A devastating auto crash in the Amuloko area of Ibadan has resulted in the deaths of six people, with five others sustaining serious injuries.

Incident Overview

According to eyewitnesses, the accident involved two trucks, a tricycle, and a commercial motorcycle, commonly known as Okada. Reports indicate that among the victims were schoolchildren, with a mother and her child being directly affected. The mother tragically lost her life while the child sustained only minor injuries.

Cause of the Accident

The crash was reportedly triggered by a trailer that lost control while descending a steep slope due to brake failure. A second truck, attempting to avoid a collision, crashed into a tricycle that was carrying several students and other passengers.

Eyewitnesses described the chaos, stating, “The trailer was coming down the slope when its brake system failed. Another truck coming behind was trying to avoid collision and crashed into a tricycle which was conveying some students and other passengers.”

Emergency Response

Unfortunately, the injuries and fatalities occurred before help could arrive. The injured victims, including two schoolchildren, were promptly rushed to Amuloko City Hospital for treatment.

A member of the Oyo Road Transport Maintenance Agency (OYRTMA), who preferred to remain anonymous, confirmed that the tragic incident took place early Monday morning.

This incident has raised concerns about road safety measures and the need for improved regulations to prevent such devastating accidents in the future.

The Delta State Police Command has confirmed the tragic murder of the Divisional Police Officer (DPO) of Agbarho by suspected kidnappers. This incident occurred in the early hours of Monday, as the DPO was leading a security operation aimed at combatting criminal activities in the area.

Details of the Incident

SP Bright Edafe, the spokesperson for the Command, clarified to Vanguard that the incident took place in Agbarho, refuting earlier reports that it happened in Orerokpe. He emphasized the need to withhold the officer’s name to respect the deceased and their family.

“It is true that our DPO in Agbarho was shot dead by suspected kidnappers during a security operation. We ask that his name be kept out of the media for now,” Edafe stated. He also noted that the DPO of Orerokpe, who was involved in the operation, sustained injuries but is currently in stable condition at an undisclosed hospital.

Community Response

In response to the incident, members of the Agbarho vigilante have initiated a search in the nearby bushes where the shooting occurred. They are actively seeking clues that could lead to the apprehension of the culprits.

“Vigilante members have been in the bush since morning, searching for any clues that could aid the investigation and subsequent security operations,” a community source, who preferred to remain anonymous, reported.

Ongoing Investigations

The police have launched an investigation into the incident, and further updates are expected as the situation unfolds. This tragic event underscores the ongoing security challenges faced by law enforcement agencies in combatting crime in the region.

Manufacturers in Nigeria have expressed serious concerns about the escalating costs of energy, specifically highlighting the significant increases in petrol prices and electricity tariffs over the past year. Reports indicate that the pump price of petrol has surged by approximately 430%, while electricity tariffs for ‘Band A’ consumers have risen by 212%.

Recent Tariff Increases

On April 3, 2024, the Nigerian Electricity Regulatory Commission (NERC) approved a tariff increase for customers in Band A, who typically receive around 20 hours of electricity daily. The new rate was initially set at ₦225 per Kilowatt-hour (kWh), up from ₦66/kWh, but was later adjusted to ₦209/kWh.

The Manufacturers Association of Nigeria (MAN) condemned this hike, arguing that it poses a threat to economic growth. In response, they initiated a legal action against NERC and the electricity distribution companies (DisCos) in the Federal High Court in Lagos to challenge the implementation of the increased electricity tariffs.

Legal Action and Court Ruling

MAN’s lawsuit sought four key reliefs:

1. Failure of Due Process: They argued that the proper legal procedures for tariff reviews were not adhered to before the DisCos submitted their tariff review application to NERC on July 31, 2023.
2. Regulatory Compliance: The manufacturers contended that the necessary regulatory requirements were not met prior to NERC’s issuance of the Supplementary Order on April 3, 2024, and the subsequent rate adjustment on May 6, 2024.
3. Discrimination: MAN claimed that the tariff increase unfairly targeted only Band A consumers, thereby discriminating against them while excluding other bands.
4. Administrative Procedures: They emphasized that the defendants must follow the required administrative procedures for tariff reviews before implementing the new rates.

In a setback for the manufacturers, the court dismissed the case on October 7, 2024. The ruling stated that MAN’s suit constituted an abuse of court process, being premature and lacking adherence to Section 51 of the Electricity Act 2023.

Implications

This ruling has significant implications for manufacturers who are struggling to cope with soaring energy costs. With the legal route now closed, manufacturers are left with limited options to address the financial strain caused by increased electricity tariffs. Industry stakeholders are urging for more equitable energy pricing and regulatory processes that take into account the economic realities facing businesses in Nigeria.

As manufacturers continue to face these challenges, their calls for a review of energy policies and tariffs may gain further urgency in the context of the broader economic landscape.

Bakers and flour millers in Nigeria are warning consumers of ongoing price increases for bread and other flour-based food items, citing no foreseeable solutions to the key drivers of costs in the sector.

Cost Pressures and Consumer Impact

Industry operators have communicated to Financial Vanguard that they will continue to pass increased production costs onto consumers, reflecting the prevailing market conditions. However, findings indicate that major companies in the sector are experiencing revenue and profit growth at a rate that outpaces the increase in their production costs. This suggests they may be transferring more than just their actual costs onto consumers.

In 2023, the three largest companies in the flour production and baking industry reported a combined 45% increase in production costs, amounting to ₦2.2 trillion, up from ₦1.5 trillion in 2022. In contrast, their combined turnover rose to ₦2.5 trillion, representing a 47.2% increase from ₦1.7 trillion the previous year. This disparity highlights a significant shift where these companies may be capitalizing on the rising demand for baked goods by increasing prices beyond their cost increases.

Wheat Dependence and Local Production Challenges

A major contributor to the rising costs is the price of flour, which continues to escalate due to Nigeria’s dependence on imported wheat. Currently, the country produces less than 1% of its wheat needs, indicating a decline in local supply despite efforts in backward integration aimed at enhancing domestic production capabilities. While local wheat output peaked at about 10% of consumption a decade ago, local consumption has increased by more than 40% during the same period, further straining supply.

Operators in the industry predict that this trend will persist, exacerbated by several additional challenges:

1. High Exchange Rates: The fluctuating value of the Naira against foreign currencies complicates the cost of imported raw materials.
2. Scarcity of Foreign Exchange: Limited access to foreign currency impacts the ability to import necessary supplies, driving costs higher.
3. Transportation Costs: Rising prices of petrol and diesel have contributed to increased logistics expenses, affecting overall production costs.
4. Energy Costs: The cost of running factories has escalated due to rising energy prices, further straining profit margins.

As the situation evolves, consumers should prepare for continued increases in the prices of bread and other flour-based food products in Nigeria. The interplay of reduced local production capacity, rising import dependence, and escalating operational costs underscores a complex challenge for the baking and flour milling industry. With these ongoing pressures, the outlook for stable pricing in the near future remains uncertain.

This past weekend, the Department of State Services (DSS) released two protesters involved in the #EndBadGovernance movement who had been detained in Kaduna. However, reports indicate that approximately 125 protesters remain in custody across Nigeria, including 38 individuals remanded by Justice Emeka Nwite in Abuja.

Ongoing Detention and Legal Proceedings

The detained protesters have been in custody for over 62 days, with a court hearing scheduled for the 38 individuals in Abuja to discuss their bail. While authorities claim that charges have been filed against these protesters, Deji Adeyanju, their legal counsel, expressed concerns regarding the lack of transparency in the judicial process, stating that their legal team has not received any official documents pertaining to the charges.

Context of Protests

Nationwide, more than 1,000 protesters were arrested during the #EndBadGovernance protests, which have highlighted dissatisfaction with the Nigerian government’s handling of various issues. The Nigerian Bar Association (NBA) has played a crucial role in securing the release of many protesters, particularly in Kano, where 873 individuals were released due to collaborative efforts between the NBA and legal representatives.

Current Legal Status

Adeyanju shared updates on the status of the detained protesters:

• Approximately 125 protesters remain in custody, including the 38 in Abuja and 10 facing treason charges.
• Efforts are ongoing in Sokoto, where two protesters have recently been released.

He noted, “We are currently working on the cases of about 38 or 39 #EndBadGovernance protesters, who have been remanded by Justice Nwite in Abuja for 62 days. Their remand is set to end today (Monday).”

Call for Transparency

Adeyanju’s comments underscore a broader concern regarding the inconsistent handling of protest-related cases across Nigeria, emphasizing the urgent need for clarity and fairness in the judicial process for those involved in peaceful protests.

As the situation continues to evolve, the plight of the detained protesters remains a significant issue, with ongoing legal efforts to secure their release. The broader implications of the #EndBadGovernance protests reflect a growing call for accountability and transparency from the Nigerian government.

The Edo State Government has reached out to the governor-elect, Senator Monday Okpebholo, to commence the formation of his transition team. This initiative aims to facilitate interactions with the outgoing administration’s transition team, ensuring a smooth transfer of power and continuity in governance.

Key Details from the Letter

• Date of Letter: October 10, 2024
• Sender: Joseph Eboigbe, Secretary to the State Government
• Objective: Establish a collaborative framework for discussions and information sharing between the incoming and outgoing administrations.

Importance of the Transition Team

The letter emphasizes the necessity of creating a transition team to enable meaningful discussions and to exchange vital information. This collaboration is crucial for ensuring that responsibilities are seamlessly transferred and governance continues without interruption.

Inauguration of Outgoing Transition Committee

In July, Governor Godwin Obaseki established a 20-member transition committee led by Joseph Eboigbe, who was previously the Special Adviser on Finance. This committee’s purpose is to guide the transition of power and facilitate knowledge transfer to the incoming administration.

Proposed Meeting

The letter proposes October 14, 2024, as the date for the inaugural meeting of both transition committees. The outgoing administration has expressed its commitment to providing the necessary support and resources to aid in the transition process.

Awaited Response

As of now, the All Progressives Congress (APC) and Senator Okpebholo have not officially responded to the invitation regarding the formation of their transition team, leaving the next steps uncertain.

Conclusion

The establishment of a transition team is a significant step toward ensuring a smooth governance transition in Edo State. By fostering collaboration between the incoming and outgoing administrations, both parties aim to meet the expectations of their constituents and set a strong foundation for future governance.

The National Assembly is currently deliberating on a significant piece of legislation that seeks to increase the Value-Added Tax (VAT) from the current rate of 7.5 percent to 10 percent by 2025. According to an executive bill obtained by TheCable, the proposed tax increment is part of a broader strategy to enhance fiscal policies in Nigeria.

Proposed VAT Rates

• 2025: VAT to rise to 10 percent
• 2026-2029: VAT to increase to 12.5 percent
• 2030 and thereafter: VAT set to reach 15 percent

This move is reportedly aimed at boosting government revenue amidst ongoing fiscal challenges.

Corporate Income Tax Adjustments

In a notable counterbalance to the VAT increase, the bill also proposes a reduction in the Corporate Income Tax (CIT):

• 2025: CIT to decrease from 30 percent to 27.5 percent
• 2026: Further reduction to 25 percent

The bill includes an exemption for companies with an annual turnover of less than N20 million, which will not be required to pay the CIT.

Key Provisions of the Bill

1. VAT on Taxable Supplies:
   • Tax will be charged on the value of all taxable supplies according to the specified rates for each year of assessment.
2. Corporate Income Tax Structure:
   • Small companies will be taxed at 0 percent.
   • Other companies will face a 27.5 percent CIT in 2025 and a 25 percent CIT from 2026 onwards.
3. Minimum Effective Tax Rate:
   • Any company whose effective tax rate is below 15 percent will be required to recompute and pay an additional tax to meet this threshold.
4. Applicability:
   • The provisions will apply to multinational enterprise (MNE) groups and any company with an aggregate turnover exceeding N20 billion.

Background Context

The discussions around VAT adjustments have been fueled by insights from Mr. Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, who emphasized the necessity of raising the VAT rate to improve revenue generation. This proposal comes amid a backdrop of economic challenges and the need for enhanced public financing.

Conclusion

The proposed changes to the VAT and CIT rates reflect a significant shift in Nigeria’s tax policy landscape. While the increase in VAT aims to bolster government revenues, the concurrent reduction in corporate tax may provide relief to businesses, particularly small and medium enterprises. The outcome of these legislative discussions will be pivotal in shaping the fiscal environment in Nigeria over the coming years.

In a world racing toward renewable energy, the recent editorial from Punch raised a crucial point: Nigeria must avoid allowing the Dangote Refinery to monopolize the refining industry. However, while competition is typically essential, this stance may overlook the broader realities confronting the refining sector, which appears increasingly obsolete.

Alhaji Aliko Dangote, Africa’s richest man, recently stated he could have purchased Arsenal Football Club for $2 billion, but chose to invest his fortune in a refinery instead. This statement left many incredulous. Why gamble $19 billion on a refinery in a time when fossil fuel sources are becoming increasingly irrelevant?

THE REFINERY DILEMMA

The argument against Dangote’s monopoly seems trivial when considering the impending decline of traditional refineries. The evolution of energy technology is rendering them relics of a bygone era. It’s predicted that children born ten years from now may never know what a refinery is, as the world shifts rapidly from petrol and diesel to alternative energy sources.

A recent article from Google highlighted this transitional phase, noting the search for viable replacements for fossil fuels. Advanced nations are racing to develop sustainable energy solutions that will phase out the need for refineries altogether.

GLOBAL INITIATIVES AGAINST FOSSIL FUELS

1. Denmark is pursuing Green Ammonia as a new energy source. With prototypes already developed, they are clearly signaling a shift away from fossil fuels.
2. Italy is not far behind, with reports indicating that Ferrari is exploring revolutionary engines that could potentially run on water, making conventional refineries obsolete.
3. The United States is also in the race, with firms like Nichola One promoting hydrogen-electric energy solutions, moving away from fossil fuels and paving the way for a future dominated by renewable energy.

CONCLUSION: A FUTURE WITHOUT REFINERIES

The discourse surrounding competition in the Nigerian refining sector must shift to acknowledge the imminent decline of fossil fuel dependence. Rather than focusing on the monopoly of one refinery, stakeholders should recognize the urgent need to adapt to changing energy landscapes.

Investing in refineries may seem ill-fated when alternative energy solutions are gaining traction worldwide. The real question remains: In an age moving away from petrol and diesel, will refineries even have a place in the future?

As the global market evolves, perhaps the wiser investment for Nigeria would be to pivot towards sustainable energy sources rather than cling to an industry on the brink of obsolescence. The focus should be on fostering innovation in renewable energy rather than perpetuating a monopoly that may soon become irrelevant.

Former President Olusegun Obasanjo has called on Nigerians to embrace collective responsibility for the country’s development, asserting that Nigeria was not created to be a “basket case.” His remarks came during the 40th-anniversary celebration of the Methodist Church Nigeria in Abuja, where various leaders gathered to advocate for unity and prosperity.

Reflecting on the development of Abuja, Obasanjo shared insights about the city’s master plan, which was designed by a Japanese group. Originally intended to accommodate a population of 3 million, Abuja’s current population has nearly reached 5 million. He humorously recounted the process, saying, “I didn’t want a city where I couldn’t buy suya and boli,” highlighting the importance of community and culture in urban planning.

Obasanjo emphasized, “I believe God has not created Nigeria to be a basket case. No, God has given us all that we need.” He humorously recounted a story about God’s creation of Nigeria, noting how He endowed the country with natural resources and beautiful landscapes, only to see them mismanaged by its people.

Looking ahead, he expressed hope for the future, stating, “Abuja itself will celebrate its 50th anniversary in two years, and we will all be there.” He urged the church to continue its growth and commitment to Christianity.

Other notable leaders, including President Bola Ahmed Tinubu, former President Goodluck Jonathan, and former Head of State Yakubu Gowon, joined Obasanjo in promoting national unity and progress.

President Tinubu, represented by FCT Minister Nyesom Wike, commended the Methodist Church for its contributions to education, social justice, and community outreach. He encouraged the church to maintain its dedication to prayer and service, stressing its pivotal role in fostering peace and unity during these challenging times.

A new bill, championed by Hon. Terseer Ugbor, Deputy Chairman of the House Committee on Environment, has been introduced to address critical issues concerning illegal wildlife trade, species conservation, and the decline of Nigeria’s wildlife and their habitats.

The proposed legislation aims to enhance the capabilities of law enforcement agencies by granting investigators greater powers to investigate financial matters and conduct intelligence-led operations. It also seeks to empower judges to expedite wildlife-related cases and facilitate the recovery of assets linked to wildlife crimes. Furthermore, the bill aligns Nigeria’s laws with international treaties, encourages global cooperation, and introduces stricter penalties for poachers and traffickers.

“Protecting our wildlife means protecting livelihoods and ensuring a balanced ecosystem, and we can’t allow wildlife trafficking to continue to threaten our natural heritage,” stated Hon. Ugbor. He emphasized the importance of public participation in the upcoming hearings, urging everyone to engage in this vital conversation.

The public hearing will be jointly hosted by the House of Representatives’ Committee on Treaties, Protocols and Agreements and its Committee on the Environment.

The bill has received substantial backing from various local and international organizations, including Africa Nature Investors Foundation (ANI), the Environmental Investigation Agency UK (EIA), and Wild Africa (WA). These organizations are actively supporting the Nigerian government’s initiatives to combat wildlife trafficking, with additional support from the US Bureau of International Narcotics and Law Enforcement Affairs, the UK Illegal Wildlife Trade Challenge Fund, and the Pangolin Crisis Fund.

This concerted effort underscores the critical need for effective measures to protect Nigeria’s rich biodiversity and to combat the illegal wildlife trade that poses a significant threat to the country’s natural resources.

A tragic incident has occurred involving the Delta State Command of the Nigeria Police Force, as reported by human rights activist Comrade Israel Joe on Facebook. The new Divisional Police Officer (DPO) of Agbarho, who had only resumed his post two days earlier, was ambushed during a kidnap rescue operation near the Agbarho Rail Station around 1:00 AM.

In his post, Joe detailed that the ambush resulted in an exchange of gunfire, leading to the death of the new DPO. The DPO of Orerokpe, CSP Paul, was injured in the incident and has been rushed to the hospital, where he is currently in critical condition.

Joe expressed his deep sorrow over the loss, mentioning a recent conversation he had with the DPO about the conduct of his officers. He stated that the DPO had taken immediate action to address concerns regarding officer misconduct, demonstrating his commitment to integrity.

Joe’s message concluded with heartfelt condolences to the Nigeria Police Force, the Delta State Command, and the family and friends of the fallen officer. He emphasized the need for justice, stating that “none of these criminals should be spared.”

Efforts to obtain a comment from the Delta State Police Public Relations Officer, SP Bright Edafe, were unsuccessful at the time of this report.