Business
NNPC, Others To Refund N1.067trn
The Nigerian National Petroleum Corporation (NNPC), the Petroleum Products Pricing Regulatory Agency (PPPRA) and other companies are to refund a total of N1.07 trillion to government treasury.
The ad-hoc committee set up by the House of Representatives to investigate the subsidy regime in Nigeria, made the recommendation, while submitting its report to the House on Wednesday in Abuja.
The report submitted by its Chairman, Rep. Farouk Lawan, recommended that NNPC should refund N310.41 billion on kerosene.
NNPC is also to pay back to government’s coffer another N285.09 billion being the amount above the recommendation of PPPRA, and another N108.65 billion representing self discount.
Others to make refunds are marketers that violated the guideline set by the Petroleum Support Fund, (PSF) to refund N8.66 billion, and companies that refused to appear before the committee to refund N41.94 billion.
The PPPRA is to refund N312.28 billion.
The Tide source recalls that the House constituted the committee at its special session on Jan. 8, to investigate the fuel subsidy regime.
It held public hearing from Jan. 16, to Feb. 9, and took testimonies from various stakeholders.
The committee said that if PSF was properly managed, “the N1.067 trillion would have been available to the three arms of government for budget enhancement”.
It also recommended that transactions by some companies that collected forex to the tune of 402. 610 billion dollars and whose utilisation of the amount the committee questioned, be investigated.
The committee added that the investigation be conducted by the relevant anti-corruption agencies to determine their level of culpability and for further recoveries.
It also recommended that the 72 companies listed under the financial forensics be recommended for investigation by the relevant anti- corruption agencies.
This is with a “view to establishing their culpability and recovering the sums indicated against their names totaling N230 billion.”
It further recommended that cases of double deductions by the NNPC for subsidy payments in 2009, 2010 and 2011 should be investigated and NNPC be “unbundle’’ for efficiency and transparency.
The process of sanitising the subsidy regime the committee further recommended “can be achieved through the passage of a well drafted and comprehensive Petroleum Industry Bill (PIB)”.
It also recommended that officials in the management and board of the NNPC, directly involved in the infractions identified for the years 2009 and 2011 be investigated and prosecuted.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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