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Reps Summon CBN Governor, COAS Over $1bn for Arms

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Summon CBN Governor

By Modupe Gbadeyanka

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has been summoned by the House of Representatives.

The country’s chief banker was summoned by the lower chamber of the National Assembly to answer questions in connection with the $1 billion approved by the federal government a few years ago for the procurement of arms to fight insurgency.

The House of Representatives Ad Hoc Committee on the Need to Review the Purchase, Use and Control of Arms, Ammunition and Related Hardware by Military, Paramilitary and Other Law Enforcement Agencies in Nigeria, wants the CBN chief to appear before it alongside the Chief of Army Staff, Lt.-Gen. Ibrahim Attahiru, for grilling.

Yesterday, the duo was supposed to be before the committee with others to explain what happened with the money but they were absent.

This made the panel ask them to specifically appear to state what they know about the funds unfailingly on Wednesday, April 7, 2021.

How FG approved $1bn for arms purchase

In April 2018, the federal government, worried that the military was complaining of inability to fight Boko Haram insurgents in the northeast of Nigeria, approved the withdrawal of $1.0 billion from the Excess Crude Account (ECA) to procure arms.

The country’s main opposition party, the Peoples Democratic Party (PDP) kicked against this because it claimed the money would be embezzled.

Another reason for the opposition was because it was just less than a year to the 2019 general elections and it was speculated that the ruling party would use the funds mainly to campaign for re-election.

NSA latest comments

About two weeks ago, the National Security Adviser (NSA), Mr Babagana Monguno, insinuated in an interview with the Hausa Service of the British Broadcasting Corporation (BBC) that the money was squandered.

He claimed in the interview that the immediate past service chiefs could not account for the funds as there were no arms to show for the $1.0 billion approved by the government for the purchase of the military equipment.

However, he later recanted, claiming that the media quoted him out-of-context.

Reps wade in

In view of the reactions that trailed the NSA’s comments, the green chamber of the parliament mandated its ad-hoc committee to investigate how the funds were used.

This made the House of Reps summon the CBN Governor and the head of the army in Nigeria for explanations on what the money was used for. They were invited along with several other security agency heads and ministries.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Tinubu to Visit France Wednesday to Strengthen Bilateral Relationships

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Bola Tinubu 2027 presidential election

By Adedapo Adesanya

President Bola Tinubu will embark on a state visit to France on Wednesday and stay in the European country for the next three days in honour of an invitation from President Emmanuel Macron.

The presidency disclosed this in a statement on Tuesday signed by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga.

The statement said  President Tinubu will “be received on Thursday at the 350-year-old French military museum, Les Invalides and Palais de l’Élysée, by Mr Macron and his spouse, Brigitte, for initial ceremonies that will dovetail into bilateral meetings.”

“The Nigerian leader’s three-day visit, which will focus on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation, and energy transition, promises significant benefits for Nigeria,” the statement said.

“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication. They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.

“Brigitte and Nigeria’s First Lady will discuss the latter’s passion for empowering women, children, and the most vulnerable through the Renewed Hope Initiative,” it added.

The President will travel for the visit with his wife, Mrs Oluremi Tinubu, and other senior government officials. They will be hosted at a state dinner by the French leader before their departure.

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Excitement as NNPC Tankers Lift Petrol, Others from Port Harcourt Refinery

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NNPC Port Harcourt refinery petrol

By Aduragbemi Omiyale

Some trucks belonging to the Nigerian National Petroleum Company (NNPC) Limited have been sighted lifting premium motor spirit (PMS), otherwise known as petrol, at the newly-renovated Port Harcourt Refinery in Rivers State.

The facility commenced processing crude oil processing on Monday of about 90,000 barrels per day, representing 60 per cent of its installed capacity of 150,000 barrels per day.

The plant began production three years after the government approved $1.5 billion for its rehabilitation.

On Tuesday, trucks stormed the refinery to load petrol and other petroleum products in preparation for competing with the Dangote Refinery, which commenced PMS production in September 2024.

The Chief Corporate Communications Officer of NNPC, Mr Olufemi Soneye, in a statement today, said trucks began loading petroleum products which include Premium Motor Spirit (PMS) or petrol, Automotive Gas Oil (AGO) or diesel and Household Kerosene (HHK) or Kerosene, while other product slates will be dispatched as well.

Speaking during a brief ceremony to mark the commencement of product loading at the refinery today, the chief executive of the form, Mr Mele Kyari, described this as a monumental achievement for Nigeria which signifies a new era of energy independence and economic growth for the country.

He thanked President Bola Tinubu for his unwavering support and understanding towards the rehabilitation project and for his persistence in ensuring energy security for the country.

Mr Kyari also expressed deep appreciation to the NNPC board and the entire staff for their support and commitment, which crystallized into the streaming of the refinery, commending the contractors for doing a great job in ensuring that the refinery is delivered despite all challenges.

In his remarks, the Chief Executive of the Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, congratulated the NNPC for the milestone and assured of his agency’s continued support towards the completion of rehabilitation work at the other refineries.

The refinery rehabilitation project is an Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) project aimed at restoring the refinery to full functionality and renewal.

It has achieved over 16 million manhours with zero Loss Time Injury (LTI).

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Navy Arrests Three, Seizes 20,000L of Cameroon-Bound Smuggled Petrol

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Petrol Product Marketers

By Adedapo Adesanya

The Nigerian Navy has arrested three individuals suspected of attempting to smuggle 20,000 litres of petrol into the Republic of Cameroon as the country continues to battle oil theft.

The arrest took place on Monday during a routine night patrol on Mbo River, according to the Nigerian Navy’s Forward Operating Base, FOB, in Ibaka, Akwa Ibom State.

This was disclosed by the Commanding Officer of the Nigerian Navy Forward Operating Base, Ibaka, Captain Uche Aneke.

“The suspects were arrested at about 7 p.m. while our operatives were conducting a stop-and-search during a routine patrol.

“Upon intercepting the wooden vessel, which was laden with about 1,000 cartons of different brands of beer and other goods, we discovered 100 drums of PMS carefully concealed under the cartons,” Captain Aneke added.

The seized items, along with the suspects, were handed over to the Nigeria Security and Civil Defence Corps (NSCDC) for further investigation.

Captain Aneke also reiterated the Navy’s commitment to combating maritime crimes and issued a stern warning to those involved in illicit activities.

“I warn individuals or groups involved in smuggling or any form of criminal activity within Nigeria’s waters to desist immediately.

“Criminal elements in the FOB Ibaka area of operations under the Eastern Naval Command Area of Responsibility will continue to be detected using advanced surveillance equipment and intelligence.

“Nigeria’s waters and the Nigerian coastal areas are not for illegal activities.”

Receiving the suspects and exhibit, the Assistant Superintendent of Corps, NSCDC, Akwa Ibom Command, Mr Willie Sunday, confirmed the transfer.

“We will further investigate and possibly prosecute the suspects,” he added.

Oil theft has been one of Nigeria’s main challenges. It has led to a drop in revenue earnings and has forced the Nigerian government to step up security efforts in the Niger Delta.

Latest data from the National Bureau of Statistics (NBS) showed that Nigeria’s oil production averaged 1.47 million barrels per day in the second quarter of the year, compared to 1.45 million barrels per day in the first quarter.

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