Tag: NNPC

  • Sen. Ararume sues FG over alleged unlawful removal as NNPC Chair

    Sen. Ararume sues FG over alleged unlawful removal as NNPC Chair

    Sen. Ifeanyi Ararume has instituted a N100 billion suit against the Federal Government at the Federal High Court, Abuja over his alleged unlawful removal as a non-Executive Chairman of the newly Incorporated Nigeria National Petroleum Company (NNPC).

    Ararume is asking for N100 billion as damages caused him in the alleged unlawful and unconstitutional way and manner he was removed as the NNPC chief after using his name to incorporate the entity.

    When the matter was called on Wednesday, one of Ararume’s counsel, Mr Chris Uche, (SAN) told the court that all parties in the matter had been served the necessary processes.

    The judge, Justice Inyang Ekwo, however, evoked provisions of Order 9 Rule 14 (2b) of the Rules of the Federal High Court that allows a judge to order a party whose presence in a matter is pertinent to join the matter.

    Justice Ekwo ordered that the Corporate Affairs Commission (CAC) be joined as a party since the case had to do with interpretation of the Company and Allied Matters Act (CAMA).

    There was no objection from any of the parties.

    The judge adjourned the matter until Dec.15 for mention and ordered that the amended originating summons be served on parties before the adjourned date.

    The suit marked, FHC/ABJ/CS/691/2022 was instituted on Ararume’s behalf by a group of Senior Advocates of Nigeria (SANs) comprising Messrs Chris Uche, Ahmed Raji, Mahmud Magaji, James Onoja, K.C Nwufor and Gordy Uche.

    Meanwhile, Mr Alhassan Shuaibu, a Principal State Counsel from the Ministry of Justice, announced appearance for the Federal Government.

    The former senator formulated four issues for determination by the court.

    One of the issue was whether in view of the provisions of the Memorandum and Articles of Association of the NNPC, Companies and Allied Matters Act 2010 and the Petroleum Industry Act 2021, the office of the non executive chairman is not governed and regulated by the stated provisions of the law.

    Ararume also asked the court to determine whether by the interpretation of Section 63 (3) of the Petroleum Industry Act 2021, the president could lawfully remove him as non executive chairman of the NNPC for any reason outside the provisions of the law.

    He further asked the court to determine whether the president could sack him without compliance with expressly stated provisions of the Articles of Memorandum of Association of the Company, Section 63 (3) of the PI Act 2021 and Section 288 of the CAMA Act 2020.

    Another issue for determination was whether his purported removal vide letter of Jan. 17 without compliance with expressly stated provisions of the law was not wrongful, illegal, null and void and of no legal consequence whatsoever.

    The plaintiff asked the court to upon, determination of the issues in his favour, make a declaration that his position as non executive chairman of the NNPC was exclusively governed and regulated by CAMA 2020, PI Act 2021 and Memorandum of Association of the Company.

    “A declaration that by the provisions of Section 63 (3) of the PI Act, CAMA Act and Memorandum of Association of the NNPC, the president cannot by will remove him from office as non executive chairman without following due process of the law.”

    The former lawmaker asked the court for an order setting aside his removal by the president via a letter of Jan. 17 with reference number SGF.3V111/86.

    He also asked the court for an order reinstating him and restoring him to office with all the rights and privileges of the office of the NNPC non executive chairman.

    He further asked the court for an order nullifying and setting aside all decisions and resolutions of the NNPC board made in his absence from Jan. 17 till date.

    He also asked for an order restraining the defendants from removing his name as director of the company.

    He asked for N100 billion as damages for the wrongful removal, disruption and interruption of his term of office as non executive chairman of the NNPC.

    In a 75 paragraph affidavit in support of the suit, Ararume averred that upon the passage of the Petroleum Industry Act 2021, the former NNPC and its subsidiaries were unbundled to become Nigeria National Petroleum Company registered with the Corporate Affairs Commission with number 1843987.

    “On Oct. 20, 2021, the president approved my appointment as a non executive chairman for a period of initial five years and subsequently, my name registered in the Memorandum of Articles of the Company and the appointment was announced to the whole world.

    “Based on the appointment, I attended the 23rd World Petroleum Congress in America but surprisingly on Jan. 7, the president inaugurated the NNPC Board without recourse to me while another person was named in (my) place.”

    “By a letter of Jan. 17, I was informed of withdrawal of my appointment but without any reason whatsoever to justify the purpoted removal.”

    The plaintiff asserted that he was not guilty of any pre- conditions for removal or adjudged medically unfit for the job.

    He asserted that he had suffered loss of credibility and goodwill, untold emotional, mental and psychological trauma and public humiliation on account of his alleged unlawful removal.

    He therefore prayed the court to award him N100 billion compensation and to order his return to office in line with the letter and conditions of his appointment.

  • NNPC reforms: My life is being threatened – GMD

    NNPC reforms: My life is being threatened – GMD

    The Group Managing Director (GMD) of the Nigeria National Petroleum Company (NNPC Ltd), Mr Mele Kyari, has said that he is receiving death threats as a result of the ongoing reformation in the NNPC.

    Kyari made this know on Wednesday in Abuja at the Legislative Transparency and Accountability summit organised by the House of Representatives Committee on Anti-Corruption.

    The summit is titled, ‘Enhancing Transparency and Accountability in the Oil and Gas Sector: Challenges and Prospects.’

    Kyari said that as a result of the implementation of the Petroleum Industry Act (PIA), a lot of changes are ongoing that is affecting the old order.

    He said the company had taken down several illegal oil refineries affecting the volume of oil production in the country.

    The GMD said that as a result of the activities and effect of the illegal refineries, daily crude oil production had reduced by 700,000 barrels.

    “Without mincing words, I want to say that this industry is in a threshold of change, there is massive change going on and it is very expensive and of personal cost to many people including myself.

    “There is a threat to life, I can say this, I have several death threats but we are not bothered about this, we believe that no one dies unless it is his time.

    “But this is the cost of change, when people move away from what they are used to something new that will take away value and benefit from them, they will react.

    “That reaction is benefits to all of us and we will work together to make sure it works out,“ he said.

    The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, said that over six decades, the oil and gas industry has played a critical role in the economy of Nigeria.

    He said that the industry has provided millions of jobs, directly and indirectly, adding that income from the oil and gas sector has funded the administration of government to the tune of hundreds of billions of dollars over the years.

    According to him, “we are living in a world made possible by income from oil and gas and the fossil fuel industry.”

    He, however, said that the world is changing towards a future where the economic value of oil and gas is far diminished from what it used to be.

    “Amid this evolving paradigm, the oil and gas industry still faces unique challenges here at home. Due to theft and various acts of economic sabotage, we are experiencing a massive decline in crude oil production and export volume.

    “Our country is the victim of bad actors determined to achieve great personal wealth at our collective expense.

    “At a time of severe financial constraints, the perpetrators of this brazen heist threaten our ability to meet the demands of governance and nation-building.

    “Their actions effectively amount to treason against our country, for which they must be held accountable,” he said.

    Earlier, the Chairman, House Committee on Anti-Corruption, Rep. Shehu Garba, said that the oil and gas sector accounts for 80 per cent of Nigeria’s foreign exchange income.

    He said that it also accounts for 50 per cent of the nation’s total revenue, saying that anything that affects the sector, affects the nation.

    The lawmaker said that the PIA is a watershed as it would address a lot of the challenges limiting the sector’s ultimate performance.

    He said that the committee resolved to organise the summit to keep the conversation on transparency going and to make Nigerians understand what the new legislation brings.

    Garba said that the summit also provides a platform for stakeholders engagement and to share opportunities therein.

  • SPECIAL REPORT: Prolonged fuel scarcity questions FG’s N17bn tracking technology

    SPECIAL REPORT: Prolonged fuel scarcity questions FG’s N17bn tracking technology

    Long queues of vehicles parked at filling stations and roads littered with petrol hawkers have become common sights in major cities across the country as fuel scarcity lingers for weeks, pushing up the prices of transportation and food commodities in an already fragile economy.

    Despite subsidy payments rising to an average of N500bn per month, Nigeria continues to witness hitches in the supply and distribution of petroleum products and the current scarcity is the second to hit the country this year, with the first lasting about five months.

    As a result of the fuel crisis situation, many Nigerians are now forced to patronize fuel hawkers also referred to as “black market”, who sell the product for as much as N250 per litre, against the official N165 per litre, and in some cases right in the front of filling stations unobstructed.

    The recent scarcity, as explained by the federal government, was a result of floods in some parts of the country with hindered the delivery of the product to consumers in Abuja and its environs.

    However human rights Lawyer Femi Falana, has asked the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for information on the installation of an N17billion technology approved to monitor and track imported refined petroleum products from the point of entry to when they reach the final consumer.

    The request letter dated 28th October, 2022, was made under the Freedom of Information (FoI) Act and the NMDPRA is mandated by law to provide details of the contract awarded under the defunct Petroleum Equalisation Fund (PEF) within seven days.

    Falana noted that the then Minister of State for Petroleum Resources Ibe Kachikwu, had said that deployment of the automated fuel system management and censor network would ensure 100 per cent tracking and monitoring of petroleum products.

    “In view of the foregoing, I, hereby, request for information on the installation of the technology monitoring schemes and structures acquired by the PEF for the sum of N17 billion, approved by the Federal Executive Council on August 8, 2018.

    “Take notice, if you fail or refuse to furnish us with the requested information before the deadline of seven days, we shall not hesitate to pray the Federal High Court to compel you to accede to our request,” Falana said.

    There are also indications that the current fuel situation could worsen, as the Nigeria Union of Petroleum and Natural Gas Workers, (NUPENG), has threatened to shut down operations in the country over extortion, harassment and intimidation by some criminal elements operating along the Lekki Free Trade Zone Road, Eleko Ibesu.

    In a letter to the Lagos state governor, NUPENG’s General Secretary Afolabi Olawale, noted that the Union had severally denounced the activities of these elements and notified security agencies on the need to curb their excesses, but that the trend of harassment and extortion has persisted.

    “We are deeply constrained to bring to your urgent attention, the unwholesome activities of some criminal elements…we have no other obligation than to demand that your Excellency, as matter of urgency, put a final stop to the unwholesome activities of these criminals and similar elements across the state, otherwise we would have no other option than to direct our members, for the sake of the safety of their lives and property, to stay off the entire Lagos State until sanity, law and order are restored,” part of the letter read.

    Olawole said added if urgent steps are not taken to address the matter by midnight of Sunday 6th November 2022, the Union will have no other option than to direct its members to stay off the roads of Lagos State to protect their lives and property.

    Speaking at the inauguration of Pinnacle Oil and Gas Limited facility in Lagos last week, the Group Chief Executive, NNPC Limited, Mele Kyari, identified the increased population as an additional reason for increased fuel consumption in the nation.

    He said: “Our population is growing. The middle class is growing, thus increasing the nation’s energy requirements, despite all the conversations around energy transition that you hear. There is no doubt that Lagos is the number one beneficiary. Let me put it this way, the largest consumer of petroleum products is Lagos. Anytime we have any disruption to supply Lagos, we panic because Lagos is our biggest customer base.

    “Expansion is very necessary but the reality today is that the largest concentration of downstream facilities is in Lagos and we trust and rely on Lagos to have energy security in the coming years.”

  • IPMAN reveals cause of fuel scarcity

    IPMAN reveals cause of fuel scarcity

    The Independent Petroleum Marketers Association of Nigeria (IPMAN), Western Zone, has attributed the increase in the pump price of Premium Motor Spirit to the hike in private depot prices.

    Alhaji Dele Tajudeen, Chairman, IPMAN Western Wone, disclosed this in an interview NAN on Tuesday in Lagos.

    Tajudeen, while condemning the increase, said that there had been increase in depot price of fuel from N148.17 per litre to N178 per litre since last week.

    According to him, none of the Nigerian National Petroleum Company Ltd. (NNPC) depots has product and the private depots took advantage of the situation to hike the price.

    “The only option for our members is to opted for private depots to keep our business moving.

    “We are totally against the increase because it will affect our profit margins and the masses.

    “Some private depots who have product, deliberately, refused to sell for reasons best known them,” he said.

    The IPMAN chairman said that the marketers should not be blamed for the increase in pump price, adding that “selling at N170 per litre is not realistic”.

    Tajudeen said, “Therefore, our members have no other option than to sell between N195 and N200 per litre within Lagos, Ogun and Oyo states, while we will sell between N200 and N210 in Kwara, Ondo, Osun and Ekiti states.

    “Most of the tank farm owners have justified this increase because of different charges, among which is  vessels charges paid in dollars.

    “We are equally calling on the management of the Nigerian National Petroleum Company Ltd. (NNPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to investigate the arbitrary increase in fuel price by the private depot owners.

    However, a top official of the Depot and Petroleum Marketers Association of Nigeria (DAPMAN), who preferred to be anonymous, told NAN that the scarcity was as a result of shortfall in product allocation from the NNPC.

    The source alleged that DAPPMA had some many performance invoices with the Petroleum Products Marketing Company (PPMC) which were still awaiting cargoes to get supplied.

    According to the source, a large portion of product allocation was given to the Major Oil Marketers Association of Nigeria (MOMAN) because it is believed that they have large reach of retail outlets.

    “We have some many invoices before NNPC that have not been allocated.

    “Ex-depot price has been between N162 and N163 per litre for marketers within Lagos and its environs, while between N164 and 165 for marketers outside Lagos like Calabar, Port Harcourt, Owerri and so on.

    “Some foreign vessels that came into the country refused to discharge, due to financial challenges.

    “The shortfall in product can best be explained by NNPC and its agencies,” he said.

  • Don’t panic, NMDPRA gives update on fuel scarcity

    Don’t panic, NMDPRA gives update on fuel scarcity

    The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has appealed to Nigerians not to engage in panic buying of petrol, saying it has enough in stock.

    Mr. Farouk Ahmed, the Chief Executive Officer, NMDPRA confirmed to NAN in Lagos on Tuesday.

    Ahmed said he had checked with the Major Oil Marketers Association of Nigeria (MOMAN) and Nigeria National Petroleum Company Ltd. (NNPC) on the level of fuel stock and confirmed that they had sufficient stock.

    “l spoke with the MOMAN’S Executive Secretary this morning and he told me they have sufficient stock.

    “I have directed them to start evacuating the product immediately to filling stations.

    “NNPC has also confirmed sufficiency and they have commenced evacuation.

    “From now till tomorrow the situation will be back to normal.

    “I don’t know what is happening but we are on top of the situation,” he said.

    Ahmed assured that there was enough fuel and, therefore, appealed to members of the public to avoid panic buying as all efforts were being made to resolve shortage in some filling stations in Lagos and its environs.

    The National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Mike Osatuyi, attributed the scarcity to unsteady supply in the past few days.

    Osatuyi told NAN that as a result of the unsteady supply, depots prices had risen from N165 to N177 and N178 per litre in Apapa and its environs.

    “The marketers will only sell what they buy. If the price of petrol increases, we add our transportation cost and other charges to the selling price,” he said.

    He appealed to NNPC and NMDPRA to supply enough petrol across the country to ease scarcity.

    Queues are beginning to build in some filling stations in Maryland, Onipan, Ikoyi, and Victoria Island.

  • Tompolo is new Minister, NNPC GMD, Head Navy, DSS and Custom – By Mideno Bayagbon

    Tompolo is new Minister, NNPC GMD, Head Navy, DSS and Custom – By Mideno Bayagbon

    By Mideno Bayagbon

    (mideno@thenewsguru.ng)

    ONE hundred days after General Muhammadu Buhari became president, Femi Adesina, his Special Adviser on media gleefully announced that a new Sheriff  was in town. He told the world that corruption had nose-dived and taken a flight on the assumed body language of the President. Almost seven years and seven months later, with corruption more emboldened and running riot, I am happy to announce that Buhari, dressed in that borrowed robe by Adesina has come out to denounce him and cede the position to the new kid on the block: Government Ekpemupolo, otherwise known as Tompolo. He is the new Sheriff who has generously acceded to receiving only a monthly N4 billion salary to do wonders in the creeks. And what wonders he has started doing.

    Tompolo, before now, a feared Niger Delta militant and severally a fugitive from justice, has generously accepted a waiver on his warrant of arrest from President Buhari and his All Progressives Congress, APC. What is left now is for him to be crowned the new Petroleum Minister. I dare say he should also be begged to combine this role with being Group Managing Director of the NNPC, Chief of Naval Staff, DG DSS and DG Customs. The reason is simple. What the combined occupants of these offices failed to achieve all these years, Tompolo has done in less than two months after they ceded their duties to him. Tompolo has put up a typical Nigeria drama and we are all entranced in charmed guffaws.

    Mercifully, the Petroleum Minister, Muhammadu Buhari; his deputy, Timipre Silva; the GMD NNPC, Chief of Naval Staff, DG DSS, DG Customs, etc., have not succumbed to shame, but have been typically Nigerian. Thank God we are not in climes where occupants of these offices would have been sacked, or think it wise to resign from office. In our well known culture, none of them will resign or be sacked or  arrested. None will submit themselves to investigation and, possibly, trial for their role in the humongous thievery which over the years has seen between 400,000 and 600,000 barrels of crude oil being stolen daily. No one will hold them culpable even if for negligence!

    Instead we are expected to clap for their courage. We are expected to  salute their boldness in going on photo-ops visits to the creeks of the Niger Delta as soon as Tompolo “discovered” hacked production and export pipelines. We are supposed to be impressed and should laud them. We should know, it is not them or their associates; it is not their conniving ignorance or deliberate blind eye but spirits and gods headquartered in Abuja, Lagos and other power bases who apparently rigged the pipelines. They, on whose table the buck stops, have gone beyond joining the rest of us in impotent rage at the billions of dollars the nation is losing monthly to oil thieves, and have gone themselves on sight seeing visits. That should convince us they truly mean well.

    They know that the right impression, in the right quarters, is all they need to continue to enjoy their exalted offices. That is why it is foolish not to know that they want us to believe that they want an end to the sweet, stolen crude; it does not oil  theirs and their friends private pockets. They are adept players of the Nigerian game, to wit, that ordinary Nigerians deserved to be easily fooled. A little gimmick here and there; ethnicity here and religion thrown in there and Nigerians  will move on to rant about other issues. They never seriously expect our almighty government officials to be punished . We are not a land of consequential actions visited on  infractions.

    Knowing that Nigerians are easily fooled, rushing to the creeks to  display manufactured surprise that such theft is being carried out so openly is a classic act. That way, government officials are absolved. No impudent need to lie to Nigerians that the shut eyes of the President, the Group Managing Director of the NNPC, the DG of DSS and Customs, the Navy and all the military forces which swarm the oil producing creeks, are responsible. Of course with the media attention on the photo opportunities, and Nigerians being condoning humans, no further action is required. No investigations should unnecessarily  be expected as to the true identity of those responsible for this astonishing economic crime. No arrests, no trial or any further action is required. That is why the Petroleum Minister, President Muhammadu Buhari should not dignify the public shock and anger, that is why he should not come out to show he is aware of the goings on, and or to make any statement. What can Nigerians do but talk and talk and move on?

    Sheriff Tompolo too is a typical Nigerian business man, that is, when he removes his militancy gear. He too understands Nigeria so very well. By pointing out a few of the points where crude oil is stolen, and with the collaborating appropriate authorities having visited and made empty speeches, it is over. Tompolo now knows he is well secured in his contract which had earlier unnecessarily generated a lot of criticism. That is, until he decided to shut the mouth of critics with a peep into the humongous thievery, no, self help, going on in the creeks.  Mistake we make is to believe that the current exposure should lead to a stop of such nefarious activities.

    Let’s take a few steps back. The authorities have been lamenting that a large part of the crude oil being produced in Nigeria is stolen. Well established syndicates, who are ghosts and spirits, are reaping between $40 million to $60 million daily. And the government with all its security forces, with all its intelligence and surveillance officials and equipment is not expected to track and arrest them. Mathematically, it takes between only 20 to 60 huge ships carrying between one to three million barrels each, coming in daily, to ferry the  400,000 to 600,000 barrels of stolen crude away. This is even against the backdrop of the NNPC, under the Buhari government, could only buy and install a N50 billion surveillance equipment to confront the daily self help.

    This is akin  to, and yet diametrically the opposite of what some ignorant Nigerians call a huge scam that is fuel subsidy.  Nigerians must not forget it is not a Buhari government creation. Under the past governments it was rife. But under this one, the nation is said, incredibly, to be powering its vehicles with only 102 million litres of petrol daily. As a result, as we should expect, subsidy ran, and still is running, into trillions of Naira yearly. That is, until, by some magic fiat, the president ordered the NNPC to reduce it to 60 million litres daily. This is laudable even if 15 months earlier, even with the scam fully in place, subsidy was paid on only 38.5 million litres daily.

    We ought to celebrate the impunity, the connivance of the syndicate in government and their collaborators. They sensibly only ballooned the subsidy payment to only 102 million litres. Think about it, If 40 million litres of imported petrol, which the NNPC Group Managing Director told the nation, not too long ago, is daily smuggled across the Nigerian borders into neighbouring countries, shouldn’t we congratulate the appropriate authorities? Assuming, but not conceding, that this is true, for this huge trans-border smuggling, 3200 tankers of  30,000 litres capacity each are required, daily. These trucks, their owners, drivers and funders are also spirits beyond the ordinary eyes of the NNPC and the security forces. Only the truly unpatriotic will ask how much lies a people can tolerate.

    That is why what is left now, is for another annual N48 billion contract, akin to the one given to Tompolo, to be awarded to one of a troublesome person up north to help monitor and curtail the activities of the spirits who bring in 3200 fuel tankers into the country daily and abscond with 40 million litres. With Tompolo handling the crude oil thefts and this fellow in the north handling fuel smuggling, two of our major economic bleeding points would have been plugged.

    Try not to cry. We are a house of comedy.

  • How I ameliorated the terrible electricity situation in Southeast -Bart Nnaji

    How I ameliorated the terrible electricity situation in Southeast -Bart Nnaji

    Nigeria’s former Minister of Power, Prof. Bart Nnaji, has revealed how he helped in ameliorating the terrible electricity situation in the Southeast by setting up a 188-megawatt power plant in Aba through his company, Geometric Power.

    Nnaji, the chairman and CEO of Geometric Power Limited, made the disclosure on Tuesday at the 58th birthday of Abia State governor Okezie Ikpeazu in the governor’s country home, Umuoboakwa, Obingwa Local Government Area of the state.

    The former minister of Power recounted an ugly experience he had when he purchased a large expanse of land in Emene, Enugu to build a company to manufacture vehicle spare parts, including auto engines, only to discover that it could not take off because of the poor electricity situation in the Southeast in particular and the country in general.

    The Nnewi initiative is an eloquent example of what the Igbo can do once they have the opportunity

    Nnaji who is also a distinguished Professor of Industrial Engineering at the University of Pittsburgh in the United States and Director of e-Design of the United States National Science Foundation, said the second reason was the request from the then Nigerian Minister of Finance, Dr Ngozi Okonjo-Iweala, now the World Trade Organisation (WTO), and the then World Bank President, Dr James Wolfohnson, to build a 50MW power plant in Aba to assist both big and small manufacturers.

    He said, “They made the request in 2004 after visiting Aba and saw the enormous economic and technological potentials of this city, the headquarters of indigenous technology in Nigeria, but was being paralysed by poor electricity.

    “Both Dr Okonjo-Iweala and Dr Wolfohnson asked me to consider building this power plant because a team of Nigerian engineers I led had successfully built a 22MW emergency power plant in Abuja in 2001 to supply uninterrupted electricity to the Nigerian National Petroleum Corporation headquarters in Abuja, State House, Central Bank and the Abuja Business District.

    “What they didn’t know is that I was already reflecting on how I could help ameliorate the terrible electricity situation in the Southeast.”

    “We can say without fear of contradiction that the request from Okonjo-Iweala and Wolfohnson was a divine intervention,” Nnaji added.

    He explained that the provision of basic infrastructure like electricity in the Southeast and elsewhere in Igboland would trigger the beginning of a development miracle from which all Nigerians would benefit.

    It is imperative, he stated, that the Igbo and all the people of the former Eastern Region regain the development momentum of the First Republic during which the government and people built the University of Nigeria, African Continental Bank, Nigeria Cement Company at Nkalagu in today’s Ebonyi State, the Nigersteel company, Nigergas, Hotel Presidential and many others which enabled the region to become the fastest developing place in the world in the mid-1960s.

    The industrial engineering professor said that if he had located the Geometric Power plant in Ikeja Industrial Estate or Ilupeju Industrial Layout in Lagos State or in the Agbara Estate in Ogun State, he would have gotten a faster return on investment, but Igboland “which is in dire need of such infrastructure would continue to suffer.”

    He paid a glowing tribute to the Nnewi people in Anambra State for resolving and successfully developing their homeland after the Nigerian civil war even without roads and electricity.

    “The Nnewi initiative is an eloquent example of what the Igbo can do once they have the opportunity”, he said, charging other communities to feel challenged by Nnewi’s accomplishments.

    Nnaji observed that the rapid development of Eastern Nigeria would make it unnecessary for “millions of our people to leave for Lagos, Abuja or overseas in search of better living conditions.

    “I, therefore, urge all Eastern investors to start thinking home. Charity starts at home,” he added.

    Other speakers at the Governor Ikpeazu 58th birthday colloquium include Mazi Sam Ohuabunwa, president of the Pharmaceutical Society of Nigeria who chaired it, former Senate President Adolph Wabara who is the acting chairman of the PDP board of Trustees, Darl Uzu, chief promoter of the Enyimba Economic City, veteran journalist Ray Ekpu and Ohaneze president, George Obiozor who was represented by an Ohaneze leader in Abia State.

    Others are the president of the National Association of chambers of Agriculture, Commerce, Industry, Mining and Agriculture (NACCIMA), Ide John Udeagbala, and former Abia State House of Assembly Deputy Speaker Emeka Stanley as well as a host of traditional rulers.

  • To say Nigeria consumes 66m ltrs of fuel daily, are we drinking petrol?- Sanusi queries NNPC

    To say Nigeria consumes 66m ltrs of fuel daily, are we drinking petrol?- Sanusi queries NNPC

    “The NNPC says we are consuming 66 million litres per day. Please tell me, is it the population? Is it the number of cars? Just ask yourself if it makes sense that in three years you increase your consumption of petrol by 50%. Are we drinking petrol?”

    These were the words of a former governor of the Central Bank of Nigeria (CBN) and vice chairman, Kaduna Investment Promotion Agency, Lamido Sanusi, as he queried the claim by the Nigerian National Petroleum Company (NNPC) Limited that Nigeria consumes 66 million litres of fuel daily.

    Whoever becomes president in 2023, the first thing they should do is ask the NNPC to document and bring evidence for every dollar they took as subsidy

    The deposed Emir of Kano said this while delivering his keynote speech at the seventh edition of KadInvest, an annual event organised by the Kaduna State Investment Promotion Agency.

    Sanusi queried the supposed volume of Nigeria’s daily consumption of petrol adding that whoever the incoming president would be come 2023 would first need to do a high standard audit of every penny spent on the NNPC.

    He said, “In 2019, officially we were importing 40 million litres per day. In 2022 officially, we are importing 66 million per day. In three years, we have increased our petrol consumption by 50%.

    No government has the moral right to impose hardship on Nigerians. They have suffered enough

    “The NNPC says we are consuming 66 million litres per day, so we are consuming more than Indonesia, Pakistan, Egypt, Cote d’Ivoire and others.

    “Whoever becomes president in 2023, the first thing they should do is ask the NNPC to document and bring evidence for every dollar they took as subsidy. They must give the ships that came and we can verify from the insurance companies if those ships were in Nigeria on those dates.

    “That is what the law says. There must be proof that the product came in, at the price you said you bought it, before you pay subsidy.”

    Sanusi further stated that with the current state of the economy, it would be a lie if any candidate claimed it would be easy to fix, adding that Nigerians should avoid voting for such candidates.

    To say Nigeria consumes 66m ltrs of fuel daily, are we drinking petrol?- Sanusi queries NNPC

    He also lamented the current hardship Nigerians are facing and said until the government is transparent and credible towards the citizens, it has no right to impose such hardship on the citizenry.

    He said, “Until we bring credibility and transparency to the management of public finance, no government has the moral right to impose hardship on Nigerians. They have suffered enough.

    “Anybody who tells you that it is going to be easy, please do not vote for him, because it is either he is lying to you or he does not know what job he is going to get.

    “You cannot with this level of debt service, collapse in revenue and poverty overturn things just like that. We have to take corrective decisions and first close out inflated and false numbers.”

    The President, Major General Muhammadu Buhari (retd.), last Friday, had said the removal of fuel subsidy was the best decision for the country, considering the current economic challenges, while presenting the N20.51 trillion 2023 budget proposal to the National Assembly.

    The President was represented at the event in Kaduna by the Minister of State, Industry, Trade and Investment, Maryam Katagum.

    Also present were the presidential candidate of the All Progressives Congress, Bola Tinubu; Kaduna State Governor, Nasir El-Rufai; Aliko Dangote among others.

  • OIL THEFT: Nigeria now Africa’s fourth largest oil producer

    OIL THEFT: Nigeria now Africa’s fourth largest oil producer

    Nigeria’s crude oil output hampered by theft has fallen from 1.4 million barrels per day (bpd) at the start of the year to 900, 000 bpd as of September 2022, plunging the country to fourth place among largest oil producers in Africa, behind Angola, Algeria and Libya.

    Historically, Nigeria has been the largest exporter of oil in Africa, even though a lack of infrastructure has long hindered Nigeria from being able to export at 100 per cent capacity. In recent times, oil production in the country typically varies between 1.4 and 1.6 million bpd.

    Theft of oil in Nigeria is not a new problem but has grown over the last two decades. Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari, claimed Nigeria was losing up to 600,000 barrels of crude oil per day.

    The implication of this startling revelation is that Nigeria is losing more than half of its production, as the unaccounted 600, 000 bpd is 67 per cent of the current 900, 000 bpd output, presenting a bleak future for the most populous country in Africa.

    Nigerian authorities are worried over this disturbing record as the National Assembly considers the country’s 2023 appropriation bill which is predicated on a daily oil production estimate of 1.69 million bpd, with a projected N1.92 trillion oil revenue.

    But Kyari has said that the country was not helpless and recent clampdown on oil bunkers was yielding progress. A total of over 3.76 million litres of crude oil and 458,000 litres of Automotive Gas Oil have been recovered, thereby denying oil thieves a total of over N2.1 billion worth of stolen crude oil and products.

    “What is most difficult to manage today and daring for us to live with is the issue of crude oil theft, (but) we’re not helpless and our efforts are paying off,” Kyari said.

  • PRIVATIZATION: “NNPC has created more problem for Nigeria”- El Rufai

    PRIVATIZATION: “NNPC has created more problem for Nigeria”- El Rufai

    Kaduna State Governor, Mallam Nasir El-Rufai, has slammed the Nigerian National Petroleum Company (NNPC) Limited, saying it has not remitted even N20,000 to the federal account this year but created more problem for Nigeria.

    There is no reason why the Nigerian Government should still be in the oil and gas sector through the NNPC

    The governor revealed this on Thursday, stating that the NNPC Limited should be privatised as it has created more problem for Nigeria, and has failed in the oil and gas sector, he told Channels TV.

    “This year, NNPC has not brought N20,000 to the federation account. We are living on taxes. It is PPTs, royalties, income tax and VAT that is keeping this country going because NNPC claims that subsidy has taken all the oil revenues. I don’t believe it.”

    Electricity industry should be completely privatised

    El-Rufai further stated that, “Nothing has changed, it’s just a change in name with limited at the end. Nothing has changed, they are still taking our money, declaring profit that we don’t see the dividends.”

    He explained that the government’s involvement has done no good, and should allow private investors take charge.

    El-Rufai also advised that the electricity industry should be completely privatised.

    According to him, everything the Nigerian government manages fail. He cited the telecommunication industry has one sector that developed when the government privatised it.

    “I am giving this example so that when I say government should get out of oil and gas, people should not think it is crazy; it is not.

    Government should sell everything in oil and gas sector

    “There is no reason why the Nigerian Government should still be in the oil and gas sector through the NNPC. It should just get out, it has failed. By every measure it has failed.”

    “So, the government should sell everything in oil and gas sector…The government should get out of everything that is left of electricity, leave it to the private sector, create the environment, the money will come. We did it in the telecoms sector” El-Rufai asserted.