COVER
Fuel Pump Price, Saudi Arabia and Grubby Arguments

By Jerome-Mario Utomi
While waiting for the independence anniversary broadcast by President Muhammadu Buhari, on Thursday morning October 1, 2020, I stumbled on a statement by Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirate and Ruler of Dubai, where he stated thus:
God blessed UAE with a leadership of achievers, not egotists.
“Our leaders walk down the street without armoured cars and a large entourage of cars and motorcycles because they are not afraid of their people – they are one with them.
They feel and understand the pulse of the man in the street. With such a close and deep relationship between the leadership and the people, any decision taken by the former will be in the interest of the latter.This is the basis of a true vision – it is in the interest of the people”. To be sure, I listened afterwards with real curiosity to Mr. President’s broadcast while reflecting on the above.
Placing Al Maktoum words beside the content of Mr President’s broadcast enables one to understand more fully the essential ingredients of leadership foresights and objective.
At the end, not only did the analysis assisted me in understanding their priorities, but further clarified the age-long belief that the interest subjects take in their leader does not lie in the leader’s physical and intellectual abilities, but rather in what he can add to their lots in life’. Now, let’s be clear about what happened.
President Buhari during the broadcast, among other things, declared, in the circumstances, a responsible government must face realities and take tough decisions. Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre.
A comparison with our neighbours will illustrate the point. Chad, which is an oil producing country, charges N362 per litre; Niger, also an oil producing country, sells a litre at N346. In Ghana, another oil producing country, petroleum pump price is N326 per litre.
Further afield, Egypt charges N211 per litre. Saudi Arabia charges N168 per litre. It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia. Clearly, Buhari’s arguments are well understood but not without difficulties.
And it will be naïve to proceed without spot incongruities while underlining his (Buhari) created ‘realities and the actual realities confronting the nation’.
To add context to the discourse, there is absolutely nothing wrong with comparing, admiring/copying other people/nation’s progress. Afterall, Tam-David West encouraged humanity to appreciate and admire the success of those who have really succeeded. And examples abound. First and very key, it is documented that before World War 11, Japan copied its corporate system from the West.
There were capitalists and labourers, haves and haves not. The big capitalists came into being in the late 19th century as a direct result of the Meiji government’s determination to catch up with the strong Western nations. Copying is by no means limited to Japan. When China discovered its potential to become a modern economy, it copied other nations by joining the World Trade Organisation, WTO.
Today, China has experienced a period of economic growth, the likes of which the world had never seen before. Its model blazes a new trail for other developing countries to copy and achieve modernisation as well as offers a new option for other countries which want to speed up their development. But there is a very big distinction to make.
In the present circumstance, there is a reason for concern that Mr. President’s recent comparison and inconsiderate declaration that it makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia, suggests that what the nation is experiencing is no longer the first half of a reoccuring cycle but rather the beginning of something new.
And if we fail to change this mindset, chances are that we may as a nation continue in this thought-system that allows poverty, powerlessness and economic stagnation to thrive. It rings apprehension that the nation will continue to face new challenges.
Indeed, when one critically examines Mr. President ‘comparative analysis’, which for yet to be identified reason(s) was silent on the steps Saudi leadership is taking to reduce cost of governance and improve the life chances of citizens, it again amplifies the claim by Nigerians that if our founders could see the current state of their generation’s handiwork and access the quality of the present administration, they would be amazed at what leadership has become in the country.
At this point, it is important to ask: what suddenly informed the choice of Saudi Arabia as benchmark for determining petrol pump price in Nigeria as against market forces earlier claimed by the Federal Government?
Has President Buhari forgotten that unlike Nigeria, small scale businesses in Saudi Arabia are not petrol-dependent for their daily operation and the masses not preoccupied with buying of fuels for their cars/vehicles as Saudi Arabia is blessed with stable electricity and efficient transportation network?
At the moment, this is what this piece is proposing. If we must copy, let the Federal Government of Nigeria first copy the fact that Saudi Arabia, going by reports is dotted with the following refineries (government and private), all producing in various installed capacities and replicate same here at home: Riyadh Refinery 120,000 bbl/d (19,000 m3/d); Rabigh Refinery, 400,000 bbl/d (64,000 m3/d); Jeddah Refinery, 100,000 bbl/d (16,000 m3/d); Ras Tanura Refinery 550,000 bbl/d (87,000 m3/d); Yanbu’ Refinery, 225,000 bbl/d (35,800 m3/d); Yanbu’ Refinery (SAMREF) (Saudi Aramco/Exxon Mobil), 400,000 bbl/d (64,000 m3/d); Jubail Refinery (SATORP) (Saudi Aramco/Total), 400,000 bbl/d (64,000 m3/d); YASREF Refinery (Yanbu, KSA) (Saudi Aramco/Sinopec), 400,000 bbl/d (64,000 m3/d); Jazan Refinery (Saudi Aramco, opens 2016), 400,000 bbl/d (64,000 m3/d) and Jubail Refinery (SASREF) (Saudi Aramco/Shell), 305,000 bbl/d (48,500 m3/d). Again, as a country that had in the past met with challenges Nigeria still battles with, let Mr. President begin by asking Saudi Arabia how they are able to get the International Oil Companies, IOCs, to build refineries in the country.
And find out how their governments’ refineries function seamlessly, producing in their installed capacities unlike ours that gulp billions of Naira without result.
Most importantly, as part of the 60th Independence gift to Nigerians, the Federal Government urgently needs to understand why leaders in UAE can walk down the street without being afraid of their people instead of moving in armoured cars and large convoys of cars and motorcycles as is the case in Nigeria. This is the crux of this piece.
Utomi, is a Lagos-based media consultant, could be reached on jeromeutomi@yahoo.com
COVER
NAICOM Hails Passage of Insurance Reform Bill by House of Reps

By Tony Obiechina, Abuja
The National Insurance Commission (NAICOM) has commended the Federal House of Representatives for the speedy passage of the Insurance Reform Bill.
The Senate had in December 2024 passed the same bill.
NAICOM said in a statement yesterday that “This is a milestone achievement that marks yet another significant step towards transforming the insurance industry in Nigeria”.
“The Commission is enthusiastic about the prospects of the bill receiving assent from Mr.
President, which will pave the way for the implementation of its provisions.“As the apex regulator of the insurance industry, NAICOM is committed to ensuring that the sector contributes positively to Nigeria’s financial landscape.
We believe that by the time the Insurance Reform Bill is signed into Law, it will have a profound impact on the industry, leading to improved penetration, increased public confidence, and enhanced competitiveness”, the statement added..“We salute the leadership of the National Assembly for their efforts in passing the bill and look forward to its assent by Mr. President. We are confident that the Reform Bill will usher in a new era of growth and development for the insurance industry in Nigeria”, NAICOM said.
COVER
Underage Involvement in kidnapping, Banditry Worrisome, Says Niger CJ

From Dan Amasingha, Minna
The Niger State Chief Judge, Justice Halima Ibrahim Abdulmalik has raised the alarm over the involvement of teenagers in the heinous crime of kidnapping and banditry activities in the state.
Speaking at the end of her working visit to the Minna old Correctional Custody centre, Justice Halima Ibrahim Abdulmalik described the increasing proportion of the teenagers’ involvement in banditry activities as worrisome.
The State Chief Judge described the trends as disturbing and worrisome calling on the security agencies to step up in curtailing the ugly trend.
“You people are making travelers on the highways to be afraid, you keep on terrorising innocent travelers and residents to be in perpetual fear,” she told the teenagers at the Minna old Correctional Custody during her working visit to the centre.
According to the CJ, the under-aged involvement in armed banditry and kidnapping activities is posing a serious fear and threat to travelers and residents across the State.
“What do you use the ransome you collect from your victims for? How much do you collect so far from your victims? Why can’t you engage in meaningful ventures than kidnapping innocent victims for ransome,” she questioned.
Most of the kidnapping suspects awaiting trial at the Minna old Correctional Custody are all teenagers between the ages of eighteen and nineteen.
The activities of these teenagers, according to the Chief Judge, are a serious security threat to the country particularly in the North.
However, the CJ could not attend to their cases as their trial is still ongoing in court while those that admitted to their involvement in kidnappings were summarily convicted during the exercise.
It was observed that most of the kidnapping suspects awaiting trial are all Fulanis, mostly teenagers.
COVER
Bala, Obi Hint at Opposition Alliance Ahead of 2027

By Joel Oladele, Abuja
With the 2027 presidential race already casting shadows over Nigeria’s politics, Bauchi State Governor, Bala Mohammed has signaled a potential alliance with Labour Party’s 2023 presidential candidate, Peter Obi, to strengthen opposition unity and push for good governance.
Speaking after a closed-door meeting that lasted over three hours yesterday at the Bauchi Presidential Lodge, both leaders emphasized the need to transcend party, regional and religious divisions to address critical national challenges such as poverty, insecurity and economic recovery.
This is coming a few days after former Kaduna State Governor, Nasir el-Rufai defected from the ruling All Progressives Congress (APC) to the Social Democratic Party (SDP), citing “irreconcilable differences” with the party’s current leadership.
DAILY ASSET reported that the move, announced in a resignation letter submitted to his local ward in Kaduna State on Tuesday, signals turbulence within the APC, where el-Rufai’s past critiques of President Bola Tinubu’s administration have stoked tensions.
Amid the ongoing political realignment, Mohammed, a key figure in the Peoples Democratic Party (PDP), described Obi as the leader of the opposition and affirmed his readiness to work with him to present a credible alternative to Nigerians ahead of the next election cycle.
“We discussed state by state challenges and I feel highly appreciative of what he is doing as the leader of the opposition because whether we like it or not, he is the leader of the opposition now in Nigeria.
“I want to say at this level, not to make some of those doubting Thomases and mischievous minds to pre-empt what we are doing, that I’m ready to work with Peter Obi.
“We will make sure we come together, close ranks, bring good governance to the country, give vibrant opposition with knowledge, timelines, visions in such a manner that we will rescue and recover our country.
“Our coming together is a message and the message is going to resonate because all our colleagues, the PDP governors, are behind this kind of journey because it is a transcendental one.
“We are coming together to work together irrespective of party, region, religion or any other thing,” said Mohammed.
In his remarks, Obi said he decided to visit Mohammed to discuss Nigeria’s issues and consult him, being the Chairman of the Peoples Democratic Party Governors’ forum and a critical stakeholder in Nigeria’s politics today.
“It’s just a consultation and discussion meeting that will continue to go on as we talk about the future of this country.
“We have to discuss issues happening in the North. I have told the governor today that the North is a critical component if we are going to get it right in this country.
“There is poverty in Nigeria. We have to deal with the issue of poverty and until you solve poverty, then you can talk about criminality,” he said.
He added that the country needed to invest hugely in critical areas to put people out of poverty so as to reduce criminality in the society.
Obi and Mohammed reportedly held a closed-door meeting that lasted over three hours before briefing the press, signaling what could be a new phase in Nigeria’s opposition politics.