All Posts in "Buhari"

Buhari Unveils New NNPC, Says Coy Will Boost National Energy Security

President Muhammadu Buhari today unveiled the Nigerian National Petroleum Company Limited, assuring that the new company will guarantee energy security in the country.

He described the NNPC Limited as the largest national oil company in Africa,adding that the new enterprise would also support sustainable growth across other sectors of the economy as it delivers energy to the world.

“We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities,” the President was quoted as saying in a statement by his spokesman, Femi Adesina.

He said the NNPC Limited will sustainably deliver value to its over 200 million shareholders and the global energy community; operate without relying on government funding and be free from institutional regulations such as the Treasury Single Account (TSA).

He assured stakeholders in the industry that Africa’s largest NOC will adhere to its fundamental corporate values of Integrity, Excellence and Sustainability while operating as a commercial, independent and viable NOC at par with its peers around the world.

He added that the company would focus on becoming a dynamic global energy company of choice to deliver energy for today, for tomorrow, and for the day days after tomorrow.

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“Our country places high premium in creating the right atmosphere that supports investment and growth to boost our economy and continue to play an important role in sustaining global energy requirements.We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.

“By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on the 1st July 1977. 44 years later, I was again privileged to sign the Petroleum Industry Act (PIA) in 2021, heralding the long-awaited reform of our petroleum sector.

“The provisions of PIA 2021, have given the Nigerian petroleum industry a new impetus, with an improved fiscal framework, transparent governance, enhanced regulation and the creation of a commercially-driven and independent National Oil Company that will operate without relying on government funding and free from institutional regulations such as the Treasury Single Account, Public Procurement and Fiscal Responsibility Acts.

“It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.Coincidentally, I, on the 1st of July 2022 authorized the transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, and steered the implementation leading to the unveiling of Africa’s largest National Oil Company today,” he stated.

He commended the leadership and members of the National Assembly for demonstrating uncommon courage and patriotism in the passage of PIA that culminated in the creation of NNPCL.

Speaking, the Minister of State for Petroleum Resources, Timipre Sylva, said with the signing of the PIA, which assures international and local oil companies of adequate protection for their investments, the nation’s petroleum industry is no longer rudderless.

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He described the unveiling of NNPC Limited as a new dawn in the quest for the growth and development of the Nigerian Oil and Gas Industry, opening new vintages for partnerships.

In his remarks,the Group Chief Executive Officer of NNPC Limited, Mele Kyari, stated that the company had adopted a strategic initiative to achieve the mandate of energy security for the country by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1500 outlets within the next six months.

admin by — July 19, 2022 in Oil&Gas 0
Buhari Condemns Owo Massacre As NLC Urges Increased Surveillance

President Muhammadu Buhari has condemned the heinous killing of worshippers Sunday at the St Francis Catholic Church, Owa-luwa Street, Owo Kingdom, in Ondo State.

He said only friends from the underground region could have conceived and carried out such dastardly act, adding that eternal sorrow awaits them both on earth here, and ultimately in the hereafter.

He condoles with their families, the Catholic Church, and the government of Ondo State, charging emergency agencies to swing into action, and bring succor to the wounded.

“No matter what, this country shall never give in to evil and wicked people, and darkness will never overcome light. Nigeria will eventually win,” the President added

Meanwhile, the Nigeria Labour Congress, has urged the government to strengthen its intelligence gathering and surveillance mechanisms with a view to preventing odious crimes of this nature.

It also implored the government to wake up from deep slumber and mobilize our security agencies to take full term justice to criminals all over the country whose aspiration is to hold the country to ransom.

Comrade Amechi Asugwuni,Acting President, Nigeria Labour Congress,gave the suggestions in a statement made available to PremiumNews

He said:” It is important that the hunting down of the criminals who desecrated the hallowed grounds of Francis Xavier Catholic Church, Owo is realized in the next couple of days. The swift administration of justice to the perpetrators of this high evil will reassure citizens that there is still hope for the recovery of our country from a very calamitous precipice.

“While the government hunts down the criminals behind this attack, we urge fellow citizens not to allow these criminals divide us by provoking arbitrary attacks against ourselves. We must defeat their evil intentions of anarchy by standing strong together against the common enemy.

“We commend the first responders who attended to the victims of the Owo attack particularly medical workers who are currently battling to save many more lives from this satanic attack. We urge the Ondo State Government and the Federal Government to mobilize immediate medical supplies and other care items for victims. We also call for the beefing up of security in public spaces all over the country.

He commiserated with the Catholic Church and the Ondo State Government for the loss.

He expressed that It was indeed very unfortunate and worrisome that barbaric attacks by all shades of criminals across the country are getting bolder and more daring as politicians hustle to occupy public elective positions.

He added:”Very little is heard from those who aspire to lead us on how to effectively tackle the mounting waves of insecurity in our country. It appears that citizens without security votes and those who cannot afford to pay for the services of police escort are on their own as their lives could be preyed on and snuffed out at will as if their lives do not matter”

admin by — June 6, 2022 in News 0
Buhari Considers Tax Holidays For Spanish Investors

President Muhammadu Buhari is considering fiscal investment incentives to Spanish investors to ramp up a long-term business partnership between the two countries.

He spoke when he addressed the Spain-Nigeria Business Meeting organised by the Spanish Chamber of Commerce and the Federal Ministry of Industry, Trade and Investment during his ongoing 3-day State Visit to Spain.

He enumerated the incentives to include: three to five years of tax holidays for enterprises in what we deem to be pioneer industries; tax-free operations and no restrictions on expatriate quotas in our Free Trade Zones; capital allowances for agriculture, manufacturing and engineering amongst others.

He implored investors to look beyond the challenges currently facing the world and focus on the opportunities they present.

He said there are no challenges without opportunities and solutions.

“It is currently a challenging time for the global economy. But I have always held the strong conviction that there is no crisis without an accompanying opportunity and solution. Increased collaboration with African nations could well be what Europe needs to mitigate against both current and potential future supply-chain challenges and improve both our economic opportunities,” he said.

He added that the business meeting provided ample opportunity to advance trade relations between the two nations, which are today principally dominated by the oil and gas sector.

“I believe this forum is an excellent platform to establish and strengthen business relationships, share valuable experience, and collaborate for the mutual benefit of our countries.

“For quite a number of decades, Spain has been one of Nigeria’s most important trading partners. It is, for example, a major importer of Nigerian crude oil. Nigeria’s exports to Spain stood at $4.8bn in 2020 whilst Spain’s exports to Nigeria increased from $97.2m in 1995 to $517m in 2020. A lot more can be done to increase the volume of trade and today presents a good opportunity to explore how this can be achieved,” Buhari said.

He challenged investors at the meeting to take advantage of the opportunities that the Nigerian market offers, saying: “We are open to widening collaboration with Spain and in order to encourage private capital inflow, we have put together fiscal investment incentives which include the following: three to five years tax holidays for enterprises in what we deem to be pioneer industries; tax-free operations and no restrictions on expatriate quotas in our Free Trade Zones; capital allowances for agriculture, manufacturing and engineering amongst others.”

He explained that growing into partnerships with trusted local and foreign partners who have well-established networks and understand the dynamics of the economy and country is one of the identified keys to success in Nigeria

“Today provides a platform for Spanish businesses to connect with credible Nigerian partners. I trust that all present here will build relationships that will translate into increased trade and investment flows between Nigeria and Spain,” he added.

admin by — June 3, 2022 in News 0
Children’s Day: Buhari Advocates Domestication Of Child Rights Act

President Muhammadu Buhari, has called on all states to domesticate and effectively implement the Child Rights Act of 2003 and the Violence Against Persons Prohibition (VAPP) Act, 2015.

He also emphasized the need for the removal of children from the streets and enroll them in schools (both formal and informal); end harmful social norms and practices against children; put a framework in place to ensure children access justice both as victims and as offenders and improve birth registration which is critical for national planning and governance functions as well as serves as a foundation for achieving progress in child protection and the attainment of Sustainable Development Goals.

He spoke at the commemoration of the 2022 Nation’s Children’s Day celebration with the theme: is “Strengthening Supportive Systems for the Protection of the Nigerian Child: A Wake-Up Call”.

The President who was represented by the Federal Capital Territory (FCT) Minister, Malam Muhammad Musa Bello,said this year’s celebration affords him the opportunity to re-affirm this Administration’s commitment in protecting the rights of all children in accordance with the laws of this country.

He added: “As the future leaders of our great nation, the Government is aware that the welfare and well-being of children is a primary responsibility. As a country, when we look at today’s children, we see tomorrow’s leaders, lawyers, scientists, engineers, teachers, doctors, diplomats, journalists, entrepreneurs, etc. However, for our children to thrive and the country to remain competitive globally, we must support their development and renew public policies that work for them.

“The government of this nation set aside 27th of May each year to rededicate her unalloyed commitment to your total wellbeing and protection as enshrined in the Constitution of the Federal Republic of Nigeria 1999 as amended, the Child Rights Act, 2003, the Violence Against Persons Prohibition Act (VAPP Act) 2015 and other International Treaties and Conventions.

“We must have a child-friendly budget for their education, health, protection, and development as our failure to do so will move us towards a failed generation.

“Nigeria as a country has at both international and regional levels, signed charters, treaties, statutes, declarations and other relevant legislations committed to protecting children from violence. These include the United Nations Convention on the Rights of the Child (1989), the African Charter on the Rights and Welfare of the Child (1990), the Optional Protocol on the Involvement of Children in Armed Conflict (2000), the Optional Protocol on the Sale of Children, Child Prostitution and Child Pornography (2000), and Sustainable Development Goals (SDGs) among others”.

admin by — May 27, 2022 in News 0
Social Action Urges Buhari To Reposition NDDC

Social Development Integrated Centre, Social Action,has implored President Muhammadu Buhari to take decisive actions towards repositioning the NDDC for effective and inclusive service delivery and to better the lot of the people of the Niger Delta region.

The Programmes Coordinator of Social Action, Isaac Botti,in a statement,said the NDDC has over the years fallen short of its mandate of bringing development to the Niger Delta region.

This,it said,is a result of the endemic corruption that has brought about the wastage of over N15trillion that has accrued to the commission.

“While the president has taken the first step towards institutionalizing probity in the commission by ordering the forensic audit of its record from 2001 to 2019, it is only important to act on the report of the forensic audit and mandate an immediate and urgent investigation into the misappropriation of monies spent on abandoned projects across the region. The findings of the forensic report should not be ignored if anything is to be achieved in the fight against corruption in the NDDC.

“We call on Mr. President to be mindful of his body language toward the impunity in NDDC so as not to inadvertently embolden perpetrators of corruption in the NDDC. A major way to achieving this is for the NDDC Forensic Audit Report to be published- ensuring that all aspects of the Forensic Audit report are made available to the public and decisive actions are taken with all sense of responsibility”

The group also calls for an immediate end to the illegality in the appointment of interim management to run the affairs of the Commission,adding that the illegality has contributed in no small measure to the level of impunity going on in the NDDC.

” We condemn in strong terms the practice of interim management because it runs contrary to the provision of the NDDC Act. We call on President Muhammadu Buhari to without further delay constitute the substantive board of the NDDC as this will help strengthen supervision around the operation of the NDDC. We call on Mr. President to leave no stone unturned in ensuring that the NDDC is put on the path of transparency and accountability for posterity’s sake”

The group commended the Economic and Financial Crimes Commission (EFCC) for taking the bold step of arresting both Mrs. Patricia Etteh and Mr. Nsima Ekere in connection with NDDC contract fraud and outright corruption.

This shows that the government is not resting on its oars in bringing corrupt public officials to book,it added.

It calls on the anti-graft agency to extend its searchlight on every other person(s) who have been alleged to be involved in the series of corruption scandals that the commission has been enmeshed.

The group noted that Mrs. Etteh and Mr. Nsima Ekere are not the only public officials who are involved in NDDC corruption; there are still many out there who have been involved in the flagrant mismanagement of the public resources allocated to the NDDC and are still enjoying the proceed of corruption.

It added:”We, therefore, call on the EFCC and ICPC to go after all others who have been fingered in the outrageous corruption being perpetrated in the NDDC whether they are contractors, management members of NDDC (past or present), members of the National Assembly (past or present), and politicians”

admin by — May 23, 2022 in News 0
Buhari Okays Re-appointment of Abba Bello, Others 

President Muhammadu Buhari has approved the re-appointment of the Managing Director of Nigerian Export Import Bank NEXIM, Mr Abba Abubakar Bello, and other executive management staff of the bank.
 His action follows the fact that the members of the current management of the bank were appointed on 10th April, 2017 and their first five-year term is due to expire on 9th April, 2022.
The Special Adviser, Media & Communications to the Honourable Minister of Finance, Yunusa Tanko Abdullahi, conveyed the reappointment in a statement.
The re-appointment comprises Abba Bello, Managing Director and Chief Executive Officer, Bala Bello, Executive Director (Corporate Services), and Stella Erhuvwu Okotete, Executive Director (Business Development).
The statement said: “Section 11(4) of the NEXIM Bank Act specifies that the Managing Director and the Executive Directors shall hold office for a period of five years and shall be eligible for re-appointment for a further period of five years.
“Accordingly, as the expiration of the first term drew near, it became necessary to appraise their performance since assumption of duties across the core mandate areas of the bank for the purpose of their re-appointment or otherwise.
“The outcome of the appraisal revealed that the current management team with the support of the board has performed as well as exemplified by key achievements.
“Evidently, the operating profit, previously in the negative (N8.030billion) at the inception of the current management, has increased to N3.825billion in 2021, and there is an improvement in returns on capital earnings from -15.31 in 2016 to 2.72 in 2021.
“There is a reduction in non-performing loans from 94% in 2017 to 29% as at December, 2021, and there is an increase in the total assets of the bank by approximately N136.132billion or about 222% from inception of the current management in 2017 to 31st December, 2021.
“There is an enhanced liquidity position of the bank through additional funding totallingN103.755billion from Central Bank of Nigeria (CBN), N3.936billion from Federal Ministry of Finance, US$50million from the Nigerian Content Development Management Board (NCDMB) and US$25million from the African Export-Import Bank.
“The NEXIM has also made high growth in recoveries from N40.780million in 2016, preceding the current management to an annual average recovery of N1.243billion between 2017 and 2020 and a total collection of N11.903billion for the five-year period.
The bank has made the disbursement of a total sum of N144billion in loans to export-oriented entities in the non-oil sector while accounting for approximately US$375million as export proceeds within the period under review.
“The NEXIM bank has been ranked among the best three Development Finance Institutions (DFIs) and best five public institutions surveyed based on the Independent Corrupt Practices and Other Related Offences Commission (ICPC) Anti-corruption Assessment Criteria”.
admin by — April 2, 2022 in News 0
Buhari Won’t Complete Ajaokuta Steel-Minister

 President Muhammadu Buhari‘s administration will no longer complete the Ajaokuta steel plant in 2022 due to COVID pandemic and the raging  Russia-Ukraine war
The twin-events have  frustrated  the project which was billed for completion this year, on several fronts,Olamilekan Adegbite, minister of mines and steel development, told reporters in Abuja.
According to him,the federal government had, before the pandemic,  convinced Russia to complete the steel facility but could not proceed with the negotiations due to the deadly disease
The government moved to continue the negotiations with Russia after the lockdown, but progress was  again  frustrated on account of  the conflict between Russia and Ukraine,he said ,adding that  the federal government would initiate irreversible processes to ensure the resumption and eventual completion of the steel facility after Buhari’s administration.
He said:“Where we are today, we may not be able to get Ajaokuta to work but I pray that we can start something permanent.I’ve said it before. When we came back from Russia, yes, I went to the public and said, ‘look we will deliver Ajaokuta before the end of this tenure’. And I pray that I’ll have a chance to go back and apologise and explain what happened to the people before I leave office.
“It is due to no fault of ours. Everybody was ready to go, but unfortunately, COVID came in. So, it is a force majeure.”
admin by — April 1, 2022 in News 0
Buhari  Seeks Repositioning Of  SS Education

 President Muhammadu Buhari has asked the Senate to consider a Bill aimed at enforcing standards and providing federal government intervention towards the repositioning of senior secondary education in Nigeria.
The bill titled “National Senior Secondary School Education Commission Bill 2021,” was transmitted to the National Assembly by President Muhammadu Buhari.
The bill was accompanied with a letter which was read by the Senate President, Ahmad Lawan, during plenary on Tuesday.
In the letter, Buhari said that his request was pursuant to Section 58(2) of the 1999 Constitution of the Federal Republic of Nigeria as amendwas
In another letter, Buhari asked the Upper Chamber to pass the Federal University of Health Sciences Otukpo, Benue State Bill 2021.
He said the bill which was also transmitted to the National Assembly for consideration, seeks to establish the Federal University of Health Sciences Otukpo.
admin by — March 30, 2022 in Education 0
Buhari Celebrates Tinubu  At 70

President Muhammadu Buhari,has rejoiced  with National Leader of the party and former Governor of Lagos State, Asiwaju Bola Ahmed Tinubu, on his 70th birthday, March 29, 2022.
Buhari in a statement conveying his birthday wishes, affirms the contributions of the party stalwart to the political, economic and social development of the country, setting a standard in leadership, governance and philanthropy.
The President through a statement by his media aide, Femi Adesina noted and salutes his courage, resilience, selflessness and nobility in always placing the welfare and unity of the nation above self, backed with vision of a greater Nigeria through investments in people, institutions and governments, without minding tribe or creed.
President Buhari joins family members, friends, business and political associates in celebrating the septuagenarian, who has diligently and progressively risen on the nation’s political ladder since 1992, fighting for democratic rule against many odds, angling for people-focused development and supporting visionary and purposeful leadership.
admin by — March 29, 2022 in News 0
Buhari: Nigeria Determined To Face Rising Global Demand For Cleaner Energy Sources 

President Muhammadu Buhari,says Nigeria is prepared to face the challenge of rising global demand for cleaner energy sources.
He spoke  at the opening ceremony of the ongoing 2022 Nigeria Energy Summit in Abuja, urged the summit to develop smart homegrown goals for the country’s energy transition.
He was represented by  Chief Timiprye Sylva, the Minister of State for Petroleum Resources.
He said: “We will ensure for the optimal exploitation and utilization of the country’s vast natural gas resources given the country’s potential of about 600 TCF natural gas reserves as animals potential to diversify and grow Nigeria’s economy. We are fully aware that energy transition raises the bar in terms of environmental, social and governance demands. We are already building blocks and bricks that will ensure seamless energy transition as the country joins in the race for netzero carbon emission ambition.
“That is why this administration declared natural gas as the transition fuel for Nigeria. Without that, natural gas, ticks all the boxes were prepared to face the challenge. rising global demand for cleaner energy sources. I urged the summit to develop smart homegrown goals for the country’s energy transition. We are waiting to deliberate on the strategy paper from this summit and incorporate critical parts of it into government policies when necessary.
Speaking in his capacity as Minister of State for Petroleum Resources, Sylva noted that for countries such as Nigeria, that is rich in natural resources but still energy poor, the transition must not come at the expense of affordable and reliable energy for people, cities, and industry.
“On the contrary, it must be inclusive, equitable, and just—which means preserving the right to sustainable development and poverty eradication as enshrined in global treaties such as the Paris accord. It is evident that what makes the most sense from the point of view of “balancing energy security with environmental sustainability is the use of gas as a transition fuel.”
“At the heart of this administration is the vision to drive infrastructure and industrial development of the country in order to prosper her citizens and make life more meaningful to all. Natural gas ticks all the boxes as the vehicle to help government achieve the aspiration and that is why we embraced the resource to help turn around the economy by declaring year 2021-2030 as Nigeria’s decade of gas.
“To demonstrate that we are indeed committed to our vision, the Decade of Gas has now become an integral part of the Federal Government Oil and Gas Road map.
“We have embarked on a critical pathway to ensuring that the over 200 Trillion Standard Cubic Feet (TSCF) proven reserves of Natural gas in Nigeria is marshalled to engender domestic economic growth and development beyond 2030. Thus, we are driving to make natural gas our dominant primary energy source for use in the medium to Long term. Thankfully, our reliable partner, the Nigeria LNG Limited is not backing out. They are fully backing this initiative all the way.
“In this regard, the Ministry has launched the National Gas Expansion Programme (NGEP) to expand Nigeria’s Domestic utilization as part of the National Gas Policy; the National Gas Flare Commercialization Programme; as well as specific provisions in the new Petroleum Industry Act (PIA) 2021 that elevates LPG as the fuel of choice compared to other competing fuels.
“With this programme, we have established a 20 million Cylinder Injection Scheme; 5-10 million of these are to be introduced in pilot states this year. We have also established an LPG Energy Fund in the order of $50 million, in its first phase, in partnership with AFREXIMBANK,”
“LPG is set to be part of the destination as it is being used as a precursor for green hydrogen with zero emission. An eventual move to bio-LPG will allow countries like Nigeria to keep existing infrastructure in place, capitalize on already existing supply and distribution chains and reach net-zero at far lower cost. This, no doubt will help overcome the concern of stranded assets and Consumers will not have to re-invest in expensive electrical solutions if their gas appliances can be re- purposed for zero carbon LPG.
“As we have done in past editions of this summit, I expect free and frank exchanges in all our discussions and I am also prepared to present this summit outcome at the Federal Executive Council meetings. Nigeria and the entire Continent of Africa counts on you at this moment to ensure we move our oil and gas industry forward” he stated
Main Admin by — March 1, 2022 in News 0