Business

Terrorists Brandish New Notes In Viral Video [Watch]

Published

2 years ago

February 2, 2023

A notorious terrorist leader, Kachalla Baleri, has been seen in a viral video displaying wads of new naira notes amid a scarcity of the naira.

Investigation revealed that banking halls across various commercial banks in Lagos, Osun, Ekiti, and other parts of the country witnessed minimal activity as frustrated customers resorted to alternative means of cash withdrawal following the scarcity of naira notes in the banks.

Checks revealed that while most banking halls were empty due to the paucity of funds in bank vaults, large crowds had formed outside some of the few banks that were rumoured to be preparing to load their Automated Teller Machines.

But the bandit leader, in an unverified video released online on Wednesday, claimed that he had enough of the new naira notes.

Baleri, who spoke in the Hausa language in the two minutes 20 seconds video clip, claimed he had up to N10 million of the new naira notes.

He also claimed he had enough new naira notes to purchase more weapons. The new naira notes in his possession were ransom he allegedly received from relatives of abductees, according to some defence blogs.

The PUNCH reports that Kachalla was one of the 19 bandits/terrorists kingpins that were declared wanted by the Defence Headquarters in November 2022.

The military high command also placed a N5m bounty on each of them to encourage Nigerians to volunteer information that could lead to their arrest.

A former Director, Defence Information, Major General Jimmy Akpor, confirmed the authenticity of the list to our correspondent in November. Also, the DHQ urged the public to provide information that could lead to the arrest of Kachalla and others.

However, in the viral video seen by our correspondent on Thursday, Kachalla and his gang members who spoke in the Hausa language, could be seen displaying some currency notes.

Posting the video on Thursday morning, a defence blogger, with the Twitter handle @Edrees4P, tweeted, “Short video clip of a terrorist leader Baleri displaying new naira notes claiming that he has more than enough to buy more weapons.”

Also, posting a photo of Baleri, a defence blog, @DefenceTimesNG tweeted, “Scarcity of Naira: Notorious bandit leader Kachalla Baleri release video clip displaying new naira notes he received from N10million naira ransom in N200, N500, N1000 denominations.”

Daily Trust had on January 26 reported that some bandits rejected a N5.3 million ransom which was paid to them with the old naira notes, saying the deadline for their usage was fast approaching.

The newspaper learnt that the leader of the bandits, who raided Azara, Janjala and Kadara communities in Kaduna State on December 12, 2022, and kidnapped 37 people, asked the relatives of the victims to return the old naira notes when they brought them for ransom payment.

Instead, he requested foodstuff, drugs and wine before freeing two nursing mothers and three men among the abducted 11 people from Azara community in Kachia LGA.

The PUNCH reports that operatives of the Independent Corrupt Practices and Other Related Offences Commission stormed two banks in Bauchi State on Tuesday to monitor the cash disbursement exercise, as the agency noted that the operation would spread across the country.

It was gathered that the operation which was still ongoing was being carried out by a joint task force comprising operatives of the ICPC and its sister anti-graft agency, the Economic and Financial Crimes Commission, and staff members of the Central Bank of Nigeria.

The raids came a few days after the CBN Governor, Godwin Emefiele, said the apex bank would collaborate with law enforcement agencies such as the ICPC and the EFCC, to track heavy withdrawals.

The PUNCH reports that the CBN had extended the deadline for the validity of the old N200, N500 and N1,000 notes from January 31 to February 10.

On Wednesday, on Wednesday, the ICPC arrested an Abuja-based Twitter user, Oluwadarasimi Omoseyin, with the handle @SimisolaGold and Twitter name Simisola of Lala, for offering new naira notes for sale on social media.

The EFCC on Tuesday disclosed that it had arrested members of a syndicate of currency racketeers trading in the redesigned naira notes at Zone 4, Wuse and Dei-Dei axis of the Federal Capital Territory, Abuja.

Also, the DSS revealed on Monday that its operatives arrested some currency traders who had turned the sale of newly redesigned notes into brisk business.

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Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

1 week ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

1 month ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

1 month ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.