TheNewsGuru

Tag: GMD

  • $9.8 million fraud: Court admits two exhibits against NNPC ex-GMD

    $9.8 million fraud: Court admits two exhibits against NNPC ex-GMD

    Justice Abubakar Mohammed of the Federal High Court Abuja on Tuesday admitted into evidence a Certified-True-Copy of the interim order of forfeiture of 9.8 million dollars in the criminal trial of the former GMD of the NNPC, Andrew Yakubu.

    The court also admitted a certificate of delivery dated March 17, 2017 issued to the EFCC as proof of evidence that the money was kept with the Central Bank of Nigeria (CBN).

    The interim order was granted by the Federal High Court, Kano.

    The two documents were tendered by Counsel to the EFCC, Ben Ikani through Ahmed Yahaya who stood as a prosecution witness during the trial.

    Mr. Yahaya, a Deputy Detective Superintendent with the EFCC, said the commission had followed the due process in the discovery and safe keep of the money suspected to be proceeds of crime.

    He said the money was intact, adding that he had the conviction that the money was safe with the Kano branch of the CBN.

    Ahmed Raji (SAN), Counsel for the accused person, while cross examining the witness raised objection on why the money was kept with the CBN.

    According to him, the order of forfeiture made by the court did not direct that the money be domiciled with CBN.

    He also asked the witness to tell the court how sure he was about the safe condition of the money with the CBN.

    The questions were however, greeted with vehement objections from the counsel for the EFCC who said they were baseless and mis-directed.

    The judge, however, intervened by saying that the order of the court was explicit on whose possession the money should be kept.

    He said the Federal High Court in Kano had in its decision dated February 14, 2017 ordered that the money should be kept by the federal government.

    “We all know that the Central Bank of Nigeria (CBN) remains the custodian of federal government’s money, instruments and bonds’’, he said.

    The News Agency of Nigeria (NAN) reports that Mr. Yakubu was arraigned by the EFCC on a six-count charge, bordering on non-disclosure of assets and fraud, charges to which he pleaded not guilty.

    Mr. Yakubu was alleged to have, as “Group Managing Director of NNPC, between 2012 and 2014, within the jurisdiction of the court, with intent to avoid lawful transaction, transported to Kaduna $9. 8 million and £74,000.”

    He was also accused of failure to disclose the sum of $9.8 million and £74,000 to the EFCC in his asset declaration form, a crime which contravened Section 27 (3) of the EFCC Act.

    Mr. Mohammed adjourned the case until February 28 for continuation of trial.

  • Fuel scarcity: 4,501 loaded petrol tankers disappeared in December – NNPC

    The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru said 4,501 petrol trucks were simply untraceable, vanishing from the Nigerian radar, during the biting fuel supply crisis.

    “Due to massive diversion, hoarding, panic buying and smuggling, coupled with the information that three Direct Sales Direct Purchase Consortia had rejected October cargoes, there was insinuation of a supply gap,” he said Thursday at an investigative public hearing by a Joint Senate and House of Representatives Committees on Petroleum Downstream, at the National Assembly Complex, Abuja.

    Baru disclosed that during the period, NNPC could not track the movement of 4,501 trucks representing the quantity of the disappeared products.

    According to him, the nation lost about 148,533,000 million litres of fuel to the suspected diversion during the December fuel crisis.

    The NNPC GMD listed some of the key factors which were responsible for the crisis to include insufficient reserve, clearance speed, supply gap, diversion, hoarding, panic buying and smuggling.

    He noted that prior to the crises, NNPC had 1.9 billion litres strategic reserve of Premium Motor Spirit (PMS), which would have lasted for 53 days but that due to panic buying, diversion and hoarding, the Corporation was unable to cope with the daily nation consumption of 37 million litres of PMS, which led to the presence of long queues at petrol stations across the country.

    He however said that NNPC took some urgent steps to resolve the scarcity which included but not limited to the immediate activation of war room, additional imports to increase days sufficiency, 24-hour operations in all NNPC Depots and mega stations; sustained media and stakeholders engagements; increased monitoring, surveillance and sanctions as well as production at Kaduna and Port Harcourt refineries put at 3 million daily.

    Baru also used the opportunity to call on the Petroleum Products Pricing Regulatory Agency (PPPRA) to review the pricing template and landing cost.

    He also asked the National Assembly to approve outstanding subsidy payments and debts to marketers.

  • Fuel scarcity will end in two days, NNPC GMD, Baru assures Nigerians

    …says PMS now being subsidized for N26 per litre

    The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru on Sunday allayed the fears of Nigerians while insisting that the scarcity of petroleum products will end in two days time.

    Baru also said the product is now being subsidised to the tune of N26 per litre.

    According to him, the landing cost of petrol (PMS) is N171 per litre; it is being sold at the pump at N145 per litre – a difference of N26.

    Baru told reporters in Abuja that the consumption of PMS had risen to over 50 million litres per day, due to hoarding and diversion.

    He said the product was being smuggled across the borders because of the price disparity that exists between Nigeria and the neighbouring countries.

    Baru said the Cost, Insurance and Freight price of PMS is $620 per metric tonne, adding that at N305 to a dollar, the landing cost translates to N171 per litre.

    The Federal Government has approved preferential and speedy treatment for vessels carrying petrol, to end the lingering scarcity, according to the NNPC boss.

    The Navy, Nigerian Ports Authority (NPA), Customs and Excise and the Nigerian Maritime Administration and Safety Agency (NIMASA) are said to be expediting the clearance of fuel vessels and anchorage services to facilitate speedy product transfers to various depots, including during weekends and public holidays.

    The NNPC helmsman noted that President Muhammadu Buhari was deeply concerned about the fuel crisis and had ordered all stakeholders, including security agencies, to ensure a speedy resolution of the situation.

    The NNPC, he said, has begun a 24-hour loading and sales operations at all depots and its mega stations across the country.

    “Major marketers were also advised to carry out 24-hour operations, most of who have been complying. This has increased load-out from the depots significantly and continuous sales at the filling stations nationwide,” Baru noted.

    He affirmed that in addition to the regular supply circle, the NNPC had programmed the delivery of additional 300 million liters in December 20l7 and January 2018 to beef up national reserves to 45 million litres per day, well above the normal consumption requirement of between 27 and 28 million litres per day.

    He added that in the last two weeks, the national truck-out capacity had strengthened up to an average of l,500 trucks, about 52 million litres per day, which, he explained, was higher than the normal consumption of 850 trucks per day.”

    The NNPC boss said at present, 13 vessels, with an average capacity of 650 million litres, were discharging the commodity at ports across the country, noting that three vessels with the commodity were coming in before the end of the week, bringing the combined quantity of the product in depots to 814 million litres of petrol till the end of the month.

    He added that 14 shuttle tankers, with a combined capacity of 187 million litres of the commodity, would be discharging the product at various destinations across the country in the next three days.

    In addition to the importation of the product, Baru noted that the Port Harcourt and Kaduna refineries were contributing about one million litres per day and 2.8 million litres per day of PMS. He said since the fuel crisis began, both refineries had contributed about 61 million litres.

    To ensure the speedy resolution of the crisis, Baru said the NNPC had activated the ‘Fuel War Room’, comprising NNPC, Department of Petroleum Resources, DPR, Petroleum Products Pricing Regulatory Agency, PPPRA and Petroleum Equalisation Fund, PEF.

    The team is coordinating all interventions for supply and distribution of PMS nationwide. With the support of security agencies, the team is already working round the clock to ensure a speedy resolution of the current fuel situation.

    With all these measures, Baru said, and if full compliance is achieved, the crisis would end within the next two days, adding that efforts were in place to ensure that the crisis did not go beyond this week.

    Baru also accused black marketers of sabotaging efforts to end the fuel crisis, stating that most of the peddlers permanently put their vehicles on queues at petrol stations, and after purchasing, discharge the products into containers and return to join the queues.

     

  • PDP calls for suspension, prosecution of NNPC GMD, Baru

    The Peoples Democratic Party, PDP, has called on President Muhammadu Buhari to suspend the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru over the allegation of corruption in the corporation.

    It also demanded that Baru be handed over to the Economic and Financial Crimes Commission for investigation and prosecution.

    National Publicity Secretary of the party, Prince Dayo Adeyeye, stated this at an ongoing press conference at the party’s headquarters in Abuja on Thursday.

    Details later…

  • Kachikwu writes Buhari, indicts NNPC GMD, Baru of illegalities, insubordination [Letters included]

    The Minister of State for Petroleum, Dr. Ibe Kachikwu has written President Muhammadu Buhari over alleged acts of illegalities and insubordination by the Group Managing Director of the NNPC, Dr. Maikanti Baru.

    Kachikwu urged Buhari to be proactive enough in order to salvage the sensitive petroleum sector.

    In letter reads in part: “Parastatals in the ministry and all CEOs of these parastatals must be aligned with the policy drive of the ministry to allow the sector register the growth that has eluded it for many years

    To do otherwise or to exempt any of the parastatals would be to emplace a stunted growth for the industry.”

    Kachikwu said he wrote the August 30 letter to Mr. Buhari after concerted efforts to have a one-on-one appointment with the president at the State House fell through.

    The letter, which emerged on the Internet Tuesday, was widely circulated on Twitter. It is not immediately clear how it made it to the public domain.

    The minister said he suffered “disrespectful and humiliating conducts” from Mr. Baru.

    See copy of the letter below:

  • Ladi Balogun steps down as FCMB GMD, to be replaced by Adam Nuru

    The First City Monument Bank Group (FCMB Group) on Tuesday announced a change in its leadership cadre effective from March 20, 2017.

    The Group Managing Director of the commercial banking arm, FCMB Limited, Ladi Balogun having spent 10years in that capacity is stepping down for Adam Nuru who is currently Executive Director in charge of Business Development for the bank.

    TheNewsGuru.com reports that Balogun is expected to assume the role of Group Chief Executive of the holding company, FCMB Group Plc. The holding company comprises FCMB Limited, FCMB Capital Markets, CSL Stockbrokers and CSL Trustees.

    This was revealed in a statement signed by the Group Head, Corporate Affairs of the bank, Diran Olojo and made available to the TheNewsGuru.com.

    The statement reads in full:

    “We are pleased to announce the reorganisation of our leadership at the Group level, as well as at our flagship company First City Monument Bank Limited (FCMB Limited). Effective March 20th, 2017, Ladi Balogun,having served as Group Managing Director of the commercial banking arm, FCMB Limited for 10 years, will be stepping down in this capacity.

    He will assume the role of Group Chief Executive of the holding company, FCMB Group Plc. The holding company comprises FCMB Limited, FCMB Capital Markets, CSL Stockbrokers and CSL Trustees.

    Under Ladi Balogun’s leadership, FCMB Limited has undergone a successful transformation from a merchant bank to a top 10 commercial bank in Nigeria across key metrics. During this period the bank has emerged as a leader in consumer finance, agricultural banking and electronic banking. The bank’s franchise has grown to 4 million customers, 220 branches and a successful banking subsidiary in the United Kingdom.

    Mr. Balogun will be succeeded as Managing Director of FCMB Limited by Adam Nuru, who is currently the Executive Director in charge of Business Development for the bank. He previously served as Regional Director, in charge of Abuja and Northern Nigeria, where he was responsible for growing the bank’s Northern franchise to become the largest and most profitable region of the bank.

    Adam Nuru has 28 years of banking experience, with 7 years spent with FCMB. He is a graduate of AhmaduBello University, Zaria, where he studied Business Administration, and has attended management programmes at leading international educational institutions”.

     

  • EFCC raids home of former NNPC GMD, recovers $9.2m

    EFCC raids home of former NNPC GMD, recovers $9.2m

     

    The Economic and Financial Crimes Commission (EFCC), on Thursday said it raided and found a whopping sum of $9.2m and additional 750,000 pounds in the private residence of the former General Managing Director of Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu, in Kaduna.

    This was revealed by the Acting Chairman of the Commission, Mr. Ibrahim Magu when he appeared before a committee of the House of Representatives to present an appraisal of the Commission’s 2016 budget performance and also defend the 2017 budget..

    According to the Magu, the huge money, which is in excess of N3 billion by official exchange rate, was the largest ever recovered by the agency in recent weeks.

    Magu also disclosed to the House of Representatives Committee on Financial Crimes that N1.25 billion was recovered from a public servant, all in the last two weeks.

    TheNewsGuru.com reports that Yakubu, who served as GMD between 2012 and 2014 is already facing trial for money laundering. He was charged by the EFCC in June 2016.

    Magu further revealed that the commission recovered N102.91 billion, 8.30 million dollars, GBP 29,155, 12,475 pounds, 117,004 Canadian dollars as proceeds of crime between January and December, 2016.

    Other monies recovered during the period, he said, were 806.50 Dirham, 5,000 Francs and 2,000 Rupees.

    “Out of the 37 accounts frozen/forfeited, six banks are yet to provide relevant information on the amount accrued into the suspected accounts within the period under review,’’ he said.

    The document revealed that the commission secured 135 convictions, out of which 46 were from Lagos zone, 30 from Abuja zone, 22 from Port Harcourt zone, 19 from Kano zone, 15 from Enugu zone and three from Gombe zone during the period.

    Magu acknowledged the support of the committee towards fast-tracking completing of EFCC headquarters in Abuja.

    He disclosed that the Federal Ministry of Finance had listed the payment of N1.8 billion out of N2.9 billion meant for completion of the headquarters.

    He, however, added that the commission had resuscitated its offices in Kaduna, Ibadan, Benin and Maiduguri as part of efforts to boost its operations across the country.

    Magu urged the legislature to support the fight against graft, saying “corruption is fighting back”.

    On recruitment, he said that the commission only recruited 331 cadets on equal quota basis across the country except Lagos, Ekiti, Bayelsa and Rivers with lower numbers.

    In a breakdown of the 2016 budget of the commission, Magu told the committee that total budgetary approval was N18.89 billion, but that N14.74 billion representing 78.04 per cent was released.

    He explained that N7.62 billion was for personnel cost, overhead was N2.75 billion while capital expenditure was N8.49 billion for the year.

    Magu added that 91.1 per cent component of the released funds had so far been utilised.