Eid Maulud: IGP Orders Tight Security For Peaceful Celebrations
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Eid Maulud: IGP orders tight security for peaceful celebrations
The Inspector-General of Police, IGP Kayode Adeolu Egbetokun has assured citizens of Nigeria of adequate security measures to ensure a peaceful and secure environment during the 2024 Eid-el-Maulud celebrations.
Consequeuntly, the IGP has directed Police, Command CPs and their respective Zonal AIGs to ensure robust deployment of personnel and resources to high-risk areas, including major highways, places of worship, and public gathering points.
A statement by Force PRO disclosing this said, “The Nigeria Police Force hereby reiterates its commitment to safeguarding the public and preventing crime during and after this festive period.4 / 1:00
“The IGP extends warm felicitations to the Muslim faithful, praying for a joyous and harmonious celebration and emphasizing the Force’s collaboration with other security agencies, community leaders, and stakeholders to ensure a secure and incident-free celebration across the length and breath of the country.”
Tinubu Sued Over ‘failure To Reverse ‘unlawful Petrol Price Hike, Probe NNPCL’
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September 15, 2024
Tinubu sued over ‘failure to reverse ‘unlawful petrol price hike, probe NNPCL’
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu over “the failure to direct the Nigerian National Petroleum Company Limited (NNPCL) to reverse the apparently unlawful increase in the pump price of petrol, and to probe the allegations of corruption and mismanagement in the NNPCL.”
Joined in the suit as Respondents are the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and the NNPCL.
In the suit number FHC/ABJ/CS/1361/2024 filed last Friday at the Federal High Court, Abuja, SERAP is asking the court “to compel President Tinubu to direct the NNPCL to reverse the unjust, illegal, unconstitutional and unreasonable increase in the price of petrol from N845 per litre to N600 per litre.”
SERAP is also asking the court “to compel President Tinubu to direct Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to probe the allegations of corruption and mismanagement in the NNPC, including the spending of the reported $300 million ‘bailout funds’ collected from the Federal Government in August 2024, and the $6 billion debt it owes suppliers, despite allegedly failing to remit oil revenues to the treasury.”
SERAP is asking the court “to compel President Tinubu to direct Mr Lateef Fagbemi, SAN, and appropriate anticorruption agencies to prosecute anyone suspected to be responsible for the alleged corruption and mismanagement in the NNPCL, if there is sufficient admissible evidence, and to recover any proceeds of corruption.”
In the suit, SERAP is arguing that: “The increase in petrol price is causing immense hardship to those less well-off. As the economic situation in Nigeria deteriorates, the increase is pushing people further into poverty.”
SERAP is also arguing that, “Holding the NNPC to account for alleged corruption and mismanagement in the oil sector would serve legitimate public interests.”
The suit filed on behalf of SERAP by its lawyer Ebun-Olu Adegboruwa, SAN, read in part: “The increase in petrol price constitutes a fundamental breach of constitutional guarantees and the country’s international human rights obligations.”
“Corruption in the oil sector and the lack of transparency and accountability in the use of public funds to support the operations of the NNPC have resulted in persistent and unlawful hike in petrol prices.”
“Increasing petrol prices at a time when millions of Nigerians continue to face worsening economic conditions is entirely inconsistent with constitutional and international obligations to ensure the minimum living conditions compatible with human dignity.”
“The arbitrary increase has placed a disproportionate burden on the marginalized and most vulnerable sectors of society, particularly those disadvantaged by poverty.”
“The increase is seriously jeopardizing their living conditions, as well as individuals’ physical, emotional, and individual development, and intensifying and worsening socioeconomic conditions in the country.”
“The increase constitutes a serious human rights problem because of the intensity with which it undermines the enjoyment and exercise by Nigerians of their human rights and renders their civic participation illusory.”
“The fundamental right to life includes not only the right of every Nigerian not to be deprived of his/her life arbitrarily, but also the right that he/she will not be prevented from having access to the conditions that guarantee a dignified existence.”
“The growing poverty and inequality in the country has continued to adversely affect the right of Nigerians to participatory democracy, and impede their ability to participate in their own government.”
“Nigerians have for far too long been denied justice and the opportunity to get to the bottom of why they continue to pay the price for corruption in the oil sector. The increase in petrol price has rendered already impoverished citizens incapable of satisfying their minimum needs for survival.”
“The increase is not inevitable, as it stems from the persistent failure of successive governments to address the allegations of corruption and mismanagement in the oil sector and the impunity of suspected perpetrators.”
“Persistent increase in petrol prices keep people in poverty which in turn perpetuates discriminatory attitudes and practices against them.”
“The government has a legal obligation to mobilize the maximum of the country’s available resources to ensure people’s socio-economic rights and to protect the most vulnerable and disadvantaged Nigerians.”
“The government also has the legal obligations to probe and prosecute allegations of corruption and mismanagement in the NNPC, and to ensure access to justice and effective remedies for victims of corruption.”
“Investigating and prosecuting the allegations of corruption and mismanagement in the oil sector would be entirely consistent with the Nigerian Constitution 1999 [as amended], and the country’s international anti-corruption obligations.”
“Section 13 of the Nigerian Constitution imposes clear responsibility on the government to conform to, observe and apply the provisions of Chapter 2 of the constitution. Section 15(5) imposes the responsibility on the government to ‘abolish all corrupt practices’ including in the NNPC.”
“Under Section 16(1) of the Constitution, the government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.’”
“Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’”
“According to our information, the Nigerian National Petroleum Company (NNPC) Limited recently increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets.”
“The price of the product increased to N855 per litre, from about N600, and in some instances above N900 per litre. The apparently unlawful increase in petrol price followed a scarcity caused by the reported refusal by suppliers to import petroleum products for the NNPCL over a $6 billion debt.”
“The NNPC allegedly failed to remit USD$2.04 billion and N164 billion of oil revenues into the public treasury, as documented in the recently published 2020 annual report by the Auditor-General of the Federation.”
No date has been fixed for the hearing of the suit.
Moderna Stock Keeps Falling. An Analyst's Downgrade Isn't Helping
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Shares of Moderna (MRNA) fell for the second day in a row after the company said it would slash its research and development expenditures.
The stock was recently off about 3%, with analysts at JPMorgan contributing to the pullback. The firm dropped its rating on the shares to underweight from neutral, cutting its price target to $70 from $88. That target is substantially below Wall Street's consensus of around $100, according ot Visible Alpha.
Shares of the medical biotechnology firm dropped 12% on Thursday, closing around $70. They're down some 30% this year.
Moderna said it would cut $1.1 billion in expenses by 2027 and acknowledged that its individualized neoantigen therapy (INT) cancer treatment is unlikely to receive accelerated approval from the Food and Drug Administration.
“Despite some significant clinical wins that underscore the versatility of [Moderna’s mRNA] platform, with confirmation that INT is unlikely to be filed for accelerated approval, and our expectation that quarterly results are unlikely to consistently surprise to the upside, we think it could be challenging for the stock to perform,” JP Morgan analysts said.
Moderna on Thursday projected fiscal 2025 revenue of $2.5 billion to $3.5 billion compared to analyst projections of $2.9 billion. It expects to break even on an operating cash cost basis with a projected $6 billion in revenue in 2028, once more products have been approved.
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Avian influenza, or bird flu, is wreaking havoc on the nation's chicken flocks—and egg prices for U.S. consumers.
Egg prices have surged since late spring, rising amid a surge in avian influenza in the nation's commercial poultry flocks. (There was a similar outbreak in late 2022.) The U.S. Department of Agriculture (USDA) in July estimated that avian flu had sickened over 3 million birds, or roughly about 1% of the nation's supply of egg-laying chickens.
The average wholesale price of a dozen large Grade A eggs has more than doubled in the past four months, climbing to $4.44 last week from $2.11 in early May. In just the past month, wholesale prices have risen 40%. Retail prices have followed, with the same size and grade averaging $3.20 per dozen in August, according to the Bureau of Labor Statistics.
One supermarket chain in the Midwest, which typically has lower retail egg prices than others because of its proximity to many large producers, sold a dozen large Grade A eggs for $3.99 Friday morning—25% more than August's national average retail price.
The wholesale price surge suggests retail prices will likely rise further when the Bureau of Labor Statistics reports September price data next month.
Consumers endured a similar avian-induced market surge in late 2022 and early 2023, when average retail prices reached an all-time high of $4.82 per dozen. However, they fell about as quickly as they rose, plunging to more normal levels near $2 per dozen by mid-2023.
Producers whose flocks contract avian flu must quickly quarantine and euthanize them. They then must pass USDA testing and inspection to ensure no traces of the disease remain at their facilities. The USDA found no U.S. commercial flocks with bird flu in August, which may indicate progress on controlling the spread of avian flu. If that is the case, prices may return to normal relatively quickly.
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