth.

“The pension industry, like most the financial industries, is highly regulated. There are rules. There are limitations about what pension money can be invested in and what it cannot be invested in.

“The Federal Government has no intention whatsoever to go beyond those limitations and go outside those bounds which are there to safeguard the pensions of workers.

“What was announced to the Federal Executive Council was that there was an ongoing initiative drawing in all the major stakeholders in the long-term saving industry, those that handle funds that are available over a long period to see how, within the regulations and the laws; these funds could be used maximally to drive investment in key growth areas,” Edun clarified.

The plan to spend the pension fund was reported and was widely criticised. The Trade Union Congress of Nigeria and the Nigeria Labour Congress had earlier on Thursday urged the government to abstain from making any changes to the pension fund.

They stated, “Nigerian workers have entrusted their hard-earned savings for retirement security, not as a means for government projects. It is imperative to halt any further plans to tap into these funds, especially given the lack of transparency and accountability in past government borrowing practices.”

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