Connect with us

News

Reps Probe NNPC’s Multi Billion-Dollar JV Deals

Published

on

The House of Representatives has resolved to set up an ad-hoc committee to investigate all Joint Venture (JV) operations and Production Sharing Contracts (PSC) in the petroleum sector since 1990.
The panel is to ascertain “whether or not the capital expenditure, operations, financials and related frameworks are within the ambit of law.”
The committee is to report back to the House within eight weeks for further legislative action.
This is based on the motion moved by some members of the House, Messrs Sergius Ogun, Benjamin Kalu, Sada Soli, Ado Kiri, Isiaka Ibrahim and Mark Gbillah, which was unanimously adopted at the plenary, yesterday.
The motion was titled, ‘Need to Investigate the Structure and Accountability of the Joint Venture Businesses and Production Sharing Contracts of the Nigerian National Petroleum Corporation from 1990 Till Date’.
The sponsors noted that Section 88 (1) and (2) of the 1999 Constitution empowers the National Assembly to conduct investigations on the activities of any authority executing or administering laws made by the National Assembly.
The lawmakers also noted that Escravos Gas-to-Liquid (EGTL) Project is a JV undertaking by the Nigerian National Petroleum Corporation (now Nigerian National Petroleum Company Limited) and Chevron Nigeria Limited for the construction of a 34,000 barrels-per-day of Gas-to-Liquids (GTL) plant at Escravos, Delta State.
They further noted that a total of $1.294billion was earmarked for the EGTL project in 2001 and by the time the contract was awarded in 2005, the final approved cost rose to $2.941billion, which was further increased to $8.6billion as of December 31, 2011; and upon completion in 2014, the total project cost was over $10billion.
The motion partly read, “The House is concerned that the ETGL and its JV projects are executed at such huge costs when similar projects in other jurisdictions like Qatar, which have the same capacity, technology, Engineering Procurement and Construction (EPC) contractors and operators, cost less than $1.5billion.
“The House is also concerned that although EGTL projects are basically governed by the Heads of Agreement, Carry Agreement and the Venture Agreement in line with various legal regimes such as Companies and Allied Matters Act, Petroleum Profit Tax Act, Companies Income Tax Act in principle, there is a breach of the principles involved.
“The House is worried that the Bonga field (OML 118), which is owned by the NNPC but contracted to SNEPCO (55per cent), ExxonMobil (20per cent), Agip exploration (12.5per cent), and Total (12.5per cent) under the Production Sharing Contract, now seems to be far from being a PSC arrangement as it runs foul to the relevant financial operational laws.”
It further read, “The House is also worried that the Offshore Gas Gathering System, which was designed to gather gas from various upstream projects in the Niger Delta region under a PSC and JV arrangement with companies such as SNEPCO, SPDC, NLNG has now become mired in some operational misunderstandings.
“The House is disturbed that in the brewing misunderstanding, SPDC and SNEPCO allegedly went into certain gas sales and sharing arrangements without the prior knowledge and/or consent of the Federal Government via the NNPC, which has resulted in certain shortfalls in revenue into the federation accounts.”

Continue Reading

News

Nigerians Hit As Iran Rains Missiles On UAE

Published

on

Nigerians were among more than 140 residents injured after Iran launched multiple ballistic missiles and unmanned aerial vehicles at the United Arab Emirates, at the weekend.

This raised fresh fears for thousands of Nigerians living and working in the Gulf nation.

The UAE Ministry of Defence disclosed last Saturday that its air defence systems intercepted several missiles and drones fired from Iran, describing the attack as a major escalation in the ongoing regional tensions.

In a statement posted on its official X handle, the ministry said its air defence units engaged nine ballistic missiles and 33 drones during the latest assault on March 14.

It added that the attacks left six people dead and 141 others injured, including foreign nationals.

“The UAE air defence systems on March 14 engaged nine ballistic missiles and 33 UAVs launched from Iran,” the ministry stated.

“Since the onset of this blatant Iranian aggression, UAE air defences have engaged 294 ballistic missiles, 15 cruise missiles, and 1,600 UAVs launched from Iran,” UAE added.

According to the ministry, those killed in the attacks included citizens of the UAE as well as foreign nationals from Pakistan, Nepal and Bangladesh.

“Although the authorities did not specify the exact locations where the casualties occurred, the ministry said the injured victims were from several countries, including Nigeria.

Others affected include residents from Egypt, Sudan, Ethiopia, the Philippines, Pakistan, Iran, India, Bangladesh and Sri Lanka.

The list also included Azerbaijan, Yemen, Uganda, Eritrea, Lebanon, Afghanistan, Bahrain, Comoros, Türkiye, Iraq, Nepal, Oman, Jordan, Palestine, Ghana, Indonesia and Sweden.

The Tide reports that this development has sparked concern among Nigerian communities in the UAE, where thousands of citizens live and work in sectors such as construction, hospitality, logistics and trade.

Data from Nigeria’s diaspora commission shows that the UAE remains one of the largest destinations for Nigerian migrants in the Middle East, particularly in the emirates of Dubai, Abu Dhabi and Sharjah.

The Nigerian government had in recent years raised concerns over the safety and welfare of its citizens in the country following diplomatic tensions and visa restrictions affecting Nigerians.

Saturday’s attacks have now heightened anxieties within the diaspora community, especially as the Gulf region faces growing military confrontations.

In its statement, the UAE Ministry of Defence said the country remained fully prepared to confront any threats to its security.

“The Ministry of Defence remains fully prepared and ready to deal with any threats and will firmly confront any attempts to undermine state security in a manner that ensures the protection of its sovereignty, security and stability, and safeguards its national interests and capabilities,” the ministry said.

In a separate update, the ministry noted that its defence systems were still actively intercepting missiles and drones.

“UAE air defences are dealing with Iranian ballistic and cruise missiles and drones,” it said.

Regional media reports indicate that the attacks form part of a wider escalation of hostilities between Iran and Western-backed forces in the Middle East.

According to Al Jazeera, Iran has continued sustained missile and drone strikes across the Gulf despite protests from neighbouring states.

The strikes were said to be in retaliation for military operations launched by the United States and Israel against Iranian positions in the region.

Tehran targeted several Gulf countries, including Saudi Arabia, Qatar and the UAE, late on Friday and into Saturday.

The attacks also caused infrastructural damage in parts of the UAE.

Meanwhile, Iran’s elite military wing, the Islamic Revolutionary Guard Corps, warned that US interests in the UAE would remain legitimate targets.

Iranian state media reported that the group issued the warning after US forces attacked Iranian-controlled islands.

The IRGC specifically mentioned ports, docks and military installations linked to the United States as potential targets.

It also urged residents in the UAE to evacuate areas around ports and military facilities to avoid civilian casualties.

Security analysts say the growing exchange of threats and strike across the Gulf could destabilise the region’s economic and aviation activities if the conflict escalates further.

Nigeria’s Ministry of Foreign Affairs has yet to issue an official statement on the incident as of the time of filing this report.

Continue Reading

News

Fubara  Swears in Five New Commissioners …Says Their Best Is Needed for Rivers Dev

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has charged the five new commissioners sworn-in last Wednesday to put in their best for the development of the State.

Fubara gave the charge during the swearing-in of the commissioners at the Executive Council Chambers of the Government House, Port Harcourt, last Wednesday.

This followed the successful screening of the five commissioners by the Rivers State House of Assembly, last Tuesday.

The five commissioners are Tonye Bellgam, Prof. Temple Nwofor, Dr. Peters Nwagor, Mr. Lekue Kenneth, and Sir Amairigha Edward Hart.

The Tide reports that the governor had sent nine commissioner-nominees to the Assembly for screening, but the Assembly confirmed only five nominees and rejected the nomination of four over various allegations.

Those rejected by the Assembly are Prof. Dantonye Alasia, Mrs. Charity Demua, Mr. Tamuno Williams, and Otonye Amachree.

The governor congratulated the new commissioners on their appointment, noting that their thorough screening by the Rivers State House of Assembly was a proof of their capabilities.

He urged them to deploy their wealth of experience in various fields and put the State on a fast lane of development.

“Ordinarily, I am supposed to charge you on your responsibilities and how to operate. But that has been taken care of by the screening at the Assembly.

“I believe that going through one of the most rigorous screenings, it is enough to say that for those of you who succeeded, you are fit and ready to deliver to our dear State.

“So there is no further charge. The screening was the charge, so I wish you the best as I don’t expect anything less than the best from you,” Fubara said.

Continue Reading

News

Navy Destroys Illegal Refinery In Rivers, Intercepts Stolen Fuel In C’ River

Published

on

The Nigerian Navy has intensified its crackdown on crude oil theft and illegal bunkering, destroying a reactivated illegal refinery site in Rivers State and intercepting suspected stolen petroleum products in Calabar, Cross River State.

The Director of Naval Information, Capt Abiodun Folorunsho, disclosed this in a statement released in Abuja, yesterday.

Folorunsho said personnel of the Nigerian Navy Ship SOROH, operating under Operation DELTA SENTINEL, destroyed a reactivated illegal refinery site at Okolomade Community in Abua-Odual Local Government Area of Rivers State.

He said the action followed credible intelligence that a previously dismantled illegal refining site had resumed operations.

According to him, an Anti–Crude Oil Theft team deployed to the location discovered that the dismantled refining oven had been reconstructed.

“Further exploitation of the area led to the discovery of additional refining equipment and storage facilities containing about 3,000 litres of product suspected to be illegally refined Automotive Gas Oil (AGO),” he said.

Folorunsho added that the illegal refining infrastructure, including ovens, storage tanks, hoses, connected pipes and newly acquired metal components used for illegal refining, was destroyed in line with operational procedures.

He said personnel of the Nigerian Navy Ship Victory, in another operation, intercepted about 3,950 litres of suspected stolen petroleum products at the Nigerian Ports Authority area in Calabar, Cross River State.

He said the interception was based on credible intelligence on suspected siphoning of petroleum products from vessels berthed at the port.

The naval patrol team, according to him, swiftly deployed to the area and traced the illegally siphoned products to a trailer park within the port facility.

“On sighting the naval patrol team, the suspected perpetrators fled the scene, after which the area was cordoned off and the illegally siphoned products secured,” he said.

Folorunsho said further inspection led to the recovery of about 3,950 litres of Automotive Gas Oil stored in drums and jerrycans, which had been evacuated to the naval base for further necessary action in line with extant regulations.

He noted that the successes aligned with the directive of the Chief of the Naval Staff, Vice Adm. Idi Abbas, to intensify operations against crude oil theft and other maritime crimes across Nigeria’s maritime domain.

Folorunsho reiterated the Navy’s commitment to sustaining the operational tempo of Operation DELTA SENTINEL through intensified surveillance, patrols and intelligence-driven operations aimed at combating crude oil theft, illegal bunkering and other forms of economic sabotage.

Continue Reading

Trending