Atiku calls for listing of NNPC on stock exchange – Newstrends
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Atiku calls for listing of NNPC on stock exchange

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Former Vice President of Nigeria, Alhaji Atiku Abubakar

Atiku calls for listing of NNPC on stock exchange

The 2023 Peoples Democratic Party presidential candidate, Atiku Abubakar, has called on President Bola Tinubu’s administration to promptly list the Nigerian National Petroleum Corporation Limited on the Nigeria Stock Exchange.

The former Vice President declared that this move aligns with the stipulations set forth by the Petroleum Industry Act.

Atiku’s demand follows the recent decision by NNPCL to transfer the management and operation of the Warri and Kaduna refineries to private operators.

In a statement issued by his media adviser, Paul Ibe, on Sunday, Atiku emphasized that NNPCL should be listed on the stock exchange as required by the Petroleum Industry Act.

“Currently, the NNPCL claims to be private, but this is only a ruse to fool the feeble-minded because it remains the ATM of the Federal Government. Anything short of listing the NNPCL on the stock exchange is nothing but a cosmetic development,” he added.

He explained that this move would improve profitability, transparency, and corporate governance.

The statement read in part, “The Peoples Democratic Party (PDP) Presidential candidate said previous arrangements and concessions had not worked because of a lack of transparency in the contract award process as well as the failure of the government to attract investors.

“The former Vice President said that for such a deal to succeed at all, the Bureau of Public Enterprise (BPE) and a credible technical partner like Standard and Poor’s must be part of the process.

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“Former President Olusegun Obasanjo revealed recently that even Shell, one of the world’s wealthiest oil companies, rejected the offer to operate Nigeria’s refineries. This is because the NNPCL has, for years, been a cesspool of endemic corruption.

“This is why over $20bn that has been spent on the refineries in the last 20 years has led to nowhere. It is also curious that a government that is still paying petrol subsidies is trying to make its refineries profitable. Which businessman will invest in a refinery that has been programmed to operate at a loss?”

Atiku questioned the viability of the NNPC’s new plan, noting that similar arrangements in the past had not been successful or profitable.

Atiku further urged NNPCL to avoid making the contract process opaque as it did with OVH last year, which proved dubious and did not resolve the ongoing fuel scarcity.

He continued, “The management and operating approach has not always worked. The Manitoba Hydro International, which was handed to the Transmission Company of Nigeria, led to nowhere. Similarly, Global Steel Limited, which was handed to the Ajaokuta Steel Company, was not able to make the facility profitable.

“The contract was questionably revoked by the Umaru Musa Yar’Adua administration, and Nigeria ended up paying Global Steel a compensation of nearly $500m while Ajaokuta remains comatose 17 years later.

“In 2022, Nueoil, an unknown and newly registered company, acquired OVH and Oando filling stations. Barely four months later, NNPCL Retail bought Nueoil and took control of all its assets, including the Oando filling stations.

“Barely eight months later, OVH turned around to take over NNPCL Retail. This convoluted transaction was done in order to hide the corruption involved. If this is the approach that the NNPCL wants to use in handing over its refineries to private hands, then Nigerians should not expect any positive development whatsoever.”

Atiku calls for listing of NNPC on stock exchange

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New Edo Gov Okpebholo takes oath of office, Shettima, others present

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New Edo Gov Okpebholo takes oath of office, Shettima, others present

 

Vice President Kashim Shettima on Tuesday led the Federal Government delegation to the inauguration of Monday Okpebholo as a brand new governor of Edo State.

Other dignitaries at the event are Abdulrahman Abdulrazaq, chair of the governors forum; and Philip Shaibu, the reinstated deputy governor of Edo.

Many sitting state governors across the country elected on the platform of the All Progressives Congress (APC) that also graced the ceremony are Babajide Sanwo-Olu of Lagos, Dapo Abiodun of Ogun, Hope Uzodinma of Imo, and Ahmad Aliyu of Sokoto, among others.

The National Chairman of the APC, Dr Abdullahi Ganduje, and his predecessor, Senator Adams Oshiomhole, were also at the ceremony, held inside the Samuel Ogbemudia Stadium in Benin.

Okpebholo took his oath of office at about 1pm on Tuesday.

Dennis Idahosa was also sworn in as Edo deputy governor.

The new governor rode in an open-top van round the stadium while acknowledging cheers from supporters.

As candidate of the All Progressives Congress (APC), Okpebholo won the September 21 off-cycle governorship election in the state.

He polled 291,667 votes to defeat Asue Ighodalo of the Peoples Democratic Party (PDP) who came second with 247,274 votes.

Olumide Akpata, candidate of the Labour Party (LP), came third with 22,763 votes.

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Things will get better, Tinubu, Sanwo-Olu assure Nigerians

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Things will get better, Tinubu, Sanwo-Olu assure Nigerians

President Bola Tinubu and Governor Babajide Sanwo-Olu of Lagos State, Monday, admitted that Nigerians are experiencing social and economic difficulties, assuring that the situation will soon change.

While Tinubu insisted that his government was on the right track, he argued that solutions to complex problems could never be as instant as coffee.

Meanwhile, Sanwo-Olu, who called for prayers, described the current leadership as tough men working to get Nigerians through difficult times.

Tinubu, represented by Secretary to the Government of the Federation, Senator George Akume, spoke at the 70th birthday of Serving Overseer of Citadel Global Community, Pastor Tunde Bakare, PTB, organised by the Citadel Global Community in Lagos.

Those present included former Head of State, General Yakubu Gowon  (retd), represented by Evangelist Austin Kemie; Governor Babajide Sanwo-Olu of Lagos State, Governor Dapo Abiodun of Ogun State, Deputy Governor of Lagos State, Dr Obafemi Hamzat; former governor of Ogun State, Olusegun Osoba; former governor of Akwa Ibom State, Obong  Attah; former governor of Rivers State, Rotimi Amechi; former governor of Ogun State, Gbenga Daniel, former governor of Ekiti State, Dr Kayode Fayemi; former governor of Kaduna State, Nasir El-Rufai; former Ogun State governor, Senator Ibikunle Amosun; Olu of Warri, Ogiame Atuwatse III, represented by Ogwa-Olusan of Warri, Chief Mene Brown; Ooni of Ife, Oba Adeyeye Ogunwusi (Ojaja II), represented by Asoya of Isoya Ife, Oba Muraina Adedini; Oba of Lagos, Oba Rilwan Akiolu; Alake of Egbaland, Adedotun Gbadebo III.

Tinubu, in his speech, said: “The President acknowledges that times are hard, but at the end of it all, there is always light. And solutions to complex problems can never be as instant as coffee, but we are on the right track.”

On the celebrant, the President described him as a spiritual leader and advocate for truth who had left an indelible mark, not just on those who follow his teachings, but on the nation as a whole.

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said: “We are here to celebrate a true man of God, a most precious human being. It gives me great joy to honour a man whose life has been an embodiment of passion, integrity and an unwavering commitment to justice and righteousness. PTB has been a beacon of hope and a voice for the voiceless in our society.

“His decades of service and dedication, principles of honesty, transparency, and fairness have been in the respect and admiration of many across this nation. His life journey reflects our commitment not just to spiritual growth, but also to the social and political development of our country.

“I acknowledge your relentless passion for better Nigeria, a country where equal justice and good government prevails. This celebration is a testament to a life of strength and courage, of powerful messages and fearless advocacy, deep volumes of your dedication to lifting humanity.

“It is these values that allow you to make such a difference. As you unveil your token of growth, the vast but definitely not the least, we look forward to gaining insights into the endless experiences that have shaped you into the formidable figure we see today.”

It’s tough time, public servants need prayers – Sanwo-Olu

Sanwo-Olu, in his address, said: “We that are in public service, we need all your prayers. It’s tough times, but you see, we are also tough men, and we know that at the end of the tunnel, there will be a bright phase.”

On the celebrant, the governor said PTB was not just a father to all, noting: “He is a man that is completely detribalised. He is a man that, with all the complexities of understanding people, stands up for fairness, equity and justice. There’s still a whole lot that God is still going to use you for, not only to this nation, but to the world. We thank God for who you are. You are a vessel of God.”

PTB testament to Ogun legacy of trailblazers – Abiodun

Abiodun, in his remarks, said: “We join him in reaching the remarkable 70. Considering the brevity of life, reaching 70 is not easy. PTB has made life one of purpose and significance. I have had the privilege of drinking from his wealth of knowledge. He stands as a testament to the Ogun State legacy of trailblazers. He is among the distinguished ambassadors of our state. As a spiritual guide, he has mentored many. PTB has touched lives.”

Let’s put nation first – Bakare

Meanwhile, Bakare, in his vote of thanks, urged Nigerians to put the country above personal needs, saying: “I want to appeal to you on this day that let us think of nation first. Let’s be less concerned about what we can get out of this nation. Let us think of how to make this nation a better place to live.”

 

Things will get better, Tinubu, Sanwo-Olu assure Nigerians

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Obaseki inherited N55bn debt, left N410bn behind – Transition report

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Obaseki inherited N55bn debt, leaving N410bn – Transition report

The Transition Committee of the All Progressives Congress has recommended a probe into N410 billion in local and foreign debts allegedly owed by the Edo State government.

The committee made the recommendation on Monday in its report presented to Monday Okpebholo ahead of his inauguration on Tuesday as Edo’s fifth democratically elected governor.

Presenting the document, Pius Odubu, the chairman of the committee, said the committee was presented with N410 billion in debts as against the N55 billion inherited by the outgoing government in 2016.

“For those of you who have the capability to fact-check, you will find out that the indebtedness today is much more. It is over N500billion,” he said.

Odubu, an erstwhile deputy governor, said the committee also recommended a review of memoranda of understanding on the management of Central and Stella Obasanjo hospitals.

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“All employment carried out in the recent past should be cancelled, while the governor should investigate the true ownership of the Ossiomo power plant and Radisson Blu Hotel.

“The same with the Museum of West Africa Arts-MOWAA. We deserve to know the state’s equity in these companies as the outgoing government went blank on these enquiries.

“We also demanded a comprehensive review of the World Bank-funded EdoBest programme, and a probe should be instituted to uncover its rather opaque operations,” he said.

Odubu added, “All major contracts issued by the state government under the Ministry of Roads and Bridges should be reviewed as they appear not to have followed due process, including the payment advance awarded to the contractors.

“The procurement agency indicted the government in its own report to the transition committee. Hence, we have advised the incoming governor to take a critical review.”

The committee chairman also called for streamlining the ICT ecosystem in the state, which he said appeared to be a duplication of duties.

“The outgoing government didn’t provide audited financial statements published or unpublished. Hence, the committee is advising the government to institute an inquiry into this.

“The government couldn’t account for the number of teachers in the state. Hence, we demand a proper teacher headcount,” Mr Odubu said.

The committee chairman said the document, comprised of a 24-page report and 800 annexures, was a product of three weeks of rigorous assignments, meetings, interactions, engagements and analyses of the documents presented to the committee.

 

Obaseki inherited N55bn debt, leaving N410bn – Transition report

(NAN)

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