NNPC audit report exposes double subsidy payments
PricewaterhouseCoopers, the firm of forensic auditors hired by the Federal Government to probe the Nigerian National Petroleum Corporation, has indicted the corporation of making double subsidy claims on petrol and kerosene.
“Our examination of the PMS and DPK import verified by PPPRA revealed that some discharges were apparently verified and subsidy advised to NNPC more than once,” the report stated. Read more
INEC holds bye-election in Ajaokuta today
Independent National Electoral Commission, (INEC) said it is ready to conduct election in seven polling units of Ajaokuta State Constituency in Kogi State today.
The election was disrupted by protests following the hijack of electoral materials by suspected party thugs in connivance with some unidentified INEC workers. Read more
No Safe Haven for Looted Funds in Switzerland, Says Envoy
It will now be extremely difficult for corrupt government officials to launder illicit funds from their home countries to Swiss banks due to stringent policy measures now in place in the country, the country’s Ambassador to Nigeria, Hans Rudolf Hodel, said.
Hodel, who spoke to journalists on the tightening of the anti-corruption noose shortly after a meeting with the president-elect, Muhammadu Buhari, at the Defence House in Abuja, said another $370 million loot belonging to the late General Sani Abacha’s family has been traced to an account in Luxembourg. Read more
Pensioners Picket NSITF as Fund Sets up C’ttee for Implementation of 33% Increment
Pensioners who retired from the Nigeria Social Insurance Trust Fund (NSITF) monday picketed its headquarters in Abuja to demand the implementation of the 33 per cent pension increment approved by the federal government in 2012.
This is as the fund set up a committee to urgently work with other stakeholders to effect the increase.
The Managing Director of NSITF, Mr. Munir Abubakar, met with the protesters for over two hours in his office to discuss and reach and agreement over their grievances. Read more
Customs seize contraband items at Seme border
The Nigeria Customs Service, Seme-Badagry area command made seizures of 200 prohibited items with a Duty Paid Value of N42, 815,806:00 and raked in revenue of N2, 583, 548, 432.53 to the government coffers in the first quarter of this year.
The Customs Area Controller, Seme Area Command, Comptroller Ndalati Garba Mohammed said the revenue earnings is an improvement over the sum of N2,133,776,367:31 collected in the same period last year (2014). Read more
Swiss assisting Nigeria recover $370m Abacha loot -Ambassador
Swiss ambassador to Nigeria, Hans-Rudolf Hodel declared yesterday that Switzerland was working to assist Nigeria recover $370m stashed in Luxembourg by late military leader, Gen Sani Abacha.
He said so far, Switzerland is waiting for the Federal Government and the Abacha family to reach an agreement on issues regarding the return of the money. According to Hodel , his country was ready to offer legal assistance to facilitate the quick recovery of the money from Luxembourg.The envoy spoke when he paid a visit to President-elect Gen Muhammadu Buhari in Abuja. Abacha ruled Nigeria Between and 1993 1998. Read more
‘Hundreds’ found dead, buried in Damasak in Borno
Hundreds of people have been found dead in the northeast town of Damasak, in Borno apparently victims of Boko Haram insurgents, residents and officials said on Monday.
“Dead bodies were found in houses, streets and many more in the Damasak River which has dried up,” said local man Kaumi Kusur, adding the victims were buried in 20 mass graves at the weekend. Read more
Ex- NDDC Commissioner Jailed Three Years for Stealing Transformers
A former Commissioner representing Akwa Ibom State on the board of the Niger Delta Development Commission (NDDC), Godwin Moffat Eyo, was on Monday convicted and sentenced to three years’ imprisonment by an Akwa Ibom State High court for stealing 56 transformers meant for oil producing communities in the state.
The convict who was prosecuted by the Economic and Financial Crimes Commission (EFCC) on a 56-count charge that borders on stealing and conversion of 56 electricity transformers released to him by NDDC for distribution to communities in Akwa Ibom State, was found guilty on 37 of those counts by Justice Idongesit Ntem B. Isua and sentenced to three years imprisonment on each of the counts. He was however discharged and acquitted on 19 counts. The sentences are to run concurrently. Read more
Tension in Ekpan near Warri as Gunmen Kill Community Leader
The sudden death of a newly elected member of the executive committee of the Ekpan Community Trust of Ekpan community in Uvwie Local Government Area of Delta State on Monday in the hands of suspected assassins abruptly halted the planned inauguration of the executive body.
The victim, Mr Abraham Edesiri Olomu, who was said to be financial secretary-elect of the Ekpan Community Trust, was reportedly on his way to the Ekpan Community Townhall, venue of the inauguration of the new executive committee, when he was attacked and killed. Read more
Lagos blames INEC for delay in LG polls
Lagos State Government yesterday said the Independent National Electoral Commission (INEC) is to be blame for its inability to conduct elections into the state’s 20 local government areas and 37 local council development areas.
Commissioner for Local Government and Chieftaincy Affairs, Mr. Ademorin Kuye, who said this at a ministerial press briefing, added that the state government could not categorically say when the local government elections would be held. Read more
Unknown Gunmen Bomb Local Radio Station in Okene
A local radio station, Tao FM on frequency 101.9, in Okene, Kogi State was Monday evening bombed by unknown gunmen, killing no fewer than five people, including the security personnel guarding the station.
According to an online news medium, Greenbarge Reporters, the gunmen gained entry into the station through the hilly rear, gunned down the two security men before throwing an explosive into the building housing the station. Read more
Kidnapper shot dead, victim rescued in Lagos
The Special Anti-Robbery Squad (SARS) of the Lagos State Police Command has shot dead a suspected kidnapper and rescued the female victim.
Crime Watch Today gathered that Kudirat Adeboye, a petrol filling station owner, was abducted the Elemoro area of Ibeju-Lekki. Read more
PDP Raises the Alarm over Plot by Amaechi, APC to Stop Wike’s Inauguration
The Peoples Democratic Party (PDP) in Rivers State has alleged that Governor Chibuike Amaechi and the All Progressives Congress (APC) were plotting to stop the inauguration of the state governor- elect, Chief Nyesom Wike, on May 29, 2015, using a High Court in Awka, Anambra State.
A statement issued on Monday in Port Harcourt by the Chairman, Media and Publicity Committee of PDP Campaign Organisation in Rivers State, Emma Okah, said Amaechi and the APC were poised to get an injunction from a friendly court in Awka to stop the inauguration of Wike. Read more
Airtel’s CEO, Ogunsanya, to Speak at Businessday CEOs’ Forum
The Managing Director and Chief Executive Officer of Airtel Nigeria, Mr. Segun Ogunsanya, has been listed among the eminent personalities that will speak at this year’s edition of the Businessday CEO Forum, a platform for CEOs of large corporate entities, investors and decision makers.
Ogunsanya, who has been pencilled down to offer key perspectives and insight into the Nigerian telecoms industry, will provide a snapshot of major trends that will dominate the industry in the next five years, while charting a pathway to unlocking the potentials of the Nigerian telecoms industry. Read more
Shell empowers Niger Delta youths in arts, crafts
Shell Petroleum Development Company said it is partnering with Bruce Onobrakpeya Foundation to empower youths in the Niger Delta area in acquiring arts and crafts skills.
To ensure this, about 60 young artists from the Niger Delta have been enrolled at the Prof. Bruce Onobrakpeya Training Centre in Agbarha-Otor, Delta State, for training in arts and crafts. Read more
Lagos Port Still a Bottleneck for Nigerian Economy
The road leading to the Lagos port, which handles nearly everything that Africa’s biggest economy imports, is one of the most congested in a megacity whose traffic jams are legendary.
Wide enough to accommodate only two lanes on either side, along it move the goods that Africa’s top crude producer uses its huge oil receipts to buy — everything from designer wear to dried fish, champagne and shampoo, Reuters stated. Read more
GTBank Gets ‘Buy’ Recommendation
Renaissance Capital (RenCap) in its recent economic value analysis (EVA) on the leading tier-1 banks in Nigeria has described the Guaranty Trust Bank Plc (GTBank) as a business that has created tangible cumulative value over a period of time.
The firm noted that for long-term investors seeking the best-in-class in terms of delivery, “GTB is still the best entry point into the Nigerian market,” saying that it believes the bank’s superior value creation justified the premium rating. Read more
Economic Diversification and Non-oil Export Growth Back on the Front Burner
A peaceful outcome of the 2015 presidential election was the desire of the generality of Nigerians and the international community. Thankfully, we got it; and more. President Goodluck Jonathan converted his loss of the election to something remarkably positive for the country and for his legacy. His concession of defeat and early call to congratulate General Muhammadu Buhari, who emerged as President-elect, is surely an indelible mark in our strides to entrenching a democratic culture in Nigeria. It also serves as a needed point of reference for Africa, where a number of elections are lined up for this year. Read more
IMF calls for further currency depreciation in Nigeria
The International Monetary Fund (IMF) yesterday called for further currency depreciation in Nigeria and seven other oil exporting West African countries.
Recall that the Nigeria’s currency, naira, has depreciated officially by 28 percent from N155 to a dollar November last year to N197 at the close of business yesterday. Read more
Presco Expands Palm Oil Production, to Diversify into Cocoa, Rubber
Presco Oil Palm plc has announced plans to expand its investment in oil palm production, injecting millions of dollars into state-of-the-art vegetable refineries and oil mills. By this development, the company is boosting Nigeria’s local vegetable oil output and moving the nation towards self-sufficiency in production of the essential commodity.
Chairman of the company, Mr. Pierre Vandebeeck, told THISDAY that the investment is an indication of the company’s confidence in the nation’s economy and also a move to drive economic growth through job and wealth creation. Read more
Chinese company to build railway line in Nigeria
Government of Nigeria’s southwestern Ogun state on Monday signed agreements with a Chinese company for the construction of a railway line that will link major cities in the state and expected to eventually extend to neighboring states.
The project undertaken by China Civil Engineering Construction Corporation (CCECC) is valued at $3.5 billion, according to Ogun state governor Ibikunle Amosun. Read more
Lagarde: FG’s Fiscal Measures to Manage Oil Price Slump, Excellent
Managing Director of the International Monetary Fund (IMF), Ms. Christine Lagarde, has described as “excellent” measures adopted by the incumbent administration to address the revenue shocks occasioned by the slump in oil prices.
Lagarde said both the monetary and fiscal policies were commendable, and urged the incoming administration headed by Major-General Muhammadu Buhari (rtd) to build on the legacies. Read more
Oil and Gas
Nigeria might lose N2trn over low oil price – OPTS
Oil majors in Nigeria, under the aegis of Oil Producer Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI), has warned that Nigeria is at the risk of losing $10 billion, about N2 trillion of its revenue from oil and gas in 2015, unless a significant improvement is recorded in the prices of crude oil in the international market.
“We estimate that if crude oil prices average $53 per barrel in 2015, compared to $77.5 per barrel in 2014, the Federal Government of Nigeria’s oil and gas revenue will decline by an equivalent of $10 billion this year, or a gut-wrenching equivalent of 30 per cent,” said Elisabeth Proust, Chairperson of the OPTS. Read more
Seven Energy Begins Gas Supply to Calabar Power Station
Barely few weeks after Seven Energy International Limited, an indigenous Nigerian oil and gas development, production and gas distribution company commenced supply of natural gas to Notore Chemical Industries Plc, a leading fertiliser and agro-allied company in Africa, the company has commenced the supply of gas to the 560 megawatt-capacity Calabar Power Station built under the National Integrated Power Project (NIPP).
The commercial delivery of gas to Calabar NIPP, which will facilitate the addition of 560 megawatts to the national grid, is being executed through Accugas, a wholly-owned subsidiary of Seven Energy. Read more
NNPC Needs Tighter Spending Controls, PwC Says
Nigeria, Africa’s biggest crude producer, should the improve financial management of its state-run oil company, according to an audit by PricewaterhouseCooper LLP.
Nigeria National Petroleum Corp. has a “blank check to spend money without limit or control,” PwC said in the report released on Monday by the presidency. Accounting and monitoring systems for oil revenue “appear to be inaccurate and weak” while data from different sources are plagued with “significant discrepancies.” Read more
Mobil Absolves Self from Oil Spill at Ibeno QIT
Mobil Producing Nigeria Unlimited (MPN), operator of the Nigerian National Petroleum Corporation (NNPC), has said that the suspected oil spill that sparked protest from the youths of its host community was not from any of its facility.
The Manager, Media and Communication, ExxonMobil, Mr. Ogechukwu Udeagha, offered the explanation yesterday, while responding to questions from THISDAY. Read more
NERC to Clip Operators’ Overbearing Influence
Apprehensive of the growing positional powers of operators in Nigeria’s electricity industry, as well as its impact on electricity consumers across board, the Nigerian Electricity Regulatory Commission (NERC) on Monday set in motion actions that will see to the emergence of a focused consumer advocacy group in the industry.
NERC, in recognition of what it called a “deficit of consumer voice and power” in Nigeria’s electricity industry, explained that it hoped to redefine the way electricity consumers carry out advocacy. Read more
Oshodi voted into C’wealth tennis board
For his efforts at reviving the fortune of table tennis and the crucial role Nigeria has played, the Commonwealth Table Tennis Federation (CTTF) on Sunday at its election held in Suzhou, China, elected President, Nigeria Table Tennis Federation (NTTF), Wahid Oshodi into its board of directors.
As the second African in the board, Oshodi, who is also the Lagos State Commissioner for Youth, Sports and Social Development, has joined South Africa’s Audrina Mcdonald, who is the treasurer in the board. Read more
AYAC: S’Africa dethrones Nigeria
South Africa at the weekend ended Nigeria’s domination of the African Youth Athletics Championships (AYC) topping the medal table with Nigeria placing third. Kenya, another strong athletics nation in the continent was second.
The second edition of the championships ended on Sunday in Mauritius. Read more
NIKE deal worth $2.75m –NFF
The Nigeria Football Football Federation has revealed that it would earn $2.75m (535m Naira) in its three-and-half-year partnership with NIKE and a $500,000 (99m Naira) bonus if the Super Eagles qualify for the 2018 World Cup in Russia.
The contract is worth $750, 000 (148m Naira) in its first year and would rise to $1million (198m Naira) each year from 2016 till 2018. Read more
House Committee Demands Keshi’s Contract from NFF
The House of Representatives Sports Committee has asked the Nigeria Football Federation (NFF) to make a copy of the Stephen Keshi contract available to it.
NFF reappointed Keshi last week as the national coach on a two-year contract, leading to the Africa Cup of Nations in Gabon in 2017. Read more
Keshi resumes without assistants
Stephen Keshi is expected to resume his new 2-year contract as Super Eagles’ head coach without assistant coaches.
Although his employer, the Nigeria Football Federation (NFF) has since announced changes in the backroom staff, namely, the team’s Media Officer, Equipment Manager and Coordinator, the Abuja Glass House has not made any pronouncement on coaches to work with the Eagles’ manager, and is not in a hurry to do so. Read more
Nepal earthquake: Aid begins to arrive as families await news on missing
International aid is beginning to arrive in Nepal after a deadly earthquake killed more than 4,000 people.
Many families are awaiting news of loved ones who are still missing after the devastating earthquake struck on Saturday. Read more
Bali Nine families mobbed ahead of Indonesia executions
The families of two Australian drug smugglers due to be executed in Indonesia have been mobbed by reporters as they arrived for prison visits.
Police had to shield relatives of Andrew Chan and Myuran Sukumaran from a crowd as they walked part of the way to a jail on Nusakambangan Island. Read more
S.Korea court finds ferry captain guilty of homicide for 304 deaths
The captain of a South Korean ferry that sank last year, killing 304 people, was found guilty of homicide by an appeals court on Tuesday and sentenced to life in prison, overturning an earlier conviction for negligence.
Prosecutors who had originally sought a homicide conviction for ferry captain Lee Joon-seok appealed against a decision by a lower court in November that found him guilty of negligence and sentenced him to 36 years jail. Read more
Baltimore declares state of emergency after custody death riots
The governor of Maryland has declared a state of emergency and activated the National Guard to help with the violence and rioting in Baltimore.
At least 15 police officers were injured in violence that broke out after the funeral of 25-year-old Freddie Gray, who died in police custody. Read more
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