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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The NNPC has also denied the alleged mismanagement of $3.2billion withdrawn from the Nigeria Liquified Natural Gas (NLNG) account from 2015 till date.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On the alleged $3.2bn withdrawn from the NLNG account by NNPC within the last three years , the CFO said there was no mismanagement in any of the withdrawals made.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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Odu Urges Collaboration Among Stakeholders To Improve Health Service Delivery In Rivers

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Rivers State Deputy Governor, Prof. Ngozi Odu, has called for renewed commitment, transparency, and collaboration among stakeholders in the health sector in the State.

The deputy governor particularly urged synergy between the Rivers State Contributory Health Protection Programme  (RIVCHPP) and the Primary Health Care Management Board towards improved healthcare delivery in the State.

?Prof. Odu made this call during the 2026 First Quarter  Review Meeting of the Task Force on Primary Health Care at the Government House, Port Harcourt, on Wednesday.

?She stressed the importance of honesty and urged all parties to be truthful and open in addressing challenges within the system.

?According to her, transparency remains critical to identifying and resolving underlying issues affecting healthcare delivery, noting that “if we are not truthful, we will not cure the disease, but merely cover it up.”

The deputy governor recounted a personal experience at a Primary Health Center where a patient, despite being duly registered under the RIVCIPP scheme with completed biometric capture, was still asked to make payment for services.

According to her, intervention by relevant authorities later confirmed the patient’s eligibility, exposing a communication gap between the scheme and healthcare providers.

Odu warned that such incidents could discourage community members from enrolling in the scheme, thereby undermining its objectives.

“When this happens, we are disenfranchising our people. The message that goes back to the community is that even when you register, you are still made to pay,” she stressed.

?While commending the leadership and staff of the Primary Health Care Management Board, Ministry of Health, Development Partners as well as other supporting units, for their efforts, ty deputy governor stressed that performance should not lead to complacency.

She urged stakeholders to continuously strive for improvement, raise standards, and leave lasting positive impacts within the system.

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You Can Now Print Your Exam Slips, JAMB Tells 2026 UTME Candidates

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The Joint Admissions and Matriculation Board (JAMB) has announced the opening of examination slip printing for candidates registered for the 2026 Unified Tertiary Matriculation Examination (UTME).

JAMB made the announcement yesterday, urging candidates to visit its website to download their slips ahead of the examination.

“Examination Slip Printing is now available. The slip contains details of the venue, date and time of your examination and gives you access to the examination hall,” the board said.

Candidates are to visit jamb.gov.ng and click on “2026 Slip Printing” to print their slips.

The development comes after JAMB dismissed a viral press release falsely claiming the examination had been postponed.

The board described the notice as “malicious and fake” and urged candidates to disregard it.

The 2026 UTME is scheduled to hold from Thursday, April 16, to Saturday, April 25, 2026.

The examination follows a mock test conducted on Saturday, March 28, which recorded technical difficulties at some Computer-Based Test centres.

Of the 224,597 candidates who registered for the mock, 152,586 sat for the test across 989 CBT centres nationwide.

JAMB said over 20 centres were delisted for technical inadequacies.

The board also warned candidates against fraudsters on WhatsApp claiming to facilitate score inflation, describing such claims as “false and criminal”, and threatening cancellation of registration or withholding of results for any candidate found involved.

Over two million candidates, according to JAMB Registrar, Prof. Ishaq Oloyede, registered for this year’s UTME.

 

 

 

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RSU Unveils Five-Year Strategic Dev Plan …Calls For Collective Commitment To Institutional Excellence

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In a decisive step towards redefining its future, the Rivers State University, Port Harcourt, has formally unveiled its Third Five-Year (2026-2030) Strategic Development Plan.

The development plan is a comprehensive roadmap designed to strengthen the university’s position as a leading institution in Nigeria and beyond.

The unveiling took place during a high-level engagement with the Governing Council, Principal Officers and the university congregation, at the Convocation Arena, recently.

Delivering his remarks at the unveiling ceremony, the Pro-Chancellor of the university and Chairman of Council, Hon. Okey Wali, SAN, charged all members of the university community to align their activities with the strategic direction of the institution, emphasizing that the success of the plan depends on collective commitment.

He noted that the plan is not merely a document, but a working framework that requires discipline, accountability and unity of purpose.

According to the Pro-Chancellor, only through coordinated efforts from all stakeholders can the university fully realize its vision.

“I hereby invite the Visitor to the University, donor agencies, friends and well-wishers, and all stakeholders to support and fund the implementation of this strategic plan. We are confident that this plan will take RSU to greater heights in the comity of higher institutions,” he said.

The Vice-Chancellor of the University, Prof. Isaac Zeb-Obipi, described the Strategic Development Plan as a document that would enhance the university’s corporate strengths, mitigate current weaknesses, leverage its corporate opportunities and address perceived existential threats.

“This Five-Year Strategic Plan sets out RSU’s goals, strategic objectives, expected outcomes and impact, including intervention strategies,” he said.

On his part, the Chairman of the Strategic Development Planning Committee, Prof. Emeritus Joseph A. Ajienka, noted that the 2026-2030 Strategic Development Plan represents a bold reaffirmation of the university’s founding ideals of excellence, creativity, innovation and inclusivity, aimed at positioning the institution to respond effectively to contemporary challenges in higher education.

Prof. Ajienka, who is also a member of the Governing Council, disclosed that the plan was developed through an extensive and inclusive consultative process, which he said reflects contributions from Faculties, Departments, Satellite Campuses and Administrative Units.

At its core, the plan seeks to advance the university’s vision of becoming a “unique and uncommon” institution that is structurally and philosophically oriented towards solving practical societal problems and ranking among the top ten universities in Nigeria.

The strategic framework identifies six key challenges confronting the university, including funding constraints, infrastructure deficits, limited research collaboration, and service delivery inefficiencies.

A statement by the university’s Acting Director, Corporate Affairs, Victor G. Banigo, further stated that the university has articulated four broad strategic goals supported by eight targeted objectives.

A central priority of the plan, according to him, is the strengthening of governance and administrative systems, alongside deliberate efforts to expand the university’s funding base. Others include enhanced alumni engagement, strategic partnerships and innovative fundraising initiatives aimed at ensuring long-term financial sustainability.

“Equally significant is the commitment to upgrading physical infrastructure across all campuses. Plans are underway to modernize lecture halls and laboratories, expand student accommodation, improve campus security and deploy advanced ICT systems to support teaching, learning and research.

“Recognizing that human capital is the backbone of institutional success, the university has placed strong emphasis on staff development, recruitment and productivity enhancement. Through targeted training programmes, mentorship initiatives and performance management systems, the plan aims to foster a highly skilled and motivated workforce.

“In addition, the university is poised to deepen its focus on research, innovation and entrepreneurship. By reviewing academic curricula, strengthening industry partnerships and establishing innovation incubation centers, Rivers State University seeks to translate research outputs into practical solutions that address societal needs and drive economic growth,” he said.

The PRO disclosed that the implementation of the strategic plan is projected at ?110 billion, reflecting the scale of transformation envisioned.

“While the university is committed to funding a significant portion internally, additional resources will be mobilized through government support, donor agencies, alumni contributions, and public-private partnerships.

“This multi-channel funding strategy aligns with the university’s broader goal of building a resilient and self-sustaining financial model capable of supporting long-term development,” he explained.

To ensure effective implementation, he said, “the plan incorporates a comprehensive monitoring and evaluation framework, complete with performance and impact indicators. A mid-term review is scheduled within the first two years to assess progress and make necessary adjustments.

“Furthermore, the establishment of a dedicated Strategic Planning Office will provide oversight, coordination and accountability in executing the plan across all units of the university.”

According to the statement, “As the university embarks on this transformative journey, the message from leadership is clear: the Strategic Development Plan is a collective mandate.

“For staff, students, alumni and stakeholders, it represents an opportunity to contribute meaningfully to the growth and advancement of the institution. For the university, it is a pathway to consolidating its legacy while embracing innovation and global relevance.

“With a clear vision, defined priorities and a united community, Rivers State University stands poised to translate this strategic blueprint into measurable progress, advancing knowledge, empowering people and shaping the future of higher education in Nigeria.”

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