Senate probes $1.5bn Port Harcourt refinery rehabilitation funding – Newstrends
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Senate probes $1.5bn Port Harcourt refinery rehabilitation funding

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Port Harcourt Refinery

Senate probes $1.5bn Port Harcourt refinery rehabilitation funding

The Senate has expressed worry over the 1.5 billion dollars granted in 2021 for turnaround maintenance at the Port Harcourt Refinery, which has yielded little or no results.

Sen. Opeyemi Bamidele, Chairman of the Senate Ad Hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry, expressed his worry during an interactive session with stakeholders on Wednesday in Abuja.

Bamidele, also the Senate Leader, said punishing public firms poorly was unjust and unethical while private businesses thrived and prospered.

He noted that the Federal Executive Council (FEC) approved the Ministry of Petroleum Resources’ plan to rebuild and turn around the Port Harcourt Refinery with 1.5 billion dollars.

Bamidele voiced alarm about the malfunctioning state of government-owned refineries, despite billions of dollars spent on turnaround maintenance.

“The federation is facing a genuinely difficult phase. Our fatherland’s recent past has seen erratic and troublesome distribution and supply of refined petroleum products.

“The huge lines at gas stations are visible evidence of this difficulty.

“A situation whereby we now depend almost entirely on the importation of these products even when we daily supply the global oil market with about two percent of its crude oil requirements is worrisome,” stated the president.

He also expressed severe worry over importing dangerous petroleum products and dumping substandard fuel in the country.

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Bamidele said that since 1999, the federal government had “invested billions of dollars to maintain and turn around the state-owned refineries in Kaduna, Port Harcourt, and Warri.” However, the refineries are not operating.

“In 2021, specifically, the Federal Executive Council budgeted 1.5 billion dollars for turnaround maintenance at the Port Harcourt Refinery. However, this investment has not produced considerable profits.

“For us in the Senate, we believe, it is unfair and unpatriotic to treat government businesses or public corporations as an orphan while private businesses are flourishing and thriving.”

He stated that the National Assembly was prepared to conduct the investigation hearing with utmost respect and responsibility.

Mr Mele Kyari, Group CEO of Nigerian National Petroleum Company Limited (NNPCL), denied allegations of sabotage against domestic refineries.

“Everyone here is aware of what is going in the media. A personal attack on my person and the institution. And we all understand how this works.

“They are deliberate and calculated. As a result, the NNPCL and our government are doing all possible to damage our country’s economy.

“It is far from that. The company has grown, and we are proud to state this. Kyari stated that the company had been losing money for 43 years before becoming profitable today.

Furthermore, Mr Heineken Lokpobiri, Minister of State for Petroleum Resources, stated that the oil industry was plagued by disinformation.

“The Senate should do Nigerians a favour by broadcasting the hearings of this committee live.

“This will do much justice not only to the Senate, but also to the executive branch and important sector leaders.

According to him, “Because of the fundamental nature of this investigation, which concerns alleged economic sabotage through the importation of substandard products into the country, we urge the Senate to ensure we do a live broadcast.”

He stated that the government was dedicated to protecting local industries and other oil-related interests.

According to the minister, “We are committed to supporting Dangote Refinery and modular refineries, and we have been resolving whatever issues they brought to our attention.”

At the investigation hearing, Mr Aliyu Suleiman, Chief Strategy Officer of Dangote Industry Ltd., stated that the refinery began full production in March.

“Since then, we’ve processed around 50 million barrels of crude. We have produced around five million tonnes of petroleum products, which have been marketed throughout the country,” he explained.

Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, stated that increased crude oil production would help to stabilise the country’s foreign exchange market.

Senate probes $1.5bn Port Harcourt refinery rehabilitation funding

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School teachers begin indefinite strike in Abuja

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School teachers begin indefinite strike in Abuja

Teachers in government-owned schools across the Federal Capital Territory (FCT) have started an indefinite strike. This action follows the expiration of a 14-day ultimatum issued by the Nigeria Union of Teachers (NUT), FCT Chapter, to the six area councils in the territory.

On Wednesday, pupils who arrived at school were sent home by their teachers upon reaching the school gates, leaving them disappointed.

Comrade Ameh Baba, the NUT Chairman in Kubwa, confirmed the strike, explaining that it was initiated to push for the payment of 60 percent of the minimum wage arrears owed by the area councils.

He also criticized the councils for failing to implement the payment of 40 percent peculiar allowances and the 25 percent and 35 percent salary increments for teachers.

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Comrade Ameh stressed the importance of primary education as the foundation of human development and urged the government to treat the matter seriously.

The union warned that if the government does not respond within seven days, they will escalate the strike by picketing the area council secretariats and organizing protests, with secondary school teachers joining in solidarity. He also noted that the strike would impact Junior Secondary School 1 students, as their results are due for release.

School teachers begin indefinite strike in Abuja

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Students can reapply for loans, we’ve resolved BVN verification glitch – NELFUND

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Managing Director of NELFUND, Akintunde Sawyerr

Students can reapply for loans, we’ve resolved BVN verification glitch – NELFUND

The Nigerian Education Loan Fund (NELFUND) has announced the resolution of a technical issue that disrupted the BVN (Bank Verification Number) verification process for students applying for loans.

The issue, which began over the weekend and persisted through the public holiday, caused delays for many applicants.

In a statement posted on NELFUND’s official X (formerly Twitter) account on Wednesday, the organization confirmed that the issue had been fully resolved by Tuesday morning. NELFUND advised all affected students to log back into the portal, complete their BVN verification, and proceed with their loan applications.

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“Dear Students, 

“We have observed that many of you experienced issues with BVN verification while applying for the student loan over the last weekend, including the public holiday. 

“We are pleased to inform you that the issue has been addressed and fully resolved as of yesterday morning. 

“We kindly advise all affected students to log back into the portal, complete the BVN verification process, and proceed with your loan application,” the statement read in part.

NELFUND also expressed gratitude to students for their patience during the disruption and reassured them that the application process can now continue smoothly without further issues.

 

Students can reapply for loans, we’ve resolved BVN verification glitch – NELFUND

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Obasanjo reveals how Abdulsalami almost awarded $280m telecom deal for $3m to friends

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Former President Olusegun Obasanjo

Obasanjo reveals how Abdulsalami almost awarded $280m telecom deal for $3m to friends

Former President, Olusegun Obasanjo, has recounted how the former military Head of State, Gen. Abdulsalami Abubakar (retd), almost shortchanged Nigeria in a lucrative telecommunications deal.

Obasanjo revealed that Abdulsalami almost robbed Nigeria of a $280 million deal during nation’s transition to mobile telecommunications.

Obasanjo said when Nigeria was about to make the switch from landline telephones to mobile phones, some major telecommunication companies approached the country and promised to provide mobile lines for the citizenry, but Abubakar wanted to award the deal to his friends for $3 million.

The former President, however, said he suggested that the contract be made public for investors to bid and the highest bidder was awarded the contract, leading to the $280 million sale.

He made the revelation at the launch of a book titled ‘The Catalyst: Nigerian ICT Evolution through a Journalist’s lens,’ authored by an immediate past Editor of The PUNCH Newspapers, Mr Dayo Oketola, in Lagos.

He also disclosed that he was able to get Etisalat to pay $450 million to get the licence to operate in Nigeria.

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Speaking at the event, Obasanjo said: “The story of telecommunications, particularly mobile telecommunication, is a very interesting one. Before mobile telecommunication, we had spent a lot of money, we had all sorts of companies invited from America, France and even from Britain, but we did not get more than 500,000 lines. People had to queue at the telephone kiosk to call their loved ones abroad. And then, of course, the mobile telephone age came in.

“When it came in, my predecessor in office was trying to give it away, I think, to their friend for $3 million. Then we said, what we would do was to auction it. The three that came in first, I think, paid $280 million for the line. $280 million for something about to be given away for $3 million. That was the first thing we did. Not only that, we achieved competition.

“The three of them were competing. And, of course, the one that had the upper hand in terms of spread, I think, was MTN, followed by Glo. And then, there was Econet. They are now Airtel. And then, of course, later on, we had the fourth one, Etisalat. When Etisalat came, I told them the last one we did was $280 million. We told Etisalat to pay $450 million. They did.

“When they paid $450 million, the ball went in the post and then we were playing. That was how we got money to do what we did at the time we did it. That opportunity can still be made available. The money to develop Nigeria is out there, but that money will not come in unless we create a conducive atmosphere for that money to come in.

“What we did or what Nigeria has done in the good days when things were going well, are still there and can still be done today only if we put ourselves and we are honest to ourselves. We have to show character and attitude.”

Obasanjo reveals how Abdulsalami almost awarded $280m telecom deal for $3m to friends

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