News
Revenue remittance: Atiku condemns CBN’s takeover of crude oil sales
…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.”
The House of Representatives, has reassured that the long queues at filling stations in the country, will soon fizzle out soon.
Rep. Ikenga Ugochinyere, Chairman, Petroleum Downstream said this at a joint news conference in Abuja on Wednesday.
“We hereby express our concerns over the temporary presence of fuel queues in petrol stations across the country.
“However, we are convinced that this is temporary based on our investigation, and in a couple of days, we shall get over it,” he said.
Flanked by Rep. Henry Okojie, the Chairman, Petroleum Midstream, Ugochinyere said that investigations had revealed that the scarcity was artificial.
“We have discovered that there is availability of petrol products. We have it on good authority that we have in our storage facilities at least, about 1.5 billion liters of petrol,” he said.
He said that 1.5 billion liters can last for 30 days.
“We have gotten assurances from the regulators in the distribution value chain that these bottlenecks have been cleared. In the course of this public holiday, more grounds will be covered.
“From our findings, the issues that necessitated the disruptions that led to the appearance of fuel queues in petrol stations have been cleared.
They said that it would take a few more days for things to return to normalcy, while calling on Nigerians not to panic over this development.
“We have gotten assurances from the regulators and the unions that these challenges will be cleared in a few days,” he said.
Ugochinyere added: “It will require more time, like two to three days, for products to be distributed to all stations nationwide.
“As a committee that is charged with downstream and midstream oversight, we have been monitoring this development.”
The Nigeria Labour Congress (NLC), Borno State chapter, has said that some retirees in the state were still being paid N4,000 monthly as pension.
The NLC Chairman, Mr Yusuf Inuwa, said this in an address to mark the 2024 May Day celebration, on Wednesday in Maiduguri.
He advocated for upward review of the pension to improve the social and economic wellbeing of retirees.
“Your Excellency, we wish to table before you that as at this moment there are some pensioners who are still receiving N4,000 as pension per month which is grossly inadequate.
“We, therefore, pray for His Excellency intervention for upward review of the monthly pension”, Inuwa pleaded.
He also called for the implementation of the national minimum wage, payment of outstanding leave and transport grants to local government employees in the state.
The NLC chairman, who noted the commitment of the workers towards the transformation agenda of the state government, lauded the Babagana Zulum’s administration for the feat achieved in the area of workers’ welfare.
He listed some of the achievements to include implementation of promotion benefits to workers in the mainstream, payment of gratuities to families of deceased workers, and provision of subsidised buses for workers and members of the public.
Also, the State Chairman of the Trade Union Congress (TUC), Mr Babayo Hamma, urged the state government to adopt the minimum wage aporoved by the Federal Government.
The state deputy governor, Alhaji Umar Kadafur, lauded the harmonious relationship between labour and the state government.
Kadafur who listed some of the training opportunities provided for the workers including the N2 billion free interest facility, reiterated government to the welfare and training of workers.
Also, Prof. Ibrahim Umara of Political Science Department, University of Maiduguri, who highlighted the theme of this year’s May Day, “The People First”, called for proactive active measures to address energy crisis in the country.
He urged government to adopt siund policies that would enabled the Dangote Refinery, to supply fuel at a subsidised rate to service local consumption.
Electricity: NLC, TUC condemn higher tariff for non-existent electricity
Workers Day: PDP urges workers to remain committed to prosperous Nigeria
Fuel queues will fizzle out soon – Reps
Rt.briscoe, FBNH, Others halts negative performance of stock market
Court orders Sen. Victor Umeh to repay N136m bank debt to AMCON
UNDP, FG partnership needed to achieve inclusion, equity- Minister
-
capital market2 years ago
Rt.briscoe, FBNH, Others halts negative performance of stock market
-
Finance3 months ago
Court orders Sen. Victor Umeh to repay N136m bank debt to AMCON
-
Abuja Update2 months agoUNDP, FG partnership needed to achieve inclusion, equity- Minister
-
Abuja Update1 month ago
Banks drive stock market performance with N147bn gain
-
Business1 week ago
Tingo Group unveils Tingo Electric, Tingo Cola drink at Lagos launch
-
Health2 weeks ago
Capacity training will reduce migration of health workers- NPHCDA
-
News4 months ago
Oil thieves sponsoring malicious media campaign against Navy – Spokesman
-
Infotech1 month ago
World Backup Day: NITDA urges Nigerians to ensure backup of data
