General
Malami Advises Nigeria on Best Ways to Sell National Assets
By Adedapo Adesanya
The Attorney General of the Federation (AGF) and Minister of Justice, Mr Abubakar Malami, has advised the Federal Government of Nigeria on the best ways to concession or sell national assets in order not to run into trouble.
In a statement issued by his Special Assistant on Media and publicity, Mr Umar Jibrilu Gwandu, the nation’s chief law officer said future transactions must be carried out in the national interest and in compliance with the law.
He stated this while reacting to the settling of the long-standing contractual dispute with a foreign investor group in Ajaokuta Steel company by 91 per cent to $496 million from $5.258 billion.
The mediation proceedings, according to a statement, were under the International Chamber of Commerce’s (ICC) Alternative Dispute Resolution (ADR) framework led by Mr Phillip Howell-Richardson and came into effect on August 19, 2022.
Nigeria succeeded in reducing the claim in mediation brought by the international firm of King and Spalding, legal representatives of the global group, by 91 per cent.
A claim for over $10 billion was threatened in arbitration before the International Chamber of Commerce, International Court of Arbitration, Paris, in respect of five major contracts of 2004-2007 – covering steel, iron ore, and rail.
In May 2020, the group threatened a resumption of the arbitration and announced an anticipated claim in damages of over $10-14 billion against the Nigerian State in respect of the affected 5 contracts.
But the government made efforts to resolve the matter and Mr Malami said, “President Muhammadu Buhari has now rescued the steel industry from interminable and complex disputes as well as saving the taxpayer from humongous damages.”
“One of the lessons to be learnt included that the future arrangements – sale or concessions – must be carried out in the national interest and in compliance with the law,” he noted.
The statement stated that the Minister grappled with the inherited problem by adopting a blueprint of seven principles for the cost-effective resolution of contractual disputes wherever they occur.
“They are the use of institutional mediation, choice of FGN counsel, the use of financial advisers with reputational capital, the importance of not discouraging foreign investment, fiscal responsibility, transparency, and the recognition that joined-up government produces superior outcomes,” it stated.
The FGN engaged PwCNigeria to do a comprehensive review to ensure taxpayers are protected. Also, Dr Tunde Ogowewo, a barrister (and senior academic at King’s College London), represented the FGN and advised the government throughout the process.
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.
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).
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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