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IGP Squad Allegedly Invades Benue State Tax Office, Manhandles Head

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Evaluation of Public Accountability and Tax Culture among Tax Payers in Nigeria
  • IGP Squad Allegedly Invades Benue State Tax Office, Manhandles Head

The headquarters of Benue State Board of Internal Revenue Service (BIRS) was reportedly invaded yesterday by men of IGP X-Squad team, demanding the release of tax evaders.

Led by ACP Olu Kayode Ayilara, the police formation, according to information, has a N10 million target to meet. The invasion, according to investigation, attracted the disenchantment of youths and passers-by.

A board member, who pleaded anonymity, told The Guardian that quarrel ensued when ACP Ayilara insisted on the release of the tax offenders.

According to him, the team leader allegedly assaulted and manhandled the board’s executive chairman, Mrs. Mimi Orubibi, in her office, a development that resulted to tension.

Narrating her ordeal in Makurdi, Orubibi said the crisis began when ACP Ayilara allegedly attempted to forcefully release the offenders and the woods impounded from them.

She claimed that the police chief had led his team to her office last week Thursday, but did not meet her, noting that when he returned yesterday, Ayilara banged into her office, demanding for the release of the woods and offenders.

According to the BIRS chairman, the ACP told her that she had no right to impound the woods, saying they were following the order of the IGP who had given a N10 million revenue target.

Orubibi alleged that the X-Squad had been helping traders in the state to evade tax as well as arrest BIRS agents and demand N300 to N500 for their release.

She claimed: “Besides, on Monday this week, they collected N200,000 from our staff, which they usually do not allow to be paid through the banks.

“When he (ACP Ayilara) came today (yesterday) he said that we don’t have a right to impound wood, I questioned him whether the wood belongs to him. Then, he started hitting his hands on the table, threatening that he will deal with me. He called me a harlot and said he was going to finish me.

“Look at my buttons. He jacked, tore my top buttons and slapped me. He told the agents that the IGP said he should bring N10 million.

“But I know that the IG would not have asked him to do that. I have interacted with the IGP and I know his stand on this issue. The IGP can never tell him to do that.”

Briefing newsmen after a meeting with police chiefs, Governor Samuel Ortom said the command had set up an investigative panel to probe the incident.

The governor said he was informed by DIG Joshak Habila that the Police Commissioner, Fatai Owoseni, would constitute the committee to ensure justice.

Ortom expressed faith in the force to ensure rule of law at the end of the day.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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