All Posts in "Day: December 2, 2021"

Arik Air Remits N12bn To  Aviation Agencies  In 4yrs – AMCON Boss

Arik Air Remits Over N12bn To Aviation In 4yrs – AMCON Boss – Independent Newspaper Nigeria
Asset Management Corporation of Nigeria (AMCON),says  Arik Air has remitted over N12 billion to the aviation agencies since it took over the running of the airline about four years ago.
Ahmed Lawan Kuru, the Managing Director of AMCON,who disclosed this in his welcome address at a function in Niger State,also dismissed the notion in some quarters that it was positioning NG Eagle as a national carrier.
A statement by Mr. Jude Nwauzor said that AMCON was handling Arik Air as ongoing obligations to the ministry of aviation and wondered why the ministry was bent on disallowing the corporation from setting up a new airline.
He said  the corporation’s involvement in Air Air was not from a recovery perspective, but from a national duty viewpoint to ensure that the airline continued to operate given its strategic importance in the aviation sector at that time.
He added that the corporation also realised that at certain point in time it must prepare an exit strategy from its entire aviation portfolio, and based on advice, decided to set up NG Eagle through the process of certification by the Nigerian Civil Aviation Authority (NCAA).
“It was a very vigorous process that took us more than two years. Ultimately, we were able to meet all the requirements including getting three aircrafts branded (they are currently at the Murtala Muhammed Airport in Lagos, branded as NG Eagle) and ready for operation but we are being frustrated.
“NG Eagle is not a national carrier. We have no business with that. We are only concerned with recovering our money, but first we were told that NG Eagle sounds too much like a national carrier. We reminded them that they had issued license to United Nigeria Airlines, and somehow that one does not sound like a national carrier to them.
“We are also aware that based on the NCAA Act, the only condition for NCAA to deny anyone a license to operate an airline should be based on safety reasons, which would be investigated and brought to the attention of the applicant for fair hearing. Suddenly we are again being confronted with the challenge through the National Assembly that the license should not be released until AMCON settles Arik debt with NCAA, this we believe is an afterthought.”
Earlier, Uba Sani, the Chairman Senate Committee on Banking, Insurance and other Financial Institutions, accused Ministry of Aviation of frustrating the efforts of AMCON in its bid to obtain AOC from NCAA for NG Eagle.
Sani also stated that the national assembly would wade into the controversies that surrounded the NG Eagle on AOC acquisition, expressing optimistic that the airline would be granted the necessary papers to commence scheduled operations.
According to Sani, the Upper Chamber was particularly not happy with some recent developments among government agencies and parastatals.
The statement hinted that AMCON as a government debt resolution agency had scaled all huddles that were required by law to set up a new airline, but was being denied the final AOC to enable the new airline commence services.
Sani expressed that the recent crises among government agencies was not in the overall interest of the Nigerian economy.
Sani said: “This AMCON intervention in Arik and the frustration the agency is going through because of its proposal to set up NG Eagle as best option to recover its investment in the airlines is not supposed to be. I think we are about to lose billions of naira because of ego. The ministry is not being realistic with his proposal of a national carrier and because of that frustrating the efforts of AMCON on NG Eagle”
Online Editor by — December 2, 2021 in News 0
 11.5Bn Fraud: AAlao-Akala Has No Case To Answer-Court

N11.5bn Fraud: Alao-Akala, Others Have Case To Answer - Oyo High Court - InsideOyo.com
The Court of Appeal sitting in Ibadan today discharged former Governor of Oyo state Otunba Adebayo Alao-Akala of charges leveled against him by the Economic and Financial crimes commission.
The upper court said  the trial court was wrong to have asked the defendant/ appellant to enter appeal regarding the  N11.5 billion naira fraud.
In a unanimous judgement by the three judges of the appeal court, they contended that the trial court erred to have ordered the Appellant enter defend on an offence not known to law as prosecution/defence failed to establish a prima facie case against the defendant/Appellant.
The former Governor has been facing 11 count  charges on an alleged 11.5bn fraud allegation since 2011.
Justice Muniru Owolabi of the Oyo state high court at the trial court had ordered the defendant to enter defence on counts 1, 2 and 5 of the charges after striking out the 8 out of the 11 count charge.
Online Editor by — December 2, 2021 in News 0
 Reps Move To Probe N2.6trn Debt By Oil, Gas Companies

Reps Set Up Panel To Probe N2.6trn Debt By Oil, Gas Companies – Independent Newspaper Nigeria
The House of Representatives has resolved to investigate alleged government debts by oil and gas companies in Nigeria to the tune of N2.6 trillion.
The House constituted a 12-member committee led by the House Majority leader, Alhassan Ado Doguwa, to carry out a comprehensive investigation into the matter and report back to it.
The House also urged the Nigeria Extractive Industries Transparency Initiative (NEITI), the National Oil Spill Detection and Response Agency (NOSDRA), and the Federal Inland Revenue Service (FIRS) to provide necessary data needed to facilitate recovery of debts owed the Federal Government by Oil
and Gas Companies.
It also mandated the Committee on Finance to liaise with relevant agencies to ensure that the 77 oil and gas companies pay the respective accrued debts to the Federal Government.
These resolutions followed the adoption of a motion on the ‘Need to Recover Outstanding Debts owed the Federal Government by Oil and Gas Companies
in Nigeria’, moved by Hon. Ahmed Munir, from Kaduna.
He noted that “the Report by the Nigeria Extractive Industries Transparency Initiative (NEITI) that 77 Oil and Gas Companies operating in Nigeria are owing the Federal Government over N2.6 trillion.”
“The debts accrued from failure of the firms to remit Petroleum Profit Tax, Company Income Tax, Education Tax, Value Added Tax, Withholding Tax, Royalties, Penalties and Concession on rentals to the Federal Government.
He expressed concerns that such a huge debt is being overlooked at a critical time when the country needs funding for its annual budget.”
He cautioned that “if debts are recovered, the money could be used to service some of the Federal Government’s debts as well as fund up to 16.2 per cent of the 2022 budget deficit.
Online Editor by — December 2, 2021 in News 0
Court Orders Police To Pay 7 Boko Haram Suspects N15m

A Federal High Court Abuja, has ordered the Nigerian Police to pay the sum of N15m to 7 persons  suspected to be Boko Haram members over their unlawful detention for three years without trial.
The suspects are Ajiri Bulama Dungus, Gudja Giddah,  Adam Mohammed, Wardi Dungus, Fanami Mustapha, Mohammed Abba and Makinka Alhaji Dungus.
Justice M.O Olajuwon gave the order in a judgment on a fundermental human rights enforcement suit filed by the suspects.
The court held that holding the applicants under custody for three years without trial violated the provisions of the 1999 constitution on human rights.
The suspects were said to have been arrested inside a Maiduguri market, and had been allegedly dumped at the detention facility of the Special Anti Robbery Squad SARS of police at Abbatoir in Abuja.
 He held that the detention of the suspects was “illegal, unlawful and unconstitutional” and consequently ordered that they be released immediately to their families.
According to him, police acted in bad faith in keeping the detainees beyond the period required by law especially when there was no cogent and verifiable evidence indicting the applicants for any offence.
He ordered that each applicant be paid a sum of N2m  as damages for their unlawful detention and another N1m as cost of litigation that brought about the judgment.
Online Editor by — December 2, 2021 in News 0
Court Stops Soludo’s Removal As Gov-elect.

Breaking: Anambra guber Nov 6: Soludo losses again
A Federal High Court sitting in Abuja,has dismissed a suit seeking to remove Professor Charles  Soludo as the governor–elect of Anambra state.
Justice Taiwo made the order while delivering judgment in a suit filed by two voters in Anambra state,  Adindu Valentine and Chukwuebuka Egwudike against the former governor of the Central Bank of Nigeria.
He described the suit as “frivolous, vexatious, baseless and lacking in merit, and consequently dismissed same.
The plaintiffs had submitted that Soludo provided false information in the affidavit (Form EC9) that he submitted to the Independent National Electoral Commission and therefore should be deemed unqualified to contest the Anambra state governorship election.
They further claimed that Soludo indicated in the affidavit, that he was contesting the Aguata 2 Constituency seat when  in fact, he was contesting the Anambra governorship seat and his deputy claimed to be contesting Awka constituency instead of Anambra deputy governorship.
But Justice Taiwo said the plaintiffs only sought to use court as a tool to derail democracy,adding that they failed woefully to establish how the alleged wrong in the constituency affected or misled them as voters and in any other capacity.
He noted that apart from the alleged wrongful disclosure of constituency, Soludo as the 3rd defendant clarified  in other parts of his affidavit on oath that he was contesting Anambra governorship election while Ibezim as 4th defendant also indicated in other parts of his affidavit that he was contesting deputy governorship.
He added:”From the processes filed in this suit and which I have carefully perused,  the two plaintiffs did not convince the court on how they were misled by the information.
“No aspects of the 1999 Constitution as amended or any part of the Electoral Act 2010, compel  3rd and 4th defendants (Soludo and Ibezim) to name constituency as a condition for qualification to stand for election.
“Lawyers as ministers in the temple of justice should always counsel politicians against rushing to court with frivolous suits that will achieve no purpose than to waste the previous time of the court.
“As a matter of fact, I am yet to come to terms with the purpose this suit is to serve. This suit is not reasonable.
The court held that giving false information was a criminal offence and prove of allegation of supplying false information must be beyond reasonable doubt.
“It is high time Nigerians came together to deepen democracy and not to use frivolous suits to stagnate it and this is in our own interest.
He  awarded  N2million damage against the plaintiffs.
Online Editor by — December 2, 2021 in News 0
Yuletide:NUPENG Promises Effective Fuel Distribution

HURRAY! HURRAY!! VICTORY TO THE UNION – Nigeria Union Of Petroleum And Natural Gas Workers
Nigeria Union of Petroleum and Natural Gas Workers (NUPENG),has promised  hitch-free and effective distribution of of petroleum products and other oil and gas operations to the nation during the  coming festive period.
The assurance came on the heels of the decision of the union to suspend its planned industrial action which was facilitated by
 the Nigeria National Petroleum Company.
Some of the resolutions from the engagements include  commencement of the processes to clear all the backlogs of arrears of salaries and allowances owed Contract workers of OML 42 and NAOC before the end of December 2021
There was also agreement and firm commitment to pay a sum of N2,130,000 to each of the former employees of the big six contractors whose terminal benefits were short paid in 2012 following the closure of the contract.
A statement from the union said there was also the agreement and firm commitment to pay each of the former contract employees of Ykish and Muyideen one month gross salary per each year served as terminal benefits.
It added:”The leadership of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) appreciate the excellent roles Mallam Mele Kyari, ( Group Managing Director- NNPC) and his wonderful team of highly professional individuals, played in positively resolving the impasse.
“NNPC management has once again proven to the Union and the nation in general that it can be trusted in matter of ensuring decency of employment and peaceful industrial relations system in the Nigeria’s  oil and gas industry”
Online Editor by — December 2, 2021 in Oil&Gas 0
Cooking Gas:Oil Workers Urge FG To Consider Palliatives For Poor Nigerians

The Petroleum and Natural Gas Senior Staff Association of Nigeria(PENGASSAN),has urged the  federal government to provide some form of verifiable palliatives for the lower-class citizens on account of the skyrocketing cost of cooking gas in the country.
The workers also emphasized the need for President Muhammadu Buhari to immediately abolish the VAT on gas importation, prevent further slide of the Naira, channel some of the exported gas to domestic use.
The union expressed disgust  that the price of refilling 12.5kg cylinder of Liquefied Petroleum Gas (cooking gas) has risen by almost 100% percent over the past one year.
It noted that currently, the cost of cooking gas has continued in steady climb from average of 4,500 Naira at the beginning of 2021 to the current price of between 8,750 and 10,000 Naira for the popular 12.5kg cylinder.
It added:”We are worried that most middle to upper class homes, especially in the urban areas, are feeling the pinch. The poorer families are going through harrowing experiences trying to cope, more so as the price of kerosene had long taken flight in addition to being scarce in many places.
“Despite Nigeria sitting on one of the largest gas reserves in the world, we still depend largely on imported gas. Up to 70 per cent of the gas we consume in the country is imported. Some of the reasons attributable to this skyrocket increment is the devaluation of the Naira against major currencies and the introduction of value added tax of 7.5% on imported gas, increase in the international price of gas, etc”
The association in a statement said it was not totally opposed to the planned deregulation of the oil sector by the federal government.
It said:”PENGASSAN as an Association and a major stakeholder in the industry do not have issues with all the advantages, they claim that deregulations will usher into the economy because we understand the workings within the industry and therefore stand in a pole position on issues that boarder it”
Maintaining its  support for the full deregulation of the sector, the association reiterated that it  will only support a deregulation exercise based on domestic refining and not import dependent.
The association emphasized the need   to increase the pace of the current refinery rehabilitation and support continuous strengthening of the Naira.
“Conclusively, we wish to admonish Government at all levels to quickly come together and find urgent solutions in short and long term to the myriad of issues plaguing the Nation to reduce the difficulties faced by the citizens”, it said.
The association expressed concern over the rising level of poverty in Nigeria,saying the nation is fast degenerating into a land plagued with hunger as if famine has descended on the country.
” These purchasing power of the already pauperized disposable income of the citizens have greatly degenerated as the cost of food in the market have gone up astronomically in the last three years.
” Whereas the astronomically increase in cost of food, wages are at best stagnant and in some cases reduced unilaterally and drastically. This could be attributable to several factors that are not limited to gross devaluation of the Naira against major currencies, displacement of farmers by bandits and terrorist, inconsistent policies of Government, etc.
“To further exacerbate the looming dangers caused by food insecurity, farmers in states such as Benue, Plateau, Katsina, Nasarawa and Taraba cannot readily access their farmlands due to myriads of security challenges occasioned by incompetence and lack of patriotism. It is necessary to secure the farmers and their farmlands as aggregate food production by the local farmers is the bedrock on which the systems of our food security rest”
Online Editor by — December 2, 2021 in Oil&Gas 0
 Nigeria Dwarfs Afghanistan,Somalia In Kidnapping

AUWAL RAFSANJANI: HIS LIFE AS ACTIVIST AND PATRIOTTHISDAYLIVE
The Civil Society Legislative Advocacy Centre, CISLAC,has said Nigeria statistics and reports in kidnapping and banditry has overtaken Afghanistan and Somalia.
Executive Director of CISLAC, Mr. Auwal Musa Ibrahim (Rafsanjani), disclosed this at a media interaction held in Lagos with the theme: “Deterioration of Human Security in Nigeria: Is the State A Guardian or Threats to Protection of Civilians?” .
He also stated that violence in Nigeria has been on the increase due to the  statistics and reports of banditry, terrorism  and kidnap in the  country and the government needs to look beyond the ordinary to solve some of these pressing challenges
He  implored the Federal government to  urgently  take actions in protecting Nigerians and their property by developing strategies aimed  at putting a stop to pattern of fatalities and abuse of citizens.
He also urged the state to serve as a guardian of its people, in the spirit of the law. He added that no man has the sovereignty to threaten lives and no human ambition is worth it.
Mr. Salaudeen Hashim, Program Manager, Defence & Security Civil Society Legislative Advocacy Centre (CISLAC),implored  the President to sign the bill for the Protection of Civilians, PoC.
Speaking on “Issues For Media Engagement: Human Security, Protection of Civilians and Civilians Harm Mitigation in Armed Conflict, Hashim said some of the key considerations to tackle the challenges of human security is by accepting and reconsidering the notion of ‘collateral damage’.
“As it is evident from several cases, significant harm to civilians occurs not only through willful intent or what can be considered violations of International Hunan Rights Law (IHL), so Adherence to the letter, as well as the spirit of IHL needs to become the norm, resulting in resolute efforts to mitigate civilian harm to the greatest extent possible.
He added that the media also have a role in curbing civilian harm mitigation by raising awareness about reality and potential for civilian harm during military and security operations.
“Raising awareness about good practice in civilian harm mitigation practices  across the world and leveraging on platform and reach to facilitate improved Civil – Military/Security Relations.
“Journalists must take more interest in in-depth reporting, analysis of the urgency to promote Protection of Civilian and Civilian Harm Mitigation in Armed Conflict.
“They must always have the people at the centre of their coverage. They must stick to issues, follow up harm is recorded, evaluate performances.
“They must also report, write features and do sector focused journalism, collaborate with other stakeholders as well as De-commercialise protection and civilian harm related issues,” he said.
Online Editor by — December 2, 2021 in News 0
Nigeria’s Oil Production Rebounds In November

..As OPEC Sees Increased World Oil Demand
 Nigeria witnessed an increased production last month,according to the late latest survey of Reuters which quoted Organisation of Petroleum Exporting Countries (OPEC) sources.
It said the cartel  continued to raise its oil production in November under the OPEC+ deal, but the cartel continued to pump less crude than its share of the monthly increase.
Nigeria’s production had been challenged until last month when Shell Petroleum Development Company of Nigeria (SPDC) lifted force majeure on crude exports from Bonny Light terminal following repairs to a leaking pipeline.
Nigeria’s production in the last few months has been below budgetary benchmark dropping to 1.37 million barrels a day in October, 261,000 bpd below its OPEC+ quota.
Under the OPEC+ deal, the 10 OPEC members bound by the OPEC+ pact should be raising their combined production by 254,000 barrels per day (bpd) each month out of the total OPEC+ monthly supply addition of 400,000 bpd.
According to Reuters survey,in November, OPEC’s crude oil production increased by 220,000 bpd to 27.74 million bpd.
The rise fell short of the 254,000-bpd increase that OPEC should be implementing.
It  confirms a trend that began a few months ago—not all OPEC members have the capacity to pump to their full quotas.
Saudi Arabia, OPEC’s top producer and de facto leader, saw the largest increase in production in November, in line with its target. So did Iraq, OPEC’s second-largest producer, according to the survey.
Nigerian production managed to recover in November from a force majeure in October, but other African producers continued to struggle to produce to their targets. Oil production in Angola, Gabon, and Equatorial Guinea either fell or remained flat.
Meanwhile,the Organization of Petroleum Exporting Countries, OPEC,says  world oil total demand in 2022 is estimated to reach 100.6 mb/d, around 0.56 mb/d above 2019 levels.
The cartel’s scribe,Muhammad Sanusi Barkindo,who said this at a video conference,also said  world oil demand growth in 2021 now stands at 5.7 mb/d.
 This reflects slower than anticipated demand from China and India in 3Q21,adding that global oil demand is now estimated to reach 96.4 mb/d in 2021..
He said Non-OPEC liquids supply is expected to grow by 0.7 mb/d in 2021, to average 63.6 mb/d. He also said the forecast for non-OPEC liquids supply growth in 2022 is 3.0 mb/d, to average 66.7 mb/d. Russia and the US contribute increments of 1.0 mb/d and 0.9 mb/d, respectively,
He added:” Turning to stocks, OECD commercial stocks stand at 2,773 mb, which is 174 mb below the 2015-2019 average with crude accounting for 148 mb and products 26 mb of this.  In terms of days of forward cover, OECD commercial stocks in October stood at 61.6 days, 0.7 days lower than the average of 2015-2019. Moreover, we need to consider the market implications of last week’s announcement of the possible coordinated release of 70 million barrels of oil from the strategic reserves of several consuming countries.
” The implications of such uncertainties for excess supply in 1Q-2Q2022 should be carefully monitored.The future of monetary policies, inflationary pressures, the possible reintroduction of lockdowns, vaccine uptake rates, the vaccine-resistance of the Omicron variant and supply-chain bottlenecks are some of the uncertainties clouding the picture.
          These uncertainties and implications on the global oil demand and supply balance are analysed in a scenario analysis as reflected in the ECB report”.
Online Editor by — December 2, 2021 in Oil&Gas 0