Another Cold Zobo
Not to be a Debby Downer but the fuel scarcity may last longer than anticipated
Happy Friday, Big Brains! This is probably the most anticipated Friday in the history of the world. We don’t want to bring down your TGIF energy so here’s a little trigger warning - the fuel scarcity is getting worse.
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Reading time: ~ 2 mins
Let’s get into today’s edition:
Oil Marketers Claim to Know Nothing About The Logistics Issue NNPCL “Solved” Last Week
Cubana Chief Priest Considers Settling Case with EFCC Out of Court
Former Binance Chief Sentenced to Four Months in US Jail
The Big Deal
Oil Marketers Claim to Know Nothing About The Logistics Issue NNPCL “Solved” Last Week
Nigeria has been dealing with a nationwide fuel shortage for the past week, and oil marketers are pointing fingers at the Nigerian National Petroleum Company Limited (NNPCL). They say the NNPCL, the only company importing petroleum products, is to blame for the current petrol scarcity across the country.
NNPCL told Nigerians that the long queues at petrol stations would be gone by Wednesday, but their promise was as vague as their explanations about resolving the logistics problems behind the fuel shortage. Nearly a week later, oil marketers say they still don't understand what those logistics problems were and why there still isn’t any sign of the scarcity easing up. They also debunked the accusations that they are hoarding petrol.
The shortage has led to a hike in fuel prices in Lagos, with some filling stations charging as much as ₦800 per liter. In other places, like black markets, the price has reached up to ₦1,200 per liter. If the game of blame and unfulfilled promises is what we are working with, the fuel scarcity situation is probably going to last longer than any Nigerian hopes.
Cubana Chief Priest Considers Settling Case with EFCC Out of Court
Popular influencer, Bobrisky, has been quiet since he asked the court to reconsider his sentence for the abuse of naira. Cubana Chief Priest, on the other hand, is looking into settling his case out of court with the Economic and Financial Crimes Commission (EFCC) for the same offense.
In April, Obi Cubana faced charges for abusing naira and pleaded not guilty. He was granted bail set at ₦10 million and was given a week to meet the bail requirements. The court said if he failed to meet the conditions in seven days, he would be sent to the Nigeria Correctional Service. The case was then adjourned until May 2 (yesterday) to discuss preliminary objections.
When he appeared in court yesterday, his lawyer, Chikaosolu Ojukwu, told the judge that they are trying to resolve the case out of court with the EFCC. He also said that they were seeking a resolution under Section 14(2) of the EFCC Act which allows the Commission to settle an offense when the defendant agrees to return the “stolen money”.
The prosecution counsel, Mrs. Bilikisu Buhari, confirmed that both parties were in talks about a possible settlement and that the request was still under consideration. The case has now been adjourned to June 5 and as always, The Big Daily will keep you updated. Till then, stay away from spraying money at public events, and if you must, try these alternative ways of engaging in the age-long tradition.
Former Binance Chief Sentenced to Four Months in US Jail
Remember Binance’s Zhao from Wednesday’s newsletter? Changpeng Zhao is the former chief executive of the world’s biggest crypto exchange platform, who resigned from office in November 2023, as part of a deal with US authorities. In February, Zhao pleaded guilty to violating US anti-money laundering laws and Binance agreed to pay $4.3 billion to settle charges. Since then, Zhao has been in and out of the courtroom. According to a report by Reuters, he has now been sentenced to four months in jail. The decision was made by US District Judge Richard Jones in Seattle, who disagreed with prosecutors' request for a three-year sentence.
Before the sentence was passed, Zhao apologized and said, "I believe the first step in taking responsibility is to fully recognize the mistakes. Here, I failed to set up a proper anti-money laundering program. I now understand how serious that mistake was."
Zhao's lawyers had pushed for probation instead of jail time. They highlighted Zhao's acceptance of responsibility and payment of a $50 million criminal fine as reasons for leniency. But clearly, the judge wasn’t moved by their argument.
The Big Picks
Planning Ahead Is the Key to Living With More Spontaneity: If you’re in the mood to stimulate your brain this weekend, start by reading this article that dares you to unlearn everything you thought you knew about spontaneity and teaches you how to enjoy the act guilty-free.
“The Idea of You” Is a Mostly Not-Guilty Pleasure: Romance is not dead, at least that’s what the viewers of the new rom-com starring Anne Hathaway as a 40-year-old single mom and art gallery owner who finds love after reluctantly taking her teen daughter, Izzy, to see August Moon, the biggest boy band in the world. It’s streaming on Prime Video and it’s the perfect weekend watch.
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