Sentiments as NNPCL appoints expatriate, moves to plug out inefficiency – Newstrends
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Sentiments as NNPCL appoints expatriate, moves to plug out inefficiency

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2 years ago

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Concern about low productivity may have informed the decision of the Nigerian National Petroleum Company Limited to hand over its commercially viable departments to expatriates.

But this may not seat well with some pro-establishment people who appear ready to frustrate it.

This is coming after its official transitioning into a private entity.
The NNPCL has made the first move with the announcement of Jean-Marc Cordier as the head of the oil trading section of the company.
It announced this in a statement, saying his appointment was in furtherance of the ongoing repositioning in the company for improved growth, better performance and service delivery.
The statement read in part, “A renowned international oil trader, Cordier, a French/Swiss national, holds a Masters degree in Corporate Finance with distinction from Paris 9 University.
“He comes into the role with a rich background spanning over 30 years in physical oil, oil derivatives, and risk management, with significant experience in reorganising and creating a trading business.”
On July 19, last year, President Muhammadu Buhari unveiled the new NNPC, which enabled it to transition into a commercial entity, becoming NNPCL.
The transitioning means that the oil company would be regulated in line with the Companies and Allied Matters Act provisions.
The former state-owned company has been known for its relatively poor leadership and lack of profits for about 45 years.
Experts expect the firm to be independent of government and operate without state funding, with the new goal of delivering value to its shareholders.
The NNPC’s shares and assets, including oil blocs and refineries, are now held by the ministries of petroleum and finance.
But there are doubts how the firm could really function well as a truly private corporation with the government’s appointees still calling the shots at the industry and allowed to superintend over the so-called reorganisation.
The NNPC ought to be reliable cash cow, but over the years, analysts note that it has remained a perennially inefficient and loss-making state-owned oil corporation.
Experts say they wait to see how the transition from NNPC to NNPCL will help it become a profitable business that will benefit Africa’s largest oil producer.
Some people are beginning to cry foul over the appointment of Cordier as this is intended to usher in a new regime, according to a Punch report.
This is mostly coming from those who felt their jobs are on the line and they are looking into the statute book on conditions guiding the appointment of expatriates.
The Punch report read in part, “The announcement, however, triggered resentments among analysts and operators on Monday, though other experts found nothing wrong with the development.
“Energy expert and Chief Executive Officer, Sage Consulting, Bode Fadipe, said, ‘It is of concern to most Nigerians that at this time of our life we are still having a foreigner in such a strategic business enterprise in this country.
‘The question many people will ask is that: Don’t we have Nigerians who can manage that office? Are the expatriates now investors in the business or is it a joint venture that allows a foreigner to hold that kind of position?
‘Has NNPC Ltd sold its shares to the public? To the best of my knowledge, it is still the Nigerian government that owns the shares in NNPCL. It is still owned by the government, so when did it start appointing foreigners to such a level?”
“Fadipe said this was the first time he would see such an appointment in the national oil company, describing the development as abnormal. ‘I think it is an anomaly. I don’t know what would have informed that kind of position, but I think it is a situation that calls for further interrogation,’ the energy analyst stated.
“But on his part, a legal consultant and energy law advisor, Prof. Yemi Oke, argued that under the Petroleum Industry Act 2021, NNPCL should be a going concern, as there were requirements under the law for appointments. ‘There are other Nigerian companies that have expatriates as employees, all they need is to comply with the expatriate quota and show that there’s no local manpower skilled enough to man that particular office, due to the technical nature of the position,’ he stated.”

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Aviation workers threaten nationwide airports shutdown over Customs officer assault

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2 days ago

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March 25, 2025

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Aviation workers threaten nationwide airports shutdown over Customs officer assault

Aviation unions have announced plans to shut down airports across Nigeria starting March 31 in protest against the failure to remove a customs officer who allegedly assaulted the Director of Aviation Security at the Federal Airports Authority of Nigeria (FAAN).

In a joint statement signed by Ocheme Aba (NUATE), Frances Akinjole (ATSSSAN), and Abdul Rasaq Saidu (ANAP), the unions condemned the repeated physical assaults on FAAN staff, vowing not to tolerate such incidents any longer.

The unions also called on the government to urgently reduce the number of customs officers operating within the aviation sector, aligning with global best practices. They warned that if their demands are not met, they will proceed with the nationwide shutdown, potentially disrupting air travel and operations.

The statement reads: “Considering the enormity and frequency of physical and psychological assault on the staff and management personnel of FAAN, of which there is no end in sight, we are compelled to inform the management of the unwavering determination of our unions to cause the establishment of a clear framework of mutual respect among FAAN staff and the security agencies operating at the airports.

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“Consequential sanctions are in place which guarantee the safety and human rights of FAAN staff. We shall direct all the workers to withdraw from the airports with effect from March 31, 2025, pending when such protocols are established.

“The recent assault on no less a personality than the Director of Aviation Security of FAAN is one too many, which leaves a taste too bitter to swallow. It is our sincere hope that our demand in the above respect is well met to avoid the industrial conflagration that will ensue in the absence of acceptable remedial actions.”

In response, Abdullahi Maiwada, the spokesperson for Customs, stated in a recent release that the disagreement between FAAN officials and officers of the Nigeria Customs Service (NCS) stemmed from a miscommunication over equipment movement and seating arrangements.

 

Aviation workers threaten nationwide airports shutdown over Customs officer assault

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Business

SEC announces stricter measures to protect investors

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3 days ago

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March 24, 2025

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Director-General of SEC, Dr. Emomotimi Agama

SEC announces stricter measures to protect investors

The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.

According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.

“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy. 

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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.

He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.

“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.

“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.” 

Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”

 

SEC announces stricter measures to protect investors

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Bitcoin rises above $86,000 as crypto market gains momentum

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3 days ago

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March 24, 2025

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Bitcoin rises above $86,000 as crypto market gains momentum

Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.

As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.

The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.

Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.

“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus. 

Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.

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Solana Outperforms Peers Amid Positive Market Sentiment 

Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.

The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.

Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.

The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”

BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.” 

Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.

 

Bitcoin rises above $86,000 as crypto market gains momentum

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