Economy
Groups Demand Probe of NNPC, to Petition EFCC
By Modupe Gbadeyanka
Two groups in Nigeria, the Conference of Nigeria Political Parties (CNPP) and the Coalition of National Civil Society Organisations Against Inept Leaders, have demanded an open investigation into how two companies owned by virtually the same individuals emerged as the top two preferred bidders in the slop oil sale by the Nigerian National Petroleum Corporation (NNPC).
They want answers to the recruitment of 487 new workers in the moribund refinery that generated no revenue, with the payment of N23 billion as salaries in 2020.
In a statement, the CNPP wondered how the Port Harcourt Refinery Company (PHRC), which is allegedly managed by one Ahmed Dikko, an engineer, reported zero income in 2020 and yet incurred administrative expenses of N19.215 billion, paid salaries, wages and other benefits to workers to the tune of N22.55 billion as shown in the 2020 audited financial reports of the NNPC.
The organisations, in a joint statement signed by the Secretary-General of the CNPP, Mr Willy Ezugwu, and the Publicity Secretary of the Coalition of National Civil Society Organisations, Mr Ali Abacha, called for a thorough investigation into the procurement process, which threw up the companies in the controversial slop oil sale now found to be owned by the same directors and all others operations of the corporation since 2015.
Disclosing that they were set to petition the Economic and Financial Crimes Commission (EFCC) over what it described as “manipulative management” of the NNPC, the CNPP queried “a controversial bid that saw scarce slop oil, which was traditionally reserved for local industries, being controversially offered to preferred bidders that are export companies in a suspicious deal.”
The CNPP and the coalition of civil society said that, “According to media reports, the corporation has begun a process of buying media editors to ensure that their activities are not dissected, especially after the release of its 2020 audited financial statements and declaration of doubtful profits.
“Already, data collated from audited financial statements as released by the NNPC, led by its Group Managing Director, Mele Kyari, recently had exposed how Port Harcourt Refinery Company (PHRC), which is managed by one Ahmed Dikko, an engineer, reported zero revenue in 2020 but incurred administrative expenses of N19.215 billion, paying salaries, wages and other benefits to unproductive workers to the tune of N22.55 billion.
“Worse still, even though it generated zero revenue, Port Harcourt refinery employed 487 new workers and paid N23 billion as salaries in 2020.
“It is becoming more and more obvious that there are fishy deals which led to the budgeting of $1.5 billion to revamp the over 50-year old Port Harcourt refinery.
“We had predicted that the planned resuscitation of the refinery was a mere conduit for siphoning public funds but we are now working to connect the $1.5 billion turnaround maintenance budget and overnight recruitment of 487 new workers with the sudden 2020 profit declared by the NNPC at a time no refinery is generating income in the country.
“We, therefore, demand for a though the investigation into the procurement process at NNPC, the activities of the Group Managing Director, Mele Kyari and that of the Minister of State for Petroleum Resources, Timiprye Sylva, over courageous media report of multiple behind-the-scene moves since the slop oil bid winners were announced as contained in a recent media investigation by Premium Times.
“The bid supervised by the Group Executive Director (GED) Refinery, Mustapha Yakubu has left more questions than answers as the media report added that the first allocation issued to Sign Oil & Gas on June 22, 2021, expired with the company unable to meet a 10 working-day deadline for payment.
“On July 8, 2021, the investigative report noted, the allocation was transferred to the second bid winner, Synthesis Integrated Pure Oil at N105.00k per litre instead of N111.00k per litre, which is seen as part of schemes to achieve a predetermined goal.
“For us, these are signs of manipulative management of the nation’s oil assets and clever moves to siphon public funds through cronies, associates and for members of oil cabals with protections from certain government officials who believe that the anti-corruption agencies are in their pockets.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange made a marginal 0.01 per cent rise on Tuesday, April 29, pushing the Unlisted Security Index (NSI) up by 0.29 points to 3,282.42 points from the previous session’s 3,282.42 points.
Also, the market capitalisation of the trading platform increased slightly by N170 million to remain relatively unchanged at N1.922 trillion.
At the trading session, the bourse ended with two price gainers led by Geo-Fluids Plc, which chalked up 15 Kobo to sell at N2.13 per unit compared with the previous day’s N1.98 per unit, and Food Concepts Plc grew by 13 Kobo to settle at N1.29 per share compared with the N1.17 per share it was traded a day earlier.
However, Afriland Properties Plc lost N1.71 to close at N16.07 per unit versus the preceding day’s price of N17.78 per unit, and FrieslandCampina Wamco Nigeria Plc crumbled by 65 Kobo to finish at N37.50 per share, in contrast to Monday’s closing value of N38.15 per share.
The volume of securities traded in the session went up by 223.6 per cent to 2.2 million units from the 692,885 units transacted in the previous trading day, the value of transactions jumped by 70.8 per cent to N38.6 million from N22.6 million, while the number of deals fell by 18.4 per cent to 31 deals from 38 deals.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, followed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with a turnover of 71.2 million units valued at N24.2 million.
The most traded stock by value on a year-to-date basis was Okitipupa Plc with a turnover of 153.6 million worth N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with the sale of 14.7 million units for N566.9 million, and Impresit Bakolori Plc 533.9 million units valued at N520.9 million.
By Adedapo Adesanya
The Naira marginally appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 11.
Data obtained by Business Post from the Central Bank of Nigeria (CBN) showed that the exchange rate closed at N1,601.04/$1 during the trading session compared with the previous day’s value of N1,601.38/$1, indicating that the Nigerian currency improved its value by 0.08 per cent or 34 Kobo against the greenback.
Also, against the Pound Sterling, the local currency appreciated yesterday by N5.57 to sell for N2,145.85/£1 versus Monday’s closing price of N2,186.65/£1 but against the Euro, it lost N5.00 to trade at N1,823.82/€1, in contrast to the N1,818.82/€1 it was exchanged a day earlier.
At the parallel market, the Nigerian Naira maintained stability against the US Dollar on Tuesday, remaining unchanged at N1,610/$1.
Meanwhile, the cryptocurrency market turned bearish yesterday after a wave of economic data suggests the US economic activity is slowing down due to the tariffs policies unleashed by the administration of President Donald Trump.
Consumer confidence, according to a survey by the Conference Board, is currently at its lowest level since May 2020, a period when the world was on lockdown.
However, there are evidence that negotiation of trade deals with other countries, could offer support.
Dogecoin (DOGE) depleted by 3.3 per cent to sell at $0.1740, Ripple (XRP) lost 2.6 per cent to quote at $2.22, Cardano slumped by 2.4 per cent to trade at $0.6955, Litecoin (LTC) went down by 1.9 per cent to finish at $84.89, and Solana (SOL) recorded a 1.4 per cent depreciation to close at $146.55.
Further, Ethereum (ETH) declined by 1.3 per cent to end at $1,779.01, Binance Coin (BNB) crumbled by 1.2 per cent to settle at $603.30, and Bitcoin (BTC) slipped by 0.2 per cent to trade at $94,682.75, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
An additional N11.49 billion has been recovered by the House of Representatives Committee on Public Accounts from some oil companies operating in Nigeria.
A statement signed by the spokesman of the lower chamber of the National Assembly, Mr Akin Rotimi, said the total amount recovered from these energy firms is now N61.5 billion.
He stated that the recovered funds were from oil and gas companies with outstanding obligations to the federal government.
It was revealed that $182,057.44 (N291.29 million) was recovered from Platform Petroleum Limited, $730,889.37 (N1.17 billion) was from Midwestern Oil and Gas, N1.58 billion from Seplat Energy, $3.9 million (N6.1 billion) from Aradel Holdings, $500,000 (N775 million)
From Network Exploration & Production, and $1 million (N1.55 billion) from Shoreline Resources Limited.
According to the statement, the committee’s intensified efforts are anchored on findings from the Auditor-General’s reports and data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
These have informed sustained engagements with oil firms to ensure accountability for unremitted funds and outstanding liabilities.
The legislative arm of government also warned some organisations ignoring invitations to desist from such.
It said these defaulting firms collectively owe over $384 million and N325.7 million to the federal government, listing them as Neconde Energy Ltd – $110.5 million and N325.7 million, Heirs Holdings – $137.7 million, AITEO Ltd – $34.8 million, Continental Oil & Gas Ltd – $31 million, General Hydrocarbon – $28.4 million, Energia Ltd – $19.5 million, Waltersmith OML 16 – $8.7 million, Bilton – $5 million, Pillar Oil Ltd – $4.6 million, Millennium Oil and Gas Ltd – $2.067 million, Conoil Producing Ltd – $1.1 million, and Frontier OML 13 – $952,216.51.
“This Committee will not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people.
“These companies are withholding billions of Naira owed to the federal government, and we will not allow them to disregard the authority of parliament.
“If these companies believe they are too big to be held accountable, they must understand that their licenses are at risk.
“We are prepared to recommend immediate revocation for any company that shows contempt for this Committee and the laws of the nation,” the chairman of the panel, Mr Bamidele Salam, fumed.
“No company is above the law. The funds being withheld are critical to the country’s growth and must not be hoarded while Nigeria suffers. Every company operating in Nigeria must settle its obligations promptly, as required by law,” he declared.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN