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NNPCL Now Free From Institutional Regulations, Buhari Declares …Says Firm To Ensure Energy Security …Assures Of Value In Line With Global Best Practice …Clarifies Stance On Sale Of NOC

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President Muhammadu Buhari, yesterday, officially unveiled the Nigerian National Petroleum Company Limited (NNPCL), and declared that the new entity was henceforth free from institutional regulations.
Buhari, who made this public at the State House Conference Centre, Presidential Villa, Abuja, stated that the oil firm would conduct itself under best international business practices.
He said, “The provisions of PIA (Petroleum Industry Act) 2021, have given the Nigerian petroleum industry a new impetus, with an improved fiscal framework, transparent governance, enhanced regulation, and the creation of a commercially-driven and independent national oil company that will operate without relying on government funding and free from institutional regulations such as the Treasury Single Account (TSA), Bureau of Public Procurement (BPE), and Fiscal Responsibility (FR) Acts.
“It will, of course, conduct itself under the best international business practice in transparency, governance, and commercial viability.”
The president said the government was transforming the petroleum industry to strengthen its capacity and market relevance for current and future global energy priorities.
“By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on the July 1, 1977. Forty-Four years later, I was again privileged to sign the Petroleum Industry Act in 2021, heralding the long-awaited reform of our petroleum sector,” he stated.
The president further noted that coincidentally, “I, on July 1, 2022, authorised the transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, and steered the implementation leading to the unveiling of Africa’s largest national oil company today.
“I, therefore, thank Almighty God for choosing me to consistently play an important role in shaping the destiny of our national oil company from the good to the great.
“NNPC Limited will operate as a commercial, independent, and viable NOC at par with its peers around the world to sustainably deliver value to its over 200million shareholders and the global energy community while adhering to its fundamental corporate values of integrity, excellence, and sustainability.”
He said NNPC Limited was mandated by law to ensure Nigeria’s national energy security is guaranteed to support sustainable growth across other sectors of the economy as it delivers energy to the world.
“It is, therefore, my singular honour and privilege on this historic day of July 19, 2022, to unveil the NNPC Limited, with a focus on becoming a dynamic global energy company of choice to deliver energy for today for tomorrow, for the day days after tomorrow,” Buhari stated.
Buhari also affirmed that the company was mandated by law to ensure that Nigeria’s national energy security was guaranteed.
Thepresident said Africa’s largest National Oil Company (NOC) would also support sustainable growth across other sectors of the economy as it delivers energy to the world.
At the event, which featured a special rendition of the Theme Song “Energy for today, Energy for tomorrow, Energy for Everyone” by an Ensemble, the president recounted how God had used him to consistently play an important role in shaping the destiny of the country’s NOC in the last 45 years.
He expressed optimism that the NNPC Limited would operate without relying on government funding and be free from institutional regulations such as the Treasury Single Account (TSA).
“This is a landmark event for the Nigerian oil industry,” Buhari said.
“Our country places a high premium on creating the right atmosphere that supports investment and growth to boost our economy and continue to play an important role in sustaining global energy requirements.
“We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities”.
The president, therefore, assured stakeholders in the industry that Africa’s largest NOC will adhere to its fundamental corporate values of Integrity, Excellence and Sustainability, while operating as a commercial, independent, and viable NOC at par with its peers around the world.
He added that the company would focus on becoming a dynamic global energy company of choice to deliver energy for today, for tomorrow, and for the days after tomorrow.
Buhari thanked the leadership and members of the National Assembly for demonstrating uncommon courage and patriotism in the passage of PIA that culminated in the creation of NNPCL.
The president charged the company to ensure that Nigerians at large get value from its operations in line with global best practices.
He noted that the Petroleum Industry Act 2021 has given an additional impetus for a transparent and profitable energy venture.
The president assured that the NNPC Limited will operate as a commercial, independent and viable NOC at par with its peers around the world, to sustainably deliver value to its over 200 million shareholders and the global energy community, while adhering to its fundamental corporate values of integrity, excellence and sustainability.
With the NNPC transitioned to a fully commercial entity, the Federal Government would, henceforth, halt all forms of funding for projects and sundry purposes as against what was obtained in the last 45 years of the national oil company’s existence.
According to the president, Nigeria places a high premium on creating the right atmosphere that supports investment and growth to boost its economy and continues to play an important role in sustaining global energy requirements.
“We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities,” the president stated.
“It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.
In his remarks, Minister of State for Petroleum Resources, Chief Timipre Sylva, said with the signing of the PIA, which assures international and local oil companies of adequate protection for their investments, the nation’s petroleum industry is no longer rudderless.
‘‘From the onset of this administration, Mr President never concealed his desire to create a more conducive environment for the growth of the oil and gas sector, and addressing legitimate grievances of communities most impacted by extractive industries,” he stated.
“While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50billion worth of investments. In fact, between 2015 and 2019, KPMG states that ‘only four per cent of the $70billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country is the continent’s biggest producer and the largest reserves’.
“We are setting all these woes behind us, and a clear path for the survival and growth of our petroleum industry is now before us,” he said.
Sylva described the unveiling of NNPC Ltd as a new dawn in the quest for the growth and development of the Nigerian oil and gas industry, opening new vintages for partnerships.
He thanked the president for his unparalleled leadership, steadfastness, and unalloyed support for ensuring that the country’s oil and gas industry is on a sound footing.
Also speaking, the Group Chief Executive Officer of NNPC Limited, MeleKyari, announced that the company had adopted a strategic initiative to achieve the mandate of energy security for the country by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1,500 outlets within the next six months.
He assured stakeholders and the global energy community that the new company was endowed with the “best human resources one can find anywhere in the industry.
“NNPC Limited is positioned to lead Africa’s gradual transition to new energy by deepening natural gas production to create low carbon activities and positively change the story of energy poverty at home and around the world,” he said.
Meanwhile, President MuhammaduBuhari’s Special Assistant on New and Digital Media, ToluOgunlesi, has dismissed claims that the Federal Government has sold the Nigerian National Petroleum Company Limited (NNPCL).
Ogunlesi assured that the Federal Government still owns NNPC.
He explained that NNPC was only transitioning from a government parastatal into a commercial liability company.
In a tweet, Ogunlesi wrote: “NNPC has not been ‘SOLD’, please. It is still wholly owned by government. What has happened is a TRANSITIONING from a government ‘parastatal’, into a commercially-run Limited Liability Company (still wholly owned by Government of Nigeria,on behalf of the people of Nigeria), governed by CAMA.”
The event had the Senate President, Dr Ahmad Lawan; Speaker of the House of Representatives, Hon Femi Gbajabiamila; among other top government dignitaries, in attendance.

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You Failed Nigerians, Falana Slams Power Minister

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Human rights lawyer, Femi Falana, SAN, has passed a vote of ‘no confidence’ in the Federal Government, saying that the Minister of Power, Adebayo Adelabu, has failed Nigerians.

Falana was reacting to Adelabu’s appearance before the Senate to defend the increase in the electricity tariff and what Nigerians would pay on Monday.

The rights activists also claimed that the move is a policy imposed on the Nigerian government by the International Monetary Funds (IMF) and the World Bank.

Speaking on the Channels TV show on Monday night, Falana said, “The Minister of Power, Mr Adebayo Adelabu has failed to address the question of the illegality of the tariffs.

“Section 116 of the Electricity Act 2023 provides that before an increase can approved and announced, there has to be a public hearing conducted based on the request of the DISCOS to have an increase in the electricity tariffs. That was not done.

“Secondly, neither the minister nor the Nigeria Electricity Regulatory Commission has explained why the impunity that characterised the increase can be allowed.”

Falana also expressed worry over what he described as impunity on the part of the Federal Government and electricity regulatory commission.

““I have already given a notice to the commission because these guys are running Nigeria based on impunity and we can not continue like this. Whence a country claims to operate under the rule of law, all actions of the government, and all actions of individuals must comply with the provisions of relevant laws.

“Secondly, the increase was anchored on the directives of the commission that customers in Band A will have an uninterrupted electricity supply for at least 20 hours a day. That directive has been violated daily. So, on what basis can you justify the increase in the electricity tariffs”, Falana queried.

The human rights lawyer alleged that the Nigerian government is heeding an instruction given to her by the Bretton Wood institutions.

He alleged, “The Honourable Minister of Power is acting the script of the IMF and the World Bank.

“Those two agencies insisted and they continue to insist that the government of Nigeria must remove all subsidies. Fuel subsidy, electricity subsidy and what have you; all social services must be commercialised and priced beyond the reach of the majority of Nigerians.

“So, the government cannot afford to protect the interest of Nigerians where you are implementing the neoliberal policies of the Bretton Wood institutions.”

The Senior Advocate of Nigeria accused Western countries led by the United States of America of double standards.

According to him, they subsidize agriculture, energy, and fuel and offer grants and loans to indigent students while they advise the Nigerian government against doing the same for its citizens.

Following the outrage that greeted the announcement of the tariff increase, Adelabu explained that the action would not affect everyone using electricity as only Band A customers who get about 20 hours of electricity are affected by the hike.

Falana, however, insisted that neither the minister nor the National Electricity Regulatory Commission (NERC) has justified the tariff increase.

The senior lawyer said that Nigerian law gives no room for discrimination against customers by grading them in different bands.

He insisted that the government cannot ask Nigerians to pay differently for the same product even when what has been consistently served to them is darkness.

Following the outrage over the hike, Adelabu on Monday appeared at a one-day investigative hearing on the need to halt the increase in electricity tariff by eleven successor electricity distribution companies amid the biting economic situation in Nigeria.

However, Falana said that nothing will come out of the probe by the Senate.

He advised that the matter has to be taken to court so that the minister and the Attorney General of the Federation can defend the move.

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1.4m UTME Candidates Scored Below 200  -JAMB 

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The Joint Admissions and Matriculation Board (JAMB) on Monday, released the results of the 2024 Unified Tertiary Matriculation Examination, showing that 1,402,490 candidates out of  1,842,464 failed to score 200 out of 400 marks.

The number of candidates who failed to score half of the possible marks represents 78 per cent of the candidates whose results were released by JAMB.

Giving a breakdown of the results of the 1,842,464 candidates released, the board’s Registrar, Prof. Ishaq Oloyede, noted that, “8,401 candidates scored 300 and above; 77,070 scored 250 and above; 439,974 scored 200 and above while 1,402,490 scored below 200.”

On naming the top scorers for the 2024 UTME, Oloyede said, “It is common knowledge that the Board has, at various times restated its unwillingness to publish the names of its best-performing candidates, as it considers its UTME as only a ranking examination on account of the other parameters that would constitute what would later be considered the minimum admissible score for candidates seeking admission to tertiary institutions.

“Similarly, because of the different variables adopted by respective institutions, it might be downright impossible to arrive at a single or all-encompassing set of parameters for generating a list of candidates with the highest admissible score as gaining admission remains the ultimate goal. Hence, it might be unrealistic or presumptive to say a particular candidate is the highest scorer given the fact that such a candidate may, in the final analysis, not even be admitted.

“However, owing to public demand and to avoid a repeat of the Mmesoma saga as well as provide a guide for those, who may want to award prizes to this set of high-performing candidates, the Board appeals to all concerned to always verify claims by candidates before offering such awards.”

Oloyede also noted that the results of 64,624 out of the 1,904,189, who sat the examination, were withheld by the board and would be subject to investigation.

He noted that though a total of 1,989,668 registered, a total of 80,810 candidates were absent.

“For the 2024 UTME, 1,989,668 candidates registered including those who registered at foreign centres. The Direct Entry registration is still ongoing.

“Out of a total of 1,989,668 registered candidates, 80,810 were absent. A total of 1,904,189 sat the UTME within the six days of the examination.

“The Board is today releasing the results of 1,842,464 candidates. 64,624 results are under investigation for verification, procedural investigation of candidates, Centre-based investigation and alleged examination misconduct”, he said.

Oloyede also said the Board, at the moment, conducts examination in nine foreign centres namely: Abidjan, Ivory Coast; Addis Ababa, Ethiopia; Buea, Cameroon; Cotonou, Republic of Benin; London, United Kingdom; Jeddah, Saudi Arabia; and Johannesburg, South Africa.

“The essence of this foreign component of the examination is to market our institutions to the outside world as well as ensuring that our universities reflect the universality of academic traditions, among others. The Board is, currently, fine-tuning arrangements for the conduct of the 2024 UTME in these foreign centres,” he explained.

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Ex-CBN Director Admits Collecting $600,000 Bribe For Emefiele 

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A former Director of Information Technology with the Central Bank of Nigeria, John Ayoh, has alleged that he collected on behalf of the former governor of the apex bank, Godwin Emefiele, a sum of $600,000 in two installments from contractors.

Ayoh, the second witness of the Economic and Financial Crimes Commission (EFCC), disclosed this on Monday while recounting instances where he facilitated the delivery of money to Emefiele, claiming it was for contract awards.

Under cross-examination at the Ikeja Special Offences Court in Lagos by the defence counsel, Olalekan Ojo (SAN), Ayoh admitted to facilitating the alleged bribery under pressure.

The embattled former governor of the apex bank is having many running legal battles both in Abuja and Lagos and is being tried by the EFCC at the Special Offences Court over alleged abuse of office and accepting gratification to the tune of $4.5 billion and N2.8bn.

He was arraigned on April 8, 2024, alongside his co-defendant, Henry Isioma-Omoile, on 26 counts bordering on abuse of office, accepting gratifications, corrupt demand, receiving property, and fraudulently obtaining and conferring corrupt advantage.

Emefiele’s defence, however, challenged the court’s jurisdiction over constitutional matters, urging the quashing of counts one to four and counts eight to 24 against him.

Ayoh, who was led in evidence by the EFCC prosecution counsel, Rotimi Oyedepo (SAN), said the first money he collected on Emefiele’s behalf was $400,000 which his assistant, John Adetola, came to collect at his house in Lekki, Lagos State.

He further told the court that the second bribe of $200,000 was collected at the headquarters of CBN, at the Island office.

He said the money was brought in an envelope, adding that when the delivery person, Victor, was on the bank’s premises, he contacted Emefiele, who insisted on receiving the package directly from Ayoh without involving third parties.

He said when he went to deliver the package, he saw many bank CEOs waiting to see the former apex bank governor.

When questioned if he had ever been involved in any criminal activity, he responded in the negative but admitted that he had facilitated the commission of crime unknowingly.

“I believe I did admit in my statement that I was forced to commit the crime. I don’t know the exact word I used in my statement, but I said we were all forced with tremendous pressure to bend the rules,” he said.

When asked if he opened the envelopes he collected on the two occasions and counted the money to confirm the amount, he was negative in his reply, adding that he did also write in his statement that the money was given to influence the award of contracts.

On whether the EFCC arrested him, the witness said he was invited on February 20, 2024, and returned home after he was granted bail.

Earlier, Emefiele asked the court to quash counts one to four and counts eight to 24 against him, as the court lacks the jurisdiction to try him.

Speaking through his counsel, Ojo, he said counts one to four were constitutional matters, which the court lacked the jurisdiction to determine.

In his argument, citing Sections 374  of the Administration of Criminal Justice Act and 386(2), the defence counsel told Justice Rahman Oshodi that Emefiele ought not to be arraigned before the court on constitutional grounds.

He, therefore, urged the court to resolve the objection on whether the court had the jurisdiction to try the case or not.

The second defendant’s counsel, Kazeem Gbadamosi (SAN), also relied on the submissions of Ojo.

The EFCC counsel, Oyedepo, however, objected, as he asked the court to disregard the decision of the Court of Appeal relied upon by Ojo, saying that the Court of Appeal could not set aside the decision of the Supreme Court on any matter.

Ruling on the submissions of the counsel, Justice Oshodi said he would give his decision on jurisdiction when he delivered judgment as he adjourned till May 3.

He also directed the EFCC to serve the defence proof of evidence on witness number six and his extrajudicial statement.

 

 

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