We’ll no longer import fuel by 2019 – Kachikwu

ABUJA—THE Minister of State for Petroleum Resources, Mr Ibe Kachikwu, yesterday, in Abuja said Nigeria would no longer import fuel by 2019. Kachikwu said this at a public hearing on the review of petroleum pricing template for Premium Motor Spirit (PMS) organised by the House of Representatives. 

The minister said that within two years, the Federal Government revived refineries that were non-functional to contribute about eight million out of over 20 million litres of petrol consumed in the country daily.
 He explained that the Federal Government initiated a model which attracted foreign investors to partner with the Nigerian National Petroleum Corporation, NNPC, to repair the country’s refineries within the two-year period. He said: “This has consistently served as a target for this government so that by December 2018, NNPC must be able to deliver on some of the terms given them, one of which is to reduce petroleum importation by 60 per cent.

 “By 2019 we should be able to exit completely the importation of petroleum products in this country. “Cognisant of the fact that Dangote is building one refinery, we expect to have an excess situation then,” he added. He further explained that Nigeria must also have the capacity to stop exporting crude oil. According to him, selling crude is not different from selling agricultural produce in an unprocessed manner. “The world is leaving that, every member of OPEC is leaving that because of the prizing, volume and market challenges, now shifting from selling crude to selling refined petroleum products.

 “That is what this country must do and there is a template we are working on, noting that the ministry intends to create an enabling environment that will promote local refining of crude oil. On the possibility of reducing the fuel pump price, Kachikwu said there was no padding in the petroleum pricing template for Premium Motor Spirit (PMS) currently sold at N145 per litre.

 According to him, 71 per cent of the cost is for the production and freight, 18 per cent balance is covered by depot charges and retailers margin. He said: “In other words, the storage tanks, the amount you get by verge of operating a filling station takes another 18 per cent, the output of those is already taking you to roughly about 90 per cent. “The transportation is less than 10 per cent; we probably can do better with some of those because the effect of that to the templating is an insignificant one or two per cent but that is not where the problem is. “The problem is with foreign exchange rate of conversion. There are two key elements in the template, how much you buy it is internationally fixed, it is not a Nigerian issue, the cost of foreign exchange is a monetary policy issue. “So at the time we did the template the Central Bank of Nigeria, CBN, monetary policy was N245, that was the basis upon which we calculated the pricing, today N305 is the exchange rate.

Negotiation for the release of the remaining abducted Chibok girls is ongoing- Minister of Information, Lai Mohammed says

Minister of Information, Lai Mohammed, has disclosed that negotiations for the release of the yet-to-be released Chibok school girls, is still ongoing and will soon yield results.

Mohammed disclosed this during a briefing after conclusion of the one-day intelligence, Surveillance and Reconnaissance, ISR, operation to the Sambisa Forest in Yola, Adamawa State with members of the Bring Back Our Girls group yesterday.

'I view Cristiano Ronaldo as a great player' - Lionel Messi says

5 Time Ballon D'or winner, Lionel Messi, has heaped praise on his rival, four time Ballon D'or Winner and one time FIFA 'Best' winner, Cristiano Ronaldo, saying Ronaldo has achieved many things and he has mutual respect for the Real Madrid man, dispelling the myth that the pair are huge rivals who resent one another. 

Gambia's parliament extends soon to be ex-President, Yahya Jammeh's term by 90 days

Gambia's parliament has extended President Yahya Jammeh's term, which is due to end on Thursday, by an extra 3 months (90 days). This follows Jammeh's sudden and stubborn decision to accept his opponent, President-elect Adama Barrow's victory in the Presidential elections held in December.

The Parliament approved Jammeh's decision to declare a 90-day state of emergency, even though other regional leaders threatened to use military force to oust him if he refuses to hand over power on Thursday. Source: BBC Africa

US ambassador to the UN blasts Russia as 'major threat facing the U.S' and rejects Trump's attack on intel agencies

The United States ambassador to the UN, Samantha Power, has blasted Russia, saying the country is a major threat to the U.S and that incoming U.S President Donald Trump's attacks on the Intel agencies is uncalled for, as the agencies work for the good of America and not the Democratic or Republican party.

Nigeria Central Bank barn banks from virtual currency transactions

The Central Bank of Nigeria, CBN, has issued a statement barring banks in the country from doing any transaction using Bitcoin or any other kind of virtual currency. A virtual currency or virtual money is a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community.

Egypt adds ex-footballer, Mohamed Aboutrika to terror list

The Egyptian government has added ex-football star, Mohamed Aboutrika to a terror list for his alleged links with the banned Muslim Brotherhood, his lawyer says

According to BBC, the retired footballer is accused of financially supporting the Brotherhood after endorsing the successful 2012 presidential bid by Mohamed Morsi, who was a brotherhood member

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Mohamed Morsi having become the President of Egypt in June 2012 was dismissed after a mass anti-government protest in July 2013.

Reacting to the accusation Mr. Aboutrika's lawyer, Mohamed Osman, who said former football star has strenuously denied the allegations noted that the move was ‘contrary to the law’, adding that his client had ‘not been convicted or formally notified of any of the charges against him’. 

‘We will appeal this decision,’ Mr. Osman said. 

The Brotherhood is considered a terrorist organization and any person named on the country's terror list is subject to a travel ban and faces having their passport and assets. frozen.

Although, the 2008 BBC African Footballer of the Year who retired in 2015 having played for the al-Ahly club and the national team has already had a string of assets, including shares in a number of companies, seized by the Egyptian authorities.