Governor Abba Kabir Yusuf of Kano has vowed to take drastic measures against the resurgence of thuggery in the state capital while accusing opposition parties of sponsoring civic unrest and political instability in Kano.

Recently, Kano has experienced frequent attacks by Yandaba (thugs) in the city centre, resulting in numerous innocent people being killed or seriously injured. These heinous crimes have also disrupted commercial activities, bringing them to a standstill.

Speaking at the State House on Wednesday, Governor Yusuf accused opposition parties of being behind the unrest. He pledged to implement stringent measures to end the resurgence of thuggery.

The governor stated that intelligence reports had exposed the involvement of opposition party leaders in sponsoring these activities. He alleged that elements within the opposition, uncomfortable with the state’s steady progress, peace, and stability, were orchestrating needless crises to provoke instability.

Governor Yusuf reassured the public of his administration’s determination to tackle these challenges head-on, emphasising that the government would no longer tolerate any attempts to undermine peace and tranquillity in the state.

In a statement, the governor affirmed his administration’s commitment to working with all security agencies in Kano to curb the excesses of criminal elements.

As part of the effort to address these issues, Governor Yusuf announced plans to reopen the state-owned Reformatory Centre in Kiru Local Government Area. This initiative aims to rehabilitate individuals and combat drug abuse in the state.

During Wednesday’s council meeting, the governor also outlined plans to inaugurate the newly constituted 46-member Shura Consultative Council, composed of renowned Islamic scholars, members of the academic community, and other key stakeholders.

To tackle unemployment, Governor Yusuf expressed his commitment to launching extensive youth empowerment initiatives in the coming year. The programmes are aimed at ensuring that a significant percentage of youths become self-reliant.

Dangote Group, owners of Dangote Refinery, and the Nigerian National Petroleum Company Limited, NNPCL, have clashed over a $1 billion crude oil-backed loan.

Recall that barely 24 hours ago, in a statement credited to NNPCL spokesperson Olufemi Soneye, the state-owned oil firm said it secured a $1 billion loan backed by crude to support the Dangote Refinery during liquidity challenges.

However, Dangote Group spokesperson, Anthony Chijiena, has described NNPCL’s claim as ‘misinformation’.

The company clarified that the $1 billion crude backed loan is about five percent of the total investment that went into building the 650,000 barrels per day refinery.

According to him, it is inaccurate to say NNPCL facilitated $1 billion for Dangote Refinery amid liquidity challenges.

Chijiena explained that NNPCL had proposed a 20 percent stake investment valued at $2.76 billion in the Dangote Refinery, but that didn’t materialise.

He noted that NNPCL was able to invest $1 billion, which amounts to 7.24 percent equity value.

“Our decision to enter into a partnership with NNPCL was based on recognition of their strategic position in the industry as the largest offtaker of Nigerian crude and, at the time, the sole supplier of gasoline into Nigeria.

“We agreed on the sale of a 20 percent stake at a value of $2.76 billion. Of this, we agreed that they will only pay $1 billion while the balance will be recovered over a period of 5 years through deductions on crude oil that they supply to us and from dividends due to them.

“If we were struggling with liquidity challenges, we wouldn’t have given them such generous payment terms.

“As of 2021, when the agreement was signed, the refinery was at the pre-commission stage. In addition, if we were struggling with liquidity issues, this agreement would have been cash-based rather than credit-driven.

“Unfortunately, NNPCL was later unable to supply the agreed 300 thousand barrels a day of crude, given that they had committed a greater part of their crude cargoes to financiers with the expectation of higher production, which they were unable to achieve.

“We subsequently gave them a 12-month period for them to pay cash for the balance of their equity given their
inability to supply the agreed crude oil volume.

“NNPCL failed to meet this deadline, which expired on June 30th, 2024. As a result, their equity share was revised down to 7.24 percent. These events have been widely reported by both parties.

“It is, therefore, inaccurate to claim that NNPCL facilitated a $1 billion investment amid liquidity challenges.

“Like all business partners, NNPCL invested $1 billion in the refinery to acquire an ownership stake of 7.24 percent. That is beneficial to its interests,” the Dangote Group statement said.

Dailypost

President Bola Tinubu has arrived in Lagos State to commence his Christmas and New Year holidays.

The Presidential jet carrying Tinubu touched down at the Presidential Wing of the Murtala Mohammed International Airport, Lagos, at 3:23 pm on Wednesday.

This was after Tinubu presented the 2025 Appropriation Bill to a joint session of the National Assembly for the 2025 fiscal year.

Tinubu’s 2025 budget was tagged: “The Restoration Budget: Securing Peace, Rebuilding Prosperity.”

In the highlights, Tinubu said N4.91 trillion has been allocated to Defence and Security, while Infrastructure has N4.06 trillion, Education – N3.52 trillion, and Health – N2.48 trillion.