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NAEE President Wants Buhari To Sign PIGB

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The President, Nigerian Association for Energy Economics (NAEE), Prof. Wumi Iledare, last Saturday urged President Muhammadu Buhari to sign the Petroleum Industry Governance Bill (PIGB) before 2019 elections campaigns begin.
Iledare made the call at a pre-conference news briefing in Abuja, ahead of the 11th NAEE/IAEE International Conference beginning today.
The National Assembly passed the bill on March 28 following the unanimous adoption of a report on the Bill presented by Chairman, Senate Committee on Petroleum (Upstream), Sen. Tayo Alasoadura.
In passing the bill, the lawmakers approved in it, five per cent levy on petroleum products sold in the country.
Iledare urged Buhari to assent to the bill quickly as it still had 12 months to 24 months transition period after the president’s assent “to cushion any event of macro-economic shock”.
“I am not saying he shouldn’t evaluate. He should not assent to it without reviewing it further and that is why we have separation of powers.
“I think he has sent the bill to some critical sectors in the executive arm to look at it to get informed. If I am to advise the executive, I will say look ahead, not the now.
“If I were the president, I will sign it before the election campaigns begin because it will give him something to say look, I have done it after 18 years.
“The president needs an energy council, a competent body of energy professionals to look at the energy supply mix for Nigeria, just like you have in some other places.
“The reason why you see the shale gas developments in the U.S. is because of the Potential Natural Gas Committee that has existed for many years.
“I said this when Buhari came to power, that there is an energy council that is moribund and should be revamped,’’ Iledare said.
He said the Nigeria National Petroleum Corporation (NNPC) was experiencing under-recovery because it could not recover what it pays for in dollars using naira in an unstable market.
“We warned the government then, at that particular time there was an opportunity not to put any price because the price on the street was already N200.
“Unfortunately, you cannot recover what you pay for in dollars using naira, when the exchange rate is unstable and that is what we have.
“I think also that if you look at the industry, we are not in any way operating a deregulated downstream, what we have is what I will call a price ceiling that has been misinterpreted as a price floor.
“This means that when you have a price ceiling, you do not want the price to go beyond that yet, the equilibrium price is somewhere high.
“This is because when you have a price floor, equilibrium is supposed to be below the price floor, and that is more or less a misinterpretation.’’
According to him, under-recovery will not continue for a long time because when the PIGB is assented to, the NNPC becomes a commercial entity with shareholders that will receive dividends.
“This means that there will be key performance indicators that whoever is heading NNPC will deliver to shareholders,’’ Iledare said.
On his part, Vice President of NAEE, Prof. Adeola Adenikinju, said he was worried about the structure of subsidy in Nigeria.
“If you look at Kerosene, the poor people buy it at market price; diesel, the companies buy at market price and petrol, which is the product that is widely used by the elite, is the one that has this kind of issue.

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Bonny-Bodo Road: FG Offers Additional N20bn, Targets December Deadline

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The Federal Government has agreed to offer additional N20.5 billion for the completion of the Bonny-Bodo road project in December.
The government, however, said if the construction company, Julius Berger, was not ready to accept the offer, the contract will be terminated.
Minister of Works, David Umahi, said this during a meeting with the Managing Director of Julius Berger, Lars Ritcher and members of Bodo-Bonny Road Peace Committee, on Wednesday in Abuja.
The reports that Julius Berger had requested asking for a N28 billion variation on the 82 per cent completed project.
The company hinged its request on the rise in exchange rate, construction materials, and diesel among others.
Umahi, however, said the government was willing to provide N20 billion out of the N28 billion that Julius Berger requested for.
According to him, the Bonny-Bodo road contract which was initially awarded at the cost of N120 billion in 2015, was later varied at N199 billion with a completion dateline of December 2023, which has since elapsed.
The Tide’s source recalls that in 2017, an agreement between the Federal Government, Nigeria Liquefied Natural Gas (NLNG) and Julus Berger on modalities for funding the project cost of N199.923 billion, without any further increase.
“If you do not accept the Federal Government’s offer by Friday and resume work on the site, the previously expired 14-day ultimatum for termination of project will be enforced.
“I want to let you know that we are the client. No contractor will dictate for this ministry, and there is no job that is compulsory that a particular contractor must do.
“We give you an offer. If you do not like the offer, you walk away. You don’t force us or we don’t force you.
“Agreement of contractual relationship is a mutual understanding,’’ the minister said.
Umahi said that had Julius Berger adhered to the project timetable, the project would have been completed on schedule before the impact of foreign exchange.
“Our position is very simple, we reject the conditions of Julius Berger totally and we ask Berger to please go back to the site to complete the project based on our offer.
“Our offer is unconditional and we say, accept or reject, so you cannot subject our offer to your conditions ,’’ he added
Umahi said the company should be humble in its dealings and exhibit solidarity during challenges.
Earlier, Richter had explained that the company suspended work on the site to seek some clarifications from the ministry.
According to him, the company asked for the augmemtation of N28 bilion because as at the time the contract was awarded the exchange rate was N305 to a dollar and diesel was N350 eor litre.
“We will still require some outstanding materials; that means that the initial agreement can’t fly because the variation of project is not sufficient and the exchange rate is also not in our favour to compensate the additional costs.
“That is why we decided to go back to our original proposal of the augmentation. Augmentation is a very normal process for all contracts,” the managing director said.
Chief Abel Attoni, Palace Secretary, Bonny Kingdom, expressed gratitude to President Bola Ahmed Tinubu over the decision to complete the Bodo-Bonny road project.
Attonu urged the parties to be patriotic and make the necessary sacrifice for the actualisation of the project.

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Court Vacates Arrest Warrant Against Ehie, Five Others

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The Federal High Court, sitting in Abuja, yesterday, set aside the warrant of arrest against Rt. Hon. Edison Ehie, the Chief of Staff, Government House, Rivers State, and five others.
Justice Emeka Nwite stated this while delivering his ruling in an application seeking to vacate the warrant of arrest which he issued on January 31, 2024.
The Judge said he was misled by the police in ordering the arrest of Ehie in connection with the burning of the Rivers State House of Assembly on October 30, 2023.
The Police, had told the court that Ehie and five others masterminded the bombing of the Rivers State House of Assembly amid a plot to impeach Rivers State Governor, Siminalayi Fubara.
The five others are Jinjiri Bala, Happy Benedict, Progress Joseph, Adokiye Oyagiri, and Chibuike Peter, alias Rambo.
Justice Emeka Nwite while setting aside the warrant said it has now become a mere academic exercise.
The judge further granted same to the 2nd to 5th Defendant/Applicant in same suit.
Femi Falana, SAN, and Oluwole Aladedoye, SAN, who appeared for the defendants in separate suits, held that the court lacked the jurisdiction to have granted the order.
While Falana filed a motion seeking an order to set aside the January 31 order by Justice Nwite, Aladedoye applied for a stay of execution of the arrest order.
In a motion marked: FHC/ABJ/CS/112/2024 dated February 2 and filed on February 7 by Falana, Ehie sought two orders, including “an order setting aside the order made on January 31 for want of jurisdiction.
“An order of this honourable court staying the execution of the order made on the 31st January 2024, pending the hearing and determination of this application.”
Giving six grounds of argument, Falana argued that the complainant had not filed any criminal charge or motion before the court.
The senior lawyer argued that the court lacked the territorial jurisdiction to entertain the ex-parte application as the alleged offences of conspiracy, attempted murder, murder and arson took place in Port Harcourt, the state capital.
“He submitted that the court lacked the vires to grant an application to arrest and declare his clients wanted in respect of the alleged offences.
“The complainant/respondent (IG) did not adduce evidence of terrorism in the affidavit in support of the application.
“The complainant/respondent did not cite any section of the Terrorism Prevention Act, 2013 (as amended) alleged to have been contravened by the applicants,” he argued.
Aladedoye in a motion on notice dated and filed February 9, on behalf of the five defendants, sought two orders, including
“an order staying execution or further execution of the order(s) of this honourable court made on the 31st of January, 2024, pending the hearing and determination of the appeal filed by the applicants.
“An order of injunction restraining the complainant from carrying out or further carrying out the orders of this honourable court made on the 31st January 2024, pending the hearing and determination of the appeal filed by the applicant in this case.”
Giving a three-ground argument, Aladedoye said that a notice of appeal had already been filed against Justice Nwite’s orders.
According to the senior lawyer, the notice of appeal contains grounds that challenge the jurisdiction of the honourable court.
The Inspector-General had, in a charge marked: FHC/ABJ/CR/25/2024, arraigned the defendants on a seven-count criminal charge bordering on terrorism and murder.

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13 Students Bag First Class, 182 PhD As IAUOE Graduates 5,550, Today

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The authorities of Ignatius Ajuru University of Education (IAUOE), Rumuolumeni, in Rivers State, have stated that 13 students will be graduating with first class while 182 graduands will bag Ph.D during the 42nd convocation ceremony of the university billed to hold today and tomorrow.
The Acting Vice Chancellor of the University, Prof. Okechuku Onuchuku, disclosed this during pre-convocation press briefing held in his office, yesterday, to unveil the programme for the convocation ceremony.
Onuchuku said that the 13 students were among the 4,653 graduands expected to graduate for the 2022/2023 academic session with first degree, while 897 students will be graduating with postgraduate degrees.
The Acting Vice Chancellor while giving the breakdown stated that 13 students made first class, 890 students bagged second class upper while 2,739 students had second class lower for first degree.
He further stated that 182 graduands bagged PhD, 667 got master’s degree and 48 got postgraduate diploma, adding that the convocation ceremony will hold today and tomorrow for first degree graduands and postgraduate graduands respectively.
He said that a total of 47 programmes out of the 54 programmes being undertaken at the first degree levels had been given full accreditation by the National University Commission (NUC) as well as all the programmes at the postgraduate school.
“We have ensured that our programmes both at the first degree and post graduates are in line with the NUC stipulated guidelines and speculations. We have also ensured that we are in line with both our academic and administrative policies,” he said.
Prof. Okechukwu urged the graduating students of the institution to always remember to use thier positions to help their alma mater as well as project the institution in a good image in the larger society.
“Try to ensure you finish any project you want to do, evaluate it first and avoid unfinished or abandoned projects. We will be graduating first degree graduands on Friday while Saturday will be for postgraduates, “he added.
Prof. Onuchukwu also said his administration had achieved a lot since he assumed office as Acting Vice Chancellor, stressing that his administration had improved on the welfare of the staff and the students.
“There are a lot of projects completed in the school; we have also given scholarship to some students and also encouraged departments to do same. We also impacted positively on our host communities”, he said.

Akujobi Amadi

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