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Stop crude for loan deals, Reps tell NNPC
Stop crude for loan deals, Reps tell NNPC
The House of Representatives Special Joint Committee investigating factors working against the petroleum sector has directed the Nigerian National Petroleum Company Limited to halt what it called the mortgage of Nigeria’s future crude oil until it concludes its assignment.
Recall that the committee chaired by the lawmaker representing Ideato South/Ideato North Federal Constituency, Imo State, Ikenga Ugochinyere, commenced its probe of shady deals in the sector last week.
The committee’s directive followed reports that NNPC is planning to borrow an additional $2bn in crude oil-backed loans from international creditors to boost its financial inflow.
The Group Chief Executive Officer of NNPC, Mele Kyari, according to the panel, reportedly stated that the national oil company was in discussions with international creditors to raise an oil-backed credit facility.
This was a sequel to recent findings that the national oil company was struggling to pay international oil traders a backlog of $6bn amid subsidy removal.
In a statement issued by Ugochinyere on Wednesday, the lawmaker urged NNPC not to undermine the forensic investigation by the House of Representatives with another fresh loan.
It warned that the move if allowed, would further worsen the situation of of things, starve the refineries of feed-stock, weaken revenue generation and create room for waste of future revenue.
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The statement reads, “The citizens were excited on the recent news of President Bola Tinubu’s intervention for crude supply to local refineries in naira and the committee has received intel of plans to mortgage future crude revenue and oil for another loan at a time the nation is struggling.
“This is preemptive of the committee’s work and we want to announce the halt of this fresh move and for the state oil company to brief the parliament.
“The revenue being mortgaged is a sovereign wealth of the people and the parliament has a duty as the watchdog of the commonwealth to step in. The NNPC today is owned by the Federal Government and Nigerians, hence, its actions must not hurt their shareholders who we lawmakers represent.
“We gathered you here today on a shocking development and alleged move by the leadership of NNPC to mortgage once again our future crude oil assets and revenues for alleged mere administrative purposes.
“As the Chairmen of the Joint Investigative Committees on Petroleum Resources Midstream and Downstream, we have to act in the best interest of the citizens and ensure that the downstream and midstream sectors are protected.”
He noted that the committee in its ongoing investigation is probing allegations of non-remittance to the federation account and non-availability of crude to domestic refineries.
The panel warned the oil company not to work against the recent directive of the Federal Government on the need to protect local refineries.
The statement further read, “We are calling on NNPCL to halt further plans to borrow more loan with crude oil, as the move will sabotage the President’s deal for domestic crude supply.
“In August 2023, following the removal of fuel subsidy and the unification of the forex market which significantly weakened the naira, the Federal Government through the NNPC secured a $3.3bn loan from Afreximbank to shore up liquidity in the market.
“Mele Kyari had explained then that the loan would be used to shore up the foreign exchange reserve and provide a more urgent solution to the country’s forex challenges.
“The loan is said to be paid with crude oil set a $65 per barrel and had earmarked around 90,000 barrels of crude oil for the process. We are urging the NNPC not to undermine the forensic investigation by the House of Representatives into crude oil supply with another fresh loan, as the move is a threat to local refinery.”
Stop crude for loan deals, Reps tell NNPC
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Rivers: Tinubu acted to save state, economy, says Karimi
Rivers: Tinubu acted to save state, economy, says Karimi
Chairman of the Senate Services Sunday Karimi has hailed President Bola Tinubu for the decision to declare a state of emergency in Rivers State.
He told reporters on Friday in Abuja that the President acted in the best interest of the State and Nigeria, having taken his decision in compliance with the Constitution.
“No President or government worth a name, will fold its arms and watch a political situation deteriorate to what we saw unfolding in Rivers State.
“We saw that bombing of pipelines had begun, and the security situation was getting worse with the tension everywhere”, Karimi stated.
Karimi, who represents Kogi-West on the ticket of the All Progressives Congress (APC), recalled the “fatherly role” Tinubu had played in the crisis since 2023 in a bid to get the Minister of the Federal Capital Territory (FCT), Nyesom Wike, and suspended Governor Siminalayi Fubara to reach an understanding, to no avail.
He explained: “We were all here in 2023 when Mr President called that truce meeting at the Aso Rock Villa. There was the eight-point agenda for settlement reached between the factions.
“When Nigerians expected that progress should be made to achieve peace, things started deteriorating considerably to a point where the governor demolished the House of Assembly building and administered the state with only three legislators.”
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Karimi observed that with the recent judgment of the Supreme Court, which gave the upper hand to the 27 lawmakers loyal to the camp of the FCT Minister, matters merely got worse in the State as the lawmakers were set to impeach the Governor.
“What did you expect would be the implications? There would have been more destruction, killings and economic losses for the country.
“With the bombings that had already started, it was a matter of time before the whole state would be engulfed in flames. No responsible President would sit, arms folded, and allow that to happen “ he added.
The senator further argued that it took “painstaking efforts” by the administration to raise daily crude oil production to around 1,800 barrels, noting that Nigeria’s economy was already “witnessing a rebound under the renewed hope projects of the government.”
“Allowing the situation in Rivers to get worse before he would act, wouldn’t have helped the state or Nigeria as a country in any way.
“Mr. President intervened at the right time, and his actions are covered by law,” he said.
Karimi also spoke on the emergency declaration in Borno, Yobe, Adamawa and a couple of other states by former President Goodluck Jonathan without removing the Governors from office or suspending the state assemblies.
According to him, the case with those States was not generated by political crises but rather security concerns.
“So, I will advise those comparing the two scenarios to remember that one was purely about security threats resulting from the insurgency caused by Boko Haram, while that of Rivers is clearly political.
“It was the proper thing to do to suspend the political actors in the two factions to allow for tensions to diffuse. Nigerians should appreciate the President for the action he has taken so far,” he stated.
Sen. Karimi also noted that there was no cause for alarm as the National Assembly had indicated that the emergency rule could be reviewed as soon as there were signs that things could quickly normalise in Rivers State.
Rivers: Tinubu acted to save state, economy, says Karimi
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Just in: Tinubu swears in Rivers Sole Administrator Ibas
Just in: Tinubu swears in Rivers Sole Administrator Ibok-ete Ibas
President Bola Tinubu has sworn in Vice Vice Admiral Ibok-ete Ibas (Retd.) as the Sole Administrator of Rivers State.
The administrator was sworn in on Wednesday after a short meeting with the President.
Tinubu announced the appointment of the retired naval chief at a nationwide broadcast on Tuesday, when he declared a state of emergency in Rivers State and suspended Governor Siminalayi Fubara, Deputy Governor, Ngozi Odu, and the state House of Assembly members.
The President said his decision was based on Section 305 of the 1999 Constitution, saying he could not continue to watch the political situation in Rivers escalate without taking concrete action.
The suspension of Fubara and other elected representatives has been rejected and condemned by many eminent Nigerians, legal luminaries, groups such as Atiku Abubakar, Peter Obi, Femi Falana, the Labour Party (LP), the Peoples Democratic Party (PDP) and the Nigerian Bar Association.
However, the emergency rule has been praised by the pro-Nyesom Wike Assembly led by Martins Amaewhule, accusing Fubara of contravening the Supreme Court ruling on the political situation in the state.
Ibas was the Chief of Naval Staff from 2015 to 2021.
He is from Cross River State where he had his early education.
The new sole administrator went to the Nigerian Defence Academy in 1979 from where he proceeded to have a successful career in the Navy, rising through the ranks to the very top.
He is a member of the Nigerian Institute of International Affairs (NIIA) and the Nigerian Institute of Management.
President Muhammadu Buhari who appointed him as Chief of Naval Staff conferred him with the National Honour of Commander of the Federal Republic (CFR) in 2022.
News
Breaking: Tinubu declares state of emergency in Rivers State
Breaking: Tinubu declares state of emergency in Rivers State
President Bola Tinubu on Tuesday night declared a state of emergency in Rivers State following the protracted political crisis in the state.
Tinubu made the declaration during a nationwide broadcast, saying it is for six months.
He announced the suspension of the Executive Governor, Siminalayi Fubara, his deputy and all the members of the House of Assembly for six months.
He immediately named an administrator, Vice Admiral Ibok-Ete Ibas (Retd), to take charge of the affairs of the state for the six-month period.
Section 305 of the 1999 Constitution interprets a state of emergency as a situation of national danger or disaster in which a government suspends normal constitutional procedures to regain control.
A state of emergency allows the President to immediately make any desired regulations to secure public order and safety. (Channels TV)
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