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Economy Today, Naira Redesign & Other Crisis

Marketers behind scarcity of fuel – FG, Timipre Sylva.

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The Minister of State for Petroleum Resources, Timipre Sylva, on Wednesday, accused petroleum marketers of frustrating the Federal Government’s efforts at making petrol available to Nigerians.

Sylva, who addressed State House correspondents after the Federal Executive Council (FEC) meeting in Abuja, said the government has done everything required to make the product available to Nigerians but the efforts were thwarted by the marketers. Watch Video Here

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The minister said President Muhammadu Buhari was worried over the long queues at petrol stations across the country

He, however, assured the citizens that the Nigerian National Petroleum Company Limited (NNPC) and other stakeholders were working hard to address the problem. Watch Video Here

READ ALSO: Petroleum minister, Sylva, says fuel at N300 per litre not too much for Nigerians

Queues in filling stations surfaced in Lagos, Abuja, Port Harcourt, and other parts of the country in the latter part of last year with marketers selling the products at between N200 and N250 per litre to the surprise of Nigerians.Watch Video Here

Sylva said: “At the moment today, there is supply but unfortunately, we are experiencing some bottlenecks in the distribution and movement of the product to various destinations.

“We have reports of profiteering by marketers and I have directed the pricing regulatory agency, Nigerian Midstream, and Downstream Petroleum Regulatory Authority to sanction anybody who profiteers in this kind of situation.”

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Economy Today, Naira Redesign & Other Crisis

Fuel queues will ease out soon — Mele Kyari.

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The Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has said that the prolonged queues across the filing stations in the country as a result of fuel scarcity was not unique to Nigeria.

Kyari, who spoke on a Channels Television’s interview, 2023 Verdict on Tuesday night, admitted things were out of control, branding the fuel scarcity in the country as a “glitch” to be resolved soon.

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The NNPCL boss blamed the development on paucity of supply, saying they were on top of the situation.

He thus apologized to Nigerians on the crisis and assured it would ease soon.

“Having fuel queues is really not something that is local to any one country. It happens everywhere – whenever you have either breaches of pipes, pipeline issues, and so on,” Kyari said.

“We don’t hope that this happens to our country but you must have guarantee of supply in your country, which is why we are focused on delivering our refineries rehabilitation projects, so that ultimately this product becomes close to us.

“We have no benefit in doing this. We are families. We are members and part of this community. We are very proud of this country.

“We would like this country to prosper. We don’t want Nigerians to suffer and of course as a matter of condition, we don’t think that anyone should go through this thing.

“Now, this hasn’t happened. The refineries’ rehabilitation is not completed. The Dangote Refinery hasn’t taken off. Both of them will happen; once that happens, you have the safety and security of supply near you.

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“I’m not saying that you’re going to have zero queues within the next one week. No, I can’t guarantee that because a number of things are out of our control.”

“I apologise for the situation. On behalf of all of us, the stakeholders in the oil and gas industry. Definitely, not surely exclusive. Having said this, it is unfortunate. It’s a glitch and we are responsible to resolve this glitch.

Nigerians have been thrown into untold hardship courtesy of severe fuel scarcity in the country, with attendant implications for the economic activities of Nigerians

Economy Today

Fuel scarcity: NNPC starts direct supply to IPMAN.

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The Nigerian National Petroleum Company Limited (NNPCL) has allocated petrol to marketers directly to ease scarcity.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) made the disclosure on Tuesday.

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The President, Chinedu Okoronkwo said the order was issued after a closed-door meeting of both parties.

It was agreed that IPMAN members should load petrol at NIPCO, MRS and other assigned depots.

The marketers were however encouraged to upgrade their POS to G4 or G5 for payment efficiency.

“Members without POS are also advised to acquire it for efficiency,” Okoronkwo told NAN in Lagos.

Okonkwo urged IPMAN divisions across the nation to open up their stations and start selling.

Lawal Sade, NNPCL Managing Director; Adeyemi Adetunji, VP Downstream; IPMAN BoT Chair, Abdulkardir Aminu, and exco members attended the meeting

Economy Today

Fuel scarcity: Coalition threaten protest at NNPC HQ.

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The Coalition of Transporters has threatened to picket headquarters of the Nigeria National Petroleum Company Limited (NNPCL) over fuel scarcity.

Their communique issued on Monday was signed by Jamilu Mai Alheri, Chairman of Trailer Drivers Association (TADAN), and five others.

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They are Tricycles Owners Association of Nigeria (TOWAN), National Association of Traders of Nigeria (NASTAN), Commercial Motorcycles Association of Nigeria (COMAN).

Others include Market Women Association of Nigeria (MAWAN), Trailer Drivers Association of Nigeria (TADAN), and Luxurious Bus Operators Union (LUBOU).

The unions have put their members nationwide on alert to join the protest if nothing was done to end the scarcity.

The associations said they would continue to occupy the NNPCL Towers in Abuja until the problem was fixed.

They also threatened not to make their vehicles available to transport Independent National Electoral Commission (INEC) materials for the elections.

The unions complained that the lingering fuel shortage had placed them in an unbearable condition.

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The communique said members depend largely on daily income from their services which have been adversely affected.

“It is also inconceivable that fuel is sold at government recognised filling stations for between N350 to N400 per litre.

“This has forced majority of our members to abandon their buses, motorcycles among others,” it added

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Fuel scarcity: Purge NNPC’s corrupt leadership – Group tells Buhari.

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A group under the aegis of the Conference of Nigeria Political Parties, CNPP, has urged President Muhammadu Buhari to purge the National Nigerian Petroleum Corporation Limited, NNPCL of corrupt and incompetent leadership.

This was contained in a statement on Thursday by the group’s Secretary General, Chief Willy Ezugwu,

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The group commended the move by Buhari to end fuel scarcity in the country by setting up a 14-man steering committee.

CNPP added that if the country’s fuel situation must be addressed, the management of NNPCL should be revamped.

“The first step to salvage the oil sector is to cleanse the newly incorporated NNPC Limited of the inherited corrupt management team currently overseeing the company.”

“It is impossible to have the same people, who created the problem that manifests today as fuel scarcity, find solution to the problem which was created due to incompetence and intention to corruptly enrich a few,” the CNPP stated

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NNPC Will Look Into Burundi’s Request For Fuel – Buhari.

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President Muhammadu Buhari has given assurances that Nigeria will support the Republic of Burundi in diverse ways as necessary in the spirit of African solidarity and brotherliness.

He gave the assurances on Tuesday when he received the Special Envoy of President Evariste Ndayishimiye, who came with a message in his office.

On request for assistance in the area of energy provision, particularly fuel, by the Burundi leader, Buhari acknowledged the feeling of suffering from energy shortage, promising that the Nigerian National Petroleum Company (NNPC) Limited would be drafted to look into the request.

The country’s Minister of Finance, Budget, and Economic Planning of Burundi, Audace Niyonzima conveyed his President’s goodwill for the New Year to Nigerians and Buhari, as he wished the country well in the forthcoming general elections.

According to a statement issued by the Special adviser to the President on media and publicity, Femi Adeshina, the Nigerian President affirmed that he was looking forward to the polls and retirement, having satisfied the constitutional requirement of two terms in office.

Read full statement:

PRESIDENT BUHARI ASSURES BURUNDI OF BROTHERLY SUPPORT
In the spirit of African solidarity and brotherliness, Nigeria will support Republic of Burundi in diverse ways as necessary, President Muhammadu Buhari has assured.
The President spoke Tuesday at State House, Abuja, while receiving the Special Envoy of President Evariste Ndayishimiye, who came with a message.
Hon. Audace Niyonzima, Minister of Finance, Budget, and Economic Planning of Burundi, said his President sent goodwill for the New Year to Nigerians and President Buhari, and also wishes the country well in general elections scheduled for February and March, this year.
“We pray that the polls would be peaceful and successful, so that Nigeria would maintain her reputation as a bastion of peace and stability,” the Special Envoy said.
On request for assistance in the area of energy provision, particularly fuel, by the Burundi leader, President Buhari said he knows what it feels like for a country to suffer from energy shortage, and promised that he would get the Nigerian National Petroleum Company Limited to look into the request.
President Buhari said he was looking forward to the polls, and retirement, since he had satisfied the constitutionally required two terms to be in office.
Femi Adesina
Special Adviser to the President
(Media and Publicity)
January 3, 2023

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Fuel Scarcity: DSS’s ultimatum to marketers prevented anarchy in Nigeria.

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A former Director of the Department of State Services (DSS), Mike Ejiofor, has disclosed that the agency’s 48-hour ultimatum to oil marketers to make fuel available for Nigerians, prevented a state of anarchy across the country.

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Ejiofor made this disclosure on Tuesday in Channeltv’s interview programme monitored by Noble Reporters Media.

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According to him, the secret police moved to forestall another #OccupyNigeria Protest.

He also said attacks on the Independent National Electoral Commission (INEC) offices are politically motivated.

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“The DSS is charged with providing intelligence for the maintenance of the internal security of this country. You will recall #OccupyNigeria; if you continue to see people in queues, the tendency for people to rise against the government is there. In contrast, there is fuel”.

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N170/Litre of fuel not sustainable – Mele Kyari.

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The Group Chief Executive Officer (GCEO), Nigeria National Petroleum Company (NNPC) Ltd, Mele Kyari, has said the current petrol pump price of N170 per litre cannot be sustained any longer.

Kyari disclosed this on Wednesday when he delivered a keynote address at the legislative transparency and accountability summit.

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The event was hosted by the House of Representatives committee on Anti-corruption.

His statement is coming against the backdrop of the current petrol scarcity across the country.

Speaking at the summit, Kyari stated that selling petrol at N170 was no longer sustainable.

He stated that the market conditions have caused the landing cost of petrol to go up three times higher than the value of the current pump price in the Nigerian market.

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“It is not possible for you to buy fuel at N170 when your actual cost is thrice that value.

“For instance, today, when PMS comes into this country, we transfer to marketers at N113 per litre for us to ensure N165 at the pump,” he said.

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Kyari further added that the subsidy cost for petrol hovers at about N290 per litre in parts of the country, adding that subsidy costs about N19 billion a day

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Economy Today

NNPC Reforms: Mele Kyari alleges threat to life.

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The group managing director of the Nigeria National Petroleum Company (NNPC) Ltd, Mele Kyari, has alleged that he is receiving death threats due to the ongoing reformation of the NNPC.

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Mr Kyari made the allegation on Wednesday in Abuja at the Legislative Transparency and Accountability summit organised by the House of Representatives Committee on Anti-Corruption.

Mr Kyari said due to the implementation of the Petroleum Industry Act (PIA), many ongoing changes are affecting the old order.

He said the company had taken down several illegal oil refineries affecting the volume of oil production in the country.

The GMD said due to the activities and effects of the illegal refineries, daily crude oil production had been reduced by 700,000 barrels.

“Without mincing words, I want to say that this industry is on a threshold of change, there is massive change going on, and it is very expensive and of personal cost to many people, including myself.

“There is a threat to life; I can say this, I have several death threats, but we are not bothered about this, we believe that no one dies unless it is his time,” he said.

The speaker of the House of Representatives, Femi Gbajabiamila, said over six decades, the oil and gas industry had played a critical role in the economy of Nigeria.

He said the industry had provided millions of jobs, directly and indirectly, adding that income from the oil and gas sector has funded government administration to hundreds of billions of dollars over the years.

He, however, said the world was changing towards a future where the economic value of oil and gas is far diminished from what it used to be.

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“Amid this evolving paradigm, the oil and gas industry still faces unique challenges at home. Due to theft and various acts of economic sabotage, we are experiencing a massive decline in crude oil production and export volume.

“Our country is the victim of bad actors determined to achieve great personal wealth at our collective expense.

“At a time of severe financial constraints, the perpetrators of this brazen heist threaten our ability to meet the demands of governance and nation-building.

“Their actions effectively amount to treason against our country, for which they must be held accountable,” he said.

Earlier, the chairman, House Committee on Anti-Corruption, Shehu Garba, said the oil and gas sector accounts for 80 per cent of Nigeria’s foreign exchange income.

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He said it also accounts for 50 per cent of the nation’s total revenue, saying that anything that affects the sector affects the nation.

The lawmaker said the PIA is a watershed as it would address many challenges limiting the sector’s ultimate performance.

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Economy Today

Oil theft: Don’t fault NNPC – Mele Kyari.

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The Group Managing Director of NNPC Limited, Mele Kyari has blamed petroleum subsidy for the high rate of smuggling of the products across the border.

Mr Kyari, while speaking at a summit organized by the House of Representatives Committee on Anti-Corruption, said as long as there is subsidy, smuggling and round-tripping will persist.

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He stated that NNPC Limited cannot be held accountable for the matter.

“As long as arbitrage is there, you will continue to have these issues and you cannot hold NNPC accountable for it because it is a value chain that involves everything and everybody,” he said.

He also revealed that there are threats to his life by those who are opposed to changes caused by the implementation of the Petroleum Industry Act.

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“There is threat to life, I can say this, I have several death threats but we are not bothered about this, we believe that no one dies unless it is his time.

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But this is the cost of change, when people move away from what they are used to something that is new that will take away value and benefit from them, they will react,” he said.

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Shekarau’s loyalists state position as ex-Kano gov dump Kwankwaso, NNPP for PDP

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Dozens of politicians and office holders who decamped to the New Nigeria Peoples Party (NNPP) alongside Senator Ibrahim Shekarau said they would remain in the party.

They expressed their readiness to ensure that the NNPP emerged victorious in the 2023 elections in Kano and across the country.

Shekarau, a former governor and Kano Central lawmaker, has returned to the Peoples Democratic Party (PDP).

On Tuesday, a communique by about 45 politicians after a meeting on the defection stressed their loyalty to the NNNP led by Rabiu Kwankwaso, the presidential candidate

It was signed by Haruna Isa Dederi, a House of Representatives member for Karaye/Rogo federal constituency.

Dederi declared unshaken loyalty and determination to lift the party and the former minister to success in the general polls.

The legislator further boasted that the NNPP remained unrivaled in terms of followership and focused leadership.

“We urge all our people to continue to cooperate with us so that we can redirect the affairs of our State for the betterment of its people, as well as to save the nation from the state of near collapse,” he said.

The statement added that the right of any citizen to make his or her choices in exercising his or her freedom of association was enshrined in the constitution.

NNPP governorship candidate, Abba Kabir Yusuf; deputy gubernatorial candidate, Aminu Abdulsalam; NNPP Senatorial candidate (Kano South), Sulaiman Kawu Sumaila attended the parley.

Others were the lawmaker for Rano/Kibiya/Bunkure federal constituency, Kabiru Alhassan Rurum; ex-chief of staff to governor Abdullahi Ganduje, Haruna Makoda; ex-commissioner of budget and planning, Nura Muhammad Dankadai

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Stolen crude oil found in houses of God – NNPC.

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The Nigerian National Petroleum Company (NNPC) Limited, has accused religious leaders, security agencies, and even some NNPC staff of the theft of the nation’s crude oil.

The NNPC Group Chief Executive Officer, Kyari said this during the 49th session of the weekly ministerial brief at the State House in Abuja, stressing that oil theft is largely carried out by Nigerians.

Kyari disclosed that the stolen products, pipelines are found mostly in churches and mosques, Noble Reporters Media reported.

“When a fire outbreak happened in one of our pipelines, we discovered that some of the pipelines were actually connected to individual’s homes. And not only that, and with all sensitivity to our religious beliefs, you know, some of the pipelines and some of the products that we found, are actually in churches and in mosques,” Kyari said.

“This means that everybody is involved. There’s no way you will take products, bring them in trucks in populated neighborhoods, load them, and leave without everybody else knowing about it. Everybody includes members of the community, members of the religious leaders and also and most likely government officials of all natures, including security agencies personnel.”

Kyari revealed that vandalism has led to the shut down of the entire network of pipelines for petroleum products distribution in Nigeria.


The NNPC Boss mentioned that a national reserve company will be established to manage the pipelines on a commercial basis to efficiently put them to use for the distribution of products across the country

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PMS Scarcity: Independent marketers responsible for queues in FCT – Gov’t

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Hopes that worsening fuel queues experienced in Abuja and some other cities may soon wear out, was on Wednesday dimmed as the Minister of State for Petroleum Resources, Timipreye Slyva again attributed the challenges associated with fuel supply to the forces of deregulation and distribution chain system largely controlled by independent oil marketers.


He said the Federal Government, through the Nigeria National Petroleum Corporation NNPC Limited, has ensured adequate supplies of fuel products but marketing outlets bent on shortchanging the populace by hiking the price are largely responsible for the crisis.

Sylva’s clarifications came on Wednesday, shortly after the Federal Executive Council meeting presided by President Muhammadu Buhari before his departure to Senegal for the IDA summit.


His explanations came just as the Federal Executive Council equally approved the award of contracts and procurement for the provision of a conference hostel facility in Yenagoa adjacent to the Nigerian content towers for the sum of N22 billion.

The project was awarded to Megastar technical construction company with a construction timeframe of 24 months.

Reacting to the fuel queues, he said, “Of course, I was expecting that question. Frankly, it is not a supply issue, as you can also confirm. So it’s not from us. But you know When you have an arbitrary opportunity, people will tend to take advantage of it. These are some of the fallouts of the subsidy regime.


“If you look at it, there are no queues when you leave Abuja, in most places, only in the Abuja metropolis you continue to have these queues. Is it that there is less supply to Abuja than to the rest of the country? It is not so. It is because if you go out of Abuja, they can afford to probably sell at higher prices. And I’m sure a lot of you must be buying at higher prices, within Abuja, because of the watchful eyes of the federal government, they cannot sell at those prices.


“So it’s not a very attractive market for them. I think these are all the things that we might have to be dealing with for a while until we’re able to fully deregulate.

“But that actually is the problem, it’s not a supply problem, the country is well supplied as it is. NNPC has a very good supply. So it is not a problem from us, but it is the marketers. But we are engaging the marketers and will continue to engage them. In fact, before now NATO said, Oh, because diesel prices were now going up. And of course, you know that diesel is deregulated already.

“So, because diesel prices have gone up, the cost of their moving product has also gone up and therefore, we must try to do something about the bridging cost. We did that with them, we were able to respond to that and they were able to do something for NATO.

“Of course, the rest of the marketers are also saying oh no, we must try to add a few things for them here and there. But we can’t continue as a government to increase the subsidy we cannot continue to do that. Because of that, they are now saying Okay, in this Abuja metropolis where they feel it is right at the centre, they are not probably supplying the product as they are supplying to other places. But you will agree with me that there are no queues outside Abuja.

“I don’t know whether there are queues in some places in Lagos, but the queues are reported mostly in Abuja, and in some parts of Lagos not every part of Lagos, wherever they think they can sell at higher prices. There are no queues.

“But wherever they cannot sell at prices higher than the recommended price there are queues. that is the situation we find ourselves for now.

“We are still dealing with that, we are engaging them. And of course, I’m sure even that is going to be taken care of, but it is not a supply problem from the government”.

Commenting on the demise of the outgoing Secretary-General of the Organisation of Petroleum Exporting Countries OPEC, Muhammad Barkindo, the Minister said the late Scribe of OPEC would be remembered for helping to stabilise the oil and gas industry.

“This is quite a sad one. Alhaji Barkindo was a dear friend and really served this country, both in Nigeria and internationally. meritoriously. Yesterday, Mr. President received him in audience and directed that we give him a very benefiting welcome home. Unfortunately, and of course, yesterday he was also at the Nigerian oil and gas conference, I was with him there, and he made a very brilliant speech as was characteristic of him. To hear that by this morning, he was already gone. It’s very sad news for all of us.

“Barkindo has contributed a lot. He was GMD of NNPC, as you know, and he helped to stabilize the oil industry. He is a very, very towering figure in the oil industry. And from there, he proceeded to become the Secretary-General and represented Nigeria very effectively, and served meritoriously for the full two terms, and was coming home, of course, and was here to be received, and we were really trying to roll out the drums for him according to Mr. President’s directive, and unfortunately, this sad event happened last night.

“My heart goes to his family and to all of us and to Nigerians for this very great loss”.

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Reps secure 6m litres of aviation fuel for airlines, seek perm solution.

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The House of Representatives on Monday secured the cooperation of the Nigerian National Petroleum Corporation (NNPC) to make available six million litres of JetA1 (aviation fuel) to aviation fuel marketers chosen by the Airlines Operators of Nigeria (AON).

The deal was struck at a meeting with AON representatives at the National Assembly.

Stakeholders present at the meeting included the representatives of the Federal Ministry of Petroleum Resources, Ministry of Aviation, Central Bank of Nigeria (CBN), NNPC, Midstream and Downstream Petroleum Regulatory Authority, the Nigerian Civil Aviation Authority (NCAA), Nigerian Airspace Management Authority (NAMA), among others.

The AON had threatened to shutdown local airline services on Monday but withdrew the threat on Sunday under pressure from the Federal Government.

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The airline operators say rising cost of key inputs such as aviation fuel necessitated the intended shutdown.

Part of the resolutions reached at Monday’s meeting, which lasted for over three hours, include that, as a long term solution, the airline operators must commence, as soon as possible, the process of securing a license for the importation of aviation fuel to avoid suspicion over the landing cost of the product and other associated logistic issues.

The Midstream and Downstream Petroleum Regulatory Authority was also mandated to, as much as possible, grant waivers that do not touch on the security and safety of the country for importers of the products.

Rocky start
The meeting took off on a rocky note when Speaker Gbajabiamila asked the representative of the CBN governor to excuse himself from the meeting,

The Speaker emphasised that the importance and sensitivity of the meeting required the presence of the CBN governor.

The CBN governor, Godwin Emefiele, who eventually walked into the meeting abput 15 minutes later, gave reasons why he had to be represented before his eventual arrival.

In his remarks, Speaker Gbajabiamila said the nation was at a crucial moment as the shutdown by the airline operators amounts to a potential shutting down of the country. “We cannot sit here and watch this happen.

“That is why the presence of the CBN governor is very important because his role is very critical to the resolution of this issue”

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The Speaker recalled that certain resolutions that included the sale of aviation fuel at N500 per litre and the granting of aviation fuel import license to the operators was arrived at during the last meeting with the stakeholders while requesting an update on the implementation of the resolution.

The leadership of the House also inquired from the NNPC about the status of the 25,000 tons of ATK approved for the airlines as a palliative in addition to the availability of the product to the airlines for about three months.

Also, the leadership opined that functional refineries should be able to address some of the challenges being faced while asking for the status of the refineries undergoing renovation.

Lasting solution
Responding, NNPC GMD, Mele Kyari assured that the three months supply of Jet A1 to the chosen marketers by the AOAN is assured while emphasizing that the price of the product cannot be guaranteed because it is globally market-driven.

“We will make appropriate allocations to the three marketers chosen by the operators and the other,” Kyari said.

On his part, the CBN governor, Emefiele also noted that though the apex bank has no control over the flow of the dollar, he however assured that no operator would be denied facilities by the banks as long as they are creditworthy.

While appreciating all the stakeholders for the efforts put in at resolving the issue at stake, the Speaker said, “Rounding up on a positive note, I appreciate the airline operators for being nationalistic in calling off the strike as I hope that the outcome of this meeting will usher in a lasting solution to these challenges of Jet A1 bearing in mind that there is a laissez-faire economy of demand and supply”.

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energy

NNPC warns against panic buying in Abuja – assures of adequate supplies.

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The Nigerian National Petroleum Corporation (NNPC) has assured residents of Abuja against panic buying of fuel, assuring that the agency has adequate supply despite the resurgence of queues in the city.

This is according to a series of tweets on the NNPC handle late Sunday.

“We assure all residents of the FCT, and indeed all Nigerians, that we have ample local supplies and national stock in excess of 2.5 billion liters, with a sufficiency of more than 43 days,” it added.

“The NNPC Ltd hereby advises motorists not to engage in panic buying as supplies are adequate as will become increasingly evident in the coming days.”

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It explained the appearance of fuel queues in parts of Abuja “is very likely due to low loadouts at depots which usually happen during long public holidays, in this case, the Sallah celebrations”.

The statement added that the “increased fuel purchases which are also usual with returning residents of the FCT from the public holidays”.

The recent development is coming a few months after fuel queues resurfaced in the country due to the importation of “bad fuel” into Nigeria.

Lawmakers had then initiated a probe into the matter as calls came for those found guilty to be punished. The House of Representatives had then called on the NNPC to suspend the companies involved in the importation.

But in April, the lower chamber said nobody would be sanctioned over the supply of the adulterated product.

This was after it considered and adopted the reviewed report on the investigation by its Committee on Petroleum Resources (Downstream) which exonerated both the NNPC and the suppliers in the Direct Sale-Direct Purchase deal between the Federal Government and the importers

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Africas

$9.8mn corruption charges: Fmr NNPC-GMD acquitted.

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A Federal High Court in Abuja, on Thursday, discharged and acquitted former Group Managing Director (GMD), Nigeria National Petroleum Corporation (NNPC), Andrew Yakubu, of the $9.8m Corruption charges brought against him by the Federal Government.

The court held that the Economic and Financial Crimes Commission EFCC which put Yakubu on trial for five years failed woefully to establish that he accepted the money over and above the threshold allowed by law.

Justice Ahmed Ramat Mohammed in a judgment ordered that the foreign currency seized from the defendant in 2017 and kept at the Central Bank of Nigeria (CBN) be returned to him forthwith.

Justice Mohammed in the judgment further said that the evidence of the witnesses of the anti graft agency created gaps of doubts which in law, must be resolved in favour of the defendant.

In the court’s judgment, the judge held that the prosecution failed to establish the necessary ingredients of the charges to warrant the conviction of the former NNPC Chief.

“The evidence of the defendant (Yakubu) on how he came about the money was not only credible but reliable,” the judge said, adding “the prosecution failed to contradict the evidence as required by law.”

Justice Mohammed held that the EFCC ought to have investigated Yakubu’s claims that the money came as gifts from his friends, “but unfortunately and for reasons best known to it, the prosecution did not do that,” the judge said.

“To worsen the situation, the prosecution assumed that the money was received in one fell swoop as against the evidence of the defendant that he got the money in piecemeal as gifts from his friends when he retired from service in 2014.”

“It is a huge error that the prosecution did not tender the money as exhibit throughout the trial but made futile efforts after it had closed its case,” the judge noted

“In all, the defendant’s evidence cast a huge doubt on that of the EFCC and the doubt must be resolved in his favour,” the judge said.

The judge agreed with Yakubu’s defence that the funds were received as gifts in aggregate form and not “in one fell swoop” as provided in the Money Laundering Prohibition Act of 2011.

Justice Mohammed dismissed the EFCC’s argument that the funds were proceeds of crime, having not passed them through any financial institution.

Consequently, the judge ordered the immediate return of the confiscated sum of $9,772, 800 and another £74, 000 to the defendant.

The EFCC, acting on a tip-off in 2017, had stormed Yakubu’s residence at the Sabon Tasha area of Kaduna State and found $9,772, 800 and £74, 000 in a safe.

He was later arraigned on March 16, 2017, on a six-count charge for “failure to make full disclosure of assets, receiving cash without going through a financial institution, which borders on money laundering.”

The anti-graft agency on October 17, 2018, closed its case against him, after calling seven witnesses.

However, Yakubu through his counsel, Ahmed Raji SAN, filed a no-case submission on December 5, 2018, arguing that the evidence provided in court, “did not establish a case against him, and so the charges should be dismissed.”

The Court of Appeal struck out counts five and six and ordered Yakubu to defend himself on counts three and four.

Counts three and four bordered on failure to make full disclosure of assets, receiving cash without going through a financial institution and intent to avoid a lawful transaction in alleged violation of Section 1(1) of the Money Laundering Act, 2011 and punishable under Section 16(2)(b) of the Act.

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Africas

NDC asks Buhari to sack Mele Kyari, probe NNPC missing crude barrels.

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The Niger Delta Congress (NDC) has expressed outrage over “revelations of grand theft” made by the Office of the Auditor-General of the Federation (OAuGF) against the Nigerian National Petroleum Corporation (NNPC).

In a statement on Wednesday, NDC spokesman, Ovunda Eni cited the 2019 audit report which indicted the corporation and the Ministry of Petroleum Resources for “missing 107,000,000 barrels of crude oil”.

Eni said the findings have thwarted the attempts of NNPC leadership to blame the reduction in crude oil earnings on artisanal refiners and illegal bunkerers as a ruse.

The NDC accused the state-owned company of engaging in what appears to be an officially sanctioned and well organised larceny of crude on a scale that artisanal refiners and their collaborators are currently incapable of.

Eni noted that a breakdown of the 100 million barrels of crude oil not accounted for in 2019 amounts to over N2 trillion lost to “criminal activities in the NNPC and the Ministry of Petroleum Resources”.

The funds, according to him, would have been directly beneficial to the Niger Delta people “who own the resources and the generality of Nigerians”.

The statement said the figure in question is worth a quarter of Nigeria’s 2019 budget estimate, over 60% of expected crude oil earnings for 2019, and over 85% of 2019 combined earnings of the six Niger Delta states from the Federation Account.

“That such high level theft of an entire quarter of Nigeria’s crude production could go unnoticed and unaddressed for over two years not only shows the depths to which the nation has sunk, but also proves the NDC position that the NNPC in times past and under the leadership of Mele Kyari has operated solely as a criminal enterprise backed by the government.

“The NDC would like to state that the actions of the NNPC under Kyari are unacceptable to the nationalities of the Niger Delta who bear the brunt and carry the weight of Nigeria’s political economy, and calls for the immediate sack and prosecution of the entire leadership of the NNPC by the Minister of Petroleum and President Muhammadu Buhari.

“We believe that any action short of this will prove to the world that the NNPC did not work alone but hand-in-glove with the Ministry of Petroleum, manned by the President himself and his Minister of State for Petroleum; even this won’t be a surprise to us”, Eni added

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Africas

Fuel Scarcity: Buy only quantity needed – NNPC rolls out measures

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The Nigeria National Petroleum Corporation Ltd. (NNPC) has begun loading of trucks at all depots to clear current scarcity being experienced across the nation.

NNPC noted that there was availability of 1.7 billion litres of petrol currently in stock.

The NNPC Group Managing Director, Malam Mele Kyari said this to journalists in Abuja, after meeting with the National Union of Petroleum and Natural Gas Workers (NUPENG) and Petrol Tanker Drivers (PTD).

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The Depot and Petroleum Marketers Association of Nigeria (DAPMAN) and Major Oil Marketers Association of Nigeria (MOMAN) were also present at the meeting.

Kyari noted that the additional fuel would end the persistent queues which continued in Abuja and other parts of the country, with fewer stations dispensing the product.

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“Currently, we have over 1.7 billion litres of fuel in our hands both in marine and on land.

“This means that we have the capacity to load out excessively from all depots. We have put in place measures to ensure 24hrs loading in all depots.

“This will ensure that scarcity created by panic buying will now be freed so that normalcy will return to filling stations across the country,” he said.

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Kyari stated that very soon, the scarcity will be resolved, adding that neither the Federal Government nor the NNPC had any plan to raise the pump price of petrol.

He appealed to marketers not to sell petrol above the price approved by the government.

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He noted that the NNPC would carry out necessary sanctions allowed by law on any defaulting depot owner in order for Nigerians to buy the product at the approved price.

He, however, apologized to Nigerians for the pains experienced at fuel stations and appealed to consumers to buy only the quantity they needed at fuel stations.

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Africas, Press Release

Fuel scarcity and hard times in Maiduguri.

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SIR: The people of Maiduguri, the capital city of Borno State, are experiencing hard times as a result of the increase in pump price of petrol, recently occasioned by the nationwide fuel scarcity.

As a result of the spike, commercial tricycle riders, popularly known as Keke NAPEP that used to charge N50 per trip, have doubled the fare – a situation that makes life harder for the people living within Maiduguri metropolis. These people are finding it very difficult to cope with the situation due to the densely populated nature of the city.

Unfortunately, the city has been in total blackout as a result of Boko Haram insurgents’ activities that have destroyed the electricity installations. Therefore, people rely solely on generators for electricity, which have also become almost impossible as a result of the current hike in the pump price.

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On the streets, stranded commuters are blaming Keke riders for the latest increase in fares. The operators, in turn, have no explanation for the current scarcity. However, the managers and their attendants at fuel stations have also contributed immensely to worsening the situation, as they embarked on sharp practices to suggest artificial scarcity of the product. That is not fair to the common man in Maiduguri.

The Nigerian National Petroleum Corporation (NNPC) has recently blamed the scarcity on adulterated fuel that was brought into the country. But in the north, it has now become a norm to have routine fuel scarcity that worsens the peoples’ plight every year.

It is important for the government, through the NNPC, to urgently look into the problem and find a lasting solution to the problem of fuel scarcity.
Mary Oluwatosin Afolabi is of the department of Mass Communication, University of Maiduguri.

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In the news

Storyline: Court disagrees with EFCC’s exhibit against FMR NNPC GMD, Yakubu

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Mohammed held that the primary evidence of the motion to be tendered was the original copy which is at the custody of the Supreme Court.

The Federal High Court, Abuja, on Monday, refused to admit a document sought to be tendered in evidence by Economic and Financial Crimes Commission (EFCC) against former Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu.

Justice Ahmed Mohammed, in a ruling, held that the motion was inadmissible because the Economics and Financial Crimes Commission (EFCC) was unable to bring to the court its certified true copy.

Former Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu arraigned before a Federal High Court for money laundering and financial fraud in Abuja…yesterday. (Noble Reporters Media / NoRM)

NoRM reports that Counsel to EFCC, Mohammed Abubakar, had, on Nov. 5, tendered a document in which Yakubu, who is the 1st defendant witness (DW1), tendered at the Supreme Court, seeking for an order of stay of execution restraining the Federal Government from taking over the money which the anti-corruption agency took away when its operatives raided his residence.

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Abubakar said that Yakubu had deposed to an affidavit at the apex court that the money was kept at the Central Bank of Nigeria (CBN), Kano by the EFCC.

But while being cross examined before Justice Mohammed by the anti-graft lawyer in the last adjourned date and question about the whereabouts of the money was put to the former GMD, said it was from the EFCC he got to know that the confiscated money was in CBN branch in Kano State.

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However, Yakubu’s Lawyer, Ahmed Raji, SAN, urged the court not to admit the document on the premised that Abubakar ought to have come with its certified true copy being a public document.

In his ruling on Monday, Justice Mohammed said though it was not in doubt that the document emanated from the Supreme Court, “subsequently, to tender the document, it ought to have been certified.”

Quoting Section 35 of the Evidence Act 2011, he said “the content of a document may be proved either by primary or secondary evidence.”

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He said for a motion to be tendered as a secondary evidence, it must have been certified, citing previous cases to back the ruling.

The judge, therefore, held that the document sought to be tendered by the EFCC was inadmissible in the law.

“It is hereby rejected and shall be marked: tendered and rejected accordingly,” he ruled.

Justice Mohammed, who also refused to hear the EFCC’s motion, seeking an order to visit the locus in quo (i.e the CBN in Kano) because it was not fixed for the day’s proceeding, adjourned the matter until Jan. 14, 2021, to hear the anti-graft agency’s motion.

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Recall with NoRM that the EFCC, in 2017, raided the house of the former NNPC GMD in Kaduna State and found 9, 772, 800 dollars (9.7 million dollars) and 74, 000 pounds in a safe.

Yakubu was, however, arraigned on March 16, 2017, on six counts but was ordered by the Court of Appeal to defend counts three and four which bordered on failure to make full disclosure of assets, receiving cash without going through a financial institution and intent to avoid a lawful transaction in alleged violation of Section 1(1) of the Money Laundering Act, 2011 and punishable under Section 16(2)(b) of the Act.

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In the news

Oil Price: Accelerated refinery set to end ‘fluctuation’ – LCCI

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The LCCI DG said that to cushion the effects of petrol price increases on domestic prices, there was also an urgent need to scale up investment in mass transit transportation systems.

The Lagos Chamber of Commerce and Industry (LCCI) says accelerated domestic refining and processing of petroleum products would end the unstable petroleum pricing in the country, Dr Muda Yusuf, Director-Genera of the Chamber, said in an interview with NoRM‘s known Media on Saturday in Lagos.

He explained that this action was necessary to prevent both the deregulation policy from being derailed and a return to a subsidy regime fraught with corrupt practices.

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Yusuf also called for a competitive market framework to enable the deregulation achieve positive impact, saying that quick approval of domestic refinery operations would boost access to petroleum products for economic development

The LCCI DG blamed NNPC’s monopolistic supply structure for the inability of Nigerians and the economy to benefit from the positives of deregulation.

Yusuf stressed that government needs to urgently put appropriate structures in place to ensure a level playing field and for the deregulation regime to achieve its objectives, because private sector players were strapped for foreign exchange to import petroleum products, while the refineries remained comatoe.

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“A deregulated pricing regime is typically volatile, oscillating with global oil price. However, deregulation without competition would not give desired outcomes”, Yusuf said, adding, “We are still immersed in a monopolistic structure even as we claim to have deregulated the petroleum downstream sector”.

Similarly, Yusuf added: “The power sector recovery programme should also be accelerated to reduce the dependence of Micro, Small and Medium Enterprises (MSME) on petrol powered electricity generators.

“These two areas of intervention would reduce the adverse impact of petrol price volatility on small businesses and impact on the welfare of the citizens.

#Newsworthy…

In the news

[Nigeria] Outrage over increased fuel price reasonable but not well placed – NNPC.

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The Group Marketing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has reacted to the outburst over the recent increase in fuel price.

During an interview on Wednesday, he said: “the outburst is very understandable but I also believe very strongly that it is misplaced because Nigerians are not aware of the opportunities lost”.

He further explained that the issue of subsidy has been a big issue in the country for many years but the government can no longer afford it because of the economic problems facing the country.

“And not only that, every corruption that you are aware of in the downstream industry is one way or the other connected to fuel subsidy,” the NNPC boss added.

“It is very understandable for people to get angry that prices have gone up. Just like the prices of every commodity, when it goes up, there can be difficulties and challenges that people will naturally face but once prices go up, the other natural thing that must happen is that your income needs to increase so that you are able to procure the things that are now delivered at higher prices.

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“You can’t do this anywhere in the world if there is no productivity.

“And there will be no productivity except there is growth in infrastructural development, industries are able to work, therefore, and there is a connection between production and consumption.

“When people get angry, this is coming from people who practically are not aware of this situation and they are not aware of the loss that they have and most importantly they are being engineered into making those statements, and we understand this perfectly.

“We are the national oil company, it’s our role to ensure energy security. But you can’t do this until you are able to deliver cost. And that cost is lost daily as prices of crude oil goes up and you are unable to do many things.

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On the state of the nation’s refinery, Mr Kyari explained that plans are on the way to rehabilitate the four major refineries to maximum capacity.

According to him, this plan is expected to place Nigeria as the world’s biggest exporter of oil in the next three years.

The increase of fuel price and electricity tariff has sparked outrage with various groups holding nationwide protests across the country.

On Tuesday, the Petroleum Products Pricing Regulatory Agency (PPPRA) said it was no longer going to be releasing price bands for the sale of Premium Motor Spirit (PMS/petrol) at filling stations.

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The agency reiterated that the price will now be fully based on the forces of demand and supply.

“It is based on bargain power,” the General Manager (Admin and Human Resources) of the PPPRA, Victor Shidok, said. “It is based on where you source your products.”

However, he noted that the government will ensure customers are protected from price-gouging and other ills associated with free markets.

“You could have a regulator that always stand and remain a watchdog to see how these forces are being played out, how the interest if both operators and consumers are being taken care of,” he said

#Newsworthy…

In the news

News+: Lagos fire service raise alarm over petrol leakage. [Photos]

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The Lagos State Fire and Rescue Service has announced the leakage of a Petroleum Motor Spirit (PMS) at Iyana- Odo on Atlas Cove-Mosimi System 2B Pipeline segment.

This was revealed on Sunday by the Acting Head of the Lagos State Fire and Rescue Service, Mrs. Margret Adeseye.

Mrs. Adeseye said that firefighters have been mobilised to the scene after a distress call was received in the early hours of today from Peace Estate, Isheri.

The Acting Head noted that PMS was gushing out from the pipeline linking Isheri to Igando and environs of Alimosho.

“On getting there, it was discovered that PMS was gushing out from the pipeline linking Isheri to Igando and environs of Alimosho, Lagos”, she stated.

According to her, the Nigerian National Petroleum Corporation (NNPC) pumping operations have been suspended as a result of that, while men of the Lagos State Fire and Rescue Service are putting the situation under control and officials of the Nigeria Security and Civil Defence Corps (NSCDC) are also on ground to forestall any imminent danger.

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She called on the residence of the area not to open fire along this axis in order to avert danger pending the conclusion of the repair works by the NNPC.

Read Full Statement Below:

There is a Petroleum Motor Spirit (PMS) leaking at Iyana Odo on Atlas Cove-Mosimi System 2B Pipeline segment.

This hint was dropped this morning by Mrs. Margret Adeseye, Ag. Head, Lagos State Fire and Rescue Service while addressing pressmen at the scene of the incident.

According to her, a distress call was received at about 0541hrs to Peace Estate, after Petrocam Bus Stop, Isheri, and Firemen from Ikotun Fire Station were swiftly mobilized to the scene.

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“On getting there, it was discovered that PMS was gushing out from the pipeline linking Isheri to Igando and environs of Alimosho, Lagos”, she stated.

Mrs. Margaret further explained that the NNPC pumping operations have been suspended while men of the Lagos State Fire and Rescue Service are putting the situation under control and NSCDC is providing security to forestall any imminent danger.

However, she warned members of the public, particularly, residence within these corridors not to make open fire along these areas in order to avert danger pending the conclusion of the repair works by the NNPC.

Jamiu Dosunmu,
PAO, LSFRS,
23/08/2020

#Newsworthy…

In the news

News+: Price of petrol in Nigeria fixed at N138.62K / Litre

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The Petroleum Products Marketing Company (PPMC) has fixed the ex-depot price for Premium Motor Spirit also known as petrol at 138 naira 62 kobo per litre.

According to a memo issued by the PPMC, a downstream subsidiary of the Nigerian National Petroleum Corporation, the new price will take effect from today August 5, 2020.

The memo states that the latest price which is what depot owners sell to retail outlets will reflect in the monthly pump pricing modulation for petroleum products this month.

The PPMC also put the ex-coastal price for the commodity at 113 naira 70 kobo, while the ex-depot price for diesel and kerosene stands at 160 naira per litre.

#Newsworthy…

In the news

[Nigeria] 7 dead as explosion hit NNPC

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Seven persons have died after an explosion at the ‘Oil Mining Lease 40’ operated by the Nigerian Petroleum Development Company (NPDC).

The Group General Manager, Group Public Affairs Division (NNPC), Kennie Obateru confirmed this in a statement on Wednesday.

According to him, the incident happened on Tuesday evening at Gbetiokun in Delta State where the facility belonging to its subsidiary is located.

“The incident, which occurred on Tuesday during the installation of a ladder on a platform (Benin River Valve Station) for access during discharging of Gbetiokun production, unfortunately caused 7 fatalities,” the statement explained.

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Obateru said the NNPC has started an investigation into the cause of the incident and the Department of Petroleum Resources (DPR) has been informed about it.

“The bodies of casualties have been deposited in a morgue in Sapele, while families of the personnel involved are being contacted by their employers: Weld Affairs and Flow Impact, which are consultants to NPDC,” he added.

He said all personnel on board the platform have been fully accounted.

According to him, the NNPC Group Managing Director, Mele Kyari, also commiserated with the families of the bereaved and prayed that God grants them the fortitude to bear the irreparable loss of their loved ones.

#Newsworthy…

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