Business
Reps accuse Malami, Ahmed of frustrating $2.4bn oil revenue probe
Reps accuse Malami, Ahmed of frustrating $2.4bn oil revenue probe
The House of Representatives has summoned Abubakar Malami, Attorney General of the Federation and Minister of Justice, and Zainab Ahmed, Minister of Finance, Budget and National Planning, over alleged loss of over $2.4bn revenue from illegal sale of 48 million barrels of crude oil.
The two ministers are accused of frustrating the House ad hoc committee investigating the case.
The committee demanded the appearance of Malami to give evidence on allegations that he approved the payment of $200 million to two private firms as consultancy services fees on whistleblower recoveries.
They are invited to provide necessary documents and information that would help the House in its assignment.
Chairman of the committee, Mark Gbillah, said the House might be forced to invoke its powers to compel the duo to appear.
He stated this in Abuja on Wednesday during the session at the House.
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“We’ve not been getting any form of cooperation from the Ministry of Finance and Attorney-General’s office regarding this investigation despite series of correspondents sent to them on this matters we’re investigating.”
He said documentations from the Accountant-General’s Office had revealed that the Minister of Finance approved the payment of substantial amounts of money to whistleblowers without providing details of the monies recovered.
He also cited media reports where the Federal Government confirmed recoveries of millions of dollars through whistleblower revelations on behalf of the country.
He, however, noted that the legislature had not seen “where those monies were routed through the constitutional appropriation process before they were expended.
“The constitution is very clear about the receipt and expenditure of Nigeria’s money. We’ve looked at the functions of the Attorney-General’s office and we’ve not seen any statutory powers provided for the Attorney-General by the constitution to determine how Nigeria’s money should be spent.
“There was an incident about a whistleblower who made a formal report to Nigerian Financial Intelligence Unit about $200m paid into two companies account Biz Plus, and GSCL allegedly for consultancy services, which allegedly were approved by the Attorney General’s office on the approval of Mr President.
“We need the Honourable Minister of Finance and the Attorney-General of the Federation to appear before this House to provide clarity on the inflows that have come in from whistleblowers recoveries, and about these monies that were recovered, and the CBN is required to provide information that has been provided by these whistleblowers about substantial amounts of monies that were paid supposedly and allegedly for consultancy services when there’s no record of any agreement entered into by those companies regarding any services.
“These are very weighty allegations and as a responsible House, we owe everybody fair hearing and a benefit of doubt, and this is what we’ve been seeking to accord those who have been mentioned in these allegations.”
Reps accuse Malami, Ahmed of frustrating $2.4bn oil revenue probe
Business
Naira exchanges N1,650/$ in parallel market
Naira exchanges N1,650/$ in parallel market
Yesterday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.
Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating N2 appreciation for the naira.
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Consequently, the margin between the parallel market and NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.
Naira exchanges N1,650/$ in parallel market
Business
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.
The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.
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Nigeria introduced several foreign exchange policies in 2024 as the central bank expanded on market-friendly forex policies to attract foreign investors.
Meanwhile, on the parallel market where the exchange rate is sold unofficially, the naira exchanged for N1,660 to the dollar when compared to N1,215/$ according to Nairametrics tracking records. This represents a 26.8% depreciation.
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Business
Warri refinery: Marketers hopeful of further petrol price drop
Warri refinery: Marketers hopeful of further petrol price drop
There was excitement on Monday as the Warri Refining and Petrochemical Company (WRPC) commenced partial production.
This is coming after nearly a decade of dormancy as the 125,000 barrels per day refinery was confirmed to be working at 60 per cent capacity, according to the Nigerian National Petroleum Company Limited (NNPCL).
The refinery, inactive since 2015 due to prolonged repairs, reportedly began refining activities last Saturday at its Area 1 plant, where crude oil was successfully pumped into the system.
This was coming about a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery.
The NNPCL Group Chief Executive Officer, Mele Kyari, announced the resumption of operation at the Warri Refinery during a tour of the facility on Monday.
Kyari was seen in a video posted by Channels TV addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.
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Earlier, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.
He said though the repairs on the facility were not 100 per cent complete, operations had commenced.
He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”
With the addition of Warri Refinery, Nigeria’s refining capacity has further increased with marketers anticipating a further reduction in price of premium motor spirit (PMS).
The 650,000-barrel Dangote Refinery has commenced production in addition to the Port Harcourt Refinery with a total capacity of 210,000 barrels per day (bpd) comprising 60,000 bpd for the old plant and 150,000 bpd for the new plant.
It’s good for business, prices may reduce – Marketers
Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) welcomed the revival of the Warri refinery, saying it would deepen competition, diversify supply and ultimately resort to price reduction.
Executive Secretary of MEMAN, Clem Isong in a chat with our correspondent stated that the Warri Refinery is the shortest route to the North, describing its revival as good news.
“The market becomes more competitive and we are diversifying supply,” he said.
On whether it would lead to price reduction, he stated, “There are many factors that affect price, competition is always good and you can always get your product at the best price.”
National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon in a chat with our correspondent said, “If there is excess supply, it will keep bringing down the price. We now run a free market and it is about demand and supply. It will continue bringing down the price. It will decongest Lagos.”
Energy expert, Dr. Ayodele Oni said the resumption of Warri Refinery would boost the local refining capacity in addition to enabling the country to sell to other neighbouring countries.
“We can refine more and even have some to sell. We now stop being hewers of wood and drawers of water. We add value to what we produce and can make/ do more with our base resources. This is very pleasant news,” he said.
Warri refinery: Marketers hopeful of further petrol price drop
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