Activist lawyer, Deji Adeyanju, on Monday, informed President Bola Tinubu of the implications of the Nigerian National Petroleum Company Limited reducing its stake in the Dangote refinery from 20 percent to 7.2 percent.
Adeyanju warned President Tinubu that NNPCL’s decision has significant implications for Nigeria’s economy and welfare.
The Chairman of Dangote Group and owner of Dangote Refinery, Aliko Dangote disclosed that the NNPCL reduced its 20 percent stake in Dangote Refinery.
The African richest man noted that the Nigerian oil company now owns only 7.2 percent of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June.
Reacting, Adeyanju said the decision of the NNPCL raises concerns that “warrants immediate attention and transparency.”
In an open letter to Tinubu, the lawyer said the reduction from 20% to 7.2% would amount to a loss in potential revenue for the Nigerian Government.
The letter reads: “As a concerned citizen of Nigeria, I feel compelled to address the recent decision by the Nigerian National Petroleum Company Limited to reduce its stake in the Dangote Refinery from 20% to 7.2%. This decision has significant implications for our national economy and the welfare of Nigerian taxpayers, and it raises several concerns that warrant immediate attention and transparency.
“To provide context, in September 2021, the Nigerian National Petroleum Company Limited acquired a 20% stake in the Dangote Refinery for $2.76 billion. This investment was intended to secure a significant share in the refinery, which is expected to be a crucial asset for Nigeria’s energy sector. The initial financing included $1.036 billion provided by Lekki Refinery Funding Limited, with $1 billion paid directly to Dangote Refinery and $36 million allocated for transaction costs. The remaining $1.76 billion was to be paid through a discount on crude oil prices and future dividends.
“The reduction of NNPC Limited’s stake from 20% to 7.2% represents a substantial loss in potential revenue for the Nigerian Government. The Dangote Refinery is poised to be a critical asset in our nation’s energy sector, and owning a significant share would have ensured a steady stream of revenue through dividends and profit sharing. By reducing its stake, NNPC Limited diminishes its share of future profits, directly impacting the funds available for public services, infrastructure, and other critical needs. This decision essentially sacrifices long-term financial benefits for what appears to be short-term expediency.
“Additionally, this move reduces NNPC Limited’s strategic influence over the refinery’s operations. With a smaller stake, NNPC Limited will have less say in the management and strategic decisions of the refinery, which is a key national asset. This diminished influence could lead to decisions not aligning with our national energy policies or best interests. It raises questions about whether this decision was made adequately considering its broader implications for Nigeria’s energy security and economic stability.
“Moreover, the lack of transparency surrounding this decision is deeply troubling. There has been little or no detailed explanation provided to the public regarding the reasons behind the reduction in NNPC Limited’s shares. Was this decision driven purely by financial constraints, or were there other factors at play? The absence of clear, comprehensive communication from NNPC Limited fuels suspicion and erodes public trust in our institutions. It is imperative that NNPC Limited and the Nigerian government provide a full and transparent account of the motivations and deliberations that led to this decision.
“Furthermore, this decision has direct implications for Nigerian taxpayers. By capping the investment, NNPC Limited avoids potential immediate financial strains, but it also forfeits future financial benefits that could have supported public services and infrastructure development. The reduction in potential revenue could impact the funds available for critical national development projects, thereby affecting the quality of life for Nigerian citizens.
“I urge the Nigerian government and NNPC Limited to reconsider this decision or, at the very least, provide a detailed and transparent explanation to the public. The people of Nigeria deserve to understand the rationale behind decisions that significantly impact our national assets and future prosperity. It is essential to restore public confidence through openness and accountability. Failing to do so will only deepen the distrust and scepticism that many Nigerians already feel towards our institutions.
“In conclusion, the reduction of NNPC Limited’s stake in the Dangote Refinery is a decision laden with negative implications for Nigerian taxpayers and raises serious concerns about transparency and potential foul play. I call upon the Nigerian government and NNPCL Limited to address these concerns promptly and ensure that all future decisions regarding our national assets are made with the utmost integrity and in the best interest of the Nigerian people.”
Reducing NNPCL’s stake in Dangote refinery recipe for losses – Adeyanju to Tinubu
Reducing NNPCL’s stake in Dangote refinery recipe for losses – Adeyanju to Tinubu
Osoba’s passion for nation-building remains indelible
The United States chapter of the All Progressives Congress has described the ex-Governor of Ogun State, Olusegun Osoba, as a nation-builder whose impact on the development of Nigeria cannot be forgotten.
The APC USA National Youth Leader, Oyakhilome Bello, disclosed this in a congratulatory message issued in Abuja to celebrate Osoba’s 85th birthday on Monday.
The elder statesman had an illustrious career as a journalist in the 1960s before veering into politics.
He was elected as the governor of Ogun State first from 1992 to 1993 during the Third Republic on the platform of the Social Democratic Party.
The former Daily Times editor was later removed from office by the late General Sani Abacha’s administration on November 17, 1993, but was fortunate to be elected again as governor on the ticket of the Alliance for Democracy from May 1999 to May 2003.
In the statement released on Monday, Bello described Osoba as a paragon of excellence in politics and public governance.
The member of the APC Diaspora Directorate of Edo Governorship Campaign Council also labelled him a ‘hero of democracy’ and an ‘accomplished political actor of great repute’ that should be emulated.
He said, “Osoba’s unwavering commitment and passion for nation-building, as seen in all his meritorious service to humanity and the nation at large, would remain indelible. He is a renowned journalist and paragon of excellence in public governance whose impact on nation-building cannot be denied in the sand of time.
“We salute his patriotism, dedication, and service to the nation with his impact on our democracy today. As we celebrate his birthday today, we not only express our deepest appreciation for his exceptional and immense contributions to making our dear nation better, but also pray for many more years of good health, fulfilment, and continued sound health and mind.”
‘You are a common stooge,’ Bello El-Rufai fires back at Omatseye
Bello El-Rufai, one of the sons of former Kaduna State governor, Nasir El-Rufai, Bello, has descended on The Nation newspaper columnist, Sam Omatseye for calling his family derogatory names in his recent column in the newspaper.
In the column under the headline “Like father like fraud,” Omatseye described the El-Rufai‘s family as a shameless and criminally minded people in response to an earlier tweet by Bello who labellrd him a “shameless idiot”.
The article read:
“A tweet went viral last week from the fingers of lawmaker and son of former Kaduna State governor, Bello El-Rufai.
“I did not see it until quite a few people forwarded it to me. A former minister also sent it to me with a comment, ‘This little prick needs to be put in his place.’
“What did Bello, a member of House of Representatives, write?
“Thanks. I left the office early to see him off at the airport. I just told him a lot of you do love him and have been supportive. I shared some tweets to him. We also laughed at a shameless idiot, Sam the houseboy at 70, of the Toilet Paper called The Nation.
READ ALSO:Aisha Yesufu mocks Yahaya Bello, El-Rufai over travails
“He accompanied the tweet with a picture of the back of his father, the former governor who bleeds rather than talk.
“Bello himself has been pampered by his father. He never had any real job in this country before he became lawmaker, except a stint at a Chinese firm his father helped him get. He schooled outside this country.
“A father is accused of stealing over N400 billion, the son goes to the toilet to defend him… So, if father is an accused thief, son is a liar. What a combo of family. Who is shameless if not a thief or a liar?”
A father is accused of stealing over N400 billion, the son goes to the toilet to defend him… So, if father is an accused thief, son is a liar. What a combo of family. Who is shameless if not a thief or a liar?
— Sam Omatseye (@samomatseye) July 15, 2024
In response to the article, an angry Bello took to his X handle to fire back at Omatseye.
He wrote: “Your family is the shameless one, who are they? You are a common stooge sent to write terribly written articles. Who are you?
“The man is here, he is defending himself, he has ignored you people, yet you still can’t stop shaking before going to sleep because he troubles you.”
Your family is the shameless one, who are they? You are a common stooge sent to write terribly written articles.
Wtf are you?
The man is here, he is defending himself, he has ignored you people, yet you still can’t stop shaking before going to sleep because he troubles you.
— Bashir El-Rufai (@BashirElRufai) July 15, 2024
The post ‘You are a common stooge,’ Bello El-Rufai fires back at Omatseye appeared first on Latest Nigeria News | Top Stories from TVN.
Frozen poultry products smuggled from Benin not safe, Customs warn
The Nigeria Customs Service, Ogun Area 1 Command, has warned the public against the consumption of smuggled frozen poultry products due to its health implications.
The command’s Comptroller, Mr James Ojo, gave the warning in an interview on Monday in Ota.
According to him, the World Health Organization; Centre for Disease Control and Prevention; Food and the Agriculture Organisation of the United Nations, described the consumption of smuggled frozen poultry products as having adverse effects on the health of the people.
Ojo said, “The frozen poultry products smuggled into Nigeria from the Republic of Benin were preserved with chemicals and often lacked proper regulatory oversight, increasing the risk of harmful chemicals being used for preservation.
“Also, they may not meet the nutritional standards required for healthy consumption and poor handling as well as preservation techniques can degrade the nutritional quality of the meat, thus leading to potential deficiencies when consumed regularly.
“The use of unknown or banned chemicals in preserving smuggled poultry can trigger allergic reactions in sensitive individuals.”
The comptroller listed some of these chemicals including formaldehyde and other preservatives, which could cause acute and chronic health issues like poisoning, cancer and organ damage.
Ojo admonished smugglers who were into such nefarious business to desist as the Customs would not relent in ensuring that the illicit goods banned by the Federal Government do not come into the country.
(NAN)
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CITN hails Supreme Court judgment
The Chartered Institute of Taxation of Nigeria has welcomed the Supreme Court verdict affirming the financial autonomy of Local Governments in Nigeria.
This was indicated in a statement signed by the minister of Acting Registrar/Chief Executive, Afolake Oso, of the CITN on Monday.
Oso said that the apex court’s ruling will drive improved governance and development at the grassroots level.
“Above all, this will promote fiscal federalism and true autonomy at the subnational level thereby enhancing the delivery of democratic dividends to the populace,” the CITN statement said.
The CITN also charged the local government chairmen to ensure the judicious use of resources coming to them.
“It is also a call to service for leadership at the various local Councils as they will have greater control over the resources of the local government thereby, allowing for structured planning and development.
“More than ever before, more accountability, prudence and transparency are required from the players at the local level, toward ensuring judicious use of resources for prompt payment of salaries of workers, provision of health and social services, educational facilities, infrastructural development amongst others,” the statement partly read.
The institute went further to state that the development should spur the LG chairmen to put an end to the use of touts for revenue collection.
“As an Institute devoted to promoting a professionalised tax system, we expect that this development will curb the unwholesome and uncivilised practice of touting and using non-state actors in revenue collection at the local governments, which arises from an unstructured political and ineffective tax system. This practice, although aimed at augmenting poor revenues, leaves the system very inactive,” CITN said.
The Supreme Court on Thursday declared it unconstitutional for state governors to hold funds allocated for local government administrations.
The court further declared that a state government has no power to appoint a caretaker committee and a local government council is only recognisable with a democratically elected government.
Imo Gov, Uzodinma tasks PolyNek council members on unity, teamwork
Imo State Governor, Hope Uzodinma, has tasked Nigerians to prioritise unity and cooperation to achieve remarkable progress in every facet of institutional growth.
Uzodinma made the call when he received the newly constituted Governing Council of the Federal Polytechnic Nekede led by Chief Henry Ikechukwu Ikoh in Owerri, Imo State capital.
He emphasized the importance of building harmonious relationships with the management team, students, and the host community.
“This collaboration is important for transforming the institution into a beacon of excellence and innovation”, Uzodinma added.
He urged the Governing Council of the Federal Polytechnic to align its strategies with the Renewed Hope agenda championed by President Tinubu, ensuring that the educational goals of the Institution reflect the broader vision for national development.
Imo Gov, Uzodinma tasks PolyNek council members on unity, teamwork
Police arrest fetish fraudster who poses as lost stranger
The Delta State Police Command has arrested a suspect accused of defrauding victims by posing as a lost stranger needing directions.
According to a statement by Police Public Relations Officer Bright Edafe on X.com on Monday, the suspect would perform fetish rituals to gain the trust of victims before convincing them to hand over their valuables.
Sharing a video of the suspect Edafe wrote, “Have you ever encountered people who pretend to be strangers and looking for direction? And they end up doing one or two fetish things and before you say jack, they convince you to give them all your money and belongings, you only get yourself when they disappear.
“Well, we have arrested one of them. Pls, listen to how they do it. He said, “If he dey enjoy the life of fraud make him die”.
In a video shared by Edafe, the suspect can be heard explaining their tactics, claiming to be a stranger from another country seeking the help of victims to transport goods. The suspect allegedly promises to reward victims with a phone if they assist them.
In the video, the arrested suspect said in part, “I ask am St Micheal whether you know and she said no. I con tell her say I am not from this side. I’m from outside country, I carry market come.
“I come tell her say I pack my goods for reverend sister side, make we go that place say if them help me I go give them one phone them con agree follow me. (sic)”
Watch The Video Below:
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I stand firmly in support of Tinubu – Senator Lawan debunks media reports
Ex-President of the 9th Senate, Ahmad Lawan has debunked media reports that he does not fully support President Bola Tinubu’s administration.
Lawan, who represents Yobe North Senatorial District quoted “Nasarawa Reporters”, an online platform to have published a false and malicious report wherein he is alleged to have said, “Nobody is criticizing Tinubu because he is Yoruba, we all know his policies caused hunger and unbearable hardships.”
A statement issued by Dr Ezrel Tabiowo, Media Adviser to Senator Ahmad Lawan, and made available to TVN in Abuja, said the report was untrue, deeply insensitive and divisive.
Lawan said: “The false report is a deliberate attempt to sow seeds of disunity amongst Nigerians. It is a clear fabrication designed by mischief makers to incite ethnic tensions and create political instability.
“The malicious report is a figment of the imagination of those who seek to stoke ethnic division and undermine national harmony. Senator Lawan will continue to work diligently by giving his full support as always to the administration of President Bola Ahmed Tinubu for the progress and unity of all Nigerians.
“We strongly condemn the recent wave of fake news and misinformation on various online social platforms aimed at creating confusion and undermining the confidence of Nigerians in the President Tinubu-led government.
“Senator Lawan recognizes and appreciates the efforts of the administration to tackle the myriad of issues confronting our country. Senator Lawan commends the President and his team for implementing their vision – The Renewed Hope Agenda – for a better Nigeria.
“Senator Lawan stands firmly in support of President Bola Tinubu whom he campaigned vigorously for ahead of the 2023 General Elections. He remains committed to working with President Tinubu’s administration for the progress and prosperity of Nigeria.
Accordingly, we urge all Nigerians to be vigilant and responsible in their consumption of information. We also encourage the public to rely on credible sources and to reject fake news that is intended to mislead and divide.
“We urge the media and the general public to disregard this false and misleading report. We also sternly warn those responsible for spreading malicious fabrication to desist from such irresponsible and divisive behaviour as legal action against them will be pursued without hesitation going forward.”
I stand firmly in support of Tinubu – Senator Lawan debunks media reports
Anambra judiciary workers begin indefinite strike
The Judiciary Staff Union of Nigeria, Anambra State Chapter on Monday commenced an indefinite strike over the refusal by the state government to pay the Consolidated Judiciary Salary Structure.
The News Agency of Nigeria correspondent, who visited the High Courts at Ekwueme Square, Chief Magistrate’s Courts and Customary Courts in Amawbia, Awka, reports that there were no court proceedings.
There were no magistrates, judges or staff seen around the court premises except for security personnel on duty.
Lawyers and litigants who came around were turned back as the entrance gates were locked.
Speaking JUSUN State Chairman, Mr Henry Ezeoke, said the indefinite strike was to protest non-adherence to an agreement reached between the group and the state government in 2011 and 2015.
“The action was as a result of the state government’s refusal to pay CONJUS as agreed upon in 2011 and 2015 respectively.
“We have explored all possible avenues but the state government has refused to comply with the agreement on implementation of CONJUS.
“The union earlier issued a 21-day ultimatum to the state government but it was ignored. We believe that downing tools is the only language the government will understand.
“Therefore, the strike will last indefinitely, until government meets the conditions and pending further directives by the union,” Ezeoke said.
(NAN)
Argentina’s Copa America victory celebrations marred by violence
Thousands of people celebrated in Buenos Aires on Monday morning after Lionel Messi’s Argentina team was crowned champion of the Copa America with a 1-0 victory over Colombia in an electrifying final that was decided in extra time.
Cheering fans, many wrapped in Argentine flags, partied around the city’s iconic Obelisk in the early hours of the morning despite the low temperatures of the southern hemisphere winter.
The party ended abruptly after more than four hours when police deployed water trucks and officers to clear the streets, causing a rush of people.
Some hurled stones at the police but many quickly dispersed in the face of advancing riot police.
The authorities reported no arrests or injuries.
“We are champions of America, let’s enjoy this precious moment that is unique for us since we have the chance to celebrate with the greatest who is …Messi and the farewell of ‘Fideo’ (Angel) Di Maria,” a chanting Pablo Inigo told AFP.
President Javier Milei congratulated the two-time America’s champions posting “Let’s go Argentina carajo..!!!!! We are champions again…!!!!” on social platform X.
The win was the Argentine’s third straight major tournament title following their 2021 Copa victory and triumph in the 2022 World Cup in Qatar.
Several hundred people had gathered at the site to follow the game but it was not broadcast on the screens, and they had to settle for watching it on their phones.
Others crowded the surrounding bars and cafes huddling around TV sets.
Celebrations were also marred by the death of a fan who, before the match, started climbed a structure in front of the Obelisk to wave a flag but lost his balance and fell six meters.
Firefighters removed the body of the 29-year-old victim.
AFP
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