News
JVC: Nigeria Owes Oil Giants $5.1bn …First Gold Refinery Construction Begins
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The NNPC has also denied the alleged mismanagement of $3.2billion withdrawn from the Nigeria Liquified Natural Gas (NLNG) account from 2015 till date.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On the alleged $3.2bn withdrawn from the NLNG account by NNPC within the last three years , the CFO said there was no mismanagement in any of the withdrawals made.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
The Rivers State chapter of the All Progressives Congress Christian Leaders Forum has expressed strong confidence in the capacity of All Progressives Congress (All Progressives Congress) candidates in the state to deliver effective governance if elected into office in the coming elections.
The State Coordinator of the forum, Archbishop Lucky Aroh, made this known during a breakfast and thanksgiving meeting held in Port Harcourt, where leaders gathered to pray for the stability of the party and the safety of its candidates ahead of the 2027 general elections.According to him, the meeting was convened to seek divine intervention for peace, unity, and security among APC candidates across Rivers State.
“Today we are praying for APC stability in Rivers State and the security of our candidates that have been elected to contest the 2027 elections. It is a breakfast meeting,” Aroh said.
He further expressed optimism that the party’s candidates would not disappoint the people if entrusted with leadership responsibilities.
“They will not fail when elected into office. We are here as fathers of the land to let them know, and I must tell you the truth that these are the authentic people that will do well in Rivers State,” he added.
Speaking earlier, the National Chairman of the forum, Professor Olanrewaju Abraham, commended the Rivers State chapter for organizing the programme, noting that the national body of the forum believes strongly in the power of prayer.
He stated that political leadership provides an opportunity to influence society positively, including advancing moral and spiritual values, while expressing confidence that APC candidates at all levels would emerge victorious in the upcoming elections.
Also speaking, the Rivers State Women Leader of the APC, Hon. Darling Amadi, praised the forum for its commitment to prayers for peace, stability, and the protection of party candidates.
Represented by the Deputy Women Leader of the party in the state, she described the initiative as commendable and urged other political and support groups within the party to emulate the gesture in promoting unity and stability.
By: John Bibor, Menebe Emmanuel & Fortune Paibi
Prominent businessman and philanthropist, Elder Anthony Osagwe-Ogo, was celebrated in grand style as he marked his 70th birthday anniversary, with distinguished Nigerians, business leaders, and golf enthusiasts gathering to honour his remarkable contributions to society.
The colourful celebration took place at the Port Harcourt Golf Club, where friends, associates, and well-wishers converged to pay tribute to the revered elder statesman.
Chairman of the occasion, High Chief (Dr.) Ikenna Okafor, described the celebrant as a detribalised Nigerian whose generosity, humility, and commitment to humanity have earned him admiration across different communities and backgrounds.
According to Dr. Okafor, Pa Osagwe-Ogo’s impact on society and the development of his community remains unparalleled. He noted that members of the golfing community are proud to be associated with a father figure who consistently promotes the welfare and well-being of those around him.
He further stated that the history and growth of the Port Harcourt Golf Club cannot be told without acknowledging the significant role played by the celebrant, whose wisdom, encouragement, and leadership have helped sustain the club over the years.
“We are here to celebrate a man who has impacted humanity positively, a peace-loving individual and an epitome of hope for the younger generation. We pray to emulate his virtues. Today, we celebrate a bridge-builder, a trailblazer, and an iconic leader whose life continues to inspire many,” Dr. Okafor said.
He expressed delight at the large turnout of guests from various walks of life, describing it as a testament to the respect and affection Pa Osagwe-Ogo commands within and beyond Rivers State.
In his response, the celebrant, Pa Anthony Osagwe-Ogo, expressed profound gratitude to God for preserving his life and granting him the privilege of attaining the milestone age of 70.
He also thanked members of the Port Harcourt Golf Club, family members, friends, and associates for identifying with him during the celebration and for their unwavering support over the years.
The event featured the cutting of the birthday cake, presentation of awards to deserving members of the club, goodwill messages, and moments of celebration among guests.
The ceremony was attended by notable personalities from the business community, the golfing fraternity, and other sectors, all of whom joined in celebrating the life and legacy of the respected elder statesman.
Rivers State Governor, Sir Siminalayi Fubara, and the Permanent Secretary of the Rivers State Ministry of Information and Communications, Dr. Honour Kuru Sirawoo, have been honoured with awards of recognition in connection with the 2026 Democracy Day celebrations held in Port Harcourt.
The awards, which formed part of activities marking Nigeria’s Democracy Day on June 12, were formally presented on Tuesday at the Ministry of Information and Communications in Port Harcourt.
Presenting the awards was Hon. Abdul Hameed Oladipupo Alli, popularly known as “Mr. Nigeria,” Publisher of Asiwaju Trumpet Magazine and Achievers World International Magazine.
Governor Fubara was recognised for his efforts in sustaining peace, stability, and a conducive political atmospherJohn Bibor / Menebe Emmanuel / Fortune Paibie in Rivers State. The organisers noted that his administration has fostered harmony and strengthened civic participation across the state.
Dr. Sirawoo, on the other hand, was honoured for his exemplary administrative leadership and significant contributions to effective information management within the Ministry of Information and Communications.
Representing Dr. Sirawoo at the presentation ceremony, Dr. Christian Davies received the award on his behalf and expressed gratitude for the recognition. He described the honour as a reflection of Dr. Sirawoo’s unwavering commitment to professionalism, excellence, and dedicated public service.
Dr. Davies assured the organisers that the award would be formally conveyed to the Permanent Secretary.
The event also featured the presentation of commemorative publications highlighting major governance and civic milestones in Rivers State, including Easter celebrations, Workers’ Day activities, the Governor’s third anniversary in office, and Democracy Day programmes.
Organisers of the awards commended the Rivers State administration for what they described as sustained peace, political stability, and improved civic engagement, noting that these achievements have contributed significantly to the state’s continued development.
By: Jessica Sambol