BREAKING: Alleged N12.3bn fraud: Otudeko’s counsel protests in court

Counsel to the Chairman of the Honeywell Group, Oba Otudeko, charged with N12.3 billion fraud, on Monday appeared before a Federal High Court in Lagos in protest of the charge.

Mr Bode Olanipekun (SAN) told the court that he was protesting  because the charge had not been served on Otudeko and two others charged along with him.

Olanipekun is the council to the three defendants.

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The 13-count charge was  preferred by the Economic and Financial Crimes Commission (EFCC) against Otudeko, a former Managing Director of First Bank Plc., Olabisi Onasanya; and a former board member of Honeywell, Soji Akintayo.

They were charged alongside a firm, Anchorage Leisure Ltd.

EFCC alleged that the defendants obtained the sum under false pretences.

Details shortly…

Heavy security as Ondo LG election commences

The local government LG election in Ondo State, on Saturday, commenced with heavy security presence across the state.

The News Agency of Nigeria (NAN) reports that personnel of the Nigeria police and Nigeria Security and Civil Defence Corps (NSCDC) were observed at polling centres and strategic places.

As early as 7:00a.m., security personnel were seen at strategic points on major roads across the state, including the front of the Ondo State Independent Electoral Commission (ODIEC), Akure, and on the Airport Road in Akure North LGA.

Read Also: Lagos Assembly names new principal officers

Also at Agbogbo roundabout, Fiwasaye/Mobil junction and in front of the A Division, Nigeria Police, on Oba Adesida Road, teams of security personnel were seen enforcing the restriction of movement order as they turned back vehicles and persons who were not on essential duties.

In Okitipupa and environs, personnel of security agencies were also seen on major roads as well as at some polling units.

NAN, however, reports that some residents went about their businesses as some youths were seen at the Ijapo Housing Estate field playing soccer as well as at Ward 10 Unit, Odo-Ikoyi in Akure South LGA.

Commercial activities were also noticed in some areas of the state, as some shop owners and food vendors opened for business.

(NAN)

Prices of food commodities crash in Kaduna 

Seventeen days into  2025, it has ushered in a bit of hope as the prices of some food items have nosedived  in Kaduna State.

Checks by the News Agency of Nigeria (NAN) showed that the prices of grains and other staple food items were steadily coming down in markets across the state, against the skyrocketed prices in 2024.

Further checks by NAN Correspondents in Kaduna showed that the prices of food items like rice, beans, yams, garri and noodles had been reduced even though not much.

At the Sheikh Abubakar GumiMarket, Kaduna’s central market, a 50kg bag of foreign rice, which was sold for about N125,000-130,000 before was now being sold for between N120,000 and N123,000.

Also, yams, which were in some weeks in 2024  sold for N7,000 per tuber and N28,000 for a set of five, now sells from N5000  to N6,000 and  N2,500 of medium ones by those who sell on bonanza

A local measure of eight cups of beans which was initially selling for between N3,000 to N3,500, now costs N2,500, while a measure of garri, previously being sold for between N1,400 and N1,500 now costs N1,200.

Read Also: Food prices rose in October – NBS

A carton of Indomie noodles previously sold at N7,700 now sells at  N7,500.

Some consumers, who spoke to NAN in separate interviews said they hoped that the prices of food items would continue to crash.

Hafsat Muhammad said she now buys a local measure of rice at N2,100 against its initial price of N2,400, adding that a local measure of  corn which cost N1200 before  now goes for N900.

Similarly, Hajiya Ummi Shuaibu, a business woman, said she bought bags of maize immediately after the harvest to resell  after some months but her plans changed since the prices of food items began to come down.

” I was expecting the prices to go up like last year but they  didn’t ; so I have to bring out my stock in order not to run on a loss.

” A bag of corn that used to be N60,000 is now around N50,000 to N55,000, that is why I must sell it off as soon as possible, “she said.

(NAN)

Nigeria ranks 5th in countries with cheapest Petrol in Africa

The retail price of Premium Motor Spirit, (Petrol), increased to between N1030 and N1,150 per litre on Friday, January 17, following a hike by Dangote Refinery and ex-depot prices of the product.

Dangote Refinery had announced a fresh ex-depot price hike from N899 per litre to N955 per litre through an email sent to customers .

The email confirmed the new price regime, noting that marketers buying between two million and 4.99 million litres would now buy at N955/litre, while five million litres and above would buy at N950/litre.

This represents a N55 or 6.17 percent petrol price increase from N899.50/litre announced as a holiday discount for Nigerians last December.

Dangote Refinery’s petrol price increase had sparked different degrees of retail price adjustment across filling stations.

However, Nigeria is still one of the countries with the cheapest fuel in Africa, according to GlobalPetrolPrices.com.

Here are the top 10 African countries with the cheapest fuel at the start of 2025.

1. Libya

Libya remains the leader in the African fuel price rankings, with a litre of fuel costing $0.030. This low price is largely due to the country’s rich oil reserves, which make up a significant portion of its economy.

2. Angola

Angola follows closely with a price of $0.328 per litre. As one of Africa’s top oil producers, Angola has a large share of the global oil market.

The country’s reliance on oil exports helps maintain relatively low domestic fuel prices, providing an economic advantage for its citizens.

Read Also: Petrol price rises to N1,150 per litre after Dangote Refinery’s hike

3. Egypt

Egypt is another country where fuel remains affordable, priced at $0.336 per litre. The country has seen substantial investment in its oil and gas sector in recent years, and the government provides subsidies to maintain lower fuel prices for the public.

4. Algeria

Fuel in Algeria costs $0.339 per litre. The country’s vast oil and gas resources contribute to these low prices, and the government continues to subsidise fuel costs, which helps support local economic stability.

5. Sudan

Sudan’s fuel price is $0.700 per litre, which is still quite low compared to global standards. While Sudan faces economic challenges, it benefits from domestic oil production, though it has struggled with fluctuations in oil output and the impact of external factors on fuel prices.

6. Nigeria

Nigeria, Africa’s largest oil producer, offers fuel at $0.769 per litre. Despite being one of the continent’s top oil exporters, the country’s fuel prices are impacted by fluctuating global oil prices, governmental policies, and the local economy. While the price is relatively low by international standards, it reflects the challenges Nigeria faces in balancing domestic supply and demand.

7. Tunisia

In Tunisia, fuel is priced at $0.794 per litre. The country has limited domestic oil production but benefits from access to regional markets and government subsidies that help control fuel prices. However, economic pressures mean that prices may fluctuate over time.

8. Ethiopia

Ethiopia, with a price of $0.805 per litre, ranks eighth on this list. While the country is not a major oil producer, it imports most of its fuel, but government efforts to stabilise prices help keep costs low for consumers.

9. Liberia

Liberia’s fuel price is $0.829 per litre. The country relies on imports to meet its fuel needs, and while domestic production is limited, low prices are maintained through government policy and external trade agreements.

10. Gabon

Gabon, with a price of $0.944 per litre, rounds out the top 10. As an oil producer with significant reserves, Gabon benefits from relatively low fuel costs compared to other countries on the continent. However, fuel prices are still higher than those in nations with larger oil production capacities.

Petrol price rises to N1,150 per litre after Dangote Refinery’s hike

The retail price of Premium Motor Spirit, (PMS), has increased to between N1030 and N1,150 per litre following a hike by Dangote Refinery and ex-depot prices of the product.

Dangote Refinery on Friday announced a fresh ex-depot price hike from N899 per litre to N955 per litre.

Dangote Refinery through an email sent to customers confirmed the new price regime, noting that marketers buying between two million and 4.99 million litres would now buy at N955/litre, while five million litres and above would buy at N950/litre.

This represents a N55 or 6.17 percent petrol price increase from N899.50/litre announced as a holiday discount for Nigerians last December.

Dangote Refinery’s petrol price increase had sparked different degrees of retail price adjustment across filling stations.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed that the product may sell above N1,100 per litre across members’ filling stations nationwide.

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“Commuters will likely pay over N1,150 per litre at faraway locations, while locations close to the depot will pay N1,100. This is because we will add about N50 logistics costs. Currently, ex-depot prices have increased to N980.

“This change is immediate because crude oil price increase, too, is immediate,” he stated.

Meanwhile, the president of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said although it is too early to project petrol retail price after Dangote Refinery’s upward price review, it is certain that the product would cost more.

“Because right now, we still have an obligation with the MRS to be selling at N935, and some of us bought products there.

So, if they change their prices because of the Dangote price, then the conversation will be different.\

“After the price of buying, there must be the price of logistics. Once that is computed, we can then look at what is the most humane profit margin,” he stated.

Some filling stations in the federal capital territory, Abuja, had already effected at least a N50 adjustment to their petrol prices.

For instance, those selling on Friday morning at N980 per litre have increased to between N1040 and N1,155 per litre.

Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) retail outlets still sell petrol at 965 per litre as of Friday evening.

Lagos Assembly names new principal officers

The Lagos State House of Assembly has named four new principal officers following the impeachment of the former Speaker, Mr Mudashiru Obasa, on Monday.

The Speaker, Mrs Mojisola Meranda (APC-Apapa 1), made this known on Friday while presiding over plenary as the new speaker.

The News Agency of Nigeria (NAN) reports that Mr Mudashiru Obasa was impeached on Monday over alleged  gross misconduct by 32 out of the 40 members.

The Clerk of the House, Mr Lekan Onafeko, was also suspended over alleged gross financial impropriety.

NAN  reports that the House also dissolved all the standing committees inaugurated by the former speaker.

According to Meranda, the announcement of new officers is as a result of the change of the leadership of the House.

Read Also: LASTMA rescued 1,075 from road crashes in 2024 – GM

“The House has named Mr Temitope Adewale (APC-Ifako-Ijaiye 1) as the new Majority Leader, while Mr Adedamola Kasunmu (APC- Ikeja 1) is the new Deputy Majority Leader.

“This House has also named the Chief Whip, Mr Setonjo David (APC-Badagry 2), while the Deputy Chief Whip is now Mr Babatunde Saani (APC-Kosofe 2),” she said.

NAN reports that before Obasa’s impeachment, Mr Mojeed Adams was the Majority Leader, while Adedamola Kasunmu was the Deputy Leader.

Mr Mojeed Adams, the new Deputy Speaker, was the former Chief Whip, while Setonji David was the Deputy Chief Whip.

NAN reports that three lawmakers (Obasa, Adams and Mr Akinsanya) were absent at the first plenary presided over by the new leadership.

(NAN)

Haaland signs new Manchester City deal until 2034

Manchester City striker Erling Haaland has signed a new long-term deal with the club that will keep him at the Etihad until 2034.

The Norwegian joined City from Dortmund in 2022 and has scored 111 goals in 126 games for the club since.

The striker’s previous deal, which reportedly included a release clause, had been due to expire in 2027.

Haaland’s new deal would see the striker remain with City until his 34th birthday should he stay at the club until its expiry in nine-and-a-half years’ time.

“I am really happy to have signed my new contract and to be able to look forward to spending even more time at this great club,” said Haaland.

Read Also: EPL: Haaland scores hat trick as Man City beat Ipswich 4-1

“Manchester City is a special club, full of fantastic people with amazing supporters and it’s the type of environment that helps bring the best out of everybody.

“I also want to thank [manager] Pep [Guardiola], his coaching staff, my team-mates and everyone at the club as they have all helped me so much in the past couple of years.”

Txiki Begiristain, City’s director of football, said: “The fact he [Haaland] is signed for so long demonstrates our commitment to him as a player and his love for the club.”

BBCSport

Troops neutralise six terrorists, recover weapons

The troops of Defence Headquarters Special Operations Brigade, have neutralised six terrorists in Sokoto State and recovered weapons.

Lt. Col. Abubakar Abdullahi, Coordinator, Joint Media Coordination Centre, Operation Fansan Yamma, said this in a statement in Gusau on Thursday.

“On Jan 11, the troops of Defence Headquarters Special Operations Brigade conducted a coordinated offensive operations against Lakurawa terrorists and made contact in Gudu Local Government Area of Sokoto State.

Read Also: LASTMA rescued 1,075 from road crashes in 2024 – GM

“Following a fire fight, troops neutralised six terrorists and recovered four AK47 rifles, 160 rounds of 7.62mm special ammo and a box of 12.7mm ammo among others.

“Sadly, the operation resulted in the loss of 5 gallant soldiers, who made the ultimate sacrifice,” Abdullahi said.

“We urge members of the public to remain vigilant and report suspicious activities related to terrorists’ activity in the area and surrounding areas to military and security forces.

“We expect more cooperation from community members, because it is crucial in maintaining safety and security of our communities,” he said.

(NAN) 

LASTMA rescued 1,075 from road crashes in 2024 – GM

The Lagos State Traffic Management Authority (LASTMA) has rescued 1,075 lives from road accident across the state 2024.

The General Manager, Mr Olalekan Bakare-Oki, said this in a statement made available to the News Agency of Nigeria (NAN) on Friday in Lagos.

The statement was signed by Mr Taofiq Adebayo, Director, Public Affairs and Enlightenment Department of LASTMA.

Bakare-Oki attributed the achievement to the authority’s unwavering dedication to preserving lives, optimising traffic flow, and executing timely interventions throughout Lagos State.

He added that the agency proficiently addressed 2,051 road traffic incidents, encompassing an astonishing 3,754 vehicles.

“These incidents were meticulously categorised as 143 fatal accidents, 502 severe accidents and 1,406 minor accidents.

“This monumental achievement underscores LASTMA’s pivotal role in curbing fatalities and mitigating the grievous repercussions of road mishaps,” he said.

He said that in tandem with its accident response efforts, LASTMA skillfully resolved 5,108 cases of vehicular breakdowns, underscoring its operational dexterity and technical acumen.

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“The breakdown cases comprised: 423 cars, 746 buses, 219 SUVs, 1,649 trucks, 400 tankers, 535 trailers and 1,118 others.

“LASTMA’s prompt intervention ensured timely relief for stranded motorists, effectively averting potential traffic bottlenecks and secondary accidents,” he said.

He noted that as part of its commitment to fostering proactive public engagement and enhancing service delivery, LASTMA inaugurated a toll-free hotline (080000527862).

This, he said, enabled Lagos residents to report traffic obstructions, vehicular breakdowns, emergencies, and the conduct of LASTMA personnel.

“The hotline received 3,567 calls across multiple languages, including English, Pidgin, and Yoruba.

Of these calls over 3,450 cases were expediently resolved, while remaining 117 cases were escalated for further attention.

“Additionally, the launch of the Physical Complaint Centre recorded 2,056 physical cases, of which 1,968 were successfully addressed, with 88 cases transferred for advanced resolution.

“These pioneering platforms have significantly bolstered LASTMA’s capacity to respond swiftly to crises and address public grievances, further entrenching its reputation as a responsive and citizen-centric institution,” he said.

He said that the commendable milestones achieved in 2024 embody LASTMA’s steadfast commitment to its mission of cultivating safer roads and an efficient traffic management system in Lagos State.

He said the agency remained resolute in harnessing advanced technology, fostering public collaboration, and enhancing the proficiency of its personnel to deliver unparalleled traffic management services.

Bakare-Oki extended heartfelt appreciation to the general public particularly motoring public for their unwavering cooperation and reiterated LASTMA’s resolve to uphold its dedication to excellence in service delivery.

(NAN)

FULL LIST: Telcos to disconnect Nine banks USSD codes January 27

Telecommunication companies acting under the directive of the Nigerian Communications Commission (NCC), in a notice on Wednesday said it will cut off the Unstructured Supplementary Service Data (USSD) access of nine banks over their inability to settle a N160 billion debt that has accumulated since 2019.

According to the NCC, telcos will disconnect the USSD access of these banks by Monday, January 27, 2025, if they do not pay their debt.

“In fulfilment of its consumer protection mandate, the Commission wishes to inform consumers that they may be unable to access the USSD platform of the affected financial institutions from January 27, 2025,” the NCC said.

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Here are the banks and their USSD codes:

1. Fidelity Bank Plc (770),

2. First City Monument Bank (329),

3. Jaiz Bank Plc (773),

4. Polaris Bank Limited (833),

5. Sterling Bank Limited (822),

6. United Bank for Africa Plc (919),

7. Unity Bank Plc (7799),

8. Wema Bank Plc (945), and

9. Zenith Bank Plc (966).