Business
Adoke Denies Connection With Reps Report
The Minister of Justice and
Attorney-General of the Federation, Mr Mohammed Adoke, on Wednesday denied speculations that he made reference to any report of the House of Representatives Ad Hoc Committee on Malabu Oil and Gas Ltd.
Adoke dismissed the report in a statement issued by his Chief Press Secretary, Mr Ambrose Momoh, in Abuja.
The minister was reacting to an invitation by the House of Representatives to meet with the House Committee on Justice to explain his role over the ownership and right to operate Bloc 245.
Adoke said the claim that he was cleared by the alleged report on the transaction involving the Federal Government, Shell/Agip companies, and Malabu Oil and Gas Ltd in that respect was mischievous.
In view of the misrepresentations and obvious mischief in reporting the role of the Federal Government, its agencies and officials in the settlement of the dispute, it has become necessary to set the records straight.
When the Attorney-General of the Federation appeared before the House of Representatives Committee, which investigated the transaction, he explained his role in facilitating the settlement and the committee members were satisfied with his explanations.
The Attorney-General did not make reference to any report of the committee, as none had been made available to him.
“It is, therefore, clear that the alleged report and controversy it has generated is a calculated attempt to bring the office of the Attorney-General and relevant agencies of government to infamy,” the statement read in part.
The minister, according to the statement, said the outrage against his office was due to his refusal to compromise his office to satisfy the demands of certain interests and individuals.
He vowed to confront those behind the controversy at the appropriate time.
The outrage against the office of the Attorney-General of the Federation is understandable when viewed against his refusal to compromise his office in order to satisfy the demands of certain interests and individuals.
“We know those who have compromised their positions in order to author the alleged report and their theatrical display for public gallery. We also know those secretly beating the drums for masquerades dancing in the market square. We shall confront them at the appropriate time.
How else can one explain why the ownership of shares in a private company would generate sufficient interest among members of the legislature so as to merit a resolution of a committee? Certain persons or companies are entitled to ownership of shares in a private company, when courts are the appropriate venue for the ventilation of such disputes between share holders (if any),” the statement emphasised.
It added that the Federal Government’s role with regard to the dispute was essentially that of a facilitator; to ensure resolution between Malabu and Shell Nigeria Ultra Deep Limited.
The minister said the resolution of the dispute was part of government’s commitment to attract investment in the oil and gas sector by creating conducive environment for their business to thrive.
Adoke said he was ready to be subjected to any transparent investigative process in order to unearth the truth.
The Tide recalls that the House of Representatives on Tuesday summoned Adoke to explain the deal.
Adoke was summoned over a letter he allegedly wrote to a foreign organisation, Global Witness, stating that the House had cleared him of any wrongdoing in the controversial Malabu oil deal.
The House had some months ago raised the red flag on the disposal of the Oil Prospecting Lease (OPL) 245, following allegations that there were breaches in the deal that saw the sale of the bloc by Malabu Oil and Gas Company to Shell and Agip.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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