All Posts in "Day: May 26, 2023"

NDIC Moves To Liquidate 132 Microfinance Banks

Mohammed Shosanya

The Nigeria Deposit Insurance Corporation, NDIC, says it would soon completely liquidate the 132 banks whose licenses were recently revoked by the Central Bank of Nigeria, CBN.

The Zonal Controller of the Corporation, Alhaji Shehu Usman,who disclosed this during the NDIC 2023 Financial Literacy Day at Kano Rumfa College,said the Apex Bank has since forwarded the bank to them for final liquidation.

Early in the week,the CBN revoked the operating licenses of 132 microfinance banks in Nigeria alongside those of four primary mortgage banks and three finance companies.

The Zonal Controller of the NDIC, noted that the responsibility of the corporation is to ensure the protection and guarantee of the financial disposition of Nigerians and that’s the reason they are cooperating with the CBN to achieve such missions.

On the Financial Literacy Day for the students, the NDIC boss, said it has become imperative for the students to be aware of financial transactions and how to go about it.

He explained that through the literacy day they are teaching students how to operate accounts including business transaction accounts for them to know how to invest their money or appropriately save it.

admin by — May 26, 2023 in NAICOM 0
Supreme Court Dismisses Suit Seeking Disqualification Of Tinubu, Shettima

Mohammed Shosanya

The Supreme Court of Nigeria,has dismissed a suit seeking to disqualify the presidential candidate of the All Progressives Congress, Bola Tinubu and his running mate, Kashim Shetima from contesting the February 25, 2023 presidential election on account of double nomination.

The decision of the 5-man panel led by Justice John Inyang Okoro was on a suit filed by the Peoples Democratic Party.

The PDP had, in the suit filed on July 28, 2022, challenged the validity of the Tinubu/Shettima ticket for the 2023 presidential election, arguing that Shettima’s nomination as the running mate was in breach of the provisions of Sections 29(1), 33, 35 and 84{1)}(2)} of the Electoral Act, 2022 (as amended).

The party claimed that Shettima had double nominations, arguing that his nomination as a vice-presidential candidate as well as the candidate for the Borno Central Senatorial seat contravened the law.

The PDP sought an order disqualifying the APC, Tinubu and Shettima from contesting the presidential election.

The former Vice President and the opposition party, the PDP also prayed for an order compelling the INEC to remove their names from its list of nominated or sponsored candidates eligible to contest the election.

After hearing the suit, Justice Inyang Ekwo of the Federal High Court sitting in Abuja, on January 13, 2023, dismissed the PDP’s suit, describing the party as a busy body to have instituted the legal action.

The Independent National Electoral Commission, and the All Progressives Congress were joined in the suit as defendants.

Justice Ekwo slammed a N5million cost against the PDP for dabbling into issues that were the internal affairs of the APC.

Miffed by the trial court’s judgment, the PDP took its case to the appellate court to seek redress by having the judgement set aside and dismissed.

But,the Court of Appeal in it’s judgment, led by Justice James Abundaga, on March 24, held that the PDP failed to establish its locus standi.

Leading a three-man panel of the appellate court, Abundaga refused the application by the PDP to reverse Justice Ekwo’s judgment.

Again, not satisfied with the outcome of the appeal, the PDP approached the Supreme Court for it to reverse the judgement of the court below.

In his lead judgment on Friday, Justice Adamu Jauro held that the Plaintiff/Appellant (PDP) lacked the locus standi (legal right) to file the suit against Tinubu and Shettima.

The court held that the appellant was unable to show that it’s civil right had been infringed upon, and how the action of Tinubu in picking Shettima as his running mate had affected or caused injury to him.

Justice Jauro noted that for a person to have the locus standi to challenge a nomination process of a political party, the person must be a natural person, an aspirant to that position and a member of that party.

“A political party has no right to challenge the action of another party or the decision of INEC in respect of another party.Another reason while the suit of the appellant was shaky was that no matter how manifestly wrong an action might be, “It is only a person that has locus standi that cause initiate a cause of action”,the court added.

admin by — May 26, 2023 in News 0
NUPRC Unveils Seven New Regulations To Stop Inaccurate Petroleum Measurement

Mohammed Shosanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC),has issued seven new regulations as part of efforts to ensure flawless measurement of petroleum production in the country.

The new regulations are designed to foster a more business-friendly environment in the nation’s upstream oil and gas industry,the Commission’s Chief Executive, Engr. Gbenga Komolafe said.

According to him,the new regulations represent a significant milestone achievement for the Commission in its continuous stride towards the attainment of the goals of the Petroleum Industry Act (PIA) and the reformation of the upstream petroleum sector.

He said:”Empowered by the PIA 2021, the Commission launched today seven concluded regulations out of the thirteen drafted regulations that were presented for discussion during phase 1st, 2nd and 3rd of consultation with stakeholders between 2022 and 2023 are:

“The Nigeria Upstream Petroleum Measurement Regulations, 2023; Production Curtailment and Domestic Crude Oil Supply Obligation Regulations, 2023; Frontier Basins Exploration Fund Administration Regulations, 2023; Nigeria Upstream Decommissioning and Abandonment Regulations 2023; Significant Crude Oil and Gas Discovery Regulations, 2023; Gas Flaring, Venting and Methane Emission (Prevention of Waste and Pollution) Regulations, 2023 and Nigeria Upstream Petroleum Unitization Regulations, 2023.

“The other six (6) regulations yet to be approved and signed into law include: Upstream Petroleum Fees and Rents Regulations, Acreage Management (Drilling & Production) Regulations, Upstream Environmental Remediation Fund Regulations, Upstream Petroleum Safety Regulations, Upstream Petroleum Environmental Regulations and Advance Cargo Declaration Regulations”.

He stated that all signed regulations are revolutionary in nature which are aimed at providing a regulatory environment that assures efficiency, predictability, clarity, and effectiveness to the industry in the discharge of the commission’s mandate.

He added:”These regulations are significant in line with the recent happenings in the oil and gas industry. For example, the Nigeria Upstream Petroleum Measurement Regulations, 2023 heralds a new approach in the regulation of petroleum production accounting process for fiscalization purposes in the sector.

“It will ensure flawless measurement of petroleum production in an efficient, accurate, error free and standardized manner eliminating errors in production accounting and ensure enhanced revenues for the government and the holders of Petroleum Prospecting Licences and Petroleum Mining alike.

“Also, the Production Curtailment and Domestic Crude Oil Supply Obligation Regulations, 2023, which coincidentally is coming into effect at the time that the 650 barrels capacity Dangote Industries Refinery in Lagos is coming on stream would ensure the continues and adequate supply of crude oil feedstock to the nations rapidly expanding refining industry.

“The Frontier Basins Exploration Fund Administration Regulations, 2023, another entirely novel regulations in the sector, would bring into effect a structured regulatory regime in the conduct of exploratory activities and search for hydrocarbons in the nations frontier basins in a manner that is transparent and targeted at speedy de-risking of those areas for petroleum development and production.

“The Gas Flaring, Venting and Methane Emission (Prevention of Waste and Pollution) Regulations, 2023 codifies commercial ideas and practices currently being deployed by the Commission in the almost concluded phase one of the novel Flare Gas Commercialisation Program of the Federal Government as well as other provisions aimed at eliminating the flaring of gas and conforming with emission reporting requirements under international laws”.

admin by — May 26, 2023 in Oil&Gas 0
NNPC Signs Five Deals On Renewal Of OML130 Contract

Mohammed Shosanya

The Nigerian National Petroleum Company Limited (NNPCL) has entered into agreements for the renewal of the Oil Mining Lease (OML) 13 Agreements with five energy companies.

The companies include: China National Offshore Oil Corp (CNOOC), South Atlantic Petroleum (SAPETRO), Total Upstream Nigeria Limited (TUPNI), PRIME 130 and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC),according to a statement on Thursday.

The company explained that the agreements involved are Production Sharing Contracts, Heads of Agreement (HoA) Amendment, Settlement Repayment Agreement, Concession Contracts for 1 PPL and 3 PMLs, and Lease & License Instruments.

It added that the development provides ground to firm up final investment decision on the Preowei amounting to $ 2.1bn, subsequently to be followed by Egina South projects lined up by TUPNI and the OML 130 partners to introduce additional volumes to the best-in-class Egina Floating, Production, Storage and Offloading (FPSO) Vessel.

admin by — May 26, 2023 in Oil&Gas 0
Makinde Orders Dissolution Of Waste Task Force

Musbau Babatunde

The Oyo State Governor, Engr. Seyi Makinde, Thursday ordered the dissolution of the State Task Force on Waste Management.

The Chairman, Transition and Inauguration Committee, Otunba Segun Ogunwuyi, who disclosed this in a statement,said the act is with immediate effect.

The statement read, “I have the directive of the Executive Governor of Oyo State, His Excellency, Governor Seyi Makinde to inform you of the dissolution of the Oyo State Waste Management Task Force with effect from today, 25th May, 2023”.

“The Task Force is by this directive required to officially hand over and submit all government properties to the Transition & Inauguration Committee”.

“His Excellency appreciates your tremendous contributions to the development of our dear State and wishes you success in your future endeavours”.

admin by — May 26, 2023 in News 0
Minister, Airline Operators In Last Minutes Battle Over Take-Off Of National Carrier

Mohammed Shosanya

Minister of Aviation,Senator Hadi Sirika and airline operators in the country are currently locking horns over the take-off of national carrier at the eleventh hour of the outgoing administration.

The government had insisted that Nigeria Air plane will arrive the country tomorrow,Friday,while the operators see such moves as unwarranted on the ground of pending legal hurdles surrounding the birth of the national carrier.

Speaking to Channels Television on Wednesday, the Minister said a Nigeria Air aircraft will land in the country on Friday as part of processes to commence operations and unveiling of the delivery process.

He also assured that the plane will be unveiled in Nigeria’s colours in fulfilment of the promises made by the administration in the aviation sector.

He added:“On the question of Nigeria Air, on Friday in two days, Nigeria Air plane will land in Nigeria as part of the processes to commence operation. We will on that day unveil this aircraft, the livery and everything in Nigeria’s colours, belong to Nigeria Air and we will proceed to go and do the retrofit and bring back those aeroplanes.”

The Minister, however, said that the only incomplete item is the aerotropolis, which is the airport city and is 60% complete.

He disclosed that the groundwork has been completed and that the next administration is expected to conclude work on the airport city.

But,Airline Operators of Nigeria (AON),in a statement on Thursday, said that the last minute attempt by the Minister to force a national carrier is a call for anarchy.

Prof. Obiora Okonkwo, its spokesperson, said that the actions being taken by Sirika were in flagrant disobedience of the orders of the Federal High Court of Nigeria, which halted the move.

According to him, it was necessary for AON to respond to the statement of Sirika due to the myriad of inquiries from concerned, patriotic Nigerians and industry stakeholders who had expressed concern over the minister’s comments to commence the new national carrier by Friday, May 26, 2023, which is the last working day of the current administration.

The body welcomes the establishment of more airlines in Nigeria,but against any contraption that is shadowy and not in the best overall interest of the country,he quoted in the statement.

The statement added: “We need the outgoing minister to come forward, defend and counter the very damning submissions in our suit.
“Again, it is very disturbing that a minister is desperately hoodwinking the entire nation into accepting a massively flawed process just 72 hours to the end of his seven-year tenure in office as Minister of Aviation, even as the courts have halted him.

“Stakeholders are worried that his actions may create problems for the incoming government of President Ahmed Bola Tinubu.”

AON said that the government of Tinubu should not be blackmailed into accepting a contraption that would hurt the Nigerian economy and destroy millions of existing jobs in favour of a few individuals and a foreign country.

It maintained that Sirika was aware of the different court orders against him and Nigeria Air, reiterating that he was courting a charge of contempt of court with his action.

The group added that the process of acquiring Airline Operators Certificate(AOC) for Nigeria Air was still at stage one of the exercise, contrary to the minister’s statement that process had reached the last stage – phase five.

It declared that the world was watching the regulator, the Nigeria Civil Aviation Authority (NCAA) on the Nigeria Air and its AOC process, adding that the NG Eagles’ flawed AOC issuance was equally a matter that would be tackled in the future.

“The government should understand that the actions and pronouncements of this minister is not only impugning on the independence and integrity of the NCAA, but also capable of bringing the entire industry into disrepute, thereby adversely affecting the ratings of Nigeria’s airlines on the global stage.

“The minister cannot order these certification processes by fiat. Therefore, an aircraft flying into Nigeria and bearing Nigerian colours does not change anything.

“Furthermore, the fact that the minister has just a few more days left of his time in office, makes it necessary that promoters of the airline, if they exist, other than Sirika, should be talking to Nigerians, telling them what they ought to know and answering relevant questions about their stakes in Nigeria Air,” AON said.

It clarified that until the order was vacated, the Ministry of Aviation cannot proceed with any action towards the airline.

admin by — May 26, 2023 in Aviation 0
Court Remands American In Prison Over Illegal Import Of Firearms Into Nigeria

Mohammed Shosanya

Justice Abimbola Awogboro of a Lagos Federal High Court,Thursday,ordered the remand of an American at the custody of the Nigeria Correctional Service,for allegedly importing firearms into Nigeria.

The accused,Donn Perkins,who claims
to be a former United State Marine, was arraigned on a four-count charge of the offences.

Justice Awogboro ordered the remand of the defendant after listening to counsel’s submissions on the matter in which he fixed June 6 and 7 for commencement of the defendant’s trial.

Arraigning the defendant on Thursday,the prosecutor,Mrs. Kehinde Bode-Ayeni,told the court the he was arrested sometimes in February 2023, at the Tin-can Island, Apapa, Lagos.

She disclosed the arms and ammunition the defendant arrested with as: one piece of 5.56mm AK47, styled rifle (Tavor) serial No. 1452 with three magazines and one drum, one piece of Ak47 7.62mm variant serial No: 9335724 with four magazines, Ruger magnum .357 Revolver with serial No. 17819337, Ruger 380 pistol with serial no; 79047837 and XD 45 pistol with serial No. BY558431 and two magazines.

She also told the court the American illegally brought into the country: a total of 1,064 rounds of 5.56mm live ammunition, 119 rounds of .357mm live ammunition, 62 rounds of.32mm automatic ammunition, 29 rounds of 9mm live ammunition, 25 rounds of AK47 7.62mm special live ammunition, 39 rounds of 22mm live ammunition, 47 rounds of 45mm automatic live ammunition, 1 round of .40mm live of ammunition and 54 rounds of .380mm Ruger live ammunition.

The prosecutor further told the court that the defendant hid the arms and ammunition in a 1x20ft Container No: TGHU0S010362 and illegally brought them into the country through Tin-Can Island, Apapa, Lagos.

According to her, the offence committed by the defendant contravened sections section 18 and 19 of the Firearms Act, Cap F28, Laws of the Federation of Nigeria 2004 (As amended), and punishable under section 27 (1) (a) (lil) of the same Act.

The American pleaded not guilty to the charges.The prosecutor asked for a trial date, and prayed the court to remand him in prison custody pending the determination of the charge.

But the defendant’s lawyer, Blessing Jaiyeola, pleaded with the court to remand her client in the complainant’s custody, till when she will file his bail application.

She told the court that her client was an Ex-Us marine, only came to stay in Nigeria to stay with the items arrested with him.

She prayed for a short date, to enable her file the bail application.

admin by — May 26, 2023 in Law/Human Rights 0
Don’t Disrupt Tinubu’s Presidential Inauguration, DSS Warns

Mohammed Shosanya

The Department of State Services (DSS), has warned unaccredited persons, the media and Civil Society Organisations (CSOs) to stay away from restricted and certain designated areas at the event venues of the presidential inauguration of Bola Ahmed Tinubu,next Monday.

Its warning came on the heels of its claim that, there are “plans by subversive elements to disrupt the programmes in parts of the country.

A statement signed by Dr. Peter Afunanya, DSS spokesperson quoted that: “Based on these, citizens, the media and Civil Society Organisations are advised to adhere strictly to security and civil protocols during the events.

“They are also urged to shun fake news, false alarms, skewed reportage/narratives and sensationalism that may likely inflame division, tension and violence prior to and after the exercises.

“This is more so that such undesirable acts will serve no purpose other than destroying national unity and cohesion. Additionally, all unauthorised (and unaccredited) persons are warned to stay away from restricted and certain designated areas at the event venues.

“It would be recalled that the Secretary to the Government of the Federation and Chairman of the Presidential Transition Council (PTC) on 18th May, 2023 held a World Press Conference during which he announced activities for the Presidential inauguration. The major highlight of the activities is the swearing-in of the President on 29th May, 2023 in Abuja. On the same date, new Governors will also be inaugurated in most of the States.

“The Service is, however, aware of plans by subversive elements to disrupt the programmes in parts of the country. The aim is to undermine security agencies’ efforts at ensuring peaceful ceremonies as well as creating panic and fear among members of the public.”

He reiterated his agency’s previout call on the populace to remain calm and law abiding, saying, the DSS “will continue to sustain collaboration with sister agencies to ensure successful inaugurations.”

admin by — May 26, 2023 in News 0
Why Adoption Of Renewable Energy In Africa Is Slow -Climate Activists

Mohammed Shosanya

Climate activists have identified lack of awareness, limited technical competence and know-how, limited investment, inadequate financial mechanisms to facilitate and promote investment in renewable energy as some of the obstacles to the adoption of renewable energy in Africa.

Other factors are lack of tax incentives,lack of local manufacturing and assembly plants, insufficient policy and regulatory frameworks.

The activists disclosed this while unveiling the findings of research that reflects on the barriers of renewable energy and climate change policies in parts of West Africa.

The report was launched as Civil Society Organizations and grassroots groups under the Afrika Vuka network held actions across the continent to highlight the role of renewable energy as a solution to the region’s energy and climate crises.

The research focused on the state of renewable energy in Benin, Togo, Ghana and Nigeria highlighting potential areas of intervention to support the adoption of renewable energy and foster a just transition to renewable energy on the continent,a statement said.

The report identified the need for strong and steady promotion of renewable energy in the targeted countries, by raising awareness of its benefits and opportunities, removal of financial barriers, implementation of enabling policies, encouraging innovation and research, as well as upskilling of workers.

They underscored the need to address the barriers to the build out of community-centered renewable energy systems and the phasing out of fossil fuels, to avert worsening climate impacts, for a continent that already suffers disproportionately from these impacts.

Landry Ninteretse, Regional Director, 350Africa.org said:“While our continent is sadly on the frontlines of the climate crisis that we have done little to cause, we are fortunate to have access to some of the solutions. Africa’s wealth of renewable energy potential presents a great opportunity for the continent to not only address her own energy needs, but also potentially lead the global energy transition.

“What is required are concerted efforts by governments and other stakeholders to address the barriers to renewable energy – starting with finance and policy- by creating an enabling regulatory environment for its adoption, accelerating the shift away from polluting fossil fuels, while investing consistently in powering up community-centered renewable energy solutions that are absolutely critical to ensuring that we avert catastrophic climate impacts and secure a liveable future for us all.”

Michael Terungwa, Climate activist and Founder – Global Initiative for Food Security and Ecosystem (GIFSEP), Nigeria said:We need safe, reliable and sustainable energy systems to drive our economies. Continued dependence on polluting fossil fuels is not an option for us, as it has resulted in a climate crisis that is devastating communities.

“Just last year, Nigeria suffered flooding that led to the loss of hundreds of lives and displacement of an estimated 1.5 million others. We are counting on the political will of our new leadership to pave the way for the much needed just transition in Nigeria by being intentional in implementing relevant policies that create a conducive environment for the adoption of renewable energy. “

Portia Adu Mensah, National Coordinator – 350 Ghana Reducing Our Carbon(350GROC) said:”Ghana needs an ambitious and concrete plan for renewable energy as we shoot for at least 30% renewable energy in the country’s energy mix by the year 2030. We not only need to break free from fossil fuels, but also ensure that small-scale, off grid community friendly renewable energy is accessible to all. The involvement of communities in this is crucial, to ensure that plans factor in their views and interests as well as safeguard the well-being of the environment.”

Raïssa Oureya from the Renewable Energy Coalition said:The recently launched Renewable Energy Coalition (REC) of grassroots groups in Benin and Togo is geared at advocating for the adoption of renewable energy in these two countries that have great potential in renewable energy, but still rely heavily on energy imports.

“It’s critical to maintain the push for a sustainable energy future built on renewables to enhance energy security and address the climate crisis. Beyond the launch of this research, we are holding various actions to raise awareness on the role of renewable energy in enhancing sustainable development in hopes that this will spur a much needed clean energy transition”

Ferron Pedro, South Africa Senior campaigner, 350Africa.org said,”South Africa’s energy crisis is a stark reminder of the dangers of reliance on fossil fuels. A just energy future built on socially owned renewable energy is possible and necessary to ensure access to affordable, safe energy for all while creating millions of green jobs.

“We call for transparency and meaningful public participation in the implementation of just energy transition programmes to ensure that the needs and interests of workers, communities and marginalized groups are placed centrally in the development of local, job-creating renewable energy industries”.

admin by — May 26, 2023 in Environment 0
Shun Monopoly, NEITI Boss Advises Dangote Refinery

Mohammed Shosanya

The Nigeria Extractive Industries Transparency Initiative (NEITI) has advised Dangote Petroleum Refinery to distance itself from a monopolistic business model in the country.

Its Executive Secretary,Dr Orji Ogbonnaya Orji,who gave the suggestion in a statement on Thursday,also enjoined the conglomerate to embrace corporate social responsibility, openness and accountability which allows for civic engagement and free enterprise.

The statement quoted him as saying that
NEITI expects the Dangote refinery to fully comply with the principles of the Extractive Industries Transparency Initiative (EITI) which Nigeria is a signatory.

Mrs. Obiageli Onuorah, the Deputy Director/Head Communications and Stakeholders Management,who signed the statement,said the agency will soon commence engagements with the Dangote Refinery on the specific issues around the 20% equity interest that the Nigerian National Petroleum Company Limited has taken in the Refinery on behalf of the Federation.

According to the statement, NEITI welcomed with high expectations the completion and commissioning of the multibillion dollars Dangote Refinery by President Muhammadu Buhari, Monday in Lagos.

“NEITI as a member of the global Extractive Industries Transparency Initiative with domestic responsibility to enthrone transparency and accountability in the oil gas and mining sectors, is delighted that the Dangote Refinery is coming on stream at a time when public debates on the removal of fuel subsidy have taken a centre stage in public discourse.

“Apart from the huge revenue losses, (NEITI’s Independent extractive industry report on subsidy payments between 2005 to 2021 disclosed over N13.7 trillion naira as having been expended on subsidies), capital flight and other numerous challenges over fuel importation, the take-off of Dangote Refinery with 650,000 barrels daily refining capacity will largely address Nigeria’s domestic demands for refined petroleum products within the short and medium term.

“NEITI salutes the determination, courage and the huge confidence demonstrated by Alhaji Dangote in the huge investments in the downstream sector which will address the issues of product availability, job opportunities and value creation”,it added

The statement also quoted the Executive Secretary as projecting that the Commissioning of the Dangote refinery will end fuel importation in Nigeria and subsequently save the nation the over $7.3Billion projected to be spent on fuel subsidy in the first half of the year 2023.

 

admin by — May 26, 2023 in Oil&Gas 0