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Thursday 1 June 2023

NNPC NATIONWIDE Petro PRICES IS ILLEGAL!

LEAKS: NNPC LTD NATIONWIDE PMS PUMP PRICES IS ILLEGAL!

The new pricing template released by the NNPC Ltd is illegal to the extent that both the 2023 Appropriation Act and the former PMB's Federal Government through the former Hon. Minister of Finance approved that the fuel subsidy removal policy is to come into effect on June 31st, 2023 as provided for in the 2023 Appropriation Act.

Hence, what is going on at the moment in this regard is illegal. Both the NNPC Ltd and the downstream regulator are in defiance of the Appropriation Act and directive of the Federal Ministry of Finance on this matter.

Furthermore, the new pricing template released by the NNPC Ltd is a mere allocative pricing regime and not free market competitive supply and demand driven pricing regime!

The new pricing regime or template defies the basic and fundamental principles of a deregulated pricing regime as championed by the government, the NNPC Ltd and private market operators in the industry!!

And, by the way, it is not the statutory responsibility of the NNPC Ltd to generate a pricing template for petroleum products. It is the statutory responsibility of the downstream regulator (probably, in consultation with the President or his designated Minister of Petroleum and or Finance).

NNPC Ltd is an operator in the industry like Dangote Refinery and Petro Chemicals Ltd, Oando, etc etc. Therefore, it cannot wear two caps at the same time; operator and regulator!!!

Even if the new price template is applicable to the NNPC Ltd retail outlets only, there is the need for the NNPC Ltd Management to obtain permission or clearance from the downstream regulator for them to adjust its prices upward in the market just as it is with the electricity supply and the telecoms industries whereby the Nigerian Electricity Regulatory Commission (NERC) and Nigerian Communications Commission (NCC) are the statutory entities respectively that permit electricity tariff and telecoms rates changes or upward adjustments.

Therefore, it is illegal to start charging new PMS price before June 31st 2023.

Finally, President Bola Ahmed Tinubu (PBAT) swore to an Oath of office and Alligiance to the Constitution of the Federal Republic of Nigeria and the Law in running his administration. This illegal act by the NNPC Ltd is a dent on and an affront to the Oath of office sworn by PBAT on Monday, May 29th, 2023!!!

Tinubu appoints Chief of Staff.

chat212 fm05:22:00

Just In : President - Tinubu appoints Outgoing House of Representatives Speaker - Femi Gbajabiamila as Chief of Staff.

Two days after his inauguration, President Bola Tinubu has reportedly appointed the Speaker of the House of Representatives, Femi Gbajabiamila as his Chief of Staff.

In a chat with Newsmen on Thursday, an aide to Gbajabiamila, Olanrenwaju Smart said his principal was appointed…

SHOCKING FOR SHETTIMA

chat212 fm13:51:00

Remi sat through the Meeting with BAT and SHETTIMA had with the CBN and NNPC

Nigerians now have President Tinubu Deputy President Remi Tinubu, and Vice president Shetima. no more First Lady 🤣🤌

Then what's the work of vice president if he appointed his wife as deputy president.......

Tinubu’s Lawyers catch Cold As Tribunal accept BVAS Report, Others Exhibit Against Pres Tinubu..

chat212 fm11:55:00

Tinubu’s Lawyers catch Cold As Tribunal accept BVAS Report, Others Exhibit Against Pres Tinubu..

The Presidential Election Petition Court sitting in Abuja has admitted the 2023 presidential election results announced by the Independent National Electoral Commission’s chairman, Yakubu Mahmoud, as an exhibit in the petition filed by the Peoples Democratic party and its presidential candidate, Atiku Abubakar, against the electoral victory of President Bola Tinubu.

The results were admitted following an oral application by the PDP lawyer, Eyitayo Jegede, SAN.

Jegede also applied to tender as evidence, INEC Forms EC8A (which is the summary of presidential election results), Form EC8E series for the 36 states and the Federal Capital Territory, INEC Certified documents in respect of number of PVCs collected for 2023 presidential election and the Bimodal Voter Accreditation System BVAS machine printed report for the 36 states including FCT.

The court then asked the lawyers representing INEC, Tinubu and the All Progressives Congress if they have any objection to the documents that the PDP sought to tender.

Responding, INEC’s counsel, A.B. Mahmoud SAN, did not object to the certified copy of the final results declared by the INEC chairman.

But he said he would object to the other documents because they were bulky and needed to be appropriately numbered.

On his part, Tinubu’s legal team led by Wole Olanipekun SAN did not consent to the admission of the BVAS reports.

He contended that the BVAS reports are more like an evidence that needs to be vetted by them before it can be admitted.

The legal team for the APC also aligned with the submission of Tinubu’s lawyer, Olanipekun.

Nevertheless, the five-man panel of the court led by Justice Haruna Tsammani admitted all the documents tendered by the PDP while taking note of the respondents’ refusal to give consent to its admission.

The court subsequently adjourned to Wednesday for continuation of hearing.

Recall that in its pre-hearing report, the PEPC had ordered that all INEC certified documents be admitted and not objected to at the point of admission, as agreed by parties.

According to the court, this was to fast-track the case.