All Posts in "Day: November 26, 2023"

Senate Summons NIPCO, AMOCON, Dangote, Pinnacle Oil,Others Over N130bn Gas Expansion Funds

 

Mohammed Shosanya

The Senate has summoned Nigeria Independent Petroleum Company,NIPCO,Amalgamated Oil Company of Nigeria ( AMOCON ), Pinnacle Oil , Dangote and other companies to to explain the N130 billion they had received from the Central Bank of Nigeria as intervention fund for the Nigeria Gas Expansion Programme (NGEP).

The companies would appear before the Senate Committee on Gas on Thursday , November 30,this year,according to the invite signed by its Chairman, Senator Jarigbe Agom Jarigbe,and made available to Premium News on Sunday.

The 15 companies are required to appear before the committee with their progress reports stating location of projects and the current status of the projects,the committee said in the letter.

Premium News reports that the breakdown of the disbursed funds to the companies showed that NIPCO Gas Limited received N25 billion; NIPCO Plc received N5 billion; AMOCON N5 billion ; Hyde Energy Limited received N2 billion; Delta State government N20 billion; Dangote N5 billion; Greenville LNG N10 billion ; Gas Nexus N10 billion; Pinnacle Oil and Gas N10 billion; Lee Engineering N15 billion among others.

Analysis of the funds released shows that NIPCO Group got the highest of N35 billion ,amounting to about 30⅚ of the money inclusive of that of AMOCON .

Premium News recalls that the sum of N250 billion was set aside by Federal Government through Central Bank of Nigeria (CBN ) as funds to aid national gas expansion programme at concessionary interest rate few years ago under the administration of President Muhammadu Buhari .

There has been apprehension over proper utilisation of the funds fuelling speculations that the beneficiaries may have diverted the funds that meant for the project that would have deepen gas consumption in the country.

Besides,stakeholders are worried that the actual utilisation of the money was shrouded in secrecy by most beneficiaries,who have kept sealed lips since they collected the fund.

Sources close to the committee told Premium News that they may visit some of the projects to be listed by the beneficiaries for on-the spot check

Meanwhile,stakeholders in the nation’s gas sector have commended the action of the Senate Committee on Gas,saying it was a right step in the right direction to stem the tide of corruption in the country’s oil and gas sector.

They told Premium News that the Senate’s probe of the N130billion gas expansion projects represent a new lease of life for the sector,as well as deviates from the old ways of seeing government money as funds that can be diverted from its original purpose of disbursement,thus defeating the intended purpose.

They implored the lawmakers to wield the big sticks on companies found wanting in the diversion of the fund,with a view to serving as deterrent to others

admin by — November 26, 2023 in News 0
FG Considers Financial Agencies’ Partnership On Revival Of Ajaokuta Steel

Mohammed Shosanya

Nigeria is currently expediting action to collaborate with financial agencies to revive the Ajaokuta Steel,Minister of Steel Development, Shuaibu Audu,has said.

The Minister,who spoke at the 7th PEEF Annual Conference (PAC) in Abuja recently,lamented that the privatization of the steel sector in Nigeria has over the years not yielded the desired result.

The theme of the conference was:”Accelerating Steel Sector Development in Nigeria & Achieving Zero Corruption in Procurement Management”

Represented by A. T. Umar,the Minister revealed that the funding of the Steel Companies in Nigeria became challenging which was what led to the privatization of the steel companies.

He said,most of the companies that were privatized could not take off, these were the fallouts of privatization,adding that Nigeria is at a stage where it’s rethinking whether to reverse the privatization of the steel sector in the country.

“During the President Buhari’s administration a lot of fund were invested on mining but the steel sector was neglected. As a government we need to produce steel from raw materials, this will bring economic prosperity to the nation. What the Minister is doing is to think outside the box in developing the Ajaokuta Steel.

“We want to collaborate with agencies, including financial agencies to see what we can do. We are working to develop the necessary manpower to man the sector,” he said.

Speaking,the Chairman, Board of Trustee (BoT), People Expertise and Excellent Foundation (PEEF) Engr.Abdullar Bukar advocated the need for the revival and expansion of the Ajaokuta Steel.

The development,he said,will bring about economic prosperity for Nigeria.

He said,there was need for a corruption free environment in the management of the nation’s investment in the steel sector.

He said,”Let us develop our country, so that we can process what we have and also sell finished products. Switzerland does not produce a single raw cocoa but they are the one who make the most money out of cocoa. They take raw materials that we produce, add value to it, they sell it at the price and we also go and buy”.

According to him,steel has the potential to generate N7billion annually for the country if properly harnessed.

He added:”Nigeria is exporting cement, it is also possible to export steel, therefore Ajaokuta should not only be revived but should be expanded.

“The most important part of it, is that we also need a corruption free environment to ensure efficient management of our investment on steel”

admin by — November 26, 2023 in Power 0
Protest: Chevron Ready To Partner Stakeholders On Sustainable Development

Mohammed Shosanya

Chevron Nigeria Limited,has expressed commitment to partnership with various stakeholders including the communities neighbouring its areas of operations in the Niger Delta, for sustainable development.

The company affirms that it is engaging with relevant stakeholders including the protesters at its Terminal and Escravos Gas—To-Liquid (“EGTL”) jetties, community leaders, traditional rulers, the Board of Trustees (“BOTs”) of the Warri Onshore Host Community Development Trust (“HCDT”), the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”), the Delta State Government, and other critical stakeholders to ensure the peaceful vacation of the protesters who have blocked access to the Terminal and EGTL jetties since November 21, 2023.

The protesters are demanding for the renaming of the Warri Kingdom Onshore Host Community Development Trust (“HCDT”) and involvement in the nomination of additional persons for inclusion on the Board of Trustees (“BOT”) of the HCDT. In addition, they are requesting for mobilization of their community workers for the EGTL Turn Around Maintenance (“TAM”) activities,a statement said.

CNL’s General Manager, Policy, Government and Public Affairs, Esimaje Brikinn reaffirms CNL’s strict compliance with applicable laws and regulations.

“As a law-abiding corporate citizen, CNL is committed and continues to make progress in the operationalization of the respective HCDTs in compliance with the Petroleum Industry Act, 2021. We continue to collaborate with the relevant stakeholders, including community leaders and traditional rulers towards the operationalization of the HCDTs. Also, CNL is committed to ensuring the participation of community workers in the EGTL TAM in line with the manpower mobilization plan”, he said.

Esimaje stated that contrary to untrue media reports about some protesters that are allegedly missing, verifiable reports on ground indicate that none of the protesters are missing.

He reiterated CNL’s priority on the safety of the people, the environment, and assets in all its operations and noted that CNL will continue to engage the relevant stakeholders to resolve the issues amicably.

“CNL advocates respect for the rule of law and use of constructive dialogue in the resolution of all issues,” he concluded.

admin by — November 26, 2023 in Oil&Gas 0
CBN Mulls New Forex Laws To Stabilize Exchange Rate

Mohammed Shosanya

The Central Bank of Nigeria,will soon introduce a new set of foreign exchange laws and guidelines to address naira depreciation and achieve exchange rate stability in the country.

Governor of Central Bank of Nigeria, CBN, Mr Yemi Cardoso,disclosed this in Lagos in a keynote speech at the 2023 Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria, CIBN.

According to him,the CBN will also conduct a new recapitalisation exercise for the banking industry, by directing banks to increase their minimum capital base to a level sufficient to support the vision of a $1trillion economy.

He added that the CBN will introduce a new licensing framework for fintechs and payment banks, warning that operators found engaging in activities outside their licenses will be sanctioned.

Cardoso said the apex bank will further tighten money supply for the next two quarters in order to curtail the challenge of rising inflation in Nigeria.

He added that to further reduce excess cash in the banking system the management of the CBN has approved and will soon conduct another round of liquidity mop up via issuance of Open Market Operations, OMO, treasury bills.

He said:“Our monetary policies will aim to achieve price stability, foster sustainable economic growth, stabilize the exchange rate of the naira, and reduce interest rates to facilitate borrowing and investments in the real sector. In order to ensure the proper functioning of domestic and foreign currency markets, clear, transparent, and harmonized rules governing market operations are  essential.

“New foreign exchange guidelines and legislation will be developed, and extensive consultations will be conducted with banks and FX market operators before implementing any new requirements”

On new licensing framework for fintechs, Cardoso said: “Technology will continue to play a critical role in delivering financial services and enhancing financial inclusion.  “However, recent developments in the payment services landscape have raised concerns regarding the use of technology and the existing licensing and regulatory framework. We have observed that some licensees are operating outside the approved activities, breaching the boundaries set for them.

“Any intentional or unintended noncompliance will be subject to sanctions, as operators have the responsibility to ensure that they are licensed for the activities they undertake. “Concurrently, as we conduct a comprehensive review of the licensing framework for payment services, we will engage in extensive consultations to develop a new regulatory and compliance framework that is suitable for the technology-driven payment services sector.”

admin by — November 26, 2023 in Banking&Finance 0
Oyo, UI Technical Team Move To Stop Water Scarcity

 

Mohammed Shosanya

The Oyo State Government has commenced moves to end the erratic water supply in the State, by collaborating with some Technical Team from the University of Ibadan.

The Chairman of the Oyo State Water Corporation, Hon. Elias Adeojo revealed this today in Ibadan while leading the Technical Team to the Scheme.

He emphasized that the Corporation decided to collaborate with the Team, due to its enthusiasm, experience and renowned expertise to assist the Corporation in attaining their goals.

He emphasized that the collaboration involves joining of forces and sharing of ideas on how to solve the issue of inconsistency in water supply in the state and sustaining it later.

He added that the exercise would take off from the Asejire Water Supply Scheme being the major aspect of water production of the Corporation.

Prof. Bamidele Dahunsi, a member of the Technical Team and Head of Department, Civil Engineering, University of Ibadan said that the Team is ready to collaborate with the Corporation in revamping the critical infrastructure of Water Corporation.

He pledged the team’s support to the Oyo state government to ensure provision of potable water to the habitants of Oyo state.

He added that the Team has noticed that there has been a downturn in the service of the Corporation hence the support to the Oyo state government.

He also said if the collaboration of the Team with the Chairman succeeds, then the state government has succeeded.

Another member of the Team, Engr S.O. Adesogan, also from the Department of Civil Engineering, University of Ibadan stressed that Asejire Water Supply Scheme and other Schemes are treasures to Oyo State Government, maintaining that with the goodwill of the Governor, Engr Seyi Makinde and the Chairman of the Corporation, the Corporation would reclaim its lost glory of producing water to the people of the State in no distant time.

admin by — November 26, 2023 in Environment 0
Oyo Anti-graft Agency  Educates Nursing Students On Financial Crime

Mohammed Shosanya

Oyo State Anti-corruption Agency (OYACA) on Friday sensitized students of the Oyo State College of Nursing and Midwifery on how to key into the fight against corruption in educational institutions.

 

The Chairman, Oyo State Anti-corruption Agency (OYACA) Hon Justice Eni Esan (rtd.), lectured the students on the rudiments of financial crimes, corruption and how they can protect themselves from becoming victims of such crimes.

 

She explained that the sensitization is meant to enlighten tertiary institutions such as the College on the key roles educational institutions play in the fight against corruption, being the place where future leaders are trained and nurtured.

 

She implored the students to assist in propagating the anti-corruption message, especially in the area of cyber-crime which is mostly being perpetrated by youth.

 

 

She added:”At the completion of your training here, you will become qualified medical personnel who will work in different health sectors all over the world. We want you to imbibe the anti-corruption spirit from the onset so as to guard against corruption and prevent all forms of corrupt practices that are predominant”.

 

 

Also speaking, the Provost, Oyo State College of Nursing and Midwifery, Dr. Gbonjubola Owolabi stated that there should be no excuse for committing an offense.

 

She said it is a good thing that Oyo State is setting the pace to tackle the menace of corruption, adding that other states would emulate it.

 

She reiterated the need to enhance and sustain policies because the nursing profession is a disciplined one and it has its ethics.

 

She assured OYACA that the College will stand by their policies, so as to have an enviable college amongst the ones in the country

admin by — November 26, 2023 in News 0