Connect with us

General

Governor Refunds $2.5m Paris Club Loot to EFCC

Published

on

By Dipo Olowookere

The state Governor in Nigeria, who was accused of stealing from the London-Paris Club loot and building a hotel with $3 million has agreed to return $2.5 million, The Nation reports.

It was reported that the Governor recently sneaked into Aso Rock Presidential Villa in search of soft-landing, speaking with some top government officials on how to escape justice.

According to the Nation, the embattled Governor had in the last 48 hours been roaming the corridors of the Presidential Villa in desperate search for help.

He was said to have offered to refund the balance of $2.5 million quietly to the Economic and Financial Crimes Commission (EFCC) without being further investigated, given that one of the proxies used to launder the funds had already surrendered $500,000 to the anti-graft agency.

It was learnt that the Governor, who disguised to enter the Villa, avoided the prying eyes of journalists at the seat of power.

A government source said, “The Governor was looking visibly disturbed, but it was obvious he was seeking help. The manner he managed his shuttle to the Villa suggested that he had something up his sleeves.

“I think he is ready to refund $2.5 million since one of his proxies has paid back about $500,000.

“The governor had audience with some government officials.

“We learnt he made a commitment to pay back quietly to avoid any political backlash.

“He also does not want to be exposed or his proxies subjected to trial.

“The truth is that this government will not give waiver to anybody or group in its anti-corruption campaign.”

Already, the EFCC has recovered about N1.420 billion from some firms and a consultant who benefited from the N19 billion illegally deducted by the Nigeria Governors Forum (NGF) from the loan refund.

Out of the sum, about N1.2 billion was frozen in the account of a consultant alone.

A top source, who spoke in confidence, said the EFCC was already on the trail of all those who benefitted from the N19 billion cash.

The source said, “Apart from the N8 billion left in the NGF’s Naira account, our detectives have recovered about N1.420 billion from some companies and consultants who were used to launder some of the London-Paris Club refunds.

“While a company refunded N200 million, the other paid back undeserving N20 million. We froze about N1.2 billion in a consultant’s account.

“The cash refunds have clearly shown that some of the London-Paris Club funds were siphoned for private use.

“This is why the EFCC is determined to ensure a comprehensive investigation of the scandal.”

Responding to a question, the source added, “The ultimate objective of this commission is to recover the diverted funds and ensure judicious use of the loan refunds by states.

“The law will, however, be applied to those used for the illegal funds. This is not a war against the NGF or any particular Governor.”

The presidency had so far released N1.266 trillion to the 36 states in the past one year, including N713.70 billion special intervention funds to states.

Following protests by states against over-deductions for external debt service between 1995 and 2002, President Muhammadu Buhari had approved the release of N522.74 billion (first tranche) to states as refunds, pending reconciliation of records.

Each state was entitled to a cap of N14.5 billion, being 25 percent of the amounts claimed.

The Minister of Finance, Mrs Kemi Adeosun, said the payment of the claims will enable states to offset outstanding salaries and pension which had been “causing considerable hardship.”

The Governors had sought for the loan refunds to states and local governments at a meeting with President Muhammadu Buhari on May 24, 2016.

Source: The Nation

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Click to comment

Leave a Reply

General

Power Outage in Nigeria as National Grid Collapses

Published

on

national grid collapse

By Aduragbemi Omiyale

Nigeria is currently experience a cut in power supply after the national grid collapsed for the 11th time in 2024.

This is the first time in over a month as the last time the nation witnessed a nationwide shut down in electricity supply was on November 7, 2024.

Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.

However, just when Nigerians were thinking they will not witnessed another national grid collapse in the year, it issue reared its ugly head again.

On Wednesday afternoon, most of the energy distribution companies suffered power outage, prompting them to inform their customers of the situation.

One of the DisCos, Ikeja Electric Plc, in a message to electricity consumers under its franchise area, said, “Please be informed that we experienced a system outage today, December 11, 2024, at about 13:32 hours affecting supply within our network.

“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us.”

Recall that on Tuesday, in a report, Google listed national grid as one of the top trending searches by Nigerians this year.

Continue Reading

General

NLNG to Replace Vessels in Move Towards Decarbonisation, Sustainability

Published

on

Nigeria LNG Limited NLNG

By Adedapo Adesanya

The Nigerian LNG Limited (NLNG), which produces Nigeria’s Liquified Natural Gas (LNG) and natural gas liquids (NGLs) for export, is planning to replace all its vessels with modern ships within the next decade.

This was disclosed by Mr Nnamdi Anowi, the General Manager of Production, NLNG, during the World Leaders’ Panel session on Tuesday in Berlin, Germany, as part of the 2024 World LNG Summit and Awards.

Speaking at the event themed “Achieving the Balance Between Energy Security and Decarbonisation,” he said the company which was incorporated in 1989 was making plans to boost its vessels to ensure proper transportation of gas for export.

“We are making significant strides in our shipping operations. Over the next 10 years, we aim to transition from our current steam-powered vessels to modern ships.

“Earlier this year, we took a major step by entering into a long-term chapter of our first modern ship Aktoras, and we are already planning to acquire a second ship next year,” he said.

On the critical issue of net zero emissions, Mr Anowi said that NLNG aspires to achieve net zero emissions by 2040.

According to him, this goal is attainable through implementing a combination of solutions that include operational efficiency, natural sinks/offset projects, carbon capture and storage (CCS), net zero expansion, digital solutions and shipping efficiency.

“Our pathway to net zero aligns with Nigeria’s target of reaching net zero by 2060, while many major players in the industry are aiming for 2050.

“We are actively expanding our initiatives in this area, including several low-carbon projects,” he explained.

Regarding Liquefied Petroleum Gas (LPG), Anowi noted that the company had committed 100 per cent of its LPG production (propane and butane) to the Nigerian market.

He pointed out the urgent need for cleaner energy, citing a report that revealed that not less than 100,000 Nigerians died yearly from smoke inhalation caused by cooking with firewood, predominantly affecting women and children.

“This underscores our commitment to sustainability. It’s important to recognise that about 80 per cent of Africans lack access to cleaner energy.

“When discussing sustainability, we can not overlook the necessity of providing energy to these communities,” he added.

He further elaborated on NLNG’s strategy, stating, “Our objective at Nigeria LNG is to maintain safety, enhance capacity, foster growth, and future-proof our business.

“The recent transformation programme includes a rebranding initiative, evidenced by the unveiling of a new logo and the company’s renewed purpose: providing energy for life’s sustainability.

Mr Anowi also noted that NLNG was working diligently to improve its production capacity from 23 million tons to 30 million tons through its Train 7 Project.

“We are actively engaging with stakeholders and the government to ensure our LNG trains are filled by the end of next year,” he said.

On sustainability, Mr Anowi explained that 75 per cent of NLNG’s emissions result from its operations, with the remaining 25 per cent coming from its shipping activities.

He emphasised the importance of measurement, reduction, avoidance and mitigation strategies in their sustainability efforts.

He said that the company was also exploring CCS opportunities through partnerships with the government and other international oil companies.

“We are in the early stages of CCS implementation, assessing potential reservoirs for this purpose,” he said.

In terms of renewable energy, Anowi said that NLNG was investigating solar power projects at its offices in Abuja and Port Harcourt as part of its broader sustainability initiatives.

“We are committed to abatement efforts and are collaborating with experienced private companies to explore carbon credit opportunities.

“We must balance sustainability with affordability and reliability in energy supply.

“The African region must progress at its own pace, prioritising immediate energy needs before addressing long-term sustainability goals,” he explained.

Continue Reading

General

National Grid, Mr Ibu Among Top Trending Searches by Nigerians in 2024

Published

on

google search

By Dipo Olowookere

Many events happened in 2024 in Nigeria but a few shook the nation because of their impact on residents of the country.

According to a report released by Google, the incessant collapse of the national grip, which plunged the nation into darkness, was among trending searches on its platform.

In the report made available to Business Post on Tuesday, the tech giant said this year’s results show a continued interest in the political and economic landscape, with searches related to the US elections, the new national anthem.

“The 2024 Year in Search offers a unique lens into the questions, interests, and conversations that shaped the lives of Nigerians this year.

“From cultural milestones to pressing concerns, these insights reflect how Search continues to be a valuable tool for users to navigate and better understand their world,” the Communications and Public Affairs Manager for Google West Africa, Taiwo Kola-Ogunlade, stated.

Google’s 2024 Year in Search for Nigeria showcased the most popular searches, notable individuals, actors, musicians, topics, questions, and other subjects that captured Nigerians’ attention in the year.

Google’s Year in Search is an annual analysis that reveals the top trending lists and also spotlights what the world searches to see, learn, and do.

The music scene in 2024 was marked by a surge in popularity for artists like Shallipopi and Khaid, who also featured prominently in the overall personalities list. The top trending song was “”I Don’t Care” by Boy Spyce”, followed closely by “Ozeba” and “Commas” by Ayra”. Nigerians also showed a keen interest in understanding the lyrics of various songs, with “Ogechi lyrics”, “Ozeba lyrics”, and “Omemma by Chandler Moore lyrics” leading the searches in the lyrics category.

This year, Nigerians continued to demonstrate a strong interest in entertainment with movies like “A Tribe Called Judah”, “Treasure In The Sky”, and “Damsel” topping the movie charts. The top TV series that captured the interest of Nigerian netizens included “Supacell”, “My Demon”, and “Queen of Tears”. In the culinary world, Nigerians explored diverse recipes with “Pornstar Martini recipe” leading the searches.

Concerns about personal well-being and global events were also reflected in search trends. Questions like “How much is dollar to naira today?”, “How to get perfectly defined curls for African hair?”, and “Who won the US presidential election?” topped the list of queries. Nigerians were curious about the meaning of words like “demure,” “steeze,” and “pet peeves,” turning to Search for answers.

Continue Reading

Trending