Due to the current rise in foreign exchange and the devaluation of Naira, fuel supplying companies are finding it difficult to import fuel and are currently relying on the Nigerian National Petroleum Corporation Limited (NNPC Ltd) to supply fuel before distribution to their various stations. This has inevitably led to the disruption in the steady flow of fuel resulting in massive queues.

Introduction

On Tuesday 3rd of September, 2024, the Nigerian National Petroleum Corporation (NNPC) announced a 50% increase in fuel price with a litre ranging between N850 (Eight Hundred and Fifty Naira) to N1,400 (One Thousand, Four Hundred Naira). This hike in the price of Premium Motor Spirits (PMS) or petrol contributed to the current fuel scarcity, a hike in transport fares and unfortunately, hoarding of fuel by some fueling stations. 

The Executive Vice President of Downstream, NNPC Ltd, Mr. Adedapo Segun explained that the scarcity of fuel was expected to “…subside in a few days as more stations re-calibrate and begin selling PMS…”. He also added that NNPC Ltd had nearly a thousand filling stations nationwide and was collaborating with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.”

NNPC also stated that lifting of PMS from the Dangote Refinery will soon commence and the timeline given by the Refinery to NNPC is September 15th, 2024. NNPC stated that foreign exchange rates and market forces will control the price of PMS or Petrol from Dangote Petroleum Refinery.

People are generally optimistic that PMS from the refinery will be sold at a lower and better price than that fixed by the NNPC Ltd, however, considering Section 205 of the PIA above, Dangote Refinery is more likely to follow the market value of PMS.

Legal Implications

Free market is an economic system where the laws of supply and demand determine prices and wages, these prices fluctuate without government regulation. In a free market, buyers and sellers compete with each other to pay the lowest price or receive the highest price. 

Pros and Cons

Pros

A free market is run by the law of supply and demand rather than the government. It allows for buyers to freely trade goods and services and also helps sellers create affordable price for the citizens which people generally expect from Dangote Refinery once supply begins. Deregulation can promote competition among energy suppliers and can reduce fiscal burdens on governments by eliminating fuel subsidies.

Cons

To the average Nigerian and to people who leave from hand to mouth, a hike in the price of fuel may be the worst thing to happen to due to inflation while also considering that despite the new minimum wage, the ever increasing inflation rates may not be able to alleviate the burdens of the common Nigerian.

Businesses are threatened, transport fares is on the high side and on social media there are videos of people who prefer to trek than pay a high transport fare. The Nigerian Government should always take into consideration the welfare of its citizens before taking any action.

A free market has its disadvantages like price instability which based on market fluctuations, can create uncertainty for consumers and businesses; lack of investment in renewable energy sources; limited government regulation and also market concentration which allows for large oil companies to dominate the market consequently limiting competition thereby allowing these companies take an advantage of the prices. Although Section 205 (2) of the PIA has made provisions in the event of a monopoly.

Conclusion

It is necessary that steps should be taken to ensure that this current reduction in the supply of fuel does not become a recurring one as it seems to have become.

Kidnapping and Murder: The Case of Christiana Idowu

Christiana Idowu, an undergraduate of Federal University of Agriculture, Abeokuta (FUNAAB), was kidnapped and murdered by a person she was close to.  The kidnappers demanded N3,000,000.00 (Three Million Naira) from her parents but later agreed to the sum of N350,000.00 (Three Hundred and Fifty Thousand Naira).

Introduction

The Daily Trust reported that the victim left her home in the Itaoluwo area of Ikorodu while she was on her way to Unilag where she was undergoing her Industrial Training. The Intelligence operatives from the Nigerian Police Force tracked the victims abductor using the Bank Verification Number (BVN) and account details which the ransom was paid into which eventually lead them to the suspect in the Ikorodu area of Lagos State.

Investigations revealed that the details of the account number as gotten by the Intelligence operatives who received confirmation from the bank, that the BVN associated with the masked betting account belonged to the account holder (name currently withheld), who also operates a Wema Bank account (account number withheld).”

“Further findings showed that the individual managed to withdraw N100,000 from the betting account before agents were able to get the betting company to freeze it.” – The Daily Trust

Legal Implications

Legal Implications Section 364 of the Criminal Code Act provides for the offence of Kidnapping and the punishment prescribed as follows;

Any person who‐

(1.) unlawfully imprisons any person, and takes him out of Nigeria without his consent; or

(2) unlawfully imprisons any person within Nigeria in such a manner as to prevent him from applying to a court for his release or from discovering to any other person the place where he is imprisoned, or in such a manner as to prevent any person entitled to have access to him from discovering the place where he is imprisoned,  is guilty of a felony and is liable to imprisonment for ten years.  

However in this case the suspect didn’t only kidnap the victim but also killed her after a ransom was paid.

Section 308 of the Criminal Code Act defines killing as follows; “Except as hereinafter set forth, any person who causes the death of another, directly or indirectly, by any means whatever, is deemed to have killed that other person.” 

Section 319 of the Criminal Code Act talks about killing regarding juveniles and pregnant women and states as follows;

“Subject to the provisions of this section of this Code, any person who commits the offence of murder shall be sentenced to death.”

Pros and Cons

Pros

There can be no advantage or pros to kidnapping or killing a person. This has however opened the eyes of Nigerians that even those who are close to you can conspire to kill or even kidnap to get money.

Cons

The quote “solitary, poor, nasty, brutish, and short” is attributed to Thomas Hobbes, an English philosopher who wrote Leviathan in 1660. The quote appears in the book as “Man’s life was solitary, poor, nasty, brutish and short”. He believed that people are naturally selfish and wicked, and that the “natural” state of humanity is violent and brutal. 

Conclusion

The Nigerian state can be likened to Thomas Hobbes quote; a solitary, poor, nasty and brutish state as it also makes the lives of youths to be short-lived. Our society today especially Nigeria has turned out to be a hub for criminals and sometimes these may be persons close to us as shown in this case. These criminals kill even their kit and kin to get money.

Nigeria as a whole needs a “cleansing” if I must say. The youths need a reorientation about the effects of getting money through killing, kidnapping and even yahoo. They should be taught that money comes through hardworking, discipline and consistency.