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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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Just In : IGP orders redeployment of CPs in Rivers, Delta, FCT
Just In : IGP orders redeployment of CPs in Rivers, Delta, FCT
Nigeria’s Inspector-General of Police, Kayode Egbetokun, has ordered the immediate redeployment of the Commissioners of Police of Rivers State Command, Delta State Command and the Federal Capital territory.
The order covers the redeployment of the CP Rivers State Command, CP Olatunji Disu as the new CP FCT; CP Delta State Command, CP Abaniwonda Olufemi as the new CP Rivers State Command and CP FCT, CP Peter Opara as the new CP Delta State.
Adejobi added that, following the approval of the Police Service Commission, the Inspector-General of Police has also deployed four (4) CPs as Commissioners of Police for Abia, Lagos, Ebonyi, and Akwa-Ibom State Commands.
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The deployment includes the posting of CP Danladi Nda to Abia State Command; CP Olanrewaju Ishola Olawale to Lagos State Command; CP Anthonia Adaku Uche-Anya, fdc to Ebonyi State Command and CP Festus Eribo to Akwa-Ibom State Command.
The posting of these strategic managers reflects the mission of the Inspector-General of Police to strategically reposition the Police Force and ensure maximum utilization of human resources available to the Force.
The IGP has, however, urged the new CPs of State Commands to ensure diligence in the discharge of their lawful duties and adopt innovations that would mitigate security challenges in their respective areas of responsibilty.
He further encouraged them to key into the police reform plans, which will help the progress of the Nigeria Police Force and the growth of the country in general.
Just In : IGP orders redeployment of CPs in Rivers, Delta, FCT
News
Salary: FG vows to prosecute private employers paying below N70,000
Salary: FG vows to prosecute private employers paying below N70,000
The Federal Government has warned companies in the private sectors against paying below the new minimum wage of N70,000.
This is even as the government implored agencies recruiting for the private sector to adhere to the N70,000 minimum wage.
The FG explained that the new minimum wage was aimed at cushioning the impact of the current harsh economic reality and failure to pay it would could attract severe penalty.
The Permanent Secretary, Ministry of Labour and Employment, Kachollom Daju, made this known on Wednesday.
Speaking at the 13th Annual General Meeting of the Employers Association for Private Employment Agencies of Nigeria, held in Ikeja, Lagos, she noted the new minimum was now a law.
She stated that no Nigerian worker, whether in government or private employment, should be paid less than the minimum wage.
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Daju, who was represented by the Director of Employment and Wages of the ministry, John Nyamali, said, “The minimum wage is now a law, and as a result, it is a punishable crime for any employer to pay less than N70,000 to any of its workers.
“The private employment agencies should make it compulsory in any contract they take from their principal that their workers should not earn less than the minimum wage. The least paid worker in Nigeria should earn N70,000, and I think that should be after all deductions.
“The minimum wage is a law, and you can be jailed if you fail to implement it. The Federal Government is committed to ensuring that the least paid worker goes home with N70,000.”
In his remarks, the President of the Employers Association for Private Employment Agencies of Nigeria, Dr. Olufemi Ogunlowo, asked the government and Nigeria Labour Congress to clarify whether the N70,000 minimum wage is net or gross, stating that all vague aspects in the Act should be highlighted and explained.
According to Okoye, the EAPEAN is already committed to the minimum wage, as well as providing decent jobs for Nigerians and guarding against the exploitation of human resources.
“As a labour union in the private sector, we are committed to the implementation of the minimum wage. We are a law-abiding and guided association. Our principals and clients have also keyed into the minimum wage.
“However, the government must clarify whether the N70,000 minimum wage is net or gross. The government and NLC should address all ambiguities in the minimum wage,” he stated.
Salary: FG vows to prosecute private employers paying below N70,000
News
Tinubu govt inherited hardship from Buhari administration – Emir
Tinubu govt inherited hardship from Buhari administration – Emir
The Emir of Minna, Alhaji Umar Farouk Bahago, has stated that the economic challenges currently faced by Nigerians were inherited from the administration of former President Muhammadu Buhari. The Emir made these remarks during a sensitisation event on federal government intervention programmes, organized by the Office of the Minister of Information and National Orientation in Minna, Niger State.
Represented by Alhaji Maikudi Achaza, the Hadinin Minna, the Emir praised President Bola Tinubu for his efforts in addressing the issues caused by past corruption. He pointed out that many citizens remain unaware of Tinubu’s initiatives due to inadequate communication, particularly in local languages.
Former Head of State General Abdulsalami Abubakar also expressed concern about the worsening hardships faced by Nigerians. He urged the Tinubu administration to take urgent action to alleviate the suffering of the people. During a courtesy visit from the Campaign for Democracy and Human Rights, a Minna-based civil society group, Abdulsalami criticized the distribution of palliatives, stating they are not an effective solution to the rising cost of living.
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He emphasized that leaders need to connect with ordinary citizens and understand their struggles, noting that high transportation costs, increased fuel prices, rising school fees, and lack of financial resources are making life difficult for many.
Abdulsalami proposed that the government should sell essential food items at reduced prices to help citizens cope with inflation, rather than relying solely on palliatives. He also urged Nigerians to remain peaceful ahead of the planned #EndBadGovernance protests on October 1, 2024, and advised the government not to take citizens for granted.
The Minister of Information, Mohammed Idris, represented by Asabe Sule Garba, emphasized that the event aimed to raise awareness about the federal government’s efforts to improve the lives of citizens. He reiterated President Tinubu’s commitment to accountability and transparency and called for public support.
Tinubu govt inherited hardship from Buhari administration – Emir
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