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Nigeria’s Petrol Landing Cost Drops to ₦971 per Litre, But Pump Prices Stay High

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The landing cost of petrol in Nigeria has fallen to ₦971 per litre in November 2024, down 20.23% from ₦1,219 in August, according to the Major Energies Marketers Association of Nigeria.

This reduction is due to changes in the Naira-to-dollar rate and lower global crude prices, with Brent crude now at $73.63 per barrel and the Naira trading at ₦1,678.87 per dollar.

Despite this decrease, petrol remains costly at the pump, with prices between ₦1,060 and ₦1,200 per litre across various stations.

Ex-depot prices from Dangote Refinery range from ₦960 for petrol transported by ships to ₦990 by trucks.

The Nigeria Labour Congress has raised concerns about consumer affordability, noting that pump prices still exceed expected market rates.

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Lagos State Governor Sanwo-Olu Presents 3 Trillion Naira As Budget For 2025

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Lagos State Governor, Sanwo-Olu presents 3 Trillion Naira as the budget for the proposed Appropriation Bill for 2025 to the house of assembly. The assembly meeting was led by Speaker, Mudashiru Obasa. The budget is themed Budget of Sustainability and will be a blue print for the commitment to Lagosians.

The ceremony was held in the state house, Alausa, Lagos. With this proposed bill the state government is focusing on environment, education, technology, security and public safety.


 

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Diezani Alison-Madueke Seeks Court Approval to Amend Lawsuit Against EFCC Asset Forfeiture

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Former Petroleum Minister Diezani Alison-Madueke has filed a motion to amend her lawsuit challenging the Economic and Financial Crimes Commission’s (EFCC) order for the final forfeiture of her seized assets.

At a Federal High Court hearing in Abuja presided over by Justice Inyang Ekwo, Alison-Madueke’s counsel confirmed filing the amendment motion and serving the EFCC. Notably, no EFCC representatives appeared in court.

The embattled ex-minister also sought an extension of time to contest the EFCC’s public notice regarding the sale of her confiscated properties, claiming she was denied a fair hearing during the forfeiture proceedings.

The EFCC, however, rejected Alison-Madueke’s allegations, maintaining that the forfeiture cases were lawfully adjudicated over time.

Justice Ekwo adjourned the case to February 17, 2025, to consider the motion to amend the originating process.

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Tron Founder Justin Sun Buys $6.2M Banana Artwork, Plans to Eat It

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Justin Sun, the founder of blockchain platform Tron, has purchased Comedian, a conceptual artwork by Maurizio Cattelan featuring a banana duct-taped to a wall, for $6.2 million at a Sotheby’s auction in New York.

Initially valued at $1–$1.5 million, the sale exceeded expectations, drawing bids from seven contenders. Originally priced at $120,000 during its 2019 debut at Art Basel Miami Beach, Comedian has sparked global debates about the absurdities of contemporary art.

 

Sun views the purchase as a cultural statement rather than a simple acquisition. “This bridges art, memes, and cryptocurrency,” he said, revealing plans to eat the banana as part of the artwork’s experiential essence.

Known for challenging societal norms, Cattelan’s works often provoke controversy. Buyers of Comedian receive instructions to replace the banana due to its perishability.

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Sun’s acquisition highlights his growing involvement in art and tech intersections, following his $78.4 million purchase of Alberto Giacometti’s Le Nez. While celebrated as an entrepreneur, Sun has also faced legal challenges, including allegations of cryptocurrency manipulation.

The $6.2 million banana reinforces the unpredictable relationship between art, commerce, and culture, embodying modern art’s power to provoke and perplex.


 

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