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​Saheed Imagination Expresses Gratitude To Members As PFC Inaugurate New Executives, Celebrates Pasuma At 50 In A Grand Style In Lagos

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We are learned group and not hooligans, Adewunmi Saheed Imagination Detonates 
The fans of Otunba Alabi Wasiu Odetola popularly known as Pasuma Wonder under the aegis of Pasuma Fans Club PFC new executives were officially inaugurated in a twin occasion yesterday 28th of January at LTV 8, Blue Roof event center, Ikeja Lagos State. 

The association for records was initiated by Alhaji Afolabi Semiu popularly known as Seme WAP1 in 1999 while he was still studying at Lagos State University LASU after which it was refined in 2004 to Pasuma Fans Club PFC. 

According to Amebo Feeds Naija correspondent, Adeyemi Obadimu Dekunle Veron after a short interview with the incumbent president of the association, Mr Saheed Adewunmi popularly called IMAGINATION who hail from Ijebu Ode in Ogun State at the occasion, he expressed gratitude to Almighty God for making the event to come on board as well as his team of executives who stood solidly behind him during the planning.  
ON CRISIS

The association incumbent president, Mr Saheed Adewunmi popularly called IMAGINATION has expressed satisfaction in the robust role Alhaji Wasiu Odetola Pasuma, Alhaji Afolabi Semiu WAP1 and others played in getting all aggrieved members back to the association. “I feel so excited to meet crowd trooping in for this two in one occasion, Inauguration and 50th birthday celebration of Otunba Alabi PASUMA from all roots and crannies of the world ~ Saheed Imagination” we are one big family and we will continue to run in unity and transparency. 

HOW TO JOIN PASUMA FANS CLUB

The president gave out two numbers for the interested people who are willing to join the association, also advised such people to have job at hand because Pasuma Fans Club is not for the idle but intellect and well meaning Nigerians who are ready to contribute immensely to the growth of the association one way or the other. The numbers to call are 08026073719,08157029510 according to PFC National President. 
BENEFITS OF JOINING PASUMA FANS CLUB 

There are numerous advantages and benefits of joining the association ranging from connections to business benefits, we do grant our members Hajj, We give our members contract, there is estate scheme going on for the members named GAME CHANGER GOLDEN ESTATE an avenue for our members to own their houses with convenience, we love promoting our members to attain limelight and this is legacy of our mentor Otunba Alabi Pasuma Oganla Fuji ~ Mr Tajudeen Oganla Brain Box 
QUEEN SALAWA ABENI WORDS OF ADVICE 

The evergreen queen of waka music among other top notch in the society, ranging from Nolywood actors and actresses to Hip Hop musicians in Nigeria, among them are Small Doctor, Safejo Amama, Adewale Elesho, Ajanaku, Fadeyi Oloro, Soji Taiwo Omo Banks among others. Alhaji Fatai Yusuf CEO of OKO OLOYUN INVESTMENT, Alhaji Kazeem Ayinla CEO of SEAKAM INVESTMENT COMPANY  Gbenga Fatodu of NEWSPIE, S.A to Governor Of Lagos State also graced the occasion. 
ALHAJI AFOLABI SEMIU EXPRESSION

“Today is the most happiest day for me as the founder of Pasuma Fans Club, I just cannot hide my happiness and satisfaction on the leadership of Mr Adewunmi Saheed who has put things in place to take PFC to a greater height, we are learned people and not tout according to public perception over us, I am a graduate and I have my Msc., we are having group of intellectuals and well meaning Nigerians as the executives, patron and advisers, this is why we are moving with a fast speed of light.~Seme WAP1 said.”
ALHAJI ILLIAFI ABBEY COMMENTS ON PASUMA

“I give Almighty Allah all the glory and adoration to be among the dignitaries present in today’s occasion. Alhaji Wasiu Alabi Pasuma is an exemplary person with golden heart, he gives out to less privileged even if he’s not comfortable with the little he has, He is also with the attitude of putting smile on peoples face and someone who never want his people to be in need.”

“Yes, I am happy to be a spiritual father to Pasuma because he is a prayerful man, his philanthropic attitudes makes him to be more popular, he associate himself with everyone without looking at class or levels.. Alhaji Abbey ILLIAFI”
ALHAJI AYINLA KAZEEM COMMENTS 

“Otunba Alabi Pasuma is a good man who is always good being with, an energetic man per excellent. I m happy to witness today’s occasion and I use this opportunity to implore Nigerians to purchase all goods coming out from SEAKAM INVESTMENT COMPANY, the producer of Bajinootu and others.”

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

In a bid to ease financial burdens during the holiday season, Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) to N899.50 per litre. This follows a previous price cut to N970 per litre on November 24. The move is aimed at reducing transportation costs for Nigerians as they prepare for festive celebrations.

Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, disclosed the development in a statement, highlighting additional benefits for consumers. Beyond the price reduction, the refinery is introducing a special credit offer. For every litre of PMS purchased on a cash basis, consumers can buy an additional litre on credit, supported by a bank guarantee from Access Bank, First Bank, or Zenith Bank.

“To help reduce transport expenses this holiday season, we’re offering PMS at N899.50 per litre and providing a credit option for additional purchases. This is part of our commitment to making high-quality petroleum products accessible to Nigerians,” Chiejina said.

The refinery also reaffirmed its commitment to providing premium-quality, environmentally-friendly fuel, while ending Nigeria’s dependence on substandard imported products.

With a capacity of 650,000 barrels per day, the Dangote Refinery is the largest single-train refinery in the world, capable of meeting Nigeria’s entire refined petroleum product demand and generating surplus for export. As the festive season approaches, the company expressed gratitude to Nigerians for their support and pledged continued efforts to ease their economic burdens.

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Setting the Record Straight: Clarifying NNPCL’s Role in the Dangote Refinery Investment

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General Buratai Urges Dangote Not To Succumb To Marketers Blackmail, Reveals Why

Setting the Record Straight: Clarifying NNPCL’s Role in the Dangote Refinery Investment

We have received numerous inquiries from the media and concerned stakeholders seeking clarification regarding a recent report attributed to the Nigerian National Petroleum Company Limited (NNPCL). The report suggested that NNPCL’s decision to secure a $1 billion loan backed by its crude was instrumental in supporting the Dangote Refinery during liquidity challenges.

Setting the Record Straight: Clarifying NNPCL's Role in the Dangote Refinery Investment

We wish to categorically state that this narrative is a misrepresentation of the facts. The $1 billion referenced constitutes just about 5% of the total investment in building the Dangote Refinery.

Our partnership with NNPCL was established based on their strategic importance as the largest offtaker of Nigerian crude and, at the time, the sole supplier of gasoline into Nigeria. As part of this agreement, a 20% stake in the refinery was valued at $2.76 billion. Of this amount, NNPCL agreed to pay $1 billion upfront, while the remaining balance was structured to be recovered over five years through crude oil supply deductions and dividends.

If we had been facing liquidity challenges, such generous credit terms would not have been feasible. At the time of the agreement in 2021, the refinery was still in its pre-commissioning phase. Any claims suggesting financial struggles are inconsistent with the structure and nature of this agreement.

Regrettably, NNPCL was unable to meet its commitment to supply the agreed 300,000 barrels per day of crude oil due to pre-existing financial commitments tied to their crude cargoes. Given this, we extended a 12-month period for NNPCL to pay cash for the balance of their equity. However, they were unable to meet the deadline, which expired on June 30, 2024. Consequently, NNPCL’s equity stake in the refinery was adjusted to 7.24%.

It is therefore inaccurate to claim that NNPCL facilitated a $1 billion investment amid liquidity challenges. Their $1 billion investment secured a 7.24% ownership stake in the Dangote Refinery, a strategic partnership beneficial to their interests.

NNPCL remains a valued partner, and we urge all stakeholders to adhere to the facts and provide accurate information to ensure proper media representation for the benefit of all stakeholders and the public.

Anthony Chiejina
Group Chief Branding and Communications Officer
18th December, 2024

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MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

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MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

 

MTN Nigeria, the nation’s largest telecom company, pays over N200 billion in Value Added Tax (VAT) monthly, making it the single biggest contributor to the country’s VAT revenue, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.

Speaking at Channels Television’s Town Hall on Tax Reforms, Oyedele highlighted significant disparities in the current VAT allocation system, revealing that all VAT paid by MTN is credited solely to Lagos State, where the company’s headquarters is located, despite the fact that services generating this revenue are consumed nationwide.

“MTN is the largest contributor to VAT in Nigeria,” Oyedele stated. “They pay over N200bn every month, and the gap between them and the second-largest contributor is massive. However, all this VAT is currently allocated to Lagos, even as calls are made across states like Kano, the FCT, Ekiti, Edo, and Kebbi.”

As part of the ongoing tax reform efforts, the committee has proposed a new framework to ensure equitable distribution of VAT revenues based on consumption rather than the corporate headquarters’ location.

Under the proposed redistribution model, Lagos State, which now retains the full N200bn from MTN, would see its share reduced to around 20 per cent. The remaining revenue would be distributed more fairly among other states where the services are consumed.

“This adjustment ensures states where VAT is generated get their fair share,” Oyedele explained. “While Lagos State’s share decreases slightly, every other state stands to gain under the new system.”

The tax reform bill, designed to address inefficiencies and promote fairness in Nigeria’s fiscal policies, has sparked debate among stakeholders. Critics have accused the committee of advancing policies that may negatively impact certain regions.

Oyedele, however, dismissed these claims, arguing that the current system is flawed and in need of urgent correction. “If something is being done wrongly, how can Lagos State or anyone oppose reforms aimed at fixing it?” he questioned.

The proposed reforms, which include provisions for revenue redistribution and efficiency improvements, are seen as pivotal to ensuring fairness and sustainability in Nigeria’s tax system.

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