Connect with us

News

Revenue remittance: Atiku condemns CBN’s takeover of crude oil sales

Published

on

…Says action threatens operational efficiency of NNPC Ltd

Presidential Candidate of the Peoples Democratic Party (PDP) in the 2023 General elections and former Vice President, Atiku Abubakar, has condemned the recent directive for Central Bank of Nigeria (CBN) to take over the responsibility for crude oil sales from Nigerian National Petroleum Company (NNPC) Limited.

In a statement on Thursday, the Former VP opined that the move threatens the operational efficiency of the NNPC Ltd which aims to compete globally.

Recall that President Bola Tinubu had ordered the CBN to take over the responsibility for crude oil sales from the NNPC Ltd in a bid to promote transparency and accountability.

The NNPC Ltd has over the years been accused of secrecy in disclosing its profits and remittances to the government coffers although the state owned company under Mele Kolo Kyari has improved in its transparency compared to previous administrations.

Describing the order by Tinubu as illegal, Atiku said, “Without prejudice to the possibility of any good that was intended in the decision of the Federal Government to make the Central Bank of Nigeria (CBN) take over the responsibility for crude oil sales proceeds from the Nigerian National Petroleum Company Limited (NNPCL), it must be clearly stated that the action is not legal in its application.

“Although, as usual, of the current administration, little has been communicated to the public about explaining details of the decision.

“According to what is publicly available, the President has issued a directive that henceforth, the NNPC Ltd would submit receipts for crude oil sales to CBN for vetting and documentation.

“Whatever may be the merit of the new arrangement, the presidential directive is a violation of the legal status of the NNPC Ltd.

“It is an arbitrary order capable of undermining the operational independence of the NNPC Ltd.”

He argued further that President Tinubu has wrested control of the finances of the oil company and donated it to the Federal Ministry of Finance and the CBN.

“By this order, Mr. President has wrested control of the finances of the NNPC Ltd and donated the same to the Federal Ministry of Finance and the Central Bank of Nigeria.

“This is an unprecedented act, without any legal or ethical basis. It is also a violation of the principle of due process in public administration.

“State-owned enterprises are not subject to such arbitrary orders and have full control over their finances within the confines of their respective establishment laws.

“The NNPCL is a creation of the Petroleum Industry Act 2021 (PIA), which was signed into law by the President of the Federal Republic of Nigeria on 16 August 2021.

“The PIA makes extensive provisions for the formation, structure, governance, and operation of the NNPC Ltd as an independent limited liability company in Sections 53 to 65 of the Act.

“The government must, therefore, respect the provisions of the law and allow the NNPC Ltd to run as an independent company based on sound commercial objectives and in line with international best practices and standard principles of corporate governance.

“Only then would the new NNPC Ltd grow into a formidable institution with track records, requisite technical and financial capacity, and readiness to operate in public space.

“Any attempt to undermine the operational independence of the NNPC Ltd will be a hindrance to any chances of attracting investments and attaining global relevance in the Petroleum Industry.

“Let it also be stated that the Central Bank Act 2007 does not confer on the Central Bank of Nigeria, any responsibility for vetting the transactions of, or formulating and maintaining the internal controls and internal audits in state-owned enterprises, public or private.

“The CBN should be allowed to perform its core functions as provided in the extant law.

“To enhance transparency and accountability in the operation of the NNPCL, its bank accounts for crude oil sales proceeds (for example at Morgan Stanley) and the entire crude sales conversion circle can be trailed by Nigeria Extractive Industry Transparency Initiative (NEITI) and CBN.

“Amongst other supportive measures to enhance transparency, the NNPC Ltd board members can be better selected and reconstituted to include, if desired, representatives of the CBN and NEITI.”

News

Rivers: Court outlaws LGA chairmen tenure extension

Published

on

By Barth Ndubuwah, Port Harcourt

A High Court sitting in Rivers State has ruled against the recent extension of Local Government Chairmen’s tenures, declaring exercise by the ousted 27 lawmakers of the State House of Assembly as invalid.

 The case, Hon. Enyiada Cookey-Gam & 6 Others vs The Governor of Rivers State & Others (Suit No. PHC/1320/CS/2024), was presided over by Hon. Justice D.G. Kio  in Port Harcourt.

Justice Kio declared that Local Government Law No. 2 of 2024, which sought to extend the Chairmen’s terms by six months, conflicts with the 1999 Constitution and Section 9(1) of Rivers State Local Government Law No. 5 of 2018.

The court affirmed that the lawful tenure for Local Government Chairmen and Councillors remains three years, as stipulated by the 2018 law.

The judge emphasised that the attempt to extend the tenure was not only unlawful but also violated the officials’ oath of office.

Continue Reading

News

Emir of Kano to visit Awujale of Ijebuland today

Published

on

The Awujale and Paramount Ruler of Ijebuland, and President, Ijebu Traditional Council, Oba Dr. Sikiru Kayode Adetona CFR, GCON, JP, Ogbagba II, will today play host to the revered traditional ruler, the Emir of Kano, Alhaji Aminu Ado Bayero, on a royal visit along with eight officials of the Kano Emirate.

In a letter titled Notification of Our Visit to Ijebu Ode Kingdom, dated 19th May 2024, with reference number KEC/HH/CORR/OOW/VOL.I/768 and personally signed by the Emir of Kano, the purpose of the visit is to pay “respect to His Majesty with intention to strengthen the cordial relationship that has been in existence for several years between Awujale of ljebu-land and our father, the late Emir of Kano, Alhaji Ado Bayero, of blessed memory.

The letter read, “I humbly write to notify His Royal Majesty the Awujale of ljebu-land of our resolve to pay a Royal Visit to ljebu Ode Kingdom, Ogun State, on Wednesday, 22nd May, 2024 with an entourage of 8 officials of Kano Emirate.

“The purpose of our visit is to pay our respect to His Majesty with intention to strengthen the cordial relationship that has been in existence for several years between Awujale of ljebu-land and our father, the late Emir of Kano, Alhaji Ado Bayero of blessed memory.

“At the same time, we will seize the opportunity to felicitate with His Majesty for attaining the age of 90 years, as well as been on the throne for 64 years.

“While we pray and hope the trip will be successful, and we meet Your Majesty in good health, please accept the assurance of our esteem regards.

 ”Allah Ya kare mutuncin mu da addinin mu. Allah Ya bamu lafiya da zaman lafiya (May God protect our honour and our religion. May God grant us health and peace).”

The visit will hold at the GRA Ijebu Ode residence of Kabiyesi Awujale between 12.00 noon and 2.00pm

Continue Reading

News

Domestic violence: Speak out, don’t suffer in silence — Lagos Commissioner tells women

Published

on

By Sodiq Adelakun

The Lagos State Government has urged women experiencing violation of rights to speak out as they can only receive help when they do so.

This was disclosed by the Commissioner for Women Affairs and Poverty Alleviation (WAPA), Mrs. Cecilia Dada, at a ministerial news conference in Ikeja, Lagos on Tuesday.

“Speak up, speak out on domestic violence, there’s help! Come to the Ministry of Women Affairs and Poverty Alleviation. If you cannot come, call 767. 767 is a number to call if you need help,” Dada said.

Also, she revealed that a total of 662 domestic violence cases were reported in the last one year, with 592 women and 70 men affected.

According to the commissioner, 592 women reported battering and violence against them by their husbands, while 70 men reported being beaten or battered by their wives within the same period.

She said the cases were reported directly to the WAPA ministry or through its toll-free line 767/112.

Further breakdown showed that 27 men and 247 women reported domestic violence directly to the ministry, while 43 men and 345 women reported spousal violence through the toll-free line.

In response to the growing concern, she revealed that Lagos State Government is constructing a Domestic Violence Survivors Shelter at Agidingbi, Ikeja, which will provide a safe and secure refuge for survivors of domestic violence.

Meanwhile, Dada added that the domestic violence unit created in 2015 in order to handle gender based violence cases that occur among intimate partners, relations, neighbors, among others had done a lot.

She said the domestic violence unit is saddled with the responsibilities of ensuring zero tolerance to gender based violence in the state.

The commissioner stated that the unit had been able to offer social intervention which involved advocacy (sensitisation and awareness creation programs on GBV), counseling, mediation, rescue, social investigation, empowerment, referral, medical assistance, collaboration, psychosocial services and follow up.

“The Ministry also partners with MDAs, International organisations and other relevant stakeholders to curb cases Of gender based violence in the State,” she said.

Continue Reading

Trending