News
Our Impact’ll Endure For Ages – Fubara …Charges POWA To Help Police Discharge Duties Professionally
Rivers State Governor, Sir Siminalayi Fubara, has vowed to spend his time in office executing tenable programmes and delivering services that will both improve the quality of life of all residents and create lasting impact for posterity.
The Governor also urged wives of police officers to be deliberate in advising their husbands to continue to discharge their duties in a professional manner since it is the best way to defend the truth.
Governor Fubara gave the charge when he received in audience the National President of Police Officers Wives’ Association (POWA), Mrs Elizabeth Egbetokun, who is also the wife of the Inspector-General of Police, at Government House in Port Harcourt on Friday night.
Governor Fubara said there are self-styled adversaries against his administration who want to frustrate governance, and cause distraction with provocative acts that are intended to induce violence.
But Governor Fubara said: “As a government, I know that you know all the stories around us. But we will continue to do the best we can for our people.
“At the end of the day, what people want to see or what they want to hear is the mark that we have made. It is not the level of distraction that we have been faced or that is confronting us.
“It is the impact that we have made in governance that will count. So, we will make sure that we continue to do that, focusing on the ball.
“We know that we have started well; one day, it will end, and we will leave. So, because we know that we have decided to take the path of peace (we are happy).”
Governor Fubara enjoined wives of police officers to fervently pray for his administration, and ensure that they advise their husbands to continue to stand on the path of truth.
The task, he noted, might be very challenging for them, but it should not matter whose ox is gored, because it is only the truth that eventually will last forever.
Governor Fubara harped on the importance of building a good name that should reckon in history and serve as reflection of how well one has conducted himself in the service of the people.
He said: “When that name is mentioned somewhere, let people say, ooh, this is a good man. You won’t be there again to defend it but the name can make you pass through. The truth is that we are the head, but you are the neck that controls the head.
“So, help us, pray for Rivers State, intercede for us. There are places that we cannot reach, but our message today is going to those places. So, please, that is the request we are making as a government. We do not want any trouble, what we are doing here is governance.
“The Bible doesn’t make a mistake when it says ‘the sins of the fathers will come upon their children’. So, we should learn and work as professionals. This is very important.”
Governor Fubara acknowledged the lofty accomplishments of POWA and how the association has also supported widows among them with lifelines to cushion the burden of life challenges on them.
The Governor said: “I strongly believe that if the Commissioner of Police (CP) is not doing what is right, you won’t be here. It means, he is living up to his responsibility.
“Let me also commend the wife (of the commissioner) for finding the time and willing to also spend the resources. One thing is to have the time, and the other is to be willing to spend the resources to leave a landmark; something that the police in Rivers State will not forget in a hurry.
“It doesn’t matter how big, what is important is giving back to the society. And I am happy that one of the cardinal objectives of this body (POWA) is giving back to society.
“You might think that what you are doing is nothing, but it goes a long way to assure the police officers, their wives that even if they are no more, somebody is there to look out in their stead for their wives. So, I want to encourage you to continue to do that.
“On our own part as a government, I think from my own record, I have been giving so much support to this association. This is not the first time. I know ones or twice, they have written to me for something, and I have supported them. I support them because I am also from the military background.”
Governor Fubara, who commended the Commissioner of Police in the State for his sterling performance, urged him not to hesitate to bring to his knowledge areas of further support that POWA will require.
He added, “And I can say boldly here, our mummy, you can transmit this one: Disu has been very professional. Without Disu, this State would have been destroyed. I can tell you that without this man being professional, this State would have been destroyed. If they need a recommendation letter, let them come, I will give them.
“You’ve been a very wonderful officer. I need to say this, let it be on record: You found yourself in a very difficult situation, but you’ve been really balanced. So, I want to commend you for that. Continue to be balanced, don’t shift the balance. We will do everything to give you the support for you to succeed more.
“What is important, I keep saying, I want where my children’s name would be mentioned; they say Fubara, do you know so, so person, they say he is my father, the response will be ‘good, good’. That is the greatest legacy anyone can keep.”
In her speech, National President of the Police Officers Wives’ Association (POWA) and wife of the Inspector-General of Police, Mrs Elizabeth Egbetokun, said they are in Port Harcourt to officially open for use the POWA Shopping Complex that was built by the branch of the association in the State.
Mrs Egbetokun explained that it is their duty as leaders at the national headquarters to go round facilities and branches of the association to see what progress has been made or challenges faced by members, including windows.
She said, “We are here in this State. The chairperson here told us that she has built a POWA Shopping Complex. So, we are here to commission it, and by the special grace of God, we have done that this afternoon.
“And we are able to empower our women, those who need our support, and that is what we have done. But it is actually a tradition in POWA that whenever we are in a State, we like to visit the Governor, and let him know about our activities. That is why we are here this evening, Sir.”
Mrs Egbetokun expressed appreciation to Governor Fubara for his generosity and immense support not only to POWA in the State but also to officers of the command that has served as good motivation for them to carry out their duties.
News
EFCC Arrests 33 Suspected Internet Fraudsters In PH
Operatives of the Port Harcourt Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have arrested 33 suspected internet fraudsters in Rivers State.
The Spokesperson for the commission, Dele Oyewale, said this in a statement in Abuja, last Wednesday.
Oyewale said they were arrested in their hideouts in Iwofe and Ogbogoro areas of Port Harcourt in a sting operation, based on credible intelligence on their suspected involvement in internet fraud.
“Items recovered from the suspects include various mobile phone devices, laptops, boxes of fake United States Dollar and fake Federal Bureau of Investigation (FBI) stamps.
“Others are fake Customs stamps, airport clearance stamps, DHL and FedEx stamps and two cars.
“The suspects would be charged to court upon conclusion of investigations,” he said
News
UK Plans To Reuse Old Graves, Reopen Full Graveyards
Old graves could be reused under new recommendations put forward to manage the shortage of burial space in Britain.
Under the proposed changes put forward by the Law Commission, graveyards declared “full’’ during the Victorian era could also be reopened.
The commission has warned the urban areas across England and Wales of fast running out of burial space.
There have been proposed changes to allow any burial ground to reuse graves, but only following public consultation and government approval.
Safeguards would also be in place for each individual grave, with plots only eligible for reuse when the last person was buried at least 75 years ago.
Another separate public consultation is considering the time frames around grave reuse, and what would happen if family members objected.
Prof. Nick Hopkins, commissioner for property, family and trust law, said any change would need to be tackled in consultation with the public.
“Our proposals provide a significant opportunity to reform burial and cremation law and secure burial space for future generations.
“This must be done sensitively and with wider public support,” he said.
Current legislation made it illegal to redevelop a graveyard for any reason other than to grow a place of worship.
Other publicly-run cemeteries can be redeveloped if the owner was granted an Act of Parliament.
Alex Davies-Jones, parliamentary under-secretary of state at the Ministry of Justice, said the government was supportive of the Law Commission’s work.
“We await with interest the Law Commission’s recommendations, in due course, on the most appropriate framework to provide modern, consistent regulation for burial and cremation,” she said.
Public consultation on the proposed changes is open until January 2025.
News
Crude-For-Loans: NNPCL Votes 8m Barrels Monthly For $8.8bn Debt
The Nigerian National Petroleum Company Limited has pledged 272,500 barrels per day of crude oil through a series of crude-for-loan deals totalling $8.86bn.
By pledging 272,500 barrels daily, it means that about 8.17 million barrels of crude will be used for different loan deals by the national oil firm on a monthly basis.
This is according to an analysis of a report by the Nigeria Extractive Industries Transparency Initiative and the NNPC’s financial statements.
Under these deals, notable projects include Project Panther, Project Bison, Project Eagle Export Funding (Original, Subsequent, and Subsequent 2 Debts), Project Yield, and Project Gazelle.
According to The Tide’s source, NNPC has already fully repaid $2.61bn in loans, representing 29.4 per cent of the total credit facility, while $6.25bn or 70.6 per cent, remains outstanding.
Also, out of the $8.86bn credit facility, only about $6.97bn has been received from seven crude-for-loan deals.
One of the key projects, Project Panther, involves a joint venture between NNPC and Chevron Nigeria Limited, backed by international and local banks.
The project secured a $1.4bn loan facility, with 23,500bpd pledged to service the debt. Repayment is set to commence after a moratorium, with financing terms including an SOFR (Secured Overnight Financing Rate) plus 5.5 per cent margin and a liquidity premium.
Another significant deal is Project Bison, tied to NNPC’s attempt to acquire a 20 per cent equity stake in the Dangote refinery. However, the national oil company only acquired a 7.25 per cent stake.
The project secured a $1.04bn loan from Afrexim Bank, with 35,000 bpd pledged as collateral. NNPC fully repaid this loan in June 2024.
Project Eagle Export Funding comprises three separate loans aimed at meeting various financial obligations.
The original loan, secured in 2020 for $935m, was serviced with 30,000 bpd and was fully repaid by September 2023.
A subsequent loan of $635m was also fully repaid by the same period. The third tranche, known as Project Eagle Export Funding Subsequent 2 Debt, was secured in 2023 for $900m, with 21,000 bpd pledged. Repayment is scheduled to begin in June 2024, and the loan will mature in 2028.
Project Yield, designed to support the Port Harcourt Refining Company, involves a $950m loan, with 67,000 bpd pledged for repayment.
The repayment of the loan, secured in 2022, will begin in December. This seven-year facility is crucial to refurbishing the refinery and enhancing domestic refining capacity.
However, despite this crude-for-loan arrangement, The Tide reports that fuel production at the Port Harcourt refinery has yet to commence, despite multiple postponements as of August. Promises from the Federal Ministry of Petroleum Resources and NNPC have repeatedly fallen through.
More recently, there was the Project Gazelle deal, which aimed to stabilise Nigeria’s foreign exchange market.
In December 2023, NNPC secured a $3bn forward sale agreement, pledging 90,000bpd from Production Sharing Contract assets to cover future tax and royalty obligations.
As of the end of 2023, $2.25bn had been drawn from this facility, with repayments scheduled to begin by mid-2024.
These crude-for-loan deals come at a time when Nigeria is struggling to boost its oil production.
The NEITI 2022-2023 report revealed a significant decline in crude oil output, reaching the lowest levels in a decade. In 2022, the country produced 490.94 million barrels of crude oil, a steep drop from the peak of 798.54 million barrels in 2014.
Although production slightly improved to 537.57 million barrels in 2023, this still represents only 67.16 per cent of the country’s peak production capacity.
One of the major challenges facing the sector is production deferment. In 2023, Nigeria deferred 110.66 million barrels of crude oil, down from 153.44 million barrels in 2022.
The deferment was primarily due to unscheduled maintenance, repair issues, and oil theft.
Despite government efforts to curb these issues, including initiatives to reduce theft and sabotage, operational inefficiencies persist.
NEITI reported that oil theft and sabotage resulted in the loss of 5.25 million barrels in 2023, exacerbating production struggles.
The House of Representatives Special Joint Committee recently directed NNPC to halt further crude-for-loan agreements.
This directive follows reports that the company is planning to borrow an additional $2bn in oil-backed loans amid efforts to settle a $6bn backlog owed to international oil traders, particularly following the removal of fuel subsidy.
The Tide’s source reported that the NNPC was in talks for another oil-backed loan to boost its finances and allow investment in its business, according to the Group Chief Executive Officer, NNPC, Mele Kyari.
Kyari said the company wanted the new loan against 30,000-35,000 barrels per day of crude production, though he declined to say how much money it sought.
Nigeria’s government finances rely on oil the NNPC exports, which provides the bulk of crucial foreign exchange reserves. However, pipeline theft and years of underinvestment have sapped oil production in recent years, and the cost of fuel subsidies has further depleted cash reserves.
President Bola Tinubu has been struggling to implement reforms in Africa’s biggest oil exporter – including eliminating fuel subsidies and allowing the naira currency to trade close to market levels – without putting the country’s population at a cost-of-living breaking point.
It explained at the time that the oil company would use the loan to support the Federal Government in stabilising Nigeria’s exchange rate.
The facility, among other things, would help the Federal Government attend to some of its dollar obligations, assist the Central Bank of Nigeria in stabilising the foreign exchange market, and provide funding for NNPC.
Providing details about the deal in the document titled, “Everything you need to know about the NNPC Limited’s $3.3bn loan, also known as Project Gazelle,” NNPC said, “This is a financing agreement secured by NNPC Limited to prepay future royalties and taxes to the Federal Government.”
The company also stated that it adopted a lower price benchmark for the $3.3bn crude-for-cash loan to reduce the risk of default and ensure financial stability.
Giving details on the benchmark oil price, the company said the facility used a conservative crude price of $65/barrel to calculate the allocated crude to be produced and sold.
NNPC also said repayments were strategically planned and tied to future oil sales, with conservative pricing in oil sales contracts mitigating the risks associated with oil price volatility.
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