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JVC: Nigeria Owes Oil Giants $5.1bn …First Gold Refinery Construction Begins

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Amidst the ongoing confusion over the cut down in Nigeria’s oil production quota, the National Petroleum Corporation (NNPC) yesterday further revealed that Nigeria is currently owing multinational oil companies $5.1billion in the Joint Venture Cash Call (JVC) business arrangements.
The NNPC has also denied the alleged mismanagement of $3.2billion withdrawn from the Nigeria Liquified Natural Gas (NLNG) account from 2015 till date.
The revelation came up during an investigative hearing between the Senate Committee on Gas and the NNPC .
The Corporation’s Chief Financial Officer (CFO) , Alhaji Isiaka Abdulrasaq, who at the meeting explained to the Senate Committee on Gas how the JVC is run , noted that the arrangement is such that the government of Nigeria controls 60% of the venture while the International Oil Companies. (IOC’s) control 40%.
His words “The problem however is that before this government came on board in 2015, Nigeria which holds 60% of shares in the joint business , for many years did not contribute its own required capital into it but only collecting its equity inform of revenues which made the country to as at 2015 having $6.8bn unpaid capital into the venture.
“But the present government in 2016 succeeded in getting 35% discount from the unpaid capital amounting to $1.9bn from the unpaid capital , making the country to be owing the IOCs $5.1bn now”, he explained .
On the alleged $3.2bn withdrawn from the NLNG account by NNPC within the last three years , the CFO said there was no mismanagement in any of the withdrawals made.
According to him, based on available records with them, the have only 13 withdrawals made from the account totalling $1.2bn.
The NNPC’s CFO however said the alleged bogus withdrawal profile being bandied has caused high apprehension amongst not less than seven out of the international oil companies dealing with NNPC as they feared there may be some problems ahead if there is mismanagement of the NLNG accounts .
However, to aide the committee’s investigation of the alleged withdrawals, the committee through its Chairman, Senator Albert Bassey Akpan , ordered the NNPC CFO to submit approving documents for all the withdrawals by Tuesday next week.
“We are not saying any money have been stolen . What we are doing is clarifying processes of expenditures made from the account with a view to making management of the account more transparent and beneficial to Nigerians “,he said.
Meanwhile, history was made in Nigeria yesterday, as the country celebrated the ground breaking of its first gold refinery by the Minister of State for Mines and Steel Development, Hon. Abubakar Bawa Bwari. The refinery being developed by indigenous minerals company, Kian Smith Trade & Co Ltd. (“Kian Smith”) in Ogun State is scheduled to start production in 2019, sourcing most of its ore from miners in the country.
“The present administration is determined to develop the mining sector to act as a catalyst for sustainable economic growth of the country,” said Hon. Bwari at the groundbreaking ceremony.
“Part of our marching orders in the Mines and Stell Development ministry is that we are expected to develop the sector to increase its contribution to the nation’s GDP, improve its capacity to create jobs and engender sustainable mining,” the minister added, stressing that it was in keeping with his ministry’s mandate that a roadmap was developed for the growth and development of the mining sector.
“During the focus labs of the Economic Recovery and Growth Plan (ERGP) of this administration, we discovered that a well organised gold value chain can trigger an economic revolution like it did in India, South Africa, Switzerland and others,” he said further. He noted that the ministry has continued to work in this light to develop a gold value chain for the country.
The refinery will start with a production capacity of 3 tonnes per month of 99.99% gold and 1 ton per month production of 99.99% silver. We will be supplying the Central Bank, the Jewellery and the Electronic Industry,” said Nere Teriba, Vice Chairman of Kian Smith at the groundbreaking ceremony.
Niger, Kaduna, Ibadan, Ile-Ife, Ilesha and about 100kg per month from other parts of Africa.
We are presently finalizing supply agreements and terms from suppliers in Kano. Next week, we will be securing supply from Kogi State,” she added.
According to Teriba, the refinery when completed will provide more than 500,000 jobs in two years as it continues to support its suppliers in their bid to become registered business entities in the mining sector.
“There’s at presently at least 1,000,000 unregistered business participants in the Nigerian market (considering gold miners, sponsors, dealers, processors, aggregators and gold-workers). The formalization, organization and development we bring to the value chain will provide quick wins to the Nigerian economy,” Teriba said.

 

Nneka Amaechi-Nnadi, Abuja

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Amend Constitution To Accommodate State Police, Tinubu Tells Senators

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President Bola Tinubu has appealed to the leadership of the 10th Senate to amend the constitution to provide a legal framework for the establishment of State Police to tackle insecurity nationwide.

President Tinubu made the appeal during an interfaith breakfast with senators at the Presidential Villa in Abuja, yesterday.

The president said that the creation of State Police has become urgent to address Nigeria’s evolving security challenges, strengthen grassroots policing, and enhance states’ capacity to respond swiftly to threats within their jurisdictions.

He noted that a decentralised policing structure would complement existing federal security architecture and promote intelligence-led, community-focused law enforcement.

“We are facing terrorism, banditry, and insurgency. But we will never fail to make a right response to this cause. What I will ask for tonight is for you (Senators) to start thinking how best to amend the constitution to incorporate the State Police for us to secure our country, take over our forests from marauders, and free our children from fear,” he said.

The president commended the cordial relationship between the Executive and the Senate, saying that unity is needed to defeat terrorism and banditry in the country.

“It is a good thing that we are working in harmony, we are looking forward to a country that evolves, a country that takes care of its citizens and protects all.

Tinubu thanked the Senate for its unflinching support towards achieving various economic reforms of his administration, especially the fuel subsidy removal and tax reform policy.

“I have a lot of credit for bold reforms. Without your collaboration and inspiration, those reforms would not be possible. We are reformists together. What we gave up and what we stopped is monumental corruption in the subsidy system. We don’t want to participate in monumental corruption and arbitrage foreign exchange.

You don’t have to chase me for dollars; you could see what Nigeria is today. You should be proud, and I am glad you are. What we are enjoying is a stable economy, and prosperity is beckoning us. We need to work hard, and this attendance means a lot to me,” the president said.

President of the Senate, Godswill Akpabio, commended the president for hosting the leadership of the Senate to the Interfaith breaking of fast.

He commended President Tinubu for providing the visionary leadership the nation needs at this critical time, stating that the administration’s bold reforms have now brought more revenue to governors at the sub-national level for the development of critical infrastructure.

The Senate President prayed for the administration, and for the nation’s peace and prosperity.

 

 

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We’ve Made Significant Strides In Health Sector -Fubara

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Rivers State Governor, Sir Siminalayi Fubara, has  declared  that his administration has made significant strides in the health sector in the past two and a half years.

Fubara, who stated this on Tuesday  at the Government House,  Port Harcourt, listed some of his notable achievements to include the revamping of  health facilities, the establishment of the health insurance scheme and the employment of over 2,000 health workers to boost the manpower and  efficiency of the sector.

The governor further disclosed that the administration has revived and expanded several abandoned health facilities, including the Zonal Hospitals in Bori, Omoku, Ahoada, and Degema.

He explained that the Ahoada Zonal Hospital is a 105-bed secondary facility that has capacity to cater for the health needs of the people in its catchment area.

In addition to the Zonal Hospitals, Fubara stated that his administration has also  paid very close attention to the Primary Healthcare Centres across the state to ensure that citizens of Rivers State, especially  those in the rural areas,  have easy access to healthcare within their communities.

According to him, the administration  approved the remodeling of 153 primary healthcare centers across the State to ensure their functionality.

“As an administration, we are very passionate about  the health of every citizen and resident of Rivers State. When we realised that many people have been under stress as a result of economic hardship, we decided to introduce mental health services at the primary healthcare level. We  are not just catering for those down with the common diseases such as malaria fever, we  want to ensure that our people get the right attention to their mental health at the right time.

“At the tertiary level, we have also  revamped the Intensive Care Unit of the Rivers State University Teaching Hospital  and provided it with modern equipment, including monitors, ventilators, and scanners. Most of these innovations are massive and unprecedented,” he said.

On staff welfare, Fubara also disclosed that he  approved the  promotions for over 400 staff of the Rivers State University Teaching Hospital and recruited an additional 500 staff.

In the same vein, the governor  said the  number of scholarships for indigenes of Rivers State studying at the  PAMO University of Medical Sciences has been increased from one hundred 100 to 150 under his watch.

 

 

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APC Unveils Committees For 2026 National Convention …As Fubara Assists In Election Appeal Committee

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The All Progressives Congress (APC) has announced the composition of sub-committees for its 2026 National Convention, setting the stage for what it described as a transparent, credible and well-coordinated exercise.

This was contained in a statement signed by its National Publicity Secretary, Felix Morka, and obtained by The Tide, yesterday.

The party said the committees would drive critical operational, administrative, electoral, logistics, security and programme components to ensure a seamless convention.

To oversee the screening of aspirants, the party appointed Ekiti State Governor, Abiodun Abayomi Oyebanji, as Chairman of the Aspirants’ Screening Committee, alongside Kogi State Governor, Usman Ododo, as Co-Chairman, and former Senate President, Ken Nnamani, as Vice Chairman.

For the Screening Appeal Committee, Jigawa State Governor, Umar Namadi, will serve as Chairman, with Ebonyi State Governor, Francis Nwifuru, as Co-Chairman and APC former National Chairman, Abdullahi Umar Ganduje, as Vice Chairman.

The Election Committee will be chaired by former Katsina State Governor, Aminu Bello Masari, while former Senate President, Anyim Pius Anyim, will serve as Co-Chairman. Kaduna State Governor, Uba Sani, and Edo State Governor, Monday Okpebholo, are Vice Chairmen.

Governor Agbu Kefas will head the Election Appeal Committee, assisted by Rivers State Governor, Siminalayi Fubara, as Co-Chairman and Kano State Governor, Abba Kabir Yusuf, as Vice Chairman.

The Venue Committee will be chaired by Ogun State Governor, Dapo Abiodun, with Sokoto State Governor, Ahmed Aliyu, as Co-Chairman. Minister of Works, David Umahi, and former Plateau State Governor, Simon Bako Lalong, will serve as Vice Chairmen.

On security arrangements, retired Chief of Defence Staff, Christopher Gwabin Musa, will chair the Security Committee, alongside Bayelsa State Governor, Douye Diri, as Co-Chairman and National Security Adviser, Nuhu Ribadu, as Vice Chairman.

The Finance Committee will be led by Imo State Governor, Hope Uzodimma, with Lagos State Governor, Babajide Sanwo-Olu, as Co-Chairman and Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, as Vice Chairman.

For media engagement, Yobe State Governor, Mai Mala Buni, will chair the Media and Publicity Committee, supported by Minister of Information and National Orientation, Muhammed Idris Malagi, and Senator I. D. Gyang.

The Ceremonial, Programme and Events Committee will be chaired by Senate President, Godswill Akpabio, with Speaker of the House of Representatives, Tajudeen Abbas, as Co-Chairman and Secretary to the Government of the Federation, George Akume, as Vice Chairman.

Other key committees include Delegates’ Accreditation chaired by Borno State Governor, Babagana Zulum; Protocol led by Cross River State Governor, Bassey Otu; Accommodation and Transportation chaired by David Umahi; Entertainment and Welfare headed by Delta State Governor, Sheriff Oborevwori; Convention Legacy and Rapporteur chaired by Kwara State Governor, AbdulRahman AbdulRazaq; Legal Advisory led by Attorney-General of the Federation, Lateef Fagbemi; Medical and Emergency Response chaired by Kebbi State Governor, Nasir Idris; and Secretariat/Technical Support headed by Hon. Mustapha Dawaki Bala.

The party through the statement, urged all committee members to discharge their duties diligently and in strict compliance with its constitution and approved guidelines, reaffirming its commitment to strengthening internal democracy and consolidating its progressive ideals through a credible 2026 National Convention.

 

 

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