Business

Adoke Denies Connection With Reps Report

Published

13 years ago

July 24, 2013

The Minister of Justice and
Attorney-General of the Federation, Mr Mohammed Adoke, on Wednesday denied speculations that he made reference to any report of the House of Representatives Ad Hoc Committee on Malabu Oil and Gas Ltd.
Adoke dismissed the report in a statement issued by his Chief Press Secretary, Mr Ambrose Momoh, in Abuja.
The minister was reacting to an invitation by the House of Representatives to meet with the House Committee on Justice to explain his role over the ownership and right to operate Bloc 245.
Adoke said the claim that he was cleared by the alleged report on the transaction involving the Federal Government, Shell/Agip companies, and Malabu Oil and Gas Ltd in that respect was mischievous.
In view of the misrepresentations and obvious mischief in reporting the role of the Federal Government, its agencies and officials in the settlement of the dispute, it has become necessary to set the records straight.
When the Attorney-General of the Federation appeared before the House of Representatives Committee, which investigated the transaction, he explained his role in facilitating the settlement and the committee members were satisfied with his explanations.
The Attorney-General did not make reference to any report of the committee, as none had been made available to him.
“It is, therefore, clear that the alleged report and controversy it has generated is a calculated attempt to bring the office of the Attorney-General and relevant agencies of government to infamy,” the statement read in part.
The minister, according to the statement, said the outrage against his office was due to his refusal to compromise his office to satisfy the demands of certain interests and individuals.
He vowed to confront those behind the controversy at the appropriate time.
The outrage against the office of the Attorney-General of the Federation is understandable when viewed against his refusal to compromise his office in order to satisfy the demands of certain interests and individuals.
“We know those who have compromised their positions in order to author the alleged report and their theatrical display for public gallery. We also know those secretly beating the drums for masquerades dancing in the market square. We shall confront them at the appropriate time.
How else can one explain why the ownership of shares in a private company would generate sufficient interest among members of the legislature so as to merit a resolution of a committee? Certain persons or companies are entitled to ownership of shares in a private company, when courts are the appropriate venue for the ventilation of such disputes between share holders (if any),” the statement emphasised.
It added that the Federal Government’s role with regard to the dispute was essentially that of a facilitator; to ensure resolution between Malabu and Shell Nigeria Ultra Deep Limited.
The minister said the resolution of the dispute was part of government’s commitment to attract investment in the oil and gas sector by creating conducive environment for their business to thrive.
Adoke said he was ready to be subjected to any transparent investigative process in order to unearth the truth.
The Tide recalls that the House of Representatives on Tuesday summoned Adoke to explain the deal.
Adoke was summoned over a letter he allegedly wrote to a foreign organisation, Global Witness, stating that the House had cleared him of any wrongdoing in the controversial Malabu oil deal.
The House had some months ago raised the red flag on the disposal of the Oil Prospecting Lease (OPL) 245, following allegations that there were breaches in the deal that saw the sale of the bloc by Malabu Oil and Gas Company to Shell and Agip.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

5 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

5 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

1 week ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.