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Nigeria begins sale of crude oil, refined petroleum products in Naira

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Nigeria begins sale of crude oil, refined petroleum products in Naira
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Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira.

A statement from the Ministry of Finance on Saturday said the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced implementation of the initiative approved by the Federal Executive Council (FEC) started on October 1, 2024.

Speaking after a post-commencement review meeting, Edun disclosed key stakeholders assured of the commencement of the strategic initiative.

The review meeting was held to assess the progress of the “Crude oil and refined products sales in Naira” initiative and the consensus reached highlighted the government’s commitment to seeing the plan through.

“The sale of crude oil and refined products in Naira has officially begun as directed by the Federal Executive Council. This initiative marks a bold step towards economic sustainability and currency stability,” Edun stated.

Last month, the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency revealed that President Bola Ahmed Tinubu had given the green light for crude oil to be sold to local refineries in Naira.

This decision, according to the committee, will also apply to the purchase of petroleum products.

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According to the committee, from October 1, 2024, the Nigerian National Petroleum Company (NNPC) commenced the supply of approximately 385,000 barrels per day (bpd) of crude oil to the Dangote Refinery, with payments made in Naira. This partnership is expected to reshape Nigeria’s oil and gas landscape, as the Dangote Refinery, located in Lekki, Lagos, is Africa’s largest oil refining facility, valued at over $20 billion.

The government had previously outlined that this initiative would reduce pressure on the Naira, eliminate unnecessary transaction costs, and ensure a steady supply of petroleum products across the country. This innovative approach is expected to improve the country’s macroeconomic indicators, including foreign exchange reserves.

Chairman of the technical committee and FIRS boss, Zacch Adedeji, explained that under the initiative, crude oil would be sold to the Dangote Refinery in exchange for refined petroleum products such as Premium Motor Spirit (PMS) and diesel.

These products would then be supplied to the domestic market for distribution, with payments also made in Naira.

“Diesel will be sold in Naira by the Dangote Refinery to any interested off-taker while PMS will only be sold to NNPC, which will then distribute it to various marketers,” Adedeji explained.

The meeting, which solidified the operational framework, brought together notable figures including the Minister of State for Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), representatives of the Dangote Group, and top management of the NNPC, led by the Group Chief Executive Officer (GCEO).

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Group asks court to disqualify Tinubu from 2027 Election over alleged Certificate Forgery

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The Centre for Reform and Public Advocacy (CFRPA) has filed a suit at the Federal High Court in Kano seeking the disqualification of President Bola Ahmed Tinubu from the 2027 presidential election over allegations of certificate forgery.

‎According to court documents seen by Daily Trust, the plaintiff alleged that Tinubu presented forged academic certificates from Chicago State University and a fake National Youth Service Corps (NYSC) discharge certificate to the Independent National Electoral Commission (INEC) during the 2023 elections.

‎The suit, marked FHC/K/CS/312/2026, lists Tinubu, INEC, and Chicago State University as defendants.

The plaintiff contended that Tinubu never attended Government College Lagos as claimed, noting that the school was established in 1974, four years after Tinubu allegedly graduated.

The CSO further argued that Tinubu does not possess a valid secondary school certificate, which is the minimum constitutional requirement to contest for the presidency.

It claimed that INEC had failed to act on its petition dated June 19, 2026, demanding clarification on Tinubu’s eligibility.

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‎In its statement of claims, the group referenced a 2023 U.S. court ruling in Re: Application of Atiku Abubakar (No. 23 CV 05099), which compelled Chicago State University to release Tinubu’s academic records.

The plaintiff insisted those records revealed false entries and inconsistencies, including a forged University of Cambridge General Certificate of Education.

‎The prayers asked by the plaintiff included declaration of forgery against Tinubu’s Chicago State University certificate, issuance of an order directing INEC to disqualify him from the 2027 presidential election, directing CSU to strike Tinubu’s name from its records and perpetual injunction restraining INEC from uploading Tinubu’s name as a candidate.

‎The plaintiff also submitted affidavits of non-multiplicity of action, witness statements, and letters to the NYSC and the Secretary to the Government of the Federation, demanding disclaimers on the alleged fake NYSC certificate.

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Firm expresses concern over repeated missing Court File in Ojukwu Property case

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Ojukwu Transport Limited, OTL, has raised concerns over what it described as the repeated absence of court records in its ongoing property dispute with Bianca Ojukwu and her sons, even as it filed a motion for stay of execution pending the determination of its appeal.

Proceedings before Justice A.M. Lawal of the Lagos High Court, Ikeja, last Monday were stalled for the second time in six weeks due to the unavailability of the case file.

The matter was adjourned after the file was reportedly not returned to court.

A similar situation occurred on May 8, 2026, when the case could not proceed because the file was unavailable.

OTL alleged that the file had been taken from the Ikeja Judicial Division to Lagos more than two months ago for the execution of a warrant and had not been returned.

The claimants’ legal representatives were absent from court on both occasions.

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Describing the development as troubling, OTL said the repeated absence of the file had effectively stalled proceedings and raised questions about accountability in the handling of court records.

Amid the delays, the company disclosed that it had filed and served a motion for stay of execution at the Court of Appeal, seeking to halt enforcement of the judgment pending the determination of its appeal against the 2022 decision in Suit No. LD/1539/2012.

OTL maintained that the application became necessary because steps were being taken to enforce the judgment despite its pending appeal.

The company also contended that the properties in dispute had previously been the subject of a warrant of execution arising from a separate judgment delivered in 2018 by Justice Adedayo Oyebanji in Suit No. LD/794/2011.

The case was subsequently adjourned to October 8, 2026.

Present in court on both adjourned dates on behalf of Ojukwu Transport Limited was one of its directors, Dr. P. Ike Ojukwu.

Counsel to OTL are Ifeanyi Okumah Esq and Chief O. Ugolo, SAN, while Bianca Ojukwu and her sons are represented by Nick Omeye Esq and Co.

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DSS releases, compensates man wrongfully arrested over alleged links with Boko Haram

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The Director-General of the Department of State Services (DSS), Oluwatosin Adeola Ajayi, has ordered the immediate release of a man wrongfully linked to Boko Haram terrorists.

The setting free followed a DSS investigation review panel that cleared Nura Idris of allegations of collaboration with Boko Haram terrorists.

Aside from giving Idris N3 million monetary compensation to meet his immediate needs, the DSS DG promised to help the wrongfully detained herder in his business, a practice common with the DG.

According to a security source, the farmer and animal rearer from Soba Local Government Area of Kaduna State, was arrested by a sister security agency in Suleja, Niger State, in June 2024, for alleged links with terrorists, and was thereafter transferred to DSS custody.

Following a thorough review of Nura’s case, the DSS investigation panel found no basis for the charges against him, prompting the DGSS to order his immediate release and payment of compensation.

Receiving the compensation, Nura thanked the DGSS for what he described as a kind gesture, saying the money would help him restart his life.

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“I thank the DGSS for his kindness. I was well treated in DSS custody and I pray that Allah rewards the DGSS immensely,” the source quoted Nura as saying.

His father, Yusuf Idris, who received Nura upon his release, also expressed appreciation to the DGSS for his compassion and generosity, and assured that the compensation would be put to good use.

“When such cases are recorded, the DSS would usually follow up with the detainee, provide psychological and medical support, after which the Agency would further set up any business of the victim’s choice”, another source disclosed.

The release is part of an internal review exercise which the DSS began last year. The exercise is aimed at reassessing prolonged inherited cases to ensure that erroneously detained individuals do not remain in detention.

“The setting free and compensations across multiple cases underscores the DSS’s growing reputation for institutional integrity and humanness,” added the source.

“The Service under the current DG, has continued to show that safeguarding national security and citizens must go hand in hand with upholding the rights and dignity of citizens,” declared the source.

“Recall the case of Sunday Ifedi and his wife, Calista who were arrested on 8th November 2021 and detained in Wawa facility, three years before the appointment of the current DG in August 2024,” added the source. Sunday was released on 16th December, 2025, after the review of detainees ordered by the DG cleared him of ties with the outlawed Indigenous People of Biafra (IPOB), the DG awarded him N10 million as compensation.

“Importantly, plans are underway by the DSS to rebuild a restaurant in memory of Ifedi’s wife, Calista, who died while in custody in a detention facility in Wawa. The initiative is to compensate Sunday for the allegations that his late wife operated a restaurant being patronized by IPOB, for which they were arrested. This brings to bear, over thirty cases that have since been reviewed with over N300m paid as compensation,” the source disclosed.

It would also be recalled that, barely one month after ordering the release and payment of N10 million compensation of one Abuja-based business woman, Mrs. Chineze Ozoadibe, in October 2025, the DSS boss ordered the release of one Kenneth Okechukwu Nwafor, arrested in July 2022, for his alleged involvement in the activities of the proscribed IPOB. Five other detainees wrongfully linked to IPOB were by the same directive of the DG, released and each given an initial N2 million cash compensation. Last month, the DSS also released a Yobe State resident, Ya’u Mohammed, after investigations confirmed that he had no connection to terrorism.

Following his release, the Service provided initial financial support worth N2 million to assist his reintegration and restoration of his livelihood.

“There are many more instances where DSS investigations have established innocence and have been followed by efforts to facilitate reintegration,” stated the source, adding, “these are the kind of measures the DSS is using to build public trust.”

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