All Posts in "Day: June 14, 2022"

Nigeria Not Defrauded In OPL 245 Deal, UK Court Rules

The federal government on Tuesday lost its $1.7 billion claim against JP Morgan Chase Bank over the transfer of proceeds from the sale of OPL 245 in 2011, operated by Malabu Oil and Gas Limited.

In the verdict delivered by the Business and Property Courts of England and Wales Commercial Court, said there was no proof that Nigeria was defrauded in the deal.

The federal government had sued JP Morgan on the grounds of “Quincecare duty”, alleging that the bank “ought to have known” that there was corruption and fraud in the transaction which saw Malabu Oil and Gas Limited sell its 100 per cent in OPL 245 to Shell and ENI for $1.1 billion.

The country argued that there were enough “red flags” for JP Morgan to have halted the transfers.

But,the bank rejected Nigeria’s claims, maintaining that all due processes were followed and money laundering checks were done, arguing that allegations of fraud only came up after a new government took over in Nigeria.

Sara Cockerill,in the judgement ruled that the Nigerian government could not prove that it was defrauded, saying it may be that with the benefit of hindsight, “JPMorgan would have done things differently” but declared that “none of these things individually or collectively amount to triggering and then breaching” the bank’s duty of care to its client.

Cockerill said that by the time of the 2013 payments, the bank was “on notice of a risk” of fraud.

“There was a risk – but it was, on the evidence, no more than a possibility based on a slim foundation,” she said.

admin by — June 14, 2022 in Law/Human Rights 0
Why I Reversed Death Sentence On Six Convicts-Gov.Abiodun

Ogun state governor, Dapo Abiodun, has approved the committal of six convicts on death row to life imprisonment as part of the activities to mark this year’s Democracy Day.

He also released 40 inmates.

He disclosed this while speaking at the June 12 commemorative anniversary and Nigeria’s Democracy Day, held at the M.K.O International Stadium, Abeokuta, Ogun state capital.

He explained that the committal to life imprisonment and release of the convicted inmates is in accordance with the provisions of Sections 212 (1) and (2) of the Constitution of the Federal Republic of Nigeria, 1999, (as amended) and Sections 4 and 5 of the Ogun State Advisory Council on Prerogative of Mercy (Establishment Law), Laws of Ogun State 2006.

Abiodun, who implored Nigerians to draw strength from the 1993 general election and make the 2023 exercise even better, equally advocated stringent punishment for violators of due process in elections, declaring that people’s ballots must count and be respected in 2023.

He noted that the struggles of June 12 as orchestrated by late MKO Abiola gave birth to the seamless democracy Nigeria has enjoyed in the last 29 years, emphasising that “only by upholding the tenets of democracy and ensuring its sustainability that we can truly honour the memory of those ideals that Chief MKO Abiola and others stood and died for”.

Abiodun,who said that the process to a free, fair and credible election begins, among other things, with voters’ participation in the registration exercise, emphasized that for the 2023 general elections to be a huge success, every eligible Nigerian must register to vote and actually take part in voting on the day of election.

He added:“While it is heart-warming to note that in the last 29 years, we have enjoyed seamless civilian-to-civilian transition, it is only by upholding the tenets of democracy and ensuring its sustainability that we can truly honour the memory of those ideals that Chief MKO Abiola and others stood and died for”

admin by — June 14, 2022 in News 0
Fake News: Court Sentences Facebook User To Two Months Jail

A Magistrate Court in Lokoja,Tuesday sentenced a middle age man, Habibu Achile Rabiu to two months in prison with N5,000 fine, for posting unverified information in his Facebook timeline.

Rabiu, in his Facebook timeline, had alleged the alarming rate of deaths in Kogi, caused by fever during the wave of Covid19 pandemic in the country.

Chief magistrate, A.A .Agatha, said Rabiu’s action contravenes section 393 of Kogi State penal code for posting false information on his facebook timeline.

The Department of State Security, DSS had earlier arrested Rabiu and charged him to court.

The prosecuting counsel , Mr. M.A Abaji argued that the defendant acted contrary to section 393 of Kogi State penal code by intimidating people, creating fear and inciting people against the state government.

Abaji stated that defendant has also raised false alarm in the state against the back drop of normal rate of death amidst Covid 19 pandemic in 2020.

He added that the state epidemiologist was invited to testify to ascertain the claims by Rabiu ,noting that the epidemiologist said that as at the time of the Facebook posting, the death rate was normal contrary to Rabiu’s position .

The defense counsel, E .A Iwu argued that the defendant acted based on emotion after the death of his sister who died of malaria fever

He stated that his client was pained and in a sad mood when he posted that the rate at which fever is killing people is alarming

Chief Magistrate, A.A .Agatha in her judgement sentenced Rabiu to two months with option of fine in addition to payment of N5,000.

admin by — June 14, 2022 in Crime/Metro 0
Subsidy: Nigeria Risks Loss Of N5trn Revenue -World Bank

The World Bank says Nigeria will lose about N5 trillion in revenues in 2022 on account of fuel subsidy.

The bank said the projection is because proceeds from crude oil sales, instead of going to the federation account, are used to cover the rising cost of fuel subsidies.

In its latest report “The Continuing Urgency of Business Unusual,” released in Abuja, World Bank noted that the such amount is speedily needed to cushion ordinary Nigerians from the crushing effect of double-digit increases in the cost of basic commodities.

It said:“When we launched our previous Nigeria Development Update in November 2021, we estimated that Nigeria could stand to lose more than 3 trillion Naira in revenues in 2022 because the proceeds from crude oil sales, instead of going to the federation account, would be used to cover the rising cost of gasoline subsidies that mostly benefit the rich. Sadly, that projection turned out to be optimistic.

“With oil prices going up significantly, and with it, the price of imported gasoline, we now estimate that the foregone revenues as a result of gasoline subsidies will be closer to 5 trillion Naira in 2022. And that 5 trillion is urgently needed to cushion ordinary Nigerians from the crushing effect of double-digit increases in the cost of basic commodities, to invest in Nigeria’s children and youth, and in the infrastructure needed for private businesses small and large to flourish, grow and create jobs.”

Speaking while presenting the report,Shubham Chaudhuri, World Bank Country Director for Nigeria, said that inflation in Nigeria, already one of the highest in the world before the war in Ukraine, is likely to increase further as a result of the rise in global fuel and food prices caused by the war.

He added that the World Bank estimates, is likely to push an additional one million Nigerians into poverty by the end of 2022, on top of the 6 million Nigerians that were already predicted to fall into poverty this year because of the rise in prices, particularly food prices.

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He noted that the latest edition of the NDU highlights that the inflationary pressures will be compounded by the fiscal pressures Nigeria will face this year because of the ballooning cost of gasoline subsidies at a time when oil production continues to decline.

He stated that Nigeria, for the first time since its return to democracy, and alone amongst major oil exporters, is unlikely to benefit fiscally from the windfall opportunity created by higher global oil prices.

According to him,Nigeria’s growing macroeconomic challenges in 2022 highlight the continuing urgency of a departure from business as usual, and the need for consensus around a package of robust reforms.

The report highlights three policy priorities: including reducing inflation through a sequenced and coordinated mix of exchange rate, trade, monetary, and fiscal policies including the adoption of a single, market-responsive exchange rate; addressing mounting fiscal pressures at the federal and sub-national levels by phasing out the petrol subsidy (estimated to cost up to 5 trillion naira in 2022) and redirecting fiscal resources to investments in infrastructure, education, and health services; increasing “pro-health taxes”, and improving tax compliance; and catalyzing private investment to boost job creation by improving the transparency of key government-to-business services and eliminating trade restrictions.

“Despite the better-than-expected performance of the services and agriculture sectors and higher oil prices stemming from the war in Ukraine, Nigeria is experiencing a curious case of lower fiscal revenues.

“This is limiting the government’s ability to expand basic services, support the economic recovery, and protect the poor during this difficult time” said Marco Hernandez, World Bank Lead Economist for Nigeria and co-author of the report.

“In addition to assessing Nigeria’s economic situation, this edition of the NDU also casts a spotlight on the unintended effects of Nigeria’s trade restrictions; the importance of investing in adolescent girls to defuse Nigeria’s demographic time bomb; and the imperative of bringing Nigeria’s out-of-school children back to school.

“The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives.

admin by — June 14, 2022 in Oil&Gas 0
Oil Spill: FG Mulls Compensation For Communities

The Nigeria Upstream Petroleum Regulatory Commission, NUPRC, has promised bost communities of total compensation on environment damaged by oil spills.

The Commission’s Chief Executive, Gbenga Komolafe, spoke at the Olú of Warri maiden edition of the Iwereland Petroleum Host Communities Summit at Ajamimogha – Warri, Delta State,where he also said that defaulters would be sanctioned.

He said these in his presentation – The Implementation of the Host Communities’ Development Trusts In Oil-Producing Itsekiri Communities under the Petroleum Industry Act, 2021.

He added: “We are witnessing for the first time a concerted, deliberate, and focused effort by a highly revered monarch to create awareness and provide critical information that will empower Nigerian citizens within the host communities with the knowledge required to access the robust benefits provided by the Federal Government under the Petroleum Industry Act 2021.

“The Commission has concluded arrangements to ensure that the regulations guiding the implementation of the host community development fund under the PIA 2021 come into effect before the end of June 2022. The development will signal the commencement of seamless implementation of the host community development fund for the benefit of oil producing communities.”

Also speaking,the Olú of Warri, Ògíamẹ̀ Atúwàtse III, says enforcement of the Petroleum Industry Act (PIA) will ensure the benefits of oil production for all, reduce poverty and suffering among oil producing communities.

Atúwàtse III Warri,also said the Act will limit appropriation of wealth meant for the common good by individuals.

In his address titled “New Dawn,” according to a statement issued at the end of the summit, Ogíamẹ̀ Atúwàtse stressed that “the PIA is essentially an instrument, designed to cure the appetites of individuals who have become used to appropriating the commonwealth to themselves or mismanaging the wealth to the detriment of the destiny of the people.

“The primary purpose of the PIA is to assist in any developmental purpose, deemed beneficial to the host communities, as may be determined by the Board of Trustees; members of the Boards must invest part of the available funds for and on behalf of the host communities.

“This crucial role demands an equilibrium of High Performance and trustworthiness, as the parameters for effective operational excellence of the Boards. This is an engagement to promote awareness and enjoin the people, to participate actively and wisely in choosing their representation in the activation of this all-important act,” he stressed further.

The traditional ruler lamented that Nigeria’s oil production indices which he attributed to the low production rate, made worse by the massive crude oil theft and pipeline vandalism.

According to him, “Nigeria has the potential to produce about 2.3 million barrels of oil per day.

He said:“In the first quarter of 2022 alone, out of about 141 million barrels of oil produced, a total volume of about 9 million barrels of oil was lost to crude oil theft. This amounts to a loss in government revenue of about US$1 billion (at $116 per barrel), or about N434 billion (at CBN rate of N415/$), which is about 90% the size of Delta State’s budget of N479 billion for the 2022 fiscal year,” he lamented.

The monarch added that the driving spirit and recurring theme of the PIA, should be the inclusion and support of local initiatives for the security of the host communities, adding that each one should have equal access to not only opportunities. But resources, as would otherwise have been the case where some are marginalized or outright excluded from the wealth that belongs to us all.

“We intend that the Iwereland Global Masterplan will be so well put together, that all arms of government and intervention agencies become fully committed to being a part of that plan.We will discourage idleness and a sense of entitlement, while encouraging competence and all that brings added value to the effort.

“We assure government, companies, non-governmental organisations, and regulatory authorities, that we are well aware that our job is to make Iwereland more hospitable for business – whether Energy or otherwise – no matter the obstacles thrown our way” he stated.

admin by — June 14, 2022 in Oil&Gas 0
Don’t Regulate Social Media, Group Tells FG

Media Rights Agenda (MRA) has implored the Federal Government to discontinue its attempt to adopt a “Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries”.

The group  accused  the government of trying to regulate social media and other online platforms through the backdoor by circumventing the legislative process.

It described the draft Code of Practice developed by the National Information Technology Development Agency (NITDA) and published for public comments as a clumsy attempt to usurp the powers, functions and authority of the National Assembly as well as a breach of the constitutional rights of Nigerians.

NITDA’s Head of Corporate Affairs and External Relationship, Mrs Hadiza Umar, had Tuesday issued a  press release announcing that NITDA issued the Code of Practice which it is presenting for public input, on the directive of President Muhammadu Buhari in accordance with its mandate under the NITDA Act, to standardize, coordinate and develop regulatory frameworks for all information technology practices in Nigeria.

Puncturing  the move, Mr Ayode Longe, MRA’s Programme Director said: “The Federal Government is clearly attempting to circumvent the legislative process in favour of a backdoor approach to regulate social media and other internet platforms. It is curious that the Government has chosen to use an administrative document to surreptitiously create criminal offences as the document states unequivocally that any platform or internet intermediary responsible for violating its provisions will be liable to prosecution and conviction.”

He argued that NITDA’s misuse of the term “Code of Practice” to describe the document amounts to acting under false pretenses to dupe Nigerians into believing that the government is seeking to protect them when its real intention is so obviously to control social media and other Internet platforms by compelling them to register with the government and thereby muzzle the right to freedom of expression online.

He  contended that the document is a breach of Articles 19 of the Universal Declaration of Human Rights (UDHR) and Nigeria’s treaty obligations under the International Covenant on Civil and Political Rights (ICCPR), which gives everyone the right to freedom of expression, including the “freedom to seek, receive and impart information and ideas of all kinds, regardless of frontiers…”

According to him, “the name is problematic. Although it is termed a code of practice, it is in fact not intended to provide guidance for the implementation of any specific law or regulation. Rather, it creates criminal offences which are not contained in any existing Law and attempts to legitimize them by a vague reference to its enabling Act and other laws, which is beyond the remit of any such administrative document.”

He  argued that the underlying rationale for many of the provisions of the document are unrealistic and unreasonable as they defy logic and common sense.

He said: “In today’s globalized world, is it possible or realistic to expect global Internet platforms like Facebook, Twitter and others to register with the government of every country in the world where they have users and set up offices in all those countries, which is the implication of the Federal Government’s demand? Conversely, Nigeria’s external broadcaster, the Voice of Nigeria, broadcasts its signal and content to dozens of countries around the world and runs a website that is accessible globally; is it registered and does not have offices in all the countries where its signals are received as Nigeria is now demanding of platforms registered in other countries?”

Mr. Longe described many of the provisions of the document as arbitrary and draconian, saying the requirement that platforms take down “unlawful content” within 24 hours after receiving a notice or complaint from any authorized government agency constitutes an attempt by the government to control content published on social media and other online platforms while bypassing the judicial process and usurping the functions of  the courts which should legitimately determine what content that is illegal or unlawful.

admin by — June 14, 2022 in Media 0
Balyesa: Pirates Attack Speedboat, Abduct 8 Passengers

Pirates have attacked a commercial speedboat and kidnapped eight passengers on-board in Bayelsa State.

The abducted eight passengers were among 15 others travelling from Brass to Yenagoa when the speedboat was ambushed by the sea robbers on Monday.

The unit chairman of the Maritime Workers Union of Nigeria (MWUN) in the Brass Local Government Area, Daniel Biodoumoye, confirmed the incident.

He said the passengers were returning to the state capital from a burial ceremony at Egweama in the Brass LGA when the gunmen attacked their boat.

Biodoumoye said, “They (the pirates) intercepted the 200-horsepower engine boat close to a rice farm and fled off with eight of the 15 passengers.”

According to the MWUN unit chairman, a combined rescue team of marine police, union leadership and others, rescued seven passengers who were abandoned by the armed pirates.

Meanwhile, the regent of Egwe-Ibe, Chief Timipre Saka-Yabi, has condemned the kidnap incident.

He demanded the unconditional release of his subjects.

The spokesman for the Bayelsa State Police Command, Asinim Butswat, confirmed the attack on the speedboat.

He, however, said that seven passengers were kidnapped by the bandits, adding that investigation had started.

He said:”The passenger boat was attacked on the 13 June 2022 and seven passengers were reportedly abducted. We have commenced investigation.”

admin by — June 14, 2022 in News 0
Aircraft Maintenance: Nigeria Loses N1.25tr To Capital Flight

Nigeria lost about N1.25 trillion in the maintenance of its aircraft to foreign Maintenance, Repair and Overhaul (MRO) facilities in 2021.

Capt. Rabiu Yadudu, the Managing Director of FAAN, said that such capital flight would have been saved if the country had MRO facilities that could adequately cater for all types of aircraft.

He disclosed this at the maiden edition of the Federal Airports Authority of Nigeria (FAAN) National Aviation Conferences (FNAC) with the theme: ‘Advancing the Frontiers of Possibilities for Safe, Secure and Profitable Air Transport’.

Yadudu lamented that Nigeria’s potential and capacity in the global air transport industry is being grossly underutilised, stressing that if stakeholders in the industry were indeed desirous of attaining the status of a major player in the global aviation sphere, it was high time the country integrated backward to repose and move the industry forward.

He explained that the focus of the conference was on Nigeria because the country had the largest fleet of aircraft within the subregion.

He said: ”It was reported that Nigeria lost $2.5 billion (about N1.25 trillion) in MRO investments to neighbouring countries. Having such investments here would have created more employment opportunities for Nigerians, revenue generation and training of technical personnel for maintenance of aircraft.

”The inter link and value chain between the air transport, tourism and hospitality industry for economic growth cannot be over emphasized. Today, the Eiffel Tower in Paris, London bridge, Dubai Mall, Burj Khalifa, the British museum in United Kingdom, e.t.c. have all been consciously developed into major tourist attractions that drive passenger traffic to those destinations and by implication attract businesses and generate employments for the locals and foreigners alike.”

He commended Sen. Hadi Sirika, the Minister of Aviation, the Permanent Secretary, Directors of the Federal Ministry of Aviation, the Senate and House Committee Chairmen and other stakeholders for supporting the industry at all times.

In his goodwill message,Sirika disclosed that President Buhari would at any moment from now sign into law the passed Civil Aviation Bill by the National Assembly

He assured that with the president’s assent to the bill, Nigerian aviation industry would grow rapidly, while more opportunities would also be created for all stakeholders and investors.

He disclosed that the aviation industry roadmap as approved by the Federal Government was intentionally fashioned after the Public Private Participation (PPP) model with the plan to grow the entire sector.

He challenged investors to tap into the myriads of opportunities in the sector, especially with the recently approved 12, hectares of land for implementation of the aviation roadmap by the Federal Capital Territory (FCT).

He added: ”We are ready to pursue all the components of the roadmap. Every part of the roadmap has reached advanced stages and all would be delivered before the end of this administration. Aviation industry in Nigeria is a goldmine, but it is still virgin.Globally, the core variables that sustain aviso industry is safety and security. We must continue to sustain these in the country.”

He reiterated that the Federal Government was willing and ready to discuss business, and partner with investors to bring the desired growth and development to the industry.

admin by — June 14, 2022 in Aviation 0
Obasanjo Empowers Nigerian Youths

Former President Olusegun Obasanjo has launched OBJ@85 Free Keke Programme which is geared towards providing economic empowerment for young people across the nation.

Obasanjo,who used the launch to mark his 85th birthday,said it was imperative for the youth to be given opportunities whilst also urging them to be more committed to shunning activities that will jeopardise sustainable nation building.

He urged Nigerian youths not to abandon the country to ‘those who are messing it up.’ He told them to hold their futures in their hands with a firm belief that ‘today is their day’ as against the famous cliché – youths are the leaders of tomorrow.

The ‘OBJ @85 Free Keke Programme’ was officially launched during the event and the tricycles (Keke) will be distributed to beneficiaries drawn from the 36 states of the federation as well as the Federal Capital Territory.

The tricycles were donated through the Youth Development Centre of the Olusegun Obasanjo Presidential Library Youth Development Centre.

Obasanjo said that despite many challenges confronting Nigeria, there are ‘opportunities galore’ and asked the younger generation to take advantage of it.

He also charged them to roll up their sleeves and make necessary contributions towards addressing challenges of the nation.

According to him, if the youth leave things to those who are messing it up and those who are saying they are the leaders of tomorrow, they will never have that tomorrow.

He said, “The first thing we want to prove is that there are opportunities galore in this country. Yes, things are not what they should be but you, as youths, individually and collectively, must make up your mind, make contributions in order to make things the way they should be.If you leave things to those who are messing it up for you and (you) are saying you are the leaders of tomorrow, you will never have that tomorrow. Today is your day.

“Then the third point is, yes, sometimes, you may get people who would help you and a times you may not even get who would help you; you must remember God has given you innate ability to be what He wants you to be and if you make up your mind on what you want to be, God will help you and He would provide those people who would help you to reach the sky which should be your limit.”

The chairperson of the Centre, Dr Bisi Kolapo, implored the youths to emulate Obasanjo’s passion and commitment in an effort to build ‘Nigeria of our dreams’.

She also warned them against corruption and greed as he said it would be difficult to fight those menaces if you’re a culprit.

She said courage, fortitude, forthrightness, respectability, knowledge, loyalty, passion and responsibility are some of the virtues expected of the youths in order to move the country forward.

Responding, two of the beneficiaries, Bashir Alimodu and Asembe Ngumimi, respectively from Borno and Benue States, applauded the centre for the donation which they said would enhance growth and development of their trades.

They also promised to make judicious use of the tricycles, just as they urged other wealthy Nigerians to take a clue from the gesture in order to lift young entrepreneurs across the country.

admin by — June 14, 2022 in News 0
Alleged Cocaine Deal: Abba Kyari’s Co-defendants Bag 2yrs Imprisonment

A  Federal High Court, Abuja, has jailed two co-defendants charged along side a suspended Deputy Commissioner of Police, Abba Kyari to two years imprisonment each.

The two co-defendants were charged to court with Kyari by the National Drug Law Enforcement Agency over alleged drug offences.

In his verdict on Tuesday,Justice Emeka Nwite,said having admitted to have committed the offence preferred against them in counts 5, 6 and 7, Chibunna Umeibe and Emeka Ezenwanne, who are 6th and 7th defendants respectively, “are hereby convicted accordingly.”

Justice Nwite sentenced them to two years imprisonment on each of counts 5, 6 and 7.
However, the court held that the jail terms shall run concurrently, with effect from the day they were arrested.

admin by — June 14, 2022 in Law/Human Rights 0